# EDGAR Filing Document

**Accession Number:** 0000893818
**File Stem:** 0001410368-25-010214
**Filing Date:** 2025-9
**Character Count:** 2334584
**Document Hash:** f8cefdf5ca15cce105eef6b6c9b2688d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010214.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-010214

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Funds III
- **CENTRAL INDEX KEY:** 0000893818

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07332
- **FILM NUMBER:** 251338739

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 8006439691

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS GLOBAL INVESTORS FUNDS
- **DATE OF NAME CHANGE:** 20060201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS GLOBAL INVESTORS FUNDS INC
- **DATE OF NAME CHANGE:** 19990804

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASTERWORKS FUNDS INC
- **DATE OF NAME CHANGE:** 19960607

## Series and Classes Contracts Data

### BlackRock Diversified Fixed Income Fund (Series ID: S000079204)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000244506 | Institutional Shares |  |
| C000244507 | Class K Shares       |  |

## Nport-Ex

July 31, 2025

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

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

---

| |
|:---|
| **BlackRock Funds III** |
| • BlackRock Diversified Fixed Income Fund |

---

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

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

------

Schedule of Investments (unaudited)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| &nbsp;&nbsp;&nbsp; 1988 CLO Ltd., Series 2024-5A, Class A1, (3-mo. <br> CME Term SOFR + 1.54%), 5.86%, 07/15/37<sup>(a)(b)</sup><br>| USD | 250 | &nbsp;&nbsp; $251125 |
| &nbsp;&nbsp;&nbsp; 610 Funding CLO Ltd., Series 2016-2RA, <br> Class A1R3, (3-mo. CME Term SOFR + 1.35%), <br> 5.68%, 01/20/34<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1001354 |
| &nbsp;&nbsp;&nbsp; ACE Securities Corp. Home Equity Loan Trust, <br> Series 2005-AG1, Class M2, (1-mo. Term SOFR + <br> 0.80%), 5.16%, 08/25/35<sup>(a)</sup><br>|  | 203 | &nbsp;&nbsp; 167147 |
| &nbsp;&nbsp;&nbsp; ACHV ABS Trust, Series 2024-1PL, Class B, 6.34%, <br> 04/25/31<sup>(b)</sup><br>|  | 206 | &nbsp;&nbsp; 207856 |
| Affirm Asset Securitization Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class D, 8.78%, 09/15/28 |  | 1000 | &nbsp;&nbsp; 1003646 |
| &nbsp;&nbsp;&nbsp; Series 2023-X1, Class C, 8.25%, 11/15/28 |  | 183 | &nbsp;&nbsp; 183654 |
| &nbsp;&nbsp;&nbsp; Series 2023-X1, Class D, 9.55%, 11/15/28 |  | 300 | &nbsp;&nbsp; 304418 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.61%, 02/15/29 |  | 100 | &nbsp;&nbsp; 100374 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 5.93%, 02/15/29 |  | 510 | &nbsp;&nbsp; 511970 |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class C, 5.06%, 09/15/29 |  | 2250 | &nbsp;&nbsp; 2242044 |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class D, 7.29%, 05/15/29 |  | 100 | &nbsp;&nbsp; 101151 |
| &nbsp;&nbsp;&nbsp; Series 2024-X2, Class C, 5.62%, 12/17/29 |  | 700 | &nbsp;&nbsp; 701076 |
| &nbsp;&nbsp;&nbsp; Series 2024-X2, Class D, 6.08%, 12/17/29 |  | 525 | &nbsp;&nbsp; 527690 |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class B, 5.19%, 04/15/30 |  | 1150 | &nbsp;&nbsp; 1149545 |
| Affirm Master Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.99%, 02/15/33 |  | 361 | &nbsp;&nbsp; 362496 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.13%, 02/15/33 |  | 1000 | &nbsp;&nbsp; 1001560 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.28%, 02/15/33 |  | 640 | &nbsp;&nbsp; 640561 |
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., Series 2024-32A, Class A1, (3-mo. <br> CME Term SOFR + 1.38%), 5.71%, 07/21/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250779 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO Ltd., Series 2019-2A, Class A1R, <br> (3-mo. CME Term SOFR + 1.46%), 5.79%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251029 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 38 Ltd., Series 2025-38A, Class A1, <br> (3-mo. CME Term SOFR + 1.24%), 5.57%, <br> 01/22/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250381 |
| &nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust, Series 2023-B, Class A, <br> 4.25%, 10/25/62<sup>(b)</sup><br>|  | 99 | &nbsp;&nbsp; 97004 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 6 Ltd., Series 2015-6A, <br> Class BR4, 07/22/38<sup>(a)(b)(c)</sup><br>|  | 250 | &nbsp;&nbsp; 249499 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO Ltd., Series 2015-6A, <br> Class BR3, (3-mo. CME Term SOFR + 2.10%), <br> 6.43%, 04/22/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp; ARES Loan Funding IV Ltd., Series 2023-ALF4A, <br> Class D, (3-mo. CME Term SOFR + 4.68%), <br> 9.00%, 10/15/36<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 252007 |
| &nbsp;&nbsp;&nbsp; Argent Mortgage Loan Trust, Series 2005-W1, <br> Class A2, (1-mo. Term SOFR + 0.59%), 4.95%, <br> 05/25/35<sup>(a)</sup><br>|  | 151 | &nbsp;&nbsp; 122786 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities Corp. Home Equity Loan <br> Trust, Series 2004-HE9, Class M1, (1-mo. Term <br> SOFR + 1.09%), 5.44%, 12/25/34<sup>(a)</sup><br>|  | 144 | &nbsp;&nbsp; 134535 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2024-2A, <br> Class A1, (3-mo. CME Term SOFR + 1.52%), <br> 5.84%, 07/15/37<sup>(a)(b)</sup><br>|  | 480 | &nbsp;&nbsp; 482310 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 14 Ltd., Series 2020-14A, Class A1AR, <br> (3-mo. CME Term SOFR + 1.38%), 5.71%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250872 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 15 Ltd., Series 2021-1A, Class A1R, <br> (3-mo. CME Term SOFR + 1.33%), 5.65%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 420 | &nbsp;&nbsp; 421224 |
| &nbsp;&nbsp;&nbsp; Barclays Mortgage Trust, Series 2021-NPL1, Class A, <br> 5.00%, 11/25/51<sup>(b)</sup><br>|  | 65 | &nbsp;&nbsp; 64633 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities I Trust, <br> Series 2006-HE7, Class 1A2, (1-mo. Term SOFR + <br> 0.45%), 4.81%, 09/25/36<sup>(a)</sup><br>| USD | 67 | &nbsp;&nbsp; $65743 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities Trust, <br> Series 2005-2, Class M5, (1-mo. Term SOFR + <br> 5.36%), 6.75%, 06/25/35<sup>(a)</sup><br>|  | 210 | &nbsp;&nbsp; 212551 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Structured Products Trust, Series 2007-<br> EMX1, Class M1, (1-mo. Term SOFR + 2.11%), <br> 6.47%, 03/25/37<sup>(a)(b)</sup><br>|  | 52 | &nbsp;&nbsp; 51565 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO IV Ltd., Series 2014-IVA, <br> Class AR4, (3-mo. CME Term SOFR + 1.35%), <br> 5.68%, 04/20/34<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 500738 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO X Ltd., Series 2016-10A, <br> Class A1R3, (3-mo. CME Term SOFR + 1.30%), <br> 5.63%, 07/20/38<sup>(a)(b)</sup><br>|  | 322 | &nbsp;&nbsp; 322620 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XX Ltd., Series 2020-<br> 20A, Class AR, (3-mo. CME Term SOFR + 1.43%), <br> 5.75%, 07/15/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250625 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXIX Ltd., Series 2022-<br> 29A, Class AR, (3-mo. CME Term SOFR + 1.18%), <br> 5.50%, 01/25/38<sup>(a)(b)</sup><br>|  | 1100 | &nbsp;&nbsp; 1099456 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVII Ltd., Series 2022-<br> 27A, Class AR, (3-mo. CME Term SOFR + 1.37%), <br> 5.70%, 10/20/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250750 |
| &nbsp;&nbsp;&nbsp; Betony CLO 2 Ltd., Series 2018-1A, Class A1, (3-mo. <br> CME Term SOFR + 1.34%), 5.65%, 04/30/31<sup>(a)(b)</sup><br>|  | 71 | &nbsp;&nbsp; 71536 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO Ltd., Series 2021-3A, Class BR, <br> (3-mo. CME Term SOFR + 1.60%), 5.93%, <br> 01/19/38<sup>(a)(b)</sup><br>|  | 550 | &nbsp;&nbsp; 550719 |
| &nbsp;&nbsp;&nbsp; Blue Bridge Funding LLC, Series 2023-1A, Class A, <br> 7.37%, 11/15/30<sup>(b)</sup><br>|  | 125 | &nbsp;&nbsp; 125844 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., Series 2018-3A, Class BR, <br> (3-mo. CME Term SOFR + 1.85%), 6.17%, <br> 10/25/30<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250625 |
| &nbsp;&nbsp;&nbsp; BlueMountain Fuji U.S. CLO II Ltd., Series 2017-2A, <br> Class A1AR, (3-mo. CME Term SOFR + 1.26%), <br> 5.59%, 10/20/30<sup>(a)(b)</sup><br>|  | 61 | &nbsp;&nbsp; 60832 |
| &nbsp;&nbsp;&nbsp; Brex Commercial Charge Card Master Trust, <br> Series 2024-1, Class A1, 6.05%, 07/15/27<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100614 |
| &nbsp;&nbsp;&nbsp; Canyon CLO Ltd., Series 2023-2A, Class B, (3-mo. <br> CME Term SOFR + 2.05%), 6.37%, 05/15/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250913 |
| &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2017-3A, Class A1R2, <br> (3-mo. CME Term SOFR + 1.40%), 5.73%, <br> 10/21/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250971 |
| &nbsp;&nbsp;&nbsp; CARLYLE U.S. CLO Ltd., Series 2017-3A, <br> Class BR2, (3-mo. CME Term SOFR + 1.78%), <br> 6.11%, 10/21/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250935 |
| &nbsp;&nbsp;&nbsp; CFMT LLC, Series 2023-HB11, Class M2, 4.00%, <br> 02/25/37<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 96283 |
| &nbsp;&nbsp;&nbsp; CIFC Funding II Ltd., Series 2025-2A, Class A, (3-mo. <br> CME Term SOFR + 1.13%), 5.41%, 04/15/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 249755 |
| &nbsp;&nbsp;&nbsp; CIFC Funding III Ltd., Series 2024-3A, Class A1, (3-<br> mo. CME Term SOFR + 1.48%), 5.81%, <br> 07/21/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251081 |
| CIFC Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class ARR, (3-mo. CME Term <br> SOFR + 1.55%), 5.88%, 04/21/37<br>|  | 280 | &nbsp;&nbsp; 281187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5A, Class AR, (3-mo. CME Term <br> SOFR + 1.41%), 5.69%, 07/17/37<br>|  | 250 | &nbsp;&nbsp; 250805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class B, (3-mo. CME Term SOFR <br> + 1.86%), 6.19%, 07/18/31<br>|  | 400 | &nbsp;&nbsp; 401350 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| CIFC Funding Ltd.<sup>(a)(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6A, Class A1R, (3-mo. CME Term <br> SOFR + 1.45%), 5.77%, 07/16/37<br>| USD | 250 | &nbsp;&nbsp; $250743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4A, Class A1R, (3-mo. CME Term <br> SOFR + 1.30%), 5.62%, 01/15/40<br>|  | 250 | &nbsp;&nbsp; 250637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, (3-mo. CME Term <br> SOFR + 1.75%), 6.07%, 07/25/37<br>|  | 250 | &nbsp;&nbsp; 250784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A, (3-mo. CME Term SOFR <br> + 1.60%), 5.93%, 01/20/37<br>|  | 250 | &nbsp;&nbsp; 250871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class B, (3-mo. CME Term SOFR <br> + 2.30%), 6.63%, 01/20/37<br>|  | 300 | &nbsp;&nbsp; 300560 |
| CIT Mortgage Loan Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1M2, (1-mo. Term SOFR + <br> 2.74%), 7.09%, 10/25/37<br>|  | 150 | &nbsp;&nbsp; 147541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 2M2, (1-mo. Term SOFR + <br> 2.74%), 7.09%, 10/25/37<br>|  | 676 | &nbsp;&nbsp; 628635 |
| &nbsp;&nbsp;&nbsp; College Avenue Student Loans LLC, Series 2023-B, <br> Class A1A, 6.50%, 06/25/54<sup>(b)</sup><br>|  | 74 | &nbsp;&nbsp; 76854 |
| &nbsp;&nbsp;&nbsp; College Avenue Student Loans Trust, Series 2024-A, <br> Class A1B, (30-day Avg SOFR + 1.75%), 6.10%, <br> 06/25/54<sup>(a)(b)</sup><br>|  | 124 | &nbsp;&nbsp; 126134 |
| &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer III LLC, Series 2025-3A, <br> Class A2, 5.29%, 07/25/50<sup>(b)</sup><br>|  | 247 | &nbsp;&nbsp; 247069 |
| &nbsp;&nbsp;&nbsp; Concord Music Royalties LLC, Series 2024-1A, <br> Class A, 5.64%, 10/20/74<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100557 |
| &nbsp;&nbsp;&nbsp; Conseco Finance Corp., Series 1998-4, Class M1, <br> 6.83%, 04/01/30<sup>(a)</sup><br>|  | 82 | &nbsp;&nbsp; 82795 |
| &nbsp;&nbsp;&nbsp; Credit Suisse First Boston Mortgage Securities Corp., <br> Series 2004-CF2, Class 1B, 6.00%, 01/25/43<sup>(b)</sup><br>|  | 15 | &nbsp;&nbsp; 11566 |
| &nbsp;&nbsp;&nbsp; Credit-Based Asset Servicing and Securitization LLC, <br> Series 2006-MH1, Class B2, 6.75%, 10/25/36<sup>(b)</sup><br>|  | 372 | &nbsp;&nbsp; 300928 |
| &nbsp;&nbsp;&nbsp; Creeksource Dunes Creek CLO Ltd., Series 2024-1A, <br> Class A1, (3-mo. CME Term SOFR + 1.41%), <br> 5.73%, 01/15/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251064 |
| CWABS Asset-Backed Certificates Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-11, Class 1AF4, 6.30%, 12/25/35 |  | 184 | &nbsp;&nbsp; 177682 |
| &nbsp;&nbsp;&nbsp; Series 2006-13, Class 1AF4, 3.95%, 01/25/37 |  | 47 | &nbsp;&nbsp; 46027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-14, Class M1, (1-mo. Term SOFR + <br> 0.55%), 4.90%, 02/25/37<br>|  | 22 | &nbsp;&nbsp; 18493 |
| &nbsp;&nbsp;&nbsp; CWABS Asset-Backed Notes Trust, Series 2007-<br> SEA2, Class 2A1, (1-mo. Term SOFR + 1.61%), <br> 5.97%, 06/25/47<sup>(a)(b)</sup><br>|  | 31 | &nbsp;&nbsp; 24928 |
| &nbsp;&nbsp;&nbsp; CWHEQ Revolving Home Equity Loan Trust, <br> Series 2006-I, Class 1A, (1-mo. Term SOFR + <br> 0.25%), 4.60%, 01/15/37<sup>(a)</sup><br>|  | 1 | &nbsp;&nbsp; 832 |
| Diameter Capital CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-8A, Class A1A, (3-mo. CME Term <br> SOFR + 1.40%), 5.73%, 10/20/37<br>|  | 460 | &nbsp;&nbsp; 461610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-10A, Class A, (3-mo. CME Term <br> SOFR + 1.31%), 5.60%, 04/20/38<br>|  | 250 | &nbsp;&nbsp; 250472 |
| Dowson PLC<sup>(a)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class E, (1-day SONIA GBP <br> 3.95%), 8.17%, 08/20/31<br>| GBP | 110 | &nbsp;&nbsp; 144784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class F, (1-day SONIA GBP <br> 6.95%), 11.17%, 08/20/31<br>|  | 162 | &nbsp;&nbsp; 213244 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series 2024-2, Class C, <br> 4.67%, 05/17/32<br>| USD | 450 | &nbsp;&nbsp; 448556 |
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd., Series 2022-104A, Class A1R, <br> (3-mo. CME Term SOFR + 1.29%), 5.61%, <br> 08/20/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251005 |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund, Series 2015-41A, <br> Class AR, (3-mo. CME Term SOFR + 1.23%), <br> 5.55%, 04/15/31<sup>(a)(b)</sup><br>|  | 56 | &nbsp;&nbsp; 55754 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Eaton Vance CLO Ltd., Series 2013-1A, Class AR4, <br> 10/15/38<sup>(a)(b)(c)</sup><br>| USD | 510 | &nbsp;&nbsp; $510213 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 24 Ltd., Series 2023-3A, Class AR, <br> (3-mo. CME Term SOFR + 1.32%), 5.60%, <br> 01/17/38<sup>(a)(b)</sup><br>|  | 258 | &nbsp;&nbsp; 258581 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 30 Ltd., Series 2024-6A, Class A, (3-<br> mo. CME Term SOFR + 1.43%), 5.71%, <br> 07/17/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250852 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO II Ltd., Series 2019-2A, Class A1RR, <br> (3-mo. CME Term SOFR + 1.35%), 5.68%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250768 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO III Ltd., Series 2019-3A, Class ERR, <br> (3-mo. CME Term SOFR + 5.95%), 10.28%, <br> 07/18/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 249133 |
| &nbsp;&nbsp;&nbsp; Equity One Mortgage Pass-Through Trust, <br> Series 2003-3, Class M2, 5.46%, 12/25/33<sup>(a)</sup><br>|  | 288 | &nbsp;&nbsp; 244539 |
| Exeter Automobile Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class C, 3.85%, 07/17/28 |  | 40 | &nbsp;&nbsp; 40041 |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class D, 7.40%, 02/15/29 |  | 100 | &nbsp;&nbsp; 101749 |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 6.32%, 08/15/29 |  | 545 | &nbsp;&nbsp; 557407 |
| &nbsp;&nbsp;&nbsp; series 2023-3A, Class D, 6.68%, 04/16/29 |  | 400 | &nbsp;&nbsp; 408373 |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 6.95%, 12/17/29 |  | 350 | &nbsp;&nbsp; 360942 |
| &nbsp;&nbsp;&nbsp; First Franklin Mortgage Loan Trust, Series 2006-<br> FF13, Class A1, (1-mo. Term SOFR + 0.35%), <br> 4.71%, 10/25/36<sup>(a)</sup><br>|  | 28 | &nbsp;&nbsp; 17944 |
| FirstKey Homes Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E2, 5.00%, 05/19/39 |  | 590 | &nbsp;&nbsp; 579388 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class E2, 3.50%, 07/17/38 |  | 633 | &nbsp;&nbsp; 614626 |
| &nbsp;&nbsp;&nbsp; FNA 8 LLC, Series 2025-1, Class A, 5.62%, <br> 03/15/45<sup>(a)(b)</sup><br>|  | 133 | &nbsp;&nbsp; 133492 |
| &nbsp;&nbsp;&nbsp; Fortuna Consumer Loan ABS DAC, Series 2024-2, <br> Class E, (1-mo. EURIBOR + 4.10%), 5.98%, <br> 10/18/34<sup>(a)</sup><br>| EUR | 100 | &nbsp;&nbsp; 116206 |
| Foundation Finance Trust5.68%, 04/15/52<sup>(b)</sup> | USD | 114 | &nbsp;&nbsp; 113453 |
| &nbsp;&nbsp;&nbsp; Galaxy XXVI CLO Ltd., Series 2018-26A, Class AR, <br> (3-mo. CME Term SOFR + 1.17%), 5.50%, <br> 11/22/31<sup>(a)(b)</sup><br>|  | 87 | &nbsp;&nbsp; 87018 |
| &nbsp;&nbsp;&nbsp; Generate CLO 19 Ltd., Series 2025-19A, Class A, <br> (3-mo. CME Term SOFR + 1.25%), 5.56%, <br> 04/22/36<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250153 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO Ltd., <br> Series 2021-11A, Class AR, (3-mo. CME Term <br> SOFR + 1.08%), 5.41%, 10/20/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250405 |
| &nbsp;&nbsp;&nbsp; Goldman Home Improvement Trust Issuer Trust, <br> Series 2022-GRN1, Class A, 4.50%, 06/25/52<sup>(b)</sup><br>|  | 73 | &nbsp;&nbsp; 72646 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 66B Ltd., Series 2023-<br> 66A, Class AR, (3-mo. CME Term SOFR + 1.45%), <br> 5.77%, 07/25/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251265 |
| Golub Capital Partners CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-55A, Class A, (3-mo. CME Term <br> SOFR + 1.46%), 5.79%, 07/20/34<br>|  | 250 | &nbsp;&nbsp; 250759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-77A, Class A1, (3-mo. CME Term <br> SOFR + 1.25%), 5.57%, 01/25/38<br>|  | 250 | &nbsp;&nbsp; 250358 |
| GoodLeap Home Improvement Solutions Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.35%, 10/20/46 |  | 290 | &nbsp;&nbsp; 292035 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.38%, 02/20/49 |  | 247 | &nbsp;&nbsp; 248194 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, 5.32%, 06/20/49 |  | 254 | &nbsp;&nbsp; 255088 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class B, 5.98%, 06/20/49 |  | 373 | &nbsp;&nbsp; 375310 |
| Gracie Point International Funding LLC<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, (90-day Avg SOFR + <br> 1.95%), 6.30%, 09/01/26<br>|  | 135 | &nbsp;&nbsp; 135189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A, (90-day Avg SOFR + <br> 2.25%), 6.60%, 03/01/27<br>|  | 42 | &nbsp;&nbsp; 41764 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Gracie Point International Funding <br> LLC<sup>(a)(b)</sup> (continued)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (90-day Avg SOFR + <br> 1.70%), 6.12%, 03/01/28<br>| USD | 110 | &nbsp;&nbsp; $110178 |
| GreenSky Home Improvement Issuer Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A4, 5.15%, 10/27/59 |  | 65 | &nbsp;&nbsp; 65660 |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.26%, 10/27/59 |  | 100 | &nbsp;&nbsp; 100496 |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.43%, 10/27/59 |  | 323 | &nbsp;&nbsp; 329590 |
| &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Trust, Series 2024-1, <br> Class A4, 5.67%, 06/25/59<sup>(b)</sup><br>|  | 275 | &nbsp;&nbsp; 279732 |
| &nbsp;&nbsp;&nbsp; GSAMP Trust, Series 2006-HE4, Class M1, (1-mo. <br> Term SOFR + 0.56%), 4.92%, 06/25/36<sup>(a)</sup><br>|  | 100 | &nbsp;&nbsp; 84479 |
| &nbsp;&nbsp;&nbsp; Household Capital RMBS, Series 2025-1, Class A, <br> (3-Month BBSW + 1.90%), 5.59%, 07/21/87<sup>(a)(d)</sup><br>| AUD | 90 | &nbsp;&nbsp; 57641 |
| Huntington Bank Auto Credit-Linked Notes<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B2, (30-day Avg SOFR + <br> 1.40%), 5.75%, 05/20/32<br>| USD | 215 | &nbsp;&nbsp; 216157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class B2, (30-day Avg SOFR + <br> 1.35%), 5.70%, 10/20/32<br>|  | 257 | &nbsp;&nbsp; 258108 |
| &nbsp;&nbsp;&nbsp; INCREF LLC, Series 2025-FL1, Class A, (1-mo. Term <br> SOFR + 1.73%), 6.08%, 10/19/42<sup>(a)(b)</sup><br>|  | 109 | &nbsp;&nbsp; 109102 |
| &nbsp;&nbsp;&nbsp; Invesco CLO Ltd., Series 2021-3A, Class B, (3-mo. <br> CME Term SOFR + 1.91%), 6.24%, 10/22/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250802 |
| &nbsp;&nbsp;&nbsp; Invesco Euro CLO VI DAC, Series 6A, Class D, (3-<br> mo. EURIBOR + 3.05%), 5.08%, 07/15/34<sup>(a)(b)</sup><br>| EUR | 250 | &nbsp;&nbsp; 282927 |
| &nbsp;&nbsp;&nbsp; Invesco U.S. CLO Ltd., Series 2023-3A, Class AR, <br> (3-mo. CME Term SOFR + 1.31%), 5.63%, <br> 07/15/38<sup>(a)(b)</sup><br>| USD | 250 | &nbsp;&nbsp; 250619 |
| &nbsp;&nbsp;&nbsp; LCM 36 Ltd., Series 36A, Class A1R, (3-mo. CME <br> Term SOFR + 1.07%), 5.39%, 01/15/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250389 |
| Lendmark Funding Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.94%, 09/20/34 |  | 171 | &nbsp;&nbsp; 171716 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.33%, 09/20/34 |  | 181 | &nbsp;&nbsp; 182374 |
| &nbsp;&nbsp;&nbsp; Lewey Park CLO Ltd., Series 2024-1A, Class B1, <br> (3-mo. CME Term SOFR + 1.70%), 6.03%, <br> 10/21/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250625 |
| &nbsp;&nbsp;&nbsp; Long Beach Mortgage Loan Trust, Series 2006-2, <br> Class 1A, (1-mo. Term SOFR + 0.47%), 4.83%, <br> 03/25/46<sup>(a)</sup><br>|  | 111 | &nbsp;&nbsp; 86028 |
| Lyra Music Assets Delaware LP<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 09/20/65<sup>(c)</sup> |  | 100 | &nbsp;&nbsp; 99999 |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.76%, 12/22/64 |  | 150 | &nbsp;&nbsp; 151052 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding LXVII Ltd., Series 2024-67A, <br> Class B, (3-mo. CME Term SOFR + 2.05%), <br> 6.37%, 04/25/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251335 |
| Madison Park Funding XXXI Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-31A, Class B1R, (3-mo. CME Term <br> SOFR + 1.80%), 6.12%, 07/23/37<br>|  | 250 | &nbsp;&nbsp; 250375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-31A, Class CR, (3-mo. CME Term <br> SOFR + 2.25%), 6.57%, 07/23/37<br>|  | 250 | &nbsp;&nbsp; 251384 |
| Mariner Finance Issuance Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-AA, Class A, 5.13%, 09/22/36 |  | 178 | &nbsp;&nbsp; 179441 |
| &nbsp;&nbsp;&nbsp; Series 2024-BA, Class A, 4.91%, 11/20/38 |  | 304 | &nbsp;&nbsp; 305538 |
| &nbsp;&nbsp;&nbsp; Series 2025-AA, Class A, 4.98%, 05/20/38 |  | 257 | &nbsp;&nbsp; 259026 |
| &nbsp;&nbsp;&nbsp; Mastr Asset Backed Securities Trust, Series 2007-<br> NCW, Class A1, (1-mo. Term SOFR + 0.41%), <br> 4.77%, 05/25/37<sup>(a)(b)</sup><br>|  | 169 | &nbsp;&nbsp; 147119 |
| &nbsp;&nbsp;&nbsp; MFA Trust, Series 2024-NPL1, Class A1, 6.33%, <br> 09/25/54<br>|  | 99 | &nbsp;&nbsp; 99159 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; MidOcean Credit CLO XII Ltd., Series 2023-12A, <br> Class A1RR, (3-mo. CME Term SOFR + 1.34%), <br> 5.67%, 07/18/38<sup>(a)(b)</sup><br>| USD | 250 | &nbsp;&nbsp; $250788 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-<br> HE8, Class A2FP, (1-mo. Term SOFR + 0.18%), <br> 4.54%, 10/25/36<sup>(a)</sup><br>|  | 41 | &nbsp;&nbsp; 17515 |
| Morgan Stanley Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-12XS, Class A4, 6.51%, 10/25/36 |  | 28 | &nbsp;&nbsp; 5867 |
| &nbsp;&nbsp;&nbsp; Series 2007-3XS, Class 2A4S, 6.46%, 01/25/47 |  | 297 | &nbsp;&nbsp; 102356 |
| &nbsp;&nbsp;&nbsp; Myers Park CLO Ltd., Series 2018-1A, Class A2, <br> (3-mo. CME Term SOFR + 1.66%), 5.99%, <br> 10/20/30<sup>(a)(b)</sup><br>|  | 290 | &nbsp;&nbsp; 290194 |
| Navient Private Education Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-AA, Class B, 3.50%, 12/15/44 |  | 146 | &nbsp;&nbsp; 141055 |
| &nbsp;&nbsp;&nbsp; Series 2016-AA, Class B, 3.50%, 12/16/58<sup>(a)</sup> |  | 144 | &nbsp;&nbsp; 139579 |
| Navient Private Education Refi Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 3.13%, 02/15/68 |  | 14 | &nbsp;&nbsp; 13875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CA, Class A2B, (1-mo. Term SOFR + <br> 1.71%), 6.06%, 11/15/68<sup>(a)</sup><br>|  | 350 | &nbsp;&nbsp; 352304 |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class A, 1.06%, 10/15/69 |  | 106 | &nbsp;&nbsp; 95747 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/72 |  | 134 | &nbsp;&nbsp; 136413 |
| Nelnet Student Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A1, (1-mo. Term SOFR + <br> 0.91%), 5.27%, 04/20/62<sup>(a)</sup><br>|  | 91 | &nbsp;&nbsp; 90516 |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class B1, 2.85%, 04/20/62 |  | 100 | &nbsp;&nbsp; 89098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-PL1A, Class A1A, (30-day Avg SOFR <br> + 2.25%), 6.60%, 11/25/53<sup>(a)</sup><br>|  | 53 | &nbsp;&nbsp; 54027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AA, Class A1B, (30-day Avg SOFR + <br> 1.10%), 5.44%, 03/15/57<sup>(a)</sup><br>|  | 351 | &nbsp;&nbsp; 348551 |
| &nbsp;&nbsp;&nbsp; NetCredit Combined Receivables A LLC, <br> Series 2025-A, Class A, 7.29%, 10/20/31<sup>(b)</sup><br>|  | 739 | &nbsp;&nbsp; 745455 |
| NetCredit Combined Receivables LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 7.43%, 10/21/30 |  | 220 | &nbsp;&nbsp; 221169 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 8.31%, 10/21/30 |  | 500 | &nbsp;&nbsp; 510567 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd., <br> Series 2021-40A, Class A, (3-mo. CME Term <br> SOFR + 1.32%), 5.64%, 04/16/33<sup>(a)(b)</sup><br>|  | 452 | &nbsp;&nbsp; 451854 |
| &nbsp;&nbsp;&nbsp; NYMT Trust, Series 2024-RR1, Class A, 7.38%, <br> 05/25/64<sup>(b)</sup><br>|  | 138 | &nbsp;&nbsp; 137236 |
| OCP CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A, Class A1R, (3-mo. CME Term <br> SOFR + 1.34%), 5.66%, 04/26/31<br>|  | 19 | &nbsp;&nbsp; 18692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-13A, Class AR2, (3-mo. CME Term <br> SOFR + 1.34%), 5.67%, 11/26/37<br>|  | 250 | &nbsp;&nbsp; 250820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-17A, Class AR2, (3-mo. CME Term <br> SOFR + 1.40%), 5.73%, 07/20/37<br>|  | 250 | &nbsp;&nbsp; 250777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-40A, Class A, (3-mo. CME Term <br> SOFR + 1.14%), 5.46%, 04/16/38<br>|  | 250 | &nbsp;&nbsp; 249757 |
| &nbsp;&nbsp;&nbsp; Octagon 57 Ltd., Series 2021-1A, Class B1, (3-mo. <br> CME Term SOFR + 1.91%), 6.23%, 10/15/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250544 |
| &nbsp;&nbsp;&nbsp; Octagon 66 Ltd., Series 2022-1A, Class A1R, (3-mo. <br> CME Term SOFR + 1.75%), 6.08%, 11/16/36<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250690 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 35 Ltd., Series 2018-<br> 1A, Class A1A, (3-mo. CME Term SOFR + 1.32%), <br> 5.65%, 01/20/31<sup>(a)(b)</sup><br>|  | 33 | &nbsp;&nbsp; 33358 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 39 Ltd., Series 2018-<br> 3A, Class BR, (3-mo. CME Term SOFR + 1.80%), <br> 6.13%, 10/20/30<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250461 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 4 Ltd., Series 2019-4A, <br> Class AR2, (3-mo. CME Term SOFR + 1.29%), <br> 5.62%, 01/22/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250596 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| OHA Credit Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, (3-mo. CME Term <br> SOFR + 1.48%), 5.81%, 04/20/37<br>| USD | 250 | &nbsp;&nbsp; $250833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-19A, Class B1, (3-mo. CME Term <br> SOFR + 1.70%), 6.03%, 07/20/37<br>|  | 250 | &nbsp;&nbsp; 250705 |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners XI Ltd., Series 2015-11A, <br> Class A1R2, (3-mo. CME Term SOFR + 1.46%), <br> 5.79%, 04/20/37<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 501996 |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners XVI, Series 2021-16A, Class AR, <br> (3-mo. CME Term SOFR + 1.35%), 5.68%, <br> 10/18/37<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 501530 |
| OHA Loan Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class AR3, (3-mo. CME Term <br> SOFR + 1.41%), 5.74%, 01/19/37<br>|  | 250 | &nbsp;&nbsp; 250501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.46%), 5.79%, 07/20/37<br>|  | 250 | &nbsp;&nbsp; 251030 |
| &nbsp;&nbsp;&nbsp; OnDeck Asset Securitization Trust IV LLC, <br> Series 2023-1A, Class A, 7.00%, 08/19/30<sup>(b)</sup><br>|  | 160 | &nbsp;&nbsp; 161558 |
| &nbsp;&nbsp;&nbsp; Onemain Financial Issuance Trust, Series 2025-1A, <br> Class D, 5.79%, 07/14/38<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100461 |
| OneMain Financial Issuance Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, 1.75%, 09/14/35 |  | 100 | &nbsp;&nbsp; 97680 |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class B, 2.21%, 09/14/35 |  | 240 | &nbsp;&nbsp; 227801 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.79%, 05/14/41 |  | 184 | &nbsp;&nbsp; 191307 |
| &nbsp;&nbsp;&nbsp; Option One Mortgage Loan Trust, Series 2007-FXD1, <br> Class 3A4, 5.86%, 01/25/37<br>|  | 9 | &nbsp;&nbsp; 9201 |
| &nbsp;&nbsp;&nbsp; Orchard Park CLO Ltd., Series 2024-1A, Class A, <br> (3-mo. CME Term SOFR + 1.36%), 5.69%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 310 | &nbsp;&nbsp; 310943 |
| &nbsp;&nbsp;&nbsp; Origen Manufactured Housing Contract Trust, <br> Series 2007-B, Class A1, (1-mo. Term SOFR + <br> 1.31%), 5.66%, 10/15/37<sup>(a)(b)</sup><br>|  | 28 | &nbsp;&nbsp; 28224 |
| &nbsp;&nbsp;&nbsp; Owl Rock CLO XVIII LLC, Series 2024-18A, Class A, <br> (3-mo. CME Term SOFR + 1.70%), 6.02%, <br> 07/24/36<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251517 |
| &nbsp;&nbsp;&nbsp; OZLM XVIII Ltd., Series 2018-18A, Class A, (3-mo. <br> CME Term SOFR + 1.28%), 5.60%, 04/15/31<sup>(a)(b)</sup><br>|  | 50 | &nbsp;&nbsp; 50328 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2024-2A, Class B, <br> (3-mo. CME Term SOFR + 1.65%), 5.98%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 300 | &nbsp;&nbsp; 300745 |
| Palmer Square Loan Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, (3-mo. CME Term <br> SOFR + 1.05%), 5.37%, 04/15/30<br>|  | 34 | &nbsp;&nbsp; 34025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A2R, (3-mo. CME Term <br> SOFR + 1.60%), 5.92%, 04/15/31<br>|  | 250 | &nbsp;&nbsp; 250185 |
| &nbsp;&nbsp;&nbsp; Park Blue CLO Ltd., Series 2025-9A, Class A1, <br> 10/20/38<sup>(a)(b)(c)</sup><br>|  | 620 | &nbsp;&nbsp; 620000 |
| &nbsp;&nbsp;&nbsp; PFS Financing Corp., Series 2022-D, Class B, 4.90%, <br> 08/15/27<sup>(b)</sup><br>|  | 241 | &nbsp;&nbsp; 240950 |
| PRET LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NPL4, Class A1, 7.00%, 07/25/54 |  | 612 | &nbsp;&nbsp; 611781 |
| &nbsp;&nbsp;&nbsp; Series 2024-NPL5, Class A1, 5.96%, 09/25/54 |  | 99 | &nbsp;&nbsp; 99081 |
| Progress Residential Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class F, 6.60%, 04/17/39 |  | 136 | &nbsp;&nbsp; 135043 |
| &nbsp;&nbsp;&nbsp; Series 2023-SFR1, Class E1, 6.15%, 03/17/40 |  | 690 | &nbsp;&nbsp; 686733 |
| &nbsp;&nbsp;&nbsp; Rad CLO Ltd., Series 2020-7A, Class B1R, (3-mo. <br> CME Term SOFR + 1.90%), 6.18%, 04/17/36<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250489 |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust, Series 2024-CES2, Class B1, <br> 8.01%, 04/25/44<sup>(a)(b)</sup><br>|  | 145 | &nbsp;&nbsp; 147786 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Redwood Funding Trust, Series 2023-1, Class A, <br> 7.50%, 07/25/59<sup>(b)</sup><br>| USD | 70 | &nbsp;&nbsp; $70146 |
| &nbsp;&nbsp;&nbsp; Regatta 32 Funding Ltd., Series 2025-4A, Class A1, <br> (3-mo. CME Term SOFR + 1.34%), 5.63%, <br> 07/25/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250783 |
| &nbsp;&nbsp;&nbsp; Regatta XI Funding Ltd., Series 2018-1A, Class AR, <br> (3-mo. CME Term SOFR + 1.40%), 5.68%, <br> 07/17/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250780 |
| &nbsp;&nbsp;&nbsp; Regatta XVIII Funding Ltd., Series 2021-1A, <br> Class A1R, (3-mo. CME Term SOFR + 1.16%), <br> 5.48%, 04/15/38<sup>(a)(b)</sup><br>|  | 581 | &nbsp;&nbsp; 580448 |
| &nbsp;&nbsp;&nbsp; Regatta XXVII Funding Ltd., Series 2024-1A, <br> Class A1, (3-mo. CME Term SOFR + 1.53%), <br> 5.84%, 04/26/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251040 |
| Regional Management Issuance Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 1.68%, 03/17/31 |  | 1 | &nbsp;&nbsp; 1304 |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A, 1.90%, 08/15/33 |  | 120 | &nbsp;&nbsp; 114263 |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B, 2.35%, 08/15/33 |  | 300 | &nbsp;&nbsp; 277134 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 3.07%, 03/15/32 |  | 96 | &nbsp;&nbsp; 95059 |
| Republic Finance Issuance Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 6.47%, 08/20/32 |  | 100 | &nbsp;&nbsp; 101993 |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 5.42%, 11/20/37 |  | 200 | &nbsp;&nbsp; 202056 |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class B, 5.86%, 11/20/37 |  | 100 | &nbsp;&nbsp; 101150 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust, Series 2020-1, <br> Class B1, 3.95%, 01/26/60<sup>(a)(b)</sup><br>|  | 450 | &nbsp;&nbsp; 427678 |
| &nbsp;&nbsp;&nbsp; RR Ltd., Series 2020-8A, Class A1R, (3-mo. CME <br> Term SOFR + 1.35%), 5.67%, 07/15/37<sup>(a)(b)</sup><br>|  | 1250 | &nbsp;&nbsp; 1253121 |
| &nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO 8 Ltd., Series 2024-8A, <br> Class A1, (3-mo. CME Term SOFR + 1.39%), <br> 5.70%, 01/30/38<sup>(a)(b)</sup><br>|  | 1110 | &nbsp;&nbsp; 1114785 |
| Santander Drive Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B, 4.42%, 11/15/27 |  | 63 | &nbsp;&nbsp; 62617 |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class B, 5.95%, 01/17/28 |  | 411 | &nbsp;&nbsp; 412074 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.45%, 03/15/30 |  | 240 | &nbsp;&nbsp; 242908 |
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, Series 2024-1A, Class A, <br> 6.39%, 11/20/35<sup>(b)</sup><br>|  | 77 | &nbsp;&nbsp; 78061 |
| &nbsp;&nbsp;&nbsp; Sesac Finance LLC, Series 2025-1, Class A2, 5.50%, <br> 07/25/55<sup>(b)</sup><br>|  | 182 | &nbsp;&nbsp; 178949 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 1 Ltd., Series 2022-1A, Class A1R, <br> (3-mo. CME Term SOFR + 1.32%), 5.65%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250707 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO Ltd., Series 2024-4A, Class A1, <br> (3-mo. CME Term SOFR + 1.63%), 5.95%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250984 |
| SMB Private Education Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Class A2B, (1-mo. Term SOFR + <br> 1.01%), 5.36%, 09/15/34<sup>(a)</sup><br>|  | 10 | &nbsp;&nbsp; 9920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B, Class A2B, (1-mo. Term SOFR + <br> 0.83%), 5.18%, 01/15/37<sup>(a)</sup><br>|  | 95 | &nbsp;&nbsp; 95049 |
| &nbsp;&nbsp;&nbsp; Series 2019-B, Class B, 3.56%, 06/15/43 |  | 800 | &nbsp;&nbsp; 760166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A2A1, (1-mo. Term SOFR + <br> 0.84%), 5.19%, 01/15/53<sup>(a)</sup><br>|  | 305 | &nbsp;&nbsp; 301046 |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 2.31%, 01/15/53 |  | 396 | &nbsp;&nbsp; 384473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1B, (30-day Avg SOFR + <br> 1.45%), 5.79%, 03/15/56<sup>(a)</sup><br>|  | 258 | &nbsp;&nbsp; 261080 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 5.88%, 03/15/56 |  | 154 | &nbsp;&nbsp; 157218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A1B, (30-day Avg SOFR + <br> 1.10%), 5.44%, 06/17/52<sup>(a)</sup><br>|  | 86 | &nbsp;&nbsp; 85702 |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust, Series 2025-1, <br> Class A, 4.80%, 02/27/34<sup>(b)</sup><br>|  | 437 | &nbsp;&nbsp; 437415 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; SoFi Personal Loan Term, Series 2024-1A, Class A, <br> 6.06%, 02/12/31<sup>(b)</sup><br>| USD | 57 | &nbsp;&nbsp; $57253 |
| Soundview Home Loan Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-OPT3, Class M4, (1-mo. Term SOFR <br> + 1.13%), 5.49%, 11/25/35<br>|  | 25 | &nbsp;&nbsp; 19956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-NS1, Class M1, (1-mo. Term SOFR + <br> 0.64%), 4.99%, 01/25/37<br>|  | 19 | &nbsp;&nbsp; 18245 |
| &nbsp;&nbsp;&nbsp; Stream Innovations Issuer Trust, Series 2025-1A, <br> Class A, 5.05%, 09/15/45<sup>(b)</sup><br>|  | 101 | &nbsp;&nbsp; 101360 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC, Series 2024-1A, Class A2II, <br> 6.27%, 07/30/54<sup>(b)</sup><br>|  | 84 | &nbsp;&nbsp; 85834 |
| Sunbit Asset Securitization Trust5.36%, 07/15/30<sup>(b)</sup> |  | 670 | &nbsp;&nbsp; 669037 |
| &nbsp;&nbsp;&nbsp; TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3-mo. <br> CME Term SOFR + 1.38%), 5.70%, 01/15/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250445 |
| &nbsp;&nbsp;&nbsp; TICP CLO XI Ltd., Series 2018-11A, Class AR, (3-mo. <br> CME Term SOFR + 1.53%), 5.85%, 04/25/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251038 |
| &nbsp;&nbsp;&nbsp; TRESTLES CLO III Ltd., Series 2020-3A, Class A1R, <br> (3-mo. CME Term SOFR + 1.39%), 5.72%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251052 |
| &nbsp;&nbsp;&nbsp; Trestles CLO Ltd., Series 2017-1A, Class A1RR, (3-<br> mo. CME Term SOFR + 1.46%), 5.78%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 502032 |
| &nbsp;&nbsp;&nbsp; Trimaran CAVU Ltd., Series 2024-1A, Class A, (3-mo. <br> CME Term SOFR + 1.38%), 5.70%, 01/25/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250913 |
| &nbsp;&nbsp;&nbsp; Upgrade Master Pass-Thru Trust, Series 2025-ST4, <br> Class A, 5.50%, 08/16/32<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 99789 |
| &nbsp;&nbsp;&nbsp; Verdelite Static CLO Ltd., Series 2024-1A, Class A, <br> (3-mo. CME Term SOFR + 1.13%), 5.46%, <br> 07/20/32<sup>(a)(b)</sup><br>|  | 198 | &nbsp;&nbsp; 197944 |
| Voya CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class AAR2, (3-mo. CME Term <br> SOFR + 1.25%), 5.52%, 04/18/31<br>|  | 43 | &nbsp;&nbsp; 42866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1RR, (3-mo. CME Term <br> SOFR + 1.37%), 5.69%, 10/15/37<br>|  | 330 | &nbsp;&nbsp; 331095 |
| WaMu Asset-Backed Certificates WaMu Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1, Class 2A3, (1-mo. Term SOFR + <br> 0.41%), 4.77%, 01/25/37<br>|  | 258 | &nbsp;&nbsp; 115769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 2A2, (1-mo. Term SOFR + <br> 0.30%), 4.66%, 04/25/37<br>|  | 382 | &nbsp;&nbsp; 137388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 2A3, (1-mo. Term SOFR + <br> 0.36%), 4.72%, 04/25/37<br>|  | 563 | &nbsp;&nbsp; 202703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 2A4, (1-mo. Term SOFR + <br> 0.47%), 4.83%, 04/25/37<br>|  | 259 | &nbsp;&nbsp; 93456 |
| &nbsp;&nbsp;&nbsp; Washington Mutual Asset-Backed Certificates <br> WMABS Trust, Series 2007-HE2, Class 2A1, (1-<br> mo. Term SOFR + 0.31%), 4.67%, 02/25/37<sup>(a)</sup><br>|  | 492 | &nbsp;&nbsp; 150877 |
| Washington Mutural Asset-Backed Certificates<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1, Class 2A1, (1-mo. Term SOFR + <br> 0.23%), 4.59%, 11/25/36<br>|  | 6 | &nbsp;&nbsp; 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1, Class 2A2, (1-mo. Term SOFR + <br> 0.45%), 4.81%, 11/25/36<br>|  | 50 | &nbsp;&nbsp; 15473 |
| Westlake Automobile Receivables Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 1.23%, 12/15/26 |  | 13 | &nbsp;&nbsp; 12635 |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class D, 3.49%, 03/15/27 |  | 652 | &nbsp;&nbsp; 650954 |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class C, 4.85%, 09/15/27 |  | 274 | &nbsp;&nbsp; 274058 |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 6.79%, 11/15/28 |  | 570 | &nbsp;&nbsp; 583830 |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class B, 6.14%, 03/15/28 |  | 75 | &nbsp;&nbsp; 75653 |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class C, 6.29%, 03/15/28 |  | 300 | &nbsp;&nbsp; 301970 |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 7.01%, 11/15/28 |  | 900 | &nbsp;&nbsp; 917886 |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 6.02%, 09/15/28 |  | 305 | &nbsp;&nbsp; 308761 |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 6.47%, 03/15/29 |  | 180 | &nbsp;&nbsp; 184787 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Westlake Automobile Receivables Trust<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class C, 6.64%, 11/15/28 | USD | 550 | &nbsp;&nbsp; $562327 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 6.02%, 10/15/29 |  | 680 | &nbsp;&nbsp; 691126 |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 5.91%, 04/15/30 |  | 1170 | &nbsp;&nbsp; 1185876 |
| &nbsp;&nbsp;&nbsp; Whitebox CLO I Ltd., Series 2019-1AR, Class A1RR, <br> (3-mo. CME Term SOFR + 1.32%), 5.64%, <br> 07/24/36<sup>(a)(b)</sup><br>|  | 150 | &nbsp;&nbsp; 150225 |
| Whitebox CLO II Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.38%), 5.70%, 10/24/37<br>|  | 519 | &nbsp;&nbsp; 520630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class BR2, (3-mo. CME Term <br> SOFR + 1.75%), 6.07%, 10/24/37<br>|  | 400 | &nbsp;&nbsp; 400414 |
| &nbsp;&nbsp;&nbsp; Whitebox CLO III Ltd., Series 2021-3A, Class CR, <br> (3-mo. CME Term SOFR + 1.90%), 6.22%, <br> 10/15/35<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250529 |
| &nbsp;&nbsp;&nbsp; Wildwood Park CLO Ltd., Series 2024-1A, Class A, <br> (3-mo. CME Term SOFR + 1.36%), 5.69%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250883 |
| **Total Asset-Backed Securities — 5.9%** <br>**(Cost: $70,281,375)** | **Total Asset-Backed Securities — 5.9%** <br>**(Cost: $70,281,375)** | **Total Asset-Backed Securities — 5.9%** <br>**(Cost: $70,281,375)** | &nbsp;&nbsp; 71042499 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 0.1%** | **Banks — 0.1%** |  |
| Flagstar Financial, Inc. | 17729 | &nbsp;&nbsp; 200160 |
| JPMorgan Chase & Co. | 1306 | &nbsp;&nbsp; 386890 |
|  |  | &nbsp;&nbsp; 587050 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |  |
| Rakuten Group, Inc.<sup>(e)</sup> | 7900 | &nbsp;&nbsp; 39972 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |  |
| CommScope Holding Co., Inc.<sup>(e)</sup> | 3482 | &nbsp;&nbsp; 28552 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |  |
| Lumen Technologies, Inc.<sup>(e)</sup> | 16135 | &nbsp;&nbsp; 71801 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |  |
| GE Vernova, Inc. | 151 | &nbsp;&nbsp; 99704 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |  |
| Flowco Holdings, Inc., Class A | 5616 | &nbsp;&nbsp; 105019 |
| Solaris Energy Infrastructure, Inc., Class A | 6067 | &nbsp;&nbsp; 198209 |
|  |  | &nbsp;&nbsp; 303228 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** |  |
| Warner Bros Discovery, Inc., Class A<sup>(e)</sup> | 8948 | &nbsp;&nbsp; 117845 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
| Centene Corp.<sup>(e)</sup> | 1571 | &nbsp;&nbsp; 40956 |
| **Hotels, Restaurants & Leisure**<sup>(e)</sup> **— 0.0%** | **Hotels, Restaurants & Leisure**<sup>(e)</sup> **— 0.0%** |  |
| Caesars Entertainment, Inc. | 1918 | &nbsp;&nbsp; 51172 |
| Genius Sports Ltd.<sup>(f)</sup> | 20641 | &nbsp;&nbsp; 232212 |
|  |  | &nbsp;&nbsp; 283384 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** |  |
| Century Communities, Inc.<sup>(f)</sup> | 789 | &nbsp;&nbsp; 44413 |
| M/I Homes, Inc.<sup>(e)</sup> | 200 | &nbsp;&nbsp; 24038 |
| Meritage Homes Corp.<sup>(f)</sup> | 320 | &nbsp;&nbsp; 21549 |
| Tri Pointe Homes, Inc.<sup>(e)</sup> | 694 | &nbsp;&nbsp; 21375 |
|  |  | &nbsp;&nbsp; 111375 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |  |
| Vistra Corp. | 341 | &nbsp;&nbsp; $71112 |
| **Media — 0.0%** | **Media — 0.0%** |  |
| AMC Networks, Inc., Class A<sup>(e)</sup> | 4080 | &nbsp;&nbsp; 24439 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |  |
| Algoma Steel Group, Inc. | 8320 | &nbsp;&nbsp; 44512 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |  |
| Blackstone Mortgage Trust, Inc., Class A<sup>(f)</sup> | 13606 | &nbsp;&nbsp; 251439 |
| **Oil, Gas & Consumable Fuels**<sup>(f)</sup> **— 0.0%** | **Oil, Gas & Consumable Fuels**<sup>(f)</sup> **— 0.0%** |  |
| Kinder Morgan, Inc. | 1792 | &nbsp;&nbsp; 50283 |
| Venture Global, Inc., Class A | 261 | &nbsp;&nbsp; 4001 |
| Viper Energy, Inc., Class A | 713 | &nbsp;&nbsp; 26852 |
|  |  | &nbsp;&nbsp; 81136 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** |  |
| Amentum Holdings, Inc.<sup>(e)(f)</sup> | 3189 | &nbsp;&nbsp; 79629 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |  |
| Invitation Homes, Inc. | 3137 | &nbsp;&nbsp; 96149 |
| **Software**<sup>(e)(f)</sup> **— 0.0%** | **Software**<sup>(e)(f)</sup> **— 0.0%** |  |
| Core Scientific, Inc. | 1645 | &nbsp;&nbsp; 22273 |
| IREN Ltd. | 1510 | &nbsp;&nbsp; 24326 |
|  |  | &nbsp;&nbsp; 46599 |
| **Total Common Stocks — 0.2%** <br>**(Cost: $2,209,767)** | **Total Common Stocks — 0.2%** <br>**(Cost: $2,209,767)** | &nbsp;&nbsp; 2378882 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** |
| Clear Channel Outdoor Holdings, Inc., 02/15/31<sup>(b)(c)</sup> | USD | 23 | &nbsp;&nbsp; 22968 |
| Interpublic Group of Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/30/30 |  | 50 | &nbsp;&nbsp; 50052 |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/01/41<sup>(f)</sup> |  | 5 | &nbsp;&nbsp; 3716 |
|  |  |  | &nbsp;&nbsp; 76736 |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| Boeing Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.71%, 05/01/40 |  | 75 | &nbsp;&nbsp; 74508 |
| &nbsp;&nbsp;&nbsp; 5.81%, 05/01/50 |  | 130 | &nbsp;&nbsp; 125462 |
| &nbsp;&nbsp;&nbsp; 5.93%, 05/01/60 |  | 100 | &nbsp;&nbsp; 95677 |
| &nbsp;&nbsp;&nbsp; 7.01%, 05/01/64 |  | 281 | &nbsp;&nbsp; 310086 |
| Bombardier, Inc., 8.75%, 11/15/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 107612 |
| Embraer Netherlands Finance BV, 5.98%, 02/11/35 |  | 196 | &nbsp;&nbsp; 199515 |
| &nbsp;&nbsp;&nbsp; GE Capital International Funding Co. Unlimited Co., <br> 4.42%, 11/15/35<br>|  | 200 | &nbsp;&nbsp; 191626 |
| General Dynamics Corp., 2.25%, 06/01/31 |  | 230 | &nbsp;&nbsp; 204680 |
| General Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/32 |  | 25 | &nbsp;&nbsp; 28183 |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/29/36 |  | 170 | &nbsp;&nbsp; 169427 |
| L3Harris Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/15/28 |  | 65 | &nbsp;&nbsp; 64949 |
| &nbsp;&nbsp;&nbsp; 1.80%, 01/15/31 |  | 100 | &nbsp;&nbsp; 86279 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/31 |  | 72 | &nbsp;&nbsp; 74105 |
| Lockheed Martin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.07%, 12/15/42 |  | 100 | &nbsp;&nbsp; 83382 |
| &nbsp;&nbsp;&nbsp; 4.09%, 09/15/52 |  | 100 | &nbsp;&nbsp; 78058 |
| Northrop Grumman Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/01/34 |  | 1036 | &nbsp;&nbsp; 1030244 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/40 |  | 50 | &nbsp;&nbsp; 48603 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Northrop Grumman Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/54 | USD | 50 | &nbsp;&nbsp; $46316 |
| RTX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/16/28 |  | 70 | &nbsp;&nbsp; 69506 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/42 |  | 150 | &nbsp;&nbsp; 132469 |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/16/48 |  | 50 | &nbsp;&nbsp; 42959 |
| TransDigm, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/31 |  | 123 | &nbsp;&nbsp; 128073 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/32 |  | 123 | &nbsp;&nbsp; 126477 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/33 |  | 329 | &nbsp;&nbsp; 331090 |
|  |  |  | &nbsp;&nbsp; 3849286 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., 5.00%, <br> 10/01/29<br>|  | 100 | &nbsp;&nbsp; 90734 |
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<sup>(b)</sup><br>|  | 192 | &nbsp;&nbsp; 199252 |
| Lear Corp., 3.80%, 09/15/27 |  | 35 | &nbsp;&nbsp; 34462 |
| Phinia, Inc., 6.63%, 10/15/32<sup>(b)</sup> |  | 45 | &nbsp;&nbsp; 45841 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> |  | 149 | &nbsp;&nbsp; 147889 |
|  |  |  | &nbsp;&nbsp; 518178 |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| American Honda Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 |  | 50 | &nbsp;&nbsp; 48943 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/13/29 |  | 180 | &nbsp;&nbsp; 182417 |
| Asbury Automotive Group, Inc., 4.75%, 03/01/30 |  | 100 | &nbsp;&nbsp; 96042 |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/29<sup>(b)</sup><br>|  | 175 | &nbsp;&nbsp; 166908 |
| Carvana Co.<sup>(b)(g)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (9.00% PIK), 9.00%, 12/01/28 |  | 168 | &nbsp;&nbsp; 172119 |
| &nbsp;&nbsp;&nbsp; (9.00% PIK), 9.00%, 06/01/30 |  | 119 | &nbsp;&nbsp; 123733 |
| Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 |  | 250 | &nbsp;&nbsp; 246301 |
| &nbsp;&nbsp;&nbsp; 3.82%, 11/02/27 |  | 200 | &nbsp;&nbsp; 193100 |
| &nbsp;&nbsp;&nbsp; 7.20%, 06/10/30 |  | 200 | &nbsp;&nbsp; 210417 |
| General Motors Co., 6.60%, 04/01/36 |  | 75 | &nbsp;&nbsp; 79194 |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/06/26 |  | 5 | &nbsp;&nbsp; 5023 |
| &nbsp;&nbsp;&nbsp; 2.35%, 02/26/27 |  | 405 | &nbsp;&nbsp; 391241 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/07/29 |  | 155 | &nbsp;&nbsp; 159804 |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/17/29 |  | 300 | &nbsp;&nbsp; 306888 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/07/30 |  | 100 | &nbsp;&nbsp; 101421 |
| &nbsp;&nbsp;&nbsp; 3.60%, 06/21/30 |  | 150 | &nbsp;&nbsp; 140920 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/08/31 |  | 55 | &nbsp;&nbsp; 56571 |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/07/34 |  | 103 | &nbsp;&nbsp; 106275 |
| Honda Motor Co. Ltd., 2.53%, 03/10/27 |  | 50 | &nbsp;&nbsp; 48530 |
| LCM Investments Holdings II LLC, 8.25%, 08/01/31<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 105732 |
| New Flyer Holdings, Inc., 9.25%, 07/01/30<sup>(b)</sup> |  | 175 | &nbsp;&nbsp; 186241 |
| Nissan Motor Acceptance Co. LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 09/15/26 |  | 40 | &nbsp;&nbsp; 40602 |
| &nbsp;&nbsp;&nbsp; 7.05%, 09/15/28 |  | 100 | &nbsp;&nbsp; 103026 |
| Nissan Motor Co. Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/17/30 |  | 200 | &nbsp;&nbsp; 206338 |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/17/32 |  | 150 | &nbsp;&nbsp; 155282 |
| &nbsp;&nbsp;&nbsp; 8.13%, 07/17/35 |  | 50 | &nbsp;&nbsp; 52489 |
| Toyota Motor Credit Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 08/18/25 |  | 95 | &nbsp;&nbsp; 94950 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/11/28 |  | 75 | &nbsp;&nbsp; 77147 |
| &nbsp;&nbsp;&nbsp; 2.15%, 02/13/30 |  | 50 | &nbsp;&nbsp; 45368 |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/01/30 |  | 75 | &nbsp;&nbsp; 71661 |
|  |  |  | &nbsp;&nbsp; 3974683 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** |
| Banco Santander SA, 5.59%, 08/08/28 | USD | 800 | &nbsp;&nbsp; $824385 |
| Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/01/25 |  | 100 | &nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/44 |  | 27 | &nbsp;&nbsp; 24863 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.96%), 1.73%, 07/22/27<sup>(a)</sup> |  | 110 | &nbsp;&nbsp; 106977 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.05%), 2.55%, 02/04/28<sup>(a)</sup> |  | 70 | &nbsp;&nbsp; 68013 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.06%), 2.09%, 06/14/29<sup>(a)</sup> |  | 128 | &nbsp;&nbsp; 119837 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.11%), 4.62%, 05/09/29<sup>(a)</sup> |  | 479 | &nbsp;&nbsp; 481016 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.22%), 2.30%, 07/21/32<sup>(a)</sup> |  | 27 | &nbsp;&nbsp; 23534 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.31%), 5.51%, 01/24/36<sup>(a)</sup> |  | 895 | &nbsp;&nbsp; 917127 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.33%), 2.97%, 02/04/33<sup>(a)</sup> |  | 1127 | &nbsp;&nbsp; 1008925 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.37%), 1.92%, 10/24/31<sup>(a)</sup> |  | 273 | &nbsp;&nbsp; 238081 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.58%), 3.31%, 04/22/42<sup>(a)</sup> |  | 125 | &nbsp;&nbsp; 95519 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.65%), 5.47%, 01/23/35<sup>(a)</sup> |  | 275 | &nbsp;&nbsp; 282221 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.83%), 4.57%, 04/27/33<sup>(a)</sup> |  | 221 | &nbsp;&nbsp; 217574 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.84%), 5.87%, 09/15/34<sup>(a)</sup> |  | 116 | &nbsp;&nbsp; 122203 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.88%), 2.83%, 10/24/51<sup>(a)</sup> |  | 271 | &nbsp;&nbsp; 169407 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.91%), 5.29%, 04/25/34<sup>(a)</sup> |  | 766 | &nbsp;&nbsp; 780347 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.93%), 2.68%, 06/19/41<sup>(a)</sup> |  | 390 | &nbsp;&nbsp; 278083 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.99%), 6.20%, 11/10/28<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 103782 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.04%), 4.95%, 07/22/28<sup>(a)</sup> |  | 235 | &nbsp;&nbsp; 237087 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.15%), 2.59%, 04/29/31<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 182825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.25%), 2.50%, <br> 02/13/31<sup>(a)</sup><br>|  | 310 | &nbsp;&nbsp; 282965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.30%), 3.42%, <br> 12/20/28<sup>(a)</sup><br>|  | 792 | &nbsp;&nbsp; 773385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.44%), 3.19%, <br> 07/23/30<sup>(a)</sup><br>|  | 43 | &nbsp;&nbsp; 40909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.63%), 3.59%, <br> 07/21/28<sup>(a)</sup><br>|  | 339 | &nbsp;&nbsp; 333436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 3.41%), 4.08%, <br> 03/20/51<sup>(a)</sup><br>|  | 365 | &nbsp;&nbsp; 289139 |
| &nbsp;&nbsp;&nbsp; Series L, 4.18%, 11/25/27 |  | 80 | &nbsp;&nbsp; 79561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (1-day SOFR + 1.65%), 3.48%, <br> 03/13/52<sup>(a)</sup><br>|  | 50 | &nbsp;&nbsp; 35595 |
| Bank of Montreal |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.92%, 09/25/25 |  | 170 | &nbsp;&nbsp; 170335 |
| &nbsp;&nbsp;&nbsp; 5.72%, 09/25/28 |  | 40 | &nbsp;&nbsp; 41531 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.88%), 4.57%, 09/10/27<sup>(a)</sup> |  | 160 | &nbsp;&nbsp; 159987 |
| Bank of New York Mellon Corp.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.84%), 4.89%, 07/21/28 |  | 25 | &nbsp;&nbsp; 25275 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.03%), 4.95%, 04/26/27 |  | 5 | &nbsp;&nbsp; 5015 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR Index + 1.80%), 5.80%, 10/25/28 |  | 175 | &nbsp;&nbsp; 180398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.33%), 3.44%, <br> 02/07/28<br>|  | 125 | &nbsp;&nbsp; 123391 |
| Bank of Nova Scotia |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/16/25 |  | 150 | &nbsp;&nbsp; 149867 |
| &nbsp;&nbsp;&nbsp; 1.35%, 06/24/26 |  | 300 | &nbsp;&nbsp; 292025 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/12/28 |  | 50 | &nbsp;&nbsp; 51306 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.05%), 4.59%, 05/04/37<sup>(a)</sup> |  | 75 | &nbsp;&nbsp; 71189 |
| Barclays PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 05/12/26 |  | 350 | &nbsp;&nbsp; 351144 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.21%), 5.83%, 05/09/27<sup>(a)</sup> |  | 250 | &nbsp;&nbsp; 252023 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, 5.26%, <br> 04/08/29<br>|  | 150 | &nbsp;&nbsp; 153903 |
| Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/29/27 |  | 100 | &nbsp;&nbsp; 99719 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/31/33 |  | 50 | &nbsp;&nbsp; 52490 |
| &nbsp;&nbsp;&nbsp; 8.13%, 07/15/39 |  | 220 | &nbsp;&nbsp; 275116 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.87%), 4.79%, 03/04/29<sup>(a)</sup> |  | 608 | &nbsp;&nbsp; 611198 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.14%), 4.64%, 05/07/28<sup>(a)</sup> |  | 694 | &nbsp;&nbsp; 694705 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.15%), 2.67%, 01/29/31<sup>(a)</sup> |  | 514 | &nbsp;&nbsp; 470818 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.34%), 4.54%, 09/19/30<sup>(a)</sup> |  | 60 | &nbsp;&nbsp; 59757 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citigroup, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.35%), 3.06%, 01/25/33<sup>(a)</sup> | USD | 678 | &nbsp;&nbsp; $607307 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.36%), 5.17%, 02/13/30<sup>(a)</sup> |  | 488 | &nbsp;&nbsp; 496880 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.42%), 2.98%, 11/05/30<sup>(a)</sup> |  | 363 | &nbsp;&nbsp; 338944 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.46%), 4.95%, 05/07/31<sup>(a)</sup> |  | 235 | &nbsp;&nbsp; 237232 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.83%), 6.02%, 01/24/36<sup>(a)</sup> |  | 231 | &nbsp;&nbsp; 236736 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.09%), 4.91%, 05/24/33<sup>(a)</sup> |  | 120 | &nbsp;&nbsp; 119754 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.11%), 2.57%, 06/03/31<sup>(a)</sup> |  | 280 | &nbsp;&nbsp; 253907 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.66%), 6.17%, 05/25/34<sup>(a)</sup> |  | 20 | &nbsp;&nbsp; 20915 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 3.91%), 4.41%, 03/31/31<sup>(a)(f)</sup> |  | 895 | &nbsp;&nbsp; 884457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 2.10%), 4.28%, <br> 04/24/48<sup>(a)</sup><br>|  | 100 | &nbsp;&nbsp; 81994 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., (1-day SOFR + <br> 2.01%), 5.84%, 01/23/30<sup>(a)</sup><br>|  | 100 | &nbsp;&nbsp; 103260 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA/New York, 4.80%, <br> 01/09/29<br>|  | 250 | &nbsp;&nbsp; 253818 |
| Fifth Third Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/14/28 |  | 75 | &nbsp;&nbsp; 74080 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.34%), 6.34%, 07/27/29<sup>(a)</sup> |  | 30 | &nbsp;&nbsp; 31530 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(b)</sup> |  | 44 | &nbsp;&nbsp; 48670 |
| Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/07/30<sup>(f)</sup> |  | 180 | &nbsp;&nbsp; 166280 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/01/37 |  | 350 | &nbsp;&nbsp; 384390 |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/41 |  | 200 | &nbsp;&nbsp; 213880 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/22/45 |  | 50 | &nbsp;&nbsp; 45143 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.79%), 1.09%, 12/09/26<sup>(a)</sup> |  | 350 | &nbsp;&nbsp; 345467 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.82%), 1.54%, 09/10/27<sup>(a)</sup> |  | 30 | &nbsp;&nbsp; 28992 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.91%), 1.95%, 10/21/27<sup>(a)</sup> |  | 724 | &nbsp;&nbsp; 701114 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.08%), 5.21%, 01/28/31<sup>(a)</sup> |  | 460 | &nbsp;&nbsp; 469745 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.09%), 1.99%, 01/27/32<sup>(a)</sup> |  | 821 | &nbsp;&nbsp; 712311 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.14%), 4.69%, 10/23/30<sup>(a)</sup> |  | 155 | &nbsp;&nbsp; 154881 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.21%), 5.05%, 07/23/30<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 203218 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.26%), 2.65%, 10/21/32<sup>(a)</sup> |  | 763 | &nbsp;&nbsp; 672059 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.27%), 5.73%, 04/25/30<sup>(a)</sup> |  | 23 | &nbsp;&nbsp; 23881 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.28%), 2.62%, 04/22/32<sup>(a)</sup> |  | 787 | &nbsp;&nbsp; 700582 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.32%), 4.94%, 04/23/28<sup>(a)</sup> |  | 1172 | &nbsp;&nbsp; 1179056 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.38%), 5.54%, 01/28/36<sup>(a)</sup> |  | 85 | &nbsp;&nbsp; 86901 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.41%), 3.10%, 02/24/33<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 89907 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.42%), 5.02%, 10/23/35<sup>(a)</sup> |  | 980 | &nbsp;&nbsp; 966595 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.55%), 5.33%, 07/23/35<sup>(a)(f)</sup> |  | 23 | &nbsp;&nbsp; 23235 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.58%), 5.22%, 04/23/31<sup>(a)(f)</sup> |  | 742 | &nbsp;&nbsp; 758720 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.73%), 4.48%, 08/23/28<sup>(a)</sup> |  | 391 | &nbsp;&nbsp; 390975 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.77%), 6.48%, 10/24/29<sup>(a)</sup> |  | 40 | &nbsp;&nbsp; 42288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.56%), 4.22%, <br> 05/01/29<sup>(a)</sup><br>|  | 367 | &nbsp;&nbsp; 364751 |
| HSBC Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/15/37 |  | 300 | &nbsp;&nbsp; 316878 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.29%), 5.29%, 11/19/30<sup>(a)</sup> |  | 500 | &nbsp;&nbsp; 510489 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.56%), 5.45%, 03/03/36<sup>(a)</sup> |  | 395 | &nbsp;&nbsp; 397486 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.57%), 5.89%, 08/14/27<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 202472 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.90%), 5.87%, 11/18/35<sup>(a)</sup> |  | 468 | &nbsp;&nbsp; 474965 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.65%), 6.33%, 03/09/44<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 213544 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.98%), 6.55%, 06/20/34<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 212260 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 3.35%), 7.39%, 11/03/28<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 211584 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., (1-day SOFR + 2.02%), <br> 6.21%, 08/21/29<sup>(a)</sup><br>|  | 125 | &nbsp;&nbsp; 130779 |
| ING Groep NV<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.56%), 6.08%, 09/11/27 |  | 725 | &nbsp;&nbsp; 736101 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.09%), 6.11%, 09/11/34 |  | 200 | &nbsp;&nbsp; 212395 |
| Inter-American Development Bank, 4.50%, 05/15/26 |  | 1190 | &nbsp;&nbsp; 1191946 |
| JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.58%, 07/23/36<sup>(a)</sup> |  | 855 | &nbsp;&nbsp; 866077 |
| &nbsp;&nbsp;&nbsp; 6.40%, 05/15/38 |  | 50 | &nbsp;&nbsp; 55552 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| JPMorgan Chase & Co. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/01/45 | USD | 105 | &nbsp;&nbsp; $95279 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.80%), 1.05%, 11/19/26<sup>(a)</sup> |  | 330 | &nbsp;&nbsp; 326383 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.80%), 4.92%, 01/24/29<sup>(a)</sup> |  | 593 | &nbsp;&nbsp; 599450 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.86%), 4.51%, 10/22/28<sup>(a)</sup> |  | 1206 | &nbsp;&nbsp; 1207419 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.93%), 5.57%, 04/22/28<sup>(a)</sup> |  | 334 | &nbsp;&nbsp; 339912 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.93%), 4.98%, 07/22/28<sup>(a)</sup> |  | 401 | &nbsp;&nbsp; 404860 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.01%), 5.14%, 01/24/31<sup>(a)</sup> |  | 1403 | &nbsp;&nbsp; 1433825 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.02%), 2.07%, 06/01/29<sup>(a)</sup> |  | 1020 | &nbsp;&nbsp; 955796 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.13%), 5.00%, 07/22/30<sup>(a)</sup> |  | 1769 | &nbsp;&nbsp; 1799024 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.26%), 2.96%, 01/25/33<sup>(a)(f)</sup> |  | 215 | &nbsp;&nbsp; 193168 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.32%), 5.50%, 01/24/36<sup>(a)</sup> |  | 883 | &nbsp;&nbsp; 905923 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.34%), 4.95%, 10/22/35<sup>(a)</sup> |  | 350 | &nbsp;&nbsp; 346126 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.46%), 5.29%, 07/22/35<sup>(a)</sup> |  | 23 | &nbsp;&nbsp; 23303 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.68%), 5.57%, 04/22/36<sup>(a)</sup> |  | 751 | &nbsp;&nbsp; 775543 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.80%), 4.59%, 04/26/33<sup>(a)</sup> |  | 85 | &nbsp;&nbsp; 83987 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.81%), 6.25%, 10/23/34<sup>(a)</sup> |  | 500 | &nbsp;&nbsp; 542592 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.85%), 5.35%, 06/01/34<sup>(a)</sup> |  | 297 | &nbsp;&nbsp; 304665 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.89%), 2.18%, 06/01/28<sup>(a)</sup> |  | 95 | &nbsp;&nbsp; 91265 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.99%), 4.85%, 07/25/28<sup>(a)</sup> |  | 125 | &nbsp;&nbsp; 126006 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.08%), 4.91%, 07/25/33<sup>(a)</sup> |  | 425 | &nbsp;&nbsp; 427564 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.44%), 3.11%, 04/22/51<sup>(a)</sup> |  | 60 | &nbsp;&nbsp; 40278 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.58%), 5.72%, 09/14/33<sup>(a)</sup> |  | 225 | &nbsp;&nbsp; 234458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.11%), 1.76%, <br> 11/19/31<sup>(a)</sup><br>|  | 224 | &nbsp;&nbsp; 194040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.60%), 3.78%, <br> 02/01/28<sup>(a)</sup><br>|  | 100 | &nbsp;&nbsp; 98925 |
| KeyBank NA/Cleveland OH, 5.00%, 01/26/33 |  | 463 | &nbsp;&nbsp; 458397 |
| KeyCorp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 10/01/29 |  | 25 | &nbsp;&nbsp; 23089 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR Index + 2.42%), 6.40%, 03/06/35<sup>(a)</sup> |  | 50 | &nbsp;&nbsp; 53440 |
| Lloyds Banking Group PLC<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-year CMT + 0.85%), 1.63%, 05/11/27 |  | 200 | &nbsp;&nbsp; 195317 |
| &nbsp;&nbsp;&nbsp; (3-mo. SOFR US + 1.47%), 3.57%, 11/07/28 |  | 200 | &nbsp;&nbsp; 195443 |
| M&T Bank Corp.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.26%), 6.08%, 03/13/32 |  | 330 | &nbsp;&nbsp; 347255 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.80%), 7.41%, 10/30/29 |  | 1235 | &nbsp;&nbsp; 1336714 |
| Mitsubishi UFJ Financial Group, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-year CMT + 0.83%), 2.34%, 01/19/28 |  | 200 | &nbsp;&nbsp; 193732 |
| &nbsp;&nbsp;&nbsp; (1-year CMT + 1.38%), 5.42%, 02/22/29 |  | 250 | &nbsp;&nbsp; 255311 |
| Mizuho Financial Group, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-year CMT + 1.90%), 5.75%, 07/06/34 |  | 400 | &nbsp;&nbsp; 416988 |
| &nbsp;&nbsp;&nbsp; (1-year CMT + 2.05%), 5.41%, 09/13/28 |  | 200 | &nbsp;&nbsp; 203533 |
| Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/08/26 |  | 75 | &nbsp;&nbsp; 74805 |
| &nbsp;&nbsp;&nbsp; 3.59%, 07/22/28<sup>(a)</sup> |  | 25 | &nbsp;&nbsp; 24571 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/22/47 |  | 45 | &nbsp;&nbsp; 38366 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.88%), 1.59%, 05/04/27<sup>(a)</sup> |  | 429 | &nbsp;&nbsp; 419321 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.00%), 2.48%, 01/21/28<sup>(a)</sup> |  | 251 | &nbsp;&nbsp; 243619 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.03%), 1.79%, 02/13/32<sup>(a)(f)</sup> |  | 144 | &nbsp;&nbsp; 123179 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.10%), 4.65%, 10/18/30<sup>(a)</sup> |  | 50 | &nbsp;&nbsp; 50100 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.11%), 5.23%, 01/15/31<sup>(a)</sup> |  | 295 | &nbsp;&nbsp; 302189 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.14%), 2.70%, 01/22/31<sup>(a)</sup> |  | 788 | &nbsp;&nbsp; 726201 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.18%), 2.24%, 07/21/32<sup>(a)</sup> |  | 987 | &nbsp;&nbsp; 855274 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.20%), 2.51%, 10/20/32<sup>(a)</sup> |  | 247 | &nbsp;&nbsp; 216221 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.22%), 5.04%, 07/19/30<sup>(a)</sup> |  | 788 | &nbsp;&nbsp; 801584 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.26%), 5.66%, 04/18/30<sup>(a)</sup> |  | 1160 | &nbsp;&nbsp; 1202028 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.29%), 2.94%, 01/21/33<sup>(a)</sup> |  | 691 | &nbsp;&nbsp; 617488 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.30%), 5.05%, 01/28/27<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 100182 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.38%), 4.99%, 04/12/29<sup>(a)</sup> |  | 930 | &nbsp;&nbsp; 941468 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.42%), 5.59%, 01/18/36<sup>(a)</sup> |  | 300 | &nbsp;&nbsp; 307907 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.45%), 5.17%, 01/16/30<sup>(a)</sup> |  | 590 | &nbsp;&nbsp; 601861 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.58%), 5.83%, 04/19/35<sup>(a)</sup> |  | 155 | &nbsp;&nbsp; 162480 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.73%), 5.47%, 01/18/35<sup>(a)</sup> | USD | 45 | &nbsp;&nbsp; $46097 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.83%), 6.41%, 11/01/29<sup>(a)</sup> |  | 327 | &nbsp;&nbsp; 345124 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.87%), 5.25%, 04/21/34<sup>(a)</sup> |  | 131 | &nbsp;&nbsp; 133118 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.24%), 6.30%, 10/18/28<sup>(a)</sup> |  | 375 | &nbsp;&nbsp; 389270 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.56%), 6.34%, 10/18/33<sup>(a)</sup> |  | 130 | &nbsp;&nbsp; 140873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.40%), 3.77%, <br> 01/24/29<sup>(a)</sup><br>|  | 214 | &nbsp;&nbsp; 210437 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.43%), 5.95%, 01/19/38<sup>(a)</sup> |  | 245 | &nbsp;&nbsp; 252758 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank NA, (1-day SOFR + <br> 1.08%), 4.73%, 07/18/31<sup>(a)</sup><br>|  | 995 | &nbsp;&nbsp; 999485 |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, (3-mo. SOFR US + 2.01%), <br> 4.89%, 05/18/29<sup>(a)</sup><br>|  | 225 | &nbsp;&nbsp; 226918 |
| PNC Financial Services Group, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.26%), 4.81%, 10/21/32 |  | 635 | &nbsp;&nbsp; 634526 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.42%), 5.37%, 07/21/36 |  | 140 | &nbsp;&nbsp; 141451 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.62%), 5.35%, 12/02/28 |  | 50 | &nbsp;&nbsp; 51026 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp., (1-day SOFR + 1.49%), <br> 5.72%, 06/06/30<sup>(a)</sup><br>|  | 25 | &nbsp;&nbsp; 25837 |
| Royal Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/04/27 |  | 200 | &nbsp;&nbsp; 197725 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/01/29 |  | 125 | &nbsp;&nbsp; 127655 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/33 |  | 25 | &nbsp;&nbsp; 25412 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR Index + 0.86%), 4.52%, 10/18/28<sup>(a)</sup> |  | 225 | &nbsp;&nbsp; 225078 |
| Santander Holdings USA, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.25%), 2.49%, 01/06/28 |  | 25 | &nbsp;&nbsp; 24226 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.33%), 5.81%, 09/09/26 |  | 50 | &nbsp;&nbsp; 50039 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.50%), 6.17%, 01/09/30 |  | 100 | &nbsp;&nbsp; 104184 |
| Santander U.K. Group Holdings PLC<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.60%), 6.53%, 01/10/29 |  | 200 | &nbsp;&nbsp; 208242 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.75%), 6.83%, 11/21/26 |  | 200 | &nbsp;&nbsp; 201165 |
| &nbsp;&nbsp;&nbsp; (3-mo. SOFR US + 1.66%), 3.82%, 11/03/28 |  | 200 | &nbsp;&nbsp; 195822 |
| State Street Corp.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.00%), 2.62%, 02/07/33 |  | 100 | &nbsp;&nbsp; 88044 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.73%), 4.16%, 08/04/33 |  | 25 | &nbsp;&nbsp; 23987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.29%), 4.14%, <br> 12/03/29<br>|  | 125 | &nbsp;&nbsp; 124159 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., 2.17%, <br> 01/14/27<br>|  | 200 | &nbsp;&nbsp; 193851 |
| Toronto-Dominion Bank |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 01/09/26 |  | 130 | &nbsp;&nbsp; 130297 |
| &nbsp;&nbsp;&nbsp; (5-year USD Swap + 2.21%), 3.63%, 09/15/31<sup>(a)</sup> |  | 50 | &nbsp;&nbsp; 49315 |
| Truist Bank, Series BKNT, 2.25%, 03/11/30 |  | 540 | &nbsp;&nbsp; 485595 |
| Truist Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 08/05/25 |  | 200 | &nbsp;&nbsp; 199924 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.05%), 6.05%, 06/08/27<sup>(a)</sup> |  | 250 | &nbsp;&nbsp; 252607 |
| U.S. Bancorp<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.41%), 5.42%, 02/12/36<sup>(f)</sup> |  | 675 | &nbsp;&nbsp; 687074 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.86%), 5.68%, 01/23/35 |  | 75 | &nbsp;&nbsp; 77720 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.02%), 5.78%, 06/12/29 |  | 115 | &nbsp;&nbsp; 119065 |
| &nbsp;&nbsp;&nbsp; UBS Group AG, (1-day SOFR + 1.73%), 3.09%, <br> 05/14/32<sup>(a)(b)</sup><br>|  | 200 | &nbsp;&nbsp; 181712 |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/14/46 |  | 75 | &nbsp;&nbsp; 61607 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.07%), 5.71%, 04/22/28<sup>(a)</sup> |  | 463 | &nbsp;&nbsp; 472029 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.11%), 5.24%, 01/24/31<sup>(a)</sup> |  | 526 | &nbsp;&nbsp; 538527 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.38%), 5.21%, 12/03/35<sup>(a)</sup> |  | 450 | &nbsp;&nbsp; 451220 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.50%), 5.20%, 01/23/30<sup>(a)</sup> |  | 194 | &nbsp;&nbsp; 198132 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.50%), 3.35%, 03/02/33<sup>(a)</sup> |  | 267 | &nbsp;&nbsp; 244420 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.78%), 5.50%, 01/23/35<sup>(a)</sup> |  | 34 | &nbsp;&nbsp; 34842 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.98%), 4.81%, 07/25/28<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 100548 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.99%), 5.56%, 07/25/34<sup>(a)</sup> |  | 300 | &nbsp;&nbsp; 309575 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.02%), 5.39%, 04/24/34<sup>(a)</sup> |  | 780 | &nbsp;&nbsp; 798063 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.06%), 6.49%, 10/23/34<sup>(a)</sup> | USD | 425 | &nbsp;&nbsp; $464659 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.10%), 4.90%, 07/25/33<sup>(a)</sup> |  | 127 | &nbsp;&nbsp; 126887 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.13%), 4.61%, 04/25/53<sup>(a)</sup> |  | 306 | &nbsp;&nbsp; 261148 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.53%), 3.07%, 04/30/41<sup>(a)</sup> |  | 160 | &nbsp;&nbsp; 120665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.26%), 2.57%, <br> 02/11/31<sup>(a)</sup><br>|  | 535 | &nbsp;&nbsp; 490519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.43%), 2.88%, <br> 10/30/30<sup>(a)</sup><br>|  | 50 | &nbsp;&nbsp; 46707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 4.03%), 4.48%, <br> 04/04/31<sup>(a)</sup><br>|  | 380 | &nbsp;&nbsp; 377855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 4.50%), 5.01%, <br> 04/04/51<sup>(a)</sup><br>|  | 475 | &nbsp;&nbsp; 430441 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp., (5-year USD ICE Swap + <br> 2.24%), 4.32%, 11/23/31<sup>(a)</sup><br>|  | 265 | &nbsp;&nbsp; 262720 |
|  |  |  | &nbsp;&nbsp; 67152607 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev <br> Worldwide, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 |  | 15 | &nbsp;&nbsp; 14545 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 |  | 122 | &nbsp;&nbsp; 111539 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/34 |  | 250 | &nbsp;&nbsp; 253531 |
| &nbsp;&nbsp;&nbsp; 5.55%, 01/23/49 |  | 80 | &nbsp;&nbsp; 78647 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/23/59 |  | 20 | &nbsp;&nbsp; 20280 |
| Coca-Cola Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 06/01/30 |  | 75 | &nbsp;&nbsp; 66385 |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/05/32 |  | 60 | &nbsp;&nbsp; 52873 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/13/54 |  | 280 | &nbsp;&nbsp; 271151 |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/01/60 |  | 100 | &nbsp;&nbsp; 59164 |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/13/64 |  | 200 | &nbsp;&nbsp; 193251 |
| Constellation Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 12/06/26 |  | 100 | &nbsp;&nbsp; 98965 |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/01/30 |  | 125 | &nbsp;&nbsp; 115570 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/09/32<sup>(f)</sup> |  | 105 | &nbsp;&nbsp; 104240 |
| Diageo Capital PLC, 5.88%, 09/30/36 |  | 175 | &nbsp;&nbsp; 187481 |
| Keurig Dr. Pepper, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 11/15/25 |  | 35 | &nbsp;&nbsp; 34863 |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/15/34 |  | 25 | &nbsp;&nbsp; 25553 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/45 |  | 20 | &nbsp;&nbsp; 16756 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 03/19/30 |  | 25 | &nbsp;&nbsp; 23335 |
| &nbsp;&nbsp;&nbsp; 4.80%, 07/17/34 |  | 75 | &nbsp;&nbsp; 74968 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/19/60 |  | 375 | &nbsp;&nbsp; 279646 |
|  |  |  | &nbsp;&nbsp; 2082743 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.51%, 03/02/26 |  | 160 | &nbsp;&nbsp; 160000 |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/01/33 |  | 85 | &nbsp;&nbsp; 81432 |
| &nbsp;&nbsp;&nbsp; 4.66%, 06/15/51 |  | 20 | &nbsp;&nbsp; 16924 |
| &nbsp;&nbsp;&nbsp; 4.20%, 02/22/52 |  | 97 | &nbsp;&nbsp; 75273 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/02/53 |  | 315 | &nbsp;&nbsp; 304600 |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/22/62 |  | 103 | &nbsp;&nbsp; 79301 |
| Gilead Sciences, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/36 |  | 25 | &nbsp;&nbsp; 22725 |
| &nbsp;&nbsp;&nbsp; 2.60%, 10/01/40 |  | 80 | &nbsp;&nbsp; 57012 |
| &nbsp;&nbsp;&nbsp; 5.65%, 12/01/41 |  | 100 | &nbsp;&nbsp; 101006 |
| Regeneron Pharmaceuticals, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/15/30 |  | 1170 | &nbsp;&nbsp; 1015903 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Regeneron Pharmaceuticals, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 09/15/50 | USD | 250 | &nbsp;&nbsp; $149330 |
| Royalty Pharma PLC, 2.20%, 09/02/30 |  | 225 | &nbsp;&nbsp; 198996 |
|  |  |  | &nbsp;&nbsp; 2262502 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Macy's Retail Holdings LLC, 7.38%, 08/01/33<sup>(b)</sup> |  | 55 | &nbsp;&nbsp; 55210 |
| Nordstrom, Inc., 4.38%, 04/01/30<sup>(f)</sup> |  | 149 | &nbsp;&nbsp; 135101 |
|  |  |  | &nbsp;&nbsp; 190311 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Carrier Global Corp., 2.70%, 02/15/31 |  | 20 | &nbsp;&nbsp; 18146 |
| CRH America Finance, Inc., 5.50%, 01/09/35 |  | 950 | &nbsp;&nbsp; 971060 |
| Eagle Materials, Inc., 2.50%, 07/01/31 |  | 295 | &nbsp;&nbsp; 260611 |
| Fortune Brands Innovations, Inc., 5.88%, 06/01/33 |  | 25 | &nbsp;&nbsp; 26128 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA, 1.75%, 09/15/30<br>|  | 100 | &nbsp;&nbsp; 87355 |
| Martin Marietta Materials, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 12/01/34 |  | 355 | &nbsp;&nbsp; 356100 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/15/47 |  | 75 | &nbsp;&nbsp; 60530 |
| Quikrete Holdings, Inc., 6.38%, 03/01/32<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 102559 |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 105239 |
| Standard Industries, Inc., 4.38%, 07/15/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 94674 |
| Trane Technologies Financing Ltd., 5.25%, 03/03/33 |  | 150 | &nbsp;&nbsp; 154084 |
| Vulcan Materials Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 12/01/34 |  | 25 | &nbsp;&nbsp; 25383 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/15/47 |  | 75 | &nbsp;&nbsp; 63048 |
|  |  |  | &nbsp;&nbsp; 2324917 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Home Depot, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/15/27 |  | 300 | &nbsp;&nbsp; 291813 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 |  | 80 | &nbsp;&nbsp; 79906 |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/25/34 |  | 200 | &nbsp;&nbsp; 201606 |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/16/36 |  | 195 | &nbsp;&nbsp; 208250 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 |  | 40 | &nbsp;&nbsp; 36234 |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 87750 |
| Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/25 |  | 60 | &nbsp;&nbsp; 59903 |
| &nbsp;&nbsp;&nbsp; 3.35%, 04/01/27 |  | 300 | &nbsp;&nbsp; 294897 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/33 |  | 225 | &nbsp;&nbsp; 226655 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/53 |  | 115 | &nbsp;&nbsp; 109950 |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 |  | 40 | &nbsp;&nbsp; 38531 |
| Patrick Industries, Inc., 6.38%, 11/01/32<sup>(b)</sup> |  | 115 | &nbsp;&nbsp; 115077 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(b)</sup> |  | 184 | &nbsp;&nbsp; 189478 |
|  |  |  | &nbsp;&nbsp; 1940050 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| Ameriprise Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/15/28 |  | 350 | &nbsp;&nbsp; 364251 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/33 |  | 410 | &nbsp;&nbsp; 418471 |
| Apollo Debt Solutions BDC, 6.55%, 03/15/32<sup>(b)</sup> |  | 25 | &nbsp;&nbsp; 25639 |
| Ares Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 07/15/26 |  | 200 | &nbsp;&nbsp; 195240 |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/15/27 |  | 25 | &nbsp;&nbsp; 24189 |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/15/28 |  | 135 | &nbsp;&nbsp; 127570 |
| Ares Management Corp., 6.38%, 11/10/28 |  | 1640 | &nbsp;&nbsp; 1726828 |
| Blackstone Private Credit Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/15/27 |  | 75 | &nbsp;&nbsp; 72983 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/29 |  | 25 | &nbsp;&nbsp; 24138 |
| Blackstone Secured Lending Fund, 2.85%, 09/30/28 |  | 75 | &nbsp;&nbsp; 70225 |
| Blue Owl Capital Corp., 5.95%, 03/15/29 |  | 100 | &nbsp;&nbsp; 100228 |
| Blue Owl Credit Income Corp., 7.75%, 01/15/29 |  | 75 | &nbsp;&nbsp; 79720 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed 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)** |
| Blue Owl Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 06/10/31 | USD | 670 | &nbsp;&nbsp; $598315 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/18/34 |  | 450 | &nbsp;&nbsp; 463553 |
| Charles Schwab Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.90%, 03/11/26 |  | 20 | &nbsp;&nbsp; 19564 |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/24/26 |  | 300 | &nbsp;&nbsp; 304069 |
| &nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 |  | 5 | &nbsp;&nbsp; 4856 |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/25/28 |  | 3 | &nbsp;&nbsp; 2927 |
| &nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 |  | 2 | &nbsp;&nbsp; 1710 |
| &nbsp;&nbsp;&nbsp; 2.30%, 05/13/31 |  | 9 | &nbsp;&nbsp; 7974 |
| &nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 |  | 74 | &nbsp;&nbsp; 63066 |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/03/32 |  | 3 | &nbsp;&nbsp; 2695 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.88%), 6.20%, 11/17/29<sup>(a)</sup> |  | 180 | &nbsp;&nbsp; 189956 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.01%), 6.14%, 08/24/34<sup>(a)</sup> |  | 110 | &nbsp;&nbsp; 118708 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.21%), 5.64%, 05/19/29<sup>(a)</sup> |  | 66 | &nbsp;&nbsp; 68217 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.50%), 5.85%, 05/19/34<sup>(a)</sup> |  | 61 | &nbsp;&nbsp; 64656 |
| FS KKR Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 |  | 110 | &nbsp;&nbsp; 105707 |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 |  | 150 | &nbsp;&nbsp; 144078 |
| &nbsp;&nbsp;&nbsp; 3.13%, 10/12/28 |  | 220 | &nbsp;&nbsp; 202842 |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/15/29<sup>(f)</sup> |  | 380 | &nbsp;&nbsp; 392230 |
| &nbsp;&nbsp;&nbsp; 6.13%, 01/15/30<sup>(f)</sup> |  | 560 | &nbsp;&nbsp; 561935 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/29<sup>(f)</sup> |  | 151 | &nbsp;&nbsp; 152510 |
| &nbsp;&nbsp;&nbsp; 10.00%, 11/15/29<sup>(b)</sup> |  | 93 | &nbsp;&nbsp; 94156 |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/15/30<sup>(f)</sup> |  | 95 | &nbsp;&nbsp; 92267 |
| Invesco Finance PLC, 3.75%, 01/15/26 |  | 125 | &nbsp;&nbsp; 124485 |
| IREN Ltd., Series IREN, 3.50%, 12/15/29<sup>(b)(h)</sup> |  | 40 | &nbsp;&nbsp; 56500 |
| Jane Street Group/JSG Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/01/32 |  | 100 | &nbsp;&nbsp; 99216 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/33<sup>(f)</sup> |  | 110 | &nbsp;&nbsp; 112572 |
| Jefferies Financial Group, Inc., 4.85%, 01/15/27 |  | 20 | &nbsp;&nbsp; 20094 |
| Lazard Group LLC, 4.50%, 09/19/28 |  | 100 | &nbsp;&nbsp; 99567 |
| LPL Holdings, Inc., 5.65%, 03/15/35 |  | 655 | &nbsp;&nbsp; 657205 |
| Osaic Holdings, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 08/01/32 |  | 20 | &nbsp;&nbsp; 20241 |
| &nbsp;&nbsp;&nbsp; 08/01/33 |  | 10 | &nbsp;&nbsp; 10162 |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/32<sup>(b)</sup> |  | 60 | &nbsp;&nbsp; 61078 |
| StoneX Group, Inc., 7.88%, 03/01/31<sup>(b)</sup> |  | 186 | &nbsp;&nbsp; 195402 |
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, <br> 06/15/31<sup>(b)</sup><br>|  | 70 | &nbsp;&nbsp; 72832 |
| Voya Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 06/15/26 |  | 100 | &nbsp;&nbsp; 99225 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/20/34 |  | 520 | &nbsp;&nbsp; 507859 |
|  |  |  | &nbsp;&nbsp; 9021911 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Air Products and Chemicals, Inc., 4.85%, 02/08/34 |  | 150 | &nbsp;&nbsp; 149576 |
| Chemours Co., 4.63%, 11/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 84696 |
| &nbsp;&nbsp;&nbsp; CVR Partners LP/CVR Nitrogen Finance Corp., <br> 6.13%, 06/15/28<sup>(b)</sup><br>|  | 104 | &nbsp;&nbsp; 103235 |
| DuPont de Nemours, Inc., 5.42%, 11/15/48 |  | 20 | &nbsp;&nbsp; 19991 |
| Eastman Chemical Co., 5.75%, 03/08/33 |  | 75 | &nbsp;&nbsp; 77893 |
| Ecolab, Inc., 2.13%, 02/01/32 |  | 90 | &nbsp;&nbsp; 77578 |
| EIDP, Inc., 4.50%, 05/15/26 |  | 35 | &nbsp;&nbsp; 34973 |
| FMC Corp., 3.20%, 10/01/26 |  | 25 | &nbsp;&nbsp; 24606 |
| LYB International Finance III LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/15/33 |  | 125 | &nbsp;&nbsp; 126357 |
| &nbsp;&nbsp;&nbsp; 4.20%, 05/01/50 |  | 60 | &nbsp;&nbsp; 43680 |
| &nbsp;&nbsp;&nbsp; 3.80%, 10/01/60<sup>(f)</sup> |  | 100 | &nbsp;&nbsp; 62722 |
| Mosaic Co., 5.45%, 11/15/33 |  | 25 | &nbsp;&nbsp; 25474 |
| NOVA Chemicals Corp., 9.00%, 02/15/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 107454 |
| OCP SA, 6.75%, 05/02/34<sup>(d)</sup> |  | 223 | &nbsp;&nbsp; 231899 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Orbia Advance Corp. SAB de CV, 6.80%, 05/13/30<sup>(b)</sup> | USD | 210 | &nbsp;&nbsp; $214763 |
| PPG Industries, Inc., 1.20%, 03/15/26 |  | 50 | &nbsp;&nbsp; 48965 |
| RPM International, Inc., 2.95%, 01/15/32<sup>(f)</sup> |  | 470 | &nbsp;&nbsp; 416116 |
| Sasol Financing USA LLC, 8.75%, 05/03/29<sup>(d)</sup> |  | 229 | &nbsp;&nbsp; 228428 |
| Sherwin-Williams Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 |  | 150 | &nbsp;&nbsp; 147351 |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/15/35<sup>(f)</sup> |  | 920 | &nbsp;&nbsp; 917743 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/47 |  | 200 | &nbsp;&nbsp; 167152 |
| Tronox, Inc., 4.63%, 03/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 77801 |
|  |  |  | &nbsp;&nbsp; 3388453 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Alta Equipment Group, Inc., 9.00%, 06/01/29<sup>(b)(f)</sup> |  | 126 | &nbsp;&nbsp; 119491 |
| Automatic Data Processing, Inc., 4.75%, 05/08/32 |  | 455 | &nbsp;&nbsp; 459389 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/30 |  | 86 | &nbsp;&nbsp; 88497 |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/15/31<sup>(f)</sup> |  | 45 | &nbsp;&nbsp; 45951 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/32 |  | 234 | &nbsp;&nbsp; 241396 |
| Block, Inc., 3.50%, 06/01/31 |  | 77 | &nbsp;&nbsp; 70567 |
| California Institute of Technology |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.32%, 08/01/45 |  | 100 | &nbsp;&nbsp; 84250 |
| &nbsp;&nbsp;&nbsp; 4.70%, 11/01/2111 |  | 35 | &nbsp;&nbsp; 28076 |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/01/2119<sup>(f)</sup> |  | 50 | &nbsp;&nbsp; 31308 |
| &nbsp;&nbsp;&nbsp; Case Western Reserve University, Series 2022-C, <br> 5.41%, 06/01/2122<br>|  | 95 | &nbsp;&nbsp; 87661 |
| Cornell University, 4.84%, 06/15/34 |  | 75 | &nbsp;&nbsp; 74522 |
| &nbsp;&nbsp;&nbsp; DP World Ltd./United Arab Emirates, 6.85%, <br> 07/02/37<sup>(d)</sup><br>|  | 190 | &nbsp;&nbsp; 211020 |
| Emory University, Series 2020, 2.14%, 09/01/30 |  | 35 | &nbsp;&nbsp; 31452 |
| Equifax, Inc., 3.10%, 05/15/30 |  | 150 | &nbsp;&nbsp; 139804 |
| FTAI Aviation Investors LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/31 |  | 100 | &nbsp;&nbsp; 103755 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/32 |  | 96 | &nbsp;&nbsp; 99419 |
| Garda World Security Corp., 6.00%, 06/01/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 98086 |
| GATX Corp., 4.00%, 06/30/30 |  | 100 | &nbsp;&nbsp; 97221 |
| GEO Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 04/15/29 |  | 217 | &nbsp;&nbsp; 230394 |
| &nbsp;&nbsp;&nbsp; 10.25%, 04/15/31 |  | 180 | &nbsp;&nbsp; 197897 |
| Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/01/26 |  | 50 | &nbsp;&nbsp; 49997 |
| &nbsp;&nbsp;&nbsp; 5.30%, 08/15/29 |  | 125 | &nbsp;&nbsp; 126730 |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/15/32 |  | 40 | &nbsp;&nbsp; 40520 |
| Hertz Corp., 12.63%, 07/15/29<sup>(b)</sup> |  | 199 | &nbsp;&nbsp; 207902 |
| Kaspi.KZ JSC, 6.25%, 03/26/30<sup>(d)</sup> |  | 212 | &nbsp;&nbsp; 216240 |
| &nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology, 3.96%, <br> 07/01/38<br>|  | 50 | &nbsp;&nbsp; 45314 |
| PayPal Holdings, Inc., 2.30%, 06/01/30 |  | 75 | &nbsp;&nbsp; 68034 |
| President and Fellows of Harvard College |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.61%, 02/15/35 |  | 50 | &nbsp;&nbsp; 49257 |
| &nbsp;&nbsp;&nbsp; 2.52%, 10/15/50<sup>(f)</sup> |  | 150 | &nbsp;&nbsp; 89924 |
| Quanta Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/01/30 |  | 1260 | &nbsp;&nbsp; 1158227 |
| &nbsp;&nbsp;&nbsp; 2.35%, 01/15/32 |  | 220 | &nbsp;&nbsp; 189833 |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/09/34 |  | 90 | &nbsp;&nbsp; 90945 |
| &nbsp;&nbsp;&nbsp; 3.05%, 10/01/41 |  | 50 | &nbsp;&nbsp; 35718 |
| RELX Capital, Inc., 5.25%, 03/27/35 |  | 85 | &nbsp;&nbsp; 86569 |
| RR Donnelley & Sons Co., 10.88%, 08/01/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 97417 |
| S&P Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 03/01/27 |  | 200 | &nbsp;&nbsp; 194430 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/33 |  | 55 | &nbsp;&nbsp; 56881 |
| &nbsp;&nbsp;&nbsp; 2.30%, 08/15/60<sup>(f)</sup> |  | 230 | &nbsp;&nbsp; 117451 |
| &nbsp;&nbsp;&nbsp; 3.90%, 03/01/62 |  | 10 | &nbsp;&nbsp; 7492 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;&nbsp; Trustees of the University of Pennsylvania, 3.61%, <br> 02/15/2119<br>| USD | 350 | &nbsp;&nbsp; $218343 |
| United Rentals North America, Inc., 3.75%, 01/15/32 |  | 100 | &nbsp;&nbsp; 91088 |
| &nbsp;&nbsp;&nbsp; University of Notre Dame du Lac, Series 2017, <br> 3.39%, 02/15/48<br>|  | 150 | &nbsp;&nbsp; 109684 |
| University of Southern California, 4.98%, 10/01/53<sup>(f)</sup> |  | 10 | &nbsp;&nbsp; 9173 |
| Verisk Analytics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/15/29 |  | 530 | &nbsp;&nbsp; 525822 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/33 |  | 50 | &nbsp;&nbsp; 52338 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/05/34 |  | 620 | &nbsp;&nbsp; 629918 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/45 |  | 40 | &nbsp;&nbsp; 38324 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/50 |  | 35 | &nbsp;&nbsp; 24801 |
| Worldline SA, 5.50%, 06/10/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 102435 |
| Worldline SA/France, 4.13%, 09/12/28<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 103094 |
|  |  |  | &nbsp;&nbsp; 7374057 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| CommScope LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 03/01/27<sup>(f)</sup> | USD | 125 | &nbsp;&nbsp; 125289 |
| &nbsp;&nbsp;&nbsp; 9.50%, 12/15/31 |  | 112 | &nbsp;&nbsp; 117943 |
| Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 02/23/28 |  | 90 | &nbsp;&nbsp; 90296 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/23/29 |  | 25 | &nbsp;&nbsp; 25067 |
| &nbsp;&nbsp;&nbsp; 2.30%, 11/15/30 |  | 400 | &nbsp;&nbsp; 355336 |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 |  | 650 | &nbsp;&nbsp; 583631 |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 |  | 539 | &nbsp;&nbsp; 559002 |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/15/34 |  | 565 | &nbsp;&nbsp; 576294 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/35 |  | 323 | &nbsp;&nbsp; 329466 |
| Viasat, Inc.<sup>(b)(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 |  | 142 | &nbsp;&nbsp; 133849 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/30/31 |  | 216 | &nbsp;&nbsp; 188073 |
|  |  |  | &nbsp;&nbsp; 3084246 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| AECOM, 6.00%, 08/01/33<sup>(b)</sup> |  | 120 | &nbsp;&nbsp; 120976 |
| HTA Group Ltd., 7.50%, 06/04/29<sup>(b)</sup> |  | 150 | &nbsp;&nbsp; 154734 |
| IHS Holding Ltd., 8.25%, 11/29/31<sup>(d)</sup> |  | 228 | &nbsp;&nbsp; 232257 |
| &nbsp;&nbsp;&nbsp; IRB Infrastructure Developers Ltd., 7.11%, <br> 03/11/32<sup>(d)</sup><br>|  | 400 | &nbsp;&nbsp; 403800 |
| TAV Havalimanlari Holding A/S, 8.50%, 12/07/28<sup>(d)</sup> |  | 220 | &nbsp;&nbsp; 230863 |
| Tutor Perini Corp., 11.88%, 04/30/29<sup>(b)(f)</sup> |  | 127 | &nbsp;&nbsp; 142797 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC/Weekley Finance Corp., 4.88%, <br> 09/15/28<sup>(b)</sup><br>|  | 49 | &nbsp;&nbsp; 47150 |
|  |  |  | &nbsp;&nbsp; 1332577 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| American Express Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/20/26 |  | 50 | &nbsp;&nbsp; 49488 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.00%), 5.10%, 02/16/28<sup>(a)</sup> |  | 665 | &nbsp;&nbsp; 671087 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.22%), 4.92%, 07/20/33<sup>(a)</sup> |  | 275 | &nbsp;&nbsp; 275886 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.33%), 6.34%, 10/30/26<sup>(a)</sup> |  | 300 | &nbsp;&nbsp; 301184 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.76%), 4.42%, 08/03/33<sup>(a)</sup> |  | 50 | &nbsp;&nbsp; 48739 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.84%), 5.04%, 05/01/34<sup>(a)</sup> |  | 220 | &nbsp;&nbsp; 221704 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.93%), 5.63%, 07/28/34<sup>(a)</sup> |  | 150 | &nbsp;&nbsp; 153803 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR Index + 1.32%), 5.44%, 01/30/36<sup>(a)</sup> |  | 215 | &nbsp;&nbsp; 219238 |
| Capital One Financial Corp.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.56%), 5.46%, 07/26/30 |  | 610 | &nbsp;&nbsp; 626711 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.04%), 6.18%, 01/30/36<sup>(f)</sup> |  | 290 | &nbsp;&nbsp; 297716 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.37%), 5.27%, 05/10/33 |  | 50 | &nbsp;&nbsp; 50383 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.44%), 7.15%, 10/29/27 |  | 25 | &nbsp;&nbsp; 25750 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.60%), 5.25%, 07/26/30 |  | 75 | &nbsp;&nbsp; 76455 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.64%), 6.31%, 06/08/29 |  | 44 | &nbsp;&nbsp; 45967 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR Index + 3.37%), 7.96%, 11/02/34 |  | 410 | &nbsp;&nbsp; 477662 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| Enova International, Inc., 9.13%, 08/01/29<sup>(b)</sup> | USD | 128 | &nbsp;&nbsp; $134020 |
| EZCORP, Inc., 7.38%, 04/01/32<sup>(b)</sup> |  | 35 | &nbsp;&nbsp; 36451 |
| goeasy Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/01/28 |  | 138 | &nbsp;&nbsp; 146069 |
| &nbsp;&nbsp;&nbsp; 7.63%, 07/01/29<sup>(f)</sup> |  | 70 | &nbsp;&nbsp; 72082 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/30 |  | 75 | &nbsp;&nbsp; 76471 |
| Mastercard, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 |  | 25 | &nbsp;&nbsp; 24616 |
| &nbsp;&nbsp;&nbsp; 3.35%, 03/26/30 |  | 640 | &nbsp;&nbsp; 614912 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/32<sup>(f)</sup> |  | 160 | &nbsp;&nbsp; 163814 |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/15/35 |  | 220 | &nbsp;&nbsp; 214915 |
| &nbsp;&nbsp;&nbsp; 3.85%, 03/26/50 |  | 100 | &nbsp;&nbsp; 77809 |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/15/51<sup>(f)</sup> |  | 460 | &nbsp;&nbsp; 299052 |
| OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/29 |  | 65 | &nbsp;&nbsp; 66384 |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/30 |  | 128 | &nbsp;&nbsp; 134741 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/31 |  | 131 | &nbsp;&nbsp; 136524 |
| SLM Corp., 6.50%, 01/31/30 |  | 80 | &nbsp;&nbsp; 83101 |
| Synchrony Financial |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/27 |  | 50 | &nbsp;&nbsp; 49034 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/19/29 |  | 198 | &nbsp;&nbsp; 198876 |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/28/31<sup>(f)</sup> |  | 535 | &nbsp;&nbsp; 466183 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/02/33<sup>(f)</sup> |  | 610 | &nbsp;&nbsp; 641036 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.40%), 5.02%, 07/29/29<sup>(a)</sup> |  | 155 | &nbsp;&nbsp; 154909 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.68%), 5.45%, 03/06/31<sup>(a)(f)</sup> |  | 598 | &nbsp;&nbsp; 602160 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.07%), 6.00%, 07/29/36<sup>(a)</sup> |  | 80 | &nbsp;&nbsp; 80241 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR Index + 2.13%), 5.94%, 08/02/30<sup>(a)</sup> |  | 964 | &nbsp;&nbsp; 990783 |
| Visa, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.10%, 02/15/31 |  | 40 | &nbsp;&nbsp; 33933 |
| &nbsp;&nbsp;&nbsp; 4.30%, 12/14/45 |  | 220 | &nbsp;&nbsp; 189205 |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/15/47 |  | 35 | &nbsp;&nbsp; 27016 |
|  |  |  | &nbsp;&nbsp; 9256110 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Dollar General Corp., 5.20%, 07/05/28 |  | 100 | &nbsp;&nbsp; 101746 |
| Target Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.35%, 02/15/30 |  | 75 | &nbsp;&nbsp; 68980 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/34 |  | 75 | &nbsp;&nbsp; 72673 |
| &nbsp;&nbsp;&nbsp; 4.80%, 01/15/53 |  | 35 | &nbsp;&nbsp; 30961 |
| Walgreens Boots Alliance, Inc., 8.13%, 08/15/29 |  | 152 | &nbsp;&nbsp; 163161 |
| Walmart, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/28/35 |  | 1140 | &nbsp;&nbsp; 1147488 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/09/52 |  | 110 | &nbsp;&nbsp; 95585 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/53 |  | 25 | &nbsp;&nbsp; 21721 |
|  |  |  | &nbsp;&nbsp; 1702315 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 4.00%, 09/01/29<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 182170 |
| Berry Global, Inc., 1.57%, 01/15/26 |  | 25 | &nbsp;&nbsp; 24621 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 8.75%, <br> 04/15/30<sup>(b)</sup><br>|  | 131 | &nbsp;&nbsp; 133696 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/27 |  | 46 | &nbsp;&nbsp; 46401 |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/27 |  | 144 | &nbsp;&nbsp; 142523 |
| Packaging Corp. of America |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/15/29 |  | 125 | &nbsp;&nbsp; 117741 |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/01/33 |  | 200 | &nbsp;&nbsp; 208078 |
| &nbsp;&nbsp;&nbsp; 4.05%, 12/15/49 |  | 420 | &nbsp;&nbsp; 321567 |
| WRKCo, Inc., 3.00%, 06/15/33 |  | 80 | &nbsp;&nbsp; 70153 |
|  |  |  | &nbsp;&nbsp; 1246950 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| WW Grainger, Inc., 4.45%, 09/15/34 | USD | 505 | &nbsp;&nbsp; $491010 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Flourishing Trade & Investment Ltd., (11.04% PIK), <br> 11.04%, 04/02/28<sup>(b)(d)(i)</sup><br>|  | 512 | &nbsp;&nbsp; 523213 |
| **Diversified REITs — 1.1%** | **Diversified REITs — 1.1%** | **Diversified REITs — 1.1%** | **Diversified REITs — 1.1%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/31/28 |  | 20 | &nbsp;&nbsp; 18607 |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/15/28 |  | 140 | &nbsp;&nbsp; 145336 |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/15/29 |  | 40 | &nbsp;&nbsp; 39160 |
| &nbsp;&nbsp;&nbsp; 3.80%, 08/15/29 |  | 80 | &nbsp;&nbsp; 77680 |
| &nbsp;&nbsp;&nbsp; 2.90%, 01/15/30 |  | 175 | &nbsp;&nbsp; 162518 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/31/30 |  | 132 | &nbsp;&nbsp; 134029 |
| &nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 |  | 280 | &nbsp;&nbsp; 248491 |
| &nbsp;&nbsp;&nbsp; 2.70%, 04/15/31 |  | 25 | &nbsp;&nbsp; 22370 |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 |  | 5 | &nbsp;&nbsp; 4790 |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/34 |  | 484 | &nbsp;&nbsp; 495590 |
| &nbsp;&nbsp;&nbsp; 5.40%, 01/31/35 |  | 490 | &nbsp;&nbsp; 498452 |
| &nbsp;&nbsp;&nbsp; 2.95%, 01/15/51 |  | 100 | &nbsp;&nbsp; 62903 |
| Brixmor Operating Partnership LP, 4.05%, 07/01/30 |  | 20 | &nbsp;&nbsp; 19375 |
| Brookfield Capital Finance LLC, 6.09%, 06/14/33 |  | 15 | &nbsp;&nbsp; 15905 |
| Brookfield Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 04/15/30 |  | 125 | &nbsp;&nbsp; 123530 |
| &nbsp;&nbsp;&nbsp; 5.68%, 01/15/35 |  | 400 | &nbsp;&nbsp; 410723 |
| Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.05%, 07/15/26 |  | 65 | &nbsp;&nbsp; 62846 |
| &nbsp;&nbsp;&nbsp; 4.30%, 02/15/29 |  | 60 | &nbsp;&nbsp; 59211 |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/01/29 |  | 41 | &nbsp;&nbsp; 42276 |
| &nbsp;&nbsp;&nbsp; 4.90%, 09/01/29 |  | 67 | &nbsp;&nbsp; 67480 |
| &nbsp;&nbsp;&nbsp; 3.10%, 11/15/29 |  | 100 | &nbsp;&nbsp; 93873 |
| &nbsp;&nbsp;&nbsp; 3.30%, 07/01/30 |  | 175 | &nbsp;&nbsp; 163880 |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/15/31 |  | 47 | &nbsp;&nbsp; 41077 |
| &nbsp;&nbsp;&nbsp; 2.10%, 04/01/31 |  | 170 | &nbsp;&nbsp; 146291 |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/15/31 |  | 34 | &nbsp;&nbsp; 29744 |
| &nbsp;&nbsp;&nbsp; 2.90%, 04/01/41 |  | 50 | &nbsp;&nbsp; 35738 |
| Digital Realty Trust LP, 5.55%, 01/15/28 |  | 50 | &nbsp;&nbsp; 51158 |
| &nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>|  | 247 | &nbsp;&nbsp; 251770 |
| Equinix, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.55%, 03/15/28 |  | 50 | &nbsp;&nbsp; 46444 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 |  | 232 | &nbsp;&nbsp; 205724 |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 |  | 707 | &nbsp;&nbsp; 666692 |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/15/52 |  | 141 | &nbsp;&nbsp; 94005 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/28 |  | 401 | &nbsp;&nbsp; 409670 |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 |  | 145 | &nbsp;&nbsp; 146333 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/30 |  | 24 | &nbsp;&nbsp; 22955 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/31 |  | 25 | &nbsp;&nbsp; 23559 |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/32 |  | 548 | &nbsp;&nbsp; 484742 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/34 |  | 290 | &nbsp;&nbsp; 289623 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/54<sup>(f)</sup> |  | 263 | &nbsp;&nbsp; 259095 |
| Host Hotels & Resorts LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 06/15/32 |  | 250 | &nbsp;&nbsp; 253601 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/35 |  | 300 | &nbsp;&nbsp; 296028 |
| &nbsp;&nbsp;&nbsp; Series F, 4.50%, 02/01/26 |  | 20 | &nbsp;&nbsp; 19959 |
| &nbsp;&nbsp;&nbsp; Series I, 3.50%, 09/15/30 |  | 25 | &nbsp;&nbsp; 23187 |
| Kimco Realty OP LLC, 2.80%, 10/01/26 |  | 20 | &nbsp;&nbsp; 19579 |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer, 4.88%, <br> 05/15/29<sup>(b)</sup><br>|  | 50 | &nbsp;&nbsp; 48097 |
| Prologis LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/33 |  | 40 | &nbsp;&nbsp; 39632 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Prologis LP (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/53 | USD | 40 | &nbsp;&nbsp; $37343 |
| Regency Centers LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 02/01/27 |  | 20 | &nbsp;&nbsp; 19764 |
| &nbsp;&nbsp;&nbsp; 3.70%, 06/15/30 |  | 100 | &nbsp;&nbsp; 96436 |
| Rithm Capital Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/01/29 |  | 149 | &nbsp;&nbsp; 152205 |
| &nbsp;&nbsp;&nbsp; 8.00%, 07/15/30 |  | 60 | &nbsp;&nbsp; 61082 |
| SBA Communications Corp., 3.88%, 02/15/27 |  | 100 | &nbsp;&nbsp; 98273 |
| Service Properties Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 |  | 50 | &nbsp;&nbsp; 49309 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/29 |  | 144 | &nbsp;&nbsp; 149212 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/30<sup>(f)</sup> |  | 100 | &nbsp;&nbsp; 84727 |
| &nbsp;&nbsp;&nbsp; 8.88%, 06/15/32<sup>(f)</sup> |  | 148 | &nbsp;&nbsp; 154754 |
| Sun Communities Operating LP, 2.70%, 07/15/31 |  | 390 | &nbsp;&nbsp; 344452 |
| Trust Fibra Uno, 7.70%, 01/23/32<sup>(d)</sup> |  | 202 | &nbsp;&nbsp; 213049 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 02/15/28 |  | 113 | &nbsp;&nbsp; 119427 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/28 |  | 100 | &nbsp;&nbsp; 96912 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/29 |  | 80 | &nbsp;&nbsp; 77825 |
| VICI Properties LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/01/28<sup>(f)</sup> |  | 5 | &nbsp;&nbsp; 5028 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 |  | 766 | &nbsp;&nbsp; 769239 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/15/31 |  | 489 | &nbsp;&nbsp; 488712 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 |  | 1147 | &nbsp;&nbsp; 1144256 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/54 |  | 300 | &nbsp;&nbsp; 293921 |
| VICI Properties LP/VICI Note Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 |  | 862 | &nbsp;&nbsp; 854882 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/28 |  | 158 | &nbsp;&nbsp; 156394 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/29 |  | 514 | &nbsp;&nbsp; 497219 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/29 |  | 469 | &nbsp;&nbsp; 459615 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/30 |  | 66 | &nbsp;&nbsp; 63059 |
| Weyerhaeuser Co., 4.00%, 04/15/30 |  | 50 | &nbsp;&nbsp; 48693 |
| XHR LP, 4.88%, 06/01/29<sup>(b)</sup> |  | 50 | &nbsp;&nbsp; 48259 |
|  |  |  | &nbsp;&nbsp; 13457775 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 |  | 730 | &nbsp;&nbsp; 716753 |
| &nbsp;&nbsp;&nbsp; 1.65%, 02/01/28 |  | 260 | &nbsp;&nbsp; 243400 |
| &nbsp;&nbsp;&nbsp; 3.10%, 02/01/43 |  | 125 | &nbsp;&nbsp; 90227 |
| &nbsp;&nbsp;&nbsp; 4.35%, 06/15/45 |  | 45 | &nbsp;&nbsp; 37226 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/47 |  | 258 | &nbsp;&nbsp; 243556 |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 |  | 589 | &nbsp;&nbsp; 396805 |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/56 |  | 85 | &nbsp;&nbsp; 86167 |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 |  | 399 | &nbsp;&nbsp; 277172 |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 |  | 992 | &nbsp;&nbsp; 659780 |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/01/60 |  | 119 | &nbsp;&nbsp; 82242 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/61 |  | 50 | &nbsp;&nbsp; 31931 |
| British Telecommunications PLC, 9.63%, 12/15/30 |  | 145 | &nbsp;&nbsp; 177212 |
| Cisco Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/26/29 |  | 200 | &nbsp;&nbsp; 203946 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/24/32 |  | 190 | &nbsp;&nbsp; 193734 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/26/54 |  | 205 | &nbsp;&nbsp; 197524 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.00%, 09/15/29<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 201962 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom International Finance BV, 9.25%, <br> 06/01/32<br>|  | 20 | &nbsp;&nbsp; 24810 |
| Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28<sup>(b)</sup> |  | 276 | &nbsp;&nbsp; 275653 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/29<sup>(b)</sup> |  | 205 | &nbsp;&nbsp; 206960 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 |  | 170 | &nbsp;&nbsp; 171297 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Frontier Communications Holdings LLC (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31<sup>(b)</sup> | USD | 114 | &nbsp;&nbsp; $120771 |
| GCI LLC, 4.75%, 10/15/28<sup>(b)</sup> |  | 76 | &nbsp;&nbsp; 73356 |
| Level 3 Financing, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/28 |  | 112 | &nbsp;&nbsp; 101780 |
| &nbsp;&nbsp;&nbsp; 10.75%, 12/15/30 |  | 100 | &nbsp;&nbsp; 112625 |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/33 |  | 205 | &nbsp;&nbsp; 207738 |
| Lumen Technologies, Inc., 10.00%, 10/15/32<sup>(b)</sup> |  | 208 | &nbsp;&nbsp; 210340 |
| SoftBank Group Corp., 7.00%, 07/08/31<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 204034 |
| Sprint Capital Corp., 8.75%, 03/15/32 |  | 570 | &nbsp;&nbsp; 688502 |
| Telecom Italia Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/30/34 |  | 46 | &nbsp;&nbsp; 45613 |
| &nbsp;&nbsp;&nbsp; 7.20%, 07/18/36 |  | 60 | &nbsp;&nbsp; 62904 |
| &nbsp;&nbsp;&nbsp; 7.72%, 06/04/38 |  | 60 | &nbsp;&nbsp; 64639 |
| TELUS Corp., 2.80%, 02/16/27 |  | 75 | &nbsp;&nbsp; 73097 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/22/27 |  | 50 | &nbsp;&nbsp; 48896 |
| &nbsp;&nbsp;&nbsp; 4.33%, 09/21/28 |  | 25 | &nbsp;&nbsp; 24977 |
| &nbsp;&nbsp;&nbsp; 4.02%, 12/03/29 |  | 75 | &nbsp;&nbsp; 73703 |
| &nbsp;&nbsp;&nbsp; 5.05%, 05/09/33 |  | 100 | &nbsp;&nbsp; 100907 |
| &nbsp;&nbsp;&nbsp; 4.40%, 11/01/34 |  | 25 | &nbsp;&nbsp; 23795 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/35 |  | 535 | &nbsp;&nbsp; 537153 |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/15/35<sup>(f)</sup> |  | 237 | &nbsp;&nbsp; 249465 |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/02/37<sup>(b)</sup> |  | 38 | &nbsp;&nbsp; 37972 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/41 |  | 45 | &nbsp;&nbsp; 40425 |
| &nbsp;&nbsp;&nbsp; 4.86%, 08/21/46 |  | 45 | &nbsp;&nbsp; 39946 |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 |  | 610 | &nbsp;&nbsp; 434197 |
|  |  |  | &nbsp;&nbsp; 8095192 |
| **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** |
| AEP Texas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 05/15/29 |  | 25 | &nbsp;&nbsp; 25754 |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 |  | 105 | &nbsp;&nbsp; 103153 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/34 |  | 204 | &nbsp;&nbsp; 208275 |
| &nbsp;&nbsp;&nbsp; 3.45%, 05/15/51 |  | 182 | &nbsp;&nbsp; 121634 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/52 |  | 120 | &nbsp;&nbsp; 107829 |
| &nbsp;&nbsp;&nbsp; Series G, 4.15%, 05/01/49 |  | 36 | &nbsp;&nbsp; 27294 |
| AEP Transmission Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 04/01/34 |  | 40 | &nbsp;&nbsp; 40243 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/35 |  | 83 | &nbsp;&nbsp; 84356 |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 |  | 48 | &nbsp;&nbsp; 36261 |
| &nbsp;&nbsp;&nbsp; 3.15%, 09/15/49 |  | 139 | &nbsp;&nbsp; 92459 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/53 |  | 150 | &nbsp;&nbsp; 144099 |
| &nbsp;&nbsp;&nbsp; Series N, 2.75%, 08/15/51 |  | 34 | &nbsp;&nbsp; 20691 |
| Alabama Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 11/15/33 |  | 80 | &nbsp;&nbsp; 84823 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/39 |  | 32 | &nbsp;&nbsp; 34081 |
| &nbsp;&nbsp;&nbsp; 4.30%, 01/02/46 |  | 29 | &nbsp;&nbsp; 24308 |
| Ameren Corp., 5.70%, 12/01/26 |  | 110 | &nbsp;&nbsp; 111487 |
| Ameren Illinois Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/01/33 |  | 160 | &nbsp;&nbsp; 161150 |
| &nbsp;&nbsp;&nbsp; 5.90%, 12/01/52 |  | 20 | &nbsp;&nbsp; 20425 |
| American Electric Power Co., Inc., 5.63%, 03/01/33 |  | 50 | &nbsp;&nbsp; 51853 |
| Appalachian Power Co., Series BB, 4.50%, 08/01/32 |  | 30 | &nbsp;&nbsp; 29308 |
| Arizona Public Service Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 12/15/31 |  | 45 | &nbsp;&nbsp; 38449 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/01/33 |  | 195 | &nbsp;&nbsp; 200253 |
| Baltimore Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/15/31 |  | 25 | &nbsp;&nbsp; 22110 |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/47 |  | 44 | &nbsp;&nbsp; 33447 |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/01/53 |  | 150 | &nbsp;&nbsp; 143263 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Berkshire Hathaway Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 05/15/31 | USD | 75 | &nbsp;&nbsp; $63764 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/36 |  | 75 | &nbsp;&nbsp; 80122 |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/43 |  | 45 | &nbsp;&nbsp; 42494 |
| &nbsp;&nbsp;&nbsp; 4.45%, 01/15/49 |  | 175 | &nbsp;&nbsp; 144960 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/01/53 |  | 230 | &nbsp;&nbsp; 192715 |
| Black Hills Corp., 6.00%, 01/15/35 |  | 80 | &nbsp;&nbsp; 83170 |
| CenterPoint Energy Houston Electric LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 10/01/28<sup>(f)</sup> |  | 10 | &nbsp;&nbsp; 10245 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/01/34 |  | 50 | &nbsp;&nbsp; 50376 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/44 |  | 20 | &nbsp;&nbsp; 17286 |
| &nbsp;&nbsp;&nbsp; Series AJ, 4.85%, 10/01/52 |  | 40 | &nbsp;&nbsp; 35583 |
| CenterPoint Energy, Inc., 1.45%, 06/01/26 |  | 50 | &nbsp;&nbsp; 48712 |
| Commonwealth Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/15/36 |  | 25 | &nbsp;&nbsp; 26639 |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/01/54 |  | 135 | &nbsp;&nbsp; 133564 |
| Connecticut Light and Power Co., 4.95%, 01/15/30 |  | 130 | &nbsp;&nbsp; 132253 |
| Consolidated Edison Co. of New York, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.15%, 11/15/52 |  | 170 | &nbsp;&nbsp; 177845 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/54 |  | 60 | &nbsp;&nbsp; 59591 |
| &nbsp;&nbsp;&nbsp; Series 2006-A, 5.85%, 03/15/36<sup>(f)</sup> |  | 100 | &nbsp;&nbsp; 104691 |
| Constellation Energy Generation LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/01/33 |  | 15 | &nbsp;&nbsp; 15838 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/53 |  | 25 | &nbsp;&nbsp; 27042 |
| Consumers Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/15/29 |  | 25 | &nbsp;&nbsp; 25443 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/30/29 |  | 40 | &nbsp;&nbsp; 40361 |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/15/30 |  | 40 | &nbsp;&nbsp; 40450 |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/33 |  | 85 | &nbsp;&nbsp; 83770 |
| &nbsp;&nbsp;&nbsp; 5.05%, 05/15/35<sup>(f)</sup> |  | 51 | &nbsp;&nbsp; 51171 |
| &nbsp;&nbsp;&nbsp; 4.35%, 04/15/49 |  | 25 | &nbsp;&nbsp; 20884 |
| &nbsp;&nbsp;&nbsp; Continuum Green Energy India Pvt./Co-Issuers, <br> 7.50%, 06/26/33<sup>(d)</sup><br>|  | 386 | &nbsp;&nbsp; 396892 |
| Diamond II Ltd., 7.95%, 07/28/26<sup>(d)</sup> |  | 450 | &nbsp;&nbsp; 453254 |
| &nbsp;&nbsp;&nbsp; Dominion Energy South Carolina, Inc., Series 2025, <br> 5.30%, 01/15/35<br>|  | 22 | &nbsp;&nbsp; 22416 |
| Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.35%, 08/15/32<sup>(f)</sup> |  | 50 | &nbsp;&nbsp; 48145 |
| &nbsp;&nbsp;&nbsp; Series B, 5.95%, 06/15/35 |  | 100 | &nbsp;&nbsp; 105005 |
| &nbsp;&nbsp;&nbsp; Series F, 5.25%, 08/01/33 |  | 50 | &nbsp;&nbsp; 50365 |
| DTE Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/33 |  | 80 | &nbsp;&nbsp; 82162 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/34 |  | 75 | &nbsp;&nbsp; 76587 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/35<sup>(f)</sup> |  | 510 | &nbsp;&nbsp; 517920 |
| &nbsp;&nbsp;&nbsp; Series B, 3.65%, 03/01/52 |  | 20 | &nbsp;&nbsp; 14601 |
| DTE Energy Co., 4.88%, 06/01/28 |  | 125 | &nbsp;&nbsp; 126314 |
| Duke Energy Carolinas LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/33 |  | 20 | &nbsp;&nbsp; 20256 |
| &nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 |  | 504 | &nbsp;&nbsp; 375393 |
| &nbsp;&nbsp;&nbsp; 3.20%, 08/15/49 |  | 105 | &nbsp;&nbsp; 70766 |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 |  | 45 | &nbsp;&nbsp; 32283 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/53 |  | 29 | &nbsp;&nbsp; 27601 |
| &nbsp;&nbsp;&nbsp; 5.40%, 01/15/54<sup>(f)</sup> |  | 150 | &nbsp;&nbsp; 144348 |
| Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/05/29 |  | 135 | &nbsp;&nbsp; 136571 |
| &nbsp;&nbsp;&nbsp; 3.95%, 08/15/47 |  | 86 | &nbsp;&nbsp; 64530 |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/15/51 |  | 137 | &nbsp;&nbsp; 93671 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 |  | 80 | &nbsp;&nbsp; 69811 |
| &nbsp;&nbsp;&nbsp; 6.10%, 09/15/53 |  | 200 | &nbsp;&nbsp; 203411 |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/15/54<sup>(f)</sup> |  | 450 | &nbsp;&nbsp; 439794 |
| Duke Energy Florida LLC, 3.00%, 12/15/51 |  | 117 | &nbsp;&nbsp; 73672 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Duke Energy Indiana LLC, 5.40%, 04/01/53 | USD | 10 | &nbsp;&nbsp; $9497 |
| Duke Energy Ohio, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/30 |  | 227 | &nbsp;&nbsp; 203916 |
| &nbsp;&nbsp;&nbsp; 5.65%, 04/01/53 |  | 38 | &nbsp;&nbsp; 37515 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/54 |  | 63 | &nbsp;&nbsp; 61221 |
| Duke Energy Progress LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 04/01/32 |  | 320 | &nbsp;&nbsp; 296839 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/33 |  | 75 | &nbsp;&nbsp; 76939 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/35 |  | 211 | &nbsp;&nbsp; 211276 |
| &nbsp;&nbsp;&nbsp; 2.90%, 08/15/51 |  | 50 | &nbsp;&nbsp; 30889 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/53 |  | 408 | &nbsp;&nbsp; 385794 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/55<sup>(f)</sup> |  | 516 | &nbsp;&nbsp; 504412 |
| Edison International, 4.13%, 03/15/28 |  | 20 | &nbsp;&nbsp; 19392 |
| Entergy Arkansas LLC, 5.75%, 06/01/54 |  | 30 | &nbsp;&nbsp; 29878 |
| Entergy Corp., 2.80%, 06/15/30 |  | 20 | &nbsp;&nbsp; 18409 |
| Entergy Louisiana LLC, 4.20%, 09/01/48 |  | 150 | &nbsp;&nbsp; 119124 |
| Entergy Mississippi LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/33 |  | 150 | &nbsp;&nbsp; 150921 |
| &nbsp;&nbsp;&nbsp; 5.85%, 06/01/54 |  | 25 | &nbsp;&nbsp; 24963 |
| Entergy Texas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/15/31 |  | 50 | &nbsp;&nbsp; 42974 |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/01/53 |  | 100 | &nbsp;&nbsp; 98462 |
| Evergy Kansas Central, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/33 |  | 20 | &nbsp;&nbsp; 21194 |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/15/53 |  | 40 | &nbsp;&nbsp; 39397 |
| Evergy Metro, Inc., 5.40%, 04/01/34<sup>(f)</sup> |  | 30 | &nbsp;&nbsp; 30656 |
| Eversource Energy |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/26 |  | 150 | &nbsp;&nbsp; 150027 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/33 |  | 50 | &nbsp;&nbsp; 49974 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/34 |  | 225 | &nbsp;&nbsp; 228856 |
| Exelon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 03/15/32 |  | 110 | &nbsp;&nbsp; 101605 |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/35 |  | 25 | &nbsp;&nbsp; 25596 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/15/53 |  | 40 | &nbsp;&nbsp; 38163 |
| FirstEnergy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 03/01/30 |  | 187 | &nbsp;&nbsp; 171521 |
| &nbsp;&nbsp;&nbsp; Series B, 3.90%, 07/15/27 |  | 459 | &nbsp;&nbsp; 453304 |
| &nbsp;&nbsp;&nbsp; Series C, 4.85%, 07/15/47 |  | 156 | &nbsp;&nbsp; 132503 |
| &nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50 |  | 990 | &nbsp;&nbsp; 667777 |
| FirstEnergy Transmission LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/35 |  | 495 | &nbsp;&nbsp; 489408 |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/15/44<sup>(b)</sup> |  | 96 | &nbsp;&nbsp; 91080 |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/01/49<sup>(b)</sup> |  | 289 | &nbsp;&nbsp; 241391 |
| Florida Power & Light Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/01/28<sup>(f)</sup> |  | 30 | &nbsp;&nbsp; 30604 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/01/33 |  | 110 | &nbsp;&nbsp; 112174 |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/01/38 |  | 75 | &nbsp;&nbsp; 79774 |
| &nbsp;&nbsp;&nbsp; 5.96%, 04/01/39 |  | 25 | &nbsp;&nbsp; 26403 |
| &nbsp;&nbsp;&nbsp; 4.05%, 10/01/44 |  | 60 | &nbsp;&nbsp; 49258 |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/01/49 |  | 100 | &nbsp;&nbsp; 67204 |
| &nbsp;&nbsp;&nbsp; 2.88%, 12/04/51 |  | 134 | &nbsp;&nbsp; 84051 |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/53 |  | 190 | &nbsp;&nbsp; 181581 |
| Georgia Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/31<sup>(f)</sup> |  | 81 | &nbsp;&nbsp; 82405 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/17/33 |  | 230 | &nbsp;&nbsp; 231048 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/52<sup>(f)</sup> |  | 90 | &nbsp;&nbsp; 83737 |
| &nbsp;&nbsp;&nbsp; Series 2010-C, 4.75%, 09/01/40 |  | 50 | &nbsp;&nbsp; 46563 |
| &nbsp;&nbsp;&nbsp; Series B, 3.70%, 01/30/50 |  | 37 | &nbsp;&nbsp; 27604 |
| Idaho Power Co., 5.80%, 04/01/54 |  | 25 | &nbsp;&nbsp; 24906 |
| India Clean Energy Holdings, 4.50%, 04/18/27<sup>(d)</sup> |  | 400 | &nbsp;&nbsp; 386000 |
| Indiana Michigan Power Co., 5.63%, 04/01/53 |  | 20 | &nbsp;&nbsp; 19617 |
| Interstate Power and Light Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 09/26/28 |  | 50 | &nbsp;&nbsp; 49470 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Interstate Power and Light Co. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/29/35 | USD | 30 | &nbsp;&nbsp; $30783 |
| JSW Hydro Energy Ltd., 4.13%, 05/18/31<sup>(d)</sup> |  | 213 | &nbsp;&nbsp; 197345 |
| Kentucky Utilities Co., 3.30%, 06/01/50 |  | 25 | &nbsp;&nbsp; 16887 |
| MidAmerican Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/15/49 |  | 23 | &nbsp;&nbsp; 18625 |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/15/54 |  | 30 | &nbsp;&nbsp; 30628 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/01/55 |  | 45 | &nbsp;&nbsp; 42572 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(d)</sup> |  | 522 | &nbsp;&nbsp; 510777 |
| &nbsp;&nbsp;&nbsp; Mong Duong Finance Holdings BV, 5.13%, <br> 05/07/29<sup>(d)</sup><br>|  | 339 | &nbsp;&nbsp; 331062 |
| MVM Energetika Zrt, 6.50%, 03/13/31<sup>(d)</sup> |  | 206 | &nbsp;&nbsp; 212180 |
| National Grid PLC, 5.42%, 01/11/34 |  | 40 | &nbsp;&nbsp; 40731 |
| National Rural Utilities Cooperative Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 11/13/26 |  | 40 | &nbsp;&nbsp; 40530 |
| &nbsp;&nbsp;&nbsp; 5.05%, 09/15/28 |  | 70 | &nbsp;&nbsp; 71322 |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/29 |  | 85 | &nbsp;&nbsp; 87401 |
| Nevada Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/54 |  | 15 | &nbsp;&nbsp; 15078 |
| &nbsp;&nbsp;&nbsp; Series CC, 3.70%, 05/01/29 |  | 35 | &nbsp;&nbsp; 34060 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/29/26 |  | 135 | &nbsp;&nbsp; 135205 |
| &nbsp;&nbsp;&nbsp; 4.69%, 09/01/27 |  | 160 | &nbsp;&nbsp; 160785 |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 |  | 25 | &nbsp;&nbsp; 22481 |
| &nbsp;&nbsp;&nbsp; 5.05%, 02/28/33 |  | 150 | &nbsp;&nbsp; 150736 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/35 |  | 50 | &nbsp;&nbsp; 50869 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/54 |  | 65 | &nbsp;&nbsp; 61837 |
| Northern States Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 05/15/53 |  | 120 | &nbsp;&nbsp; 111253 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/54 |  | 50 | &nbsp;&nbsp; 48299 |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/15/54 |  | 35 | &nbsp;&nbsp; 35192 |
| NSTAR Electric Co., 4.95%, 09/15/52 |  | 50 | &nbsp;&nbsp; 44363 |
| Oglethorpe Power Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 10/01/48 |  | 10 | &nbsp;&nbsp; 8822 |
| &nbsp;&nbsp;&nbsp; 6.20%, 12/01/53 |  | 75 | &nbsp;&nbsp; 76716 |
| Ohio Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/01/34 |  | 240 | &nbsp;&nbsp; 246615 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/49 |  | 64 | &nbsp;&nbsp; 48325 |
| &nbsp;&nbsp;&nbsp; Series P, 2.60%, 04/01/30 |  | 169 | &nbsp;&nbsp; 155210 |
| &nbsp;&nbsp;&nbsp; Series Q, 1.63%, 01/15/31 |  | 32 | &nbsp;&nbsp; 27172 |
| &nbsp;&nbsp;&nbsp; Series R, 2.90%, 10/01/51 |  | 130 | &nbsp;&nbsp; 78739 |
| Oklahoma Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 01/15/33 |  | 75 | &nbsp;&nbsp; 77186 |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/53 |  | 40 | &nbsp;&nbsp; 38803 |
| Oncor Electric Delivery Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/15/30 |  | 70 | &nbsp;&nbsp; 64702 |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/15/33 |  | 75 | &nbsp;&nbsp; 78815 |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/01/42 |  | 105 | &nbsp;&nbsp; 100848 |
| Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 01/01/26 |  | 55 | &nbsp;&nbsp; 54619 |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/01/26 |  | 65 | &nbsp;&nbsp; 64273 |
| &nbsp;&nbsp;&nbsp; 3.30%, 03/15/27 |  | 150 | &nbsp;&nbsp; 146546 |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/15/29 |  | 50 | &nbsp;&nbsp; 51712 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/31 |  | 100 | &nbsp;&nbsp; 90355 |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/15/33 |  | 100 | &nbsp;&nbsp; 103857 |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/15/33 |  | 22 | &nbsp;&nbsp; 23212 |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/34 |  | 200 | &nbsp;&nbsp; 217574 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/35 |  | 45 | &nbsp;&nbsp; 45873 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 |  | 60 | &nbsp;&nbsp; 50671 |
| &nbsp;&nbsp;&nbsp; 3.30%, 08/01/40 |  | 103 | &nbsp;&nbsp; 75335 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/44 |  | 436 | &nbsp;&nbsp; 360554 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 |  | 67 | &nbsp;&nbsp; 48551 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 |  | 320 | &nbsp;&nbsp; 264454 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Pacific Gas and Electric Co. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/52 | USD | 241 | &nbsp;&nbsp; $205383 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/53 |  | 538 | &nbsp;&nbsp; 558443 |
| &nbsp;&nbsp;&nbsp; 6.70%, 04/01/53 |  | 323 | &nbsp;&nbsp; 330971 |
| &nbsp;&nbsp;&nbsp; 5.90%, 10/01/54 |  | 141 | &nbsp;&nbsp; 132160 |
| &nbsp;&nbsp;&nbsp; 6.15%, 03/01/55 |  | 192 | &nbsp;&nbsp; 183874 |
| PacifiCorp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/15/29 |  | 225 | &nbsp;&nbsp; 228779 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/31 |  | 60 | &nbsp;&nbsp; 61571 |
| &nbsp;&nbsp;&nbsp; 5.35%, 12/01/53 |  | 20 | &nbsp;&nbsp; 17841 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/54 |  | 30 | &nbsp;&nbsp; 27421 |
| PECO Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 09/15/51 |  | 262 | &nbsp;&nbsp; 164449 |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/52 |  | 40 | &nbsp;&nbsp; 32889 |
| PG&E Corp., 5.25%, 07/01/30<sup>(f)</sup> |  | 741 | &nbsp;&nbsp; 710771 |
| Pinnacle West Capital Corp., 5.15%, 05/15/30 |  | 424 | &nbsp;&nbsp; 432223 |
| Potomac Electric Power Co., 5.20%, 03/15/34 |  | 140 | &nbsp;&nbsp; 142242 |
| PPL Electric Utilities Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/15/34 |  | 105 | &nbsp;&nbsp; 104396 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/53 |  | 40 | &nbsp;&nbsp; 38067 |
| Public Service Co. of Colorado |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/15/31 |  | 75 | &nbsp;&nbsp; 64488 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/53 |  | 20 | &nbsp;&nbsp; 18341 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/54 |  | 65 | &nbsp;&nbsp; 64114 |
| &nbsp;&nbsp;&nbsp; Series 39, 4.50%, 06/01/52 |  | 60 | &nbsp;&nbsp; 48675 |
| Public Service Co. of Oklahoma, 5.25%, 01/15/33 |  | 50 | &nbsp;&nbsp; 50674 |
| Public Service Electric and Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/33 |  | 80 | &nbsp;&nbsp; 79249 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/01/33 |  | 75 | &nbsp;&nbsp; 77023 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/34 |  | 65 | &nbsp;&nbsp; 66185 |
| &nbsp;&nbsp;&nbsp; 3.95%, 05/01/42 |  | 60 | &nbsp;&nbsp; 49244 |
| &nbsp;&nbsp;&nbsp; 5.45%, 08/01/53 |  | 100 | &nbsp;&nbsp; 97655 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., 2.45%, <br> 11/15/31<br>|  | 100 | &nbsp;&nbsp; 87403 |
| Puget Sound Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.22%, 06/15/48 |  | 100 | &nbsp;&nbsp; 79598 |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/01/53 |  | 10 | &nbsp;&nbsp; 9488 |
| &nbsp;&nbsp;&nbsp; 5.69%, 06/15/54 |  | 30 | &nbsp;&nbsp; 29507 |
| San Diego Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/53 |  | 90 | &nbsp;&nbsp; 83687 |
| &nbsp;&nbsp;&nbsp; Series VVV, 1.70%, 10/01/30 |  | 100 | &nbsp;&nbsp; 86796 |
| Sempra, 4.00%, 02/01/48 |  | 100 | &nbsp;&nbsp; 74182 |
| Sierra Pacific Power Co., 5.90%, 03/15/54 |  | 30 | &nbsp;&nbsp; 29889 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/01/28 |  | 60 | &nbsp;&nbsp; 60649 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/30 |  | 25 | &nbsp;&nbsp; 25206 |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/01/31 |  | 165 | &nbsp;&nbsp; 168009 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/35 |  | 25 | &nbsp;&nbsp; 24902 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/40 |  | 35 | &nbsp;&nbsp; 33579 |
| &nbsp;&nbsp;&nbsp; 3.45%, 02/01/52 |  | 80 | &nbsp;&nbsp; 51551 |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/01/53 |  | 150 | &nbsp;&nbsp; 135828 |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/01/53 |  | 20 | &nbsp;&nbsp; 18706 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/15/54 |  | 20 | &nbsp;&nbsp; 18359 |
| Southern Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/01/26 |  | 250 | &nbsp;&nbsp; 247261 |
| &nbsp;&nbsp;&nbsp; 4.85%, 06/15/28 |  | 95 | &nbsp;&nbsp; 96206 |
| &nbsp;&nbsp;&nbsp; 5.70%, 10/15/32 |  | 383 | &nbsp;&nbsp; 401440 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/15/33 |  | 30 | &nbsp;&nbsp; 30511 |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/15/34 |  | 70 | &nbsp;&nbsp; 72866 |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/35 |  | 75 | &nbsp;&nbsp; 73015 |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/36 |  | 21 | &nbsp;&nbsp; 19140 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Southern Co. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, (5-year CMT + 2.92%), 3.75%, <br> 09/15/51<sup>(a)</sup><br>| USD | 100 | &nbsp;&nbsp; $98394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (5-year CMT + 3.73%), 4.00%, <br> 01/15/51<sup>(a)</sup><br>|  | 60 | &nbsp;&nbsp; 59673 |
| Southwestern Electric Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/33<sup>(f)</sup> |  | 10 | &nbsp;&nbsp; 10082 |
| &nbsp;&nbsp;&nbsp; Series M, 4.10%, 09/15/28 |  | 95 | &nbsp;&nbsp; 93871 |
| &nbsp;&nbsp;&nbsp; Series N, 1.65%, 03/15/26 |  | 50 | &nbsp;&nbsp; 49112 |
| Southwestern Public Service Co., 6.00%, 06/01/54 |  | 50 | &nbsp;&nbsp; 50239 |
| System Energy Resources, Inc., 5.30%, 12/15/34 |  | 540 | &nbsp;&nbsp; 531199 |
| Tampa Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/01/29 |  | 25 | &nbsp;&nbsp; 25370 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/01/35 |  | 530 | &nbsp;&nbsp; 530417 |
| Tucson Electric Power Co., 5.50%, 04/15/53 |  | 10 | &nbsp;&nbsp; 9380 |
| Union Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/34 |  | 75 | &nbsp;&nbsp; 75977 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/53 |  | 110 | &nbsp;&nbsp; 105386 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/55 |  | 195 | &nbsp;&nbsp; 178095 |
| Virginia Electric and Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.35%, 11/30/37 |  | 50 | &nbsp;&nbsp; 53755 |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/53 |  | 100 | &nbsp;&nbsp; 95289 |
| &nbsp;&nbsp;&nbsp; 5.70%, 08/15/53 |  | 95 | &nbsp;&nbsp; 94004 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/55 |  | 80 | &nbsp;&nbsp; 78877 |
| &nbsp;&nbsp;&nbsp; Series A, 3.80%, 04/01/28 |  | 200 | &nbsp;&nbsp; 197869 |
| &nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/27 |  | 100 | &nbsp;&nbsp; 99015 |
| &nbsp;&nbsp;&nbsp; Series D, 4.65%, 08/15/43 |  | 125 | &nbsp;&nbsp; 109359 |
| Vistra Operations Co. LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/26 |  | 115 | &nbsp;&nbsp; 115199 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/31 |  | 237 | &nbsp;&nbsp; 250839 |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/33 |  | 205 | &nbsp;&nbsp; 225364 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/34 |  | 562 | &nbsp;&nbsp; 583300 |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/30/34 |  | 782 | &nbsp;&nbsp; 796096 |
| WEC Energy Group, Inc., 5.60%, 09/12/26 |  | 21 | &nbsp;&nbsp; 21218 |
| Wisconsin Power and Light Co., 3.95%, 09/01/32 |  | 135 | &nbsp;&nbsp; 127459 |
| Xcel Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/01/32 |  | 55 | &nbsp;&nbsp; 53694 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/34 |  | 125 | &nbsp;&nbsp; 126915 |
|  |  |  | &nbsp;&nbsp; 30049907 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| Amphenol Corp., 2.20%, 09/15/31 |  | 120 | &nbsp;&nbsp; 104807 |
| Arrow Electronics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/12/28 |  | 95 | &nbsp;&nbsp; 93094 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/10/34 |  | 590 | &nbsp;&nbsp; 606712 |
| Avnet, Inc., 6.25%, 03/15/28 |  | 45 | &nbsp;&nbsp; 46682 |
| CDW LLC/CDW Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 |  | 670 | &nbsp;&nbsp; 634853 |
| &nbsp;&nbsp;&nbsp; 3.57%, 12/01/31 |  | 370 | &nbsp;&nbsp; 340670 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/22/34 |  | 350 | &nbsp;&nbsp; 352597 |
| Emerson Electric Co., 2.00%, 12/21/28 |  | 50 | &nbsp;&nbsp; 46486 |
| Fortive Corp., 3.15%, 06/15/26 |  | 25 | &nbsp;&nbsp; 24655 |
| Honeywell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/01/29 |  | 25 | &nbsp;&nbsp; 25518 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/34 |  | 370 | &nbsp;&nbsp; 360436 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/35 |  | 100 | &nbsp;&nbsp; 99963 |
| Jabil, Inc., 4.25%, 05/15/27 |  | 100 | &nbsp;&nbsp; 99388 |
| Keysight Technologies, Inc., 4.95%, 10/15/34 |  | 185 | &nbsp;&nbsp; 181837 |
| TD SYNNEX Corp., 1.75%, 08/09/26 |  | 175 | &nbsp;&nbsp; 169455 |
| Xerox Holdings Corp., 8.88%, 11/30/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 65114 |
|  |  |  | &nbsp;&nbsp; 3252267 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc., 9.75%, <br> 03/01/29<sup>(b)</sup><br>| USD | 39 | &nbsp;&nbsp; $40725 |
| Petroleos Mexicanos, 7.50%, 03/31/26<sup>(b)(d)</sup> |  | 409 | &nbsp;&nbsp; 407466 |
| Solaris Energy Infrastructure, Inc., 4.75%, 05/01/30<sup>(h)</sup> |  | 121 | &nbsp;&nbsp; 180517 |
| Tidewater, Inc., 9.13%, 07/15/30<sup>(b)</sup> |  | 25 | &nbsp;&nbsp; 26220 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression <br> Finance Corp., 7.13%, 03/15/29<sup>(b)</sup><br>|  | 197 | &nbsp;&nbsp; 201384 |
| Viridien, 10.00%, 10/15/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 98470 |
| Weatherford International Ltd., 8.63%, 04/30/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 102731 |
|  |  |  | &nbsp;&nbsp; 1057513 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| Bracelet Holdings, Inc., 9.25%, 07/02/28<sup>(b)</sup> |  | 146 | &nbsp;&nbsp; 140250 |
| Caesars Entertainment, Inc., 6.00%, 10/15/32<sup>(b)(f)</sup> |  | 100 | &nbsp;&nbsp; 96518 |
| Light & Wonder International, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/29 |  | 88 | &nbsp;&nbsp; 90367 |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/01/31 |  | 130 | &nbsp;&nbsp; 135497 |
| &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming <br> Finance Corp., 4.88%, 05/01/29<sup>(b)</sup><br>|  | 50 | &nbsp;&nbsp; 48172 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 11.88%, 04/15/31<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 104167 |
| Odeon Finco PLC, 12.75%, 11/01/27<sup>(b)</sup> |  | 125 | &nbsp;&nbsp; 130261 |
| &nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp., 5.63%, 09/01/29<sup>(b)</sup><br>|  | 71 | &nbsp;&nbsp; 42600 |
| &nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC/RWLV Capital, Inc., <br> 8.45%, 07/27/30<sup>(b)</sup><br>|  | 120 | &nbsp;&nbsp; 119250 |
| Warnermedia Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.76%, 03/15/27 |  | 2262 | &nbsp;&nbsp; 2217914 |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/29 |  | 50 | &nbsp;&nbsp; 46947 |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 |  | 70 | &nbsp;&nbsp; 58782 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 |  | 290 | &nbsp;&nbsp; 193850 |
| &nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 |  | 45 | &nbsp;&nbsp; 27793 |
|  |  |  | &nbsp;&nbsp; 3452368 |
| **Environmental, Maintenance & Security Service — 0.2%** | **Environmental, Maintenance & Security Service — 0.2%** | **Environmental, Maintenance & Security Service — 0.2%** | **Environmental, Maintenance & Security Service — 0.2%** |
| Republic Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 |  | 50 | &nbsp;&nbsp; 45600 |
| &nbsp;&nbsp;&nbsp; 5.20%, 11/15/34 |  | 335 | &nbsp;&nbsp; 341455 |
| &nbsp;&nbsp;&nbsp; 3.05%, 03/01/50 |  | 380 | &nbsp;&nbsp; 255294 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(b)</sup> |  | 52 | &nbsp;&nbsp; 49661 |
| Waste Connections, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/01/30 |  | 150 | &nbsp;&nbsp; 138878 |
| &nbsp;&nbsp;&nbsp; 2.20%, 01/15/32 |  | 25 | &nbsp;&nbsp; 21594 |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/01/32 |  | 85 | &nbsp;&nbsp; 77492 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/35 |  | 705 | &nbsp;&nbsp; 715114 |
| Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/03/31 |  | 535 | &nbsp;&nbsp; 547186 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/34 |  | 50 | &nbsp;&nbsp; 50495 |
|  |  |  | &nbsp;&nbsp; 2242769 |
| **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 10/29/26 |  | 240 | &nbsp;&nbsp; 233647 |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/30/32 |  | 150 | &nbsp;&nbsp; 135704 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/10/34 |  | 900 | &nbsp;&nbsp; 877756 |
| Air Lease Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 |  | 50 | &nbsp;&nbsp; 49001 |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/01/28 |  | 100 | &nbsp;&nbsp; 100160 |
| Ally Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/01/31 |  | 200 | &nbsp;&nbsp; 225945 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.82%), 6.85%, 01/03/30<sup>(a)</sup> |  | 75 | &nbsp;&nbsp; 79070 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 3.26%), 6.99%, 06/13/29<sup>(a)</sup> |  | 20 | &nbsp;&nbsp; 21030 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Ally Financial, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR Index + 1.73%), 5.54%, 01/17/31<sup>(a)</sup> | USD | 25 | &nbsp;&nbsp; $25331 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.45%), 6.65%, 01/17/40<sup>(a)</sup> |  | 140 | &nbsp;&nbsp; 138969 |
| &nbsp;&nbsp;&nbsp; Andiron, Series B, (1-mo. Term SOFR + 3.00%), <br> 7.33%, 01/21/30<sup>(a)(i)</sup><br>|  | 30 | &nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; AT&T Reign II Multi-Property Lease-Backed Pass-<br> Through Trust, 6.09%, 12/15/44<sup>(b)</sup><br>|  | 415 | &nbsp;&nbsp; 411415 |
| Burford Capital Global Finance LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/30 |  | 15 | &nbsp;&nbsp; 14964 |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/31 |  | 130 | &nbsp;&nbsp; 137471 |
| Coinbase Global, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/01/28<sup>(f)</sup> |  | 180 | &nbsp;&nbsp; 169358 |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 |  | 58 | &nbsp;&nbsp; 51910 |
| Credit Acceptance Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/15/28 |  | 109 | &nbsp;&nbsp; 115277 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/30 |  | 70 | &nbsp;&nbsp; 70887 |
| Freedom Mortgage Holdings LLC, 8.38%, 04/01/32<sup>(b)</sup> |  | 30 | &nbsp;&nbsp; 30683 |
| GGAM Finance Ltd., 8.00%, 06/15/28<sup>(b)</sup> |  | 127 | &nbsp;&nbsp; 134340 |
| Intercontinental Exchange, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/21/28 |  | 20 | &nbsp;&nbsp; 19639 |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/15/52<sup>(f)</sup> |  | 825 | &nbsp;&nbsp; 737355 |
| Nasdaq, Inc., 5.35%, 06/28/28 |  | 18 | &nbsp;&nbsp; 18483 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., 6.50%, <br> 08/01/29<sup>(b)</sup><br>|  | 80 | &nbsp;&nbsp; 81825 |
| ORIX Corp., 5.20%, 09/13/32 |  | 50 | &nbsp;&nbsp; 50694 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 |  | 60 | &nbsp;&nbsp; 61848 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/32<sup>(f)</sup> |  | 65 | &nbsp;&nbsp; 66225 |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/33<sup>(f)</sup> |  | 95 | &nbsp;&nbsp; 96825 |
| Rocket Cos., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/30 |  | 70 | &nbsp;&nbsp; 70977 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/33 |  | 80 | &nbsp;&nbsp; 81599 |
| United Wholesale Mortgage LLC, 5.50%, 04/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 97814 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(b)</sup> |  | 138 | &nbsp;&nbsp; 138061 |
|  |  |  | &nbsp;&nbsp; 4574263 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Archer-Daniels-Midland Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/11/26 |  | 50 | &nbsp;&nbsp; 49044 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/33 |  | 20 | &nbsp;&nbsp; 19533 |
| Bunge Ltd. Finance Corp., 2.75%, 05/14/31 |  | 25 | &nbsp;&nbsp; 22552 |
| General Mills, Inc., 4.95%, 03/29/33 |  | 25 | &nbsp;&nbsp; 24934 |
| Hershey Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 08/15/26 |  | 35 | &nbsp;&nbsp; 34297 |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/24/35 |  | 25 | &nbsp;&nbsp; 25313 |
| J.M. Smucker Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 12/15/27 |  | 20 | &nbsp;&nbsp; 19551 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/35 |  | 175 | &nbsp;&nbsp; 162175 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS <br> Lux Co. SARL, 5.75%, 04/01/33<br>|  | 141 | &nbsp;&nbsp; 144592 |
| Kraft Heinz Foods Co., 5.20%, 07/15/45 |  | 45 | &nbsp;&nbsp; 39871 |
| Kroger Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/34 |  | 140 | &nbsp;&nbsp; 138488 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/54 |  | 110 | &nbsp;&nbsp; 103800 |
| Pilgrim's Pride Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/33 |  | 640 | &nbsp;&nbsp; 672683 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/34 |  | 200 | &nbsp;&nbsp; 218767 |
| Post Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/31 |  | 100 | &nbsp;&nbsp; 92431 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/33 |  | 108 | &nbsp;&nbsp; 107919 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/34 |  | 73 | &nbsp;&nbsp; 73091 |
| Sysco Corp., 3.25%, 07/15/27 |  | 25 | &nbsp;&nbsp; 24466 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| The Campbell's Co., 5.20%, 03/19/27 | USD | 25 | &nbsp;&nbsp; $25271 |
| Tyson Foods, Inc., 5.10%, 09/28/48 |  | 50 | &nbsp;&nbsp; 44706 |
| U.S. Foods, Inc., 7.25%, 01/15/32<sup>(b)</sup> |  | 139 | &nbsp;&nbsp; 144819 |
| United Natural Foods, Inc., 6.75%, 10/15/28<sup>(b)</sup> |  | 126 | &nbsp;&nbsp; 125467 |
|  |  |  | &nbsp;&nbsp; 2313770 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Burlington Northern Santa Fe LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/01/41 |  | 25 | &nbsp;&nbsp; 24675 |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/01/44 |  | 45 | &nbsp;&nbsp; 41801 |
| &nbsp;&nbsp;&nbsp; 4.45%, 01/15/53 |  | 50 | &nbsp;&nbsp; 41549 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/15/54 |  | 510 | &nbsp;&nbsp; 476103 |
| Canadian National Railway Co., 6.20%, 06/01/36 |  | 125 | &nbsp;&nbsp; 137234 |
| Canadian Pacific Railway Co., 4.00%, 06/01/28 |  | 25 | &nbsp;&nbsp; 24764 |
| CSX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.22%, 04/30/40 |  | 100 | &nbsp;&nbsp; 107678 |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/15/44 |  | 75 | &nbsp;&nbsp; 61836 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/55<sup>(f)</sup> |  | 40 | &nbsp;&nbsp; 35486 |
| Norfolk Southern Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 06/15/26 |  | 25 | &nbsp;&nbsp; 24641 |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/01/33 |  | 50 | &nbsp;&nbsp; 48785 |
| &nbsp;&nbsp;&nbsp; 4.84%, 10/01/41 |  | 150 | &nbsp;&nbsp; 137396 |
| &nbsp;&nbsp;&nbsp; 2.90%, 08/25/51 |  | 50 | &nbsp;&nbsp; 31253 |
| Union Pacific Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 02/05/30 |  | 185 | &nbsp;&nbsp; 169853 |
| &nbsp;&nbsp;&nbsp; 2.80%, 02/14/32 |  | 20 | &nbsp;&nbsp; 17979 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/20/33 |  | 75 | &nbsp;&nbsp; 74135 |
|  |  |  | &nbsp;&nbsp; 1455168 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Abbott Laboratories, 4.90%, 11/30/46 |  | 380 | &nbsp;&nbsp; 354527 |
| Avantor Funding, Inc., 4.63%, 07/15/28<sup>(b)</sup> |  | 106 | &nbsp;&nbsp; 103625 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> |  | 247 | &nbsp;&nbsp; 257522 |
| Baxter International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 08/15/26 |  | 50 | &nbsp;&nbsp; 49005 |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/01/30 |  | 20 | &nbsp;&nbsp; 19418 |
| &nbsp;&nbsp;&nbsp; 2.54%, 02/01/32 |  | 50 | &nbsp;&nbsp; 43457 |
| Boston Scientific Corp., 2.65%, 06/01/30 |  | 25 | &nbsp;&nbsp; 23054 |
| Insulet Corp., 6.50%, 04/01/33<sup>(b)</sup> |  | 145 | &nbsp;&nbsp; 149049 |
| Revvity, Inc., 3.30%, 09/15/29 |  | 25 | &nbsp;&nbsp; 23621 |
| Solventum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/01/29 |  | 443 | &nbsp;&nbsp; 455776 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/23/34 |  | 139 | &nbsp;&nbsp; 142568 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/15/64 |  | 16 | &nbsp;&nbsp; 15796 |
| Zimmer Biomet Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/19/27 |  | 90 | &nbsp;&nbsp; 90330 |
| &nbsp;&nbsp;&nbsp; 5.35%, 12/01/28 |  | 80 | &nbsp;&nbsp; 82221 |
|  |  |  | &nbsp;&nbsp; 1809969 |
| **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |
| Adventist Health System, 5.43%, 03/01/32 |  | 50 | &nbsp;&nbsp; 50400 |
| Allina Health System, Series 2019, 3.89%, 04/15/49 |  | 50 | &nbsp;&nbsp; 37190 |
| Banner Health, 2.34%, 01/01/30 |  | 50 | &nbsp;&nbsp; 45721 |
| Baylor Scott & White Holdings, 4.19%, 11/15/45 |  | 50 | &nbsp;&nbsp; 41212 |
| Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 |  | 100 | &nbsp;&nbsp; 96969 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 |  | 75 | &nbsp;&nbsp; 71316 |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc., 10.88%, <br> 01/15/32<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 104838 |
| Cigna Group |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 |  | 115 | &nbsp;&nbsp; 114591 |
| &nbsp;&nbsp;&nbsp; 4.90%, 12/15/48 |  | 145 | &nbsp;&nbsp; 125348 |
| CommonSpirit Health |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.91%, 10/01/50 |  | 50 | &nbsp;&nbsp; 36542 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| CommonSpirit Health (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.46%, 11/01/52 | USD | 35 | &nbsp;&nbsp; $36949 |
| DaVita, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/32 |  | 132 | &nbsp;&nbsp; 135714 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/33<sup>(f)</sup> |  | 60 | &nbsp;&nbsp; 61877 |
| Dignity Health, 4.50%, 11/01/42 |  | 50 | &nbsp;&nbsp; 41965 |
| Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/01/28 |  | 50 | &nbsp;&nbsp; 49612 |
| &nbsp;&nbsp;&nbsp; 4.65%, 01/15/43 |  | 125 | &nbsp;&nbsp; 108462 |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/01/47 |  | 150 | &nbsp;&nbsp; 120694 |
| &nbsp;&nbsp;&nbsp; 3.60%, 03/15/51 |  | 209 | &nbsp;&nbsp; 144589 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/53 |  | 26 | &nbsp;&nbsp; 22933 |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/15/54<sup>(f)</sup> |  | 24 | &nbsp;&nbsp; 22724 |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/15/55<sup>(f)</sup> |  | 24 | &nbsp;&nbsp; 22916 |
| &nbsp;&nbsp;&nbsp; Hackensack Meridian Health, Inc., Series 2020, <br> 2.68%, 09/01/41<br>|  | 50 | &nbsp;&nbsp; 34807 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/29<sup>(f)</sup> |  | 73 | &nbsp;&nbsp; 71554 |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/31 |  | 506 | &nbsp;&nbsp; 520077 |
| &nbsp;&nbsp;&nbsp; 2.38%, 07/15/31 |  | 199 | &nbsp;&nbsp; 173054 |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/32 |  | 120 | &nbsp;&nbsp; 110442 |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/06/33 |  | 88 | &nbsp;&nbsp; 99796 |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/34 |  | 230 | &nbsp;&nbsp; 234394 |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/34 |  | 138 | &nbsp;&nbsp; 138559 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/35 |  | 489 | &nbsp;&nbsp; 500781 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/15/39 |  | 80 | &nbsp;&nbsp; 75003 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/47 |  | 143 | &nbsp;&nbsp; 132323 |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 |  | 39 | &nbsp;&nbsp; 25645 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/52 |  | 821 | &nbsp;&nbsp; 656179 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/54 |  | 304 | &nbsp;&nbsp; 295190 |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/01/55 |  | 200 | &nbsp;&nbsp; 199535 |
| &nbsp;&nbsp;&nbsp; 6.10%, 04/01/64 |  | 482 | &nbsp;&nbsp; 467048 |
| Humana, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.35%, 02/03/27 |  | 35 | &nbsp;&nbsp; 33387 |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/30 |  | 50 | &nbsp;&nbsp; 50255 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/31 |  | 25 | &nbsp;&nbsp; 25501 |
| IQVIA, Inc., 6.25%, 02/01/29 |  | 45 | &nbsp;&nbsp; 47023 |
| Kaiser Foundation Hospitals |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/42 |  | 50 | &nbsp;&nbsp; 46190 |
| &nbsp;&nbsp;&nbsp; 4.15%, 05/01/47 |  | 50 | &nbsp;&nbsp; 40835 |
| &nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 06/01/51 |  | 275 | &nbsp;&nbsp; 176608 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, 4.80%, <br> 10/01/34<br>|  | 580 | &nbsp;&nbsp; 564172 |
| Medline Borrower LP, 3.88%, 04/01/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 95368 |
| &nbsp;&nbsp;&nbsp; Memorial Sloan-Kettering Cancer Center, <br> Series 2020, 2.96%, 01/01/50<br>|  | 50 | &nbsp;&nbsp; 32247 |
| &nbsp;&nbsp;&nbsp; Mount Nittany Medical Center Obligated Group, <br> Series 2022, 3.80%, 11/15/52<br>|  | 50 | &nbsp;&nbsp; 36353 |
| MPH Acquisition Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/31/30 |  | 82 | &nbsp;&nbsp; 67568 |
| &nbsp;&nbsp;&nbsp; (11.50% PIK), 11.50%, 12/31/30<sup>(g)</sup> |  | 2 | &nbsp;&nbsp; 1679 |
| &nbsp;&nbsp;&nbsp; (6.75% PIK), 6.75%, 03/31/31<sup>(g)</sup> |  | 30 | &nbsp;&nbsp; 22960 |
| Nationwide Children's Hospital, Inc., 4.56%, 11/01/52 |  | 35 | &nbsp;&nbsp; 29544 |
| Northwell Healthcare, Inc., 3.81%, 11/01/49 |  | 85 | &nbsp;&nbsp; 60738 |
| Novant Health, Inc., 2.64%, 11/01/36<sup>(f)</sup> |  | 50 | &nbsp;&nbsp; 38862 |
| &nbsp;&nbsp;&nbsp; Providence St. Joseph Health Obligated Group, <br> Series A, 3.93%, 10/01/48<br>|  | 50 | &nbsp;&nbsp; 37503 |
| Quest Diagnostics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 12/15/27 |  | 650 | &nbsp;&nbsp; 652881 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 |  | 800 | &nbsp;&nbsp; 804238 |
| Select Medical Corp., 6.25%, 12/01/32<sup>(b)(f)</sup> |  | 49 | &nbsp;&nbsp; 48873 |
| Sharp HealthCare, Series 20B, 2.68%, 08/01/50 |  | 100 | &nbsp;&nbsp; 60203 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Sutter Health, 5.55%, 08/15/53<sup>(f)</sup> | USD | 100 | &nbsp;&nbsp; $97116 |
| Tenet Healthcare Corp., 4.63%, 06/15/28 |  | 180 | &nbsp;&nbsp; 176939 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/43 |  | 120 | &nbsp;&nbsp; 100032 |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/53 |  | 100 | &nbsp;&nbsp; 98679 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/54 |  | 125 | &nbsp;&nbsp; 119074 |
| Universal Health Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/29 |  | 50 | &nbsp;&nbsp; 49301 |
| &nbsp;&nbsp;&nbsp; 5.05%, 10/15/34 |  | 370 | &nbsp;&nbsp; 351731 |
|  |  |  | &nbsp;&nbsp; 9192809 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| Alexandria Real Estate Equities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 07/01/30 |  | 40 | &nbsp;&nbsp; 39846 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/35 |  | 25 | &nbsp;&nbsp; 25128 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/50 |  | 200 | &nbsp;&nbsp; 148730 |
| Diversified Healthcare Trust, 4.38%, 03/01/31<sup>(f)</sup> |  | 117 | &nbsp;&nbsp; 97778 |
| Healthcare Realty Holdings LP, 3.75%, 07/01/27 |  | 25 | &nbsp;&nbsp; 24616 |
| Healthpeak OP LLC, 3.00%, 01/15/30 |  | 25 | &nbsp;&nbsp; 23436 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., <br> 5.00%, 10/15/27<br>|  | 88 | &nbsp;&nbsp; 80732 |
| Omega Healthcare Investors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/30 |  | 469 | &nbsp;&nbsp; 470489 |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/01/31 |  | 100 | &nbsp;&nbsp; 91454 |
| Ventas Realty LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/15/26 |  | 20 | &nbsp;&nbsp; 19933 |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 |  | 25 | &nbsp;&nbsp; 23383 |
| &nbsp;&nbsp;&nbsp; 5.10%, 07/15/32 |  | 250 | &nbsp;&nbsp; 252663 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/35 |  | 385 | &nbsp;&nbsp; 377135 |
| Welltower OP LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/30 |  | 500 | &nbsp;&nbsp; 498710 |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/15/32 |  | 20 | &nbsp;&nbsp; 18987 |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/01/35 |  | 300 | &nbsp;&nbsp; 298962 |
|  |  |  | &nbsp;&nbsp; 2491982 |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| &nbsp;&nbsp;&nbsp; Burger King (Restaurant Brands International, <br> Inc.)/New Red Finance, Inc., 4.00%, 10/15/30<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 92651 |
| Darden Restaurants, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 10/15/27 |  | 205 | &nbsp;&nbsp; 204589 |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/15/29 |  | 205 | &nbsp;&nbsp; 203948 |
| &nbsp;&nbsp;&nbsp; 6.30%, 10/10/33 |  | 310 | &nbsp;&nbsp; 330435 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc., 6.75%, 01/15/30<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 94083 |
| &nbsp;&nbsp;&nbsp; Genting New York LLC/GENNY Capital, Inc., 7.25%, <br> 10/01/29<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 205914 |
| Hyatt Hotels Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/30/27 |  | 200 | &nbsp;&nbsp; 203295 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/15/31 |  | 1120 | &nbsp;&nbsp; 1135364 |
| Las Vegas Sands Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 08/08/29 |  | 25 | &nbsp;&nbsp; 23856 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/29 |  | 75 | &nbsp;&nbsp; 77093 |
| &nbsp;&nbsp;&nbsp; 6.20%, 08/15/34 |  | 55 | &nbsp;&nbsp; 56396 |
| Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/26 |  | 100 | &nbsp;&nbsp; 100916 |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/15/28 |  | 250 | &nbsp;&nbsp; 258037 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/34 |  | 370 | &nbsp;&nbsp; 373117 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/35 |  | 500 | &nbsp;&nbsp; 501901 |
| &nbsp;&nbsp;&nbsp; Series GG, 3.50%, 10/15/32 |  | 25 | &nbsp;&nbsp; 22712 |
| &nbsp;&nbsp;&nbsp; Series HH, 2.85%, 04/15/31 |  | 355 | &nbsp;&nbsp; 321812 |
| McDonald's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 04/01/28 |  | 50 | &nbsp;&nbsp; 49433 |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/49 |  | 300 | &nbsp;&nbsp; 217515 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| McDonald's Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/09/52 | USD | 50 | &nbsp;&nbsp; $45745 |
| Melco Resorts Finance Ltd.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/21/28 |  | 200 | &nbsp;&nbsp; 196500 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/04/29 |  | 200 | &nbsp;&nbsp; 190500 |
| MGM China Holdings Ltd., 7.13%, 06/26/31<sup>(d)</sup> |  | 500 | &nbsp;&nbsp; 520545 |
| Starbucks Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/33 |  | 275 | &nbsp;&nbsp; 274621 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/34 |  | 25 | &nbsp;&nbsp; 25156 |
| Wynn Macau Ltd., 5.63%, 08/26/28<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 197820 |
|  |  |  | &nbsp;&nbsp; 5923954 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance <br> Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/01/30 |  | 52 | &nbsp;&nbsp; 48763 |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/01/33 |  | 18 | &nbsp;&nbsp; 17962 |
| Beazer Homes USA, Inc., 7.25%, 10/15/29<sup>(f)</sup> |  | 93 | &nbsp;&nbsp; 93596 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC, 5.00%, 06/15/29<sup>(b)</sup><br>|  | 51 | &nbsp;&nbsp; 47492 |
| Forestar Group, Inc., 5.00%, 03/01/28<sup>(b)</sup> |  | 49 | &nbsp;&nbsp; 48629 |
| Lennar Corp., 4.75%, 11/29/27 |  | 10 | &nbsp;&nbsp; 10024 |
| LGI Homes, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 12/15/28 |  | 45 | &nbsp;&nbsp; 47197 |
| &nbsp;&nbsp;&nbsp; 7.00%, 11/15/32<sup>(f)</sup> |  | 54 | &nbsp;&nbsp; 51975 |
| Mattamy Group Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/15/27 |  | 49 | &nbsp;&nbsp; 48648 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/01/30 |  | 51 | &nbsp;&nbsp; 48927 |
| MDC Holdings, Inc., 3.97%, 08/06/61 |  | 15 | &nbsp;&nbsp; 10696 |
| NVR, Inc., 3.00%, 05/15/30 |  | 1300 | &nbsp;&nbsp; 1213037 |
| PulteGroup, Inc., 5.50%, 03/01/26 |  | 50 | &nbsp;&nbsp; 50079 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(b)</sup> |  | 44 | &nbsp;&nbsp; 45682 |
| Whirlpool Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/26/29 |  | 180 | &nbsp;&nbsp; 175819 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 |  | 45 | &nbsp;&nbsp; 44893 |
|  |  |  | &nbsp;&nbsp; 2003419 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Kimberly-Clark Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/01/37 |  | 25 | &nbsp;&nbsp; 28671 |
| &nbsp;&nbsp;&nbsp; 2.88%, 02/07/50 |  | 15 | &nbsp;&nbsp; 9712 |
|  |  |  | &nbsp;&nbsp; 38383 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Alexander Funding Trust II, 7.47%, 07/31/28<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 212480 |
| &nbsp;&nbsp;&nbsp; Continuum Energy Pte. Ltd., (12.85% Cash or 7.85% <br> PIK), 5.00%, 09/11/27<sup>(b)(f)(i)</sup><br>|  | 218 | &nbsp;&nbsp; 218366 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de <br> Banca Multiple, 7.25%, 01/31/41<sup>(b)</sup><br>|  | 198 | &nbsp;&nbsp; 202559 |
| Greenko Power II Ltd., 4.30%, 12/13/28<sup>(d)</sup> |  | 239 | &nbsp;&nbsp; 225972 |
| &nbsp;&nbsp;&nbsp; Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(d)</sup><br>|  | 200 | &nbsp;&nbsp; 203250 |
| India Green Power Holdings, 4.00%, 02/22/27<sup>(d)</sup> |  | 217 | &nbsp;&nbsp; 209609 |
| NRG Energy, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 06/15/29 |  | 98 | &nbsp;&nbsp; 96385 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/33 |  | 718 | &nbsp;&nbsp; 787635 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/34 |  | 45 | &nbsp;&nbsp; 45597 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(d)</sup> |  | 400 | &nbsp;&nbsp; 398760 |
| &nbsp;&nbsp;&nbsp; SCC Power PLC, (4.00% Cash and 4.00% PIK), <br> 8.00%, 12/31/28<sup>(b)(g)</sup><br>|  | 22 | &nbsp;&nbsp; 13347 |
|  |  |  | &nbsp;&nbsp; 2613960 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| 3M Co., 3.38%, 03/01/29 |  | 100 | &nbsp;&nbsp; 96642 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
| Carlisle Cos., Inc., 2.75%, 03/01/30 | USD | 25 | &nbsp;&nbsp; $23069 |
| Eaton Corp., 4.00%, 11/02/32 |  | 20 | &nbsp;&nbsp; 19241 |
| Enpro, Inc., 6.13%, 06/01/33<sup>(b)</sup> |  | 30 | &nbsp;&nbsp; 30266 |
| Parker-Hannifin Corp., 4.10%, 03/01/47 |  | 75 | &nbsp;&nbsp; 60500 |
|  |  |  | &nbsp;&nbsp; 229718 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., 6.75%, <br> 07/01/32<sup>(b)</sup><br>|  | 30 | &nbsp;&nbsp; 30375 |
| Aflac, Inc., 4.75%, 01/15/49 |  | 10 | &nbsp;&nbsp; 8628 |
| Alleghany Corp., 3.63%, 05/15/30 |  | 25 | &nbsp;&nbsp; 24152 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer, 7.38%, 10/01/32<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 102798 |
| Allstate Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 06/24/29 |  | 275 | &nbsp;&nbsp; 280402 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/30/33 |  | 100 | &nbsp;&nbsp; 102154 |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/09/35 |  | 75 | &nbsp;&nbsp; 77444 |
| American International Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 05/07/30<sup>(f)</sup> |  | 310 | &nbsp;&nbsp; 314083 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/27/33 |  | 40 | &nbsp;&nbsp; 40490 |
| &nbsp;&nbsp;&nbsp; Aon Corp./Aon Global Holdings PLC, 3.90%, <br> 02/28/52<br>|  | 25 | &nbsp;&nbsp; 18371 |
| Arthur J Gallagher & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/20/51 |  | 80 | &nbsp;&nbsp; 54866 |
| &nbsp;&nbsp;&nbsp; 3.05%, 03/09/52 |  | 45 | &nbsp;&nbsp; 27929 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/54 |  | 250 | &nbsp;&nbsp; 241853 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty U.S. Holdings, Inc., 6.13%, <br> 09/15/28<br>|  | 226 | &nbsp;&nbsp; 236231 |
| Athene Holding Ltd., 3.95%, 05/25/51 |  | 5 | &nbsp;&nbsp; 3510 |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/31<sup>(b)</sup><br>|  | 57 | &nbsp;&nbsp; 58850 |
| Berkshire Hathaway Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.85%, 03/12/30 |  | 80 | &nbsp;&nbsp; 72159 |
| &nbsp;&nbsp;&nbsp; 3.85%, 03/15/52 |  | 190 | &nbsp;&nbsp; 144925 |
| Brighthouse Financial, Inc., 3.85%, 12/22/51 |  | 30 | &nbsp;&nbsp; 18407 |
| Brown & Brown, Inc., 4.95%, 03/17/52 |  | 430 | &nbsp;&nbsp; 367838 |
| Corebridge Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/05/32 |  | 20 | &nbsp;&nbsp; 18797 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/34 |  | 25 | &nbsp;&nbsp; 25947 |
| &nbsp;&nbsp;&nbsp; 4.35%, 04/05/42 |  | 40 | &nbsp;&nbsp; 33479 |
| Enstar Group Ltd., 3.10%, 09/01/31 |  | 672 | &nbsp;&nbsp; 590826 |
| &nbsp;&nbsp;&nbsp; Everest Reinsurance Holdings, Inc., 3.50%, <br> 10/15/50<sup>(f)</sup><br>|  | 400 | &nbsp;&nbsp; 271514 |
| Fairfax Financial Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.35%, 03/22/54 |  | 140 | &nbsp;&nbsp; 141143 |
| &nbsp;&nbsp;&nbsp; 6.10%, 03/15/55 |  | 322 | &nbsp;&nbsp; 312625 |
| Fidelity National Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 03/15/31 |  | 310 | &nbsp;&nbsp; 269162 |
| &nbsp;&nbsp;&nbsp; 3.20%, 09/17/51 |  | 120 | &nbsp;&nbsp; 73645 |
| HUB International Ltd., 7.38%, 01/31/32<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 104125 |
| Lincoln National Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 03/01/28 |  | 100 | &nbsp;&nbsp; 97963 |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/31 |  | 20 | &nbsp;&nbsp; 18537 |
| Loews Corp., 3.75%, 04/01/26 |  | 75 | &nbsp;&nbsp; 74621 |
| Manulife Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.48%, 05/19/27 |  | 20 | &nbsp;&nbsp; 19341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year USD ICE Swap + 1.65%), 4.06%, <br> 02/24/32<sup>(a)</sup><br>|  | 75 | &nbsp;&nbsp; 73969 |
| Markel Group, Inc., 6.00%, 05/16/54 |  | 245 | &nbsp;&nbsp; 243951 |
| Marsh & McLennan Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 |  | 100 | &nbsp;&nbsp; 100148 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Marsh & McLennan Cos., Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 12/15/31 | USD | 100 | &nbsp;&nbsp; $87379 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/49 |  | 490 | &nbsp;&nbsp; 438257 |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/53 |  | 125 | &nbsp;&nbsp; 124664 |
| MetLife, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/15/33 |  | 25 | &nbsp;&nbsp; 25973 |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/01/45 |  | 35 | &nbsp;&nbsp; 28441 |
| Old Republic International Corp., 3.88%, 08/26/26 |  | 75 | &nbsp;&nbsp; 74383 |
| Principal Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/15/33 |  | 39 | &nbsp;&nbsp; 39967 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/53 |  | 110 | &nbsp;&nbsp; 105773 |
| Progressive Corp., 3.70%, 03/15/52 |  | 80 | &nbsp;&nbsp; 59623 |
| Prudential Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.94%, 12/07/49 |  | 125 | &nbsp;&nbsp; 95179 |
| &nbsp;&nbsp;&nbsp; 3.70%, 03/13/51 |  | 170 | &nbsp;&nbsp; 124141 |
| Prudential Funding Asia PLC, 3.13%, 04/14/30 |  | 50 | &nbsp;&nbsp; 47091 |
| RenaissanceRe Holdings Ltd., 5.75%, 06/05/33 |  | 955 | &nbsp;&nbsp; 983519 |
| Travelers Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/15/37 |  | 25 | &nbsp;&nbsp; 27416 |
| &nbsp;&nbsp;&nbsp; 4.60%, 08/01/43 |  | 25 | &nbsp;&nbsp; 22159 |
| &nbsp;&nbsp;&nbsp; 5.45%, 05/25/53 |  | 20 | &nbsp;&nbsp; 19426 |
| Unum Group |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/15/49 |  | 50 | &nbsp;&nbsp; 39515 |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/51 |  | 140 | &nbsp;&nbsp; 103364 |
| Willis North America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/15/33 |  | 840 | &nbsp;&nbsp; 856980 |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/05/54 |  | 650 | &nbsp;&nbsp; 640465 |
|  |  |  | &nbsp;&nbsp; 8638973 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| Alphabet, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/35<sup>(f)</sup> |  | 1415 | &nbsp;&nbsp; 1388539 |
| &nbsp;&nbsp;&nbsp; 1.90%, 08/15/40 |  | 60 | &nbsp;&nbsp; 39901 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/55 |  | 1650 | &nbsp;&nbsp; 1618985 |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/60<sup>(f)</sup> |  | 35 | &nbsp;&nbsp; 18393 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent Finance, <br> Inc., 7.00%, 06/15/27<sup>(b)</sup><br>|  | 230 | &nbsp;&nbsp; 230311 |
| Meta Platforms, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 08/15/52 |  | 20 | &nbsp;&nbsp; 16817 |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/15/53 |  | 170 | &nbsp;&nbsp; 168616 |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/15/54 |  | 100 | &nbsp;&nbsp; 96632 |
| &nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 |  | 522 | &nbsp;&nbsp; 437925 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/63 |  | 162 | &nbsp;&nbsp; 162766 |
| Netflix, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/15/28 |  | 75 | &nbsp;&nbsp; 78650 |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/15/54 |  | 60 | &nbsp;&nbsp; 58760 |
| Prosus NV, 4.19%, 01/19/32<sup>(d)</sup> |  | 428 | &nbsp;&nbsp; 401651 |
| Snap, Inc., 6.88%, 03/01/33<sup>(b)</sup> |  | 88 | &nbsp;&nbsp; 90231 |
|  |  |  | &nbsp;&nbsp; 4808177 |
| **Internet Software & Services — 0.2%** | **Internet Software & Services — 0.2%** | **Internet Software & Services — 0.2%** | **Internet Software & Services — 0.2%** |
| Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/13/32 |  | 120 | &nbsp;&nbsp; 114519 |
| &nbsp;&nbsp;&nbsp; 4.05%, 08/22/47 |  | 25 | &nbsp;&nbsp; 20580 |
| Booking Holdings, Inc., 3.55%, 03/15/28 |  | 20 | &nbsp;&nbsp; 19615 |
| eBay, Inc., 2.70%, 03/11/30 |  | 215 | &nbsp;&nbsp; 198863 |
| Expedia Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/27 |  | 60 | &nbsp;&nbsp; 60048 |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 |  | 25 | &nbsp;&nbsp; 24567 |
| Match Group Holdings II LLC, 5.63%, 02/15/29<sup>(b)</sup> |  | 83 | &nbsp;&nbsp; 82739 |
| Prime Investment Partners Ltd., 11.00%, 05/01/30<sup>(i)</sup> |  | 135 | &nbsp;&nbsp; 134738 |
| Rakuten Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/15/27<sup>(b)</sup> |  | 175 | &nbsp;&nbsp; 189656 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** |
| Rakuten Group, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/29<sup>(d)</sup> | USD | 400 | &nbsp;&nbsp; $437967 |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/29<sup>(b)</sup> |  | 125 | &nbsp;&nbsp; 136865 |
| Uber Technologies, Inc., 5.35%, 09/15/54 |  | 65 | &nbsp;&nbsp; 60721 |
| VeriSign, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 06/15/31 |  | 1140 | &nbsp;&nbsp; 1015159 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/32 |  | 155 | &nbsp;&nbsp; 156678 |
| Wayfair LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/31/29 |  | 57 | &nbsp;&nbsp; 57997 |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/15/30<sup>(f)</sup> |  | 235 | &nbsp;&nbsp; 240850 |
|  |  |  | &nbsp;&nbsp; 2951562 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Accenture Capital, Inc., 4.50%, 10/04/34 |  | 130 | &nbsp;&nbsp; 125802 |
| &nbsp;&nbsp;&nbsp; Ap Grange Holdings LLC, (Acquired 07/21/24, Cost: <br> $251,860), 6.50%, 03/20/45<sup>(i)(j)</sup><br>|  | 252 | &nbsp;&nbsp; 254379 |
| Broadridge Financial Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 12/01/29 |  | 20 | &nbsp;&nbsp; 18651 |
| &nbsp;&nbsp;&nbsp; 2.60%, 05/01/31 |  | 450 | &nbsp;&nbsp; 398811 |
| CACI International, Inc., 6.38%, 06/15/33<sup>(b)</sup> |  | 134 | &nbsp;&nbsp; 137020 |
| CGI, Inc., 1.45%, 09/14/26 |  | 25 | &nbsp;&nbsp; 24153 |
| CoreWeave, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/30 |  | 434 | &nbsp;&nbsp; 436192 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/31 |  | 143 | &nbsp;&nbsp; 142390 |
| Fidelity National Information Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.15%, 03/01/26 |  | 35 | &nbsp;&nbsp; 34324 |
| &nbsp;&nbsp;&nbsp; 1.65%, 03/01/28 |  | 25 | &nbsp;&nbsp; 23306 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/02/28 |  | 80 | &nbsp;&nbsp; 81765 |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/21/28 |  | 100 | &nbsp;&nbsp; 102386 |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/29 |  | 25 | &nbsp;&nbsp; 23988 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/02/33 |  | 665 | &nbsp;&nbsp; 683532 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/21/33 |  | 770 | &nbsp;&nbsp; 793388 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/34 |  | 25 | &nbsp;&nbsp; 25377 |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/01/49 |  | 60 | &nbsp;&nbsp; 47923 |
| Gartner, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/28 |  | 735 | &nbsp;&nbsp; 723006 |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 |  | 839 | &nbsp;&nbsp; 795714 |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 |  | 116 | &nbsp;&nbsp; 108560 |
| IBM International Capital Pte. Ltd., 5.30%, 02/05/54 |  | 100 | &nbsp;&nbsp; 92797 |
| International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/09/27 |  | 815 | &nbsp;&nbsp; 789210 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/29/32 |  | 40 | &nbsp;&nbsp; 42843 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/49 |  | 235 | &nbsp;&nbsp; 188639 |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/06/53 |  | 430 | &nbsp;&nbsp; 389419 |
| Kyndryl Holdings, Inc., 2.05%, 10/15/26 |  | 25 | &nbsp;&nbsp; 24228 |
|  |  |  | &nbsp;&nbsp; 6507803 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Amer Sports Co., 6.75%, 02/16/31<sup>(b)</sup> |  | 147 | &nbsp;&nbsp; 152691 |
| Carnival Corp., 5.75%, 08/01/32<sup>(b)</sup> |  | 305 | &nbsp;&nbsp; 307065 |
| Hasbro, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/27 |  | 20 | &nbsp;&nbsp; 19543 |
| &nbsp;&nbsp;&nbsp; 3.90%, 11/19/29 |  | 50 | &nbsp;&nbsp; 48204 |
| NCL Corp. Ltd., 5.88%, 02/15/27<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 100296 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 11.25%, 12/15/27 |  | 55 | &nbsp;&nbsp; 57840 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30<sup>(f)</sup> |  | 120 | &nbsp;&nbsp; 126510 |
|  |  |  | &nbsp;&nbsp; 812149 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| CNH Industrial Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/10/28 |  | 20 | &nbsp;&nbsp; 20031 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| CNH Industrial Capital LLC (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/12/29 | USD | 75 | &nbsp;&nbsp; $77153 |
| IDEX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/30 |  | 430 | &nbsp;&nbsp; 399179 |
| &nbsp;&nbsp;&nbsp; 2.63%, 06/15/31 |  | 665 | &nbsp;&nbsp; 592776 |
| John Deere Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/20/28 |  | 60 | &nbsp;&nbsp; 60739 |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/17/31 |  | 145 | &nbsp;&nbsp; 126764 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/11/34 |  | 25 | &nbsp;&nbsp; 25418 |
| &nbsp;&nbsp;&nbsp; 5.05%, 06/12/34 |  | 75 | &nbsp;&nbsp; 76017 |
| nVent Finance SARL, 5.65%, 05/15/33 |  | 320 | &nbsp;&nbsp; 327033 |
| Otis Worldwide Corp., 2.57%, 02/15/30 |  | 85 | &nbsp;&nbsp; 78184 |
| Regal Rexnord Corp., 6.40%, 04/15/33 |  | 50 | &nbsp;&nbsp; 52853 |
| Stanley Black & Decker, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/28 |  | 100 | &nbsp;&nbsp; 99220 |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/15/30 |  | 65 | &nbsp;&nbsp; 58048 |
| Westinghouse Air Brake Technologies Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/15/28 |  | 210 | &nbsp;&nbsp; 211100 |
| &nbsp;&nbsp;&nbsp; 5.61%, 03/11/34 |  | 380 | &nbsp;&nbsp; 392884 |
| Xylem, Inc./New York, 3.25%, 11/01/26 |  | 50 | &nbsp;&nbsp; 49211 |
|  |  |  | &nbsp;&nbsp; 2646610 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 01/15/29<sup>(b)</sup> |  | 56 | &nbsp;&nbsp; 57469 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29<sup>(f)</sup> |  | 60 | &nbsp;&nbsp; 48031 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29<sup>(h)</sup> |  | 46 | &nbsp;&nbsp; 37826 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/29<sup>(b)</sup> |  | 201 | &nbsp;&nbsp; 202847 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 93562 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(b)</sup> |  | 194 | &nbsp;&nbsp; 199442 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(b)</sup> |  | 106 | &nbsp;&nbsp; 97982 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32<sup>(f)</sup> |  | 201 | &nbsp;&nbsp; 182380 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(b)(f)</sup> |  | 262 | &nbsp;&nbsp; 225753 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 02/01/32 |  | 50 | &nbsp;&nbsp; 41938 |
| &nbsp;&nbsp;&nbsp; 6.65%, 02/01/34 |  | 35 | &nbsp;&nbsp; 37102 |
| &nbsp;&nbsp;&nbsp; 6.55%, 06/01/34 |  | 136 | &nbsp;&nbsp; 143404 |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/35 |  | 367 | &nbsp;&nbsp; 379406 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/38 |  | 50 | &nbsp;&nbsp; 46211 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/42 |  | 60 | &nbsp;&nbsp; 42214 |
| &nbsp;&nbsp;&nbsp; 6.48%, 10/23/45 |  | 150 | &nbsp;&nbsp; 145945 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 |  | 222 | &nbsp;&nbsp; 196469 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 |  | 130 | &nbsp;&nbsp; 100800 |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/01/51 |  | 148 | &nbsp;&nbsp; 95540 |
| &nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 |  | 706 | &nbsp;&nbsp; 468060 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/53<sup>(f)</sup> |  | 79 | &nbsp;&nbsp; 65137 |
| &nbsp;&nbsp;&nbsp; 6.83%, 10/23/55 |  | 59 | &nbsp;&nbsp; 58776 |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 |  | 683 | &nbsp;&nbsp; 419931 |
| &nbsp;&nbsp;&nbsp; 4.40%, 12/01/61 |  | 166 | &nbsp;&nbsp; 112769 |
| &nbsp;&nbsp;&nbsp; 3.95%, 06/30/62 |  | 505 | &nbsp;&nbsp; 314280 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/63 |  | 110 | &nbsp;&nbsp; 90031 |
| Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 10/15/28 |  | 300 | &nbsp;&nbsp; 298116 |
| &nbsp;&nbsp;&nbsp; 4.65%, 02/15/33 |  | 50 | &nbsp;&nbsp; 49456 |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/40 |  | 110 | &nbsp;&nbsp; 90474 |
| &nbsp;&nbsp;&nbsp; 2.45%, 08/15/52 |  | 75 | &nbsp;&nbsp; 40383 |
| &nbsp;&nbsp;&nbsp; 2.94%, 11/01/56 |  | 295 | &nbsp;&nbsp; 170426 |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/15/58 |  | 225 | &nbsp;&nbsp; 191865 |
| &nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 |  | 406 | &nbsp;&nbsp; 226309 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 | USD | 100 | &nbsp;&nbsp; $96792 |
| &nbsp;&nbsp;&nbsp; 11.25%, 05/15/28<sup>(f)</sup> |  | 230 | &nbsp;&nbsp; 231197 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/15/27 |  | 91 | &nbsp;&nbsp; 90500 |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/15/31 |  | 233 | &nbsp;&nbsp; 224700 |
| Discovery Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/20/28 |  | 681 | &nbsp;&nbsp; 655462 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/20/37 |  | 65 | &nbsp;&nbsp; 47023 |
| EW Scripps Co., 08/15/30<sup>(b)(c)</sup> |  | 65 | &nbsp;&nbsp; 64594 |
| FactSet Research Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 |  | 320 | &nbsp;&nbsp; 312462 |
| &nbsp;&nbsp;&nbsp; 3.45%, 03/01/32 |  | 407 | &nbsp;&nbsp; 371068 |
| Fox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/13/33 |  | 280 | &nbsp;&nbsp; 302036 |
| &nbsp;&nbsp;&nbsp; 5.58%, 01/25/49 |  | 80 | &nbsp;&nbsp; 74871 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(b)</sup> |  | 15 | &nbsp;&nbsp; 15132 |
| Nexstar Media, Inc., 4.75%, 11/01/28<sup>(b)(f)</sup> |  | 83 | &nbsp;&nbsp; 80671 |
| Paramount Global |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 10/04/26 |  | 211 | &nbsp;&nbsp; 206101 |
| &nbsp;&nbsp;&nbsp; 2.90%, 01/15/27 |  | 274 | &nbsp;&nbsp; 266412 |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/28 |  | 54 | &nbsp;&nbsp; 52180 |
| &nbsp;&nbsp;&nbsp; 4.20%, 05/19/32 |  | 90 | &nbsp;&nbsp; 82517 |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/01/43 |  | 254 | &nbsp;&nbsp; 225512 |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/15/45 |  | 33 | &nbsp;&nbsp; 25196 |
| &nbsp;&nbsp;&nbsp; (3-mo. SOFR US + 4.16%), 6.25%, 02/28/57<sup>(a)</sup> |  | 101 | &nbsp;&nbsp; 97339 |
| Sinclair Television Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/30<sup>(f)</sup> |  | 110 | &nbsp;&nbsp; 90852 |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/31/32<sup>(f)</sup> |  | 92 | &nbsp;&nbsp; 68237 |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/33 |  | 65 | &nbsp;&nbsp; 66301 |
| Sirius XM Radio LLC, 4.13%, 07/01/30<sup>(b)</sup> |  | 394 | &nbsp;&nbsp; 359420 |
| TEGNA, Inc., 4.63%, 03/15/28 |  | 146 | &nbsp;&nbsp; 141725 |
| Time Warner Cable LLC, 4.50%, 09/15/42 |  | 135 | &nbsp;&nbsp; 105955 |
| Univision Communications, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/31 |  | 100 | &nbsp;&nbsp; 101557 |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/32 |  | 19 | &nbsp;&nbsp; 19714 |
|  |  |  | &nbsp;&nbsp; 9445860 |
| **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
| ArcelorMittal SA, 6.80%, 11/29/32 |  | 50 | &nbsp;&nbsp; 54818 |
| BHP Billiton Finance USA Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/28/28 |  | 235 | &nbsp;&nbsp; 237568 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/21/30 |  | 590 | &nbsp;&nbsp; 604113 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/08/30 |  | 250 | &nbsp;&nbsp; 258356 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/28/33 |  | 75 | &nbsp;&nbsp; 75402 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/08/33 |  | 50 | &nbsp;&nbsp; 51219 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/30/43 |  | 125 | &nbsp;&nbsp; 118126 |
| Century Aluminum Co., 6.88%, 08/01/32<sup>(b)</sup> |  | 93 | &nbsp;&nbsp; 93964 |
| Champion Iron Canada, Inc., 7.88%, 07/15/32<sup>(b)</sup> |  | 65 | &nbsp;&nbsp; 66388 |
| Cleveland-Cliffs, Inc., 7.38%, 05/01/33<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 97356 |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc., 8.00%, <br> 07/01/30<sup>(b)</sup><br>|  | 181 | &nbsp;&nbsp; 187522 |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile, 6.44%, <br> 01/26/36<sup>(d)</sup><br>|  | 402 | &nbsp;&nbsp; 421346 |
| Eldorado Gold Corp., 6.25%, 09/01/29<sup>(b)</sup> |  | 90 | &nbsp;&nbsp; 89695 |
| First Quantum Minerals Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 03/01/29 |  | 175 | &nbsp;&nbsp; 184844 |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/01/33<sup>(f)</sup> |  | 200 | &nbsp;&nbsp; 206000 |
| Freeport-McMoRan, Inc., 5.45%, 03/15/43 |  | 50 | &nbsp;&nbsp; 47111 |
| Glencore Funding LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.19%, 04/01/30 |  | 138 | &nbsp;&nbsp; 140194 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Glencore Funding LLC<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/01/30 | USD | 26 | &nbsp;&nbsp; $23395 |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/06/30 |  | 125 | &nbsp;&nbsp; 133605 |
| &nbsp;&nbsp;&nbsp; 2.85%, 04/27/31 |  | 139 | &nbsp;&nbsp; 125092 |
| Ivanhoe Mines Ltd., 7.88%, 01/23/30<sup>(b)</sup> |  | 150 | &nbsp;&nbsp; 150487 |
| Kinross Gold Corp., 4.50%, 07/15/27 |  | 20 | &nbsp;&nbsp; 19992 |
| Mineral Resources Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/28 |  | 45 | &nbsp;&nbsp; 47032 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/01/30<sup>(f)</sup> |  | 115 | &nbsp;&nbsp; 117718 |
| &nbsp;&nbsp;&nbsp; Navoi Mining & Metallurgical Combinat, 6.75%, <br> 05/14/30<sup>(d)</sup><br>|  | 207 | &nbsp;&nbsp; 212239 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(b)</sup> |  | 132 | &nbsp;&nbsp; 135463 |
| Novelis Corp., 6.88%, 01/30/30<sup>(b)</sup> |  | 55 | &nbsp;&nbsp; 56675 |
| Reliance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.30%, 08/15/25 |  | 200 | &nbsp;&nbsp; 199729 |
| &nbsp;&nbsp;&nbsp; 2.15%, 08/15/30 |  | 790 | &nbsp;&nbsp; 699456 |
| Rio Tinto Finance USA PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/14/35 |  | 545 | &nbsp;&nbsp; 553016 |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/22/42 |  | 150 | &nbsp;&nbsp; 135777 |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao SA, (9.50% PIK), 9.50%, <br> 06/30/31<sup>(d)(g)</sup><br>|  | 437 | &nbsp;&nbsp; 432467 |
| Southern Copper Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/08/42 |  | 350 | &nbsp;&nbsp; 325076 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/23/45 |  | 520 | &nbsp;&nbsp; 511597 |
| Steel Dynamics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 04/15/30 |  | 25 | &nbsp;&nbsp; 23755 |
| &nbsp;&nbsp;&nbsp; 3.25%, 10/15/50 |  | 118 | &nbsp;&nbsp; 77423 |
| Stillwater Mining Co., 4.50%, 11/16/29<sup>(d)</sup> |  | 260 | &nbsp;&nbsp; 236795 |
| SunCoke Energy, Inc., 4.88%, 06/30/29<sup>(b)</sup> |  | 73 | &nbsp;&nbsp; 66756 |
| Taseko Mines Ltd., 8.25%, 05/01/30<sup>(b)</sup> |  | 35 | &nbsp;&nbsp; 36545 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 217 | &nbsp;&nbsp; 211792 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 105868 |
| &nbsp;&nbsp;&nbsp; Vedanta Resources Finance II PLC, 10.88%, <br> 09/17/29<sup>(d)</sup><br>|  | 220 | &nbsp;&nbsp; 224730 |
| Volcan Cia Minera SAA, 8.75%, 01/24/30<sup>(b)</sup> |  | 3 | &nbsp;&nbsp; 3000 |
|  |  |  | &nbsp;&nbsp; 7799502 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29 |  | 25 | &nbsp;&nbsp; 26427 |
| Starwood Property Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 07/15/26 |  | 115 | &nbsp;&nbsp; 112757 |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/29 |  | 48 | &nbsp;&nbsp; 50200 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/30 |  | 60 | &nbsp;&nbsp; 61759 |
|  |  |  | &nbsp;&nbsp; 251143 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| AmeriGas Partners LP/AmeriGas Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 06/01/28 |  | 161 | &nbsp;&nbsp; 165828 |
| &nbsp;&nbsp;&nbsp; 9.50%, 06/01/30 |  | 100 | &nbsp;&nbsp; 104988 |
| Atmos Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/33 |  | 75 | &nbsp;&nbsp; 80210 |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/15/44 |  | 30 | &nbsp;&nbsp; 24764 |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/15/53 |  | 30 | &nbsp;&nbsp; 32167 |
| National Fuel Gas Co., 5.95%, 03/15/35 |  | 310 | &nbsp;&nbsp; 317475 |
| NiSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/30/33 |  | 10 | &nbsp;&nbsp; 10208 |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/34 |  | 80 | &nbsp;&nbsp; 81240 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/52 |  | 45 | &nbsp;&nbsp; 39695 |
| Piedmont Natural Gas Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/29 |  | 50 | &nbsp;&nbsp; 48277 |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/15/33 |  | 100 | &nbsp;&nbsp; 102127 |
| Southern California Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.35%, 11/15/52 |  | 15 | &nbsp;&nbsp; 16070 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
| Southern California Gas Co. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/53 | USD | 100 | &nbsp;&nbsp; $98169 |
| Southern Co. Gas Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/33 |  | 25 | &nbsp;&nbsp; 26128 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/15/34 |  | 30 | &nbsp;&nbsp; 29675 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/41 |  | 20 | &nbsp;&nbsp; 20347 |
| &nbsp;&nbsp;&nbsp; Series 2020-A, 1.75%, 01/15/31 |  | 60 | &nbsp;&nbsp; 51491 |
| Southwest Gas Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/01/28 |  | 150 | &nbsp;&nbsp; 146779 |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 |  | 125 | &nbsp;&nbsp; 118129 |
|  |  |  | &nbsp;&nbsp; 1513767 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Boston Properties LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 06/21/29 |  | 25 | &nbsp;&nbsp; 23684 |
| &nbsp;&nbsp;&nbsp; 2.45%, 10/01/33 |  | 25 | &nbsp;&nbsp; 20051 |
| Hudson Pacific Properties LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/15/28 |  | 93 | &nbsp;&nbsp; 89061 |
| &nbsp;&nbsp;&nbsp; 4.65%, 04/01/29 |  | 101 | &nbsp;&nbsp; 88070 |
|  |  |  | &nbsp;&nbsp; 220866 |
| **Oil, Gas & Consumable Fuels — 4.2%** | **Oil, Gas & Consumable Fuels — 4.2%** | **Oil, Gas & Consumable Fuels — 4.2%** | **Oil, Gas & Consumable Fuels — 4.2%** |
| Antero Resources Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.63%, 02/01/29 |  | 153 | &nbsp;&nbsp; 156222 |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/01/30 |  | 1152 | &nbsp;&nbsp; 1146723 |
| Boardwalk Pipelines LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/01/26 |  | 50 | &nbsp;&nbsp; 50340 |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/03/29 |  | 25 | &nbsp;&nbsp; 25184 |
| BP Capital Markets America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.81%, 02/13/33 |  | 25 | &nbsp;&nbsp; 24920 |
| &nbsp;&nbsp;&nbsp; 5.23%, 11/17/34 |  | 125 | &nbsp;&nbsp; 126483 |
| &nbsp;&nbsp;&nbsp; 3.06%, 06/17/41 |  | 80 | &nbsp;&nbsp; 58973 |
| &nbsp;&nbsp;&nbsp; 2.77%, 11/10/50 |  | 257 | &nbsp;&nbsp; 155083 |
| California Resources Corp., 8.25%, 06/15/29<sup>(b)(f)</sup> |  | 238 | &nbsp;&nbsp; 244482 |
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP/Calumet <br> Finance Corp., 9.75%, 07/15/28<sup>(b)(f)</sup><br>|  | 127 | &nbsp;&nbsp; 121888 |
| Cameron LNG LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/15/35 |  | 493 | &nbsp;&nbsp; 421057 |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/38 |  | 62 | &nbsp;&nbsp; 52607 |
| Canadian Natural Resources Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 12/15/34<sup>(b)</sup> |  | 25 | &nbsp;&nbsp; 24875 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/38 |  | 200 | &nbsp;&nbsp; 206552 |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/01/47 |  | 30 | &nbsp;&nbsp; 25745 |
| Cheniere Corpus Christi Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 |  | 251 | &nbsp;&nbsp; 252740 |
| &nbsp;&nbsp;&nbsp; 3.70%, 11/15/29 |  | 130 | &nbsp;&nbsp; 124963 |
| &nbsp;&nbsp;&nbsp; 2.74%, 12/31/39 |  | 654 | &nbsp;&nbsp; 537922 |
| Cheniere Energy Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 |  | 990 | &nbsp;&nbsp; 945616 |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 |  | 16 | &nbsp;&nbsp; 14383 |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/34 |  | 284 | &nbsp;&nbsp; 291094 |
| Cheniere Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/28 |  | 10 | &nbsp;&nbsp; 9947 |
| &nbsp;&nbsp;&nbsp; 5.65%, 04/15/34 |  | 1954 | &nbsp;&nbsp; 1987622 |
| Chevron Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.33%, 11/17/25 |  | 50 | &nbsp;&nbsp; 49830 |
| &nbsp;&nbsp;&nbsp; 2.95%, 05/16/26 |  | 25 | &nbsp;&nbsp; 24737 |
| Chevron USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.98%, 04/15/35 |  | 1500 | &nbsp;&nbsp; 1512815 |
| &nbsp;&nbsp;&nbsp; 2.34%, 08/12/50<sup>(f)</sup> |  | 40 | &nbsp;&nbsp; 22809 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(b)(f)</sup> |  | 85 | &nbsp;&nbsp; 86702 |
| Civitas Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 |  | 88 | &nbsp;&nbsp; 87032 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Civitas Resources, Inc.<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 07/01/28 | USD | 46 | &nbsp;&nbsp; $47303 |
| &nbsp;&nbsp;&nbsp; 8.63%, 11/01/30 |  | 11 | &nbsp;&nbsp; 11223 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(b)</sup> |  | 173 | &nbsp;&nbsp; 178364 |
| Comstock Resources, Inc., 6.75%, 03/01/29<sup>(b)</sup> |  | 99 | &nbsp;&nbsp; 97881 |
| ConocoPhillips, 5.90%, 05/15/38 |  | 50 | &nbsp;&nbsp; 52094 |
| ConocoPhillips Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 03/15/52 |  | 5 | &nbsp;&nbsp; 3618 |
| &nbsp;&nbsp;&nbsp; 4.03%, 03/15/62 |  | 25 | &nbsp;&nbsp; 17943 |
| Continental Resources, Inc., 4.90%, 06/01/44 |  | 5 | &nbsp;&nbsp; 3923 |
| Coterra Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 05/15/27 |  | 25 | &nbsp;&nbsp; 24697 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/15/34 |  | 300 | &nbsp;&nbsp; 301573 |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/15/35 |  | 115 | &nbsp;&nbsp; 113353 |
| Crescent Energy Finance LLC, 7.38%, 01/15/33<sup>(b)(f)</sup> |  | 11 | &nbsp;&nbsp; 10523 |
| CVR Energy, Inc., 8.50%, 01/15/29<sup>(b)</sup> |  | 75 | &nbsp;&nbsp; 73687 |
| DCP Midstream Operating LP, 5.13%, 05/15/29 |  | 25 | &nbsp;&nbsp; 25327 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/29 |  | 222 | &nbsp;&nbsp; 231037 |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/33 |  | 40 | &nbsp;&nbsp; 39541 |
| Devon Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/34<sup>(f)</sup> |  | 140 | &nbsp;&nbsp; 135996 |
| &nbsp;&nbsp;&nbsp; 5.60%, 07/15/41 |  | 50 | &nbsp;&nbsp; 46472 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(b)</sup><br>|  | 197 | &nbsp;&nbsp; 205322 |
| Diamondback Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 |  | 1127 | &nbsp;&nbsp; 1108501 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/18/27 |  | 43 | &nbsp;&nbsp; 43414 |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 |  | 1577 | &nbsp;&nbsp; 1504585 |
| &nbsp;&nbsp;&nbsp; 3.13%, 03/24/31 |  | 887 | &nbsp;&nbsp; 811262 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 |  | 272 | &nbsp;&nbsp; 289166 |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/24/51 |  | 69 | &nbsp;&nbsp; 53400 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/52 |  | 111 | &nbsp;&nbsp; 83917 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/18/54 |  | 75 | &nbsp;&nbsp; 69659 |
| &nbsp;&nbsp;&nbsp; 5.90%, 04/18/64 |  | 136 | &nbsp;&nbsp; 125599 |
| Ecopetrol SA, 7.75%, 02/01/32 |  | 356 | &nbsp;&nbsp; 354398 |
| Enbridge, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 |  | 215 | &nbsp;&nbsp; 214246 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/15/28 |  | 50 | &nbsp;&nbsp; 52333 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/46 |  | 20 | &nbsp;&nbsp; 19001 |
| Energean Israel Finance Ltd., 8.50%, 09/30/33<sup>(b)(d)</sup> |  | 210 | &nbsp;&nbsp; 216909 |
| Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/27 |  | 475 | &nbsp;&nbsp; 481707 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/28 |  | 203 | &nbsp;&nbsp; 205405 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/30 |  | 235 | &nbsp;&nbsp; 239480 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 |  | 150 | &nbsp;&nbsp; 143746 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/01/31<sup>(b)</sup> |  | 183 | &nbsp;&nbsp; 191407 |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/01/34 |  | 370 | &nbsp;&nbsp; 374174 |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/01/38 |  | 30 | &nbsp;&nbsp; 34289 |
| &nbsp;&nbsp;&nbsp; 6.05%, 06/01/41 |  | 20 | &nbsp;&nbsp; 19967 |
| &nbsp;&nbsp;&nbsp; 5.40%, 10/01/47 |  | 290 | &nbsp;&nbsp; 258101 |
| &nbsp;&nbsp;&nbsp; 5.95%, 05/15/54 |  | 742 | &nbsp;&nbsp; 701357 |
| Enterprise Products Operating LLC, 6.45%, 09/01/40 |  | 200 | &nbsp;&nbsp; 217040 |
| EOG Resources, Inc., 5.65%, 12/01/54 |  | 70 | &nbsp;&nbsp; 68057 |
| EQT Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/26<sup>(b)</sup> |  | 253 | &nbsp;&nbsp; 249379 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/27<sup>(b)</sup> |  | 330 | &nbsp;&nbsp; 335886 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/27<sup>(b)</sup> |  | 454 | &nbsp;&nbsp; 463215 |
| &nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 |  | 601 | &nbsp;&nbsp; 592650 |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/28 |  | 553 | &nbsp;&nbsp; 568484 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/29<sup>(b)</sup> |  | 825 | &nbsp;&nbsp; 815089 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| EQT Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 | USD | 444 | &nbsp;&nbsp; $446714 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/01/29<sup>(b)</sup> |  | 885 | &nbsp;&nbsp; 911163 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 |  | 997 | &nbsp;&nbsp; 1078353 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/30<sup>(b)</sup> |  | 1759 | &nbsp;&nbsp; 1927565 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/31<sup>(b)</sup> |  | 2826 | &nbsp;&nbsp; 2783982 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/31<sup>(b)</sup> |  | 1165 | &nbsp;&nbsp; 1080507 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/34 |  | 28 | &nbsp;&nbsp; 28793 |
| Equinor ASA |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/22/26 |  | 200 | &nbsp;&nbsp; 197433 |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/06/50 |  | 55 | &nbsp;&nbsp; 41598 |
| Expand Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 |  | 452 | &nbsp;&nbsp; 452491 |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/01/29<sup>(b)</sup> |  | 99 | &nbsp;&nbsp; 99155 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/29<sup>(b)</sup> |  | 382 | &nbsp;&nbsp; 385125 |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/15/30 |  | 241 | &nbsp;&nbsp; 241254 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 |  | 555 | &nbsp;&nbsp; 539070 |
| &nbsp;&nbsp;&nbsp; 5.70%, 01/15/35<sup>(f)</sup> |  | 1383 | &nbsp;&nbsp; 1400528 |
| Exxon Mobil Corp., 3.45%, 04/15/51 |  | 125 | &nbsp;&nbsp; 88225 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 |  | 85 | &nbsp;&nbsp; 88655 |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/15/30 |  | 85 | &nbsp;&nbsp; 89980 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/32<sup>(f)</sup> |  | 189 | &nbsp;&nbsp; 195464 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/33 |  | 45 | &nbsp;&nbsp; 46654 |
| &nbsp;&nbsp;&nbsp; Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(b)(f)</sup><br>|  | 154 | &nbsp;&nbsp; 161471 |
| Golar LNG Ltd., 2.75%, 12/15/30<sup>(b)(h)</sup> |  | 20 | &nbsp;&nbsp; 20340 |
| Greenfire Resources Ltd., 12.00%, 10/01/28<sup>(b)</sup> |  | 91 | &nbsp;&nbsp; 95495 |
| Greensaif Pipelines Bidco SARL, 5.85%, 02/23/36<sup>(d)</sup> |  | 210 | &nbsp;&nbsp; 214790 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(b)</sup> |  | 121 | &nbsp;&nbsp; 122967 |
| Hess Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.30%, 08/15/31 |  | 30 | &nbsp;&nbsp; 34299 |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/15/41 |  | 125 | &nbsp;&nbsp; 126517 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., 8.38%, <br> 11/01/33<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 104352 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 206182 |
| KazMunayGas National Co. JSC, 6.38%, 10/24/48<sup>(d)</sup> |  | 420 | &nbsp;&nbsp; 393376 |
| Kinder Morgan Energy Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.30%, 08/15/33 |  | 200 | &nbsp;&nbsp; 224213 |
| &nbsp;&nbsp;&nbsp; 6.95%, 01/15/38 |  | 125 | &nbsp;&nbsp; 137588 |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/15/40 |  | 50 | &nbsp;&nbsp; 57608 |
| Kinder Morgan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.80%, 08/01/31 |  | 195 | &nbsp;&nbsp; 223983 |
| &nbsp;&nbsp;&nbsp; 5.95%, 08/01/54<sup>(f)</sup> |  | 420 | &nbsp;&nbsp; 409670 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC/Magnolia Oil & <br> Gas Finance Corp., 6.88%, 12/01/32<sup>(b)</sup><br>|  | 169 | &nbsp;&nbsp; 170760 |
| Medco Cypress Tree Pte Ltd., 8.63%, 05/19/30<sup>(b)</sup> |  | 250 | &nbsp;&nbsp; 261250 |
| Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 199380 |
| MPLX LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/27 |  | 25 | &nbsp;&nbsp; 24823 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 |  | 200 | &nbsp;&nbsp; 197272 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/01/32 |  | 50 | &nbsp;&nbsp; 49391 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/33 |  | 190 | &nbsp;&nbsp; 187110 |
| &nbsp;&nbsp;&nbsp; 5.20%, 12/01/47 |  | 35 | &nbsp;&nbsp; 30339 |
| &nbsp;&nbsp;&nbsp; 4.70%, 04/15/48 |  | 450 | &nbsp;&nbsp; 363851 |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/01/55 |  | 350 | &nbsp;&nbsp; 331544 |
| &nbsp;&nbsp;&nbsp; NAK Naftogaz Ukraine via Kondor Finance PLC, <br> (7.13% PIK), 7.13%, 07/19/26<sup>(d)(g)</sup><br>| EUR | 116 | &nbsp;&nbsp; 111641 |
| NGPL PipeCo LLC, 3.25%, 07/15/31<sup>(b)</sup> | USD | 591 | &nbsp;&nbsp; 524256 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(b)</sup> |  | 143 | &nbsp;&nbsp; 145855 |
| Northern Oil & Gas, Inc., 8.13%, 03/01/28<sup>(b)</sup> |  | 186 | &nbsp;&nbsp; 187811 |
| Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/30 |  | 125 | &nbsp;&nbsp; 131948 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Occidental Petroleum Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 | USD | 220 | &nbsp;&nbsp; $151925 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 01/15/26 |  | 190 | &nbsp;&nbsp; 190967 |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/15/26 |  | 50 | &nbsp;&nbsp; 50091 |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/01/26 |  | 200 | &nbsp;&nbsp; 202099 |
| &nbsp;&nbsp;&nbsp; 4.55%, 07/15/28 |  | 40 | &nbsp;&nbsp; 40040 |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/01/28 |  | 300 | &nbsp;&nbsp; 309478 |
| &nbsp;&nbsp;&nbsp; 3.40%, 09/01/29 |  | 100 | &nbsp;&nbsp; 95239 |
| &nbsp;&nbsp;&nbsp; 4.40%, 10/15/29 |  | 75 | &nbsp;&nbsp; 74364 |
| &nbsp;&nbsp;&nbsp; 6.35%, 01/15/31 |  | 300 | &nbsp;&nbsp; 319686 |
| &nbsp;&nbsp;&nbsp; 6.10%, 11/15/32 |  | 100 | &nbsp;&nbsp; 105727 |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/01/33 |  | 250 | &nbsp;&nbsp; 262340 |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/01/49 |  | 30 | &nbsp;&nbsp; 24411 |
| &nbsp;&nbsp;&nbsp; 7.15%, 01/15/51 |  | 130 | &nbsp;&nbsp; 140969 |
| ORLEN SA, 6.00%, 01/30/35<sup>(d)</sup> |  | 207 | &nbsp;&nbsp; 212175 |
| Ovintiv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/15/28 |  | 25 | &nbsp;&nbsp; 25623 |
| &nbsp;&nbsp;&nbsp; 7.10%, 07/15/53 |  | 50 | &nbsp;&nbsp; 51870 |
| Patterson-UTI Energy, Inc., 5.15%, 11/15/29 |  | 35 | &nbsp;&nbsp; 34605 |
| Permian Resources Operating LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/15/26 |  | 4 | &nbsp;&nbsp; 3993 |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/15/27 |  | 46 | &nbsp;&nbsp; 47036 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/02/29 |  | 10 | &nbsp;&nbsp; 10523 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 |  | 10 | &nbsp;&nbsp; 9260 |
| Phillips 66 Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 12/01/27 |  | 100 | &nbsp;&nbsp; 101057 |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/15/29 |  | 75 | &nbsp;&nbsp; 70851 |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/15/54 |  | 60 | &nbsp;&nbsp; 55444 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 |  | 460 | &nbsp;&nbsp; 472085 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 12/15/29 |  | 150 | &nbsp;&nbsp; 143162 |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/34 |  | 70 | &nbsp;&nbsp; 71001 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/15/45 |  | 45 | &nbsp;&nbsp; 38256 |
| Puma International Financing SA, 7.75%, 04/25/29<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 206983 |
| Raizen Fuels Finance SA, 6.25%, 07/08/32<sup>(b)</sup> |  | 217 | &nbsp;&nbsp; 213962 |
| Sabine Pass Liquefaction LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 |  | 57 | &nbsp;&nbsp; 57272 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 |  | 528 | &nbsp;&nbsp; 529951 |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 |  | 65 | &nbsp;&nbsp; 64477 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/30 |  | 977 | &nbsp;&nbsp; 972184 |
| &nbsp;&nbsp;&nbsp; 5.90%, 09/15/37 |  | 272 | &nbsp;&nbsp; 284946 |
| Seadrill Finance Ltd., 8.38%, 08/01/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 102150 |
| Shell Finance U.S., Inc., 4.00%, 05/10/46 |  | 75 | &nbsp;&nbsp; 59488 |
| Shell International Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 12/15/38 |  | 150 | &nbsp;&nbsp; 165591 |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/26/51 |  | 140 | &nbsp;&nbsp; 89809 |
| &nbsp;&nbsp;&nbsp; Sitio Royalties Operating Partnership LP/Sitio Finance <br> Corp., 7.88%, 11/01/28<sup>(b)</sup><br>|  | 46 | &nbsp;&nbsp; 47993 |
| SM Energy Co., 6.75%, 08/01/29<sup>(b)(f)</sup> |  | 105 | &nbsp;&nbsp; 105083 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC, 5.58%, <br> 10/01/34<sup>(b)</sup><br>|  | 50 | &nbsp;&nbsp; 49356 |
| Summit Midstream Holdings LLC, 8.63%, 10/31/29<sup>(b)</sup> |  | 65 | &nbsp;&nbsp; 66204 |
| Sunoco LP/Sunoco Finance Corp., 4.50%, 04/30/30 |  | 100 | &nbsp;&nbsp; 95882 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp., 7.38%, 02/15/29<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 102602 |
| Talos Production, Inc.<sup>(b)(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/29 |  | 132 | &nbsp;&nbsp; 135286 |
| &nbsp;&nbsp;&nbsp; 9.38%, 02/01/31 |  | 132 | &nbsp;&nbsp; 134602 |
| Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/27 |  | 195 | &nbsp;&nbsp; 197265 |
| &nbsp;&nbsp;&nbsp; 6.15%, 03/01/29 |  | 272 | &nbsp;&nbsp; 284752 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Targa Resources Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 | USD | 239 | &nbsp;&nbsp; $223444 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/30/34 |  | 150 | &nbsp;&nbsp; 161173 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/15/35 |  | 300 | &nbsp;&nbsp; 299826 |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/15/52 |  | 247 | &nbsp;&nbsp; 204783 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 |  | 20 | &nbsp;&nbsp; 19974 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 |  | 472 | &nbsp;&nbsp; 466571 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA, 3.13%, <br> 05/29/50<br>|  | 200 | &nbsp;&nbsp; 132061 |
| TotalEnergies Capital SA, 5.49%, 04/05/54 |  | 320 | &nbsp;&nbsp; 306570 |
| TransCanada PipeLines Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 03/15/36 |  | 25 | &nbsp;&nbsp; 25666 |
| &nbsp;&nbsp;&nbsp; 7.63%, 01/15/39 |  | 75 | &nbsp;&nbsp; 87333 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(b)</sup> |  | 40 | &nbsp;&nbsp; 41726 |
| Transocean, Inc., 8.25%, 05/15/29<sup>(b)</sup> |  | 47 | &nbsp;&nbsp; 44387 |
| Trident Energy Finance PLC, 12.50%, 11/30/29<sup>(d)</sup> |  | 226 | &nbsp;&nbsp; 232710 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(b)</sup> |  | 143 | &nbsp;&nbsp; 147703 |
| Valero Energy Corp., 7.50%, 04/15/32 |  | 50 | &nbsp;&nbsp; 57078 |
| Venture Global LNG, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/01/28 |  | 25 | &nbsp;&nbsp; 25883 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/30<sup>(f)</sup> |  | 11 | &nbsp;&nbsp; 11154 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/31 |  | 125 | &nbsp;&nbsp; 129295 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/32 |  | 46 | &nbsp;&nbsp; 49631 |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, 6.75%, <br> 01/15/36<sup>(b)</sup><br>|  | 75 | &nbsp;&nbsp; 77153 |
| Viper Energy Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/01/30 |  | 290 | &nbsp;&nbsp; 288776 |
| &nbsp;&nbsp;&nbsp; 5.70%, 08/01/35 |  | 316 | &nbsp;&nbsp; 314072 |
| Viper Energy, Inc., 5.38%, 11/01/27<sup>(b)</sup> |  | 1317 | &nbsp;&nbsp; 1316637 |
| Vista Energy Argentina SAU, 7.63%, 12/10/35<sup>(b)</sup> |  | 32 | &nbsp;&nbsp; 31278 |
| Western Midstream Operating LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/44 |  | 25 | &nbsp;&nbsp; 21766 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/50 |  | 170 | &nbsp;&nbsp; 142630 |
| &nbsp;&nbsp;&nbsp; Wildfire Intermediate Holdings LLC, 7.50%, <br> 10/15/29<sup>(b)(f)</sup><br>|  | 48 | &nbsp;&nbsp; 47762 |
| Williams Cos., Inc., 5.80%, 11/15/43 |  | 35 | &nbsp;&nbsp; 34473 |
| YPF SA, 9.50%, 01/17/31<sup>(b)</sup> |  | 19 | &nbsp;&nbsp; 20051 |
|  |  |  | &nbsp;&nbsp; 51129518 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Suzano Austria GmbH, 3.13%, 01/15/32 |  | 245 | &nbsp;&nbsp; 214892 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| American Airlines, Inc., 8.50%, 05/15/29<sup>(b)</sup> |  | 72 | &nbsp;&nbsp; 75249 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., <br> 5.75%, 04/20/29<sup>(b)</sup><br>|  | 142 | &nbsp;&nbsp; 141950 |
| Avianca Midco 2 PLC, 9.00%, 12/01/28<sup>(b)</sup> |  | 142 | &nbsp;&nbsp; 134817 |
| Delta Air Lines, Inc., 7.38%, 01/15/26 |  | 25 | &nbsp;&nbsp; 25225 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)</sup><br>|  | 145 | &nbsp;&nbsp; 140193 |
| &nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust, Series 2019-1, <br> Class AA, 2.75%, 11/15/33<br>|  | 30 | &nbsp;&nbsp; 25934 |
| Latam Airlines Group SA, 7.63%, 01/07/31<sup>(b)</sup> |  | 231 | &nbsp;&nbsp; 237064 |
| Southwest Airlines Co., 5.13%, 06/15/27 |  | 75 | &nbsp;&nbsp; 75472 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust, Series 2019-1, <br> Class AA, 4.15%, 02/25/33<br>|  | 25 | &nbsp;&nbsp; 24459 |
|  |  |  | &nbsp;&nbsp; 880363 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| Colgate-Palmolive Co., 3.70%, 08/01/47 |  | 60 | &nbsp;&nbsp; 46357 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Personal Care Products (continued)** | **Personal Care Products (continued)** | **Personal Care Products (continued)** | **Personal Care Products (continued)** |
| Estee Lauder Cos., Inc., 2.38%, 12/01/29 | USD | 25 | &nbsp;&nbsp; $22998 |
| Kenvue, Inc., 5.05%, 03/22/53 |  | 150 | &nbsp;&nbsp; 137588 |
| Procter & Gamble Co., 3.60%, 03/25/50 |  | 25 | &nbsp;&nbsp; 18868 |
|  |  |  | &nbsp;&nbsp; 225811 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<sup>(b)</sup> |  | 50 | &nbsp;&nbsp; 50904 |
| AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 11/21/39 |  | 100 | &nbsp;&nbsp; 87233 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 |  | 275 | &nbsp;&nbsp; 224310 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/54 |  | 320 | &nbsp;&nbsp; 308357 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/64 |  | 85 | &nbsp;&nbsp; 81825 |
| Amneal Pharmaceuticals LLC, 08/01/32<sup>(b)(c)</sup> |  | 45 | &nbsp;&nbsp; 45674 |
| Astrazeneca Finance LLC, 1.75%, 05/28/28 |  | 150 | &nbsp;&nbsp; 140435 |
| AstraZeneca PLC, 6.45%, 09/15/37 |  | 145 | &nbsp;&nbsp; 161906 |
| Bausch Health Cos., Inc., 11.00%, 09/30/28<sup>(b)</sup> |  | 111 | &nbsp;&nbsp; 114053 |
| Becton Dickinson & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.08%, 06/07/29 |  | 123 | &nbsp;&nbsp; 125302 |
| &nbsp;&nbsp;&nbsp; 3.79%, 05/20/50 |  | 20 | &nbsp;&nbsp; 14835 |
| Bristol-Myers Squibb Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/01/42 |  | 80 | &nbsp;&nbsp; 59894 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/26/49 |  | 250 | &nbsp;&nbsp; 200418 |
| Cardinal Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/15/25 |  | 50 | &nbsp;&nbsp; 49947 |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/34 |  | 133 | &nbsp;&nbsp; 136094 |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/15/34 |  | 430 | &nbsp;&nbsp; 435073 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/54 |  | 100 | &nbsp;&nbsp; 97831 |
| Cencora, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/15/29 |  | 610 | &nbsp;&nbsp; 616920 |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 |  | 350 | &nbsp;&nbsp; 315808 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/34 |  | 275 | &nbsp;&nbsp; 276244 |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/15/35 |  | 90 | &nbsp;&nbsp; 90234 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 08/21/40 |  | 91 | &nbsp;&nbsp; 62779 |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/20/45 |  | 246 | &nbsp;&nbsp; 215857 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 |  | 175 | &nbsp;&nbsp; 150576 |
| Eli Lilly & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/12/32 |  | 580 | &nbsp;&nbsp; 592938 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/27/53 |  | 45 | &nbsp;&nbsp; 40699 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/27/63 |  | 70 | &nbsp;&nbsp; 62795 |
| GlaxoSmithKline Capital, Inc., 6.38%, 05/15/38 |  | 50 | &nbsp;&nbsp; 55205 |
| &nbsp;&nbsp;&nbsp; HLF Financing SARL LLC/Herbalife International, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 12.25%, 04/15/29 |  | 107 | &nbsp;&nbsp; 115956 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/29<sup>(f)</sup> |  | 55 | &nbsp;&nbsp; 45835 |
| Johnson & Johnson |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/03/37 |  | 25 | &nbsp;&nbsp; 22144 |
| &nbsp;&nbsp;&nbsp; 5.95%, 08/15/37 |  | 50 | &nbsp;&nbsp; 54725 |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/38 |  | 125 | &nbsp;&nbsp; 106658 |
| &nbsp;&nbsp;&nbsp; 2.45%, 09/01/60 |  | 45 | &nbsp;&nbsp; 24761 |
| McKesson Corp., 0.90%, 12/03/25 |  | 610 | &nbsp;&nbsp; 602201 |
| Merck & Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 06/10/27 |  | 500 | &nbsp;&nbsp; 478099 |
| &nbsp;&nbsp;&nbsp; 4.15%, 05/18/43 |  | 80 | &nbsp;&nbsp; 67535 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/17/53<sup>(f)</sup> |  | 60 | &nbsp;&nbsp; 54568 |
| &nbsp;&nbsp;&nbsp; 2.90%, 12/10/61 |  | 50 | &nbsp;&nbsp; 28713 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/17/63 |  | 270 | &nbsp;&nbsp; 245829 |
| Mylan, Inc., 4.55%, 04/15/28 |  | 25 | &nbsp;&nbsp; 24704 |
| Novartis Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/17/27 |  | 25 | &nbsp;&nbsp; 24581 |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/06/44 |  | 50 | &nbsp;&nbsp; 44155 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Novartis Capital Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/14/50<sup>(f)</sup> | USD | 25 | &nbsp;&nbsp; $15708 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/19/53 |  | 150 | &nbsp;&nbsp; 140063 |
| &nbsp;&nbsp;&nbsp; 5.34%, 05/19/63 |  | 110 | &nbsp;&nbsp; 100696 |
| Pfizer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/36 |  | 35 | &nbsp;&nbsp; 31834 |
| &nbsp;&nbsp;&nbsp; 7.20%, 03/15/39 |  | 150 | &nbsp;&nbsp; 176688 |
| &nbsp;&nbsp;&nbsp; 2.70%, 05/28/50 |  | 94 | &nbsp;&nbsp; 57452 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, <br> 3.15%, 10/01/26<br>|  | 100 | &nbsp;&nbsp; 97625 |
| Viatris, Inc., 2.30%, 06/22/27 |  | 20 | &nbsp;&nbsp; 19033 |
| Zoetis, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 08/20/28 |  | 325 | &nbsp;&nbsp; 321712 |
| &nbsp;&nbsp;&nbsp; 5.60%, 11/16/32 |  | 65 | &nbsp;&nbsp; 68409 |
|  |  |  | &nbsp;&nbsp; 7783830 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| CBRE Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/01/31<sup>(f)</sup> |  | 50 | &nbsp;&nbsp; 44423 |
| &nbsp;&nbsp;&nbsp; 5.95%, 08/15/34 |  | 315 | &nbsp;&nbsp; 331904 |
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP/Five Point Capital Corp., <br> 11.00%, 01/15/28<sup>(b)(k)</sup><br>|  | 47 | &nbsp;&nbsp; 47310 |
| Howard Hughes Corp., 5.38%, 08/01/28<sup>(b)</sup> |  | 48 | &nbsp;&nbsp; 47706 |
|  |  |  | &nbsp;&nbsp; 471343 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| ERP Operating LP, 4.65%, 09/15/34 |  | 190 | &nbsp;&nbsp; 184004 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership LP, 5.50%, <br> 08/15/33<br>|  | 40 | &nbsp;&nbsp; 40647 |
| Mid-America Apartments LP, 3.60%, 06/01/27 |  | 25 | &nbsp;&nbsp; 24662 |
| NNN REIT, Inc., 5.60%, 10/15/33 |  | 100 | &nbsp;&nbsp; 103209 |
| Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/27 |  | 20 | &nbsp;&nbsp; 19615 |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/28 |  | 100 | &nbsp;&nbsp; 97810 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 |  | 300 | &nbsp;&nbsp; 302924 |
| &nbsp;&nbsp;&nbsp; 1.80%, 03/15/33 |  | 40 | &nbsp;&nbsp; 32401 |
| Store Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/30/30<sup>(b)</sup> |  | 237 | &nbsp;&nbsp; 239775 |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/18/30 |  | 237 | &nbsp;&nbsp; 210458 |
|  |  |  | &nbsp;&nbsp; 1255505 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Simon Property Group LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.38%, 01/15/27<sup>(f)</sup> |  | 120 | &nbsp;&nbsp; 114882 |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/26/34 |  | 70 | &nbsp;&nbsp; 68158 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/40 |  | 100 | &nbsp;&nbsp; 112645 |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/42 |  | 400 | &nbsp;&nbsp; 358848 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/30/46 |  | 400 | &nbsp;&nbsp; 326122 |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/13/49 |  | 40 | &nbsp;&nbsp; 26956 |
| &nbsp;&nbsp;&nbsp; 5.85%, 03/08/53 |  | 280 | &nbsp;&nbsp; 280525 |
|  |  |  | &nbsp;&nbsp; 1288136 |
| **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
| ams-OSRAM AG, 12.25%, 03/30/29<sup>(b)</sup> |  | 125 | &nbsp;&nbsp; 134249 |
| Analog Devices, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.10%, 10/01/31 |  | 20 | &nbsp;&nbsp; 17436 |
| &nbsp;&nbsp;&nbsp; 2.80%, 10/01/41 |  | 60 | &nbsp;&nbsp; 43388 |
| &nbsp;&nbsp;&nbsp; 2.95%, 10/01/51 |  | 35 | &nbsp;&nbsp; 22569 |
| Applied Materials, Inc., 5.85%, 06/15/41 |  | 25 | &nbsp;&nbsp; 26352 |
| &nbsp;&nbsp;&nbsp; Broadcom Corp./Broadcom Cayman Finance Ltd., <br> 3.50%, 01/15/28<br>|  | 150 | &nbsp;&nbsp; 146788 |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 |  | 75 | &nbsp;&nbsp; 74652 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Broadcom, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/29<sup>(b)</sup> | USD | 20 | &nbsp;&nbsp; $19695 |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/15/31<sup>(b)</sup> |  | 333 | &nbsp;&nbsp; 297063 |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/31 |  | 217 | &nbsp;&nbsp; 222365 |
| &nbsp;&nbsp;&nbsp; 4.15%, 04/15/32<sup>(b)</sup> |  | 25 | &nbsp;&nbsp; 24029 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/15/32 |  | 681 | &nbsp;&nbsp; 698041 |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/15/33<sup>(b)</sup> |  | 36 | &nbsp;&nbsp; 30794 |
| &nbsp;&nbsp;&nbsp; 3.42%, 04/15/33<sup>(b)</sup> |  | 201 | &nbsp;&nbsp; 181828 |
| &nbsp;&nbsp;&nbsp; 3.47%, 04/15/34<sup>(b)</sup> |  | 324 | &nbsp;&nbsp; 287965 |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/15/34 |  | 419 | &nbsp;&nbsp; 411141 |
| &nbsp;&nbsp;&nbsp; 3.14%, 11/15/35<sup>(b)</sup> |  | 125 | &nbsp;&nbsp; 104922 |
| &nbsp;&nbsp;&nbsp; 4.93%, 05/15/37<sup>(b)</sup> |  | 379 | &nbsp;&nbsp; 366253 |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/15/32 |  | 25 | &nbsp;&nbsp; 24667 |
| Entegris, Inc., 4.75%, 04/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 97954 |
| Foundry JV Holdco LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 01/25/33 |  | 405 | &nbsp;&nbsp; 416189 |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/25/36 |  | 207 | &nbsp;&nbsp; 211543 |
| Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 03/25/30 |  | 100 | &nbsp;&nbsp; 96233 |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/10/33 |  | 330 | &nbsp;&nbsp; 329998 |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/10/53 |  | 100 | &nbsp;&nbsp; 90033 |
| KLA Corp., 4.95%, 07/15/52 |  | 100 | &nbsp;&nbsp; 90807 |
| Marvell Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/29 |  | 50 | &nbsp;&nbsp; 51909 |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/15/33<sup>(f)</sup> |  | 180 | &nbsp;&nbsp; 189869 |
| Microchip Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/25 |  | 25 | &nbsp;&nbsp; 24983 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/29 |  | 25 | &nbsp;&nbsp; 25282 |
| Micron Technology, Inc., 5.33%, 02/06/29 |  | 125 | &nbsp;&nbsp; 127463 |
| NVIDIA Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/40 |  | 40 | &nbsp;&nbsp; 33602 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 |  | 100 | &nbsp;&nbsp; 74870 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 |  | 50 | &nbsp;&nbsp; 48838 |
| &nbsp;&nbsp;&nbsp; 2.65%, 02/15/32 |  | 260 | &nbsp;&nbsp; 226091 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/33 |  | 50 | &nbsp;&nbsp; 49837 |
| QUALCOMM, Inc., 3.25%, 05/20/27 |  | 50 | &nbsp;&nbsp; 49242 |
| Texas Instruments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 02/08/29 |  | 120 | &nbsp;&nbsp; 121495 |
| &nbsp;&nbsp;&nbsp; 1.75%, 05/04/30 |  | 260 | &nbsp;&nbsp; 231426 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/14/33 |  | 200 | &nbsp;&nbsp; 203277 |
| &nbsp;&nbsp;&nbsp; 4.15%, 05/15/48 |  | 50 | &nbsp;&nbsp; 40803 |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/08/54 |  | 140 | &nbsp;&nbsp; 131424 |
| &nbsp;&nbsp;&nbsp; 5.05%, 05/18/63 |  | 50 | &nbsp;&nbsp; 45275 |
|  |  |  | &nbsp;&nbsp; 6142640 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
| AppLovin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/01/29 |  | 731 | &nbsp;&nbsp; 739834 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/31 |  | 1495 | &nbsp;&nbsp; 1523429 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/34 |  | 220 | &nbsp;&nbsp; 222525 |
| &nbsp;&nbsp;&nbsp; 5.95%, 12/01/54 |  | 469 | &nbsp;&nbsp; 456976 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK <br> Financing Co., Inc., 8.00%, 06/15/29<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 84831 |
| Cloud Software Group, Inc., 9.00%, 09/30/29<sup>(b)</sup> |  | 167 | &nbsp;&nbsp; 172822 |
| Concentrix Corp., 6.60%, 08/02/28 |  | 20 | &nbsp;&nbsp; 20942 |
| Electronic Arts, Inc., 2.95%, 02/15/51<sup>(f)</sup> |  | 25 | &nbsp;&nbsp; 15642 |
| Intuit, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/33 |  | 500 | &nbsp;&nbsp; 515519 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/53 |  | 100 | &nbsp;&nbsp; 99013 |
| Microsoft Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.53%, 06/01/50 |  | 175 | &nbsp;&nbsp; 107653 |
| &nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 |  | 175 | &nbsp;&nbsp; 115457 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Microsoft Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 08/08/56 | USD | 200 | &nbsp;&nbsp; $157397 |
| &nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 |  | 260 | &nbsp;&nbsp; 151338 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/10/25 |  | 85 | &nbsp;&nbsp; 85272 |
| &nbsp;&nbsp;&nbsp; 2.65%, 07/15/26 |  | 350 | &nbsp;&nbsp; 343713 |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 |  | 40 | &nbsp;&nbsp; 37217 |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/06/30 |  | 185 | &nbsp;&nbsp; 185730 |
| &nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 |  | 215 | &nbsp;&nbsp; 194893 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/06/33 |  | 70 | &nbsp;&nbsp; 69767 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/03/35 |  | 1115 | &nbsp;&nbsp; 1130644 |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/40 |  | 160 | &nbsp;&nbsp; 126283 |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/25/41 |  | 590 | &nbsp;&nbsp; 461272 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/08/44 |  | 65 | &nbsp;&nbsp; 54361 |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 |  | 335 | &nbsp;&nbsp; 230034 |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 |  | 6 | &nbsp;&nbsp; 4359 |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/06/53 |  | 137 | &nbsp;&nbsp; 126571 |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/27/54<sup>(f)</sup> |  | 530 | &nbsp;&nbsp; 477379 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/03/55 |  | 211 | &nbsp;&nbsp; 206684 |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 |  | 120 | &nbsp;&nbsp; 80897 |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/25/61 |  | 484 | &nbsp;&nbsp; 342339 |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/03/65 |  | 477 | &nbsp;&nbsp; 468634 |
| Pagaya U.S. Holdings Co. LLC, 8.88%, 08/01/30<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 198694 |
| Roper Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 |  | 50 | &nbsp;&nbsp; 49757 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/15/29 |  | 380 | &nbsp;&nbsp; 378877 |
| VMware LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/15/27 |  | 80 | &nbsp;&nbsp; 80251 |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/15/30 |  | 75 | &nbsp;&nbsp; 75019 |
|  |  |  | &nbsp;&nbsp; 9792025 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| CubeSmart LP, 2.25%, 12/15/28 |  | 100 | &nbsp;&nbsp; 92949 |
| Extra Space Storage LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/01/29 |  | 24 | &nbsp;&nbsp; 23476 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/30 |  | 615 | &nbsp;&nbsp; 635882 |
| &nbsp;&nbsp;&nbsp; 2.20%, 10/15/30 |  | 238 | &nbsp;&nbsp; 210617 |
| &nbsp;&nbsp;&nbsp; 2.35%, 03/15/32 |  | 100 | &nbsp;&nbsp; 85225 |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/15/35 |  | 123 | &nbsp;&nbsp; 123270 |
| Iron Mountain, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/29<sup>(f)</sup> |  | 49 | &nbsp;&nbsp; 50337 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/31 |  | 126 | &nbsp;&nbsp; 119160 |
| Public Storage Operating Co., 5.10%, 08/01/33 |  | 50 | &nbsp;&nbsp; 51064 |
|  |  |  | &nbsp;&nbsp; 1391980 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Advance Auto Parts, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 08/01/30 |  | 55 | &nbsp;&nbsp; 55280 |
| &nbsp;&nbsp;&nbsp; 08/01/33 |  | 60 | &nbsp;&nbsp; 60321 |
| AutoZone, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/15/26 |  | 125 | &nbsp;&nbsp; 125665 |
| &nbsp;&nbsp;&nbsp; 6.55%, 11/01/33 |  | 175 | &nbsp;&nbsp; 192773 |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/15/34 |  | 345 | &nbsp;&nbsp; 352418 |
| FirstCash, Inc., 6.88%, 03/01/32<sup>(b)</sup> |  | 149 | &nbsp;&nbsp; 152741 |
| Foot Locker, Inc., 4.00%, 10/01/29<sup>(b)</sup> |  | 54 | &nbsp;&nbsp; 50851 |
| O'Reilly Automotive, Inc., 4.20%, 04/01/30 |  | 125 | &nbsp;&nbsp; 123207 |
| Ross Stores, Inc., 0.88%, 04/15/26 |  | 50 | &nbsp;&nbsp; 48696 |
|  |  |  | &nbsp;&nbsp; 1161952 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/08/41 |  | 105 | &nbsp;&nbsp; 73195 |
| &nbsp;&nbsp;&nbsp; 3.85%, 05/04/43 |  | 50 | &nbsp;&nbsp; 41605 |
| &nbsp;&nbsp;&nbsp; 4.65%, 02/23/46 |  | 300 | &nbsp;&nbsp; 272817 |
| &nbsp;&nbsp;&nbsp; 4.85%, 05/10/53 |  | 40 | &nbsp;&nbsp; 37848 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| Apple, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 08/08/62 | USD | 180 | &nbsp;&nbsp; $141732 |
| Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 07/15/27 |  | 65 | &nbsp;&nbsp; 66914 |
| &nbsp;&nbsp;&nbsp; 6.20%, 07/15/30 |  | 100 | &nbsp;&nbsp; 106630 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/33 |  | 45 | &nbsp;&nbsp; 47226 |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(b)</sup> |  | 15 | &nbsp;&nbsp; 15915 |
| HP, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/17/27 |  | 75 | &nbsp;&nbsp; 73101 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/15/41 |  | 25 | &nbsp;&nbsp; 25192 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(b)</sup> |  | 178 | &nbsp;&nbsp; 192837 |
| NetApp, Inc., 5.70%, 03/17/35 |  | 494 | &nbsp;&nbsp; 505465 |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., 5.88%, <br> 07/15/30<sup>(b)</sup><br>|  | 50 | &nbsp;&nbsp; 50510 |
|  |  |  | &nbsp;&nbsp; 1650987 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| NIKE, Inc., 2.85%, 03/27/30 |  | 100 | &nbsp;&nbsp; 93903 |
| Ralph Lauren Corp., 5.00%, 06/15/32 |  | 800 | &nbsp;&nbsp; 810307 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(b)(f)</sup> |  | 136 | &nbsp;&nbsp; 138757 |
| William Carter Co., 5.63%, 03/15/27<sup>(b)(f)</sup> |  | 47 | &nbsp;&nbsp; 46607 |
| Wolverine World Wide, Inc., 4.00%, 08/15/29<sup>(b)</sup> |  | 102 | &nbsp;&nbsp; 91925 |
|  |  |  | &nbsp;&nbsp; 1181499 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| Altria Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/14/29 |  | 500 | &nbsp;&nbsp; 503787 |
| &nbsp;&nbsp;&nbsp; 3.40%, 05/06/30 |  | 150 | &nbsp;&nbsp; 141922 |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/04/32 |  | 400 | &nbsp;&nbsp; 344457 |
| &nbsp;&nbsp;&nbsp; 5.80%, 02/14/39 |  | 25 | &nbsp;&nbsp; 25266 |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 |  | 1124 | &nbsp;&nbsp; 834678 |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/09/42 |  | 62 | &nbsp;&nbsp; 50225 |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/16/46 |  | 252 | &nbsp;&nbsp; 185475 |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/14/49<sup>(f)</sup> |  | 1080 | &nbsp;&nbsp; 1067676 |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/06/50 |  | 179 | &nbsp;&nbsp; 139737 |
| &nbsp;&nbsp;&nbsp; 3.70%, 02/04/51 |  | 290 | &nbsp;&nbsp; 199874 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/04/61<sup>(f)</sup> |  | 450 | &nbsp;&nbsp; 314381 |
| BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.46%, 09/06/29 |  | 150 | &nbsp;&nbsp; 143823 |
| &nbsp;&nbsp;&nbsp; 5.83%, 02/20/31 |  | 100 | &nbsp;&nbsp; 104726 |
| &nbsp;&nbsp;&nbsp; 2.73%, 03/25/31 |  | 25 | &nbsp;&nbsp; 22454 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/20/34 |  | 550 | &nbsp;&nbsp; 579250 |
| &nbsp;&nbsp;&nbsp; 3.73%, 09/25/40 |  | 269 | &nbsp;&nbsp; 211536 |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/43 |  | 563 | &nbsp;&nbsp; 619555 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/16/52 |  | 74 | &nbsp;&nbsp; 68658 |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/53 |  | 1537 | &nbsp;&nbsp; 1713704 |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/15/55 |  | 18 | &nbsp;&nbsp; 18185 |
| BAT International Finance PLC, 1.67%, 03/25/26 |  | 200 | &nbsp;&nbsp; 196105 |
| Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/28 |  | 590 | &nbsp;&nbsp; 597308 |
| &nbsp;&nbsp;&nbsp; 5.63%, 11/17/29 |  | 215 | &nbsp;&nbsp; 224359 |
| &nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 |  | 50 | &nbsp;&nbsp; 43432 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/17/32 |  | 345 | &nbsp;&nbsp; 362112 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/33 |  | 720 | &nbsp;&nbsp; 738895 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/07/33 |  | 90 | &nbsp;&nbsp; 93606 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/13/34 |  | 75 | &nbsp;&nbsp; 75935 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/16/38 |  | 75 | &nbsp;&nbsp; 82590 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/10/44 |  | 380 | &nbsp;&nbsp; 319194 |
| Reynolds American, Inc., 5.85%, 08/15/45 |  | 283 | &nbsp;&nbsp; 274207 |
| Turning Point Brands, Inc., 7.63%, 03/15/32<sup>(b)</sup> |  | 105 | &nbsp;&nbsp; 109991 |
|  |  |  | &nbsp;&nbsp; 10407103 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| FedEx Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/15/28 |  | 20 | &nbsp;&nbsp; 19407 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| FedEx Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 08/05/29<sup>(b)</sup> | USD | 25 | &nbsp;&nbsp; $23593 |
| &nbsp;&nbsp;&nbsp; 2.40%, 05/15/31 |  | 80 | &nbsp;&nbsp; 70486 |
| Ryder System, Inc., 6.60%, 12/01/33 |  | 25 | &nbsp;&nbsp; 27496 |
| United Parcel Service, Inc., 5.30%, 04/01/50<sup>(f)</sup> |  | 25 | &nbsp;&nbsp; 23369 |
|  |  |  | &nbsp;&nbsp; 164351 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| American Water Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/01/31 |  | 35 | &nbsp;&nbsp; 30744 |
| &nbsp;&nbsp;&nbsp; 4.45%, 06/01/32 |  | 90 | &nbsp;&nbsp; 88430 |
| &nbsp;&nbsp;&nbsp; 4.20%, 09/01/48 |  | 20 | &nbsp;&nbsp; 16124 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/54 |  | 30 | &nbsp;&nbsp; 28909 |
| Essential Utilities, Inc., 5.38%, 01/15/34 |  | 195 | &nbsp;&nbsp; 197385 |
|  |  |  | &nbsp;&nbsp; 361592 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| Millicom International Cellular SA<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/25/29 |  | 45 | &nbsp;&nbsp; 45056 |
| &nbsp;&nbsp;&nbsp; 7.38%, 04/02/32 |  | 175 | &nbsp;&nbsp; 179419 |
| Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 03/15/27 |  | 65 | &nbsp;&nbsp; 63645 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.65%), 7.00%, 04/15/55<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 102237 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(b)</sup> |  | 225 | &nbsp;&nbsp; 230977 |
| T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 02/15/28 |  | 150 | &nbsp;&nbsp; 141577 |
| &nbsp;&nbsp;&nbsp; 4.80%, 07/15/28 |  | 100 | &nbsp;&nbsp; 101207 |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 |  | 1189 | &nbsp;&nbsp; 1152418 |
| &nbsp;&nbsp;&nbsp; 2.55%, 02/15/31 |  | 40 | &nbsp;&nbsp; 35733 |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/31 |  | 176 | &nbsp;&nbsp; 151870 |
| &nbsp;&nbsp;&nbsp; 5.15%, 04/15/34 |  | 35 | &nbsp;&nbsp; 35213 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/35 |  | 785 | &nbsp;&nbsp; 791030 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/54 |  | 270 | &nbsp;&nbsp; 263788 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/55 |  | 75 | &nbsp;&nbsp; 70705 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/55 |  | 270 | &nbsp;&nbsp; 245399 |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/15/60 |  | 313 | &nbsp;&nbsp; 206578 |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/15/62<sup>(f)</sup> |  | 709 | &nbsp;&nbsp; 692256 |
| Turkcell Iletisim Hizmetleri A/S, 7.65%, 01/24/32<sup>(d)</sup> |  | 208 | &nbsp;&nbsp; 214436 |
| Vodafone Group PLC, 6.25%, 11/30/32 |  | 300 | &nbsp;&nbsp; 322548 |
| Zegona Finance PLC, 8.63%, 07/15/29<sup>(b)</sup> |  | 125 | &nbsp;&nbsp; 133062 |
|  |  |  | &nbsp;&nbsp; 5179154 |
| **Total Corporate Bonds — 30.0%** <br>**(Cost: $356,657,890)** | **Total Corporate Bonds — 30.0%** <br>**(Cost: $356,657,890)** | **Total Corporate Bonds — 30.0%** <br>**(Cost: $356,657,890)** | &nbsp;&nbsp; 362327134 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; ITG Communications LLC, Term Loan B, 8.95%, <br> 07/01/31<sup>(i)</sup><br>|  | 126 | &nbsp;&nbsp; 124898 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp; West Deptford Energy Holdings LLC, 2025 Term <br> Loan, 0.00%, 07/24/32<sup>(l)</sup><br>|  | 50 | &nbsp;&nbsp; 49625 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Bally's Corp., 2021 Term Loan B, 7.84%, 10/02/28 |  | 258 | &nbsp;&nbsp; 252780 |
| &nbsp;&nbsp;&nbsp; ECL Entertainment LLC, 2024 1st Lien Term Loan B, <br> 7.86%, 09/03/30<br>|  | 114 | &nbsp;&nbsp; 114636 |
|  |  |  | &nbsp;&nbsp; 367416 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC, 2025 Term Loan B, 9.81%, <br> 02/17/31<br>|  | 99 | &nbsp;&nbsp; 95941 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| CVR CHC LP, Term Loan B, 8.30%, 12/30/27 | USD | 187 | &nbsp;&nbsp; $186700 |
| **Total Floating Rate Loan Interests — 0.1%** <br>**(Cost: $816,559)** | **Total Floating Rate Loan Interests — 0.1%** <br>**(Cost: $816,559)** | **Total Floating Rate Loan Interests — 0.1%** <br>**(Cost: $816,559)** | &nbsp;&nbsp; 824580 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Kingdom of Belgium Government Bond, Series 98, <br> 3.30%, 06/22/54<sup>(b)(d)</sup><br>| EUR | 1011 | &nbsp;&nbsp; 1011669 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |  |
| Brazil Notas do Tesouro Nacional |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.00%, 01/01/29 | BRL | 3000 | &nbsp;&nbsp; 486485 |
| &nbsp;&nbsp;&nbsp; 10.00%, 01/01/35 |  | 19054 | &nbsp;&nbsp; 2730534 |
|  |  |  | &nbsp;&nbsp; 3217019 |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |  |
| Province of Alberta Canada, 1.30%, 07/22/30 | USD | 10 | &nbsp;&nbsp; 8725 |
| Province of Ontario Canada |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/19/27 |  | 15 | &nbsp;&nbsp; 14727 |
| &nbsp;&nbsp;&nbsp; 2.13%, 01/21/32 |  | 35 | &nbsp;&nbsp; 30538 |
| Province of Quebec Canada |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/20/26 |  | 10 | &nbsp;&nbsp; 9868 |
| &nbsp;&nbsp;&nbsp; 1.90%, 04/21/31 |  | 10 | &nbsp;&nbsp; 8798 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/08/33 |  | 15 | &nbsp;&nbsp; 14937 |
| &nbsp;&nbsp;&nbsp; Series PD, 7.50%, 09/15/29 |  | 10 | &nbsp;&nbsp; 11258 |
|  |  |  | &nbsp;&nbsp; 98851 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Chile Government International Bond, 3.50%, <br> 01/25/50<br>|  | 200 | &nbsp;&nbsp; 141364 |
| &nbsp;&nbsp;&nbsp; Chile Government International Bonds, 4.00%, <br> 01/31/52<br>|  | 200 | &nbsp;&nbsp; 152800 |
|  |  |  | &nbsp;&nbsp; 294164 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Colombia Government International Bond, 8.00%, <br> 11/14/35<br>|  | 600 | &nbsp;&nbsp; 615600 |
| Colombian TES, 6.25%, 07/09/36 | COP | 4298300 | &nbsp;&nbsp; 677923 |
|  |  |  | &nbsp;&nbsp; 1293523 |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland Bundesanleihe, 2.50%, <br> 08/15/54<sup>(d)</sup><br>| EUR | 846 | &nbsp;&nbsp; 846985 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |  |
| Indonesia Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 02/14/30 | USD | 640 | &nbsp;&nbsp; 599680 |
| &nbsp;&nbsp;&nbsp; 4.65%, 09/20/32 |  | 450 | &nbsp;&nbsp; 446850 |
| &nbsp;&nbsp;&nbsp; 3.05%, 03/12/51 |  | 270 | &nbsp;&nbsp; 178470 |
|  |  |  | &nbsp;&nbsp; 1225000 |
| **Israel — 0.0%** | **Israel — 0.0%** | **Israel — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Israel Government International Bonds, Series 30Y, <br> 5.75%, 03/12/54<br>|  | 204 | &nbsp;&nbsp; 189975 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |  |
| Italy Buoni Poliennali Del Tesoro, 3.60%, 10/01/35<sup>(d)</sup> | EUR | 1023 | &nbsp;&nbsp; 1178048 |
| **Japan — 0.1%** | **Japan — 0.1%** | **Japan — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Japan Government Thirty Year Bond, Series 85, <br> 2.30%, 12/20/54<br>| JPY | 193800 | &nbsp;&nbsp; 1100316 |
| &nbsp;&nbsp;&nbsp; Japan Government Thirty Year Bonds, 2.40%, <br> 03/20/55<br>|  | 89150 | &nbsp;&nbsp; 517514 |
|  |  |  | &nbsp;&nbsp; 1617830 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |  |
| Mexico Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.66%, 05/24/31 | USD | 900 | &nbsp;&nbsp; $776700 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/12/34 |  | 1043 | &nbsp;&nbsp; 874295 |
| &nbsp;&nbsp;&nbsp; 6.35%, 02/09/35 |  | 657 | &nbsp;&nbsp; 667430 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/13/37 |  | 800 | &nbsp;&nbsp; 827600 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/31/50<sup>(f)</sup> |  | 650 | &nbsp;&nbsp; 471835 |
| &nbsp;&nbsp;&nbsp; 6.34%, 05/04/53 |  | 200 | &nbsp;&nbsp; 182827 |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/13/55 |  | 500 | &nbsp;&nbsp; 514889 |
|  |  |  | &nbsp;&nbsp; 4315576 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |  |
| Panama Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/17/28 |  | 380 | &nbsp;&nbsp; 368600 |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/19/33 |  | 200 | &nbsp;&nbsp; 164600 |
| &nbsp;&nbsp;&nbsp; Panama Government International Bonds, 4.50%, <br> 04/01/56<br>|  | 270 | &nbsp;&nbsp; 178173 |
|  |  |  | &nbsp;&nbsp; 711373 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |  |
| Peruvian Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/10/51 |  | 480 | &nbsp;&nbsp; 324048 |
| &nbsp;&nbsp;&nbsp; 6.20%, 06/30/55 |  | 110 | &nbsp;&nbsp; 110330 |
|  |  |  | &nbsp;&nbsp; 434378 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |  |
| Philippines Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/28 |  | 420 | &nbsp;&nbsp; 406612 |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/06/46 |  | 600 | &nbsp;&nbsp; 424500 |
| &nbsp;&nbsp;&nbsp; 5.90%, 02/04/50 |  | 200 | &nbsp;&nbsp; 205800 |
|  |  |  | &nbsp;&nbsp; 1036912 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government International Bonds, <br> 5.50%, 03/18/54<br>|  | 170 | &nbsp;&nbsp; 158737 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |  |
| Export-Import Bank of Korea, 5.13%, 09/18/33 |  | 300 | &nbsp;&nbsp; 309036 |
| **Supranational — 0.3%** | **Supranational — 0.3%** | **Supranational — 0.3%** |  |
| European Union<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/04/52 | EUR | 350 | &nbsp;&nbsp; 310206 |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/04/53 |  | 3435 | &nbsp;&nbsp; 3364372 |
|  |  |  | &nbsp;&nbsp; 3674578 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |  |
| United Kingdom Gilt<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/07/30 | GBP | 623 | &nbsp;&nbsp; 835958 |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/31/54 |  | 994 | &nbsp;&nbsp; 1120530 |
|  |  |  | &nbsp;&nbsp; 1956488 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** |  |
| Uruguay Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/27/27 | USD | 250 | &nbsp;&nbsp; $250625 |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/18/50 |  | 253 | &nbsp;&nbsp; 231909 |
|  |  |  | &nbsp;&nbsp; 482534 |
| **Total Foreign Agency Obligations — 2.0%** <br>**(Cost: $24,361,965)** | **Total Foreign Agency Obligations — 2.0%** <br>**(Cost: $24,361,965)** | **Total Foreign Agency Obligations — 2.0%** <br>**(Cost: $24,361,965)** | &nbsp;&nbsp; 24052676 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Equity Funds — 0.0%** | **Equity Funds — 0.0%** |  |
| Financial Select Sector SPDR Fund | 5000 | &nbsp;&nbsp; 261850 |
| **Total Investment Companies — 0.0%** <br>**(Cost: $251,350)** | **Total Investment Companies — 0.0%** <br>**(Cost: $251,350)** | &nbsp;&nbsp; 261850 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |  |
| Bay Area Toll Authority, RB, BAB |  |  |  |
| &nbsp;&nbsp;&nbsp; Series F-2, 6.26%, 04/01/49 | USD | 100 | &nbsp;&nbsp; 104370 |
| &nbsp;&nbsp;&nbsp; Series S-1, 7.04%, 04/01/50 |  | 190 | &nbsp;&nbsp; 215311 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District, GO, BAB, <br> 6.60%, 08/01/42<br>|  | 145 | &nbsp;&nbsp; 156012 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, RB, BAB, <br> 6.60%, 07/01/50<br>|  | 100 | &nbsp;&nbsp; 104081 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center <br> Pooled Revenue, RB, Series N, 3.26%, 05/15/60<br>|  | 50 | &nbsp;&nbsp; 31349 |
| State of California, GO, BAB |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.55%, 04/01/39 |  | 250 | &nbsp;&nbsp; 297336 |
| &nbsp;&nbsp;&nbsp; 7.35%, 11/01/39 |  | 100 | &nbsp;&nbsp; 115074 |
| &nbsp;&nbsp;&nbsp; State of California, Refunding GO, 4.60%, <br> 04/01/28<sup>(m)</sup><br>|  | 370 | &nbsp;&nbsp; 374398 |
| &nbsp;&nbsp;&nbsp; University of California, RB, Series AD, 4.86%, <br> 05/15/2112<br>|  | 270 | &nbsp;&nbsp; 223015 |
|  |  |  | &nbsp;&nbsp; 1620946 |
| **Connecticut — 0.0%** | **Connecticut — 0.0%** | **Connecticut — 0.0%** |  |
| State of Connecticut, GO, Series A, 5.85%, 03/15/32 |  | 50 | &nbsp;&nbsp; 53523 |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Refunding RB, <br> BAB, 6.64%, 04/01/57<br>|  | 49 | &nbsp;&nbsp; 52480 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales & Transfer Tax <br> Receipts Revenue, RB, Series B, 6.90%, 12/01/40<br>| USD | 47 | &nbsp;&nbsp; $51580 |
| State of Illinois, GO, 5.10%, 06/01/33 |  | 576 | &nbsp;&nbsp; 578066 |
|  |  |  | &nbsp;&nbsp; 629646 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities <br> & Community Development Authority, RB, <br> Class A-2, 4.15%, 02/01/33<br>|  | 230 | &nbsp;&nbsp; 226873 |
| **Massachusetts**<sup>(f)</sup> **— 0.0%** | **Massachusetts**<sup>(f)</sup> **— 0.0%** | **Massachusetts**<sup>(f)</sup> **— 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series H, <br> 2.90%, 09/01/49<br>|  | 50 | &nbsp;&nbsp; 33205 |
| &nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Refunding <br> RB, Series C, 2.95%, 05/15/43<br>|  | 50 | &nbsp;&nbsp; 37529 |
|  |  |  | &nbsp;&nbsp; 70734 |
| **Michigan — 0.0%** | **Michigan — 0.0%** | **Michigan — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; University of Michigan, RB, Series B, 2.56%, <br> 04/01/50<sup>(f)</sup><br>|  | 100 | &nbsp;&nbsp; 61214 |
| **New Jersey — 0.0%** | **New Jersey — 0.0%** | **New Jersey — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, BAB, Series F, <br> 7.41%, 01/01/40<br>|  | 184 | &nbsp;&nbsp; 217802 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of New York, GO, Series B-1, Sustainability <br> Bonds, 5.83%, 10/01/53<br>|  | 15 | &nbsp;&nbsp; 15311 |
| &nbsp;&nbsp;&nbsp; City of New York, GO, BAB, Series F-1, 6.27%, <br> 12/01/37<br>|  | 75 | &nbsp;&nbsp; 80178 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., RB, BAB, 5.77%, <br> 03/15/39<br>|  | 40 | &nbsp;&nbsp; 41122 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, RB, BAB, <br> 6.67%, 11/15/39<br>|  | 80 | &nbsp;&nbsp; 85337 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> BAB, 5.95%, 06/15/42<br>|  | 50 | &nbsp;&nbsp; 51317 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB, 5.88%, 06/15/44<br>|  | 60 | &nbsp;&nbsp; 60484 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB, BAB, 6.01%, 06/15/42<br>|  | 60 | &nbsp;&nbsp; 62036 |
| Port Authority of New York & New Jersey, RB |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 165, 5.65%, 11/01/40 |  | 50 | &nbsp;&nbsp; 52090 |
| &nbsp;&nbsp;&nbsp; Series 168, 4.93%, 10/01/51 |  | 110 | &nbsp;&nbsp; 100963 |
|  |  |  | &nbsp;&nbsp; 548838 |
| **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., RB, Series B, 8.08%, <br> 02/15/50<br>|  | 150 | &nbsp;&nbsp; 188513 |
| **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, RB, Series A, <br> 3.86%, 06/01/38<br>|  | 50 | &nbsp;&nbsp; 45092 |
| &nbsp;&nbsp;&nbsp; Pennsylvania State University, Refunding RB, <br> Series D, 2.79%, 09/01/43<br>|  | 50 | &nbsp;&nbsp; 37245 |
|  |  |  | &nbsp;&nbsp; 82337 |
| **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System, <br> RB, BAB, Series C, 4.79%, 08/15/46<br>|  | 50 | &nbsp;&nbsp; 47208 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, RB, BAB, Junior Lien, 5.81%, 02/01/41<br>|  | 50 | &nbsp;&nbsp; 50574 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Refunding RB, <br> 2.84%, 11/01/46<br>| USD | 50 | &nbsp;&nbsp; $35648 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100500 |
| State of Texas, GO, BAB, 5.52%, 04/01/39 |  | 155 | &nbsp;&nbsp; 158124 |
|  |  |  | &nbsp;&nbsp; 392054 |
| **Total Municipal Bonds — 0.4%** <br>**(Cost: $4,126,610)** | **Total Municipal Bonds — 0.4%** <br>**(Cost: $4,126,610)** | **Total Municipal Bonds — 0.4%** <br>**(Cost: $4,126,610)** | &nbsp;&nbsp; 4144960 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations — 8.4%** | **Collateralized Mortgage Obligations — 8.4%** | **Collateralized Mortgage Obligations — 8.4%** | **Collateralized Mortgage Obligations — 8.4%** |
| A&D Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM5, Class A1, 7.05%, 11/25/68 |  | 112 | &nbsp;&nbsp; 113439 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, 5.70%, 11/25/69 |  | 90 | &nbsp;&nbsp; 90492 |
| &nbsp;&nbsp;&nbsp; ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, <br> 10/25/64<sup>(b)</sup><br>|  | 170 | &nbsp;&nbsp; 169536 |
| Ajax Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class A, 5.12%, 01/25/61 |  | 33 | &nbsp;&nbsp; 32571 |
| &nbsp;&nbsp;&nbsp; Series 2023-C, Class A1, 3.50%, 05/25/63 |  | 197 | &nbsp;&nbsp; 187607 |
| Alternative Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-29CB, Class A6, 5.50%, 07/25/35 |  | 6 | &nbsp;&nbsp; 3447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-31, Class 1A1, (1-mo. Term SOFR + <br> 0.67%), 5.03%, 08/25/35<sup>(a)</sup><br>|  | 399 | &nbsp;&nbsp; 378510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-55CW, Class 2A3, (1-mo. Term SOFR <br> + 0.46%), 4.78%, 11/25/35<sup>(a)</sup><br>|  | 12 | &nbsp;&nbsp; 8727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-59, Class 1A1, (1-mo. Term SOFR + <br> 0.77%), 5.13%, 11/20/35<sup>(a)</sup><br>|  | 9 | &nbsp;&nbsp; 8771 |
| &nbsp;&nbsp;&nbsp; Series 2006-11CB, Class 2A1, 6.25%, 05/25/36 |  | 895 | &nbsp;&nbsp; 447065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA17, Class 1A1D, (1-mo. Term <br> SOFR + 0.40%), 4.76%, 12/20/46<sup>(a)</sup><br>|  | 305 | &nbsp;&nbsp; 267684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA2, Class A5, (1-mo. Term SOFR + <br> 0.57%), 4.93%, 05/20/46<sup>(a)</sup><br>|  | 192 | &nbsp;&nbsp; 169816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC10, Class 2A3, (1-mo. Term SOFR <br> + 0.57%), 4.93%, 11/25/36<sup>(a)</sup><br>|  | 350 | &nbsp;&nbsp; 301458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC7, Class 2A3, (1-mo. Term SOFR + <br> 0.61%), 4.97%, 07/25/46<sup>(a)</sup><br>|  | 355 | &nbsp;&nbsp; 305626 |
| &nbsp;&nbsp;&nbsp; Series 2007-19, Class 1A34, 6.00%, 08/25/37 |  | 283 | &nbsp;&nbsp; 129697 |
| &nbsp;&nbsp;&nbsp; American Home Mortgage Investment Trust, <br> Series 2006-2, Class 2A2, (1-mo. Term SOFR + <br> 1.74%), 6.07%, 05/25/36<sup>(a)</sup><br>|  | 2206 | &nbsp;&nbsp; 177736 |
| Angel Oak Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A1, 4.75%, 09/26/67 |  | 315 | &nbsp;&nbsp; 311922 |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class A1, 4.80%, 11/25/67 |  | 153 | &nbsp;&nbsp; 151176 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 5.21%, 08/25/68 |  | 40 | &nbsp;&nbsp; 40102 |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class A1, 5.35%, 10/25/69 |  | 44 | &nbsp;&nbsp; 43906 |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class A1, 5.70%, 08/25/69 |  | 70 | &nbsp;&nbsp; 69599 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 5.69%, 01/25/70 |  | 896 | &nbsp;&nbsp; 895886 |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 5.64%, 02/25/70 |  | 171 | &nbsp;&nbsp; 171054 |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, 5.41%, 07/25/70 |  | 266 | &nbsp;&nbsp; 265829 |
| AOMT, Series 2024-6, Class A3, 4.65%, 11/25/67<sup>(b)</sup> |  | 278 | &nbsp;&nbsp; 270515 |
| Banc of America Alternative Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-8, Class 1CB1, 5.50%, 10/25/33 |  | 51 | &nbsp;&nbsp; 50767 |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class A4, 6.50%, 10/25/36 |  | 25 | &nbsp;&nbsp; 6480 |
| Banc of America Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A6, 5.75%, 01/25/37 |  | 8 | &nbsp;&nbsp; 6597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3, Class TA8, (1-mo. Term SOFR + <br> 0.29%), 4.65%, 04/25/37<sup>(a)</sup><br>|  | 203 | &nbsp;&nbsp; 168993 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| &nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust, Series 2025-NQM1, <br> Class A1, 5.66%, 01/25/65<sup>(b)</sup><br>| USD | 1018 | &nbsp;&nbsp; $1019409 |
| Bear Stearns Asset Backed Securities I Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AC2, Class 1A1, (1-mo. Term SOFR + <br> 0.46%), 4.82%, 03/25/36<br>|  | 45 | &nbsp;&nbsp; 11772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-IM1, Class A3, (1-mo. Term SOFR + <br> 0.67%), 5.03%, 04/25/36<br>|  | 198 | &nbsp;&nbsp; 186378 |
| &nbsp;&nbsp;&nbsp; Braccan Mortgage Funding, Series 2024-1, Class X, <br> (1-day SONIA GBP 4.34%), 8.58%, 02/15/67<sup>(a)(d)</sup><br>| GBP | 119 | &nbsp;&nbsp; 158224 |
| BRAVO Residential Funding Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class B1, 3.17%, 02/25/49<sup>(a)</sup> | USD | 265 | &nbsp;&nbsp; 213680 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A3, 4.35%, 01/25/60 |  | 288 | &nbsp;&nbsp; 278806 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.68%, 11/25/64 |  | 205 | &nbsp;&nbsp; 205073 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1, 5.46%, 07/25/65 |  | 200 | &nbsp;&nbsp; 199998 |
| Chase Mortgage Finance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-S2, Class 1A16, 6.25%, 10/25/36 |  | 396 | &nbsp;&nbsp; 141762 |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 3A1, 5.86%, 02/25/37<sup>(a)</sup> |  | 113 | &nbsp;&nbsp; 111768 |
| &nbsp;&nbsp;&nbsp; Series 2007-S5, Class 1A10, 6.00%, 07/25/37 |  | 524 | &nbsp;&nbsp; 224256 |
| CHL Mortgage Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-17, Class A6, 6.00%, 12/25/36 |  | 5 | &nbsp;&nbsp; 2370 |
| &nbsp;&nbsp;&nbsp; Series 2007-11, Class A1, 6.00%, 08/25/37 |  | 532 | &nbsp;&nbsp; 223904 |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class A17, 6.00%, 04/25/37 |  | 160 | &nbsp;&nbsp; 71766 |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 1A47, 6.00%, 05/25/37 |  | 272 | &nbsp;&nbsp; 115842 |
| &nbsp;&nbsp;&nbsp; Series 2007-8, Class 1A12, 5.88%, 01/25/38 |  | 140 | &nbsp;&nbsp; 56499 |
| &nbsp;&nbsp;&nbsp; Series 2007-8, Class 1A24, 6.00%, 01/25/38 |  | 90 | &nbsp;&nbsp; 36816 |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class A1, 5.75%, 07/25/37 |  | 18 | &nbsp;&nbsp; 8521 |
| CIM Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-I1, Class A1, 5.66%, 10/25/69 |  | 478 | &nbsp;&nbsp; 479399 |
| &nbsp;&nbsp;&nbsp; Series 2025-I1, Class M1, 6.44%, 10/25/69<sup>(a)</sup> |  | 540 | &nbsp;&nbsp; 544081 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Series 2007-6, <br> Class 2A1, (1-mo. Term SOFR + 0.61%), 4.97%, <br> 05/25/37<sup>(a)</sup><br>|  | 24 | &nbsp;&nbsp; 22048 |
| COLT Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 1.73%, 11/26/66<sup>(a)</sup> |  | 112 | &nbsp;&nbsp; 100281 |
| &nbsp;&nbsp;&nbsp; Series 2022-5, Class B1, 4.73%, 03/25/67<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 93508 |
| &nbsp;&nbsp;&nbsp; Series 2022-8, Class B1, 6.49%, 08/25/67<sup>(a)</sup> |  | 483 | &nbsp;&nbsp; 479946 |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class A1, 5.39%, 11/25/69 |  | 88 | &nbsp;&nbsp; 87522 |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, 5.47%, 06/25/70 |  | 272 | &nbsp;&nbsp; 271546 |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, 5.48%, 08/25/70 |  | 154 | &nbsp;&nbsp; 153849 |
| Connecticut Avenue Securities Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1, Class 1B1, (30-day Avg SOFR <br> + 6.86%), 11.21%, 02/25/40<br>|  | 1900 | &nbsp;&nbsp; 2016375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1, Class 1M2, (30-day Avg SOFR <br> + 3.76%), 8.11%, 02/25/40<br>|  | 1325 | &nbsp;&nbsp; 1375098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1, Class 2M2, (30-day Avg SOFR <br> + 3.76%), 8.11%, 02/25/40<br>|  | 2550 | &nbsp;&nbsp; 2648901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, (30-day Avg SOFR + <br> 3.10%), 7.45%, 10/25/41<br>|  | 2550 | &nbsp;&nbsp; 2606354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1B1, (30-day Avg SOFR + <br> 2.75%), 7.10%, 12/25/41<br>|  | 2250 | &nbsp;&nbsp; 2293452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, (30-day Avg SOFR + <br> 3.15%), 7.50%, 12/25/41<br>|  | 2690 | &nbsp;&nbsp; 2758852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, (30-day Avg SOFR + <br> 1.90%), 6.25%, 12/25/41<br>|  | 350 | &nbsp;&nbsp; 353794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2B1, (30-day Avg SOFR + <br> 4.50%), 8.85%, 01/25/42<br>|  | 1825 | &nbsp;&nbsp; 1903011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M2, (30-day Avg SOFR + <br> 3.00%), 7.35%, 01/25/42<br>|  | 2335 | &nbsp;&nbsp; 2391647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, (30-day Avg SOFR + <br> 6.25%), 10.60%, 03/25/42<br>|  | 1650 | &nbsp;&nbsp; 1779771 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Connecticut Avenue Securities Trust<sup>(a)(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, (30-day Avg SOFR + <br> 5.25%), 9.60%, 03/25/42<br>| USD | 1900 | &nbsp;&nbsp; $2021552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2B1, (30-day Avg SOFR + <br> 4.50%), 8.85%, 04/25/42<br>|  | 1500 | &nbsp;&nbsp; 1574070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2, (30-day Avg SOFR + <br> 3.00%), 7.35%, 04/25/42<br>|  | 1500 | &nbsp;&nbsp; 1537965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1B1, (30-day Avg SOFR + <br> 5.55%), 9.90%, 01/25/43<br>|  | 520 | &nbsp;&nbsp; 567371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class 1B1, (30-day Avg SOFR + <br> 2.70%), 7.05%, 01/25/44<br>|  | 1950 | &nbsp;&nbsp; 2008089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1B1, (30-day Avg SOFR + <br> 2.50%), 6.85%, 02/25/44<br>|  | 1000 | &nbsp;&nbsp; 1023448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, (30-day Avg SOFR + <br> 1.70%), 6.05%, 07/25/44<br>|  | 1960 | &nbsp;&nbsp; 1967801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1B1, (30-day Avg SOFR + <br> 2.05%), 6.40%, 09/25/44<br>|  | 1500 | &nbsp;&nbsp; 1507965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1B1, (30-day Avg SOFR + <br> 1.70%), 6.05%, 01/25/45<br>|  | 469 | &nbsp;&nbsp; 468292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1M2, (30-day Avg SOFR + <br> 1.60%), 5.95%, 02/25/45<br>|  | 1750 | &nbsp;&nbsp; 1756558 |
| &nbsp;&nbsp;&nbsp; Credit Suisse First Boston Mortgage Securities Corp., <br> Series 2005-11, Class 1A1, 6.50%, 12/25/35<br>|  | 84 | &nbsp;&nbsp; 36486 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Trust, Series 2022-NQM4, <br> Class A2, 4.82%, 06/25/67<sup>(b)</sup><br>|  | 122 | &nbsp;&nbsp; 121448 |
| Cross Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-H7, Class A1, 5.59%, 11/25/69 |  | 134 | &nbsp;&nbsp; 133800 |
| &nbsp;&nbsp;&nbsp; Series 2025-H1, Class M1, 6.48%, 02/25/70 |  | 144 | &nbsp;&nbsp; 144820 |
| CSMC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-6R, Class 5A2, (1-mo. Term SOFR + <br> 0.29%), 3.52%, 03/27/36<sup>(a)</sup><br>|  | 21 | &nbsp;&nbsp; 16025 |
| &nbsp;&nbsp;&nbsp; Series 2019-NQM1, Class A3, 4.06%, 10/25/59 |  | 36 | &nbsp;&nbsp; 35567 |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH3, Class B1, 7.10%, 08/25/67<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 99872 |
| CSMC Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM6, Class PT, 8.91%, 12/25/67 |  | 149 | &nbsp;&nbsp; 149625 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM5, Class M1, 5.17%, 05/25/67 |  | 1000 | &nbsp;&nbsp; 926838 |
| Deephaven Residential Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B1, 3.10%, 05/25/65<sup>(a)</sup> |  | 400 | &nbsp;&nbsp; 357035 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class M1, 4.31%, 03/25/67<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 87371 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 5.74%, 07/25/69 |  | 82 | &nbsp;&nbsp; 82301 |
| EFMT<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-INV1, Class A1, 5.63%, 03/25/70 |  | 188 | &nbsp;&nbsp; 188148 |
| &nbsp;&nbsp;&nbsp; Series 2025-INV3, Class A1, 5.44%, 07/25/70 |  | 384 | &nbsp;&nbsp; 383938 |
| Ellington Financial Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B2, 5.90%, 09/25/67<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 85790 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A1A, 5.71%, 11/25/69 |  | 148 | &nbsp;&nbsp; 147702 |
| Fannie Mae Connecticut Avenue Securities<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C04, Class 1M2, (30-day Avg SOFR + <br> 5.81%), 10.16%, 04/25/28<br>|  | 179 | &nbsp;&nbsp; 181021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, (30-day Avg SOFR + <br> 3.30%), 7.65%, 11/25/41<sup>(b)</sup><br>|  | 1600 | &nbsp;&nbsp; 1638428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, (30-day Avg SOFR + <br> 2.00%), 6.35%, 11/25/41<sup>(b)</sup><br>|  | 2092 | &nbsp;&nbsp; 2108139 |
| &nbsp;&nbsp;&nbsp; FIGRE Trust, Series 2024-SL1, Class A1, 5.75%, <br> 07/25/53<sup>(a)(b)</sup><br>|  | 119 | &nbsp;&nbsp; 119216 |
| First Horizon Alternative Mortgage Securities Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AA12, Class 2A1, 4.84%, 02/25/36 |  | 7 | &nbsp;&nbsp; 4515 |
| &nbsp;&nbsp;&nbsp; Series 2006-AA7, Class A1, 4.89%, 01/25/37 |  | 496 | &nbsp;&nbsp; 393025 |
| Freddie Mac STACR REMIC Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA5, Class B1, (30-day Avg SOFR + <br> 4.00%), 8.35%, 11/25/50<br>|  | 1350 | &nbsp;&nbsp; 1491331 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Freddie Mac STACR REMIC Trust<sup>(a)(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA1, Class B1, (30-day Avg SOFR + <br> 2.65%), 7.00%, 01/25/51<br>| USD | 2300 | &nbsp;&nbsp; $2410693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA2, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.75%, 08/25/33<br>|  | 2255 | &nbsp;&nbsp; 2501652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class B1, (30-day Avg SOFR + <br> 3.50%), 7.85%, 10/25/33<br>|  | 800 | &nbsp;&nbsp; 899745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class B1, (30-day Avg SOFR + <br> 3.05%), 7.40%, 01/25/34<br>|  | 2130 | &nbsp;&nbsp; 2277206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.75%, 10/25/41<br>|  | 2100 | &nbsp;&nbsp; 2155367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class B1, (30-day Avg SOFR + <br> 3.65%), 8.00%, 11/25/41<br>|  | 1394 | &nbsp;&nbsp; 1436498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA1, Class B1, (30-day Avg SOFR + <br> 3.00%), 7.35%, 08/25/33<br>|  | 2023 | &nbsp;&nbsp; 2220681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA2, Class B1, (30-day Avg SOFR + <br> 3.15%), 7.50%, 12/25/33<br>|  | 795 | &nbsp;&nbsp; 876241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3, Class B1, (30-day Avg SOFR + <br> 3.35%), 7.70%, 09/25/41<br>|  | 2110 | &nbsp;&nbsp; 2155143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3, Class M2, (30-day Avg SOFR <br> + 2.10%), 6.45%, 09/25/41<br>|  | 1500 | &nbsp;&nbsp; 1513125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2, (30-day Avg SOFR <br> + 2.35%), 6.70%, 12/25/41<br>|  | 1750 | &nbsp;&nbsp; 1775546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.75%, 01/25/42<br>|  | 750 | &nbsp;&nbsp; 771580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M2, (30-day Avg SOFR <br> + 2.50%), 6.85%, 01/25/42<br>|  | 1900 | &nbsp;&nbsp; 1934858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M2, (30-day Avg SOFR <br> + 3.75%), 8.10%, 02/25/42<br>|  | 1004 | &nbsp;&nbsp; 1042510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M2, (30-day Avg SOFR <br> + 4.35%), 8.70%, 04/25/42<br>|  | 2375 | &nbsp;&nbsp; 2498461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M2, (30-day Avg SOFR <br> + 5.25%), 9.60%, 05/25/42<br>|  | 1000 | &nbsp;&nbsp; 1068130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M2, (30-day Avg SOFR <br> + 6.75%), 11.10%, 06/25/42<br>|  | 1000 | &nbsp;&nbsp; 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M2, (30-day Avg SOFR <br> + 7.00%), 11.35%, 03/25/52<br>|  | 1500 | &nbsp;&nbsp; 1678011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M2, (30-day Avg SOFR <br> + 5.25%), 9.60%, 03/25/42<br>|  | 2225 | &nbsp;&nbsp; 2362412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1B, (30-day Avg SOFR <br> + 3.50%), 7.85%, 05/25/43<br>|  | 590 | &nbsp;&nbsp; 622822 |
| &nbsp;&nbsp;&nbsp; Gaea Mortgage Loan Trust, Series 2025-A, Class A, <br> 6.75%, 02/25/30<sup>(a)(b)</sup><br>|  | 88 | &nbsp;&nbsp; 86389 |
| GCAT Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class B1, 3.47%, 05/25/66<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 72033 |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A1, 4.25%, 05/25/67<sup>(a)</sup> |  | 138 | &nbsp;&nbsp; 129908 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.53%, 06/25/70 |  | 230 | &nbsp;&nbsp; 229997 |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2022-<br> NQM1, Class A4, 4.00%, 05/25/62<sup>(a)(b)</sup><br>|  | 67 | &nbsp;&nbsp; 60399 |
| &nbsp;&nbsp;&nbsp; GSMPS Mortgage Loan Trust, Series 2005-RP2, <br> Class 1AF, (1-mo. Term SOFR + 0.46%), 4.82%, <br> 03/25/35<sup>(a)(b)</sup><br>|  | 134 | &nbsp;&nbsp; 125519 |
| Homes Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, Class A1, 5.72%, 10/25/69 |  | 89 | &nbsp;&nbsp; 89484 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B1, 7.27%, 01/25/70<sup>(a)</sup> |  | 392 | &nbsp;&nbsp; 393144 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1, 6.52%, 01/25/70<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 201317 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.43%, 02/25/70 |  | 206 | &nbsp;&nbsp; 205840 |
| &nbsp;&nbsp;&nbsp; Homeward Opportunities Fund I Trust, Series 2020-2, <br> Class B1, 5.45%, 05/25/65<sup>(a)(b)</sup><br>|  | 570 | &nbsp;&nbsp; 564009 |
| &nbsp;&nbsp;&nbsp; Homeward Opportunities Fund Trust, Series 2022-1, <br> Class A1, 5.08%, 07/25/67<sup>(b)</sup><br>|  | 76 | &nbsp;&nbsp; 75707 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| &nbsp;&nbsp;&nbsp; Impac CMB Trust, Series 2007-A, Class A, (1-mo. <br> Term SOFR + 0.61%), 4.97%, 05/25/37<sup>(a)(b)</sup><br>| USD | 52 | &nbsp;&nbsp; $50462 |
| &nbsp;&nbsp;&nbsp; Impac Secured Assets Trust, Series 2006-3, <br> Class A1, (1-mo. Term SOFR + 0.45%), 4.81%, <br> 11/25/36<sup>(a)</sup><br>|  | 18 | &nbsp;&nbsp; 16587 |
| &nbsp;&nbsp;&nbsp; IndyMac INDX Mortgage Loan Trust, Series 2006-<br> AR41, Class A3, (1-mo. Term SOFR + 0.47%), <br> 4.83%, 02/25/37<sup>(a)</sup><br>|  | 9 | &nbsp;&nbsp; 8560 |
| &nbsp;&nbsp;&nbsp; JP Morgan Alternative Loan Trust, Series 2006-A1, <br> Class 2A1, 5.05%, 03/25/36<sup>(a)</sup><br>|  | 695 | &nbsp;&nbsp; 518946 |
| JP Morgan Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-VIS2, Class B1, 7.72%, 11/25/64 |  | 25 | &nbsp;&nbsp; 25240 |
| &nbsp;&nbsp;&nbsp; Series 2025-VIS1, Class M1, 6.41%, 08/25/55 |  | 150 | &nbsp;&nbsp; 150742 |
| &nbsp;&nbsp;&nbsp; MASTR Reperforming Loan Trust, Series 2005-1, <br> Class 1A3, 7.00%, 08/25/34<sup>(b)</sup><br>|  | 327 | &nbsp;&nbsp; 226002 |
| MFA Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class M1, 4.23%, 12/25/66<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 86303 |
| &nbsp;&nbsp;&nbsp; Series 2024-RTL1, Class A1, 7.09%, 02/25/29 |  | 100 | &nbsp;&nbsp; 100435 |
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Loan Trust, Series 2023-NQM1, <br> Class A1, 6.05%, 10/25/67<sup>(b)</sup><br>|  | 113 | &nbsp;&nbsp; 113080 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Resecuritization Trust, Series 2015-<br> R2, Class 1B, (12-mo. MTA + 0.71%), 4.10%, <br> 12/27/46<sup>(a)(b)</sup><br>|  | 313 | &nbsp;&nbsp; 282599 |
| Morgan Stanley Residential Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM1, Class B1, 7.39%, 09/25/68<sup>(a)</sup> |  | 536 | &nbsp;&nbsp; 538499 |
| &nbsp;&nbsp;&nbsp; Series 2025-DSC2, Class A1, 5.44%, 07/25/70 |  | 510 | &nbsp;&nbsp; 509442 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.74%, 11/25/69<sup>(a)</sup> |  | 158 | &nbsp;&nbsp; 158304 |
| New Residential Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 0.00%, 01/25/65 |  | 511 | &nbsp;&nbsp; 513007 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B1, 6.92%, 01/25/65<sup>(a)</sup> |  | 500 | &nbsp;&nbsp; 501692 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1, 6.47%, 01/25/65<sup>(a)</sup> |  | 289 | &nbsp;&nbsp; 292319 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.35%, 07/25/65<sup>(a)</sup> |  | 149 | &nbsp;&nbsp; 148833 |
| &nbsp;&nbsp;&nbsp; NMLT Trust, Series 2021-INV1, Class B1, 3.61%, <br> 05/25/56<sup>(a)(b)</sup><br>|  | 541 | &nbsp;&nbsp; 415623 |
| &nbsp;&nbsp;&nbsp; OBX Trust, Series 2025-NQM3, Class A1, 5.65%, <br> 12/01/64<sup>(b)</sup><br>|  | 127 | &nbsp;&nbsp; 127018 |
| PRKCM Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-AFC1, Class A1A, 4.10%, 04/25/57<sup>(a)</sup> |  | 76 | &nbsp;&nbsp; 74363 |
| &nbsp;&nbsp;&nbsp; Series 2023-AFC1, Class A1, 6.60%, 02/25/58 |  | 83 | &nbsp;&nbsp; 82659 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.80%, 11/25/69 |  | 573 | &nbsp;&nbsp; 574359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1A, 6.65%, <br> 11/25/69<sup>(a)</sup><br>|  | 113 | &nbsp;&nbsp; 114511 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.61%, 05/25/70<sup>(a)</sup> |  | 408 | &nbsp;&nbsp; 407755 |
| RALI Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-QA6, Class NB21, 4.88%, 05/25/35 |  | 920 | &nbsp;&nbsp; 432431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QO2, Class A1, (12-mo. MTA + <br> 1.36%), 5.33%, 09/25/45<br>|  | 387 | &nbsp;&nbsp; 326895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH3, Class A1, (1-mo. Term SOFR + <br> 0.43%), 4.79%, 04/25/37<br>|  | 139 | &nbsp;&nbsp; 134350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QO2, Class A1, (1-mo. Term SOFR + <br> 0.26%), 4.62%, 02/25/47<br>|  | 374 | &nbsp;&nbsp; 112419 |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust, Series 2024-CES8, <br> Class A1A, 5.49%, 11/25/44<sup>(b)</sup><br>|  | 87 | &nbsp;&nbsp; 87255 |
| Reperforming Loan REMIC Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R1, Class 1AF1, (1-mo. Term SOFR + <br> 0.47%), 4.83%, 03/25/35<br>|  | 23 | &nbsp;&nbsp; 21796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R1, Class 1AF2, (1-mo. Term SOFR + <br> 0.47%), 4.83%, 03/25/35<br>|  | 137 | &nbsp;&nbsp; 132445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R2, Class 1AF1, (1-mo. Term SOFR + <br> 0.45%), 4.81%, 06/25/35<br>|  | 12 | &nbsp;&nbsp; 11942 |
| Residential Asset Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-A14C, Class 1A2, 6.25%, 12/25/36 |  | 342 | &nbsp;&nbsp; 235711 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Residential Asset Securitization Trust (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A9, Class A1, (1-mo. Term SOFR + <br> 0.66%), 5.02%, 09/25/37<sup>(a)</sup><br>| USD | 1092 | &nbsp;&nbsp; $298166 |
| &nbsp;&nbsp;&nbsp; RFMSI Series, Series 2006-SA4, Class 2A1, 5.53%, <br> 11/25/36<sup>(a)</sup><br>|  | 4 | &nbsp;&nbsp; 3103 |
| &nbsp;&nbsp;&nbsp; RFMSI Trust, Series 2007-SA4, Class 3A1, 5.83%, <br> 10/25/37<sup>(a)</sup><br>|  | 226 | &nbsp;&nbsp; 137621 |
| Saluda Grade Alternative Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-RTL4, Class A1, 7.50%, 02/25/30 |  | 140 | &nbsp;&nbsp; 140667 |
| &nbsp;&nbsp;&nbsp; Series 2024-RTL5, Class A1, 7.76%, 04/25/30 |  | 100 | &nbsp;&nbsp; 100896 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series 2017-CH2, Class B3, <br> 4.47%, 12/25/47<sup>(a)(b)</sup><br>|  | 127 | &nbsp;&nbsp; 120314 |
| SG Residential Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-3, Class B1, 4.08%, 09/25/59 |  | 257 | &nbsp;&nbsp; 244731 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 5.30%, 08/25/62 |  | 50 | &nbsp;&nbsp; 48912 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class M1, 5.30%, 08/25/62 |  | 205 | &nbsp;&nbsp; 202423 |
| &nbsp;&nbsp;&nbsp; TRK Trust, Series 2021-INV2, Class B1, 4.10%, <br> 11/25/56<sup>(a)(b)</sup><br>|  | 125 | &nbsp;&nbsp; 99759 |
| Verus Securitization Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.20%, 06/25/66<sup>(a)</sup> |  | 214 | &nbsp;&nbsp; 150710 |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class A1, 1.82%, 11/25/66<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 90856 |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class B1, 4.07%, 02/25/67<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 78566 |
| &nbsp;&nbsp;&nbsp; Series 2023-INV1, Class M1, 7.49%, 02/25/68<sup>(a)</sup> |  | 120 | &nbsp;&nbsp; 120319 |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A1, 5.43%, 06/25/70 |  | 286 | &nbsp;&nbsp; 285722 |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A1, 5.42%, 07/25/70 |  | 650 | &nbsp;&nbsp; 649409 |
| &nbsp;&nbsp;&nbsp; Visio Trust, Series 2022-1, Class B1, 5.88%, <br> 08/25/57<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 91262 |
| &nbsp;&nbsp;&nbsp; Wachovia Mortgage Loan Trust, Series 2006-AMN1, <br> Class A2, (1-mo. Term SOFR + 0.41%), 1.75%, <br> 08/25/36<sup>(a)</sup><br>|  | 981 | &nbsp;&nbsp; 318932 |
| WaMu Mortgage Pass-Through Certificates Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR8, Class 1A4, 4.77%, 08/25/46 |  | 60 | &nbsp;&nbsp; 55164 |
| &nbsp;&nbsp;&nbsp; Series 2007-HY3, Class 4A1, 5.08%, 03/25/37 |  | 10 | &nbsp;&nbsp; 9025 |
| &nbsp;&nbsp;&nbsp; Series 2007-HY4, Class 1A1, 3.71%, 04/25/37 |  | 348 | &nbsp;&nbsp; 313361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA5, Class 1A, (12-mo. MTA + <br> 0.75%), 4.72%, 06/25/47<br>|  | 83 | &nbsp;&nbsp; 68950 |
| &nbsp;&nbsp;&nbsp; Washington Mutual Mortgage Pass-Through <br> Certificates Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 5A1, 5.50%, 11/25/35 |  | 148 | &nbsp;&nbsp; 119458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR1, Class A1A, (1-mo. Term SOFR + <br> 0.63%), 4.99%, 12/25/35<sup>(a)</sup><br>|  | 157 | &nbsp;&nbsp; 139530 |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 3CB1, 7.00%, 08/25/36 |  | 330 | &nbsp;&nbsp; 131406 |
| &nbsp;&nbsp;&nbsp; Series 2006-8, Class A4, 4.11%, 10/25/36 |  | 82 | &nbsp;&nbsp; 27244 |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class A6, 6.00%, 06/25/37 |  | 149 | &nbsp;&nbsp; 135764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA2, Class 2A, (12-mo. MTA + <br> 0.70%), 4.67%, 01/25/47<sup>(a)</sup><br>|  | 189 | &nbsp;&nbsp; 159610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA3, Class 5A, (12-mo. MTA + <br> 1.25%), 5.22%, 04/25/47<sup>(a)</sup><br>|  | 82 | &nbsp;&nbsp; 70260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OC2, Class A3, (1-mo. Term SOFR + <br> 0.73%), 5.09%, 06/25/37<sup>(a)</sup><br>|  | 12 | &nbsp;&nbsp; 11304 |
|  |  |  | &nbsp;&nbsp; 101727294 |
| **Commercial Mortgage-Backed Securities — 3.6%** | **Commercial Mortgage-Backed Securities — 3.6%** | **Commercial Mortgage-Backed Securities — 3.6%** | **Commercial Mortgage-Backed Securities — 3.6%** |
| 1301 Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1301, Class A, 5.23%, 08/11/30 |  | 55 | &nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp; Series 2025-1301, Class E, 7.48%, 08/11/30 |  | 35 | &nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Series 2025-1301, Class F, 8.37%, 08/11/30 |  | 504 | &nbsp;&nbsp; 504000 |
| 1345T 2025-AOA<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AOA, Class A, (1-mo. Term SOFR + <br> 1.60%), 5.94%, 06/15/30<br>|  | 66 | &nbsp;&nbsp; 66101 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| 1345T 2025-AOA<sup>(a)(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AOA, Class E, (1-mo. Term SOFR + <br> 4.50%), 8.84%, 06/15/30<br>| USD | 116 | &nbsp;&nbsp; $115998 |
| ACREC LLC<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FL2, Class A, (1-mo. Term SOFR + <br> 2.23%), 6.57%, 02/19/38<br>|  | 141 | &nbsp;&nbsp; 141517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL3, Class A, (1-mo. Term SOFR + <br> 1.62%), 5.95%, 08/18/40<br>|  | 538 | &nbsp;&nbsp; 538641 |
| AREIT Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CRE9, Class A, (1-mo. Term SOFR + <br> 1.69%), 6.03%, 05/17/41<br>|  | 331 | &nbsp;&nbsp; 330821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE10, Class A, (1-mo. Term SOFR + <br> 1.39%), 5.73%, 12/17/29<br>|  | 795 | &nbsp;&nbsp; 796097 |
| &nbsp;&nbsp;&nbsp; Ares Commercial Mortgage Trust, Series 2024-IND, <br> Class A, (1-mo. Term SOFR + 1.69%), 6.03%, <br> 07/15/41<sup>(a)(b)</sup><br>|  | 370 | &nbsp;&nbsp; 371272 |
| Atrium Hotel Portfolio Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-ATRM, Class A, 5.41%, 11/10/29 |  | 160 | &nbsp;&nbsp; 161695 |
| &nbsp;&nbsp;&nbsp; Series 2024-ATRM, Class E, 9.21%, 11/10/29 |  | 32 | &nbsp;&nbsp; 32635 |
| BAHA Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-MAR, Class A, 5.97%, 12/10/41 |  | 560 | &nbsp;&nbsp; 575069 |
| &nbsp;&nbsp;&nbsp; Series 2024-MAR, Class B, 6.84%, 12/10/41 |  | 20 | &nbsp;&nbsp; 20639 |
| &nbsp;&nbsp;&nbsp; Series 2024-MAR, Class C, 7.52%, 12/10/41 |  | 789 | &nbsp;&nbsp; 811998 |
| BAMLL Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BHP, Class A, (1-mo. Term SOFR + <br> 2.35%), 6.69%, 08/15/39<br>|  | 120 | &nbsp;&nbsp; 120295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ASHF, Class A, (1-mo. Term SOFR + <br> 1.85%), 6.19%, 02/15/42<br>|  | 802 | &nbsp;&nbsp; 802027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ASHF, Class E, (1-mo. Term SOFR + <br> 5.25%), 9.59%, 02/15/42<br>|  | 163 | &nbsp;&nbsp; 164025 |
| Bank |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A3, 3.18%, 08/15/61 |  | 250 | &nbsp;&nbsp; 233037 |
| &nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A3, 3.01%, 09/15/62 |  | 250 | &nbsp;&nbsp; 230975 |
| &nbsp;&nbsp;&nbsp; Series 2021-BN35, Class C, 2.90%, 06/15/64<sup>(a)</sup> |  | 46 | &nbsp;&nbsp; 38985 |
| &nbsp;&nbsp;&nbsp; Series 2021-BN37, Class A4, 2.37%, 11/15/64 |  | 350 | &nbsp;&nbsp; 300872 |
| &nbsp;&nbsp;&nbsp; Series 2022-BNK41, Class A4, 3.79%, 04/15/65<sup>(a)</sup> |  | 150 | &nbsp;&nbsp; 140347 |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR6, Class A3, 6.23%, 05/15/57 |  | 10 | &nbsp;&nbsp; 10476 |
| BBCMS Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-C22, Class A5, 6.80%, 11/15/56<sup>(a)</sup> |  | 530 | &nbsp;&nbsp; 587043 |
| &nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3, 5.66%, 05/15/58 |  | 41 | &nbsp;&nbsp; 42490 |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class A5, 5.59%, 07/15/58 |  | 484 | &nbsp;&nbsp; 500943 |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class AS, 5.84%, 07/15/58 |  | 73 | &nbsp;&nbsp; 75276 |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class B, 6.12%, 07/15/58 |  | 40 | &nbsp;&nbsp; 41369 |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class D, 4.50%, 07/15/58<sup>(b)</sup> |  | 37 | &nbsp;&nbsp; 28222 |
| &nbsp;&nbsp;&nbsp; BDS LLC, Series 2024-FL13, Class A, (1-mo. Term <br> SOFR + 1.58%), 5.93%, 09/19/39<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100347 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series 2020-B21, <br> Class A5, 1.98%, 12/17/53<br>|  | 45 | &nbsp;&nbsp; 39141 |
| BFLD Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-UNIV, Class A, (1-mo. Term SOFR + <br> 1.49%), 5.83%, 11/15/41<br>|  | 70 | &nbsp;&nbsp; 70219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-UNIV, Class E, (1-mo. Term SOFR + <br> 3.64%), 7.98%, 11/15/41<br>|  | 47 | &nbsp;&nbsp; 47025 |
| &nbsp;&nbsp;&nbsp; BFLD Mortgage Trust, Series 2024-VICT, Class A, <br> (1-mo. Term SOFR + 1.89%), 6.23%, 07/15/41<sup>(a)(b)</sup><br>|  | 173 | &nbsp;&nbsp; 173757 |
| &nbsp;&nbsp;&nbsp; BFLD Trust, Series 2025-EWEST, Class A, (1-mo. <br> Term SOFR + 1.55%), 5.89%, 06/15/42<sup>(a)(b)</sup><br>|  | 245 | &nbsp;&nbsp; 245153 |
| &nbsp;&nbsp;&nbsp; BHMS, Series 2018-ATLS, Class A, (1-mo. Term <br> SOFR + 1.55%), 5.89%, 07/15/35<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 99980 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; BLP Commercial Mortgage Trust, Series 2024-IND2, <br> Class A, (1-mo. Term SOFR + 1.34%), 5.68%, <br> 03/15/41<sup>(a)(b)</sup><br>| USD | 366 | &nbsp;&nbsp; $366978 |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Series 2023-C5, Class XA, <br> 0.72%, 06/15/56<sup>(a)</sup><br>|  | 346 | &nbsp;&nbsp; 15876 |
| BMP<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF23, Class D, (1-mo. Term SOFR + <br> 2.39%), 6.73%, 06/15/41<br>|  | 220 | &nbsp;&nbsp; 220619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF23, Class E, (1-mo. Term SOFR + <br> 3.39%), 7.73%, 06/15/41<br>|  | 39 | &nbsp;&nbsp; 38938 |
| &nbsp;&nbsp;&nbsp; BPR Trust, Series 2024-PMDW, Class A, 5.36%, <br> 11/05/41<sup>(a)(b)</sup><br>|  | 10 | &nbsp;&nbsp; 10089 |
| &nbsp;&nbsp;&nbsp; BWAY Trust, Series 2025-1535, Class A, 6.31%, <br> 05/05/42<sup>(a)(b)</sup><br>|  | 23 | &nbsp;&nbsp; 23432 |
| BX Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-VIV5, Class A, 2.84%, 03/09/44 |  | 240 | &nbsp;&nbsp; 215472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CSMO, Class B, (1-mo. Term SOFR + <br> 3.14%), 7.48%, 06/15/27<br>|  | 588 | &nbsp;&nbsp; 591876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LP2, Class A, (1-mo. Term SOFR + <br> 1.01%), 5.35%, 02/15/39<br>|  | 79 | &nbsp;&nbsp; 79541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-VLT3, Class A, (1-mo. Term SOFR + <br> 1.94%), 6.28%, 11/15/28<br>|  | 200 | &nbsp;&nbsp; 200374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-XL3, Class A, (1-mo. Term SOFR + <br> 1.76%), 6.10%, 12/09/40<br>|  | 276 | &nbsp;&nbsp; 276898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-XL3, Class D, (1-mo. Term SOFR + <br> 3.59%), 7.93%, 12/09/40<br>|  | 238 | &nbsp;&nbsp; 239102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR2, Class A, (1-mo. Term SOFR + <br> 1.49%), 5.83%, 10/15/41<br>|  | 144 | &nbsp;&nbsp; 144147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, (1-mo. Term SOFR + <br> 1.69%), 6.03%, 08/15/39<br>|  | 275 | &nbsp;&nbsp; 276165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class A, (1-mo. Term SOFR + <br> 2.88%), 7.22%, 10/15/41<br>|  | 187 | &nbsp;&nbsp; 188344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class B, (1-mo. Term SOFR + <br> 3.93%), 8.27%, 10/15/41<br>|  | 43 | &nbsp;&nbsp; 43134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class D, (1-mo. Term SOFR + <br> 5.97%), 10.31%, 10/15/41<br>|  | 596 | &nbsp;&nbsp; 598222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class E, (1-mo. Term SOFR + <br> 6.97%), 11.31%, 10/15/41<br>|  | 13 | &nbsp;&nbsp; 12944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class B, (1-mo. Term SOFR + <br> 1.64%), 5.98%, 12/15/39<br>|  | 94 | &nbsp;&nbsp; 93977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-KING, Class A, (1-mo. Term SOFR + <br> 1.54%), 5.88%, 05/15/34<br>|  | 99 | &nbsp;&nbsp; 98731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MDHS, Class A, (1-mo. Term SOFR + <br> 1.64%), 5.98%, 05/15/41<br>|  | 236 | &nbsp;&nbsp; 236318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class A, (1-mo. Term SOFR + <br> 1.44%), 5.78%, 02/15/39<br>|  | 253 | &nbsp;&nbsp; 253715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class E, (1-mo. Term SOFR + <br> 3.74%), 8.08%, 02/15/39<br>|  | 89 | &nbsp;&nbsp; 88747 |
| &nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 4.66%, 11/15/41 | CAD | 27 | &nbsp;&nbsp; 19631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class D, (1-mo. Term SOFR + <br> 3.14%), 7.48%, 02/15/39<br>| USD | 161 | &nbsp;&nbsp; 161538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class E, (1-mo. Term SOFR + <br> 4.19%), 8.53%, 02/15/39<br>|  | 104 | &nbsp;&nbsp; 101400 |
| BX Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.73%, 08/15/42 |  | 108 | &nbsp;&nbsp; 108000 |
| &nbsp;&nbsp;&nbsp; Class E, 7.85%, 08/15/42 |  | 100 | &nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class A, (1-mo. Term SOFR + <br> 1.01%), 5.36%, 10/15/36<br>|  | 45 | &nbsp;&nbsp; 44986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AV, (1-mo. Term SOFR + <br> 0.91%), 5.26%, 02/15/36<br>|  | 198 | &nbsp;&nbsp; 197642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIEW, Class F, (1-mo. Term SOFR + <br> 4.04%), 8.39%, 06/15/36<br>|  | 21 | &nbsp;&nbsp; 20553 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| BX Trust<sup>(a)(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-IND, Class A, (1-mo. Term SOFR + <br> 1.49%), 5.83%, 04/15/37<br>| USD | 82 | &nbsp;&nbsp; $81597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, (1-mo. Term SOFR + <br> 1.00%), 5.34%, 01/15/39<br>|  | 450 | &nbsp;&nbsp; 450421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DELC, Class A, (1-mo. Term SOFR + <br> 2.69%), 7.03%, 05/15/38<br>|  | 371 | &nbsp;&nbsp; 373087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DELC, Class D, (1-mo. Term SOFR + <br> 4.39%), 8.73%, 05/15/38<br>|  | 262 | &nbsp;&nbsp; 264620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A, (1-mo. Term SOFR + <br> 1.44%), 5.78%, 04/15/41<br>|  | 81 | &nbsp;&nbsp; 81231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class D, (1-mo. Term SOFR + <br> 2.69%), 7.03%, 04/15/41<br>|  | 79 | &nbsp;&nbsp; 78816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class E, (1-mo. Term SOFR + <br> 3.69%), 8.03%, 04/15/41<br>|  | 79 | &nbsp;&nbsp; 78290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PALM, Class A, (1-mo. Term SOFR + <br> 1.54%), 5.88%, 06/15/37<br>|  | 503 | &nbsp;&nbsp; 502788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, (1-mo. Term SOFR + <br> 2.09%), 6.43%, 03/15/41<br>|  | 60 | &nbsp;&nbsp; 60019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class C, (1-mo. Term SOFR + <br> 4.44%), 8.78%, 03/15/41<br>|  | 122 | &nbsp;&nbsp; 120436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class D, (1-mo. Term SOFR + <br> 5.39%), 9.73%, 03/15/41<br>|  | 56 | &nbsp;&nbsp; 55024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, (1-mo. Term SOFR + <br> 1.49%), 5.83%, 07/15/29<br>|  | 284 | &nbsp;&nbsp; 284177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E, (1-mo. Term SOFR + <br> 2.89%), 7.23%, 07/15/29<br>|  | 60 | &nbsp;&nbsp; 59775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class F, (1-mo. Term SOFR + <br> 3.94%), 8.28%, 07/15/29<br>|  | 150 | &nbsp;&nbsp; 148671 |
| &nbsp;&nbsp;&nbsp; Series 2025-LIFE, Class A, 5.88%, 06/13/47 |  | 100 | &nbsp;&nbsp; 100680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, (1-mo. Term SOFR + <br> 1.50%), 5.84%, 06/15/40<br>|  | 28 | &nbsp;&nbsp; 28084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class E, (1-mo. Term SOFR + <br> 2.94%), 7.28%, 03/15/30<br>|  | 262 | &nbsp;&nbsp; 257082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class E, (1-mo. Term SOFR + <br> 3.30%), 7.64%, 06/15/35<br>|  | 124 | &nbsp;&nbsp; 123999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, (1-mo. Term SOFR + <br> 1.44%), 5.79%, 03/15/42<br>|  | 136 | &nbsp;&nbsp; 135915 |
| &nbsp;&nbsp;&nbsp; BXMT, Series 2025-FL5, Class A, (1-mo. Term SOFR <br> + 1.64%), 5.99%, 10/18/42<sup>(a)(b)</sup><br>|  | 164 | &nbsp;&nbsp; 163554 |
| &nbsp;&nbsp;&nbsp; Cali, Series 2024-SUN, Class A, (1-mo. Term SOFR + <br> 1.89%), 6.23%, 07/15/41<sup>(a)(b)</sup><br>|  | 140 | &nbsp;&nbsp; 140219 |
| &nbsp;&nbsp;&nbsp; CENT, Series 2025-CITY, Class A, 5.09%, <br> 07/10/40<sup>(a)(b)</sup><br>|  | 720 | &nbsp;&nbsp; 722456 |
| &nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust, Series 2016-C4, <br> Class AM, 3.69%, 05/10/58<br>|  | 560 | &nbsp;&nbsp; 553472 |
| &nbsp;&nbsp;&nbsp; CFK Trust, Series 2020-MF2, Class B, 2.79%, <br> 03/15/39<sup>(b)</sup><br>|  | 330 | &nbsp;&nbsp; 301239 |
| &nbsp;&nbsp;&nbsp; CFSP Mortgage Trust, Series 2024-AHP1, Class A, <br> 6.50%, 04/15/37<br>|  | 199 | &nbsp;&nbsp; 190721 |
| Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-PF2, Class A5, 5.29%, 11/15/55<sup>(a)</sup> |  | 300 | &nbsp;&nbsp; 303340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1, Class A, (1-mo. Term SOFR + <br> 1.84%), 6.18%, 06/15/41<sup>(a)(b)</sup><br>|  | 170 | &nbsp;&nbsp; 169469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1, Class B, (1-mo. Term SOFR + <br> 2.59%), 6.93%, 06/15/41<sup>(a)(b)</sup><br>|  | 50 | &nbsp;&nbsp; 49844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1, Class E, (1-mo. Term SOFR + <br> 4.49%), 8.83%, 06/15/41<sup>(a)(b)</sup><br>|  | 66 | &nbsp;&nbsp; 65464 |
| &nbsp;&nbsp;&nbsp; Series 2025-167G, Class A, 5.50%, 08/10/40<sup>(b)</sup> |  | 254 | &nbsp;&nbsp; 252944 |
| &nbsp;&nbsp;&nbsp; Series 2025-167G, Class E, 8.47%, 08/10/40<sup>(a)(b)</sup> |  | 40 | &nbsp;&nbsp; 39840 |
| &nbsp;&nbsp;&nbsp; Series 2025-167G, Class F, 9.46%, 08/10/40<sup>(a)(b)</sup> |  | 34 | &nbsp;&nbsp; 33866 |
| &nbsp;&nbsp;&nbsp; Series 2025-SBX, Class B, 5.73%, 08/10/41<sup>(a)(b)</sup> |  | 48 | &nbsp;&nbsp; 47917 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| CONE Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1, Class A, (1-mo. Term SOFR + <br> 1.64%), 5.98%, 08/15/41<br>| USD | 70 | &nbsp;&nbsp; $69956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1, Class E, (1-mo. Term SOFR + <br> 3.89%), 8.23%, 08/15/41<br>|  | 200 | &nbsp;&nbsp; 198511 |
| &nbsp;&nbsp;&nbsp; CSTL Commercial Mortgage Trust, Series 2024-<br> GATE, Class A, 4.76%, 11/10/41<sup>(a)(b)</sup><br>|  | 170 | &nbsp;&nbsp; 168649 |
| &nbsp;&nbsp;&nbsp; DBGS, Series 2024-SBL, Class A, (1-mo. Term SOFR <br> + 1.88%), 6.22%, 08/15/34<sup>(a)(b)</sup><br>|  | 260 | &nbsp;&nbsp; 260244 |
| &nbsp;&nbsp;&nbsp; DBSG Mortgage Trust, Series 2024-ALTA, Class A, <br> 5.95%, 06/10/37<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 101244 |
| &nbsp;&nbsp;&nbsp; DC Trust, Series 2024-HLTN, Class A, 5.73%, <br> 04/13/40<sup>(a)(b)</sup><br>|  | 10 | &nbsp;&nbsp; 10049 |
| DK Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SPBX, Class A, (1-mo. Term SOFR + <br> 1.50%), 5.84%, 03/15/34<br>|  | 72 | &nbsp;&nbsp; 72180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SPBX, Class E, (1-mo. Term SOFR + <br> 4.00%), 8.34%, 03/15/34<br>|  | 204 | &nbsp;&nbsp; 204785 |
| &nbsp;&nbsp;&nbsp; Durst Commercial Mortgage Trust, Series 2025-151, <br> Class D, 7.02%, 08/10/42<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100000 |
| ELM Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-ELM, Class A10, 5.80%, 06/10/39 |  | 75 | &nbsp;&nbsp; 75522 |
| &nbsp;&nbsp;&nbsp; Series 2024-ELM, Class A15, 5.80%, 06/10/39 |  | 75 | &nbsp;&nbsp; 75522 |
| &nbsp;&nbsp;&nbsp; Series 2024-ELM, Class E10, 7.79%, 06/10/39 |  | 95 | &nbsp;&nbsp; 95124 |
| &nbsp;&nbsp;&nbsp; Series 2024-ELM, Class XP10, 0.23%, 06/10/39 |  | 1000 | &nbsp;&nbsp; 1923 |
| &nbsp;&nbsp;&nbsp; Series 2024-ELM, Class XP15, 1.56%, 06/10/39 |  | 1005 | &nbsp;&nbsp; 12834 |
| &nbsp;&nbsp;&nbsp; EQT Trust, Series 2024-EXTR, Class A, 5.33%, <br> 07/05/41<sup>(a)(b)</sup><br>|  | 350 | &nbsp;&nbsp; 355218 |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, Series 2021-ESH, <br> Class F, (1-mo. Term SOFR + 3.81%), 8.16%, <br> 07/15/38<sup>(a)(b)</sup><br>|  | 618 | &nbsp;&nbsp; 618422 |
| &nbsp;&nbsp;&nbsp; Fashion Show Mall LLC, Series 2024-SHOW, <br> Class A, 5.10%, 10/10/41<sup>(a)(b)</sup><br>|  | 17 | &nbsp;&nbsp; 17056 |
| Fontainebleau Miami Beach Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FBLU, Class A, (1-mo. Term SOFR + <br> 1.45%), 5.79%, 12/15/39<br>|  | 700 | &nbsp;&nbsp; 701224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FBLU, Class G, (1-mo. Term SOFR + <br> 5.65%), 9.99%, 12/15/39<br>|  | 100 | &nbsp;&nbsp; 99981 |
| FS Rialto Issuer LLC<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL9, Class A, (1-mo. Term SOFR + <br> 1.63%), 5.98%, 10/19/39<br>|  | 100 | &nbsp;&nbsp; 100697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL10, Class A, (1-mo. Term SOFR + <br> 1.39%), 5.74%, 08/19/42<br>|  | 780 | &nbsp;&nbsp; 781932 |
| &nbsp;&nbsp;&nbsp; Great Wolf Trust, Series 2024-WOLF, Class A, (1-mo. <br> Term SOFR + 1.54%), 5.88%, 03/15/39<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100375 |
| GS Mortgage Securities Corp. Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FUN, Class B, (1-mo. Term SOFR + <br> 2.79%), 7.13%, 03/15/28<br>|  | 510 | &nbsp;&nbsp; 512550 |
| &nbsp;&nbsp;&nbsp; Series 2023-SHIP, Class C, 5.51%, 09/10/38 |  | 530 | &nbsp;&nbsp; 529802 |
| &nbsp;&nbsp;&nbsp; Series 2023-SHIP, Class E, 7.43%, 09/10/38 |  | 132 | &nbsp;&nbsp; 132247 |
| &nbsp;&nbsp;&nbsp; Series 2024-RVR, Class E, 7.47%, 08/10/41 |  | 37 | &nbsp;&nbsp; 36571 |
| GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-GS8, Class A4, 3.47%, 11/10/50 |  | 300 | &nbsp;&nbsp; 291078 |
| &nbsp;&nbsp;&nbsp; Series 2019-GSA1, Class AS, 3.34%, 11/10/52 |  | 190 | &nbsp;&nbsp; 177879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-800D, Class A, (1-mo. Term SOFR + <br> 2.65%), 7.00%, 11/25/41<sup>(a)(b)</sup><br>|  | 210 | &nbsp;&nbsp; 210396 |
| &nbsp;&nbsp;&nbsp; GSAT Trust, Series 2025-BMF, Class A, (1-mo. Term <br> SOFR + 1.50%), 5.84%, 07/15/40<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100030 |
| &nbsp;&nbsp;&nbsp; GWT, Series 2024-WLF2, Class A, (1-mo. Term <br> SOFR + 1.69%), 6.03%, 05/15/41<sup>(a)(b)</sup><br>|  | 197 | &nbsp;&nbsp; 197923 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Harvest Commercial Capital Loan Trust, <br> Series 2024-1, Class A, 6.16%, 10/25/56<br>| USD | 597 | &nbsp;&nbsp; $602827 |
| HIH Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2061, Class A, (1-mo. Term SOFR + <br> 1.84%), 6.18%, 10/15/41<br>|  | 69 | &nbsp;&nbsp; 69011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2061, Class D, (1-mo. Term SOFR + <br> 3.64%), 7.98%, 10/15/41<br>|  | 30 | &nbsp;&nbsp; 29576 |
| HILT Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ORL, Class A, (1-mo. Term SOFR + <br> 1.54%), 5.88%, 05/15/37<br>|  | 100 | &nbsp;&nbsp; 100062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ORL, Class D, (1-mo. Term SOFR + <br> 3.19%), 7.53%, 05/15/37<br>|  | 100 | &nbsp;&nbsp; 99875 |
| &nbsp;&nbsp;&nbsp; HLTN Commercial Mortgage Trust, Series 2024-<br> DPLO, Class A, (1-mo. Term SOFR + 1.64%), <br> 5.98%, 06/15/41<sup>(a)(b)</sup><br>|  | 37 | &nbsp;&nbsp; 37035 |
| &nbsp;&nbsp;&nbsp; Hono Lulu Mortgage Trust, Series 2021-LULU, <br> Class A, (1-mo. Term SOFR + 1.26%), 5.61%, <br> 10/15/36<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 99687 |
| &nbsp;&nbsp;&nbsp; Houston Galleria Mall Trust, Series 2025-HGLR, <br> Class A, 5.46%, 02/05/45<sup>(a)(b)</sup><br>|  | 158 | &nbsp;&nbsp; 160320 |
| &nbsp;&nbsp;&nbsp; HTL Commercial Mortgage Trust, Series 2024-T53, <br> Class E, 10.26%, 05/10/39<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 103668 |
| &nbsp;&nbsp;&nbsp; ILPT Commercial Mortgage Trust, Series 2025-LPF2, <br> Class A, 5.29%, 07/13/42<sup>(a)(b)</sup><br>|  | 252 | &nbsp;&nbsp; 254388 |
| &nbsp;&nbsp;&nbsp; INV Mortgage Trust, Series 2024-IND, Class A, (1-<br> mo. Term SOFR + 1.74%), 6.08%, 11/15/41<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 99944 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities <br> Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-JP2, Class A4, 2.82%, 08/15/49 |  | 133 | &nbsp;&nbsp; 130574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class E, (1-mo. Term SOFR + <br> 2.81%), 7.16%, 04/15/38<sup>(a)(b)</sup><br>|  | 10 | &nbsp;&nbsp; 10009 |
| &nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class A, 5.17%, 11/09/39<sup>(a)(b)</sup> |  | 160 | &nbsp;&nbsp; 160702 |
| &nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class D, 6.48%, 11/09/39<sup>(a)(b)</sup> |  | 41 | &nbsp;&nbsp; 40764 |
| &nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class E, 7.25%, 11/09/39<sup>(a)(b)</sup> |  | 137 | &nbsp;&nbsp; 136071 |
| &nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class F, 8.22%, 11/09/39<sup>(a)(b)</sup> |  | 118 | &nbsp;&nbsp; 116905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BHR5, Class A, (1-mo. Term SOFR + <br> 1.69%), 6.04%, 03/15/40<sup>(a)(b)</sup><br>|  | 261 | &nbsp;&nbsp; 261326 |
| &nbsp;&nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, <br> Series 2019-COR5, Class A3, 3.12%, 06/13/52<br>|  | 40 | &nbsp;&nbsp; 38035 |
| JW Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MRCO, Class A, (1-mo. Term SOFR + <br> 1.62%), 5.96%, 06/15/39<br>|  | 119 | &nbsp;&nbsp; 119148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MRCO, Class D, (1-mo. Term SOFR + <br> 3.19%), 7.53%, 06/15/39<br>|  | 88 | &nbsp;&nbsp; 88468 |
| &nbsp;&nbsp;&nbsp; JW Trust, Series 2024-BERY, Class A, (1-mo. Term <br> SOFR + 1.59%), 5.93%, 11/15/39<sup>(a)(b)</sup><br>|  | 600 | &nbsp;&nbsp; 600748 |
| KSL Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 6.23%, 06/15/42 |  | 32 | &nbsp;&nbsp; 32003 |
| &nbsp;&nbsp;&nbsp; Class E, 8.43%, 06/05/42 |  | 63 | &nbsp;&nbsp; 62998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HT2, Class A, (1-mo. Term SOFR + <br> 1.54%), 5.88%, 12/15/39<br>|  | 100 | &nbsp;&nbsp; 99969 |
| Lagarino European Loan Conduit<sup>(a)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40X, Class B, (3-mo. EURIBOR + 2.15%), <br> 4.10%, 06/22/37<br>| EUR | 100 | &nbsp;&nbsp; 114121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40X, Class C, (3-mo. EURIBOR + 2.65%), <br> 4.60%, 06/22/37<br>|  | 100 | &nbsp;&nbsp; 114121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40X, Class D, (3-mo. EURIBOR + 3.55%), <br> 5.50%, 06/22/37<br>|  | 101 | &nbsp;&nbsp; 115262 |
| &nbsp;&nbsp;&nbsp; Last Mile Logistics Pan Euro Finance DAC, <br> Series 1X, Class E, (3-mo. EURIBOR + 2.70%), <br> 4.83%, 08/17/33<sup>(a)(d)</sup><br>|  | 458 | &nbsp;&nbsp; 521881 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Last Mile Securities, Series 2021-1X, Class D, (3-mo. <br> EURIBOR + 2.35%), 4.48%, 08/17/31<sup>(a)(d)</sup><br>| EUR | 232 | &nbsp;&nbsp; $264713 |
| LBA Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7IND, Class A, (1-mo. Term SOFR + <br> 1.44%), 5.78%, 10/15/41<br>| USD | 60 | &nbsp;&nbsp; 60214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7IND, Class D, (1-mo. Term SOFR + <br> 2.64%), 6.98%, 10/15/41<br>|  | 17 | &nbsp;&nbsp; 17053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BOLT, Class F, (1-mo. Term SOFR + <br> 4.44%), 8.78%, 06/15/39<br>|  | 16 | &nbsp;&nbsp; 15936 |
| &nbsp;&nbsp;&nbsp; Lehman Brothers Small Balance Commercial <br> Mortgage Trust, Series 2007-2A, Class M1, (1-mo. <br> Term SOFR + 0.51%), 4.87%, 06/25/37<sup>(a)(b)</sup><br>|  | 1 | &nbsp;&nbsp; 1043 |
| &nbsp;&nbsp;&nbsp; LoanCore, Series 2025-CRE8, Class A, (1-mo. Term <br> SOFR + 1.39%), 5.73%, 08/17/42<sup>(a)(b)</sup><br>|  | 427 | &nbsp;&nbsp; 426626 |
| MCR Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HF1, Class A, (1-mo. Term SOFR + <br> 1.79%), 6.13%, 12/15/41<sup>(a)</sup><br>|  | 100 | &nbsp;&nbsp; 100125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HTL, Class C, (1-mo. Term SOFR + <br> 3.11%), 7.45%, 02/15/37<sup>(a)</sup><br>|  | 81 | &nbsp;&nbsp; 80569 |
| &nbsp;&nbsp;&nbsp; Series 2024-TWA, Class A, 5.92%, 06/12/39 |  | 70 | &nbsp;&nbsp; 70507 |
| &nbsp;&nbsp;&nbsp; Series 2024-TWA, Class E, 8.73%, 06/12/39 |  | 37 | &nbsp;&nbsp; 37244 |
| &nbsp;&nbsp;&nbsp; Series 2024-TWA, Class XA, 0.92%, 06/12/39 |  | 332 | &nbsp;&nbsp; 3886 |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, Series 2021-MHC, <br> Class A, (1-mo. Term SOFR + 0.92%), 5.26%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 37 | &nbsp;&nbsp; 37018 |
| &nbsp;&nbsp;&nbsp; MHP Trust, Series 2021-STOR, Class G, (1-mo. Term <br> SOFR + 2.86%), 7.21%, 07/15/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250156 |
| &nbsp;&nbsp;&nbsp; MIC Trust, Series 2023-MIC, Class A, 8.44%, <br> 12/05/38<sup>(a)(b)</sup><br>|  | 31 | &nbsp;&nbsp; 33537 |
| Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A4, 2.78%, 08/15/49 |  | 305 | &nbsp;&nbsp; 298266 |
| &nbsp;&nbsp;&nbsp; Series 2019-H6, Class D, 3.00%, 06/15/52<sup>(b)</sup> |  | 10 | &nbsp;&nbsp; 7989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P, Class B, (1-mo. Term SOFR + <br> 1.56%), 5.91%, 12/15/38<sup>(a)(b)</sup><br>|  | 10 | &nbsp;&nbsp; 9103 |
| &nbsp;&nbsp;&nbsp; Series 2024-NSTB, Class A, 3.90%, 09/24/57<sup>(a)(b)</sup> |  | 68 | &nbsp;&nbsp; 66539 |
| &nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust, Series 2023-2, <br> Class XA, 0.91%, 12/15/56<sup>(a)</sup><br>|  | 1112 | &nbsp;&nbsp; 64439 |
| &nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust, Series 2022-LPFL, <br> Class A, (1-mo. Term SOFR + 1.40%), 5.75%, <br> 03/15/39<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100031 |
| NCMF Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-MFS, Class A, 4.88%, 06/10/33 |  | 140 | &nbsp;&nbsp; 139088 |
| &nbsp;&nbsp;&nbsp; Series 2025-MFS, Class E, 7.53%, 06/10/33 |  | 293 | &nbsp;&nbsp; 295073 |
| &nbsp;&nbsp;&nbsp; Series 2025-MFS, Class F, 8.44%, 06/10/33 |  | 282 | &nbsp;&nbsp; 285296 |
| &nbsp;&nbsp;&nbsp; NY Commercial Mortgage Trust, Series 2025-299P, <br> Class B, 5.93%, 02/10/47<sup>(a)(b)</sup><br>|  | 271 | &nbsp;&nbsp; 276866 |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-300P, <br> Class E, 7.39%, 07/13/42<sup>(a)(b)</sup><br>|  | 112 | &nbsp;&nbsp; 111923 |
| &nbsp;&nbsp;&nbsp; NYC Trust, Series 2024-3ELV, Class A, (1-mo. Term <br> SOFR + 1.99%), 6.33%, 08/15/29<sup>(a)(b)</sup><br>|  | 172 | &nbsp;&nbsp; 172572 |
| &nbsp;&nbsp;&nbsp; One New York Plaza Trust, Series 2020-1NYP, <br> Class A, (1-mo. Term SOFR + 1.06%), 5.41%, <br> 01/15/36<sup>(a)(b)</sup><br>|  | 112 | &nbsp;&nbsp; 109578 |
| &nbsp;&nbsp;&nbsp; Open Trust, Series 2023-AIR, Class A, (1-mo. Term <br> SOFR + 3.09%), 7.43%, 11/15/40<sup>(a)(b)</sup><br>|  | 49 | &nbsp;&nbsp; 48658 |
| &nbsp;&nbsp;&nbsp; ORL Trust, Series 2024-GLKS, Class A, (1-mo. Term <br> SOFR + 1.49%), 5.83%, 12/15/39<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100089 |
| Park Avenue Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class B, (1-mo. Term SOFR + <br> 1.38%), 5.72%, 09/15/34<br>|  | 283 | &nbsp;&nbsp; 280893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class E, (1-mo. Term SOFR + <br> 2.42%), 6.75%, 09/15/34<br>|  | 138 | &nbsp;&nbsp; 133958 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; PENN Commercial Mortgage Trust, Series 2025-P11, <br> Class A, 5.52%, 08/12/42<sup>(a)(b)</sup><br>| USD | 31 | &nbsp;&nbsp; $31088 |
| &nbsp;&nbsp;&nbsp; PGA Trust, Series 2024-RSR2, Class A, (1-mo. Term <br> SOFR + 1.89%), 6.23%, 06/15/39<sup>(a)(b)</sup><br>|  | 38 | &nbsp;&nbsp; 38048 |
| &nbsp;&nbsp;&nbsp; PRKCM Trust, Series 2025-PRM5, Class D, 5.62%, <br> 03/10/33<sup>(a)(b)</sup><br>|  | 489 | &nbsp;&nbsp; 483399 |
| &nbsp;&nbsp;&nbsp; ROCK Trust, Series 2024-CNTR, Class E, 8.82%, <br> 11/13/41<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 105190 |
| SCG Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class E, (1-mo. Term SOFR + <br> 2.95%), 7.29%, 03/15/35<br>|  | 109 | &nbsp;&nbsp; 108342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FLWR, Class A, (1-mo. Term SOFR + <br> 1.25%), 5.60%, 08/15/30<br>|  | 44 | &nbsp;&nbsp; 44000 |
| &nbsp;&nbsp;&nbsp; SDAL Trust, Series 2025-DAL, Class A, (1-mo. Term <br> SOFR + 2.44%), 6.78%, 04/15/42<sup>(a)(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100170 |
| SELF Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-STRG, Class A, (1-mo. Term SOFR + <br> 1.54%), 5.88%, 11/15/34<br>|  | 70 | &nbsp;&nbsp; 70444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-STRG, Class E, (1-mo. Term SOFR + <br> 4.19%), 8.53%, 11/15/34<br>|  | 100 | &nbsp;&nbsp; 99736 |
| &nbsp;&nbsp;&nbsp; SG Commercial Mortgage Securities Trust, <br> Series 2019-PREZ, Class E, 3.48%, 09/15/39<sup>(a)(b)</sup><br>|  | 26 | &nbsp;&nbsp; 21729 |
| SHR Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class A, (1-mo. Term SOFR + <br> 1.95%), 6.29%, 10/15/41<br>|  | 191 | &nbsp;&nbsp; 191000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class D, (1-mo. Term SOFR + <br> 3.60%), 7.94%, 10/15/41<br>|  | 100 | &nbsp;&nbsp; 99969 |
| &nbsp;&nbsp;&nbsp; SREIT Trust, Series 2021-MFP, Class A, (1-mo. Term <br> SOFR + 0.85%), 5.19%, 11/15/38<sup>(a)(b)</sup><br>|  | 126 | &nbsp;&nbsp; 125826 |
| &nbsp;&nbsp;&nbsp; Taurus DAC, Series 2025-UK2X, Class D, (1-day <br> SONIA GBP 3.20%), 7.44%, 02/18/35<sup>(a)(d)</sup><br>| GBP | 188 | &nbsp;&nbsp; 248762 |
| TTAN<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class A, (1-mo. Term SOFR + <br> 0.96%), 5.31%, 03/15/38<br>| USD | 587 | &nbsp;&nbsp; 587091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, (1-mo. Term SOFR + <br> 3.01%), 7.36%, 03/15/38<br>|  | 69 | &nbsp;&nbsp; 68818 |
| &nbsp;&nbsp;&nbsp; TYSN Mortgage Trust, Series 2023-CRNR, Class A, <br> 6.58%, 12/10/33<sup>(a)(b)</sup><br>|  | 376 | &nbsp;&nbsp; 395184 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, Series 2017-C4, <br> Class AS, 3.84%, 10/15/50<sup>(a)</sup><br>|  | 580 | &nbsp;&nbsp; 553484 |
| &nbsp;&nbsp;&nbsp; UK Logistics, Series 2025-1X, Class D, (1-day SONIA <br> GBP 4.00%), 6.32%, 05/17/35<sup>(a)(d)</sup><br>| GBP | 190 | &nbsp;&nbsp; 251776 |
| &nbsp;&nbsp;&nbsp; VCC Trust, Series 2025-MC1, Class A1, 8.16%, <br> 05/25/55<sup>(b)</sup><br>| USD | 95 | &nbsp;&nbsp; 95465 |
| VEGAS<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-GCS, Class C, 6.22%, 07/10/36 |  | 140 | &nbsp;&nbsp; 137041 |
| &nbsp;&nbsp;&nbsp; Series 2024-GCS, Class D, 6.22%, 07/10/36 |  | 330 | &nbsp;&nbsp; 309860 |
| &nbsp;&nbsp;&nbsp; VEGAS Trust, Series 2024-TI, Class A, 5.52%, <br> 11/10/39<sup>(b)</sup><br>|  | 60 | &nbsp;&nbsp; 60532 |
| Velocity Commercial Capital Loan Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class AFX, 2.61%, 02/25/50 |  | 451 | &nbsp;&nbsp; 415133 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A, 5.22%, 06/25/52 |  | 149 | &nbsp;&nbsp; 143254 |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class M1, 7.03%, 05/25/53 |  | 107 | &nbsp;&nbsp; 106580 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 6.55%, 01/25/54 |  | 87 | &nbsp;&nbsp; 88085 |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A, 5.49%, 10/25/54 |  | 91 | &nbsp;&nbsp; 90269 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M2, 6.98%, 02/25/55 |  | 1248 | &nbsp;&nbsp; 1254465 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M3, 7.33%, 02/25/55 |  | 100 | &nbsp;&nbsp; 100205 |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A, 5.87%, 06/25/55 |  | 589 | &nbsp;&nbsp; 591550 |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class M3, 7.38%, 06/25/55 |  | 99 | &nbsp;&nbsp; 99744 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C40, Class A4, 3.58%, 10/15/50 |  | 200 | &nbsp;&nbsp; 195152 |
| &nbsp;&nbsp;&nbsp; Series 2019-C49, Class D, 3.00%, 03/15/52<sup>(b)</sup> |  | 10 | &nbsp;&nbsp; 8601 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Wells Fargo Commercial Mortgage Trust (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class A, 5.31%, 07/15/35<sup>(a)(b)</sup> | USD | 154 | &nbsp;&nbsp; $154799 |
| &nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class B, 6.22%, 07/15/43<sup>(b)</sup> |  | 176 | &nbsp;&nbsp; 179512 |
| &nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class C, 6.43%, 07/15/43<sup>(b)</sup> |  | 112 | &nbsp;&nbsp; 111763 |
| &nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class D, 7.08%, 07/15/43<sup>(b)</sup> |  | 50 | &nbsp;&nbsp; 49805 |
| &nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class X, 0.09%, 07/15/43<sup>(a)(b)</sup> |  | 1390 | &nbsp;&nbsp; 12246 |
| &nbsp;&nbsp;&nbsp; WEST Trust, Series 2025-ROSE, Class A, 5.28%, <br> 04/10/35<sup>(a)(b)</sup><br>|  | 56 | &nbsp;&nbsp; 56758 |
| WHARF Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-DC, Class A, 5.35%, 07/15/40 |  | 114 | &nbsp;&nbsp; 115812 |
| &nbsp;&nbsp;&nbsp; Series 2025-DC, Class E, 7.72%, 07/15/40 |  | 115 | &nbsp;&nbsp; 116977 |
|  |  |  | &nbsp;&nbsp; 42881007 |
| **Interest Only Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.0%** | **Interest Only Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.0%** | **Interest Only Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.0%** | **Interest Only Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.0%** |
| &nbsp;&nbsp;&nbsp; JP Morgan Alternative Loan Trust, Series 2014-5, <br> Class 5C, 0.00%, 05/27/36<sup>(b)</sup><br>|  | 1361 | &nbsp;&nbsp; 230614 |
| &nbsp;&nbsp;&nbsp; Residential Asset Securitization Trust, Series 2007-<br> A9, Class A2, (1-mo. Term SOFR + 6.34%), 1.98%, <br> 09/25/37<br>|  | 1092 | &nbsp;&nbsp; 113736 |
|  |  |  | &nbsp;&nbsp; 344350 |
| **Total Non-Agency Mortgage-Backed Securities — 12.0%** <br>**(Cost: $144,524,324)** | **Total Non-Agency Mortgage-Backed Securities — 12.0%** <br>**(Cost: $144,524,324)** | **Total Non-Agency Mortgage-Backed Securities — 12.0%** <br>**(Cost: $144,524,324)** | &nbsp;&nbsp; 144952651 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trust — 0.0%** | **Capital Trust — 0.0%** | **Capital Trust — 0.0%** | **Capital Trust — 0.0%** |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |  |
| Edison International, Series B, 5.00%<sup>(a)(f)(n)</sup> |  | 106 | &nbsp;&nbsp; 93230 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 0.0%** | **Preferred Stocks — 0.0%** | **Preferred Stocks — 0.0%** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |  |
| Boeing Co., 6.00%<sup>(e)(h)</sup> | 750 | &nbsp;&nbsp; 53025 |
|  |  | &nbsp;&nbsp; 53025 |
| **Total Preferred Securities — 0.0%** <br>**(Cost: $132,944)** | **Total Preferred Securities — 0.0%** <br>**(Cost: $132,944)** | &nbsp;&nbsp; 146255 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.4%** | **Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.4%** | **Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.4%** |  |
| Freddie Mac REMICS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5513, Class FD, (30-day Avg SOFR + <br> 1.35%), 5.70%, 01/25/55<br>| USD | 1418 | &nbsp;&nbsp; 1417721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5516, Class FC, (30-day Avg SOFR + <br> 1.40%), 5.75%, 03/25/55<br>|  | 3338 | &nbsp;&nbsp; 3340097 |
|  |  |  | &nbsp;&nbsp; 4757818 |
| **Commercial Mortgage-Backed Securities — 0.0%** | **Commercial Mortgage-Backed Securities — 0.0%** | **Commercial Mortgage-Backed Securities — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Fannie Mae-Aces, Series 2021-M4, Class A2, 1.47%, <br> 02/25/31<sup>(a)</sup><br>|  | 150 | &nbsp;&nbsp; 128703 |
| &nbsp;&nbsp;&nbsp; Freddie Mac, Series 2024-P015, Class A1, 4.30%, <br> 11/25/32<sup>(a)</sup><br>|  | 44 | &nbsp;&nbsp; 42614 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass Through <br> Certificates, Series KJ48, Class A2, 5.03%, <br> 10/25/31<br>|  | 33 | &nbsp;&nbsp; 33692 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
| Ginnie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-119, Class AD, 2.25%, 04/16/65 | USD | 38 | &nbsp;&nbsp; $30732 |
| &nbsp;&nbsp;&nbsp; Series 2023-50, Class AC, 3.25%, 09/16/63<sup>(a)</sup> |  | 23 | &nbsp;&nbsp; 20629 |
| &nbsp;&nbsp;&nbsp; Series 2025-126B, Class AD, 5.00%, 05/16/65 |  | 50 | &nbsp;&nbsp; 49269 |
| &nbsp;&nbsp;&nbsp; Series 2025-129, Class AB, 4.75%, 09/16/54 |  | 37 | &nbsp;&nbsp; 36400 |
| &nbsp;&nbsp;&nbsp; Series 2025-88, Class AT, 5.00%, 06/16/58 |  | 115 | &nbsp;&nbsp; 113543 |
|  |  |  | &nbsp;&nbsp; 455582 |
| **Mortgage-Backed Securities — 34.3%** | **Mortgage-Backed Securities — 34.3%** | **Mortgage-Backed Securities — 34.3%** |  |
| &nbsp;&nbsp;&nbsp; Fannie Mae Mortgage-Backed Securities, 5.81%, <br> 06/01/31<br>|  | 123 | &nbsp;&nbsp; 126870 |
| Freddie Mac Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/01/31 |  | 135 | &nbsp;&nbsp; 129052 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/48 |  | 59 | &nbsp;&nbsp; 53441 |
| Ginnie Mae Mortgage-Backed Securities<sup>(o)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/20/40 - 08/15/54 |  | 3942 | &nbsp;&nbsp; 3641454 |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/20/46 - 09/22/55 |  | 6608 | &nbsp;&nbsp; 5953543 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/20/49 - 08/15/54 |  | 4761 | &nbsp;&nbsp; 4530020 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/20/50 - 08/15/54 |  | 7616 | &nbsp;&nbsp; 6656402 |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/20/51 - 08/15/54 |  | 15556 | &nbsp;&nbsp; 12557191 |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/20/51 - 08/15/54 |  | 14811 | &nbsp;&nbsp; 12459117 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/20/53 - 08/15/54 |  | 9785 | &nbsp;&nbsp; 9759103 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/20/53 - 06/20/55 |  | 4002 | &nbsp;&nbsp; 4107218 |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/20/54 - 08/15/54 |  | 6826 | &nbsp;&nbsp; 6918702 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/54 |  | 5792 | &nbsp;&nbsp; 5652099 |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/15/54 |  | 1485 | &nbsp;&nbsp; 1533998 |
| Uniform Mortgage-Backed Securities<sup>(o)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/31 - 09/15/55 |  | 29766 | &nbsp;&nbsp; 25762195 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/01/33 - 09/15/54 |  | 27536 | &nbsp;&nbsp; 24703890 |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/01/35 - 08/15/54 |  | 45903 | &nbsp;&nbsp; 38162464 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/01/36 - 08/15/54 |  | 72140 | &nbsp;&nbsp; 58572243 |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/01/36 - 10/01/51 |  | 5180 | &nbsp;&nbsp; 4199367 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/39 - 08/15/54 |  | 17878 | &nbsp;&nbsp; 16619161 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/39 - 08/15/54 |  | 13650 | &nbsp;&nbsp; 13029214 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/48 - 11/01/54 |  | 64818 | &nbsp;&nbsp; 64517284 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/52 - 08/15/54 |  | 16754 | &nbsp;&nbsp; 16329581 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/52 - 08/01/55 |  | 65628 | &nbsp;&nbsp; 66568488 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/01/53 - 02/01/55 |  | 10705 | &nbsp;&nbsp; 11069265 |
|  |  |  | &nbsp;&nbsp; 413611362 |
| **Total U.S. Government Sponsored Agency Securities — 34.7%** <br>**(Cost: $419,203,729)** | **Total U.S. Government Sponsored Agency Securities — 34.7%** <br>**(Cost: $419,203,729)** | **Total U.S. Government Sponsored Agency Securities — 34.7%** <br>**(Cost: $419,203,729)** | &nbsp;&nbsp; 418824762 |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/39 |  | 2100 | &nbsp;&nbsp; 2071371 |
| &nbsp;&nbsp;&nbsp; 1.13%, 05/15/40 - 08/15/40 |  | 5102 | &nbsp;&nbsp; 3135285 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/40 |  | 1024 | &nbsp;&nbsp; 971840 |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/41 - 11/15/51 |  | 5643 | &nbsp;&nbsp; 3509848 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/41 - 05/15/55 |  | 7437 | &nbsp;&nbsp; 7366821 |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/41 - 11/15/43 |  | 6010 | &nbsp;&nbsp; 5193789 |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/41 - 05/15/48 |  | 10876 | &nbsp;&nbsp; 8298996 |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 - 05/15/51 |  | 1446 | &nbsp;&nbsp; 952387 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/42 - 08/15/52 |  | 14388 | &nbsp;&nbsp; 10625369 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/42 - 11/15/52 |  | 7400 | &nbsp;&nbsp; 6496090 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/43 |  | 918 | &nbsp;&nbsp; 812808 |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/43 - 05/15/53 |  | 1285 | &nbsp;&nbsp; 1066782 |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/43 |  | 4000 | &nbsp;&nbsp; 3770469 |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/44 - 11/15/48 |  | 1900 | &nbsp;&nbsp; 1541621 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/44 - 08/15/53 |  | 10167 | &nbsp;&nbsp; 8997710 |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/44 |  | 213 | &nbsp;&nbsp; 206238 |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 |  | 686 | &nbsp;&nbsp; 481861 |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/49 |  | 1239 | &nbsp;&nbsp; 766755 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| U.S. Treasury Bonds (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 | USD | 909 | &nbsp;&nbsp; $471746 |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/51 |  | 419 | &nbsp;&nbsp; 238012 |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/52 |  | 2623 | &nbsp;&nbsp; 1819095 |
| U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/26 - 02/15/35 |  | 5555 | &nbsp;&nbsp; 5611279 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/26 - 11/15/33 |  | 6352 | &nbsp;&nbsp; 6448973 |
| &nbsp;&nbsp;&nbsp; 0.63%, 07/31/26 - 08/15/30 |  | 2983 | &nbsp;&nbsp; 2807892 |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/15/26 - 01/31/32 |  | 5159 | &nbsp;&nbsp; 5209954 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/27 - 02/15/34 |  | 20938 | &nbsp;&nbsp; 20948283 |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/27 - 11/15/32 |  | 8625 | &nbsp;&nbsp; 8672162 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/27 - 05/15/35 |  | 4839 | &nbsp;&nbsp; 4870161 |
| &nbsp;&nbsp;&nbsp; 0.50%, 04/30/27 - 08/31/27 |  | 7684 | &nbsp;&nbsp; 7205980 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/27 - 06/30/29 |  | 7825 | &nbsp;&nbsp; 7713736 |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/30/27 - 12/31/28 |  | 2926 | &nbsp;&nbsp; 2913041 |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/27 |  | 1504 | &nbsp;&nbsp; 1454532 |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/27 |  | 37 | &nbsp;&nbsp; 36592 |
| &nbsp;&nbsp;&nbsp; 0.38%, 09/30/27 |  | 1103 | &nbsp;&nbsp; 1022688 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/30/27 - 08/15/34 |  | 8169 | &nbsp;&nbsp; 8107752 |
| &nbsp;&nbsp;&nbsp; 1.25%, 03/31/28 - 05/31/28 |  | 3484 | &nbsp;&nbsp; 3245321 |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/28 - 09/30/31 |  | 9180 | &nbsp;&nbsp; 9071952 |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/28 - 05/15/32 |  | 23713 | &nbsp;&nbsp; 22912947 |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/31/28 |  | 1596 | &nbsp;&nbsp; 1469006 |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/31/28 - 10/31/30 |  | 37399 | &nbsp;&nbsp; 38871657 |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/31/29 |  | 1427 | &nbsp;&nbsp; 1352941 |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/30 |  | 1102 | &nbsp;&nbsp; 991800 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/30/30 |  | 21 | &nbsp;&nbsp; 20788 |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/32 |  | 1074 | &nbsp;&nbsp; 983004 |
| **Total U.S. Treasury Obligations — 19.1%** <br>**(Cost: $229,471,042)** | **Total U.S. Treasury Obligations — 19.1%** <br>**(Cost: $229,471,042)** | **Total U.S. Treasury Obligations — 19.1%** <br>**(Cost: $229,471,042)** | &nbsp;&nbsp; 230737334 |
| **Total Long-Term Investments — 104.4%** <br>**(Cost: $1,252,037,555)** | **Total Long-Term Investments — 104.4%** <br>**(Cost: $1,252,037,555)** | **Total Long-Term Investments — 104.4%** <br>**(Cost: $1,252,037,555)** | &nbsp;&nbsp; 1259693583 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 16.1%** | **Money Market Funds — 16.1%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(p)(q)(r)</sup><br>| 18700895 | &nbsp;&nbsp; 18708375 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.20%<sup>(p)(q)</sup><br>| 175599433 | &nbsp;&nbsp; 175599433 |
|  |  | &nbsp;&nbsp; 194307808 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations — 0.7%** | **U.S. Treasury Obligations — 0.7%** | **U.S. Treasury Obligations — 0.7%** |  |
| U.S. Treasury Bills<sup>(s)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.41%, 08/14/25 | USD | 60 | &nbsp;&nbsp; 59907 |
| &nbsp;&nbsp;&nbsp; 4.30%, 08/26/25 |  | 1400 | &nbsp;&nbsp; 1395822 |
| &nbsp;&nbsp;&nbsp; 4.31%, 09/02/25 |  | 3400 | &nbsp;&nbsp; 3387077 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |  |
| U.S. Treasury Bills<sup>(s)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, 09/04/25 | USD | 2300 | &nbsp;&nbsp; $2290709 |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/16/25 - 11/12/25 |  | 1200 | &nbsp;&nbsp; 1186129 |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/23/25 |  | 500 | &nbsp;&nbsp; 496844 |
|  |  |  | &nbsp;&nbsp; 8816488 |
| **Total Short-Term Securities — 16.8%** <br>**(Cost: $203,123,379)** | **Total Short-Term Securities — 16.8%** <br>**(Cost: $203,123,379)** | **Total Short-Term Securities — 16.8%** <br>**(Cost: $203,123,379)** | &nbsp;&nbsp; 203124296 |
| **Options Purchased — 0.1%** <br>**(Cost: $1,222,699)** | **Options Purchased — 0.1%** <br>**(Cost: $1,222,699)** | **Options Purchased — 0.1%** <br>**(Cost: $1,222,699)** | &nbsp;&nbsp; 901876 |
| **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 121.3%** <br>**(Cost: $1,456,383,633)** | **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 121.3%** <br>**(Cost: $1,456,383,633)** | **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 121.3%** <br>**(Cost: $1,456,383,633)** | &nbsp;&nbsp; 1463719755 |
| **TBA Sale Commitments**<sup>(o)</sup> | **TBA Sale Commitments**<sup>(o)</sup> | **TBA Sale Commitments**<sup>(o)</sup> | **TBA Sale Commitments**<sup>(o)</sup> |
| **Mortgage-Backed Securities — (2.9)%** | **Mortgage-Backed Securities — (2.9)%** | **Mortgage-Backed Securities — (2.9)%** |  |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/54 |  | (54)<br>| &nbsp;&nbsp; (43583)<br>|
| &nbsp;&nbsp;&nbsp; 2.50%, 08/15/54 |  | (50)<br>| &nbsp;&nbsp; (42039)<br>|
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/54 |  | (41)<br>| &nbsp;&nbsp; (35819)<br>|
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/54 |  | (830)<br>| &nbsp;&nbsp; (745673)<br>|
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/54 |  | (36)<br>| &nbsp;&nbsp; (35131)<br>|
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/54 |  | (46)<br>| &nbsp;&nbsp; (45876)<br>|
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/54 |  | (51)<br>| &nbsp;&nbsp; (51683)<br>|
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/54 |  | (48)<br>| &nbsp;&nbsp; (49267)<br>|
| Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/39 - 08/15/54 |  | (215)<br>| &nbsp;&nbsp; (177193)<br>|
| &nbsp;&nbsp;&nbsp; 2.50%, 08/15/39 - 08/15/54 |  | (1500)<br>| &nbsp;&nbsp; (1230912)<br>|
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/39 - 09/15/55 |  | (6769)<br>| &nbsp;&nbsp; (5793547)<br>|
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/39 - 09/15/54 |  | (10587)<br>| &nbsp;&nbsp; (9452116)<br>|
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/39 - 08/15/54 |  | (1321)<br>| &nbsp;&nbsp; (1218426)<br>|
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/39 - 08/15/54 |  | (13689)<br>| &nbsp;&nbsp; (12984561)<br>|
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/54 |  | (812)<br>| &nbsp;&nbsp; (790237)<br>|
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/54 |  | (50)<br>| &nbsp;&nbsp; (49735)<br>|
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/54 |  | (2149)<br>| &nbsp;&nbsp; (2178703)<br>|
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/54 |  | (50)<br>| &nbsp;&nbsp; (51571)<br>|
| **Total TBA Sale Commitments — (2.9)%** <br>**(Proceeds: $(34946405))** | **Total TBA Sale Commitments — (2.9)%** <br>**(Proceeds: $(34946405))** | **Total TBA Sale Commitments — (2.9)%** <br>**(Proceeds: $(34946405))** | &nbsp;&nbsp; (34976072)<br>|
| **Options Written — (0.0)%** <br>**(Premiums Received: $(310930))** | **Options Written — (0.0)%** <br>**(Premiums Received: $(310930))** | **Options Written — (0.0)%** <br>**(Premiums Received: $(310930))** | &nbsp;&nbsp; (115369)<br>|
| **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 118.4%** <br>**(Cost: $1,421,126,298)** | **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 118.4%** <br>**(Cost: $1,421,126,298)** | **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 118.4%** <br>**(Cost: $1,421,126,298)** | &nbsp;&nbsp; 1428628314 |
| **Liabilities in Excess of Other Assets — (18.4)%** | **Liabilities in Excess of Other Assets — (18.4)%** | **Liabilities in Excess of Other Assets — (18.4)%** | &nbsp;&nbsp; (221994488)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1206633826 |

---

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

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

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

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

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

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

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

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

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

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

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

<sup>(j)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $254,379, representing less than 0.05% of its net assets as of period end, and an original cost of $251,860. 

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

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

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

<sup>(m)</sup> U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. 

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

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

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

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

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

<sup>(s)</sup> Rates are discount rates or a range of discount rates as of period end.

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

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| &nbsp;&nbsp; $10501666 | $8210274 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(1860)<br>| $(1705)<br>| $18708375 | 18700895 | $45877 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| &nbsp;&nbsp; 131729503 | 43869930 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 175599433 | 175599433 | 5553387 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares 0-5 Year High Yield Corporate Bond <br> ETF<sup>(c)</sup><br>| &nbsp;&nbsp; — | 1253560 | &nbsp;&nbsp; (1249263)<br>| (4297)<br>|  |  |  | 48950 | &nbsp;&nbsp; — |
|  |  |  |  | $(6157)<br>| $(1705)<br>| $194307808 |  | $5648214 | &nbsp;&nbsp; $— |

---

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

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro BOBL | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; $4818 | &nbsp;&nbsp;&nbsp;&nbsp; $(22670)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp;&nbsp; 4215 |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 87196 | &nbsp;&nbsp;&nbsp;&nbsp; (85560)<br>|
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15069 | &nbsp;&nbsp;&nbsp;&nbsp; 224163 |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 28242 | &nbsp;&nbsp;&nbsp;&nbsp; 614434 |
| &nbsp;&nbsp;&nbsp; Long Gilt | &nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp; 40895 | &nbsp;&nbsp;&nbsp;&nbsp; 21337 |
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp; 974 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 201633 | &nbsp;&nbsp;&nbsp;&nbsp; (259096)<br>|
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 73248 | &nbsp;&nbsp;&nbsp;&nbsp; 164048 |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR | &nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 23754 | &nbsp;&nbsp;&nbsp;&nbsp; (45323)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 615548 |
| Short Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 30-Year Euro Buxl Bond | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 48783 |
| &nbsp;&nbsp;&nbsp; Euro BTP | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11025 | &nbsp;&nbsp;&nbsp;&nbsp; (13279)<br>|
| &nbsp;&nbsp;&nbsp; Euro Bund | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 28715 | &nbsp;&nbsp;&nbsp;&nbsp; 140961 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Short Contracts (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro OAT | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; $1829 | &nbsp;&nbsp;&nbsp;&nbsp; $(2774)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 25448 | &nbsp;&nbsp;&nbsp;&nbsp; (180607)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year Canadian Bond | &nbsp;&nbsp; 519 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 45143 | &nbsp;&nbsp;&nbsp;&nbsp; (11133)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 26659 | &nbsp;&nbsp;&nbsp;&nbsp; (72686)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 50327 | &nbsp;&nbsp;&nbsp;&nbsp; (227463)<br>|
| &nbsp;&nbsp;&nbsp; E-mini Russell 2000 Index | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp; (25468)<br>|
| &nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1594 | &nbsp;&nbsp;&nbsp;&nbsp; (71249)<br>|
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4968 | &nbsp;&nbsp;&nbsp;&nbsp; 657 |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 21206 | &nbsp;&nbsp;&nbsp;&nbsp; (54528)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (468786)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $146762 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 4567 | CZK | 98200 | UBS AG | 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |
| PEN | 222470 | USD | 60685 | Citibank N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1242 |
| USD | 61975 | PEN | 222470 | Citibank N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| TRY | 938000 | USD | 21262 | UBS AG | 09/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1228 |
| NGN | 15201924 | USD | 9573 | Citibank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 |
| NGN | 15203512 | USD | 9574 | Citibank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 |
| NGN | 15739350 | USD | 9539 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 |
| BRL | 4901070 | USD | 864844 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692 |
| BRL | 120000 | USD | 21076 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| CHF | 10000 | USD | 12353 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| COP | 190000000 | USD | 45036 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| COP | 30000000 | USD | 7101 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| CZK | 2991000 | EUR | 121230 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 |
| CZK | 2997000 | EUR | 121254 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 |
| CZK | 3005000 | EUR | 121688 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408 |
| CZK | 8630000 | USD | 399250 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1905 |
| CZK | 900000 | USD | 41625 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 |
| EUR | 157952 | HUF | 63503000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| EUR | 210298 | HUF | 84515000 | Societe Generale | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| EUR | 123993 | PLN | 532000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| EUR | 318470 | PLN | 1362000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1325 |
| EUR | 120405 | PLN | 514000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751 |
| EUR | 121585 | SEK | 1355000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
| EUR | 123645 | SEK | 1378000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 |
| EUR | 126229 | SEK | 1408000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
| EUR | 320976 | SEK | 3583000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 |
| HUF | 58548000 | EUR | 145445 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| HUF | 112143000 | EUR | 278525 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 |
| IDR | 660000000 | USD | 39846 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| MXN | 900000 | USD | 46857 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626 |
| MXN | 8740737 | USD | 459000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2148 |
| MXN | 3200000 | USD | 167111 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1716 |
| MXN | 8756920 | USD | 458000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4002 |
| NOK | 1447000 | EUR | 121414 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| SEK | 1347000 | EUR | 120126 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
| USD | 45453 | AUD | 70000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431 |
| USD | 181436 | AUD | 280000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1349 |
| USD | 230183 | AUD | 350000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5075 |
| USD | 277074 | AUD | 420000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6944 |
| USD | 377592 | AUD | 580000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4556 |
| USD | 451778 | AUD | 690000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7993 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 392783 | AUD | 602000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5597 |
| USD | 299500 | AUD | 460000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3644 |
| USD | 938208 | AUD | 1440000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12050 |
| USD | 7763 | AUD | 12000 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| USD | 169359 | AUD | 260000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2136 |
| USD | 86760 | BRL | 480000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1991 |
| USD | 32015 | BRL | 180000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| USD | 88907 | BRL | 490000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2372 |
| USD | 196575 | BRL | 1110000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 |
| USD | 202793 | BRL | 1134000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2527 |
| USD | 207077 | BRL | 1147000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4515 |
| USD | 429437 | BRL | 2417000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2592 |
| USD | 7402 | CAD | 10000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| USD | 200758 | CAD | 272000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4002 |
| USD | 145612 | CAD | 200000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938 |
| USD | 7323 | CAD | 10000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| USD | 176022 | CAD | 240000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2414 |
| USD | 381676 | CHF | 300000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10336 |
| USD | 161897 | CHF | 130000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983 |
| USD | 140041 | CHF | 110000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3883 |
| USD | 307476 | CHF | 240000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10404 |
| USD | 141324 | CLP | 133319000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4243 |
| USD | 141562 | CLP | 135275000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2470 |
| USD | 37354 | COP | 150000000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1675 |
| USD | 102058 | COP | 420000000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2159 |
| USD | 143638 | COP | 578513000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6035 |
| USD | 170258 | COP | 702024000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3277 |
| USD | 182323 | COP | 749986000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3934 |
| USD | 183063 | COP | 752243000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4138 |
| USD | 34777 | EUR | 30000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441 |
| USD | 116451 | EUR | 100000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999 |
| USD | 141167 | EUR | 121000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2679 |
| USD | 142469 | EUR | 121000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3982 |
| USD | 355648 | EUR | 301000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11145 |
| USD | 69756 | EUR | 60000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085 |
| USD | 384704 | EUR | 330000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7010 |
| USD | 793441 | EUR | 685740 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8593 |
| USD | 5882 | EUR | 5000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 |
| USD | 89268 | EUR | 76000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2283 |
| USD | 159901 | EUR | 136000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4246 |
| USD | 565527 | EUR | 490000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4709 |
| USD | 1058142 | EUR | 899000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29212 |
| USD | 46284 | EUR | 40000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
| USD | 390067 | EUR | 331000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11228 |
| USD | 11540 | EUR | 10000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| USD | 248773 | EUR | 210000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8422 |
| USD | 297018 | EUR | 253000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7453 |
| USD | 543945 | EUR | 460000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17462 |
| USD | 3834790 | EUR | 3248000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117364 |
| USD | 1163 | EUR | 1000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| USD | 79845 | EUR | 68000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017 |
| USD | 489118 | EUR | 414000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15283 |
| USD | 1494978 | EUR | 1281000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28838 |
| USD | 2757615 | EUR | 2371000 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43940 |
| USD | 106693 | EUR | 90000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3685 |
| USD | 547578 | EUR | 472000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7361 |
| USD | 745577 | EUR | 640274 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12766 |
| USD | 4335884 | EUR | 3723400 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74350 |
| USD | 13722 | GBP | 10000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510 |
| USD | 264408 | GBP | 197000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4128 |
| USD | 265148 | GBP | 196000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6190 |
| USD | 385831 | GBP | 284000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10606 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 557312 | GBP | 413000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11649 |
| USD | 591207 | GBP | 430000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23084 |
| USD | 254521 | GBP | 187000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7454 |
| USD | 1149122 | GBP | 849000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27410 |
| USD | 2665677 | GBP | 1960300 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75697 |
| USD | 632310 | GBP | 470000 | Societe Generale | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11339 |
| USD | 148470 | GBP | 110000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3136 |
| USD | 876147 | GBP | 645000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23962 |
| USD | 71716 | HUF | 25000000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546 |
| USD | 61921 | HUF | 21000000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2139 |
| USD | 114758 | HUF | 40000000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886 |
| USD | 85662 | HUF | 30000000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| USD | 142235 | IDR | 2336382000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824 |
| USD | 141564 | IDR | 2308185000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1859 |
| USD | 142226 | IDR | 2324534000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1531 |
| USD | 153329 | IDR | 2492523000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2468 |
| USD | 160658 | IDR | 2624032000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1837 |
| USD | 203054 | IDR | 3330579750 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1469 |
| USD | 232707 | INR | 20050000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4136 |
| USD | 21981 | INR | 1900000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 |
| USD | 45910 | INR | 4000000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310 |
| USD | 78221 | INR | 6800000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701 |
| USD | 56068 | JPY | 8000000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2757 |
| USD | 204561 | JPY | 30229000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3120 |
| USD | 40968 | JPY | 6000000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985 |
| USD | 142130 | JPY | 20849000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3195 |
| USD | 114368 | JPY | 16895000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1782 |
| USD | 143623 | JPY | 21146000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2709 |
| USD | 55778 | JPY | 8000000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2468 |
| USD | 141343 | JPY | 20403000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5381 |
| USD | 51677 | JPY | 7370000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2565 |
| USD | 131741 | JPY | 18870000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5994 |
| USD | 1846259 | JPY | 262330601 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98128 |
| USD | 339799 | JPY | 49000000 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13270 |
| USD | 3697 | KRW | 5000000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| USD | 87769 | KRW | 120000000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1563 |
| USD | 127532 | KRW | 175000000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1814 |
| USD | 141908 | KRW | 196752000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563 |
| USD | 957565 | KRW | 1303600000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21074 |
| USD | 10578 | MXN | 200000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| USD | 7347 | MXN | 137566 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| USD | 59492 | MXN | 1120000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 |
| USD | 193310 | MXN | 3625000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2060 |
| USD | 99148 | MXN | 1869970 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491 |
| USD | 143723 | MXN | 2705000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1012 |
| USD | 42456 | MXN | 800000 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| USD | 116688 | MXN | 2182434 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1546 |
| USD | 48885 | MXN | 921030 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292 |
| USD | 59460 | MXN | 1120000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370 |
| USD | 180486 | MXN | 3388000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740 |
| USD | 9987 | NOK | 100000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |
| USD | 10042 | NOK | 100000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366 |
| USD | 142014 | NZD | 237000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2179 |
| USD | 1559512 | NZD | 2580000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37255 |
| USD | 359283 | NZD | 590000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11170 |
| USD | 72621 | NZD | 120000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1818 |
| USD | 19440 | PHP | 1100000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570 |
| USD | 60640 | PHP | 3500000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599 |
| USD | 126808 | PHP | 7200000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3295 |
| USD | 142365 | PHP | 8059000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4116 |
| USD | 317365 | PHP | 17900000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10298 |
| USD | 80050 | PHP | 4600000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1139 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 136813 | PHP | 7700000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4723 |
| USD | 87850 | PHP | 4900000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3792 |
| USD | 97477 | PHP | 5600000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1411 |
| USD | 1015628 | PHP | 56800000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41249 |
| USD | 27550 | PLN | 100000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886 |
| USD | 161363 | PLN | 600000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1375 |
| USD | 27075 | PLN | 100000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 |
| USD | 13388 | PLN | 50000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| USD | 26773 | PLN | 100000 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| USD | 13823 | PLN | 50000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491 |
| USD | 134367 | PLN | 500000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044 |
| USD | 1541641 | PLN | 5750000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8425 |
| USD | 162225 | PLN | 600000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2237 |
| USD | 63777 | SEK | 600000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2311 |
| USD | 31478 | SEK | 300000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 |
| USD | 2231154 | SEK | 21300000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49125 |
| USD | 63728 | SEK | 600000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2262 |
| USD | 200829 | SEK | 1900000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6188 |
| USD | 70769 | SGD | 90000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1218 |
| USD | 142224 | SGD | 182000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577 |
| USD | 70743 | SGD | 90000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192 |
| USD | 449964 | SGD | 570000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9477 |
| USD | 97947 | THB | 3162000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855 |
| USD | 13948 | TWD | 400000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529 |
| USD | 149711 | TWD | 4400000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2101 |
| USD | 140786 | TWD | 4078000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3978 |
| USD | 218195 | TWD | 6387000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3925 |
| USD | 105184 | ZAR | 1900000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1197 |
| USD | 127833 | ZAR | 2278000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3158 |
| USD | 141818 | ZAR | 2541000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2749 |
| USD | 144804 | ZAR | 2630000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864 |
| USD | 214433 | ZAR | 3900000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987 |
| USD | 114384 | ZAR | 2070000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093 |
| USD | 43951 | ZAR | 800000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| USD | 140945 | ZAR | 2537000 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2096 |
| USD | 267667 | ZAR | 4804000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4745 |
| TRY | 1162772 | USD | 25000 | UBS AG | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1219968 |
| PEN | 222470 | USD | 61975 | Citibank N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48)<br>|
| USD | 60424 | PEN | 222470 | Citibank N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1502)<br>|
| USD | 21023 | TRY | 938000 | Barclays Bank PLC | 09/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1467)<br>|
| USD | 28686 | NGN | 49798896 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3363)<br>|
| AUD | 257000 | USD | 169435 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4141)<br>|
| AUD | 403000 | USD | 263492 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4296)<br>|
| AUD | 235000 | USD | 153370 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2227)<br>|
| BRL | 418000 | USD | 74161 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (342)<br>|
| BRL | 670872 | USD | 120000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1523)<br>|
| BRL | 1244031 | USD | 221000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1302)<br>|
| BRL | 647605 | USD | 114600 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (232)<br>|
| BRL | 662875 | USD | 120400 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3335)<br>|
| BRL | 664327 | USD | 120000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2679)<br>|
| BRL | 1550000 | USD | 276850 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3118)<br>|
| BRL | 30000 | USD | 5305 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| CAD | 70000 | USD | 51509 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (873)<br>|
| CAD | 160000 | USD | 117565 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1826)<br>|
| CAD | 150000 | USD | 111038 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2533)<br>|
| CAD | 220000 | USD | 161900 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2759)<br>|
| CAD | 4160000 | USD | 3054749 | Societe Generale | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45541)<br>|
| CAD | 550000 | USD | 402919 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5067)<br>|
| CHF | 230000 | USD | 286876 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2182)<br>|
| CHF | 120000 | USD | 149340 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (804)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CHF | 160000 | USD | 198859 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(811)<br>|
| CLP | 217396000 | USD | 225141 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1611)<br>|
| CLP | 33000000 | USD | 35558 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1627)<br>|
| CLP | 95000000 | USD | 102542 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4862)<br>|
| CLP | 169000000 | USD | 179883 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6115)<br>|
| CNH | 16745464 | USD | 2342000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11816)<br>|
| COP | 420000000 | USD | 101523 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1623)<br>|
| COP | 573974000 | USD | 142339 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5816)<br>|
| COP | 576252000 | USD | 141825 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4760)<br>|
| COP | 587739000 | USD | 140784 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (987)<br>|
| COP | 242189000 | USD | 60150 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2543)<br>|
| COP | 250000000 | USD | 60301 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (837)<br>|
| COP | 430000000 | USD | 104290 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2012)<br>|
| CZK | 2900000 | USD | 139134 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4331)<br>|
| CZK | 100000 | USD | 4657 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| CZK | 200000 | USD | 9581 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (284)<br>|
| CZK | 418000 | USD | 19580 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150)<br>|
| CZK | 3400000 | USD | 162613 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4569)<br>|
| EUR | 120266 | CHF | 112000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (986)<br>|
| EUR | 120756 | CHF | 112000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425)<br>|
| EUR | 121346 | CHF | 113000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (987)<br>|
| EUR | 186808 | CHF | 174000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1571)<br>|
| EUR | 48351 | CHF | 45000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (362)<br>|
| EUR | 121891 | CHF | 113000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (364)<br>|
| EUR | 123988 | CHF | 115000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (440)<br>|
| EUR | 159396 | CHF | 148000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (762)<br>|
| EUR | 120783 | CZK | 2978000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (189)<br>|
| EUR | 153049 | HUF | 61693000 | Societe Generale | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (458)<br>|
| EUR | 125284 | NOK | 1497000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1445)<br>|
| EUR | 121014 | NOK | 1446000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1399)<br>|
| EUR | 120471 | NOK | 1431000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (568)<br>|
| EUR | 122167 | NOK | 1446000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
| EUR | 76498 | SEK | 861000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (649)<br>|
| EUR | 121003 | SEK | 1357000 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (523)<br>|
| EUR | 1060000 | USD | 1217316 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4117)<br>|
| EUR | 410000 | USD | 479559 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10303)<br>|
| EUR | 1742000 | USD | 2047872 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54105)<br>|
| EUR | 3335000 | USD | 3850579 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33579)<br>|
| EUR | 40000 | USD | 47146 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1365)<br>|
| EUR | 100000 | USD | 118782 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4329)<br>|
| EUR | 254000 | USD | 299244 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8534)<br>|
| EUR | 2142000 | USD | 2465909 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14331)<br>|
| EUR | 10000 | USD | 11636 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (191)<br>|
| EUR | 147000 | USD | 171740 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3494)<br>|
| EUR | 1890000 | USD | 2212789 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49632)<br>|
| GBP | 140000 | USD | 190227 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5257)<br>|
| GBP | 140000 | USD | 189711 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4741)<br>|
| GBP | 160000 | USD | 217043 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5648)<br>|
| GBP | 60000 | USD | 81595 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2322)<br>|
| GBP | 105000 | USD | 141690 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2962)<br>|
| GBP | 106000 | USD | 143553 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3504)<br>|
| GBP | 120000 | USD | 164044 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5498)<br>|
| GBP | 180000 | USD | 241897 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4078)<br>|
| GBP | 220000 | USD | 296263 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5595)<br>|
| GBP | 270000 | USD | 361748 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5020)<br>|
| GBP | 106000 | USD | 141500 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1451)<br>|
| GBP | 350000 | USD | 475291 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12866)<br>|
| GBP | 1105000 | USD | 1513740 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53797)<br>|
| HUF | 48950000 | EUR | 121793 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| HUF | 54533000 | EUR | 136011 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (424)<br>|
| HUF | 48737000 | EUR | 121386 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185)<br>|
| HUF | 179520000 | EUR | 449129 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2984)<br>|

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| HUF | 4094000 | USD | 11756 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(101)<br>|
| HUF | 22000000 | USD | 64409 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1780)<br>|
| HUF | 64000000 | USD | 188297 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6102)<br>|
| IDR | 330000000 | USD | 20165 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (191)<br>|
| IDR | 1480000000 | USD | 90509 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (931)<br>|
| IDR | 2490000000 | USD | 153256 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2547)<br>|
| IDR | 2710000000 | USD | 164687 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (662)<br>|
| IDR | 990000000 | USD | 60904 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (984)<br>|
| IDR | 16570000000 | USD | 1014945 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12035)<br>|
| IDR | 870000000 | USD | 53469 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (811)<br>|
| INR | 12479000 | USD | 142367 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106)<br>|
| INR | 12666000 | USD | 145736 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1343)<br>|
| INR | 14200000 | USD | 165943 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4062)<br>|
| INR | 12240000 | USD | 142269 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2732)<br>|
| INR | 19500000 | USD | 227267 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4966)<br>|
| INR | 4000000 | USD | 46486 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (885)<br>|
| INR | 9700000 | USD | 112935 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2355)<br>|
| JPY | 14000000 | USD | 98209 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4915)<br>|
| JPY | 20931000 | USD | 141870 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2389)<br>|
| JPY | 165000000 | USD | 1147589 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48054)<br>|
| JPY | 19000000 | USD | 133136 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6523)<br>|
| JPY | 6000000 | USD | 42163 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2180)<br>|
| JPY | 45000000 | USD | 313143 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13269)<br>|
| KRW | 367063000 | USD | 264722 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1028)<br>|
| KRW | 196946000 | USD | 142010 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (526)<br>|
| KRW | 328198000 | USD | 237544 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1771)<br>|
| KRW | 405503000 | USD | 297290 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5981)<br>|
| KRW | 20000000 | USD | 14752 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (384)<br>|
| KRW | 125000000 | USD | 92331 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2532)<br>|
| KRW | 25000000 | USD | 18388 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (428)<br>|
| KRW | 95000000 | USD | 70540 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2293)<br>|
| KRW | 196453000 | USD | 143118 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1988)<br>|
| KRW | 225000000 | USD | 167059 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5422)<br>|
| KRW | 570000000 | USD | 422768 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13287)<br>|
| KRW | 160000000 | USD | 118479 | Societe Generale | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3537)<br>|
| KRW | 343624500 | USD | 248661 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1805)<br>|
| MXN | 2662000 | USD | 141842 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1399)<br>|
| NOK | 2500000 | USD | 247113 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5235)<br>|
| NOK | 400000 | USD | 39977 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1276)<br>|
| NOK | 100000 | USD | 10057 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (382)<br>|
| NOK | 200000 | USD | 19846 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (495)<br>|
| NOK | 2000000 | USD | 198632 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5130)<br>|
| NZD | 340000 | USD | 208525 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7918)<br>|
| NZD | 70000 | USD | 42416 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1114)<br>|
| NZD | 310000 | USD | 187462 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4555)<br>|
| NZD | 400000 | USD | 243184 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7175)<br>|
| NZD | 659000 | USD | 393915 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5091)<br>|
| NZD | 368000 | USD | 219396 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2268)<br>|
| NZD | 234000 | USD | 140693 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2628)<br>|
| NZD | 240000 | USD | 143190 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1584)<br>|
| NZD | 545000 | USD | 328748 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7186)<br>|
| NZD | 251000 | USD | 150768 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2672)<br>|
| NZD | 350000 | USD | 211473 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4965)<br>|
| NZD | 734000 | USD | 443205 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10128)<br>|
| NZD | 20000 | USD | 12059 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (259)<br>|
| NZD | 238000 | USD | 144146 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3721)<br>|
| PHP | 8063000 | USD | 142518 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4201)<br>|
| PHP | 8123000 | USD | 142841 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3495)<br>|
| PHP | 8146000 | USD | 142214 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2473)<br>|
| PLN | 571000 | EUR | 133424 | Societe Generale | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (452)<br>|
| PLN | 350000 | USD | 96379 | Societe Generale | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3053)<br>|
| SEK | 2841000 | EUR | 254660 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (426)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| SEK | 2800000 | USD | 294791 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(7951)<br>|
| SEK | 2200000 | USD | 227302 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1928)<br>|
| SEK | 2500000 | USD | 264689 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8583)<br>|
| SEK | 1000000 | USD | 104281 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1838)<br>|
| SEK | 400000 | USD | 42143 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1166)<br>|
| SEK | 900000 | USD | 94858 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2660)<br>|
| SEK | 2400000 | USD | 255205 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9343)<br>|
| SGD | 60000 | USD | 47081 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (713)<br>|
| SGD | 340000 | USD | 267108 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4361)<br>|
| SGD | 60000 | USD | 47360 | Societe Generale | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (993)<br>|
| SGD | 2220000 | USD | 1736357 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20774)<br>|
| THB | 4639000 | USD | 143604 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1160)<br>|
| THB | 7562000 | USD | 233507 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1308)<br>|
| THB | 8395000 | USD | 258955 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1179)<br>|
| THB | 1500000 | USD | 46199 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (140)<br>|
| THB | 4596000 | USD | 141768 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (644)<br>|
| TWD | 8122000 | USD | 274686 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2211)<br>|
| TWD | 4062000 | USD | 142053 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5782)<br>|
| TWD | 4154000 | USD | 142046 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2689)<br>|
| TWD | 4400000 | USD | 155230 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7620)<br>|
| TWD | 500000 | USD | 17354 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (580)<br>|
| TWD | 900000 | USD | 31103 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (910)<br>|
| TWD | 2700000 | USD | 94820 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4241)<br>|
| USD | 1617128 | BRL | 9164262 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1293)<br>|
| USD | 140905 | BRL | 799000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200)<br>|
| USD | 334230 | BRL | 1900000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1312)<br>|
| USD | 111218 | CHF | 90000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (184)<br>|
| USD | 750720 | CHF | 610000 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4338)<br>|
| USD | 186500 | COP | 786943746 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (679)<br>|
| USD | 143178 | COP | 610000000 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1914)<br>|
| USD | 133778 | HUF | 47000000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
| USD | 319833 | HUF | 113000000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1854)<br>|
| USD | 531649 | HUF | 187000000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (701)<br>|
| USD | 135745 | HUF | 48000000 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (901)<br>|
| USD | 130511 | HUF | 46000000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (442)<br>|
| USD | 103044 | MXN | 2000000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2474)<br>|
| USD | 249777 | MXN | 4800000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3464)<br>|
| USD | 31144 | MXN | 600000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (511)<br>|
| ZAR | 300000 | USD | 17046 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (627)<br>|
| ZAR | 1400000 | USD | 77702 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1080)<br>|
| ZAR | 2571000 | USD | 143494 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2783)<br>|
| ZAR | 2100000 | USD | 118343 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3410)<br>|
| ZAR | 3100000 | USD | 175240 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5577)<br>|
| ZAR | 300000 | USD | 16846 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (427)<br>|
| ZAR | 32500000 | USD | 1821983 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43262)<br>|
| USD | 25000 | TRY | 1174187 | Barclays Bank PLC | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1912)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (875821)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $344147 |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Future | &nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 96.19 | USD | 108452 | &nbsp;&nbsp;&nbsp;&nbsp; $59325 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

**OTC Barrier Options Purchased** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Type of Option* | *Counterparty* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Put  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Up-and-in | Barclays Bank PLC |  | 11/20/25 | JPY | 150.00 | JPY | 155.00 | USD | 4849 | &nbsp;&nbsp; $21403 |

---

**OTC Currency Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 08/12/25 | &nbsp;&nbsp; BRL | 5.48 | USD | &nbsp;&nbsp; 10157 | $12950 |
| &nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp; CNH | 7.00 | USD | &nbsp;&nbsp; 10787 | 49092 |
|  |  |  |  |  |  |  | $62042 |

---

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/15/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.34% | Annual | Citibank N.A. | 01/13/27 | 4.34<br> % <br>| USD | 723 | $39162 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/15/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.34% | Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 723 | 39162 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/27/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.23% | Annual | Bank of America N.A. | 01/25/27 | 4.22 | USD | 336 | 16656 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 03/31/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.93% | Annual | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 03/29/27 | 3.93 | USD | 1259 | 46138 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 03/31/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.00% | Annual | BNP Paribas SA | 03/29/27 | 4.00 | USD | 514 | 20352 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 04/14/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.05% | Annual | Citibank N.A. | 04/12/27 | 4.04 | USD | 480 | 20035 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 04/16/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.01% | Annual | Bank of America N.A. | 04/14/27 | 4.01 | USD | 241 | 9662 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 06/06/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.00% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 06/04/27 | 4.00 | USD | 1918 | 76808 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 07/10/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.05% | Annual | Barclays Bank PLC | 07/08/27 | 4.05 | USD | 372 | 15834 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 07/16/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.07% | Annual | Bank of America N.A. | 07/14/27 | 4.06 | USD | 1306 | 56700 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 07/17/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.08% | Annual | Bank of America N.A. | 07/15/27 | 4.08 | USD | 1306 | 57402 |
|  |  |  |  |  |  |  |  |  |  | 397911 |
| Put  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 08/15/55 | 4.35% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 08/13/25 | 4.35 | USD | 6567 | 1410 |
| &nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 10/16/55 | 4.33% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Citibank N.A. | 10/14/25 | 4.33 | USD | 6809 | 54197 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/15/37 | 4.34% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 723 | 15573 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/15/37 | 4.34% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 723 | 15573 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/27/37 | 4.23% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Bank of America N.A. | 01/25/27 | 4.22 | USD | 336 | 8297 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 03/31/37 | 3.93% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 03/29/27 | 3.93 | USD | 1259 | 46209 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 03/31/37 | 4.00% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | BNP Paribas SA | 03/29/27 | 4.00 | USD | 514 | 17573 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 04/14/37 | 4.05% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Citibank N.A. | 04/12/27 | 4.04 | USD | 480 | 15944 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 04/16/37 | 4.01% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Bank of America N.A. | 04/14/27 | 4.01 | USD | 241 | 8328 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise*<br> *Rate*<br>| &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 06/06/37 | 4.00% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 06/04/27 | 4.00<br> % <br>| USD | 1918 | $70919 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 07/10/37 | 4.05% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Barclays Bank PLC | 07/08/27 | 4.05 | USD | 372 | 13561 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 07/16/37 | 4.07% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Bank of America N.A. | 07/14/27 | 4.06 | USD | 1305 | 47046 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 07/17/37 | 4.08% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Bank of America N.A. | 07/15/27 | 4.08 | USD | 1306 | 46565 |
|  |  |  |  |  |  |  |  |  |  | 361195 |
|  |  |  |  |  |  |  |  |  |  | $759106 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Future | &nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 96.44 | USD | 108452 | &nbsp;&nbsp;&nbsp;&nbsp; $(25425)<br>|

---

**OTC Currency Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | 08/12/25 | BRL | 5.35 | USD | 10157 | &nbsp;&nbsp;&nbsp;&nbsp; $(833)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | 01/16/26 | CNH | 6.85 | USD | 10787 | &nbsp;&nbsp;&nbsp;&nbsp; (18435)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(19268)<br>|

---

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Put  |  |  |  |  |  |  |  |  |  |  |
| 5-Year Interest Rate Swap, 08/15/30 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.03% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 08/13/25 | 4.02<br> % <br>| USD | 25293 | $(126)<br>|
| 5-Year Interest Rate Swap, 10/16/30 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.81% | Annual | Citibank N.A. | 10/14/25 | 3.81 | USD | 26347 | (70550)<br>|
|  |  |  |  |  |  |  |  |  |  | $(70676)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Paid* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.IG.44.V1 | 1.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/30 | USD | 59441 | &nbsp;&nbsp;&nbsp;&nbsp; $(751)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(61516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60765 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> % <br>| Quarterly | 06/20/30 | B+ | USD | 25570 | &nbsp;&nbsp;&nbsp; $1998079 | &nbsp;&nbsp;&nbsp; $1523070 | &nbsp;&nbsp;&nbsp; $475009 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate Received*<br> *by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment*<br> *Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Credit*<br> *Rating*<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)*<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)*<sup>(b)</sup> | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| iTraxx.EUR.43.V1 | 1.00<br> % <br>| Quarterly | 06/20/30 | BBB+ | EUR | 8820 | &nbsp;&nbsp;&nbsp; $226349 | &nbsp;&nbsp;&nbsp; $209127 | &nbsp;&nbsp;&nbsp; $17222 |
| iTraxx.XO.43.V1 | 5.00 | Quarterly | 06/20/30 | BB | EUR | 2233 | &nbsp;&nbsp;&nbsp; 264195 | &nbsp;&nbsp;&nbsp; 234399 | &nbsp;&nbsp;&nbsp; 29796 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $2488623 | &nbsp;&nbsp;&nbsp; $1966596 | &nbsp;&nbsp;&nbsp; $522027 |

---

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

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

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

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 1-day FEDL, 4.33% | At Termination | 4.27% | At Termination | N/A | 09/17/25 | USD | 349084 | $(26643)<br>| $385 | $(27028)<br>|
| 1-day FEDL, 4.33% | At Termination | 4.28% | At Termination | N/A | 09/17/25 | USD | 109437 | (7295)<br>| 120 | (7415)<br>|
| 1-day FEDL, 4.33% | At Termination | 4.29% | At Termination | N/A | 09/17/25 | USD | 174516 | (9705)<br>| 192 | (9897)<br>|
| 1-day FEDL, 4.33% | At Termination | 4.29% | At Termination | N/A | 09/17/25 | USD | 32620 | (1611)<br>| 36 | (1647)<br>|
| 1-day FEDL, 4.33% | At Termination | 4.31% | At Termination | N/A | 09/17/25 | USD | 175764 | (4798)<br>| 194 | (4992)<br>|
| 1-day FEDL, 4.33% | At Termination | 4.31% | At Termination | N/A | 09/17/25 | USD | 176683 | (5067)<br>| 195 | (5262)<br>|
| 1-day FEDL, 4.33% | At Termination | 4.32% | At Termination | N/A | 09/17/25 | USD | 89685 | (466)<br>| 99 | (565)<br>|
| 1-day SOFR, 4.39% | At Termination | 3.78% | At Termination | N/A | 05/16/26 | USD | 3650 | (15866)<br>| 5 | (15871)<br>|
| 3.79% | At Termination | 1-day SOFR, 4.39% | At Termination | N/A | 05/16/26 | USD | 12634 | 53579 | (3186)<br>| 56765 |
| 1-day SOFR, 4.39% | At Termination | 3.80% | At Termination | N/A | 05/16/26 | USD | 8984 | (37541)<br>| 13 | (37554)<br>|
| 3.81% | At Termination | 1-day SOFR, 4.39% | At Termination | N/A | 05/16/26 | USD | 6894 | 27853 | 3932 | 23921 |
| 1-day SOFR, 4.39% | At Termination | 3.90% | At Termination | N/A | 05/16/26 | USD | 6894 | (21989)<br>| 9 | (21998)<br>|
| 1.00% | At Termination | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 03/12/26 <br><sup>(a)</sup><br>| 03/12/27 | JPY | 641920 | (5773)<br>| 14 | (5787)<br>|
| 1.02% | At Termination | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 03/12/26 <br><sup>(a)</sup><br>| 03/12/27 | JPY | 1455298 | (15086)<br>| 32 | (15118)<br>|
| 1.03% | At Termination | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 03/12/26 <br><sup>(a)</sup><br>| 03/12/27 | JPY | 1570899 | (17112)<br>| 35 | (17147)<br>|
| 0.68% | At Termination | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 04/21/26 <br><sup>(a)</sup><br>| 04/21/27 | JPY | 616006 | 8193 | 14 | 8179 |
| 0.69% | At Termination | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 04/21/26 <br><sup>(a)</sup><br>| 04/21/27 | JPY | 623208 | 8207 | 14 | 8193 |
| 0.70% | At Termination | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 05/11/26 <br><sup>(a)</sup><br>| 05/11/27 | JPY | 491918 | 6457 | 12 | 6445 |
| 0.85% | At Termination | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 07/07/26 <br><sup>(a)</sup><br>| 07/07/27 | JPY | 1700000 | 8847 | 39 | 8808 |
| &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.77% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 279121 | (2595)<br>| 9 | (2604)<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.77% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 186109 | (1669)<br>| 6 | (1675)<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.78% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 823750 | (6255)<br>| 27 | (6282)<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.79% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 1116532 | (7088)<br>| 37 | (7125)<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.79% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 280834 | (1985)<br>| 9 | (1994)<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.80% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 194496 | (1133)<br>| 6 | (1139)<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.81% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 407659 | (1680)<br>| 14 | (1694)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.09% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | EUR | 10720 | (3682)<br>| (4528)<br>| 846 |
| 3.36% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 13830 | 73183 | 4353 | 68830 |
| 3.36% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 14280 | 77364 | 39702 | 37662 |
| 3.38% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 7590 | 37602 | (276)<br>| 37878 |
| 3.54% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 15575 | 29696 | (10142)<br>| 39838 |
| 3.55% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 2620 | 4533 | 1668 | 2865 |
| 3.57% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 4870 | 6305 | 1004 | 5301 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.57% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | GBP | 19160 | $34003 | $(19971)<br>| $53974 |
| 3.60% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 94860 | 79539 | (61557)<br>| 141096 |
| 3.60% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 8045 | 6460 | (4070)<br>| 10530 |
| 3.65% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | GBP | 17770 | (4772)<br>| (16028)<br>| 11256 |
| 3.65% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | GBP | 1050 | (361)<br>| (455)<br>| 94 |
| 3.66% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 6200 | (1927)<br>| (1089)<br>| (838)<br>|
| 3.76% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | GBP | 8770 | (27276)<br>| (22356)<br>| (4920)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.08% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/28 | EUR | 4900 | (21202)<br>| 3584 | (24786)<br>|
| 1-day CORRA, 2.75% | Semi-Annual | 2.60% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/28 | CAD | 9490 | (23394)<br>| 2144 | (25538)<br>|
| 3.23% | Quarterly | 3-mo. BBSW, 3.68% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/28 | AUD | 8270 | 16636 | 53 | 16583 |
| 3.57% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/28 | USD | 8610 | (4093)<br>| (7862)<br>| 3769 |
| 1-day SONIA, 4.22% | Annual | 3.66% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/28 | GBP | 4000 | 2900 | 6453 | (3553)<br>|
| 13.37% | At Termination | 1-day BZDIOVER, 0.06% | At Termination | N/A | 01/02/29 | BRL | 3000 | 2114 | 5 | 2109 |
| 1-day TIIEFONDEO, 8.05% | Monthly | 7.76% | Monthly | 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 7560 | (1344)<br>| 4 | (1348)<br>|
| 1-day TIIEFONDEO, 8.05% | Monthly | 7.81% | Monthly | 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 8360 | (711)<br>| 4 | (715)<br>|
| 1-day TIIEFONDEO, 8.05% | Monthly | 7.83% | Monthly | 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 6000 | (183)<br>| 3 | (186)<br>|
| 1-day TIIEFONDEO, 8.05% | Monthly | 7.84% | Monthly | 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 24000 | (76)<br>| 12 | (88)<br>|
| 1-day TIIEFONDEO, 8.05% | Monthly | 7.87% | Monthly | 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 29000 | 1332 | 14 | 1318 |
| 1-day TIIEFONDEO, 8.05% | Monthly | 7.90% | Monthly | 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 17000 | 1894 | 8 | 1886 |
| 1-day TIIEFONDEO, 8.05% | Monthly | 8.01% | Monthly | 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 6350 | 2232 | 3 | 2229 |
| 1-day TIIEFONDEO, 8.05% | Monthly | 8.12% | Monthly | 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 138000 | 83900 | 64 | 83836 |
| 1-day TIIEFONDEO, 8.05% | Monthly | 8.13% | Monthly | 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 10000 | 6134 | 4 | 6130 |
| 1-day TIIEFONDEO, 8.05% | Monthly | 8.25% | Monthly | 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 30000 | 26588 | 14 | 26574 |
| 1-day TIIEFONDEO, 8.05% | Monthly | 8.30% | Monthly | 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 19000 | 18912 | 9 | 18903 |
| 0.18% | Annual | 1-day SSARON, (0.03%) | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CHF | 1000 | 371 | 261 | 110 |
| 1-day SSARON, (0.03%) | Annual | 0.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CHF | 340 | 750 | 72 | 678 |
| 0.29% | Annual | 1-day SSARON, (0.03%) | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CHF | 1000 | (6448)<br>| (6173)<br>| (275)<br>|
| 1.28% | Semi-Annual | 1-day THOR, 1.74% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | THB | 12910 | 457 | 5 | 452 |
| 1.31% | Quarterly | 1-day THOR, 1.74% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | THB | 171000 | (2790)<br>| 59 | (2849)<br>|
| 1.39% | Quarterly | 1-day THOR, 1.74% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | THB | 11890 | (1575)<br>| 4 | (1579)<br>|
| &nbsp;&nbsp;&nbsp; China Fixing Repo Rates <br> 7-day, 1.60%<br>| Quarterly | 1.58% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CNY | 5000 | 443 | 8 | 435 |
| &nbsp;&nbsp;&nbsp; China Fixing Repo Rates <br> 7-day, 1.60%<br>| Quarterly | 1.59% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CNY | 21000 | 2700 | 33 | 2667 |
| &nbsp;&nbsp;&nbsp; China Fixing Repo Rates <br> 7-day, 1.60%<br>| Quarterly | 1.61% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CNY | 10000 | 2620 | 15 | 2605 |
| 1-day SORA, 1.75% | Semi-Annual | 1.66% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SGD | 340 | (480)<br>| 3 | (483)<br>|
| 1-day SORA, 1.75% | Semi-Annual | 1.68% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SGD | 380 | (326)<br>| 3 | (329)<br>|
| 1-day SORA, 1.75% | Semi-Annual | 1.71% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SGD | 1000 | 216 | 9 | 207 |
| 1.86% | Quarterly | 3-mo. TAIBOR, 1.68% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | TWD | 10000 | (4078)<br>| 3 | (4081)<br>|
| 1.87% | Quarterly | 3-mo. TAIBOR, 1.68% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | TWD | 48000 | (19862)<br>| 16 | (19878)<br>|
| 1.96% | Quarterly | 3-mo. TAIBOR, 1.68% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | TWD | 129000 | (73652)<br>| 44 | (73696)<br>|
| 1.97% | Quarterly | 3-mo. TAIBOR, 1.68% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | TWD | 2000 | (1186)<br>| 1 | (1187)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.21% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 190 | (1690)<br>| (146)<br>| (1544)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.23% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 390 | (3199)<br>| (548)<br>| (2651)<br>|
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.24% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 374950 | (3333)<br>| 3 | (3336)<br>|
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.25% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 589910 | (5224)<br>| 5 | (5229)<br>|
| 3-mo. STIBOR, 2.16% | Quarterly | 2.25% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SEK | 2640 | (2145)<br>| (146)<br>| (1999)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.25% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 21130 | (144146)<br>| 33727 | (177873)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.25% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 320 | (2183)<br>| (511)<br>| (1672)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.26% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 230 | (1474)<br>| (230)<br>| (1244)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.26% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 480 | (3171)<br>| (2016)<br>| (1155)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.27% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 270 | (1522)<br>| 29 | (1551)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.28% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 290 | (1568)<br>| (256)<br>| (1312)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.30% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 360 | (1464)<br>| 823 | (2287)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.30% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 1000 | (4283)<br>| 322 | (4605)<br>|
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.31% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 528000 | (3466)<br>| 5 | (3471)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.31% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 2000 | (7346)<br>| (44)<br>| (7302)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.31% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 2000 | (7303)<br>| (1989)<br>| (5314)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.31% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 240 | (911)<br>| (353)<br>| (558)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.32% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 3000 | (9644)<br>| 118 | (9762)<br>|

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.33% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 171745 | $(1022)<br>| $2 | $(1024)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.33% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 6730 | (17877)<br>| 21435 | (39312)<br>|
| 1-day SORA, 1.75% | Semi-Annual | 2.34% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SGD | 1500 | 35751 | 13 | 35738 |
| 1-day SORA, 1.75% | Semi-Annual | 2.34% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SGD | 500 | 11861 | 4 | 11857 |
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.34% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 1000 | (2260)<br>| (326)<br>| (1934)<br>|
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.36% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 374200 | (1907)<br>| 3 | (1910)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.36% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 840 | (768)<br>| 109 | (877)<br>|
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.37% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 462165 | (2157)<br>| 4 | (2161)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.37% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 1000 | (653)<br>| 156 | (809)<br>|
| 1-day SORA, 1.75% | Semi-Annual | 2.38% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SGD | 1000 | 25093 | 9 | 25084 |
| 3-mo. STIBOR, 2.16% | Quarterly | 2.38% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SEK | 6000 | (1152)<br>|  | (1152)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.38% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 1000 | (209)<br>| 328 | (537)<br>|
| 2.38% | Semi-Annual | 6-mo. EURIBOR, 2.08% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 4440 | 413 | 1418 | (1005)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 13000 | 4204 | 9856 | (5652)<br>|
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.40% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 850420 | (3097)<br>| 6 | (3103)<br>|
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.40% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 590290 | (2059)<br>| 4 | (2063)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.42% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 3000 | 6554 | 3896 | 2658 |
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.43% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 2000 | 5012 | 5034 | (22)<br>|
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.45% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 526340 | (1044)<br>| 4 | (1048)<br>|
| 3-mo. STIBOR, 2.16% | Quarterly | 2.46% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SEK | 25000 | 4820 | 8769 | (3949)<br>|
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.49% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 571160 | (332)<br>| 4 | (336)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.49% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 2000 | 11426 | (111)<br>| 11537 |
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.50% | Quarterly | N/A | 09/17/30 | KRW | 851709 | 14 | 7 | 7 |
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.50% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 219436 | 4 | 2 | 2 |
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.50% | Quarterly | N/A | 09/17/30 | KRW | 448291 |  | 4 | (4)<br>|
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.50% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 138944 |  | 2 | (2)<br>|
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.53% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 4523000 | 4171 | 36 | 4135 |
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.53% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 2000 | 16470 | (225)<br>| 16695 |
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.54% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 9000 | 79039 | 2622 | 76417 |
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.55% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 1510000 | 2477 | 12 | 2465 |
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.56% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 5000 | 48625 | 597 | 48028 |
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.57% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 1000 | 10055 | (377)<br>| 10432 |
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.58% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 560240 | 1436 | 4 | 1432 |
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.58% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 4000 | 42429 | 483 | 41946 |
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.58% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 2000 | 21181 | 2111 | 19070 |
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.62% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 582930 | 2252 | 4 | 2248 |
| 3-mo. KRW CDC, 2.51% | Quarterly | 2.63% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 410920 | 1805 | 4 | 1801 |
| 3-mo. STIBOR, 2.16% | Quarterly | 2.69% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SEK | 18000 | 22896 | 32 | 22864 |
| 3-mo. STIBOR, 2.16% | Quarterly | 2.73% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SEK | 20000 | 29926 | (793)<br>| 30719 |
| 1-day CORRA, 2.75% | Semi-Annual | 2.74% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CAD | 570 | (1931)<br>| 363 | (2294)<br>|
| 3-mo. STIBOR, 2.16% | Quarterly | 2.74% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SEK | 10000 | 15490 | 3546 | 11944 |
| 3-mo. STIBOR, 2.16% | Quarterly | 2.74% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SEK | 11000 | 17092 | 393 | 16699 |
| 1-day CORRA, 2.75% | Semi-Annual | 2.80% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CAD | 2000 | (2580)<br>| 3902 | (6482)<br>|
| 3-mo. HIBOR, 1.62% | Quarterly | 2.84% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 4000 | 134 | 6 | 128 |
| 1-day CORRA, 2.75% | Semi-Annual | 2.85% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CAD | 2000 | 493 | (5761)<br>| 6254 |
| 1-day CORRA, 2.75% | Semi-Annual | 2.85% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CAD | 1000 | 280 | (2583)<br>| 2863 |
| 3-mo. HIBOR, 1.62% | Quarterly | 2.87% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 11000 | 2536 | 16 | 2520 |
| 3-mo. HIBOR, 1.62% | Quarterly | 2.87% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 10000 | 2426 | 14 | 2412 |
| 3-mo. HIBOR, 1.62% | Quarterly | 2.87% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 3000 | 601 | 5 | 596 |
| 3-mo. HIBOR, 1.62% | Quarterly | 2.88% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 4000 | 1213 | 6 | 1207 |
| 2.89% | Quarterly | 3-mo. HIBOR, 1.62% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 3100 | (997)<br>| 4 | (1001)<br>|
| 3-mo. HIBOR, 1.62% | Quarterly | 2.90% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 15000 | 6187 | 22 | 6165 |
| 3-mo. HIBOR, 1.62% | Quarterly | 2.90% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 2000 | 795 | 3 | 792 |
| 1-day CORRA, 2.75% | Semi-Annual | 2.91% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CAD | 450 | 1127 | 779 | 348 |
| 3-mo. HIBOR, 1.62% | Quarterly | 2.91% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 12000 | 5495 | 17 | 5478 |
| 1-day CORRA, 2.75% | Semi-Annual | 2.92% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CAD | 370 | 963 | (229)<br>| 1192 |
| 3-mo. HIBOR, 1.62% | Quarterly | 2.93% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 2000 | 1189 | 3 | 1186 |
| 2.95% | Quarterly | 3-mo. HIBOR, 1.62% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 3220 | (2207)<br>| 5 | (2212)<br>|
| 3-mo. HIBOR, 1.62% | Quarterly | 3.00% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 6000 | 6114 | 9 | 6105 |
| 3-mo. HIBOR, 1.62% | Quarterly | 3.06% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 8000 | 11014 | 11 | 11003 |
| 1-day SOFR, 4.39% | Annual | 3.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 770 | (6153)<br>| (4342)<br>| (1811)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day SOFR, 4.39% | Annual | 3.40% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 5530 | $(43591)<br>| $(4794)<br>| $(38797)<br>|
| 1-day SOFR, 4.39% | Annual | 3.43% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 590 | (3786)<br>| 61 | (3847)<br>|
| 3.49% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 2000 | 7348 | 7330 | 18 |
| 3.52% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 12740 | 30974 | 22302 | 8672 |
| 6-mo. PRIBOR, 3.50% | Semi-Annual | 3.54% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 3900 | (2806)<br>| 2 | (2808)<br>|
| 3.55% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 2000 | 2178 | 4780 | (2602)<br>|
| 3.56% | Annual | 6-mo. PRIBOR, 3.50% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 5000 | 3406 | 2 | 3404 |
| 6-mo. PRIBOR, 3.50% | Semi-Annual | 3.56% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 9490 | (6414)<br>| 5 | (6419)<br>|
| 1-day SOFR, 4.39% | Annual | 3.57% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 2585 | (108)<br>| 6746 | (6854)<br>|
| 3.57% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 3000 | 1 | (4577)<br>| 4578 |
| 3.57% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 1000 | (90)<br>| (47)<br>| (43)<br>|
| 3.57% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 8890 | (1872)<br>| (5215)<br>| 3343 |
| 3.57% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 2000 | (453)<br>| 638 | (1091)<br>|
| 3.59% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 5165 | (4770)<br>| (9747)<br>| 4977 |
| 3.59% | Quarterly | 3-mo. BBR, 3.38% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NZD | 470 | (301)<br>| 3 | (304)<br>|
| 6-mo. BBSW, 3.78% | Semi-Annual | 3.59% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | AUD | 460 | (2004)<br>| 3 | (2007)<br>|
| 3.61% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 270 | (476)<br>| 1145 | (1621)<br>|
| 3.61% | Quarterly | 3-mo. BBR, 3.38% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NZD | 610 | (785)<br>| 4 | (789)<br>|
| 1-day SOFR, 4.39% | Annual | 3.63% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 2350 | 6190 | (44)<br>| 6234 |
| 1-day SOFR, 4.39% | Annual | 3.63% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 39950 | 116689 | 52736 | 63953 |
| 3.64% | Annual | 6-mo. PRIBOR, 3.50% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 6000 | 3128 | 3 | 3125 |
| 3.64% | Annual | 6-mo. PRIBOR, 3.50% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 3000 | 1538 | 1 | 1537 |
| 3.66% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 480 | (1889)<br>| 757 | (2646)<br>|
| 1-day SONIA, 4.22% | Annual | 3.67% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 8200 | (28167)<br>| 26115 | (54282)<br>|
| 3.67% | Annual | 6-mo. PRIBOR, 3.50% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 9000 | 4069 | 5 | 4064 |
| 3.68% | Annual | 6-mo. PRIBOR, 3.50% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 9000 | 3791 | 5 | 3786 |
| 3.69% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 5000 | 10593 | 4859 | 5734 |
| 6-mo. PRIBOR, 3.50% | Semi-Annual | 3.69% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 4440 | (1842)<br>| 2 | (1844)<br>|
| 3.70% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 7000 | (38024)<br>| 15331 | (53355)<br>|
| 3.70% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 1000 | (5659)<br>| 402 | (6061)<br>|
| 3.70% | Annual | 1-day SOFR, 4.39% | Annual | N/A | 09/17/30 | USD | 390 | (2385)<br>| (315)<br>| (2070)<br>|
| 1-day SOFR, 4.39% | Annual | 3.70% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 1405 | 8592 | 1630 | 6962 |
| 1-day SOFR, 4.39% | Annual | 3.70% | Annual | N/A | 09/17/30 | USD | 1405 | 8592 | 220 | 8372 |
| 3.70% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 300 | (1845)<br>| (755)<br>| (1090)<br>|
| 3.70% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 1000 | 1941 | 5028 | (3087)<br>|
| 3.70% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 1000 | 1487 | 652 | 835 |
| 3.71% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 2000 | 2348 | 7101 | (4753)<br>|
| 6-mo. BBSW, 3.78% | Semi-Annual | 3.71% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | AUD | 700 | (669)<br>| 5 | (674)<br>|
| 3.72% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 210 | 65 | 281 | (216)<br>|
| 3.72% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 2000 | 577 | 891 | (314)<br>|
| 3.73% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 2000 | (14311)<br>| 238 | (14549)<br>|
| 3.73% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 7000 | (49136)<br>| (11844)<br>| (37292)<br>|
| 3.73% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 290 | 43 | 259 | (216)<br>|
| 3.73% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 290 | (92)<br>| 458 | (550)<br>|
| 6-mo. BBSW, 3.78% | Semi-Annual | 3.73% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | AUD | 710 | (171)<br>| 6 | (177)<br>|
| 3.73% | Semi-Annual | 6-mo. BBSW, 3.78% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | AUD | 1460 | 267 | 10 | 257 |
| 3.74% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 1000 | (7574)<br>| (473)<br>| (7101)<br>|
| 3.74% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 200 | (87)<br>| (149)<br>| 62 |
| 3.74% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 240 | (210)<br>| 216 | (426)<br>|
| 3.74% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 1000 | (892)<br>| (2212)<br>| 1320 |
| 3.74% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 320 | (139)<br>| 736 | (875)<br>|
| 3.75% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 12000 | (92940)<br>| (29196)<br>| (63744)<br>|
| 1-day SONIA, 4.22% | Annual | 3.75% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 16830 | 23030 | 51697 | (28667)<br>|
| 3.75% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 1000 | (1010)<br>| 2458 | (3468)<br>|
| 3.75% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 1000 | (1187)<br>| (1163)<br>| (24)<br>|
| 3.75% | Semi-Annual | 6-mo. BBSW, 3.78% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | AUD | 1699 | (482)<br>| 13 | (495)<br>|
| 3.75% | Semi-Annual | 6-mo. BBSW, 3.78% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | AUD | 1000 | (255)<br>| 7 | (262)<br>|
| 3.76% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 3000 | (25684)<br>| (3287)<br>| (22397)<br>|
| 3.76% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 7000 | (58342)<br>| (19081)<br>| (39261)<br>|
| 3.76% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 1000 | (8435)<br>| (8609)<br>| 174 |
| 3.76% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 380 | (664)<br>| 218 | (882)<br>|

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.76% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 1000 | $(1919)<br>| $15 | $(1934)<br>|
| 3.76% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 1000 | (1854)<br>| 6 | (1860)<br>|
| 3.76% | Semi-Annual | 6-mo. BBSW, 3.78% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | AUD | 1841 | (899)<br>| 13 | (912)<br>|
| 3.77% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 1000 | (2433)<br>| (194)<br>| (2239)<br>|
| 3.77% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 1000 | (2250)<br>| (131)<br>| (2119)<br>|
| 3.78% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 1740 | (16159)<br>| (10231)<br>| (5928)<br>|
| 3.79% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 1000 | (9786)<br>| (589)<br>| (9197)<br>|
| 1-day SONIA, 4.22% | Annual | 3.79% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 4290 | 16000 | 9869 | 6131 |
| 3.79% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 360 | (1378)<br>| 236 | (1614)<br>|
| 3.80% | Semi-Annual | 6-mo. BBSW, 3.78% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | AUD | 1000 | (1626)<br>| 8 | (1634)<br>|
| 3.80% | Annual | 6-mo. PRIBOR, 3.50% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 4000 | 696 | 2 | 694 |
| 6-mo. BBSW, 3.78% | Semi-Annual | 3.84% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | AUD | 690 | 1930 | 1795 | 135 |
| 1-day SONIA, 4.22% | Annual | 3.86% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 3720 | 28194 | 22968 | 5226 |
| 3.89% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 320 | (3052)<br>| 1168 | (4220)<br>|
| 6-mo. WIBOR, 4.78% | Semi-Annual | 4.05% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 1000 | (1563)<br>| 3 | (1566)<br>|
| 6-mo. WIBOR, 4.78% | Semi-Annual | 4.05% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 2000 | (3196)<br>| 6 | (3202)<br>|
| 6-mo. WIBOR, 4.78% | Semi-Annual | 4.06% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 2000 | (2973)<br>| 6 | (2979)<br>|
| 6-mo. WIBOR, 4.78% | Semi-Annual | 4.06% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 2000 | (2985)<br>| 6 | (2991)<br>|
| 6-mo. WIBOR, 4.78% | Semi-Annual | 4.10% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 2000 | (2059)<br>| 7 | (2066)<br>|
| 6-mo. WIBOR, 4.78% | Semi-Annual | 4.11% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 1000 | (907)<br>| 3 | (910)<br>|
| 6-mo. WIBOR, 4.78% | Semi-Annual | 4.13% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 2000 | (1345)<br>| 6 | (1351)<br>|
| 6-mo. WIBOR, 4.78% | Semi-Annual | 4.16% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 2000 | (689)<br>| 6 | (695)<br>|
| 6-mo. WIBOR, 4.78% | Semi-Annual | 4.18% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 4000 | (230)<br>| 12 | (242)<br>|
| 6-mo. WIBOR, 4.78% | Semi-Annual | 4.26% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 2000 | 1642 | 6 | 1636 |
| 6-mo. WIBOR, 4.78% | Semi-Annual | 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 4000 | 9538 | 12 | 9526 |
| 4.85% | Semi-Annual | 6-mo. WIBOR, 4.78% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 3960 | (30499)<br>| 12 | (30511)<br>|
| 1-day MIBOR, 5.54% | Semi-Annual | 5.67% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 64000 | (1245)<br>| 9 | (1254)<br>|
| 1-day MIBOR, 5.54% | Semi-Annual | 5.69% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 20000 | (259)<br>| 3 | (262)<br>|
| 1-day MIBOR, 5.54% | Semi-Annual | 5.70% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 182000 | (1528)<br>| 24 | (1552)<br>|
| 1-day MIBOR, 5.54% | Semi-Annual | 5.70% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 205000 | (1894)<br>| 27 | (1921)<br>|
| 1-day MIBOR, 5.54% | Semi-Annual | 5.70% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 70000 | (453)<br>| 9 | (462)<br>|
| 1-day MIBOR, 5.54% | Semi-Annual | 5.70% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 67000 | (453)<br>| 9 | (462)<br>|
| 1-day MIBOR, 5.54% | Semi-Annual | 5.72% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 227000 | 931 | 29 | 902 |
| 1-day MIBOR, 5.54% | Semi-Annual | 5.72% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 79000 | 248 | 10 | 238 |
| 1-day MIBOR, 5.54% | Semi-Annual | 5.72% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 129000 | 343 | 16 | 327 |
| 1-day MIBOR, 5.54% | Semi-Annual | 5.73% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 38000 | 247 | 5 | 242 |
| 1-day MIBOR, 5.54% | Semi-Annual | 5.74% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 145500 | 1436 | 18 | 1418 |
| 1-day MIBOR, 5.54% | Semi-Annual | 5.75% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 375000 | 6623 | 48 | 6575 |
| 1-day MIBOR, 5.54% | Semi-Annual | 5.76% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 145500 | 3185 | 19 | 3166 |
| 1-day MIBOR, 5.54% | Semi-Annual | 5.76% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 115000 | 2601 | 15 | 2586 |
| 3-mo. JIBAR, 7.13% | Quarterly | 7.62% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 8910 | 7466 | 6 | 7460 |
| 3-mo. JIBAR, 7.13% | Quarterly | 7.69% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 7530 | 7387 | 5 | 7382 |
| 3-mo. JIBAR, 7.13% | Quarterly | 7.89% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 3410 | 4946 | 2 | 4944 |
| 3-mo. JIBAR, 7.13% | Quarterly | 7.95% | Quarterly | N/A | 09/17/30 | ZAR | 1850 | 2937 | 1 | 2936 |
| 3-mo. JIBAR, 7.13% | Quarterly | 8.12% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 51000 | 100237 | 30 | 100207 |
| 2.52% | At Termination | 1-day SOFR, 4.39% | At Termination | N/A | 11/21/34 | USD | 600 | 2323 | 1418 | 905 |
| 1-day SOFR, 4.39% | At Termination | 2.52% | At Termination | N/A | 11/21/34 | USD | 600 | (2323)<br>| (1393)<br>| (930)<br>|
| 2.57% | Semi-Annual | 6-mo. EURIBOR, 2.08% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | EUR | 2450 | 28801 | (9765)<br>| 38566 |
| 2.68% | Semi-Annual | 6-mo. EURIBOR, 2.08% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | EUR | 80 | 32 | (8)<br>| 40 |
| 2.69% | Semi-Annual | 6-mo. EURIBOR, 2.08% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | EUR | 80 | (30)<br>| (511)<br>| 481 |
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.69% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | EUR | 220 | 164 | 182 | (18)<br>|
| 1-day SOFR, 4.39% | Annual | 3.68% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | USD | 4330 | (53734)<br>| (41124)<br>| (12610)<br>|
| 1-day SOFR, 4.39% | Annual | 3.69% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | USD | 1400 | (16240)<br>| (1952)<br>| (14288)<br>|
| 1-day SOFR, 4.39% | Annual | 3.73% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | USD | 2900 | (24332)<br>| 626 | (24958)<br>|
| 1-day SOFR, 4.39% | Annual | 3.80% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | USD | 10190 | (26828)<br>| (34368)<br>| 7540 |
| 1-day SOFR, 4.39% | Annual | 3.84% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | USD | 7670 | 8653 | 16055 | (7402)<br>|
| 1-day SOFR, 4.39% | Annual | 3.88% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | USD | 4335 | 16988 | 22032 | (5044)<br>|
| 1-day SOFR, 4.39% | Annual | 3.88% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | USD | 7215 | 31303 | 28854 | 2449 |
| 1-day SOFR, 4.39% | Annual | 3.93% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | USD | 1480 | 11572 | 3670 | 7902 |
| 1-day SONIA, 4.22% | Annual | 4.02% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | GBP | 2637 | (14848)<br>| 13386 | (28234)<br>|
| 1-day SONIA, 4.22% | Annual | 4.08% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | GBP | 18800 | 7413 | 112325 | (104912)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day SONIA, 4.22% | Annual | 4.10% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | GBP | 430 | $1322 | $986 | $336 |
| 1-day SONIA, 4.22% | Annual | 4.12% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | GBP | 1400 | 7656 | 2420 | 5236 |
| 1-day SONIA, 4.22% | Annual | 4.15% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | GBP | 1095 | 8843 | 3406 | 5437 |
| 1-day SONIA, 4.22% | Annual | 4.16% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | GBP | 1930 | 17733 | 18960 | (1227)<br>|
| 1-day SONIA, 4.22% | Annual | 4.17% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | GBP | 910 | 9270 | 23454 | (14184)<br>|
| 4.17% | Annual | 1-day SONIA, 4.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | GBP | 370 | (3893)<br>| (1513)<br>| (2380)<br>|
| 1.28% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 41192 | 2471 | 5 | 2466 |
| 1.30% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 86336 | 3997 | 11 | 3986 |
| 1.33% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 174000 | 4697 | 21 | 4676 |
| 1.34% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 59114 | 1209 | 7 | 1202 |
| 1.34% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 39415 | 855 | 4 | 851 |
| 1.36% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 10805 | 87 | 2 | 85 |
| 1.36% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 4500 | 36 | 1 | 35 |
| 1.36% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 2268 | 18 |  | 18 |
| 1.36% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 2252 | 18 |  | 18 |
| 1.36% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 9001 | 72 | 1 | 71 |
| 1.36% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 4505 | 36 |  | 36 |
| 1.36% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 21609 | 173 | 3 | 170 |
| 1.36% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 4536 | 36 |  | 36 |
| 1.37% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 236466 | 789 | 30 | 759 |
| 2.30% | Annual | 6-mo. EURIBOR, 2.08% | Semi-Annual | N/A | 01/23/54 | EUR | 1020 | 112947 | 2298 | 110649 |
| 2.49% | Annual | 6-mo. EURIBOR, 2.08% | Semi-Annual | N/A | 02/19/54 | EUR | 613 | 49618 | 23 | 49595 |
| 2.51% | Annual | 6-mo. EURIBOR, 2.08% | Semi-Annual | N/A | 02/20/54 | EUR | 613 | 47426 | 23 | 47403 |
| 2.51% | Annual | 6-mo. EURIBOR, 2.08% | Semi-Annual | N/A | 02/20/54 | EUR | 628 | 47519 | 24 | 47495 |
| 2.51% | Annual | 6-mo. EURIBOR, 2.08% | Semi-Annual | N/A | 03/01/54 | EUR | 305 | 23128 | 11 | 23117 |
| 2.46% | Annual | 6-mo. EURIBOR, 2.08% | Semi-Annual | N/A | 03/22/54 | EUR | 128 | 11370 | 5 | 11365 |
| 2.54% | Annual | 6-mo. EURIBOR, 2.08% | Semi-Annual | N/A | 04/22/54 | EUR | 496 | 33677 | (1008)<br>| 34685 |
| 2.64% | Annual | 6-mo. EURIBOR, 2.08% | Semi-Annual | N/A | 05/31/54 | EUR | 580 | 25643 | (4825)<br>| 30468 |
| 2.43% | Annual | 6-mo. EURIBOR, 2.08% | Semi-Annual | N/A | 06/19/54 | EUR | 168 | 15804 | 6 | 15798 |
| 2.43% | Annual | 6-mo. EURIBOR, 2.08% | Semi-Annual | N/A | 06/20/54 | EUR | 163 | 15327 | 6 | 15321 |
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.44% | Annual | N/A | 06/24/54 | EUR | 114 | (10382)<br>| 4 | (10386)<br>|
| 2.76% | Annual | 6-mo. EURIBOR, 2.08% | Semi-Annual | N/A | 06/30/54 | EUR | 150 | 2622 | (1148)<br>| 3770 |
| 2.81% | Annual | 6-mo. EURIBOR, 2.08% | Semi-Annual | N/A | 07/22/54 | EUR | 40 | 324 | (16)<br>| 340 |
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.26% | Annual | N/A | 10/22/54 | EUR | 120 | (14594)<br>| (575)<br>| (14019)<br>|
| 6-mo. EURIBOR, 2.08% | Semi-Annual | 2.18% | Annual | N/A | 11/07/54 | EUR | 15 | (2092)<br>|  | (2092)<br>|
| 2.63% | Semi-Annual | 6-mo. EURIBOR, 2.08% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | EUR | 130 | 6530 | (147)<br>| 6677 |
| 2.66% | Semi-Annual | 6-mo. EURIBOR, 2.08% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | EUR | 3670 | 154909 | (43857)<br>| 198766 |
| 2.73% | Semi-Annual | 6-mo. EURIBOR, 2.08% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | EUR | 140 | 3556 | 2973 | 583 |
| 2.86% | Semi-Annual | 6-mo. EURIBOR, 2.08% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | EUR | 160 | (682)<br>| (486)<br>| (196)<br>|
| 2.88% | Semi-Annual | 6-mo. EURIBOR, 2.08% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | EUR | 1670 | (12101)<br>| (27231)<br>| 15130 |
| 3.90% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | USD | 680 | 16905 | 11818 | 5087 |
| 3.91% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | USD | 660 | 15382 | 1321 | 14061 |
| 3.95% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | USD | 710 | 11207 | (902)<br>| 12109 |
| 4.03% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | USD | 1240 | 1769 | 7880 | (6111)<br>|
| 4.07% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | USD | 1400 | (6280)<br>| (8106)<br>| 1826 |
| 4.12% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | USD | 1205 | (16687)<br>| (11418)<br>| (5269)<br>|
| 4.13% | Annual | 1-day SOFR, 4.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | USD | 1050 | (16070)<br>| (11902)<br>| (4168)<br>|

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 4.14% | Annual | 1-day SOFR, 4.39% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | USD | 780 | $(13229)<br>| $(994)<br>| $(12235)<br>|
| 4.46% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | GBP | 1220 | 21970 | (11431)<br>| 33401 |
| 4.47% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | GBP | 12220 | 176667 | (145735)<br>| 322402 |
| 4.53% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | GBP | 890 | 2203 | (14241)<br>| 16444 |
| 4.56% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | GBP | 475 | (2059)<br>| (3722)<br>| 1663 |
| 4.58% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | GBP | 160 | (1220)<br>| (829)<br>| (391)<br>|
| 4.60% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | GBP | 590 | (7198)<br>| (1648)<br>| (5550)<br>|
| 4.62% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | GBP | 485 | (8137)<br>| (2657)<br>| (5480)<br>|
| 4.66% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | GBP | 1560 | (41266)<br>| (18495)<br>| (22771)<br>|
|  |  |  |  |  |  |  | $1048929 | $(1078)<br>| $1050007 |

---

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

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

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| UK RPI All Items NSA | At Termination | 3.28% | At Termination | 07/15/27 | GBP | 1348 | &nbsp;&nbsp; $(6421)<br>| &nbsp;&nbsp; $11 | &nbsp;&nbsp; $(6432)<br>|
| UK RPI All Items NSA | At Termination | 3.30% | At Termination | 07/15/27 | GBP | 1375 | &nbsp;&nbsp; (5851)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (5862)<br>|
| UK RPI All Items NSA | At Termination | 3.32% | At Termination | 07/15/27 | GBP | 2693 | &nbsp;&nbsp; (10606)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; (10627)<br>|
| UK RPI All Items NSA | At Termination | 3.43% | At Termination | 07/15/27 | GBP | 1321 | &nbsp;&nbsp; (1424)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; (1448)<br>|
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 785 | &nbsp;&nbsp; 5104 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 4996 |
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 785 | &nbsp;&nbsp; 5253 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 5120 |
| 2.71% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 490 | &nbsp;&nbsp; 2690 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2686 |
| 2.73% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 1540 | &nbsp;&nbsp; 6643 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 6629 |
| 2.79% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 1575 | &nbsp;&nbsp; 2411 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 2397 |
| 2.83% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 1575 | &nbsp;&nbsp; (1123)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (1142)<br>|
| 2.83% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 853 | &nbsp;&nbsp; (532)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (542)<br>|
| 2.84% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 787 | &nbsp;&nbsp; (631)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (640)<br>|
| 2.84% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 788 | &nbsp;&nbsp; (612)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (621)<br>|
| 2.87% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 1575 | &nbsp;&nbsp; (3982)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (4001)<br>|
| 2.53% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 393 | &nbsp;&nbsp; 2903 | &nbsp;&nbsp; (73)<br>| &nbsp;&nbsp; 2976 |
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 628 | &nbsp;&nbsp; 4484 | &nbsp;&nbsp; (91)<br>| &nbsp;&nbsp; 4575 |
| 2.56% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 1190 | &nbsp;&nbsp; 7034 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 7020 |
| 2.56% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 380 | &nbsp;&nbsp; 2274 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 2269 |
| 2.64% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 1260 | &nbsp;&nbsp; 2580 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 2565 |
| 2.65% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 841 | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1425 |
| 2.67% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 825 | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 534 |
| 2.68% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 630 | &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (37)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 1260 | &nbsp;&nbsp; $(274)<br>| &nbsp;&nbsp; $15 | &nbsp;&nbsp; $(289)<br>|
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 630 | &nbsp;&nbsp; (60)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (67)<br>|
| 2.72% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 1260 | &nbsp;&nbsp; (2487)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (2502)<br>|
| 3.41% | At Termination | UK RPI All Items NSA | At Termination | 07/15/29 | GBP | 1348 | &nbsp;&nbsp; 6055 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 6033 |
| 3.42% | At Termination | UK RPI All Items NSA | At Termination | 07/15/29 | GBP | 1375 | &nbsp;&nbsp; 5270 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 5248 |
| 3.43% | At Termination | UK RPI All Items NSA | At Termination | 07/15/29 | GBP | 2693 | &nbsp;&nbsp; 9613 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 9570 |
| 3.49% | At Termination | UK RPI All Items NSA | At Termination | 07/15/29 | GBP | 1321 | &nbsp;&nbsp; 407 | &nbsp;&nbsp; (182)<br>| &nbsp;&nbsp; 589 |
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/30 | USD | 712 | &nbsp;&nbsp; 5240 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5232 |
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/30 | USD | 1445 | &nbsp;&nbsp; 10706 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 10689 |
| 3.35% | At Termination | UK RPI All Items NSA | At Termination | 07/15/30 | GBP | 881 | &nbsp;&nbsp; 6172 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 6158 |
| 3.37% | At Termination | UK RPI All Items NSA | At Termination | 07/15/30 | GBP | 872 | &nbsp;&nbsp; 5014 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 5000 |
| 3.39% | At Termination | UK RPI All Items NSA | At Termination | 07/15/30 | GBP | 588 | &nbsp;&nbsp; 2491 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2482 |
| 3.40% | At Termination | UK RPI All Items NSA | At Termination | 07/15/30 | GBP | 600 | &nbsp;&nbsp; 2164 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 2154 |
| 3.41% | At Termination | UK RPI All Items NSA | At Termination | 07/15/30 | GBP | 1175 | &nbsp;&nbsp; 4054 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 4035 |
| 3.46% | At Termination | UK RPI All Items NSA | At Termination | 07/15/30 | GBP | 576 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; (137)<br>| &nbsp;&nbsp; 292 |
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/17/30 | USD | 2991 | &nbsp;&nbsp; (6048)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; (6083)<br>|
| 2.70% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/22/30 | USD | 974 | &nbsp;&nbsp; (2481)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (2493)<br>|
| 1.91% | At Termination | &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 04/15/35 | EUR | 160 | &nbsp;&nbsp; 1121 | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 970 |
| 1.94% | At Termination | &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 05/15/35 | EUR | 360 | &nbsp;&nbsp; 1383 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 1121 |
| 1.95% | At Termination | &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 05/15/35 | EUR | 180 | &nbsp;&nbsp; 501 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 353 |
| 1.93% | At Termination | &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 06/15/35 | EUR | 180 | &nbsp;&nbsp; 1286 | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 1296 |
| 3.18% | At Termination | UK RPI All Items NSA | At Termination | 06/15/35 | GBP | 310 | &nbsp;&nbsp; 2983 | &nbsp;&nbsp; 2056 | &nbsp;&nbsp; 927 |
| 3.24% | At Termination | UK RPI All Items NSA | At Termination | 06/15/35 | GBP | 160 | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 37 |
| 3.24% | At Termination | UK RPI All Items NSA | At Termination | 06/15/35 | GBP | 330 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 1322 | &nbsp;&nbsp; (693)<br>|
| 3.27% | At Termination | UK RPI All Items NSA | At Termination | 06/15/35 | GBP | 120 | &nbsp;&nbsp; (142)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (145)<br>|
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/18/35 | USD | 100 | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 641 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/20/35 | USD | 670 | &nbsp;&nbsp; 2499 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 2485 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/23/35 | USD | 670 | &nbsp;&nbsp; 3076 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 3062 |
| 2.51% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/24/35 | USD | 670 | &nbsp;&nbsp; 2241 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 2227 |
| 2.51% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/25/35 | USD | 890 | &nbsp;&nbsp; 3027 | &nbsp;&nbsp; (445)<br>| &nbsp;&nbsp; 3472 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/02/35 | USD | 370 | &nbsp;&nbsp; 1534 | &nbsp;&nbsp; (170)<br>| &nbsp;&nbsp; 1704 |
| 2.49% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/07/35 | USD | 80 | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 250 |
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/08/35 | USD | 680 | &nbsp;&nbsp; 949 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 935 |
| 2.57% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/10/35 | USD | 660 | &nbsp;&nbsp; (1271)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (1285)<br>|
| 3.21% | At Termination | UK RPI All Items NSA | At Termination | 07/15/35 | GBP | 350 | &nbsp;&nbsp; 2644 | &nbsp;&nbsp; 797 | &nbsp;&nbsp; 1847 |
| UK RPI All Items NSA | At Termination | 3.24% | At Termination | 07/15/35 | GBP | 588 | &nbsp;&nbsp; (1917)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; (1934)<br>|
| UK RPI All Items NSA | At Termination | 3.24% | At Termination | 07/15/35 | GBP | 600 | &nbsp;&nbsp; (2099)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; (2116)<br>|
| UK RPI All Items NSA | At Termination | 3.24% | At Termination | 07/15/35 | GBP | 1175 | &nbsp;&nbsp; (4256)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; (4289)<br>|
| UK RPI All Items NSA | At Termination | 3.27% | At Termination | 07/15/35 | GBP | 576 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 352 | &nbsp;&nbsp; (263)<br>|

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 2.59% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/16/35 | USD | 450 | &nbsp;&nbsp; $(1588)<br>| &nbsp;&nbsp; $9 | &nbsp;&nbsp; $(1597)<br>|
| 2.61% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 08/01/35 | USD | 490 | &nbsp;&nbsp; (2285)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (2295)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $70004 | &nbsp;&nbsp; $5406 | &nbsp;&nbsp; $64598 |

---

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing* <br>*Rate Paid* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| American Electric Power Co., Inc. | 1.00<br> % <br>| Quarterly | Bank of America N.A. | 12/20/29 | USD | 176 | $(5222)<br>| $(4370)<br>| $(852)<br>|
| American Express, Co. | 1.00 | Quarterly | Goldman Sachs & Co. LLC | 12/20/29 | USD | 90 | (2752)<br>| (2281)<br>| (471)<br>|
| Dominion Energy, Inc. | 1.00 | Quarterly | Goldman Sachs & Co. LLC | 12/20/29 | USD | 87 | (2444)<br>| (2092)<br>| (352)<br>|
|  |  |  |  |  |  |  | $(10418)<br>| $(8743)<br>| $(1675)<br>|

---

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 13.30% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 3000 | $3729 | $— | $3729 |
| 13.37% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 4000 | 4679 |  | 4679 |
| 13.47% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 2000 | 657 |  | 657 |
| 13.50% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 4000 | 1660 |  | 1660 |
| 13.52% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 4000 | 904 |  | 904 |
| 13.53% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 3000 | 5 |  | 5 |
| 13.53% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6000 | 275 |  | 275 |
| 13.54% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 9000 | 474 |  | 474 |
| 13.55% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 3000 | 294 |  | 294 |
| 13.60% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 12000 | (3602)<br>|  | (3602)<br>|
| 13.61% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 5000 | (1818)<br>|  | (1818)<br>|
| 13.94% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 5000 | (11729)<br>|  | (11729)<br>|
| 14.12% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 7000 | (24345)<br>|  | (24345)<br>|
| 14.32% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 7000 | (33320)<br>|  | (33320)<br>|
| 14.36% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 2000 | (10146)<br>|  | (10146)<br>|
| 14.38% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 1000 | (5364)<br>|  | (5364)<br>|
| 14.43% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6000 | (33633)<br>|  | (33633)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date*<br>| *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| 14.45% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 19000 | $(114899)<br>| $— | $(114899)<br>|
| 14.48% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 8000 | (46823)<br>|  | (46823)<br>|
| 14.63% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 8000 | (57802)<br>|  | (57802)<br>|
| 14.66% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 10000 | (75037)<br>|  | (75037)<br>|
| 14.69% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 9000 | (68876)<br>|  | (68876)<br>|
| 14.87% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 01/02/29 | BRL | 2000 | (17727)<br>|  | (17727)<br>|
| 14.96% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 4000 | (39191)<br>|  | (39191)<br>|
| 15.00% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 9000 | (90281)<br>|  | (90281)<br>|
| 15.05% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6000 | (61387)<br>|  | (61387)<br>|
| 15.12% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 4000 | (43282)<br>|  | (43282)<br>|
| 15.25% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6000 | (71903)<br>|  | (71903)<br>|
|  |  |  |  |  |  |  |  |  | $(798488)<br>| $— | $(798488)<br>|

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; Markit iBoxx $ Liquid <br> High Yield Index<br>| Quarterly | 1-day SOFR , 4.39% | At Termination | BNP Paribas SA | N/A | 09/20/25 | USD | 280 | $(2872)<br>| $3039 | $(5911)<br>|
| Fixed, 0.00%<sup>(a)</sup> | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> Intraday Delta <br> Replication VX <br> Series 5 Excess <br> Return Strategy <br> Index<br>| Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| N/A | 11/06/25 | USD | 2327 | 2679 |  | 2679 |
|  |  |  |  |  |  |  |  |  | $(193)<br>| $3039 | $(3232)<br>|

---

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

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

**Fair Value Hierarchy as of Period End**

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $71042499 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $71042499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; 587050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 587050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39972 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp; 28552 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp; 71801 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp; 99704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp; 303228 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 303228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; 117845 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp; 40956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp; 283384 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp; 111375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 71112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; 24439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp; 44512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp; 251439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 81136 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp; 79629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | &nbsp;&nbsp; 96149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; 46599 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 361166438 | &nbsp;&nbsp;&nbsp;&nbsp; 1160696 | &nbsp;&nbsp;&nbsp;&nbsp; 362327134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 699682 | &nbsp;&nbsp;&nbsp;&nbsp; 124898 | &nbsp;&nbsp;&nbsp;&nbsp; 824580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24052676 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24052676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 261850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 261850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4144960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4144960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144952651 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144952651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trust | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 53025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 418824762 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 418824762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230737334 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230737334 |
| &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; 194307808 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194307808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8816488 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8816488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83445 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 59325 | &nbsp;&nbsp;&nbsp;&nbsp; 759106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 818431 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34976072)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34976072)<br>|
|  | &nbsp;&nbsp; $197020918 | &nbsp;&nbsp;&nbsp;&nbsp; $1230437171 | &nbsp;&nbsp;&nbsp;&nbsp; $1285594 | &nbsp;&nbsp;&nbsp;&nbsp; $1428743683 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $582792 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $582792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2679 | &nbsp;&nbsp;&nbsp;&nbsp; 2679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1219968 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1219968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 1218598 | &nbsp;&nbsp;&nbsp;&nbsp; 2542270 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3760868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122001 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122001 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1675)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1675)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; Liabilities (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; $(96717)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(96717)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (895089)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (895089)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (1000544)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2367338)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3367882)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57403)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57403)<br>|
|  | &nbsp;&nbsp; $121337 | &nbsp;&nbsp;&nbsp;&nbsp; $1145526 | &nbsp;&nbsp;&nbsp;&nbsp; $2679 | &nbsp;&nbsp;&nbsp;&nbsp; $1269542 |

---

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

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

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| NGN | Nigerian Naira |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peru Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |

---

---

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

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ABS | Asset-Backed Security |
| ARB | Airport Revenue Bonds  |
| BAB | Build America Bond |
| BBR | Bank Bill Rate  |
| BBSW | Bank Bill Swap Rate |
| BMO | BMO Capital Markets |
| BZDIOVER | Overnight Brazil Interbank Deposit (CETIP) |
| CDC | Certificate of Deposit Rate |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| CORRA | Overnight Bank of Canada Repo Rate |
| CPI | Consumer Price Index |
| CR | Custodian Receipt |
| CVR | Contingent Value Right |
| DAC | Designated Activity Company  |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FEDL | Fed Funds Effective Rate |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| HIBOR | Hong Kong Interbank Offered Rate |
| JIBAR | Johannesburg Interbank Average Rate |
| JSC | Joint Stock Company  |
| MIBOR | Mumbai Interbank Offered Rate |
| MTA | Month Treasury Average |
| MTN | Medium-Term Note  |
| PIK | Payment-in-Kind |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Diversified Fixed Income Fund** 

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| PRIBOR | Prague Interbank Offer Rate |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SCA | Societe en Commandite par Actions |
| SG | Syncora Guarantee  |
| SOFR | Secured Overnight Financing Rate  |
| SONIA | Sterling Overnight Interbank Average Rate |
| SORA | Singapore Overnight Rate Average |
| SPDR | Standard & Poor's Depository Receipt  |
| SSARON | Swiss Average Overnight Rate |
| STACR | Structured Agency Credit Risk |
| STIBOR | Stockholm Interbank Offered Rate |
| TAIBOR | Taipei Interbank Offered Rate |
| TBA | To-Be-Announced |
| THOR | Thai Overnight Repurchase Rate |
| TIIEFONDEO | MXN - Overnight TIIE Funding Rate  |
| UK RPI | United Kingdom Retail Price Index  |
| WIBOR | Warsaw Interbank Offered Rate |

---

Schedule of Investments

------

## 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 III

- **b. Investment Company Act file number:** 811-07332

- **c. CIK number of Registrant:** 0000893818

- **d. LEI of Registrant:** 5493008LW2651I1QB503

- **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 Diversified Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000079204

- **c. LEI of Series:** 549300SEQK2DPV0R7O94

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1535230546.89

**Total Liabilities:** $349859446.83

**Net Assets:** $1185371100.06

**Delayed Delivery Securities:** $77980688.31

**Cash Not Reported:** $21486717.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 22743.90000000 | **1-Year:** 9590.62000000 | **5-Year:** 204098.12000000 | **10-Year:** 138790.16000000 | **30-Year:** 96497.18000000

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

- **3-Month:** 30425.04000000 | **1-Year:** -37863.64000000 | **5-Year:** 87434.74000000 | **10-Year:** 47652.06000000 | **30-Year:** -72784.56000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244507 | -0.53%               | 1.82%                | -0.21%               |
| Class ID C000244506 | -0.58%               | 1.72%                | -0.08%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-43940.47               | $-7774944.79                               |
| Month 2  | $-642899.97              | $13875590.63                               |
| Month 3  | $1793591.57              | $-8346043.58                               |

**Designated Index Information**

- **Index Name:** Bloomberg US Aggregate Bond Index

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Micron Technology Inc                                                            | Micron Technology Inc                                                            | CUSIP: 595112BN2<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     125000 | PA      | $127463.38    | 0.01%             | 2029-02-06      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                                          | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     110000 | PA      | $112571.91    | 0.01%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      13000 | PA      | $12944.02     | 0.00%             | 2041-10-15      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DNE41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     526329 | PA      | $441300.08    | 0.04%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                                                      | Cencora Inc                                                                      | CUSIP: 03073EAT2<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     350000 | PA      | $315807.87    | 0.03%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.781500 17-SEP-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  823750000 | OU      | $-6254.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 2.736200 17-SEP-2030 CAD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     570000 | OU      | $-1930.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                              | GS Mortgage-Backed Securities Trust 2022-NQM1                                    | CUSIP: 36264EAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      66715 | PA      | $60399.07     | 0.01%             | 2062-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CNY 1.584000 17-SEP-2030 CNR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    5000000 | OU      | $442.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                                                   | Mastercard Inc                                                                   | CUSIP: 57636QAT1<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     460000 | PA      | $299051.89    | 0.03%             | 2051-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: —       |
| Valero Energy Corp                                                               | Valero Energy Corp                                                               | CUSIP: 91913YAE0<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |      50000 | PA      | $57078.40     | 0.00%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     303000 | PA      | $303816.68    | 0.03%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | XX        |          1 | NC      | $-1364.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     855000 | PA      | $866076.53    | 0.07%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                                                               | Analog Devices Inc                                                               | CUSIP: 032654AW5<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |      60000 | PA      | $43388.28     | 0.00%             | 2041-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4500000 | PA      | $3878613.27   | 0.33%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179YKQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1384014 | PA      | $1315695.24   | 0.11%             | 2053-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                                            | Universal Health Services Inc                                                    | CUSIP: 913903BC3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     370000 | PA      | $351730.64    | 0.03%             | 2034-10-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.764500 30-JUN-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     150000 | OU      | $2622.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KEYCORP                                                                          | KeyCorp                                                                          | CUSIP: 49326EEJ8<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23088.88     | 0.00%             | 2029-10-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSFD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      36900 | PA      | $37025.74     | 0.00%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QUVV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     514134 | PA      | $530235.36    | 0.04%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WTZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     465625 | PA      | $407054.37    | 0.03%             | 2051-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                                      | Oracle Corp                                                                      | CUSIP: 68389XAW5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      65000 | PA      | $54360.70     | 0.00%             | 2044-07-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                                                             | Talos Production Inc                                                             | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |     132000 | PA      | $134602.25    | 0.01%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: —       |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.362320 17-SEP-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   13830000 | OU      | $73182.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XBJ8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |      20000 | PA      | $18606.75     | 0.00%             | 2028-01-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                               | Union Pacific Corp                                                               | CUSIP: 907818FH6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     185000 | PA      | $169853.28    | 0.01%             | 2030-02-05      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| GCI LLC                                                                          | GCI LLC                                                                          | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |      76000 | PA      | $73356.36     | 0.01%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CAH4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2118000 | PA      | $1974207.67   | 0.17%             | 2027-08-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XPZE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     272940 | PA      | $264308.85    | 0.02%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                          | Dell International LLC / EMC Corp                                                | CUSIP: 24703TAF3<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |      65000 | PA      | $66913.71     | 0.01%             | 2027-07-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     100000 | PA      | $78136.72     | 0.01%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                                              | Affirm Master Trust                                                              | CUSIP: 00833BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     640000 | PA      | $640560.64    | 0.05%             | 2033-02-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ADB8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     270000 | PA      | $263788.27    | 0.02%             | 2054-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179VQT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     271014 | PA      | $237584.04    | 0.02%             | 2050-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                                     | Comcast Corp                                                                     | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     300000 | PA      | $298116.42    | 0.03%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Betony CLO 2, Ltd.                                                               | Betony CLO 2 Ltd                                                                 | CUSIP: 08763QAA0<br>LEI: 5493000QRX4XEMRJZO43 | Long             | ABS-CBDO         | CORP              | KY        |      71500 | PA      | $71535.88     | 0.01%             | 2031-04-30      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QTC72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     692866 | PA      | $679049.18    | 0.06%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                                          | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |      48000 | PA      | $50200.30     | 0.00%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Boardwalk Pipelines LP                                                           | Boardwalk Pipelines LP                                                           | CUSIP: 096630AG3<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25183.97     | 0.00%             | 2029-05-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.667500 17-SEP-2030 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    9000000 | OU      | $4068.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                                  | Republic Finance Issuance Trust 2024-B                                           | CUSIP: 76042GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $202055.56    | 0.02%             | 2037-11-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.363130 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     840000 | OU      | $-767.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      80978 | PA      | $81230.89     | 0.01%             | 2041-04-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CO        |          1 | NC      | $-837.43      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                     | CSMC 2022-NQM6 Trust                                                             | CUSIP: 12663YAM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     149185 | PA      | $149625.46    | 0.01%             | 2067-12-25      | Variable      | 8.91%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                                                           | Mizuho Financial Group Inc                                                       | CUSIP: 60687YCL1<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $203532.81    | 0.02%             | 2028-09-13      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                                         | Ajax Mortgage Loan Trust 2023-B                                                  | CUSIP: 009691AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      98806 | PA      | $97003.65     | 0.01%             | 2062-10-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XTCF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     790740 | PA      | $651557.67    | 0.05%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0GS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     424167 | PA      | $411238.05    | 0.03%             | 2049-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.257500 17-SEP-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $1641.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                                             | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97356.39     | 0.01%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XBC3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     194000 | PA      | $172169.01    | 0.01%             | 2030-06-15      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Chevron Corp                                                                     | Chevron Corp                                                                     | CUSIP: 166764BD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $49830.23     | 0.00%             | 2025-11-17      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                                                            | MidAmerican Energy Co                                                            | CUSIP: 595620AY1<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |      30000 | PA      | $30627.78     | 0.00%             | 2054-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | IN        |          1 | NC      | $-4062.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                                      | Prologis LP                                                                      | CUSIP: 74340XCF6<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |      40000 | PA      | $37342.82     | 0.00%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 13.940000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    5000000 | OU      | $-11728.54    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.158000 17-SEP-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $-689.07      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                                                     | AutoZone Inc                                                                     | CUSIP: 053332BH4<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     175000 | PA      | $192773.60    | 0.02%             | 2033-11-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBK8<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     179000 | PA      | $139737.22    | 0.01%             | 2050-05-06      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.367500 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  462164764 | OU      | $-2157.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                                            | CUSIP: 73358WEK6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     110000 | PA      | $100963.45    | 0.01%             | 2051-10-01      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     230000 | PA      | $234394.41    | 0.02%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PDC7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      85000 | PA      | $83987.01     | 0.01%             | 2033-04-26      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                                                         | Baxter International Inc                                                         | CUSIP: 071813BY4<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19418.27     | 0.00%             | 2030-04-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VEU4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      75000 | PA      | $73702.77     | 0.01%             | 2029-12-03      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | Equinix Inc                                                                      | CUSIP: 29444UBL9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |      50000 | PA      | $46443.55     | 0.00%             | 2028-03-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bills                                                              | CUSIP: 912797PN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |      60000 | PA      | $59907.24     | 0.01%             | 2025-08-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F062689<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    6413000 | PA      | $6614446.95   | 0.56%             | 2054-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DVMH5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     319756 | PA      | $298884.57    | 0.03%             | 2053-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QUHU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     439610 | PA      | $446276.06    | 0.04%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWE58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     292661 | PA      | $270444.36    | 0.02%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587CW5<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      21000 | PA      | $19140.26     | 0.00%             | 2036-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2024 VLT4                                                               | BX TRUST 2024 VLT4                                                               | CUSIP: 05612TAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      60000 | PA      | $59775.00     | 0.01%             | 2029-07-15      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                         | Prudential Financial Inc                                                         | CUSIP: 74432QCF0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     170000 | PA      | $124141.25    | 0.01%             | 2051-03-13      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                                                 | LPL Holdings Inc                                                                 | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     655000 | PA      | $657205.07    | 0.06%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     382000 | PA      | $385124.76    | 0.03%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TYSN 2023-CRNR Mortgage Trust                                                    | TYSN 2023-CRNR Mortgage Trust                                                    | CUSIP: 87332PAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     376000 | PA      | $395184.08    | 0.03%             | 2033-12-10      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | US        |          1 | NC      | $44.93        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DVLD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1100084 | PA      | $962364.46    | 0.08%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                             | Glencore Funding LLC                                                             | CUSIP: 378272BP2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     125000 | PA      | $133604.96    | 0.01%             | 2030-10-06      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133USJU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     319022 | PA      | $251691.32    | 0.02%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 1.706000 17-SEP-2030 SOR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $215.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVANT HEALTH INC                                                                | Novant Health Inc                                                                | CUSIP: 66988AAG9<br>LEI: 549300ZUXEGFGE8EP917 | Long             | DBT              | CORP              | US        |      50000 | PA      | $38862.30     | 0.00%             | 2036-11-01      | Fixed         | 2.64%                 | No            |                  2 | On Loan: —       |
| BLACKSTONE SECURED LEND                                                          | Blackstone Secured Lending Fund                                                  | CUSIP: 09261XAG7<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |      75000 | PA      | $70225.40     | 0.01%             | 2028-09-30      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                                                             | Waste Management Inc                                                             | CUSIP: 94106LBY4<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     535000 | PA      | $547186.35    | 0.05%             | 2031-07-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.492160 07-JUL-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      80000 | OU      | $405.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X9GK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     216727 | PA      | $203513.67    | 0.02%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                                                           | CNH Industrial Capital LLC                                                       | CUSIP: 12592BAR5<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |      75000 | PA      | $77153.28     | 0.01%             | 2029-01-12      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                                                  | Cameron LNG LLC                                                                  | CUSIP: 133434AC4<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |      62000 | PA      | $52607.19     | 0.00%             | 2038-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                                               | Banco Santander SA                                                               | CUSIP: 05964HAU9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     800000 | PA      | $824384.96    | 0.07%             | 2028-08-08      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC                                                                 | NetCredit Combined Receivables 2024 LLC                                          | CUSIP: 64113EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     220355 | PA      | $221168.83    | 0.02%             | 2030-10-21      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                                      | PepsiCo Inc                                                                      | CUSIP: 713448FY9<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |      75000 | PA      | $74967.61     | 0.01%             | 2034-07-17      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.171470 17-SEP-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     370000 | OU      | $-3893.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      37000 | PA      | $36592.42     | 0.00%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $1084.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.549100 17-SEP-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2620000 | OU      | $4532.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DPJW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1275760 | PA      | $1002782.64   | 0.08%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46625HHF0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      50000 | PA      | $55552.20     | 0.00%             | 2038-05-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                                                               | Advance Auto Parts Inc                                                           | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |      55000 | PA      | $55279.90     | 0.00%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: SEK 2.743000 17-SEP-2030 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   10000000 | OU      | $15490.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.274920 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     270000 | OU      | $-1521.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $2591.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                                     | NiSource Inc                                                                     | CUSIP: 65473PAQ8<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      80000 | PA      | $81240.05     | 0.01%             | 2034-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED EUR / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $349.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                                                              | Gilead Sciences Inc                                                              | CUSIP: 375558BJ1<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |      25000 | PA      | $22725.06     | 0.00%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ECD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     718258 | PA      | $652102.14    | 0.06%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587DR5<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      30000 | PA      | $30511.06     | 0.00%             | 2033-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: SEK 2.732000 17-SEP-2030 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   20000000 | OU      | $29926.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                           | Philip Morris International Inc                                                  | CUSIP: 718172DE6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      90000 | PA      | $93606.19     | 0.01%             | 2033-09-07      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PUGET SOUND ENERGY INC                                                           | Puget Sound Energy Inc                                                           | CUSIP: 745332CL8<br>LEI: 8MNFJR7KOMBQ7X62LK44 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9487.72      | 0.00%             | 2053-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Warner Bros Discovery Inc                                                        | Warner Bros Discovery Inc                                                        | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |       8948 | NS      | $117845.16    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| EXTRA SPACE STORAGE LP                                                           | Extra Space Storage LP                                                           | CUSIP: 30225VAP2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |     238000 | PA      | $210617.05    | 0.02%             | 2030-10-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                                             | Chile Government International Bonds                                             | CUSIP: 168863DW5<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     200000 | PA      | $152800.00    | 0.01%             | 2052-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                                         | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAK7<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     990000 | PA      | $945615.78    | 0.08%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASTR Reperforming Loan Trust                                                    | MASTR Reperforming Loan Trust 2005-1                                             | CUSIP: 576436AT6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     327194 | PA      | $226001.82    | 0.02%             | 2034-08-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJM4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       2000 | PA      | $2036.48      | 0.00%             | 2030-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                                                          | Fidelity National Information Services Inc                                       | CUSIP: 31620MBR6<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34323.74     | 0.00%             | 2026-03-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $490.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H020683<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   11487000 | PA      | $9270989.53   | 0.78%             | 2054-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                                                         | Constellation Brands Inc                                                         | CUSIP: 21036PBL1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     105000 | PA      | $104240.15    | 0.01%             | 2032-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| SINCLAIR TELEVISION GROU                                                         | Sinclair Television Group Inc                                                    | CUSIP: 829259BF6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |      92000 | PA      | $68237.32     | 0.01%             | 2032-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| Alabama Power Co                                                                 | Alabama Power Co                                                                 | CUSIP: 010392FP8<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |      29000 | PA      | $24308.25     | 0.00%             | 2046-01-02      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                                                                | Kinross Gold Corp                                                                | CUSIP: 496902AQ0<br>LEI: 549300UEBMAQDN0K0R06 | Long             | DBT              | CORP              | CA        |      20000 | PA      | $19991.78     | 0.00%             | 2027-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                                                         | BXMT 2025-FL5 Ltd                                                                | CUSIP: 05613YAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     164000 | PA      | $163554.10    | 0.01%             | 2042-10-18      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2023-XL3                                            | CUSIP: 12434GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     276379 | PA      | $276897.58    | 0.02%             | 2040-12-09      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| EUROPEAN UNION                                                                   | European Union                                                                   | CUSIP: 000000000<br>LEI: 529900FZRK8FGMPEOM08 | Long             | DBT              | NUSS              | XX        |    3435292 | PA      | $3364371.35   | 0.28%             | 2053-03-04      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                                                         | Century Aluminum Co                                                              | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |      93000 | PA      | $93963.98     | 0.01%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DARDEN RESTAURANTS INC                                                           | Darden Restaurants Inc                                                           | CUSIP: 237194AQ8<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |     205000 | PA      | $203947.87    | 0.02%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VAV3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      65000 | PA      | $62846.15     | 0.01%             | 2026-07-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                                  | Impac CMB Trust Series 2007-A                                                    | CUSIP: 452550AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      52173 | PA      | $50462.28     | 0.00%             | 2037-05-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PVT BANK                                                          | Morgan Stanley Private Bank NA                                                   | CUSIP: 61776NVG5<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |     995000 | PA      | $999485.26    | 0.08%             | 2031-07-18      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DTAA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     260089 | PA      | $266374.00    | 0.02%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2019-VI Ltd                                                         | CUSIP: 12555XAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250743.00    | 0.02%             | 2037-07-16      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                | PRPM 2025-NQM1 Trust                                                             | CUSIP: 74391EAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     113447 | PA      | $114511.03    | 0.01%             | 2069-11-25      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust 2023-1                                     | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     570000 | PA      | $583829.91    | 0.05%             | 2028-11-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                                                      | Netflix Inc                                                                      | CUSIP: 64110LBA3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |      60000 | PA      | $58760.26     | 0.00%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400JG9<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24901.77     | 0.00%             | 2035-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.060000 17-SEP-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $-2984.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                                                         | Northern States Power Co/MN                                                      | CUSIP: 665772CX5<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |     120000 | PA      | $111253.45    | 0.01%             | 2053-05-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H062685<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3775000 | PA      | $3874666.30   | 0.33%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                             | GCAT 2025-NQM4 Trust                                                             | CUSIP: 367923AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     230000 | PA      | $229996.92    | 0.02%             | 2070-06-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| DK Trust                                                                         | DK Trust 2024-SPBX                                                               | CUSIP: 23346LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      72000 | PA      | $72180.00     | 0.01%             | 2034-03-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                                                       | Intel Corp                                                                       | CUSIP: 458140CJ7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     100000 | PA      | $90032.73     | 0.01%             | 2053-02-10      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.898850 17-SEP-2055 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     680000 | OU      | $16905.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REVVITY INC                                                                      | Revvity Inc                                                                      | CUSIP: 714046AG4<br>LEI: 549300IKL1SDPFI7N655 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23621.02     | 0.00%             | 2029-09-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1009000 | PA      | $984799.76    | 0.08%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                                         | Standard Industries Inc/NY                                                       | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     100000 | PA      | $94673.91     | 0.01%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                              | American Express Co                                                              | CUSIP: 025816DA4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48739.54     | 0.00%             | 2033-08-03      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                   | Morgan Stanley                                                                   | CUSIP: 61746BEG7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      45000 | PA      | $38365.93     | 0.00%             | 2047-01-22      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc                                     | BAMLL Trust 2024-BHP                                                             | CUSIP: 05493WAA0<br>LEI: 5493001M1XQ4INMTAE48 | Long             | ABS-MBS          | CORP              | US        |     120000 | PA      | $120295.06    | 0.01%             | 2039-08-15      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities                                   | Credit Suisse First Boston Mortgage Securities Corp                              | CUSIP: 22541SD70<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      15527 | PA      | $11566.35     | 0.00%             | 2043-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                                   | Home Depot Inc/The                                                               | CUSIP: 437076AS1<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     195000 | PA      | $208249.47    | 0.02%             | 2036-12-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WQA9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     990364 | PA      | $833299.24    | 0.07%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                                          | Public Service Electric and Gas Co                                               | CUSIP: 74456QAZ9<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |      60000 | PA      | $49243.78     | 0.00%             | 2042-05-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSQK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      60359 | PA      | $61764.97     | 0.01%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PROCTER & GAMBLE CO/THE                                                          | Procter & Gamble Co/The                                                          | CUSIP: 742718FK0<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |      25000 | PA      | $18868.38     | 0.00%             | 2050-03-25      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO                                                         | Wildfire Intermediate Holdings LLC                                               | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |      48000 | PA      | $47761.96     | 0.00%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| FORTIVE CORPORATION                                                              | Fortive Corp                                                                     | CUSIP: 34959JAG3<br>LEI: 549300MU9YQJYHDQEF63 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24654.93     | 0.00%             | 2026-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTP 4.078000 15-JUL-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    1305500 | OU      | $46564.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3303290 | PA      | $2754805.69   | 0.23%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                           | Blackstone Private Credit Fund                                                   | CUSIP: 09261HAR8<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24137.80     | 0.00%             | 2029-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBL7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     150000 | PA      | $144348.24    | 0.01%             | 2054-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| ABBVIE INC                                                                       | AbbVie Inc                                                                       | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     275000 | PA      | $224310.42    | 0.02%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 4.123220 17-SEP-2055 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1205000 | OU      | $-16687.21    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                                         | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      23000 | PA      | $22968.25     | 0.00%             | 2031-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $3883.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2021-HQA1                                          | CUSIP: 35564KCN7<br>LEI: 5493000ISMYB8CLVZD05 | Long             | ABS-MBS          | USGSE             | US        |    2023314 | PA      | $2220680.79   | 0.19%             | 2033-08-25      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.560000 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     380000 | OU      | $2273.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PUGET SOUND ENERGY INC                                                           | Puget Sound Energy Inc                                                           | CUSIP: 745332CN4<br>LEI: 8MNFJR7KOMBQ7X62LK44 | Long             | DBT              | CORP              | US        |      30000 | PA      | $29506.51     | 0.00%             | 2054-06-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                           | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      46000 | PA      | $49631.42     | 0.00%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QKPN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     353452 | PA      | $324461.78    | 0.03%             | 2036-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CASE WESTERN RESERVE UNI                                                         | Case Western Reserve University                                                  | CUSIP: 14745XAA6<br>LEI: 2YXI7YIWYFWZG3QHF204 | Long             | DBT              | CORP              | US        |      95000 | PA      | $87661.33     | 0.01%             | 2122-06-01      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                                                   | Mastercard Inc                                                                   | CUSIP: 57636QBC7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     220000 | PA      | $214915.12    | 0.02%             | 2035-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                                   | Palmer Square Loan Funding 2022-1 Ltd                                            | CUSIP: 69701CAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      34026 | PA      | $34024.72     | 0.00%             | 2030-04-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      37000 | PA      | $37243.56     | 0.00%             | 2039-06-12      | Fixed         | 8.73%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc                                                                       | Zoetis Inc                                                                       | CUSIP: 98978VAN3<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |     325000 | PA      | $321712.05    | 0.03%             | 2028-08-20      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ADN2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     270000 | PA      | $245399.00    | 0.02%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CZ        |          1 | NC      | $-8.95        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      59000 | PA      | $59456.33     | 0.01%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                              | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | KR        |          1 | NC      | $-3537.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      45000 | PA      | $27793.35     | 0.00%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                                                        | College Ave Student Loans Trust 2024-A                                           | CUSIP: 19424RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     124062 | PA      | $126133.85    | 0.01%             | 2054-06-25      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XGTV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     788100 | PA      | $739529.20    | 0.06%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.872000 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   10000000 | OU      | $2426.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                                               | Ohio Power Co                                                                    | CUSIP: 677415CR0<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |      64000 | PA      | $48325.47     | 0.00%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     297000 | PA      | $304664.86    | 0.03%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     608000 | PA      | $611197.56    | 0.05%             | 2029-03-04      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2022-IND                                                                | CUSIP: 05609WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      81546 | PA      | $81596.70     | 0.01%             | 2037-04-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| THE CAMPBELLS COMPANY                                                            | The Campbell's Company                                                           | CUSIP: 134429BM0<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25270.56     | 0.00%             | 2027-03-19      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                                            | CWABS Asset Backed Notes Trust 2007-Sea2                                         | CUSIP: 12671CAK2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      31331 | PA      | $24928.01     | 0.00%             | 2047-06-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     399000 | PA      | $277171.76    | 0.02%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                           | Santander Drive Auto Receivables Trust 2024-1                                    | CUSIP: 80288AAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     240000 | PA      | $242908.27    | 0.02%             | 2030-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     200000 | PA      | $203217.91    | 0.02%             | 2030-07-23      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X9SR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     526649 | PA      | $438666.17    | 0.04%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2021-DNA7                                          | CUSIP: 35564KND7<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | USGSE             | US        |    1394000 | PA      | $1436497.90   | 0.12%             | 2041-11-25      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                                                             | Verisk Analytics Inc                                                             | CUSIP: 92345YAH9<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |      50000 | PA      | $52337.76     | 0.00%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WAMU Asset-Backed Certificates                                                   | WaMu Asset-Backed Certificates WaMu Series 2007-HE2 Trust                        | CUSIP: 92926SAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     381747 | PA      | $137387.85    | 0.01%             | 2037-04-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.734260 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     290000 | OU      | $-91.94       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLUW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     412270 | PA      | $359502.33    | 0.03%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GZU1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     391000 | PA      | $390975.24    | 0.03%             | 2028-08-23      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                                                | Rakuten Group Inc                                                                | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     400000 | PA      | $437966.90    | 0.04%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQWF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      73549 | PA      | $75248.24     | 0.01%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CRH AMERICA FINANCE INC                                                          | CRH America Finance Inc                                                          | CUSIP: 12636YAF9<br>LEI: 549300WEVUODRJ4CWK56 | Long             | DBT              | CORP              | US        |     950000 | PA      | $971059.87    | 0.08%             | 2035-01-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Meritage Homes Corp                                                              | Meritage Homes Corp                                                              | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |        320 | NS      | $21548.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| LGI HOMES INC                                                                    | LGI Homes Inc                                                                    | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |      45000 | PA      | $47197.04     | 0.00%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.110000 17-SEP-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-906.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                         | Capital One Financial Corp                                                       | CUSIP: 14040HCT0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50383.30     | 0.00%             | 2033-05-10      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              |  | US        |     469000 | PA      | $459615.22    | 0.04%             | 2029-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |          1 | NC      | $-2678.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust 2022-1                                     | CUSIP: 96042WAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     652457 | PA      | $650954.37    | 0.05%             | 2027-03-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                              | American Express Co                                                              | CUSIP: 025816EK1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     275000 | PA      | $275886.12    | 0.02%             | 2033-07-20      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                                                         | Plains All American Pipeline LP                                                  | CUSIP: 72650RBQ4<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |     460000 | PA      | $472085.09    | 0.04%             | 2035-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QUVH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     577241 | PA      | $586701.78    | 0.05%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.051000 17-SEP-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $-3195.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JETBLUE 2019-1 CLASS AA                                                          | JetBlue 2019-1 Class AA Pass Through Trust                                       | CUSIP: 477143AH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      29758 | PA      | $25934.08     | 0.00%             | 2032-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     150000 | PA      | $143746.30    | 0.01%             | 2030-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                                           | Santander Holdings USA Inc                                                       | CUSIP: 80282KBC9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24226.25     | 0.00%             | 2028-01-06      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJW0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     125000 | PA      | $95518.87     | 0.01%             | 2042-04-22      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                                      | Vistra Corp                                                                      | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |        341 | NS      | $71112.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OPEN Trust                                                                       | OPEN Trust 2023-AIR                                                              | CUSIP: 68373BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      48628 | PA      | $48658.34     | 0.00%             | 2040-11-15      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Boardwalk Pipelines LP                                                           | Boardwalk Pipelines LP                                                           | CUSIP: 096630AE8<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50340.39     | 0.00%             | 2026-06-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.571000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1000000 | OU      | $-90.38       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2367900 | PA      | $2285911.46   | 0.19%             | 2026-07-31      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                                          | John Deere Capital Corp                                                          | CUSIP: 24422EXU8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |      75000 | PA      | $76017.27     | 0.01%             | 2034-06-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                                                     | US Foods Inc                                                                     | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     139000 | PA      | $144818.82    | 0.01%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                                     | Atrium Hotel Portfolio Trust 2024-ATRM                                           | CUSIP: 04963XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     160000 | PA      | $161694.72    | 0.01%             | 2029-11-10      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp                                                                  | McDonald's Corp                                                                  | CUSIP: 58013MFF6<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49433.16     | 0.00%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KRVS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     189902 | PA      | $189698.69    | 0.02%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                           | Extra Space Storage LP                                                           | CUSIP: 30225VAH0<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |      24000 | PA      | $23476.48     | 0.00%             | 2029-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: SEK 2.685190 17-SEP-2030 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   18000000 | OU      | $22895.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GENTING NY LLC/GENNY CAP                                                         | Genting New York LLC / GENNY Capital Inc                                         | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     200000 | PA      | $205913.87    | 0.02%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XNAA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     857479 | PA      | $742489.32    | 0.06%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | BR        |          1 | NC      | $-6.61        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWA60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     343156 | PA      | $283561.92    | 0.02%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                                                     | KazMunayGas National Co. JSC                                                     | CUSIP: 000000000<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     220000 | PA      | $206054.20    | 0.02%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD TWD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $3978.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DZU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       8700 | PA      | $6459.61      | 0.00%             | 2051-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $1991.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | XX        |          1 | NC      | $-190.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KROGER CO                                                                        | Kroger Co/The                                                                    | CUSIP: 501044DW8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     110000 | PA      | $103800.00    | 0.01%             | 2054-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 2.599150 17-SEP-2028 CAD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    9490000 | OU      | $-23394.10    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KENVUE INC                                                                       | Kenvue Inc                                                                       | CUSIP: 49177JAP7<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |     150000 | PA      | $137587.65    | 0.01%             | 2053-03-22      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                                                           | Cogent Communications Group LLC / Cogent Finance Inc                             | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     160000 | PA      | $160153.09    | 0.01%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                                          | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |      80000 | PA      | $77825.40     | 0.01%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.490000 19-FEB-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     612810 | OU      | $49618.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1074000 | PA      | $983003.67    | 0.08%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust 2023-2                                     | CUSIP: 959926AG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     900000 | PA      | $917886.06    | 0.08%             | 2028-11-15      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                               | Subway Funding LLC                                                               | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      84362 | PA      | $85833.77     | 0.01%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                                                         | Summit Midstream Holdings LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      65000 | PA      | $66203.88     | 0.01%             | 2029-10-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Trust                                                 | IndyMac INDX Mortgage Loan Trust 2006-AR41                                       | CUSIP: 45668NAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       9077 | PA      | $8559.59      | 0.00%             | 2037-02-25      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                         | Visa Inc                                                                         | CUSIP: 92826CAJ1<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |      35000 | PA      | $27015.55     | 0.00%             | 2047-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                                                         | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      51000 | PA      | $47491.81     | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.429000 15-APR-2030 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     711750 | OU      | $5240.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |          1 | NC      | $-43261.97    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      30000 | PA      | $28991.72     | 0.00%             | 2027-09-10      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     131000 | PA      | $133117.50    | 0.01%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                                                                      | Tenneco Inc                                                                      | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |     149000 | PA      | $147889.33    | 0.01%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Westways Funding Ltd                                                             | WEST Trust 2025-ROSE                                                             | CUSIP: 955909AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      56000 | PA      | $56757.85     | 0.00%             | 2035-04-10      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KX4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      45000 | PA      | $45873.37     | 0.00%             | 2035-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2022-CSMO                                           | CUSIP: 05610MAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     588200 | PA      | $591876.25    | 0.05%             | 2027-06-15      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QTEX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |          0 | PA      | $0.00         | 0.00%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ADA0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101206.95    | 0.01%             | 2028-07-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |          1 | NC      | $-5595.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RTX CORP                                                                         | RTX Corp                                                                         | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     150000 | PA      | $132468.90    | 0.01%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                              | Exeter Automobile Receivables Trust 2023-3                                       | CUSIP: 301989AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     400000 | PA      | $408372.56    | 0.03%             | 2029-04-16      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XCL2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     132000 | PA      | $134028.69    | 0.01%             | 2030-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EQL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      19778 | PA      | $18770.09     | 0.00%             | 2053-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VISA INC                                                                         | Visa Inc                                                                         | CUSIP: 92826CAN2<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |      40000 | PA      | $33932.83     | 0.00%             | 2031-02-15      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103781.86    | 0.01%             | 2028-11-10      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $1859.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | Cifc Funding 2023-III Ltd                                                        | CUSIP: 12598YAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     300000 | PA      | $300560.22    | 0.03%             | 2037-01-20      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| IVANHOE MINES LTD                                                                | Ivanhoe Mines Ltd                                                                | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |     150000 | PA      | $150487.50    | 0.01%             | 2030-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                                                                    | Tidewater Inc                                                                    | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |      25000 | PA      | $26219.87     | 0.00%             | 2030-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MBM6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     900000 | PA      | $877756.16    | 0.07%             | 2034-09-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                                                 | Whitebox Clo II Ltd                                                              | CUSIP: 96466CBA5<br>LEI: 549300C89ZJ5IWOT1F21 | Long             | ABS-CBDO         | CORP              | KY        |     400000 | PA      | $400414.36    | 0.03%             | 2037-10-24      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QUHR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     344862 | PA      | $352826.02    | 0.03%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030488<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |     -13000 | PA      | $-12309.39    | -0.00%            | 2039-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |          1 | NC      | $-3504.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP                                                                 | Ventas Realty LP                                                                 | CUSIP: 92277GBB2<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              |  | US        |     250000 | PA      | $252663.41    | 0.02%             | 2032-07-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2022-DNA2                                          | CUSIP: 35564KRN1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | USGSE             | US        |    1004000 | PA      | $1042509.83   | 0.09%             | 2042-02-25      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KCS7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     135000 | PA      | $135205.04    | 0.01%             | 2026-01-29      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD TWD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $3925.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     310000 | PA      | $282965.30    | 0.02%             | 2031-02-13      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XTD8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      36317 | PA      | $36414.62     | 0.00%             | 2053-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CFSP Mortgage Trust                                                              | CFSP 2024-AHP1 Mortgage Trust                                                    | CUSIP: 15723BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     199394 | PA      | $190721.31    | 0.02%             | 2037-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                                                         | Brex Commercial Charge Card Master Trust                                         | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $100613.97    | 0.01%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                                                     | ING Groep NV                                                                     | CUSIP: 456837BH5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $212394.66    | 0.02%             | 2034-09-11      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                           | Marriott International Inc/MD                                                    | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     355000 | PA      | $321811.73    | 0.03%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                                                      | VEGAS 2024-GCS                                                                   | CUSIP: 92254BAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     330000 | PA      | $309860.20    | 0.03%             | 2036-07-10      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                                               | Rithm Capital Corp                                                               | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |     149000 | PA      | $152205.44    | 0.01%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.566060 17-SEP-2027 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   19160000 | OU      | $34003.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                                                          | Southwestern Electric Power Co                                                   | CUSIP: 845437BS0<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49111.79     | 0.00%             | 2026-03-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                                                      | Cencora Inc                                                                      | CUSIP: 03073EAY1<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |      90000 | PA      | $90233.78     | 0.01%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $-441.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.576400 17-SEP-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     160000 | OU      | $-1219.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                                           | JW Commercial Mortgage Trust 2024-MRCO                                           | CUSIP: 46657XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     119000 | PA      | $119148.45    | 0.01%             | 2039-06-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED NOK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |          1 | NC      | $-1276.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED PHP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | PH        |          1 | NC      | $-2472.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                                                               | Mattamy Group Corp                                                               | CUSIP: 57701RAJ1<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |      49000 | PA      | $48647.88     | 0.00%             | 2027-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                                                                 | Owl Rock CLO XVIII LLC                                                           | CUSIP: 69122HAA8<br>LEI: 254900IC5H3CWUYT6A39 | Long             | ABS-CBDO         | CORP              | US        |     250000 | PA      | $251517.48    | 0.02%             | 2036-07-24      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                                    | CUSIP: 13063DGE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     370000 | PA      | $374397.62    | 0.03%             | 2038-04-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| OLD REPUBLIC INTL CORP                                                           | Old Republic International Corp                                                  | CUSIP: 680223AK0<br>LEI: 549300IV6O2YY2A1KH37 | Long             | DBT              | CORP              | US        |      75000 | PA      | $74382.78     | 0.01%             | 2026-08-26      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     262000 | PA      | $225752.89    | 0.02%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| POST HOLDINGS INC                                                                | Post Holdings Inc                                                                | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     100000 | PA      | $92431.46     | 0.01%             | 2031-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                                                   | ARES Commercial Mortgage Trust 2024-IND                                          | CUSIP: 03990DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     370000 | PA      | $371271.88    | 0.03%             | 2041-07-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AR0<br>LEI: N/A                  | Long             | DBT              |  | US        |     548000 | PA      | $484742.33    | 0.04%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.578000 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $21181.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Washington Mutual Asset-Backed CTFS                                              | Washington Mutural Asset-Backed Certificates WMABS Series 2007-HE2 Trust         | CUSIP: 93934TAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     492170 | PA      | $150876.54    | 0.01%             | 2037-02-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DSQ62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1371702 | PA      | $1339438.10   | 0.11%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                                                              | LYB International Finance III LLC                                                | CUSIP: 50249AAL7<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |     125000 | PA      | $126356.57    | 0.01%             | 2033-05-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Silver Point Capital CLO 1, Ltd                                                  | Silver Point CLO 1 Ltd                                                           | CUSIP: 828085AN0<br>LEI: 549300UJUGKIKZF7CD63 | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $250707.08    | 0.02%             | 2038-01-20      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     160000 | PA      | $160785.21    | 0.01%             | 2027-09-01      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                                                | L3Harris Technologies Inc                                                        | CUSIP: 502431AN9<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     100000 | PA      | $86279.14     | 0.01%             | 2031-01-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                             | Targa Resources Corp                                                             | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     150000 | PA      | $161173.11    | 0.01%             | 2034-03-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KAM9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    1650000 | PA      | $1618985.23   | 0.14%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BALTIMORE GAS & ELECTRIC                                                         | Baltimore Gas and Electric Co                                                    | CUSIP: 059165EN6<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |      25000 | PA      | $22109.54     | 0.00%             | 2031-06-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                                                | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |      85000 | PA      | $86701.92     | 0.01%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D4B5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     822548 | PA      | $728436.31    | 0.06%             | 2036-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133L8JQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      29384 | PA      | $26946.17     | 0.00%             | 2036-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VFF6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48895.75     | 0.00%             | 2027-03-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INTER-AMERICAN DEVEL BK                                                          | Inter-American Development Bank                                                  | CUSIP: 4581X0EK0<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    1190000 | PA      | $1191945.58   | 0.10%             | 2026-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                           | Philip Morris International Inc                                                  | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     720000 | PA      | $738894.99    | 0.06%             | 2033-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                                            | Northrop Grumman Corp                                                            | CUSIP: 666807BT8<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48602.73     | 0.00%             | 2040-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 7.865000 11-SEP-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   29000000 | OU      | $1332.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBJ1<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     150000 | PA      | $141921.96    | 0.01%             | 2030-05-06      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |       6000 | PA      | $4358.61      | 0.00%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                       | Affirm Asset Securitization Trust 2023-B                                         | CUSIP: 00792FAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1003646.40   | 0.08%             | 2028-09-15      | Fixed         | 8.78%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                                           | Mitsubishi UFJ Financial Group Inc                                               | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $193732.29    | 0.02%             | 2028-01-19      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                  | BRAVO Residential Funding Trust 2025-NQM2                                        | CUSIP: 10569NAC5<br>LEI: 254900TZWRKTBX2YNW23 | Long             | ABS-MBS          | CORP              | US        |     204530 | PA      | $205072.91    | 0.02%             | 2064-11-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                            | Toronto-Dominion Bank/The                                                        | CUSIP: 891160MJ9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |      50000 | PA      | $49314.58     | 0.00%             | 2031-09-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                                    | TransDigm Inc                                                                    | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     123000 | PA      | $128073.31    | 0.01%             | 2031-12-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                                    | AppLovin Corp                                                                    | CUSIP: 03831WAC2<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    1495000 | PA      | $1523428.60   | 0.13%             | 2031-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.124340 17-SEP-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1400000 | OU      | $7656.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                                            | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     151000 | PA      | $152510.00    | 0.01%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: —       |
| HIH Trust                                                                        | HIH Trust 2024-61P                                                               | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      68968 | PA      | $69010.87     | 0.01%             | 2041-10-15      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                                           | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HBB3<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      50000 | PA      | $49836.50     | 0.00%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                                                                 | Enstar Group Ltd                                                                 | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |     672000 | PA      | $590826.02    | 0.05%             | 2031-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.682000 17-SEP-2030 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    9000000 | OU      | $3790.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bills                                                              | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2300000 | PA      | $2290709.40   | 0.19%             | 2025-09-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.808000 17-SEP-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  407658521 | OU      | $-1680.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46625HLL2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     105000 | PA      | $95279.40     | 0.01%             | 2045-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DJR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     249022 | PA      | $215825.27    | 0.02%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     895000 | PA      | $884456.78    | 0.07%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ID        |          1 | NC      | $-930.77      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                                                  | McDonald's Corp                                                                  | CUSIP: 58013MFT6<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      50000 | PA      | $45745.15     | 0.00%             | 2052-09-09      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| TRUST FIBRAUNO                                                                   | Trust Fibra Uno                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              |  | MX        |     202000 | PA      | $213049.40    | 0.02%             | 2032-01-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GA46<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      40000 | PA      | $42288.07     | 0.00%             | 2029-10-24      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2024-1                                                  | CUSIP: 03465XAA7<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |      40407 | PA      | $40102.48     | 0.00%             | 2068-08-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     150000 | PA      | $148671.20    | 0.01%             | 2029-07-15      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAN0<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     182000 | PA      | $121634.21    | 0.01%             | 2051-05-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                                                          | Jefferies Financial Group Inc                                                    | CUSIP: 47233JAG3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20093.56     | 0.00%             | 2027-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                                                       | VMware LLC                                                                       | CUSIP: 928563AF2<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |      75000 | PA      | $75019.23     | 0.01%             | 2030-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp                                                               | Realty Income Corp                                                               | CUSIP: 756109AS3<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19615.39     | 0.00%             | 2027-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                                                      | VEGAS 2024-GCS                                                                   | CUSIP: 92254BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     140000 | PA      | $137041.46    | 0.01%             | 2036-07-10      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.226990 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     390000 | OU      | $-3199.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO                                                            | Becton Dickinson & Co                                                            | CUSIP: 075887CU1<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |     123000 | PA      | $125302.20    | 0.01%             | 2029-06-07      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                                           | Mitsubishi UFJ Financial Group Inc                                               | CUSIP: 606822CS1<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |     250000 | PA      | $255311.18    | 0.02%             | 2029-02-22      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                               | Ally Financial Inc                                                               | CUSIP: 02005NBT6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      20000 | PA      | $21030.06     | 0.00%             | 2029-06-13      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                                                        | TEGNA Inc                                                                        | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     146000 | PA      | $141724.63    | 0.01%             | 2028-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                                                 | AMC Networks Inc                                                                 | CUSIP: 00164V103<br>LEI: 549300VGG9K75226LR46 | Long             | EC               | CORP              | US        |       4080 | NS      | $24439.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                                                              | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | CA        |          1 | NC      | $-45541.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     780000 | PA      | $798062.96    | 0.07%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                                                            | Republic Services Inc                                                            | CUSIP: 760759BK5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     335000 | PA      | $341454.66    | 0.03%             | 2034-11-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (CDX.NA.HY.44.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    4162090 | OU      | $325229.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                                                              | LYB International Finance III LLC                                                | CUSIP: 50249AAD5<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |      60000 | PA      | $43680.16     | 0.00%             | 2050-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ORLEN SA                                                                         | ORLEN SA                                                                         | CUSIP: 000000000<br>LEI: 259400VVMM70CQREJT74 | Long             | DBT              | CORP              | PL        |     207000 | PA      | $212175.00    | 0.02%             | 2035-01-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175AZ7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     246000 | PA      | $254316.01    | 0.02%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.661840 17-SEP-2055 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3670000 | OU      | $154909.46    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KSL Commercial Mortgage Trust                                                    | KSL Commercial Mortgage Trust 2024-HT2                                           | CUSIP: 500937AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99968.75     | 0.01%             | 2039-12-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED SEK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | SE        |          1 | NC      | $-1165.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc                                                                       | Pfizer Inc                                                                       | CUSIP: 717081EC3<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |      35000 | PA      | $31833.72     | 0.00%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                                                   | PECO Energy Co                                                                   | CUSIP: 693304BC0<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |     262000 | PA      | $164449.40    | 0.01%             | 2051-09-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                           | Blackstone Private Credit Fund                                                   | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |      75000 | PA      | $72982.84     | 0.01%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.544220 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    9000000 | OU      | $79038.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J8JH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     124600 | PA      | $122133.20    | 0.01%             | 2033-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     225000 | PA      | $234457.62    | 0.02%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     200000 | PA      | $182824.78    | 0.02%             | 2031-04-29      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                                              | Avantor Funding Inc                                                              | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |     106000 | PA      | $103624.88    | 0.01%             | 2028-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                           | Venture Global LNG Inc                                                           | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25882.84     | 0.00%             | 2028-06-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| FIEMEX ENERGIA - BANC AC                                                         | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                 | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     198101 | PA      | $202558.76    | 0.02%             | 2041-01-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                                                   | Solventum Corp                                                                   | CUSIP: 83444MAT8<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |      16000 | PA      | $15795.58     | 0.00%             | 2064-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-10302.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.594200 16-JUL-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     450000 | OU      | $-1587.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XKHJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      41737 | PA      | $42398.01     | 0.00%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.907500 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   12000000 | OU      | $5495.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                                                           | Canadian Imperial Bank of Commerce                                               | CUSIP: 13608JAA5<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |     150000 | PA      | $153903.46    | 0.01%             | 2029-04-08      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                                                    | CommScope LLC                                                                    | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     112000 | PA      | $117943.32    | 0.01%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| COINBASE GLOBAL INC                                                              | Coinbase Global Inc                                                              | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      58000 | PA      | $51909.87     | 0.00%             | 2031-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Regatta XVIII Funding Ltd                                                        | Regatta XVIII Funding Ltd                                                        | CUSIP: 75884EAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     581000 | PA      | $580447.99    | 0.05%             | 2038-04-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     110000 | PA      | $90030.64     | 0.01%             | 2063-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     275000 | PA      | $282221.32    | 0.02%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                                                     | Centene Corp                                                                     | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96968.64     | 0.01%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      79000 | PA      | $65136.58     | 0.01%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Bank of America NA                                                               | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | BR        |          1 | NC      | $-342.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2021-A                                          | CUSIP: 78448YAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     395608 | PA      | $384473.48    | 0.03%             | 2053-01-15      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                                           | RR 8 Ltd                                                                         | CUSIP: 74980FAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $1253121.25   | 0.11%             | 2037-07-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 13.300000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    3000000 | OU      | $3729.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     788000 | PA      | $726201.18    | 0.06%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     444000 | PA      | $276317.77    | 0.02%             | 2062-06-30      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | USD/JPY Up-and-in barrier option; Barrier price USD 155.00000                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |    4849000 | OU      | $21403.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAM6<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |      50000 | PA      | $30889.23     | 0.00%             | 2051-08-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Algoma Steel Group Inc                                                           | Algoma Steel Group Inc                                                           | CUSIP: 015658107<br>LEI: 549300Q5EU337A1XCX27 | Long             | EC               | CORP              | CA        |       8320 | NS      | $44512.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                                          | Starwood Property Trust Inc                                                      | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |      60000 | PA      | $61758.78     | 0.01%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: TWD 1.868000 17-SEP-2030 TAI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   48000000 | OU      | $-19861.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                                                  | DTE Electric Co                                                                  | CUSIP: 23338VAR7<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |      20000 | PA      | $14601.06     | 0.00%             | 2052-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2021-HQA2                                          | CUSIP: 35564KGR4<br>LEI: 5493000ISM9M3KNO6J64 | Long             | ABS-MBS          | USGSE             | US        |     795000 | PA      | $876241.05    | 0.07%             | 2033-12-25      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $986.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $3792.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC                                                               | SunCoke Energy Inc                                                               | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |      73000 | PA      | $66755.95     | 0.01%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GRLU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     197999 | PA      | $206295.98    | 0.02%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-WISC                                                         | Northern States Power Co/WI                                                      | CUSIP: 665789BC6<br>LEI: OOVRSRHKQSBLKRB7QM17 | Long             | DBT              | CORP              | US        |      35000 | PA      | $35191.70     | 0.00%             | 2054-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042681<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -13673000 | PA      | $-12968755.04 | -1.09%            | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.457000 15-JUL-2030 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     576229 | OU      | $154.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WALMART INC                                                                      | Walmart Inc                                                                      | CUSIP: 931142FE8<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |      25000 | PA      | $21721.12     | 0.00%             | 2053-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE RLTY HLDGS LP                                                         | Healthcare Realty Holdings LP                                                    | CUSIP: 42225UAF1<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              |  | US        |      25000 | PA      | $24615.67     | 0.00%             | 2027-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                         | Occidental Petroleum Corp                                                        | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     125000 | PA      | $131947.66    | 0.01%             | 2030-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132CWKK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     154990 | PA      | $145430.21    | 0.01%             | 2035-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.930000 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $1188.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                                                          | DCP Midstream Operating LP                                                       | CUSIP: 23311VAH0<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25326.65     | 0.00%             | 2029-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                                                     | Entergy Corp                                                                     | CUSIP: 29364GAL7<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |      20000 | PA      | $18409.39     | 0.00%             | 2030-06-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multiclass Certificates                                              | Freddie Mac Multiclass Certificates Series 2024-P015                             | CUSIP: 3137HDJN1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      44053 | PA      | $42614.07     | 0.00%             | 2032-11-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179V7D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1115402 | PA      | $901262.29    | 0.08%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                                                            | Lincoln National Corp                                                            | CUSIP: 534187BK4<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |      20000 | PA      | $18536.96     | 0.00%             | 2031-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.726400 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     290000 | OU      | $42.61        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                                           | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      30000 | PA      | $30374.96     | 0.00%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HERSHEY COMPANY                                                                  | Hershey Co/The                                                                   | CUSIP: 427866AX6<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34296.86     | 0.00%             | 2026-08-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $1011.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     125000 | PA      | $104921.63    | 0.01%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| West Deptford Energy Holdings LLC                                                | West Deptford Energy Holdings LLC 2025 Term Loan                                 | CUSIP: 95249CAF1<br>LEI: 549300HOEW2V8L64EU07 | Long             | LON              | CORP              | US        |      50000 | PA      | $49625.00     | 0.00%             | 2032-07-24      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| GSMPS Mortgage Loan Trust                                                        | GSMPS Mortgage Loan Trust 2005-RP2                                               | CUSIP: 36242DT52<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     133922 | PA      | $125518.68    | 0.01%             | 2035-03-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                                         | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     175000 | PA      | $184843.75    | 0.02%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                              | Synchrony Financial                                                              | CUSIP: 87165BAP8<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     198000 | PA      | $198875.70    | 0.02%             | 2029-03-19      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                                              | Bank of Nova Scotia/The                                                          | CUSIP: 064159HB5<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     150000 | PA      | $149867.45    | 0.01%             | 2025-12-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NKJM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      49333 | PA      | $49501.22     | 0.00%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-HF1 Mortgage Trust                                                      | CUSIP: 55287FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100125.00    | 0.01%             | 2041-12-15      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| INTERSTATE POWER & LIGHT                                                         | Interstate Power and Light Co                                                    | CUSIP: 461070AP9<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49469.59     | 0.00%             | 2028-09-26      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Bundesrepublik Deutschland Bundesanleihe                                         | Bundesrepublik Deutschland Bundesanleihe                                         | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |     846000 | PA      | $846984.89    | 0.07%             | 2054-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D6C1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      91549 | PA      | $75202.18     | 0.01%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3023000 | PA      | $3031880.06   | 0.26%             | 2026-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AIR PRODUCTS & CHEMICALS                                                         | Air Products and Chemicals Inc                                                   | CUSIP: 009158BK1<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |     150000 | PA      | $149575.72    | 0.01%             | 2034-02-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc                                                       | Morgan Stanley ABS Capital I Inc Trust 2006-HE8                                  | CUSIP: 61750SAB8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | ABS-MBS          | CORP              | US        |      40728 | PA      | $17514.63     | 0.00%             | 2036-10-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.691250 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     785500 | OU      | $5104.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                    | CUSIP: 59259YBY4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |      80000 | PA      | $85336.79     | 0.01%             | 2039-11-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| NEVADA POWER CO                                                                  | Nevada Power Co                                                                  | CUSIP: 641423CG1<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |      15000 | PA      | $15077.93     | 0.00%             | 2054-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38384CEP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      38469 | PA      | $30731.98     | 0.00%             | 2065-04-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO III Ltd                                                              | Elmwood CLO III Ltd                                                              | CUSIP: 29002JAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249132.65    | 0.02%             | 2037-07-18      | Floating      | 10.28%                | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XCB9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     484000 | PA      | $342339.49    | 0.03%             | 2061-03-25      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                                                              | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $102434.54    | 0.01%             | 2030-06-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                                                   | Eli Lilly & Co                                                                   | CUSIP: 532457CW6<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     580000 | PA      | $592937.65    | 0.05%             | 2032-02-12      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED NOK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | NO        |          1 | NC      | $1037.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SHR Trust                                                                        | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99968.75     | 0.01%             | 2041-10-15      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| 3M COMPANY                                                                       | 3M Co                                                                            | CUSIP: 88579YBG5<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96642.58     | 0.01%             | 2029-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE                         | CUSIP: 64972FK88<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |      50000 | PA      | $51317.11     | 0.00%             | 2042-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       8000 | PA      | $8027.81      | 0.00%             | 2031-07-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                                                         | Ford Motor Credit Co LLC                                                         | CUSIP: 345397YT4<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     200000 | PA      | $193099.85    | 0.02%             | 2027-11-02      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.785500 17-SEP-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  280833863 | OU      | $-1985.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2019-C49                                   | CUSIP: 95001WAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $8600.99      | 0.00%             | 2052-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | SWAP/CDSWAP/SCDS: (AXP)                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              |  | US        |      90000 | OU      | $-2752.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                                         | Brazil Notas do Tesouro Nacional Serie F                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   17854000 | PA      | $2558568.23   | 0.22%             | 2035-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                               | VICI Properties LP                                                               | CUSIP: 925650AJ2<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |       5000 | PA      | $5028.28      | 0.00%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Province of Quebec                                                               | Province of Quebec Canada                                                        | CUSIP: 748148QR7<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |      10000 | PA      | $11257.83     | 0.00%             | 2029-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3038600 | PA      | $2076218.41   | 0.18%             | 2041-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| KIMBERLY-CLARK CORP                                                              | Kimberly-Clark Corp                                                              | CUSIP: 494368CA9<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |      15000 | PA      | $9711.97      | 0.00%             | 2050-02-07      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.743690 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     240000 | OU      | $-209.69      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFS9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     788000 | PA      | $801584.30    | 0.07%             | 2030-07-19      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES                                                          | Canadian Natural Resources Ltd                                                   | CUSIP: 136385BC4<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |      25000 | PA      | $24875.34     | 0.00%             | 2034-12-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753XAF1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1650000 | PA      | $1779770.85   | 0.15%             | 2042-03-25      | Floating      | 10.60%                | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | TR        |          1 | NC      | $1650.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTP 4.065000 14-JUL-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    1305500 | OU      | $47045.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBM4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    1124000 | PA      | $834677.98    | 0.07%             | 2041-02-04      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| GLAXOSMITHKLINE CAP INC                                                          | GlaxoSmithKline Capital Inc                                                      | CUSIP: 377372AE7<br>LEI: 5493007Q8VD7Q3ZYZS59 | Long             | DBT              | CORP              | US        |      50000 | PA      | $55205.18     | 0.00%             | 2038-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                       | Affirm Asset Securitization Trust 2024-X2                                        | CUSIP: 00833QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     700000 | PA      | $701076.39    | 0.06%             | 2029-12-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2095700 | PA      | $2094062.73   | 0.18%             | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.099500 17-SEP-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $-2059.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2023-XL3                                            | CUSIP: 12434GAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     238431 | PA      | $239101.55    | 0.02%             | 2040-12-09      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL C                                                         | American Water Capital Corp                                                      | CUSIP: 03040WAT2<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |      20000 | PA      | $16124.38     | 0.00%             | 2048-09-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                                                   | Microsoft Corp                                                                   | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     175000 | PA      | $107652.55    | 0.01%             | 2050-06-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                                                           | Motorola Solutions Inc                                                           | CUSIP: 620076BT5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     400000 | PA      | $355335.99    | 0.03%             | 2030-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                                   | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      70000 | PA      | $70976.68     | 0.01%             | 2030-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                                          | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $102602.20    | 0.01%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | HU        |          1 | NC      | $-45.47       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 4.141260 17-SEP-2055 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     780000 | OU      | $-13229.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 124857AT0<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      54000 | PA      | $52179.70     | 0.00%             | 2028-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030686<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |   -3100000 | PA      | $-2652520.92  | -0.22%            | 2055-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                                         | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748BV3<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     125000 | PA      | $124663.88    | 0.01%             | 2053-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                                                                  | Chevron USA Inc                                                                  | CUSIP: 166756AH9<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |      40000 | PA      | $22809.47     | 0.00%             | 2050-08-12      | Fixed         | 2.34%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3138EJXL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      32938 | PA      | $32519.85     | 0.00%             | 2042-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                                                            | Time Warner Cable LLC                                                            | CUSIP: 88732JBD9<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     135000 | PA      | $105955.27    | 0.01%             | 2042-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VAR2<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     175000 | PA      | $163880.34    | 0.01%             | 2030-07-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 13.365000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    4000000 | OU      | $4678.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT Corp                                                                         | EQT Corp                                                                         | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     601000 | PA      | $592650.21    | 0.05%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2900000 | PA      | $2617476.55   | 0.22%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $1139.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                                                               | Southwest Gas Corp                                                               | CUSIP: 845011AE5<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |     125000 | PA      | $118128.85    | 0.01%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                                                       | DaVita Inc                                                                       | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     132000 | PA      | $135713.69    | 0.01%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     930000 | PA      | $941467.98    | 0.08%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                         | Alexandria Real Estate Equities Inc                                              | CUSIP: 015271AS8<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |     200000 | PA      | $148729.72    | 0.01%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KNAK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     719879 | PA      | $648296.50    | 0.05%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                                                | Expedia Group Inc                                                                | CUSIP: 30212PAP0<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24567.28     | 0.00%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | EURO-BTP FUTURE SEP25                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -80 | NC      | $-13278.54    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.370000 15-JUL-2030 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     872437 | OU      | $5013.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                                            | Waste Connections Inc                                                            | CUSIP: 94106BAC5<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |      25000 | PA      | $21594.40     | 0.00%             | 2032-01-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F020489<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   10295000 | PA      | $9344917.18   | 0.79%             | 2039-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     550000 | PA      | $579250.35    | 0.05%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1444400 | PA      | $791260.38    | 0.07%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                         | OBX 2025-NQM3 Trust                                                              | CUSIP: 67448YAC8<br>LEI: 254900MBGY6CR10DAX67 | Long             | ABS-MBS          | CORP              | US        |     126743 | PA      | $127017.86    | 0.01%             | 2064-12-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                                                          | Public Service Co of Colorado                                                    | CUSIP: 744448CY5<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |      20000 | PA      | $18340.87     | 0.00%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES                                                            | TransCanada PipeLines Ltd                                                        | CUSIP: 8935268Z9<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |      75000 | PA      | $87333.35     | 0.01%             | 2039-01-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| APPALACHIAN POWER CO                                                             | Appalachian Power Co                                                             | CUSIP: 037735DA2<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |      30000 | PA      | $29307.71     | 0.00%             | 2032-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VISTA OIL & GAS ARGENTIN                                                         | Vista Energy Argentina SAU                                                       | CUSIP: 92841RAA8<br>LEI: 549300FE4UJNCG1DB123 | Long             | DBT              | CORP              | AR        |      32000 | PA      | $31278.40     | 0.00%             | 2035-12-10      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| ELDORADO GOLD CORP                                                               | Eldorado Gold Corp                                                               | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |      90000 | PA      | $89694.90     | 0.01%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VOYA FINANCIAL INC                                                               | Voya Financial Inc                                                               | CUSIP: 929089AH3<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |     520000 | PA      | $507859.23    | 0.04%             | 2034-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     470000 | PA      | $465887.50    | 0.04%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                              | Global Payments Inc                                                              | CUSIP: 37940XAN2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     125000 | PA      | $126730.29    | 0.01%             | 2029-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2022-DNA3                                          | CUSIP: 35564KVE6<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | USGSE             | US        |    2375000 | PA      | $2498461.53   | 0.21%             | 2042-04-25      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XTDK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     671826 | PA      | $551402.82    | 0.05%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.542000 17-SEP-2030 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3900000 | OU      | $-2806.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                                                  | Cigna Group/The                                                                  | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     115000 | PA      | $114590.66    | 0.01%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                         | Virginia Electric and Power Co                                                   | CUSIP: 927804GN8<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |      95000 | PA      | $94004.10     | 0.01%             | 2053-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.488000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2000000 | OU      | $7347.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2024-10                                                 | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-MBS          | CORP              | US        |      44150 | PA      | $43905.81     | 0.00%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                                                | L3Harris Technologies Inc                                                        | CUSIP: 502431AT6<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |      95000 | PA      | $97777.91     | 0.01%             | 2031-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (ITRAXX.EUR.43.V1)                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    8819630 | OU      | $226348.80    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $1531.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                                                                 | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      70000 | PA      | $70886.90     | 0.01%             | 2030-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                            | Foundry JV Holdco LLC                                                            | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |     207000 | PA      | $211543.41    | 0.02%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                                                          | Fidelity National Financial Inc                                                  | CUSIP: 31620RAL9<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |     120000 | PA      | $73644.85     | 0.01%             | 2051-09-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.764000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    3000000 | OU      | $-25684.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                                              | Homeward Opportunities Fund Trust 2022-1                                         | CUSIP: 43789KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      76211 | PA      | $75707.13     | 0.01%             | 2067-07-25      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.279500 17-SEP-2025 FED                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  109437000 | OU      | $-7294.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5                 | CUSIP: 46649WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     261000 | PA      | $261325.52    | 0.02%             | 2040-03-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     187000 | PA      | $188344.06    | 0.02%             | 2041-10-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co                                                            | MidAmerican Energy Co                                                            | CUSIP: 595620AU9<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |      23000 | PA      | $18625.07     | 0.00%             | 2049-07-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| First Horizon Alternative Mortgage Securities                                    | First Horizon Alternative Mortgage Securities Trust 2005-AA12                    | CUSIP: 32051GQ81<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       7462 | PA      | $4514.71      | 0.00%             | 2036-02-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED NOK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | NO        |          1 | NC      | $-5235.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                                                             | Duke Energy Ohio Inc                                                             | CUSIP: 26442EAK6<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |      38000 | PA      | $37515.41     | 0.00%             | 2053-04-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                                          | John Deere Capital Corp                                                          | CUSIP: 24422EXP9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25417.72     | 0.00%             | 2034-04-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC                                                         | United Natural Foods Inc                                                         | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |     126000 | PA      | $125467.51    | 0.01%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     320000 | PA      | $264454.43    | 0.02%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                                                               | CNX Resources Corp                                                               | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     173000 | PA      | $178364.04    | 0.02%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $23084.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Flagstar Financial Inc                                                           | Flagstar Financial Inc                                                           | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |      17385 | NS      | $196276.65    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS CO                                                              | American Express Co                                                              | CUSIP: 025816DL0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     300000 | PA      | $301184.46    | 0.03%             | 2026-10-30      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0YM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     284166 | PA      | $268099.91    | 0.02%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 3.059000 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    8000000 | OU      | $11014.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.844530 17-SEP-2035 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    7670000 | OU      | $8653.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1005000 | PA      | $12834.02     | 0.00%             | 2039-06-10      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     429000 | PA      | $419321.49    | 0.04%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |          1 | NC      | $-53796.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.376300 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-208.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                                                                | EOG Resources Inc                                                                | CUSIP: 26875PAW1<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |      70000 | PA      | $68056.98     | 0.01%             | 2054-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                                                         | International Business Machines Corp                                             | CUSIP: 459200KC4<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |     235000 | PA      | $188639.22    | 0.02%             | 2049-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EMR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     879570 | PA      | $835953.12    | 0.07%             | 2053-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp                                                             | Parker-Hannifin Corp                                                             | CUSIP: 701094AL8<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |      75000 | PA      | $60500.15     | 0.01%             | 2047-03-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Great Wolf Trust                                                                 | GWT 2024-WLF2                                                                    | CUSIP: 362414AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     197000 | PA      | $197923.44    | 0.02%             | 2041-05-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                           | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBL0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     175000 | PA      | $180398.44    | 0.02%             | 2028-10-25      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                                                               | Advance Auto Parts Inc                                                           | CUSIP: 00751YAL0<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |      60000 | PA      | $60321.60     | 0.01%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                                        | Anchorage Capital CLO 6 Ltd                                                      | CUSIP: 03328QBY6<br>LEI: 54930064GO7DB3TVDY21 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249498.49    | 0.02%             | 2038-07-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179VHT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     343805 | PA      | $311477.95    | 0.03%             | 2050-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280DZ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $202472.38    | 0.02%             | 2027-08-14      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE                                                             | Wolverine World Wide Inc                                                         | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |     102000 | PA      | $91925.57     | 0.01%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QT4C0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |          0 | PA      | $0.00         | 0.00%             | 2054-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LBA6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    1759000 | PA      | $1927564.81   | 0.16%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                                           | Northern Oil & Gas Inc                                                           | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |     186000 | PA      | $187810.71    | 0.02%             | 2028-03-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.292000 17-SEP-2025 FED                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   32620000 | OU      | $-1611.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Orchard Park CLO, LTD.                                                           | Orchard Park Clo Ltd                                                             | CUSIP: 68563JAA2<br>LEI: 3912000K0W3TWP1KMO81 | Long             | ABS-CBDO         | CORP              | KY        |     310000 | PA      | $310942.80    | 0.03%             | 2037-10-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2023-HQA1                                          | CUSIP: 35564KX87<br>LEI: 5493000IRHY5YZIPQD14 | Long             | ABS-MBS          | USGSE             | US        |     590000 | PA      | $622821.70    | 0.05%             | 2043-05-25      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| AVNET INC                                                                        | Avnet Inc                                                                        | CUSIP: 053807AW3<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |      45000 | PA      | $46681.47     | 0.00%             | 2028-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KT3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     141000 | PA      | $132159.58    | 0.01%             | 2054-10-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.455500 22-MAR-2054 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     128000 | OU      | $11370.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHWESTERN PUBLIC SERV                                                         | Southwestern Public Service Co                                                   | CUSIP: 845743BX0<br>LEI: OL6FE7QD5EQ3DOYEO258 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50239.46     | 0.00%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank                                                                             | Bank 2019-BNK19                                                                  | CUSIP: 06540WBD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $233036.60    | 0.02%             | 2061-08-15      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.159030 17-SEP-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1930000 | OU      | $17732.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAQ2<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |     150000 | PA      | $144099.28    | 0.01%             | 2053-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                                                        | LBA Trust 2024-7IND                                                              | CUSIP: 52109XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      60000 | PA      | $60213.99     | 0.01%             | 2041-10-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                                          | Arthur J Gallagher & Co                                                          | CUSIP: 363576AB5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      80000 | PA      | $54865.54     | 0.00%             | 2051-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                                         | Devon Energy Corp                                                                | CUSIP: 25179MBG7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     140000 | PA      | $135996.47    | 0.01%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: —       |
| Birch Grove CLO Ltd.                                                             | Birch Grove CLO 3 Ltd                                                            | CUSIP: 09076VAU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     550000 | PA      | $550718.63    | 0.05%             | 2038-01-19      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.422000 15-JUL-2029 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1374705 | OU      | $5269.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG                                                          | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC          | CUSIP: 60832QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $104167.30    | 0.01%             | 2031-04-15      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                                                | Ares Capital Corp                                                                | CUSIP: 04010LBD4<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24188.83     | 0.00%             | 2027-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                                                 | Bank of Montreal                                                                 | CUSIP: 06368L8K5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     160000 | PA      | $159987.19    | 0.01%             | 2027-09-10      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | USD P CNH C @6.850000 EO                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |  -10787000 | OU      | $-18434.98    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY INDIANA LLC                                                          | Duke Energy Indiana LLC                                                          | CUSIP: 26443TAD8<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9496.74      | 0.00%             | 2053-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133B92H6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     848992 | PA      | $765057.49    | 0.06%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2018-B                                          | CUSIP: 78449LAC2<br>LEI: 549300INMCHM7L5O6M41 | Long             | ABS-O            | CORP              | US        |      95244 | PA      | $95049.32     | 0.01%             | 2037-01-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                                              | Bank of Nova Scotia/The                                                          | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |      75000 | PA      | $71189.34     | 0.01%             | 2037-05-04      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | MX        |          1 | NC      | $4002.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENTERGY TEXAS INC                                                                | Entergy Texas Inc                                                                | CUSIP: 29365TAN4<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98462.12     | 0.01%             | 2053-09-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 1.313300 17-SEP-2030 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  171000000 | OU      | $-2790.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CONTINUUM GRN SPV CO-ISS                                                         | Continuum Green Energy India Pvt / Co-Issuers                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |     385800 | PA      | $396891.75    | 0.03%             | 2033-06-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLUM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     849888 | PA      | $736737.65    | 0.06%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H032688<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2532000 | PA      | $2274752.93   | 0.19%             | 2054-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31329QM57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      30499 | PA      | $28585.07     | 0.00%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                                          | American Electric Power Co Inc                                                   | CUSIP: 025537AX9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51853.17     | 0.00%             | 2033-03-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38381PXY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | CORP              | US        |      50000 | PA      | $49269.36     | 0.00%             | 2065-05-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                                     | Comcast Corp                                                                     | CUSIP: 20030NDH1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     110000 | PA      | $90474.04     | 0.01%             | 2040-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2025-8 Mortgage Loan Trust                                                  | CUSIP: 19689DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     154000 | PA      | $153849.35    | 0.01%             | 2070-08-25      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3029600 | PA      | $3060369.38   | 0.26%             | 2031-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC                                                               | Forestar Group Inc                                                               | CUSIP: 346232AE1<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |      49000 | PA      | $48628.56     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TW        |          1 | NC      | $-7620.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                                                              | AUST 10Y BOND FUT SEP25                                                          | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |       -348 | NC      | $-180607.16   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                            | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     205000 | PA      | $207737.66    | 0.02%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     379000 | PA      | $366253.07    | 0.03%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP                                                             | Alta Equipment Group Inc                                                         | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |     126000 | PA      | $119491.22    | 0.01%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| EQUINIX INC                                                                      | Equinix Inc                                                                      | CUSIP: 29444UBT2<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |     141000 | PA      | $94005.41     | 0.01%             | 2052-02-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED CNH / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CN        |          1 | NC      | $-11816.38    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTEL CORP                                                                       | Intel Corp                                                                       | CUSIP: 458140BR0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96232.98     | 0.01%             | 2030-03-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds                                               | Japan Government Thirty Year Bonds                                               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   89150000 | PA      | $517513.39    | 0.04%             | 2055-03-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                                            | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102559.50    | 0.01%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     240000 | PA      | $233647.42    | 0.02%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                                         | Host Hotels & Resorts LP                                                         | CUSIP: 44107TBC9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |     300000 | PA      | $296028.42    | 0.02%             | 2035-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                                                   | Solventum Corp                                                                   | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     139000 | PA      | $142567.92    | 0.01%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| DIAMOND II LTD                                                                   | Diamond II Ltd                                                                   | CUSIP: 000000000<br>LEI: 254900KL4GQ2XC50XL44 | Long             | DBT              | CORP              | MU        |     450000 | PA      | $453253.68    | 0.04%             | 2026-07-28      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: AUD 3.750000 17-SEP-2030 AUD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1699200 | OU      | $-482.40      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.534000 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $16469.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                             | Royal Bank of Canada                                                             | CUSIP: 78017FZS5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     225000 | PA      | $225077.69    | 0.02%             | 2028-10-18      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                                                         | Berkshire Hathaway Energy Co                                                     | CUSIP: 084659BF7<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     230000 | PA      | $192715.44    | 0.02%             | 2053-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QRWZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      59744 | PA      | $58685.78     | 0.00%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XCS3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     300000 | PA      | $306888.31    | 0.03%             | 2029-01-17      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 5Y RTP 3.810000 14-OCT-2025                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  -26347000 | OU      | $-70550.15    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VAW1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     170000 | PA      | $146291.18    | 0.01%             | 2031-04-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                               | VICI Properties LP                                                               | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |    1147000 | PA      | $1144255.60   | 0.10%             | 2032-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 1.662000 17-SEP-2030 SOR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     340000 | OU      | $-480.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $4135.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                                                           | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     222000 | PA      | $231037.40    | 0.02%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| MCKESSON CORP                                                                    | McKesson Corp                                                                    | CUSIP: 581557BQ7<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |     610000 | PA      | $602200.97    | 0.05%             | 2025-12-03      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      45000 | PA      | $45108.98     | 0.00%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030488<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1393000 | PA      | $1318998.56   | 0.11%             | 2039-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                                       | PacifiCorp                                                                       | CUSIP: 695114DB1<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     225000 | PA      | $228778.51    | 0.02%             | 2029-02-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SYSTEM ENERGY RESOURCES                                                          | System Energy Resources Inc                                                      | CUSIP: 871911AV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     540000 | PA      | $531199.30    | 0.04%             | 2034-12-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.386240 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   13000000 | OU      | $4204.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| 1345 Trust                                                                       | 1345T 2025-AOA                                                                   | CUSIP: 68271CAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     116000 | PA      | $115998.33    | 0.01%             | 2030-06-15      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KD8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     241000 | PA      | $205382.82    | 0.02%             | 2052-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $4708.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CA        |          1 | NC      | $-2532.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |       5000 | PA      | $5023.38      | 0.00%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $98128.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                                         | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     200000 | PA      | $201962.20    | 0.02%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                                                            | Southern California Gas Co                                                       | CUSIP: 842434CY6<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98168.73     | 0.01%             | 2053-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                                          | Kinder Morgan Energy Partners LP                                                 | CUSIP: 494550AW6<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     125000 | PA      | $137588.09    | 0.01%             | 2038-01-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Castle Hill INGOTS Ltd                                                           | CSTL Commercial Mortgage Trust 2024-GATE                                         | CUSIP: 22945JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     170000 | PA      | $168649.03    | 0.01%             | 2041-11-10      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      23000 | PA      | $23234.93     | 0.00%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: —       |
| CONNECTICUT LIGHT & PWR                                                          | Connecticut Light and Power Co/The                                               | CUSIP: 207597ET8<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |     130000 | PA      | $132252.66    | 0.01%             | 2030-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2024-A                                          | CUSIP: 831943AC9<br>LEI: 5493000RGRVHYZAIY180 | Long             | ABS-O            | CORP              | US        |     154000 | PA      | $157218.26    | 0.01%             | 2056-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                                                     | Huntington Bank Auto Credit-Linked Notes Series 2024-2                           | CUSIP: 44644NAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     256835 | PA      | $258108.20    | 0.02%             | 2032-10-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED HUF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | HU        |          1 | NC      | $-6101.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                                    | RFMSI Series 2007-SA4 Trust                                                      | CUSIP: 74959AAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     226148 | PA      | $137621.40    | 0.01%             | 2037-10-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     917900 | PA      | $812807.62    | 0.07%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | SWP: OIS 14.380000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |    1000000 | OU      | $-5364.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    1115000 | PA      | $1130643.56   | 0.10%             | 2035-08-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Regatta XXVII Funding Ltd.                                                       | Regatta XXVII Funding Ltd                                                        | CUSIP: 758970AA5<br>LEI: 213800A3LAH3GG226R43 | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $251039.65    | 0.02%             | 2037-04-26      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 7.805000 11-SEP-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    8360000 | OU      | $-710.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE 2023-MIC Trust                                                               | 2023-MIC Trust/THE                                                               | CUSIP: 87256GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      31000 | PA      | $33536.52     | 0.00%             | 2038-12-05      | Variable      | 8.44%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92344GAX4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     237000 | PA      | $249464.85    | 0.02%             | 2035-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: —       |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753VBE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1325000 | PA      | $1375098.25   | 0.12%             | 2040-02-25      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                                                             | Stillwater Mining Co                                                             | CUSIP: 000000000<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |     260000 | PA      | $236795.00    | 0.02%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| AGL Core CLO                                                                     | AGL Core CLO 2 Ltd                                                               | CUSIP: 001200AJ3<br>LEI: 549300EIBQDZ5WXOZ105 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251029.23    | 0.02%             | 2037-07-20      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | KR        |          1 | NC      | $-5421.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AQ2<br>LEI: N/A                  | Long             | DBT              |  | US        |      25000 | PA      | $23559.15     | 0.00%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED EUR / SOLD NOK                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |          1 | NC      | $-1398.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: AUD 3.234000 17-SEP-2028 AUD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    8270000 | OU      | $16635.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                             | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |          1 | NC      | $1546.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                                                  | Cigna Group/The                                                                  | CUSIP: 125523AK6<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     145000 | PA      | $125347.55    | 0.01%             | 2048-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119BY4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      80000 | PA      | $75002.57     | 0.01%             | 2039-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| FEDEX CORP                                                                       | FedEx Corp                                                                       | CUSIP: 31428XCH7<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23592.83     | 0.00%             | 2029-08-05      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                                 | CSC Holdings LLC                                                                 | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96791.81     | 0.01%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $1782.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280DR7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $211584.44    | 0.02%             | 2028-11-03      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.026500 12-MAR-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 1570898665 | OU      | $-17112.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |          1 | NC      | $-5020.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                               | Union Pacific Corp                                                               | CUSIP: 907818GB8<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |      75000 | PA      | $74135.22     | 0.01%             | 2033-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arrow Electronics Inc                                                            | Arrow Electronics Inc                                                            | CUSIP: 042735BF6<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |      95000 | PA      | $93093.89     | 0.01%             | 2028-01-12      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                            | Toronto-Dominion Bank/The                                                        | CUSIP: 89115A2K7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     130000 | PA      | $130296.99    | 0.01%             | 2026-01-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |          1 | NC      | $-1302.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XKPD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     409917 | PA      | $355176.61    | 0.03%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2000000 | PA      | $2035468.76   | 0.17%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KRB86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      57142 | PA      | $57361.12     | 0.00%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | MX        |          1 | NC      | $-1398.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBF7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      36000 | PA      | $30794.46     | 0.00%             | 2033-02-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                                                   | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      50000 | PA      | $50904.44     | 0.00%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $509.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                                           | ConocoPhillips Co                                                                | CUSIP: 20826FBD7<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |      25000 | PA      | $17943.36     | 0.00%             | 2062-03-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.733000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2000000 | OU      | $-14310.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CONCENTRIX CORP                                                                  | Concentrix Corp                                                                  | CUSIP: 20602DAB7<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20942.13     | 0.00%             | 2028-08-02      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DXR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     898220 | PA      | $766792.97    | 0.06%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                                                        | PG&E Corp                                                                        | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     741000 | PA      | $710771.50    | 0.06%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| PERMIAN RESOURC OPTG LLC                                                         | Permian Resources Operating LLC                                                  | CUSIP: 15138AAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |       4000 | PA      | $3993.28      | 0.00%             | 2026-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                                                         | International Business Machines Corp                                             | CUSIP: 459200KM2<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |     815000 | PA      | $789209.55    | 0.07%             | 2027-02-09      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Edison International                                                             | Edison International                                                             | CUSIP: 281020AM9<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19391.61     | 0.00%             | 2028-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $2564.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2022-LBA6                                                               | CUSIP: 12433EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     450000 | PA      | $450420.53    | 0.04%             | 2039-01-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.275000 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   41191540 | OU      | $2471.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMJ56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1606723 | PA      | $1270112.05   | 0.11%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2023-DELC                                                               | CUSIP: 05610DAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     262000 | PA      | $264620.00    | 0.02%             | 2038-05-15      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.721000 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   79000000 | OU      | $248.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H060689<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5512000 | PA      | $5585849.67   | 0.47%             | 2054-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US ULTRA BOND CBT SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        231 | NC      | $614705.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERPUBLIC GROUP COS                                                            | Interpublic Group of Cos Inc/The                                                 | CUSIP: 460690BS8<br>LEI: 5493008IUOJ5VWTRC333 | Long             | DBT              | CORP              | US        |       5000 | PA      | $3715.49      | 0.00%             | 2041-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: —       |
| FS Rialto Issuer Ltd                                                             | FS Rialto 2024-FL9 Issuer LLC                                                    | CUSIP: 30338WAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     100000 | PA      | $100696.83    | 0.01%             | 2039-10-19      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| PPL ELECTRIC UTILITIES                                                           | PPL Electric Utilities Corp                                                      | CUSIP: 69351UBB8<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |      40000 | PA      | $38067.26     | 0.00%             | 2053-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS                                                           | Zimmer Biomet Holdings Inc                                                       | CUSIP: 98956PBA9<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |      90000 | PA      | $90329.95     | 0.01%             | 2027-02-19      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                                             | Raizen Fuels Finance SA                                                          | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     217000 | PA      | $213962.00    | 0.02%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753UAF7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1950000 | PA      | $2008089.14   | 0.17%             | 2044-01-25      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                                                   | Sabre GLBL Inc                                                                   | CUSIP: 78573NAH5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |      55000 | PA      | $57840.36     | 0.00%             | 2027-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJP7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2348300 | PA      | $2357839.97   | 0.20%             | 2026-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Certificates                                          | WaMu Mortgage Pass-Through Certificates Series 2007-HY4 Trust                    | CUSIP: 933636AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     348287 | PA      | $313361.22    | 0.03%             | 2037-04-25      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corp                                                            | Novartis Capital Corp                                                            | CUSIP: 66989HAH1<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |      50000 | PA      | $44155.48     | 0.00%             | 2044-05-06      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     201000 | PA      | $182380.24    | 0.02%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QU2G0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     844402 | PA      | $870845.54    | 0.07%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.182500 17-SEP-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4000000 | OU      | $-230.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | CHL Mortgage Pass-Through Trust 2007-3                                           | CUSIP: 12543RAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     159875 | PA      | $71765.92     | 0.01%             | 2037-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bills                                                              | CUSIP: 912797RN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    1100000 | PA      | $1086674.14   | 0.09%             | 2025-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |          1 | NC      | $-14330.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W0P82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     835165 | PA      | $831682.28    | 0.07%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                                         | Florida Power & Light Co                                                         | CUSIP: 341081GM3<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     190000 | PA      | $181580.94    | 0.02%             | 2053-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Ventas Realty LP                                                                 | Ventas Realty LP                                                                 | CUSIP: 92277GAG2<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19932.54     | 0.00%             | 2026-01-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2021-8                                                | CUSIP: 92538GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100079 | PA      | $90855.69     | 0.01%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.307000 17-SEP-2025 FED                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  176683000 | OU      | $-5066.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | SWP: OIS 14.320000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |    7000000 | OU      | $-33320.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| APPLE INC                                                                        | Apple Inc                                                                        | CUSIP: 037833EE6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     105000 | PA      | $73195.49     | 0.01%             | 2041-02-08      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAE3<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |     176000 | PA      | $179512.15    | 0.02%             | 2043-07-15      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED NGN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NG        |          1 | NC      | $210.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SDAL Trust                                                                       | SDAL Trust 2025-DAL                                                              | CUSIP: 78437RAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100170.41    | 0.01%             | 2042-04-15      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                       | Affirm Asset Securitization Trust 2024-A                                         | CUSIP: 00834BAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     510000 | PA      | $511969.72    | 0.04%             | 2029-02-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967QA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     235000 | PA      | $237231.71    | 0.02%             | 2031-05-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.269700 15-JUN-2035 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     120000 | OU      | $-142.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAR0<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40242.74     | 0.00%             | 2034-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ADT9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     785000 | PA      | $791029.91    | 0.07%             | 2035-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OP CO                                                             | Public Storage Operating Co                                                      | CUSIP: 74460WAG2<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              |  | US        |      50000 | PA      | $51064.04     | 0.00%             | 2033-08-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                                                              | Consumers Energy Co                                                              | CUSIP: 210518DV5<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25442.78     | 0.00%             | 2029-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO                                                                  | Weyerhaeuser Co                                                                  | CUSIP: 962166BY9<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              |  | US        |      50000 | PA      | $48692.71     | 0.00%             | 2030-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $7453.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XBF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     178900 | PA      | $181020.79    | 0.02%             | 2028-04-25      | Floating      | 10.16%                | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                                                           | Westinghouse Air Brake Technologies Corp                                         | CUSIP: 960386AR1<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |     380000 | PA      | $392883.67    | 0.03%             | 2034-03-11      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24666.88     | 0.00%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                     | UBS Group AG                                                                     | CUSIP: 225401AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     200000 | PA      | $181712.22    | 0.02%             | 2032-05-14      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                                                             | WEC Energy Group Inc                                                             | CUSIP: 92939UAM8<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |      21000 | PA      | $21217.71     | 0.00%             | 2026-09-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DNTW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     372665 | PA      | $365832.89    | 0.03%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2021-DNA6                                          | CUSIP: 35564KLU1<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | USGSE             | US        |    2100000 | PA      | $2155366.71   | 0.18%             | 2041-10-25      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                                                               | Osaic Holdings Inc                                                               | CUSIP: 00791GAC1<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |      10000 | PA      | $10162.09     | 0.00%             | 2033-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU                                                         | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp               | CUSIP: 74052HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      71000 | PA      | $42600.00     | 0.00%             | 2029-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Loan Trust                                           | Banc of America Alternative Loan Trust 2006-7                                    | CUSIP: 059469AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      24624 | PA      | $6479.77      | 0.00%             | 2036-10-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | NZ        |          1 | NC      | $-1114.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ACREC LLC                                                                        | ACREC 2023-FL2 LLC                                                               | CUSIP: 00501BAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     141172 | PA      | $141517.23    | 0.01%             | 2038-02-19      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                                         | Permian Resources Operating LLC                                                  | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |      46000 | PA      | $47035.76     | 0.00%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    8100000 | PA      | $6071203.13   | 0.51%             | 2048-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.690300 17-SEP-2035 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      80000 | OU      | $-29.80       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                                           | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      80000 | PA      | $81824.75     | 0.01%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AON CORP/AON GLOBAL HOLD                                                         | Aon Corp / Aon Global Holdings PLC                                               | CUSIP: 03740LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      25000 | PA      | $18370.91     | 0.00%             | 2052-02-28      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Tyson Foods Inc                                                                  | Tyson Foods Inc                                                                  | CUSIP: 902494BH5<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |      50000 | PA      | $44706.47     | 0.00%             | 2048-09-28      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 14.480000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    8000000 | OU      | $-46823.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $1192.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-21.52       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.704600 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     300000 | OU      | $-1844.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     683000 | PA      | $419931.50    | 0.04%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Regatta Funding                                                                  | Regatta XI Funding Ltd                                                           | CUSIP: 75887XAN7<br>LEI: 254900TUAAER6MTE4E64 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250780.43    | 0.02%             | 2037-07-17      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     224100 | PA      | $223601.03    | 0.02%             | 2032-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED NOK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NO        |          1 | NC      | $-382.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2025-6                                                | CUSIP: 92540YAA7<br>LEI: 213800KZO2G8SSFFDH61 | Long             | ABS-MBS          | CORP              | US        |     650000 | PA      | $649408.83    | 0.05%             | 2070-07-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     183000 | PA      | $191407.44    | 0.02%             | 2031-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      65204 | PA      | $65660.10     | 0.01%             | 2059-10-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AMERIPRISE FINANCIAL INC                                                         | Ameriprise Financial Inc                                                         | CUSIP: 03076CAM8<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |     410000 | PA      | $418470.68    | 0.04%             | 2033-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ADF9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      35000 | PA      | $35213.01     | 0.00%             | 2034-04-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES                                                            | TransCanada PipeLines Ltd                                                        | CUSIP: 89352HAB5<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |      25000 | PA      | $25665.60     | 0.00%             | 2036-03-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CK3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     120000 | PA      | $110442.01    | 0.01%             | 2032-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                       | AbbVie Inc                                                                       | CUSIP: 00287YCA5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     100000 | PA      | $87233.23     | 0.01%             | 2039-11-21      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                                                         | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      60000 | PA      | $61077.70     | 0.01%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                                               | Ohio Power Co                                                                    | CUSIP: 677415CU3<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |     130000 | PA      | $78739.23     | 0.01%             | 2051-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513BS3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |       9000 | PA      | $7974.09      | 0.00%             | 2031-05-13      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.427000 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $5011.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                                                              | FS KKR Capital Corp                                                              | CUSIP: 302635AL1<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |     150000 | PA      | $144077.94    | 0.01%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                                                     | TICP CLO VI 2016-2 Ltd                                                           | CUSIP: 87246MAS1<br>LEI: 254900JG2DPAYUCW8T83 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250444.65    | 0.02%             | 2034-01-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust 2022-LPFL                                          | MTN Commercial Mortgage Trust 2022-LPFL                                          | CUSIP: 62475WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100031.25    | 0.01%             | 2039-03-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                                                         | Willis North America Inc                                                         | CUSIP: 970648AM3<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     400000 | PA      | $408085.70    | 0.03%             | 2033-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| EXPORT-IMPORT BANK KOREA                                                         | Export-Import Bank of Korea                                                      | CUSIP: 302154DZ9<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |     300000 | PA      | $309036.00    | 0.03%             | 2033-09-18      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.711200 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     490000 | OU      | $2690.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hess Corp                                                                        | Hess Corp                                                                        | CUSIP: 42809HAD9<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |     125000 | PA      | $126516.54    | 0.01%             | 2041-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.243600 15-JUN-2035 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     330000 | OU      | $629.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030694<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |   -1400000 | PA      | $-1198131.42  | -0.10%            | 2055-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                                                         | Intercontinental Exchange Inc                                                    | CUSIP: 45866FAX2<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |     825000 | PA      | $737354.48    | 0.06%             | 2052-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| NSTAR ELECTRIC CO                                                                | NSTAR Electric Co                                                                | CUSIP: 67021CAT4<br>LEI: 54930080R72Y2Z31UR68 | Long             | DBT              | CORP              | US        |      50000 | PA      | $44363.19     | 0.00%             | 2052-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FNA Trust                                                                        | FNA 8 LLC                                                                        | CUSIP: 30340WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     133455 | PA      | $133492.13    | 0.01%             | 2045-03-15      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.395200 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    5530000 | OU      | $-43591.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2000000 | PA      | $1986796.88   | 0.17%             | 2028-03-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: IFS 3.178180 15-JUN-2035 UKR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     310000 | OU      | $2983.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                                           | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     131000 | PA      | $133695.69    | 0.01%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                                                        | Prosus NV                                                                        | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     228000 | PA      | $213963.75    | 0.02%             | 2032-01-19      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                         | Service Properties Trust                                                         | CUSIP: 81761LAD4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     144000 | PA      | $149211.94    | 0.01%             | 2029-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 10Y RTR 3.995000 04-JUN-2027                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |    1918000 | OU      | $76808.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                                                         | Constellation Energy Generation LLC                                              | CUSIP: 210385AE0<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |      25000 | PA      | $27041.94     | 0.00%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2023-7                                                  | CUSIP: 03466DAA0<br>LEI: 254900DRGJVOF9SOT744 | Long             | ABS-MBS          | CORP              | US        |     152714 | PA      | $151176.05    | 0.01%             | 2067-11-25      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED SEK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | SE        |          1 | NC      | $-8582.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     718000 | PA      | $787635.23    | 0.07%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                                                  | Benefit Street Partners CLO X Ltd                                                | CUSIP: 08181LBE6<br>LEI: 549300MYLNCW81S1Y182 | Long             | ABS-CBDO         | CORP              | KY        |     322000 | PA      | $322620.27    | 0.03%             | 2038-07-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| ESSENTIAL UTILITIES INC                                                          | Essential Utilities Inc                                                          | CUSIP: 29670GAH5<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |     195000 | PA      | $197385.22    | 0.02%             | 2034-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corp                                                              | Sprint Capital Corp                                                              | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     570000 | PA      | $688501.91    | 0.06%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 054989AD0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    1537000 | PA      | $1713704.06   | 0.14%             | 2053-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     730000 | PA      | $716752.78    | 0.06%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                                         | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XBD9<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |      10000 | PA      | $10245.24     | 0.00%             | 2028-10-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                              | Exeter Automobile Receivables Trust 2022-5                                       | CUSIP: 30167FAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $101748.86    | 0.01%             | 2029-02-15      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                              | Elevance Health Inc                                                              | CUSIP: 036752AG8<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49612.46     | 0.00%             | 2028-03-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GFD1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     350000 | PA      | $384389.58    | 0.03%             | 2037-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2Q5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     160000 | PA      | $120665.43    | 0.01%             | 2041-04-30      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                                          | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              |  | US        |     100000 | PA      | $96911.52     | 0.01%             | 2028-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DARDEN RESTAURANTS INC                                                           | Darden Restaurants Inc                                                           | CUSIP: 237194AN5<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |     310000 | PA      | $330435.19    | 0.03%             | 2033-10-10      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.617000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  582930000 | OU      | $2251.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                                   | Mariner Finance Issuance Trust 2024-A                                            | CUSIP: 567928AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     178000 | PA      | $179441.28    | 0.02%             | 2036-09-22      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280EL9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     468000 | PA      | $474964.55    | 0.04%             | 2035-11-18      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: TWD 1.960000 17-SEP-2030 TAI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  129000000 | OU      | $-73652.04    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                       | Affirm Asset Securitization Trust 2024-X1                                        | CUSIP: 00834XAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $101150.96    | 0.01%             | 2029-05-15      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |          1 | NC      | $-439.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                                         | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XAN8<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |      20000 | PA      | $17285.88     | 0.00%             | 2044-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBE2<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25265.82     | 0.00%             | 2039-02-14      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D2K7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     950093 | PA      | $705755.08    | 0.06%             | 2051-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                                                        | LBA Trust 2024-BOLT                                                              | CUSIP: 50177BAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      16000 | PA      | $15935.59     | 0.00%             | 2039-06-15      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                                                        | Caesars Entertainment Inc                                                        | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |       1918 | NS      | $51172.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $9476.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                           | Marriott International Inc/MD                                                    | CUSIP: 571903BF9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      25000 | PA      | $22712.29     | 0.00%             | 2032-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                                          | Public Service Electric and Gas Co                                               | CUSIP: 74456QCL8<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |      80000 | PA      | $79249.35     | 0.01%             | 2033-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-PAT                                                                | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      60000 | PA      | $60019.39     | 0.01%             | 2041-03-15      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL SA                                                                 | ArcelorMittal SA                                                                 | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |      50000 | PA      | $54817.60     | 0.00%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                                                           | Resorts World Las Vegas LLC / RWLV Capital Inc                                   | CUSIP: 76120HAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     120000 | PA      | $119250.00    | 0.01%             | 2030-07-27      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                                          | Colombia Government International Bonds                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     600000 | PA      | $615600.00    | 0.05%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                  | BRAVO Residential Funding Trust 2021-NQM1                                        | CUSIP: 10569TAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     265000 | PA      | $213680.13    | 0.02%             | 2049-02-25      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.358500 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2252340 | OU      | $18.03        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XNE2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     312678 | PA      | $298398.11    | 0.03%             | 2052-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Allina Health System                                                             | Allina Health System                                                             | CUSIP: 01959LAC6<br>LEI: 5493001V00JCD7SQ0G44 | Long             | DBT              | CORP              | US        |      50000 | PA      | $37190.07     | 0.00%             | 2049-04-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                                             | Keurig Dr Pepper Inc                                                             | CUSIP: 49271VAV2<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25552.83     | 0.00%             | 2034-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                                 | Duke Energy Corp                                                                 | CUSIP: 26441CBU8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      80000 | PA      | $69810.84     | 0.01%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                                              | SG Residential Mortgage Trust 2019-3                                             | CUSIP: 78432BAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     257400 | PA      | $244730.62    | 0.02%             | 2059-09-25      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ECP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1311421 | PA      | $1027270.10   | 0.09%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MARTIN MARIETTA MATERIAL                                                         | Martin Marietta Materials Inc                                                    | CUSIP: 573284AU0<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |      75000 | PA      | $60529.71     | 0.01%             | 2047-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                                                  | OHA Credit Partners XVI                                                          | CUSIP: 67115LAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $501530.30    | 0.04%             | 2037-10-18      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                         | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AV8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |      57000 | PA      | $57272.21     | 0.00%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                                            | Northrop Grumman Corp                                                            | CUSIP: 666807CL4<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    1036000 | PA      | $1030243.59   | 0.09%             | 2034-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                                               | Gracie Point International Funding 2024-1 LLC                                    | CUSIP: 38410KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     110000 | PA      | $110177.71    | 0.01%             | 2028-03-01      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-OC10                                                 | CUSIP: 23245FAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     350439 | PA      | $301457.78    | 0.03%             | 2036-11-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.780000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1740000 | OU      | $-16159.43    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     742000 | PA      | $701357.09    | 0.06%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                                    | Citigroup Inc                                                                    | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     220000 | PA      | $275116.01    | 0.02%             | 2039-07-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Argent Securities Inc.                                                           | Argent Mortgage Loan Trust 2005-W1                                               | CUSIP: 040104MY4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     151434 | PA      | $122786.41    | 0.01%             | 2035-05-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BEQS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       9618 | PA      | $9458.05      | 0.00%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                                                   | S&P Global Inc                                                                   | CUSIP: 78409VBM5<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |      10000 | PA      | $7492.30      | 0.00%             | 2062-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 7.842500 11-SEP-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   24000000 | OU      | $-75.94       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | Synchrony Financial                                                              | CUSIP: 87165BAV5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     964000 | PA      | $990783.00    | 0.08%             | 2030-08-02      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.378460 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2220000 | OU      | $206.82       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ING GROEP NV                                                                     | ING Groep NV                                                                     | CUSIP: 456837BF9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     725000 | PA      | $736100.94    | 0.06%             | 2027-09-11      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                                                   | S&P Global Inc                                                                   | CUSIP: 78409VAR5<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     230000 | PA      | $117451.06    | 0.01%             | 2060-08-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XTA35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     835054 | PA      | $659340.57    | 0.06%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     763000 | PA      | $672058.77    | 0.06%             | 2032-10-21      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| JABIL INC                                                                        | Jabil Inc                                                                        | CUSIP: 466313AM5<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99388.40     | 0.01%             | 2027-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQ3S3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     955158 | PA      | $882651.58    | 0.07%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                                                | Rakuten Group Inc                                                                | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     175000 | PA      | $189656.35    | 0.02%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                                                           | Millicom International Cellular SA                                               | CUSIP: 600814AS6<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |     175000 | PA      | $179418.75    | 0.02%             | 2032-04-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VAX9<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      50000 | PA      | $35738.18     | 0.00%             | 2041-04-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | CA        |          1 | NC      | $-5066.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.509700 24-JUN-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     670000 | OU      | $2241.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOSTON SCIENTIFIC CORP                                                           | Boston Scientific Corp                                                           | CUSIP: 101137BA4<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23053.48     | 0.00%             | 2030-06-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                                                         | HLF Financing Sarl LLC / Herbalife International Inc                             | CUSIP: 40390DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     107000 | PA      | $115956.10    | 0.01%             | 2029-04-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                                                              | Sherwin-Williams Co/The                                                          | CUSIP: 824348AX4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     200000 | PA      | $167151.50    | 0.01%             | 2047-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GT6M3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     146010 | PA      | $153064.25    | 0.01%             | 2055-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $1349.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                                | Post Holdings Inc                                                                | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     108000 | PA      | $107918.58    | 0.01%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Equity One ABS Inc                                                               | Equity One Mortgage Pass-Through Trust 2003-3                                    | CUSIP: 294751CU4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     288413 | PA      | $244539.13    | 0.02%             | 2033-12-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                        | Amgen Inc                                                                        | CUSIP: 031162DJ6<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      85000 | PA      | $81431.68     | 0.01%             | 2033-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                                                       | Viasat Inc                                                                       | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     216000 | PA      | $188072.87    | 0.02%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| ECL ENTERTAINMENT LLC                                                            | ECL Entertainment LLC 2024 1st Lien Term Loan B                                  | CUSIP: 26826TAL7<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |     114160 | PA      | $114636.05    | 0.01%             | 2030-09-03      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                                               | Regal Rexnord Corp                                                               | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |      50000 | PA      | $52852.92     | 0.00%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.539840 17-SEP-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   15575000 | OU      | $29696.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES                                                          | Canadian Natural Resources Ltd                                                   | CUSIP: 136385AL5<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |     200000 | PA      | $206551.61    | 0.02%             | 2038-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.758470 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     380000 | OU      | $-663.56      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                                                              | Consumers Energy Co                                                              | CUSIP: 210518DZ6<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |      51000 | PA      | $51170.96     | 0.00%             | 2035-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: —       |
| The Montreal Exchange / Bourse De Montreal                                       | CAN 10YR BOND FUT SEP25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |       -519 | NC      | $-11132.75    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EW SCRIPPS CO                                                                    | EW Scripps Co/The                                                                | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |      65000 | PA      | $64593.83     | 0.01%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DV7L3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     202176 | PA      | $167551.33    | 0.01%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                                            | Texas Instruments Inc                                                            | CUSIP: 882926AA6<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |      50000 | PA      | $45275.20     | 0.00%             | 2063-05-18      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                           | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RAB3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     125000 | PA      | $123391.09    | 0.01%             | 2028-02-07      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2433400 | PA      | $2488056.45   | 0.21%             | 2031-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66                                                                      | Phillips 66 Co                                                                   | CUSIP: 718547AK8<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |      75000 | PA      | $70851.12     | 0.01%             | 2029-12-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                                              | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     100000 | PA      | $95367.51     | 0.01%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENTERGY ARKANSAS LLC                                                             | Entergy Arkansas LLC                                                             | CUSIP: 29366MAG3<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |      30000 | PA      | $29877.94     | 0.00%             | 2054-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                                                    | Allstate Corp/The                                                                | CUSIP: 020002BL4<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |     275000 | PA      | $280401.98    | 0.02%             | 2029-06-24      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Amgen Inc                                                                        | Amgen Inc                                                                        | CUSIP: 031162CF5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      20000 | PA      | $16924.07     | 0.00%             | 2051-06-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QHP66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      64548 | PA      | $60462.14     | 0.01%             | 2036-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                                                                   | CVR Energy Inc Term Loan B                                                       | CUSIP: 12663SAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     186700 | PA      | $186700.00    | 0.02%             | 2027-12-30      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 7.685000 17-SEP-2030 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    7530000 | OU      | $7386.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 8.122500 11-SEP-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  138000000 | OU      | $83899.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BROADRIDGE FINANCIAL SOL                                                         | Broadridge Financial Solutions Inc                                               | CUSIP: 11133TAE3<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | DBT              | CORP              | US        |     450000 | PA      | $398811.37    | 0.03%             | 2031-05-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.771000 17-SEP-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  186108982 | OU      | $-1669.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XCE8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     140000 | PA      | $145335.59    | 0.01%             | 2028-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| PROV ST JOSEPH HLTH OBL                                                          | Providence St Joseph Health Obligated Group                                      | CUSIP: 743756AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $37502.67     | 0.00%             | 2048-10-01      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1160200 | PA      | $642370.12    | 0.05%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: —       |
| Woodward Capital Management                                                      | RCKT Mortgage Trust 2024-CES2                                                    | CUSIP: 74938PAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     145000 | PA      | $147785.67    | 0.01%             | 2044-04-25      | Variable      | 8.01%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2025-1                                    | CUSIP: 922955AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1248402 | PA      | $1254464.96   | 0.11%             | 2055-02-25      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                             | Targa Resources Corp                                                             | CUSIP: 87612GAB7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     247000 | PA      | $204782.77    | 0.02%             | 2052-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 912828ZS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4519300 | PA      | $4245670.49   | 0.36%             | 2027-05-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XBA7<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     175000 | PA      | $162517.54    | 0.01%             | 2030-01-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                                      | PRKCM 2022-AFC1 Trust                                                            | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      75595 | PA      | $74362.93     | 0.01%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CO        |          1 | NC      | $-986.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.358500 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4536251 | OU      | $36.32        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds                                         | Indonesia Government International Bonds                                         | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     640000 | PA      | $599680.00    | 0.05%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Reynolds American Inc                                                            | Reynolds American Inc                                                            | CUSIP: 761713BB1<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |     283000 | PA      | $274207.27    | 0.02%             | 2045-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY                                                          | Cooperatieve Rabobank UA/NY                                                      | CUSIP: 21688ABC5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |     250000 | PA      | $253817.82    | 0.02%             | 2029-01-09      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Trust 2019-GSA1                                           | CUSIP: 36261PAX0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     190000 | PA      | $177879.06    | 0.02%             | 2052-11-10      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $159.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                             | M&T Bank Corp                                                                    | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    1235000 | PA      | $1336714.17   | 0.11%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                                                   | S&P Global Inc                                                                   | CUSIP: 78409VBQ6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |      55000 | PA      | $56880.58     | 0.00%             | 2033-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                               | Regional Management Issuance Trust 2022-1                                        | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      95733 | PA      | $95059.03     | 0.01%             | 2032-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: GBP 3.749000 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-1187.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                 | Duke Energy Corp                                                                 | CUSIP: 26441CAY1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      86000 | PA      | $64530.29     | 0.01%             | 2047-08-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179VN30<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     204351 | PA      | $179186.78    | 0.02%             | 2050-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| General Motors Co                                                                | General Motors Co                                                                | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |      75000 | PA      | $79193.85     | 0.01%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: GBP 3.693000 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    5000000 | OU      | $10592.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ONEOK Inc                                                                        | ONEOK Inc                                                                        | CUSIP: 682680AU7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40039.80     | 0.00%             | 2028-07-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Last Mile Securities                                                             | Last Mile Securities PE 2021 DAC                                                 | CUSIP: 000000000<br>LEI: 635400UJZKP57EXKMQ33 | Long             | ABS-MBS          | CORP              | IE        |     231952 | PA      | $264712.79    | 0.02%             | 2031-08-17      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| KAISER FOUNDATION HOSPIT                                                         | Kaiser Foundation Hospitals                                                      | CUSIP: 48305QAD5<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |      50000 | PA      | $40834.85     | 0.00%             | 2047-05-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.428900 15-JUL-2027 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1320771 | OU      | $-1424.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Invesco U.S. CLO 2025-2, Ltd.                                                    | Invesco CLO 2021-3 Ltd                                                           | CUSIP: 46146JAC0<br>LEI: 5493000BVI47XOSBML18 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250801.83    | 0.02%             | 2034-10-22      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC36<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     460000 | PA      | $469745.24    | 0.04%             | 2031-01-28      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.504000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  138943926 | OU      | $-0.12        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                        | LOS ANGELES CA CMNTY CLG DIST                                                    | CUSIP: 54438CNZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     145000 | PA      | $156012.28    | 0.01%             | 2042-08-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                             | Cross 2025-H1 Mortgage Trust                                                     | CUSIP: 22758NAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     144000 | PA      | $144819.88    | 0.01%             | 2070-02-25      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.427200 15-JUL-2029 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    2692894 | OU      | $9613.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Great Wolf Trust                                                                 | Great Wolf Trust 2024-WOLF                                                       | CUSIP: 39152MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100375.00    | 0.01%             | 2039-03-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1438000 | PA      | $1444122.73   | 0.12%             | 2027-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179UMM1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     136355 | PA      | $132038.46    | 0.01%             | 2049-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 8.005000 11-SEP-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    6350000 | OU      | $2232.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400HV8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     150000 | PA      | $135827.80    | 0.01%             | 2053-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D2V3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     490496 | PA      | $418461.20    | 0.04%             | 2041-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754KAB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2091843 | PA      | $2108139.19   | 0.18%             | 2041-11-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 1.278500 17-SEP-2030 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   12910000 | OU      | $456.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VIASAT INC                                                                       | Viasat Inc                                                                       | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     142000 | PA      | $133849.14    | 0.01%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XBM1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |      25000 | PA      | $22370.34     | 0.00%             | 2031-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133AMPP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     326965 | PA      | $242757.01    | 0.02%             | 2051-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661EL7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     225000 | PA      | $226655.31    | 0.02%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                       | AbbVie Inc                                                                       | CUSIP: 00287YDW6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     320000 | PA      | $308356.68    | 0.03%             | 2054-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| INV 2024-IND Mortgage Trust                                                      | INV 2024-IND Mortgage Trust                                                      | CUSIP: 45000DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99943.99     | 0.01%             | 2041-11-15      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                  | CVS Health Corp                                                                  | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     246000 | PA      | $215856.49    | 0.02%             | 2045-07-20      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | SWP: OIS 15.045000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |    6000000 | OU      | $-61387.27    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                              | American Express Co                                                              | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     150000 | PA      | $153803.40    | 0.01%             | 2034-07-28      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                  | BRAVO Residential Funding Trust 2024-NQM4                                        | CUSIP: 10568NAD4<br>LEI: 254900NOKQW417VKV943 | Long             | ABS-MBS          | CORP              | US        |     288159 | PA      | $278805.60    | 0.02%             | 2060-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     213200 | PA      | $206237.69    | 0.02%             | 2044-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                                   | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      20000 | PA      | $20639.19     | 0.00%             | 2041-12-10      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XHPZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     483908 | PA      | $397849.83    | 0.03%             | 2052-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KBR0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      25000 | PA      | $22481.48     | 0.00%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308HH3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     436000 | PA      | $360554.02    | 0.03%             | 2044-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                                                | Brown & Brown Inc                                                                | CUSIP: 115236AF8<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     430000 | PA      | $367838.00    | 0.03%             | 2052-03-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CAT1<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     504000 | PA      | $375393.01    | 0.03%             | 2047-12-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                                                        | HIH Trust 2024-61P                                                               | CUSIP: 40444VAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      29558 | PA      | $29576.09     | 0.00%             | 2041-10-15      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                                         | Apollo Debt Solutions BDC                                                        | CUSIP: 03770DAE3<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25638.93     | 0.00%             | 2032-03-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQFP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     399622 | PA      | $384132.66    | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $2470.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2017-C40                                   | CUSIP: 95000YAY1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $195152.46    | 0.02%             | 2050-10-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                                                           | CNH Industrial Capital LLC                                                       | CUSIP: 12592BAQ7<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20030.59     | 0.00%             | 2028-04-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                                                             | Verisk Analytics Inc                                                             | CUSIP: 92345YAG1<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |      35000 | PA      | $24801.49     | 0.00%             | 2050-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      50000 | PA      | $49843.75     | 0.00%             | 2041-06-15      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              |  | US        |     145000 | PA      | $146332.84    | 0.01%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | EURO-BOBL FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         36 | NC      | $-22669.81    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1083993 | PA      | $852467.46    | 0.07%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GE CAPITAL INTL FUNDING                                                          | GE Capital International Funding Co Unlimited Co                                 | CUSIP: 36164QNA2<br>LEI: 549300G6UZOB126GBY72 | Long             | DBT              | CORP              | IE        |     200000 | PA      | $191625.96    | 0.02%             | 2035-11-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| UNUM GROUP                                                                       | Unum Group                                                                       | CUSIP: 91529YAP1<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |      50000 | PA      | $39515.42     | 0.00%             | 2049-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 10Y RTP 3.995000 04-JUN-2027                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |    1918000 | OU      | $70919.37     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KAISER FOUNDATION HOSPIT                                                         | Kaiser Foundation Hospitals                                                      | CUSIP: 48305QAG8<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |     275000 | PA      | $176608.36    | 0.01%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | VCC 2025-MC1 Trust                                                               | CUSIP: 91825JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      95393 | PA      | $95464.51     | 0.01%             | 2055-05-25      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| NY Commercial Mortgage Trust                                                     | NY Commercial Mortgage Trust 2025-299P                                           | CUSIP: 62957FAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     271000 | PA      | $276866.04    | 0.02%             | 2047-02-10      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     705400 | PA      | $600085.98    | 0.05%             | 2043-08-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc                                     | BAMLL Trust 2025-ASHF                                                            | CUSIP: 05494CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     802000 | PA      | $802026.95    | 0.07%             | 2042-02-15      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.245000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  589910000 | OU      | $-5224.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2023-SHIP                                      | CUSIP: 36270GAE1<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |     530000 | PA      | $529801.83    | 0.04%             | 2038-09-10      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                                                  | AstraZeneca PLC                                                                  | CUSIP: 046353AD0<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |     145000 | PA      | $161906.01    | 0.01%             | 2037-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | NZ        |          1 | NC      | $-7917.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H070688<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1485000 | PA      | $1533997.65   | 0.13%             | 2054-08-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |          1 | NC      | $691.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQ3U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     121568 | PA      | $124376.01    | 0.01%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                                           | Motorola Solutions Inc                                                           | CUSIP: 620076BN8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25067.02     | 0.00%             | 2029-05-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     324000 | PA      | $287965.11    | 0.02%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD NZD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $37254.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | HU        |          1 | NC      | $467.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                                              | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $204034.50    | 0.02%             | 2031-07-08      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-ROIC                                                               | CUSIP: 05593VAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     261978 | PA      | $257082.32    | 0.02%             | 2030-03-15      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                                                  | CFCRE Commercial Mortgage Trust 2016-C4                                          | CUSIP: 12531YAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     560000 | PA      | $553471.52    | 0.05%             | 2058-05-10      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DPML9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      31223 | PA      | $31706.65     | 0.00%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                                 | Duke Energy Corp                                                                 | CUSIP: 26441CCA1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     200000 | PA      | $203411.08    | 0.02%             | 2053-09-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                                                 | AMC Networks Inc                                                                 | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |      56000 | PA      | $57468.59     | 0.00%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XDA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     743356 | PA      | $627755.21    | 0.05%             | 2052-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AP4<br>LEI: N/A                  | Long             | DBT              |  | US        |      24000 | PA      | $22955.38     | 0.00%             | 2030-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.207500 15-JUL-2035 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     350000 | OU      | $2643.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | US        |          1 | NC      | $2095.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 0.291000 17-SEP-2030 SAR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-6448.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0ZD7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     652913 | PA      | $655066.77    | 0.06%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JPMCC Commercial Mortgage Securities Trust 2019-COR5                             | CUSIP: 46591EAS6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      40000 | PA      | $38035.36     | 0.00%             | 2052-06-13      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                                         | Madison Park Funding LXVII Ltd                                                   | CUSIP: 55821YAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251334.50    | 0.02%             | 2037-04-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                                                   | Eli Lilly & Co                                                                   | CUSIP: 532457CG1<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      45000 | PA      | $40698.87     | 0.00%             | 2053-02-27      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179Y2M5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     587059 | PA      | $596112.07    | 0.05%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CL        |          1 | NC      | $-1627.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | HU        |          1 | NC      | $208.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     526000 | PA      | $538526.55    | 0.05%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400JJ3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25206.17     | 0.00%             | 2030-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                                            | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     233000 | PA      | $224699.60    | 0.02%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $1922.62      | 0.00%             | 2039-06-10      | Variable      | 0.23%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED SEK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | SE        |          1 | NC      | $-425.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |          1 | NC      | $-1523.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                       | Affirm Asset Securitization Trust 2024-B                                         | CUSIP: 00835AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2250000 | PA      | $2242043.78   | 0.19%             | 2029-09-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W7L6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     211860 | PA      | $191039.36    | 0.02%             | 2052-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SELF Commercial Mortgage Trust                                                   | SELF Commercial Mortgage Trust 2024-STRG                                         | CUSIP: 81631WAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99735.62     | 0.01%             | 2034-11-15      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc                                                                     | Enbridge Inc                                                                     | CUSIP: 29250NAL9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     215000 | PA      | $214246.01    | 0.02%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENTERGY MISSISSIPPI LLC                                                          | Entergy Mississippi LLC                                                          | CUSIP: 29366WAD8<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |     150000 | PA      | $150921.24    | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $226.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2025-800D                                      | CUSIP: 36273XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     210000 | PA      | $210396.17    | 0.02%             | 2041-11-25      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| NVR INC                                                                          | NVR Inc                                                                          | CUSIP: 62944TAF2<br>LEI: 529900RWXR4JI3JYTV70 | Long             | DBT              | CORP              | US        |    1300000 | PA      | $1213037.12   | 0.10%             | 2030-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.869500 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1575000 | OU      | $-3981.83     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                                         | Brazil Notas do Tesouro Nacional Serie F                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    3000000 | PA      | $486484.40    | 0.04%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                                           | Uruguay Government International Bonds                                           | CUSIP: 760942BB7<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     250000 | PA      | $250625.00    | 0.02%             | 2027-10-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD THB                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $854.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QMXS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     321000 | PA      | $284269.41    | 0.02%             | 2036-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBN2<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     290000 | PA      | $199874.50    | 0.02%             | 2051-02-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                                 | OneMain Financial Issuance Trust 2020-2                                          | CUSIP: 682696AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     240000 | PA      | $227801.18    | 0.02%             | 2035-09-14      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1754000 | PA      | $1745435.55   | 0.15%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                           | Philip Morris International Inc                                                  | CUSIP: 718172BL2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     380000 | PA      | $319193.82    | 0.03%             | 2044-11-10      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWAF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4734274 | PA      | $3732199.93   | 0.31%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                       | MFA 2022-INV3 Trust                                                              | CUSIP: 55284PAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $86302.89     | 0.01%             | 2066-12-25      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC                                                              | PayPal Holdings Inc                                                              | CUSIP: 70450YAH6<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |      75000 | PA      | $68033.67     | 0.01%             | 2030-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XKEQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     172122 | PA      | $146752.42    | 0.01%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED CHF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CH        |          1 | NC      | $-804.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31329PYM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     135436 | PA      | $131953.46    | 0.01%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3N1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     450000 | PA      | $451220.21    | 0.04%             | 2035-12-03      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.214080 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     190000 | OU      | $-1689.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD NZD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $1818.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INTEL CORP                                                                       | Intel Corp                                                                       | CUSIP: 458140CG3<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     330000 | PA      | $329997.93    | 0.03%             | 2033-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 4.131660 17-SEP-2055 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1050000 | OU      | $-16069.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Venture Global Inc                                                               | Venture Global Inc                                                               | CUSIP: 92333F101<br>LEI: 2549007XC91CAB3E0N98 | Long             | EC               | CORP              | US        |        261 | NS      | $4001.13      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Bank of America NA                                                               | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $3119.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QMCD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     111186 | PA      | $91608.43     | 0.01%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $2017.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     138000 | PA      | $138558.94    | 0.01%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.682670 17-SEP-2035 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      80000 | OU      | $31.53        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KK2<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     323000 | PA      | $330970.81    | 0.03%             | 2053-04-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ACA1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     150000 | PA      | $141577.45    | 0.01%             | 2028-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2021-LBA                                                                | CUSIP: 05609BAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     197702 | PA      | $197641.88    | 0.02%             | 2036-02-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                                            | QXO Building Products Inc                                                        | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     184000 | PA      | $189478.42    | 0.02%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Lear Corp                                                                        | Lear Corp                                                                        | CUSIP: 521865AY1<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34462.42     | 0.00%             | 2027-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                                    | RFMSI Series 2006-SA4 Trust                                                      | CUSIP: 74958CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       3692 | PA      | $3102.99      | 0.00%             | 2036-11-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                         | Corebridge Financial Inc                                                         | CUSIP: 21871XAH2<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |      20000 | PA      | $18796.62     | 0.00%             | 2032-04-05      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $29211.62     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XGG45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     774010 | PA      | $694615.19    | 0.06%             | 2052-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2020-1                                    | CUSIP: 92259LAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     451175 | PA      | $415133.29    | 0.04%             | 2050-02-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H042687<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2643000 | PA      | $2507893.99   | 0.21%             | 2054-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KQ2Z8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      26705 | PA      | $27321.87     | 0.00%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $8424.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.060500 17-SEP-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $-2972.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2021-HQA4                                          | CUSIP: 35564KNS4<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-MBS          | USGSE             | US        |    1750000 | PA      | $1775546.50   | 0.15%             | 2041-12-25      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                                      | Oracle Corp                                                                      | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     412000 | PA      | $282907.91    | 0.02%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                                            | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      91000 | PA      | $90499.82     | 0.01%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513AU9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |       3000 | PA      | $2926.96      | 0.00%             | 2028-01-25      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Centene Corp                                                                     | Centene Corp                                                                     | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |       1571 | NS      | $40955.97     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RAKUTEN GROUP INC                                                                | Rakuten Group Inc                                                                | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     125000 | PA      | $136864.66    | 0.01%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     222000 | PA      | $196468.87    | 0.02%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.529600 17-SEP-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     890000 | OU      | $2202.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck & Co Inc                                                                   | Merck & Co Inc                                                                   | CUSIP: 58933YAJ4<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      80000 | PA      | $67534.53     | 0.01%             | 2043-05-18      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                                           | American Honda Finance Corp                                                      | CUSIP: 02665WCE9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48942.93     | 0.00%             | 2028-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWCB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1088691 | PA      | $854987.20    | 0.07%             | 2051-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                                                          | Southern Co Gas Capital Corp                                                     | CUSIP: 001192AH6<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20346.70     | 0.00%             | 2041-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2021-C                                 | CUSIP: 63942JAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     105722 | PA      | $95746.51     | 0.01%             | 2069-10-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                                           | Sempra                                                                           | CUSIP: 816851BJ7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     100000 | PA      | $74182.12     | 0.01%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust 2024-1                                     | CUSIP: 96043RAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     680000 | PA      | $691126.16    | 0.06%             | 2029-10-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $1092.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                                                         | Santander UK Group Holdings PLC                                                  | CUSIP: 80281LAG0<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $195822.04    | 0.02%             | 2028-11-03      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2025-167G Mortgage Trust                                                    | CUSIP: 12674VAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      34000 | PA      | $33865.95     | 0.00%             | 2040-08-10      | Variable      | 9.46%                 | No            |                  2 | On Loan: No      |
| MDC HOLDINGS INC                                                                 | MDC Holdings Inc                                                                 | CUSIP: 552676AV0<br>LEI: 5299005FV4VNV75R8R35 | Long             | DBT              | CORP              | US        |      15000 | PA      | $10696.35     | 0.00%             | 2061-08-06      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| RENEW POWER PVT LTD                                                              | ReNew Pvt Ltd                                                                    | CUSIP: 000000000<br>LEI: 335800BITJZHVZ1CN475 | Long             | DBT              | CORP              | IN        |     400000 | PA      | $398760.00    | 0.03%             | 2027-03-05      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                                                   | Transocean Inc                                                                   | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |      47000 | PA      | $44387.31     | 0.00%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W1AC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     135795 | PA      | $111491.59    | 0.01%             | 2053-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                                                        | Kroger Co/The                                                                    | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     140000 | PA      | $138488.17    | 0.01%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                                         | Plains All American Pipeline LP / PAA Finance Corp                               | CUSIP: 72650RBP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      70000 | PA      | $71001.07     | 0.01%             | 2034-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Soundview Home Equity Loan Trust                                                 | Soundview Home Loan Trust 2005-OPT3                                              | CUSIP: 83611MGX0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      25000 | PA      | $19956.33     | 0.00%             | 2035-11-25      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| TRAVELERS COS INC                                                                | Travelers Cos Inc/The                                                            | CUSIP: 89417EAD1<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |      25000 | PA      | $27415.82     | 0.00%             | 2037-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP                                                               | Regency Centers LP                                                               | CUSIP: 75884RBA0<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |     100000 | PA      | $96436.15     | 0.01%             | 2030-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                                                | Cisco Systems Inc                                                                | CUSIP: 17275RBU5<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |     205000 | PA      | $197524.20    | 0.02%             | 2054-02-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H052686<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9531000 | PA      | $9505276.03   | 0.80%             | 2054-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680BZ5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      30000 | PA      | $24411.25     | 0.00%             | 2049-02-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W5D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      96979 | PA      | $87433.35     | 0.01%             | 2052-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Tri Pointe Homes Inc                                                             | Tri Pointe Homes Inc                                                             | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        694 | NS      | $21375.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OGLETHORPE POWER CORP                                                            | Oglethorpe Power Corp                                                            | CUSIP: 677050AU0<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |      75000 | PA      | $76715.99     | 0.01%             | 2053-12-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE                         | CUSIP: 64972FL20<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |      60000 | PA      | $62035.46     | 0.01%             | 2042-06-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                                                                       | Pfizer Inc                                                                       | CUSIP: 717081FA6<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |      94000 | PA      | $57451.52     | 0.00%             | 2050-05-28      | Fixed         | 2.70%                 | No            |                  2 | On Loan: —       |
| WAMU Mortgage Pass-Through Certificates                                          | WaMu Mortgage Pass-Through Certificates Series 2006-AR8 Trust                    | CUSIP: 93362FAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      60112 | PA      | $55164.35     | 0.00%             | 2046-08-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| ADVENTIST HEALTH SYS/W                                                           | Adventist Health System/West                                                     | CUSIP: 007944AH4<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50400.45     | 0.00%             | 2032-03-01      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.639000 17-SEP-2030 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3000000 | OU      | $1538.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mylan Inc                                                                        | Mylan Inc                                                                        | CUSIP: 628530BK2<br>LEI: 30ZMPDNA1RHIBH89C294 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24703.98     | 0.00%             | 2028-04-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.304250 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     360000 | OU      | $-1463.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FCD1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     419000 | PA      | $411141.00    | 0.03%             | 2034-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2005-55CW                                                 | CUSIP: 12668AUP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      11713 | PA      | $8726.69      | 0.00%             | 2035-11-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| AUTOMATIC DATA PROCESSNG                                                         | Automatic Data Processing Inc                                                    | CUSIP: 053015AJ2<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | DBT              | CORP              | US        |     455000 | PA      | $459388.58    | 0.04%             | 2032-05-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ET59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     453322 | PA      | $442462.02    | 0.04%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X8CV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     585093 | PA      | $465856.82    | 0.04%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179SLS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     563620 | PA      | $517384.18    | 0.04%             | 2046-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                                                           | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      40000 | PA      | $39541.33     | 0.00%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                                              | Affirm Master Trust                                                              | CUSIP: 00833BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     361000 | PA      | $362496.35    | 0.03%             | 2033-02-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED SEK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | SE        |          1 | NC      | $-2660.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                                           | Lumen Technologies Inc                                                           | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |      16135 | NS      | $71800.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GREENKO POWER II LTD                                                             | Greenko Power II Ltd                                                             | CUSIP: 000000000<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |     239250 | PA      | $225971.63    | 0.02%             | 2028-12-13      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                                    | TransDigm Inc                                                                    | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     123000 | PA      | $126477.09    | 0.01%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp                                                             | Lockheed Martin Corp                                                             | CUSIP: 539830BN8<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     100000 | PA      | $78057.59     | 0.01%             | 2052-09-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | Reperforming Loan REMIC Trust 2005-R1                                            | CUSIP: 12669GXD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     137188 | PA      | $132445.02    | 0.01%             | 2035-03-25      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 14.995000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    9000000 | OU      | $-90280.64    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38381JDG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      22983 | PA      | $20629.05     | 0.00%             | 2063-09-16      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Eaton Vance CDO Ltd                                                              | Eaton Vance CLO 2013-1 Ltd                                                       | CUSIP: 27830BBY9<br>LEI: 5493001O5CL3BBUIEH94 | Long             | ABS-CBDO         | CORP              | KY        |     510000 | PA      | $510212.86    | 0.04%             | 2038-10-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                                                         | Discovery Communications LLC                                                     | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |      65000 | PA      | $47022.63     | 0.00%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AK5<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              |  | US        |     401000 | PA      | $409670.02    | 0.03%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OHA Credit Partners Ltd                                                          | OHA Credit Partners XI Ltd                                                       | CUSIP: 67109FAU9<br>LEI: 549300OYGEU6QQMCEG78 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $501995.65    | 0.04%             | 2037-04-20      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                                 | OneMain Financial Issuance Trust 2020-2                                          | CUSIP: 682696AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $97680.15     | 0.01%             | 2035-09-14      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FINANCE CORP                                                           | Bunge Ltd Finance Corp                                                           | CUSIP: 120568BC3<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |      25000 | PA      | $22552.39     | 0.00%             | 2031-05-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.428000 15-APR-2030 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1444853 | OU      | $10705.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XTCE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     589996 | PA      | $511108.59    | 0.04%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                                                              | FS KKR Capital Corp                                                              | CUSIP: 302635AH0<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |     110000 | PA      | $105707.33    | 0.01%             | 2027-01-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                                              | NCL Corp Ltd                                                                     | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     100000 | PA      | $100296.27    | 0.01%             | 2027-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED SEK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | SE        |          1 | NC      | $-7951.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWHD8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      68076 | PA      | $64594.03     | 0.01%             | 2053-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                                                                 | Coca-Cola Co/The                                                                 | CUSIP: 191216DS6<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     280000 | PA      | $271151.13    | 0.02%             | 2054-05-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                                 | Georgia Power Co                                                                 | CUSIP: 373334KR1<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      90000 | PA      | $83736.92     | 0.01%             | 2052-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| UNITEDHEALTH GROUP INC                                                           | UnitedHealth Group Inc                                                           | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98678.97     | 0.01%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL C                                                         | American Water Capital Corp                                                      | CUSIP: 03040WAY1<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |      35000 | PA      | $30743.66     | 0.00%             | 2031-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE                                 | CUSIP: 576000ZW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      50000 | PA      | $37528.79     | 0.00%             | 2043-05-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: —       |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (ITRAXX.XO.43.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    2233140 | OU      | $264195.32    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                           | BP Capital Markets America Inc                                                   | CUSIP: 10373QBR0<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |      80000 | PA      | $58972.80     | 0.00%             | 2041-06-17      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2005-59                                                   | CUSIP: 12668AEV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       8953 | PA      | $8771.17      | 0.00%             | 2035-11-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| IDEX CORP                                                                        | IDEX Corp                                                                        | CUSIP: 45167RAG9<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |     430000 | PA      | $399178.75    | 0.03%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEJ1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    1769000 | PA      | $1799023.50   | 0.15%             | 2030-07-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QS0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     185000 | PA      | $164100.78    | 0.01%             | 2041-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 1.940000 15-MAY-2035 CPT                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     360000 | OU      | $1383.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                                | NatWest Group PLC                                                                | CUSIP: 780097BG5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |     225000 | PA      | $226918.12    | 0.02%             | 2029-05-18      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KRCJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      42163 | PA      | $43096.68     | 0.00%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED SEK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | SE        |          1 | NC      | $-1927.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                                                | Italy Buoni Poliennali Del Tesoro                                                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    2045000 | PA      | $2354943.74   | 0.20%             | 2035-10-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100548.47    | 0.01%             | 2028-07-25      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.168350 17-SEP-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     910000 | OU      | $9270.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank                                                                             | BANK 2022-BNK41                                                                  | CUSIP: 06540MBH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     150000 | PA      | $140347.14    | 0.01%             | 2065-04-15      | Variable      | 3.79%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.618820 17-SEP-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     485000 | OU      | $-8136.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BM7G4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      44435 | PA      | $43549.77     | 0.00%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KAG2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |      35000 | PA      | $18393.04     | 0.00%             | 2060-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: —       |
| Peru Government International Bonds                                              | Peru Government International Bonds                                              | CUSIP: 715638DT6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     480000 | PA      | $324048.00    | 0.03%             | 2051-03-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                                                         | BHP Billiton Finance USA Ltd                                                     | CUSIP: 055451BJ6<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     590000 | PA      | $604112.56    | 0.05%             | 2030-02-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                              | Exeter Automobile Receivables Trust 2023-4                                       | CUSIP: 30166TAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     350000 | PA      | $360942.26    | 0.03%             | 2029-12-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CW7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     350000 | PA      | $339142.44    | 0.03%             | 2064-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                                            | Texas Instruments Inc                                                            | CUSIP: 882508CG7<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     120000 | PA      | $121494.93    | 0.01%             | 2029-02-08      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                                                  | AREIT 2024-CRE9 Ltd                                                              | CUSIP: 00193AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     330565 | PA      | $330820.76    | 0.03%             | 2041-05-17      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XNB8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     383168 | PA      | $335097.50    | 0.03%             | 2052-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GAS CO                                                             | National Fuel Gas Co                                                             | CUSIP: 636180BU4<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |     310000 | PA      | $317474.66    | 0.03%             | 2035-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                                         | Sinclair Television Group Inc                                                    | CUSIP: 829259AY6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     110000 | PA      | $90852.30     | 0.01%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    1172000 | PA      | $1179055.82   | 0.10%             | 2028-04-23      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.495500 23-JUN-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     670000 | OU      | $3075.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TTAN                                                                             | TTAN 2021-MHC                                                                    | CUSIP: 87303TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     586907 | PA      | $587090.82    | 0.05%             | 2038-03-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                     | CSMC 2022-ATH3                                                                   | CUSIP: 12664AAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99871.69     | 0.01%             | 2067-08-25      | Variable      | 7.10%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                                         | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97814.05     | 0.01%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SAM5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |      62000 | PA      | $50225.28     | 0.00%             | 2042-08-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |          1 | NC      | $-761.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                                               | Ohio Power Co                                                                    | CUSIP: 677415CW9<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |     240000 | PA      | $246614.83    | 0.02%             | 2034-06-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GQSS2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      59498 | PA      | $61793.30     | 0.01%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                                          | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40601.84     | 0.00%             | 2026-09-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                                               | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |     247000 | PA      | $257522.20    | 0.02%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                                                         | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103754.60    | 0.01%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDER FUND TRUST II                                                          | Alexander Funding Trust II                                                       | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     200000 | PA      | $212480.54    | 0.02%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VGT5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100906.65    | 0.01%             | 2033-05-09      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                        | Amgen Inc                                                                        | CUSIP: 031162DF4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      97000 | PA      | $75272.69     | 0.01%             | 2052-02-22      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                                                    | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     434000 | PA      | $436192.10    | 0.04%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                                                          | Simon Property Group LP                                                          | CUSIP: 828807DY0<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |      70000 | PA      | $68158.09     | 0.01%             | 2034-09-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                                                         | Discovery Communications LLC                                                     | CUSIP: 25470DBS7<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     681000 | PA      | $655462.50    | 0.06%             | 2028-03-20      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.907860 17-SEP-2055 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     660000 | OU      | $15382.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0SZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     122402 | PA      | $118317.05    | 0.01%             | 2050-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SUN COMMUNITIES OPER LP                                                          | Sun Communities Operating LP                                                     | CUSIP: 866677AE7<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              |  | US        |     390000 | PA      | $344451.51    | 0.03%             | 2031-07-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    1165000 | PA      | $1080506.84   | 0.09%             | 2031-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: AUD 3.591000 17-SEP-2030 AUD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     460000 | OU      | $-2003.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680BE2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     300000 | PA      | $319686.40    | 0.03%             | 2031-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                   | Morgan Stanley Capital I Trust 2016-UBS11                                        | CUSIP: 61767FBA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     305000 | PA      | $298266.18    | 0.03%             | 2049-08-15      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| ACCENTURE CAPITAL INC                                                            | Accenture Capital Inc                                                            | CUSIP: 00440KAD5<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |     130000 | PA      | $125802.35    | 0.01%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140LWCU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     111611 | PA      | $101746.88    | 0.01%             | 2036-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                                                    | Carnival Corp                                                                    | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     305000 | PA      | $307064.85    | 0.03%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     235000 | PA      | $237087.19    | 0.02%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.358500 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2268125 | OU      | $18.16        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.505500 20-FEB-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     612810 | OU      | $47425.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587DL8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     383000 | PA      | $401439.62    | 0.03%             | 2032-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                                                         | Santander UK Group Holdings PLC                                                  | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $201164.83    | 0.02%             | 2026-11-21      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                               | A&D Mortgage Trust 2024-NQM5                                                     | CUSIP: 00039KAC4<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-MBS          | CORP              | US        |      90410 | PA      | $90491.97     | 0.01%             | 2069-11-25      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                                         | Anheuser-Busch InBev Worldwide Inc                                               | CUSIP: 03523TBV9<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |      80000 | PA      | $78647.01     | 0.01%             | 2049-01-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                                                          | Pfizer Investment Enterprises Pte Ltd                                            | CUSIP: 716973AH5<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |     110000 | PA      | $100696.08    | 0.01%             | 2063-05-19      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                                          | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              |  | US        |     113000 | PA      | $119427.33    | 0.01%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | AOMT 2024-6                                                                      | CUSIP: 034944AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     278235 | PA      | $270514.74    | 0.02%             | 2067-11-25      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (CDX.NA.IG.44.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   29704062 | OU      | $678653.02    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QRXL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     219097 | PA      | $218292.73    | 0.02%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                                                               | New Flyer Holdings Inc                                                           | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     175000 | PA      | $186241.40    | 0.02%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     150000 | PA      | $135704.05    | 0.01%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| HP Inc                                                                           | HP Inc                                                                           | CUSIP: 428236BR3<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25191.52     | 0.00%             | 2041-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS                                                           | Zimmer Biomet Holdings Inc                                                       | CUSIP: 98956PAX0<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |      80000 | PA      | $82220.89     | 0.01%             | 2028-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2025-A                                                 | CUSIP: 64033XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     350562 | PA      | $348551.08    | 0.03%             | 2057-03-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                                     | CUSIP: 646139W35<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |     184000 | PA      | $217801.53    | 0.02%             | 2040-01-01      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                                                       | goeasy Ltd                                                                       | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |      70000 | PA      | $72082.40     | 0.01%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: —       |
| Philippines Government International Bonds                                       | Philippines Government International Bonds                                       | CUSIP: 718286DH7<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     200000 | PA      | $205800.00    | 0.02%             | 2050-02-04      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.077010 17-SEP-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   18800000 | OU      | $7412.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                                                              | Suzano Austria GmbH                                                              | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     245000 | PA      | $214891.95    | 0.02%             | 2032-01-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-183.91      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust                                      | Goldman Home Improvement Trust 2022-GRN1 Issuer Trust                            | CUSIP: 38150YAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      73091 | PA      | $72646.24     | 0.01%             | 2052-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                                                              | LBM Acquisition LLC                                                              | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |     100000 | PA      | $87750.00     | 0.01%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Verdelite Static CLO Ltd                                                         | Verdelite Static CLO 2024-1 Ltd                                                  | CUSIP: 92338VAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     198044 | PA      | $197944.08    | 0.02%             | 2032-07-20      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                                             | Blue Owl Finance LLC                                                             | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |     670000 | PA      | $598315.48    | 0.05%             | 2031-06-10      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.768500 17-SEP-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  279121017 | OU      | $-2594.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: GBP 3.761400 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-1919.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAM1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    1127000 | PA      | $1108500.87   | 0.09%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                         | Virginia Electric and Power Co                                                   | CUSIP: 927804FE9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |      50000 | PA      | $53754.62     | 0.00%             | 2037-11-30      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                                     | Comcast Corp                                                                     | CUSIP: 20030NDP3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      75000 | PA      | $40382.61     | 0.00%             | 2052-08-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.312000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  528000000 | OU      | $-3466.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                                          | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JCS1<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |      75000 | PA      | $78814.71     | 0.01%             | 2033-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Manulife Financial Corp                                                          | Manulife Financial Corp                                                          | CUSIP: 56501RAE6<br>LEI: 5493007GBX87QOZACS27 | Long             | DBT              | CORP              | CA        |      75000 | PA      | $73968.86     | 0.01%             | 2032-02-24      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $6944.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Blue Bridge Funding LLC                                                          | Blue Bridge Funding 2023-1 LLC                                                   | CUSIP: 09531MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     124834 | PA      | $125844.45    | 0.01%             | 2030-11-15      | Fixed         | 7.37%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                                                                   | TD SYNNEX Corp                                                                   | CUSIP: 87162WAF7<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |     175000 | PA      | $169454.60    | 0.01%             | 2026-08-09      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| TAV HAVALIMANLARI HOLDIN                                                         | TAV Havalimanlari Holding AS                                                     | CUSIP: 000000000<br>LEI: 789000PBM9TT5D88M597 | Long             | DBT              | CORP              | TR        |     220000 | PA      | $230863.60    | 0.02%             | 2028-12-07      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                             | M&T Bank Corp                                                                    | CUSIP: 55261FAT1<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     330000 | PA      | $347255.17    | 0.03%             | 2032-03-13      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED CHF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CH        |          1 | NC      | $-2182.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400JE4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     165000 | PA      | $168009.16    | 0.01%             | 2031-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CO        |          1 | NC      | $-2011.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                            | Foundry JV Holdco LLC                                                            | CUSIP: 350930AG8<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |     405000 | PA      | $416188.50    | 0.04%             | 2033-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                              | American Express Co                                                              | CUSIP: 025816DF3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     220000 | PA      | $221703.84    | 0.02%             | 2034-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                       | US Bancorp                                                                       | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      75000 | PA      | $77719.92     | 0.01%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED EUR / SOLD NOK                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |          1 | NC      | $-568.39      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                                                         | MPH Acquisition Holdings LLC                                                     | CUSIP: 553283AF9<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |       1700 | PA      | $1678.75      | 0.00%             | 2030-12-31      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     895000 | PA      | $917127.01    | 0.08%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     657000 | PA      | $667430.40    | 0.06%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                                 | Welltower OP LLC                                                                 | CUSIP: 95041AAG3<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |     300000 | PA      | $298962.14    | 0.03%             | 2035-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| GSAT Trust 2025-BMF                                                              | GSAT Trust 2025-BMF                                                              | CUSIP: 36271XAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100030.37    | 0.01%             | 2040-07-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.870000 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   11000000 | OU      | $2535.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                                                         | Compass Minerals International Inc                                               | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     181000 | PA      | $187521.94    | 0.02%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GOLAR LNG LTD                                                                    | Golar LNG Ltd                                                                    | CUSIP: 38046YAC5<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |      20000 | PA      | $20340.00     | 0.00%             | 2030-12-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Trust 2017-GS8                                            | CUSIP: 36254KAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     300000 | PA      | $291077.64    | 0.02%             | 2050-11-10      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                         | Corebridge Financial Inc                                                         | CUSIP: 21871XAK5<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |      40000 | PA      | $33479.27     | 0.00%             | 2042-04-05      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JT5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     100000 | PA      | $90354.99     | 0.01%             | 2031-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                         | Service Properties Trust                                                         | CUSIP: 44106MAY8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     100000 | PA      | $84726.77     | 0.01%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| Florida Power & Light Co                                                         | Florida Power & Light Co                                                         | CUSIP: 341081FL6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |      60000 | PA      | $49257.62     | 0.00%             | 2044-10-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.633410 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   39950000 | OU      | $116688.63    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     272000 | PA      | $289166.35    | 0.02%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ZA        |          1 | NC      | $-3409.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                         | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AU0<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |      65000 | PA      | $64477.24     | 0.01%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    1043000 | PA      | $874294.75    | 0.07%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.237700 15-JUN-2035 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     160000 | OU      | $416.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                                           | Motorola Solutions Inc                                                           | CUSIP: 620076BL2<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |      90000 | PA      | $90295.78     | 0.01%             | 2028-02-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                   | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                         | CUSIP: 61778XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     510000 | PA      | $509441.69    | 0.04%             | 2070-07-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | CHL Mortgage Pass-Through Trust 2007-8                                           | CUSIP: 12545AAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      89896 | PA      | $36816.24     | 0.00%             | 2038-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     253000 | PA      | $249379.09    | 0.02%             | 2026-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                                             | Diameter Capital CLO 10 Ltd                                                      | CUSIP: 25290BAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250472.25    | 0.02%             | 2038-04-20      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     300000 | PA      | $307906.53    | 0.03%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                                                              | Xerox Holdings Corp                                                              | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |     100000 | PA      | $65114.04     | 0.01%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                           | BP Capital Markets America Inc                                                   | CUSIP: 10373QBN9<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     257000 | PA      | $155082.69    | 0.01%             | 2050-11-10      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                                         | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $102797.70    | 0.01%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                                                              | Sherwin-Williams Co/The                                                          | CUSIP: 824348AW6<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     150000 | PA      | $147351.08    | 0.01%             | 2027-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                                                         | Berkshire Hathaway Energy Co                                                     | CUSIP: 59562VBD8<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |      45000 | PA      | $42494.20     | 0.00%             | 2043-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| VIRIDIEN                                                                         | Viridien                                                                         | CUSIP: 12531QAA3<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $98469.76     | 0.01%             | 2030-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-TAIL                                                               | CUSIP: 123912AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     124000 | PA      | $123999.49    | 0.01%             | 2035-06-15      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEU6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     593000 | PA      | $599450.09    | 0.05%             | 2029-01-24      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY INC                                                                 | Viper Energy Inc                                                                 | CUSIP: 92763MAA3<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |    1317000 | PA      | $1316637.03   | 0.11%             | 2027-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GREENKO WIND PROJECTS MU                                                         | Greenko Wind Projects Mauritius Ltd                                              | CUSIP: 000000000<br>LEI: 254900MSUXE1FF83DP82 | Long             | DBT              | CORP              | MU        |     200000 | PA      | $203250.00    | 0.02%             | 2028-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corporation                                              | Banc of America Funding 2007-1 Trust                                             | CUSIP: 05951FBG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       7834 | PA      | $6596.86      | 0.00%             | 2037-01-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.761500 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  115000000 | OU      | $2600.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                                         | CUSIP: 882722KF7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     155000 | PA      | $158123.72    | 0.01%             | 2039-04-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                                  | Republic Finance Issuance Trust 2024-B                                           | CUSIP: 76042GAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $101149.93    | 0.01%             | 2037-11-20      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $938.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WAMU Asset-Backed Certificates                                                   | WaMu Asset-Backed Certificates WaMu Series 2007-HE2 Trust                        | CUSIP: 92926SAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     562833 | PA      | $202702.98    | 0.02%             | 2037-04-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NVJY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     123000 | PA      | $126869.78    | 0.01%             | 2031-06-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XHW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     574063 | PA      | $517200.26    | 0.04%             | 2052-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3138ER6J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      74220 | PA      | $71924.03     | 0.01%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.504500 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  851709300 | OU      | $13.81        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIV OF NOTRE DAME                                                               | University of Notre Dame du Lac                                                  | CUSIP: 914748AA6<br>LEI: XV74408A6JGDG5126L34 | Long             | DBT              | CORP              | US        |     150000 | PA      | $109684.04    | 0.01%             | 2048-02-15      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                           | Marriott International Inc/MD                                                    | CUSIP: 571903BM4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100915.63    | 0.01%             | 2026-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                                              | Bank of Nova Scotia/The                                                          | CUSIP: 0641594A1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     300000 | PA      | $292025.41    | 0.02%             | 2026-06-24      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                                                     | Centene Corp                                                                     | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |      75000 | PA      | $71316.38     | 0.01%             | 2029-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                           | Philip Morris International Inc                                                  | CUSIP: 718172AC3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      75000 | PA      | $82590.41     | 0.01%             | 2038-05-16      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL C                                                         | American Water Capital Corp                                                      | CUSIP: 03040WBA2<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |      90000 | PA      | $88430.13     | 0.01%             | 2032-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Solaris Energy Infrastructure Inc                                                | Solaris Energy Infrastructure Inc                                                | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |       6067 | NS      | $198208.89    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUS XM RADIO LLC                                                              | Sirius XM Radio LLC                                                              | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     394000 | PA      | $359420.08    | 0.03%             | 2030-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                                            | CUSIP: 73358WCX0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |      50000 | PA      | $52089.88     | 0.00%             | 2040-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                              | Exeter Automobile Receivables Trust 2022-2                                       | CUSIP: 30166QAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      40063 | PA      | $40040.75     | 0.00%             | 2028-07-17      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753YAF9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1900000 | PA      | $2021552.12   | 0.17%             | 2042-03-25      | Floating      | 9.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED NOK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NO        |          1 | NC      | $-5129.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                                   | Home Depot Inc/The                                                               | CUSIP: 437076CA8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     300000 | PA      | $291812.57    | 0.02%             | 2027-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TW        |          1 | NC      | $-2688.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds                                | Republic of Poland Government International Bonds                                | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     170000 | PA      | $158737.50    | 0.01%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $2138.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.695250 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  205000000 | OU      | $-1894.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.655800 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     480000 | OU      | $-1889.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                                                          | Gulfport Energy Operating Corp                                                   | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |     121000 | PA      | $122967.29    | 0.01%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMER SPORTS COMPANY                                                              | Amer Sports Co                                                                   | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |     147000 | PA      | $152690.37    | 0.01%             | 2031-02-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.260540 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     230000 | OU      | $-1473.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.279230 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     290000 | OU      | $-1567.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DMQW8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     830831 | PA      | $717783.69    | 0.06%             | 2050-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                                                 | CARLYLE US CLO 2017-3 Ltd                                                        | CUSIP: 14314FBC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250934.60    | 0.02%             | 2037-10-21      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     215000 | PA      | $194893.10    | 0.02%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                                             | Garda World Security Corp                                                        | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $98086.30     | 0.01%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | 10Y RTP 4.047000 08-JUL-2027                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |     372000 | OU      | $13561.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KEYCORP                                                                          | KeyCorp                                                                          | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |      50000 | PA      | $53439.57     | 0.00%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CL        |          1 | NC      | $-1611.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VHA5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     252000 | PA      | $251813.22    | 0.02%             | 2037-07-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $2678.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-KING                                           | CUSIP: 05612RAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      98701 | PA      | $98731.41     | 0.01%             | 2034-05-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.611000 01-AUG-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     490000 | OU      | $-2284.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-MF                                             | CUSIP: 05612EAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     253240 | PA      | $253714.83    | 0.02%             | 2039-02-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| BlackRock Funds III                                                              | BlackRock Cash Funds: Institutional, SL Agency Shares                            | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   20354914 | NS      | $20363055.95  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: AUD 3.836130 17-SEP-2030 AUD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     690000 | OU      | $1930.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2023-2                                    | CUSIP: 92260AAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     106775 | PA      | $106579.64    | 0.01%             | 2053-05-25      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      40000 | PA      | $39707.81     | 0.00%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARES MANAGEMENT CORP                                                             | Ares Management Corp                                                             | CUSIP: 03990BAA9<br>LEI: 529900JUV61FH7B8VW38 | Long             | DBT              | CORP              | US        |    1640000 | PA      | $1726827.59   | 0.15%             | 2028-11-10      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XSAH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     969237 | PA      | $969915.32    | 0.08%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.648130 17-SEP-2027 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   17770000 | OU      | $-4771.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                       | Affirm Asset Securitization Trust 2023-X1                                        | CUSIP: 00834KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     300000 | PA      | $304418.40    | 0.03%             | 2028-11-15      | Fixed         | 9.55%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680BG7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     100000 | PA      | $105726.98    | 0.01%             | 2032-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.397500 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  850420000 | OU      | $-3097.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TOTALENERGIES CAPITAL SA                                                         | TotalEnergies Capital SA                                                         | CUSIP: 89157XAB7<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |     320000 | PA      | $306570.25    | 0.03%             | 2054-04-05      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                                                       | DaVita Inc                                                                       | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |      60000 | PA      | $61877.40     | 0.01%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513CA1<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |       3000 | PA      | $2695.06      | 0.00%             | 2032-03-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | JP        |          1 | NC      | $-2389.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     350000 | PA      | $345467.38    | 0.03%             | 2026-12-09      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      85000 | PA      | $86901.27     | 0.01%             | 2036-01-28      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                                     | NiSource Inc                                                                     | CUSIP: 65473PAM7<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      45000 | PA      | $39694.96     | 0.00%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO II Ltd.                                                              | Elmwood CLO II Ltd                                                               | CUSIP: 29001LAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250767.95    | 0.02%             | 2037-10-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                                                            | Norfolk Southern Corp                                                            | CUSIP: 655844CQ9<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48784.89     | 0.00%             | 2033-03-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                                                         | Fox Corp                                                                         | CUSIP: 35137LAN5<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     280000 | PA      | $302035.68    | 0.03%             | 2033-10-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | XX        |          1 | NC      | $-4328.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $2749.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                             | OneMain Finance Corp                                                             | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     128000 | PA      | $134740.74    | 0.01%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                                                         | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     100000 | PA      | $105238.70    | 0.01%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Genius Sports Ltd                                                                | Genius Sports Ltd                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |      20641 | NS      | $232211.25    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| CENTERPOINT ENERGY INC                                                           | CenterPoint Energy Inc                                                           | CUSIP: 15189TBA4<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48711.88     | 0.00%             | 2026-06-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                                           | Telecom Italia Capital SA                                                        | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      60000 | PA      | $64639.06     | 0.01%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      70000 | PA      | $70506.54     | 0.01%             | 2039-06-12      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| IDEX CORP                                                                        | IDEX Corp                                                                        | CUSIP: 45167RAH7<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |     665000 | PA      | $592776.43    | 0.05%             | 2031-06-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                               | Regional Management Issuance Trust 2021-2                                        | CUSIP: 75907UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     120000 | PA      | $114262.75    | 0.01%             | 2033-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                          | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     114000 | PA      | $120771.33    | 0.01%             | 2031-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                                                  | OHA Credit Funding 17 Ltd                                                        | CUSIP: 67109SAA5<br>LEI: 254900ZA7EPUCGQUTA43 | Long             | ABS-CBDO         | CORP              | BM        |     250000 | PA      | $250833.13    | 0.02%             | 2037-04-20      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                                 | Welltower OP LLC                                                                 | CUSIP: 95041AAF5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |     500000 | PA      | $498709.94    | 0.04%             | 2030-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                                                           | UnitedHealth Group Inc                                                           | CUSIP: 91324PCD2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     120000 | PA      | $100031.98    | 0.01%             | 2043-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DPBG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     429183 | PA      | $368328.11    | 0.03%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133L8XH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     834760 | PA      | $761661.07    | 0.06%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ESTEE LAUDER CO INC                                                              | Estee Lauder Cos Inc/The                                                         | CUSIP: 29736RAP5<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | DBT              | CORP              | US        |      25000 | PA      | $22997.69     | 0.00%             | 2029-12-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MVM ENERGETIKA ZRT                                                               | MVM Energetika Zrt                                                               | CUSIP: 000000000<br>LEI: 529900ELI5AQ9F74PF85 | Long             | DBT              | CORP              | HU        |     206000 | PA      | $212180.00    | 0.02%             | 2031-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                             | Targa Resources Corp                                                             | CUSIP: 87612GAK7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     300000 | PA      | $299826.26    | 0.03%             | 2035-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     100000 | PA      | $89906.61     | 0.01%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                                                  | Nissan Motor Co Ltd                                                              | CUSIP: 654922AB9<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $206338.39    | 0.02%             | 2030-07-17      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED CHF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CH        |          1 | NC      | $24.76        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Visio Trust                                                                      | Visio 2022-1 Trust                                                               | CUSIP: 92838CAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $91262.31     | 0.01%             | 2057-08-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.320160 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3000000 | OU      | $-9644.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                              | PURCHASED EUR / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | XX        |          1 | NC      | $95.28        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                                                         | BHP Billiton Finance USA Ltd                                                     | CUSIP: 055451AZ1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     235000 | PA      | $237567.84    | 0.02%             | 2028-02-28      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                                                           | Motorola Solutions Inc                                                           | CUSIP: 620076CC1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     323000 | PA      | $329466.07    | 0.03%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QTH36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      54172 | PA      | $56045.62     | 0.00%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                                          | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                      | CUSIP: 03522AAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      15000 | PA      | $14544.89     | 0.00%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3000000 | PA      | $3009609.36   | 0.25%             | 2041-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     241000 | PA      | $241254.45    | 0.02%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | NZ        |          1 | NC      | $-258.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GVCX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     840000 | PA      | $852966.73    | 0.07%             | 2055-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                                         | Ajax Mortgage Loan Trust 2023-C                                                  | CUSIP: 009926AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     197037 | PA      | $187606.92    | 0.02%             | 2063-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | Synchrony Financial                                                              | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     610000 | PA      | $641035.58    | 0.05%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 9128284V9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   15000000 | PA      | $14564648.40  | 1.23%             | 2028-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                                                         | International Business Machines Corp                                             | CUSIP: 459200KZ3<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |     430000 | PA      | $389419.43    | 0.03%             | 2053-02-06      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.897500 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $794.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2025-SBX Mortgage Trust                                                     | CUSIP: 20047UAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      48000 | PA      | $47917.31     | 0.00%             | 2041-08-10      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $11144.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                                             | Diameter Capital CLO 8 Ltd                                                       | CUSIP: 25256JAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     460000 | PA      | $461610.00    | 0.04%             | 2037-10-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.723500 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1260000 | OU      | $-2487.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WHARF Commercial Mortgage Trust                                                  | WHARF Commercial Mortgage Trust 2025-DC                                          | CUSIP: 92987LAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     115000 | PA      | $116976.67    | 0.01%             | 2040-07-15      | Variable      | 7.72%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $15283.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-PAT                                                                | CUSIP: 05612FAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      56000 | PA      | $55023.78     | 0.00%             | 2041-03-15      | Floating      | 9.73%                 | No            |                  2 | On Loan: No      |
| JOHNSON CONTROLS/TYCO FI                                                         | Johnson Controls International plc / Tyco Fire & Security Finance SCA            | CUSIP: 47837RAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     100000 | PA      | $87354.86     | 0.01%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H032696<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     800000 | PA      | $716721.30    | 0.06%             | 2055-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                               | Meta Platforms Inc                                                               | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      20000 | PA      | $16816.76     | 0.00%             | 2052-08-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      75000 | PA      | $75521.76     | 0.01%             | 2039-06-10      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| DBGS Mortgage Trust                                                              | DBGS 2024-SBL                                                                    | CUSIP: 23306QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     260000 | PA      | $260243.75    | 0.02%             | 2034-08-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Mortgage Trust                                                   | 280 Park Avenue 2017-280P Mortgage Trust                                         | CUSIP: 90205FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     138458 | PA      | $133958.12    | 0.01%             | 2034-09-15      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                                                             | BAT International Finance PLC                                                    | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $196104.54    | 0.02%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| PACKAGING CORP OF AMERIC                                                         | Packaging Corp of America                                                        | CUSIP: 695156AX7<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | DBT              | CORP              | US        |     200000 | PA      | $208077.94    | 0.02%             | 2033-12-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Lazard Group LLC                                                                 | Lazard Group LLC                                                                 | CUSIP: 52107QAJ4<br>LEI: FI94J2CJ1D7BIGVMS874 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99567.11     | 0.01%             | 2028-09-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                                         | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     197000 | PA      | $201383.90    | 0.02%             | 2029-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.695000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    7000000 | OU      | $-38024.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ADG7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      75000 | PA      | $70705.04     | 0.01%             | 2055-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                                           | Uruguay Government International Bonds                                           | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     252900 | PA      | $231909.30    | 0.02%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                                                     | VeriSign Inc                                                                     | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    1140000 | PA      | $1015158.93   | 0.09%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 14.690000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    9000000 | OU      | $-68875.59    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2017-V Ltd                                                          | CUSIP: 12551MAL3<br>LEI: 635400BTAKRBKGRV3X14 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250805.00    | 0.02%             | 2037-07-17      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GGM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     200000 | PA      | $213880.41    | 0.02%             | 2041-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 2YR NOTE (CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        970 | NC      | $-267105.95   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWJK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     170648 | PA      | $166505.23    | 0.01%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H020683<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |     -54000 | PA      | $-43582.61    | -0.00%            | 2054-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                                                       | VMware LLC                                                                       | CUSIP: 928563AE5<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |      80000 | PA      | $80251.45     | 0.01%             | 2027-05-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAU5<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |      75000 | PA      | $75521.76     | 0.01%             | 2039-06-10      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | KR        |          1 | NC      | $-1027.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $89097.59     | 0.01%             | 2062-04-20      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GTED4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     984690 | PA      | $1028710.44   | 0.09%             | 2054-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                                         | Florida Power & Light Co                                                         | CUSIP: 341081GL5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     110000 | PA      | $112173.84    | 0.01%             | 2033-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                                | State Street Corp                                                                | CUSIP: 857477BV4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23987.46     | 0.00%             | 2033-08-04      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                         | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAH2<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     495000 | PA      | $489408.01    | 0.04%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                                             | Las Vegas Sands Corp                                                             | CUSIP: 517834AL1<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      55000 | PA      | $56396.01     | 0.00%             | 2034-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                 | RALI Series 2005-QO2 Trust                                                       | CUSIP: 761118HU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     386985 | PA      | $326894.81    | 0.03%             | 2045-09-25      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                         | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     528000 | PA      | $529950.67    | 0.04%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BU2R7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     110735 | PA      | $110413.74    | 0.01%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     305000 | PA      | $306965.82    | 0.03%             | 2026-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Co                                                             | Kraft Heinz Foods Co                                                             | CUSIP: 50077LAM8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |      45000 | PA      | $39870.57     | 0.00%             | 2045-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust                                        | GoodLeap Home Improvement Solutions Trust 2025-2                                 | CUSIP: 38238FAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     373000 | PA      | $375309.77    | 0.03%             | 2049-06-20      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2020-C                                 | CUSIP: 63941KAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     350120 | PA      | $352303.97    | 0.03%             | 2068-11-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $431.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| harvest commercial capital loan trust                                            | Harvest Commercial Capital Loan Trust 2024-1                                     | CUSIP: 417927AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     597265 | PA      | $602827.28    | 0.05%             | 2056-10-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                                         | Viper Energy Partners LLC                                                        | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     316000 | PA      | $314072.40    | 0.03%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Octagon 57 Ltd                                                                   | Octagon 57 Ltd                                                                   | CUSIP: 67592XAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250544.38    | 0.02%             | 2034-10-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                                                               | Analog Devices Inc                                                               | CUSIP: 032654AV7<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |      20000 | PA      | $17436.16     | 0.00%             | 2031-10-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.723640 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     210000 | OU      | $65.07        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.662060 17-SEP-2028 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4000000 | OU      | $2899.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.800000 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    8984000 | OU      | $-37540.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                           | PNC Financial Services Group Inc/The                                             | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     635000 | PA      | $634526.13    | 0.05%             | 2032-10-21      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                                                              | AUST 10Y BOND FUT SEP25                                                          | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         12 | NC      | $4216.93      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC                                                                | Kinder Morgan Inc                                                                | CUSIP: 28368EAD8<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     195000 | PA      | $223982.83    | 0.02%             | 2031-08-01      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | USD P CNH C @7.000000 EO                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |   10787000 | OU      | $49091.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                                     | Comcast Corp                                                                     | CUSIP: 20030NDW8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     406000 | PA      | $226308.86    | 0.02%             | 2063-11-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                                                  | IHS Holding Ltd                                                                  | CUSIP: 000000000<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     228000 | PA      | $232256.76    | 0.02%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                               | Meta Platforms Inc                                                               | CUSIP: 30303M8R6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     162000 | PA      | $162766.23    | 0.01%             | 2063-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     425000 | PA      | $427563.69    | 0.04%             | 2033-07-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                           | Williams Cos Inc/The                                                             | CUSIP: 96950FAK0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34472.54     | 0.00%             | 2043-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 13.465000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    2000000 | OU      | $656.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                                                                | Sysco Corp                                                                       | CUSIP: 871829BF3<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24466.09     | 0.00%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp                                                                   | Air Lease Corp                                                                   | CUSIP: 00912XAY0<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49001.43     | 0.00%             | 2027-12-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     523000 | PA      | $532795.68    | 0.04%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                                                 | FirstEnergy Corp                                                                 | CUSIP: 337932AM9<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     990000 | PA      | $667776.86    | 0.06%             | 2050-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KV8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     192000 | PA      | $183874.38    | 0.02%             | 2055-03-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.522000 21-NOV-2034 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     600000 | OU      | $2323.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VAL5<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      60000 | PA      | $59210.72     | 0.00%             | 2029-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                              | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | US        |          1 | NC      | $11338.59     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XGX61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     133331 | PA      | $127628.51    | 0.01%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES                                                          | Canadian Natural Resources Ltd                                                   | CUSIP: 136385AY7<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |      30000 | PA      | $25744.85     | 0.00%             | 2047-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                                        | CUSIP: 072024ND0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |     100000 | PA      | $104370.14    | 0.01%             | 2049-04-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust 2024-2                                     | CUSIP: 96042YAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1170000 | PA      | $1185875.50   | 0.10%             | 2030-04-15      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                                          | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                      | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     122000 | PA      | $111538.99    | 0.01%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2005-29CB                                                 | CUSIP: 12667GUS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       6072 | PA      | $3446.57      | 0.00%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CL1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     821000 | PA      | $656178.52    | 0.06%             | 2052-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753VCZ9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2550000 | PA      | $2648901.24   | 0.22%             | 2040-02-25      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| NVIDIA CORP                                                                      | NVIDIA Corp                                                                      | CUSIP: 67066GAG9<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |      40000 | PA      | $33601.57     | 0.00%             | 2040-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2022-DNA7                                          | CUSIP: 35564KL72<br>LEI: 5493000IRUQLXTG4SV18 | Long             | ABS-MBS          | USGSE             | US        |    1500000 | PA      | $1678010.55   | 0.14%             | 2052-03-25      | Floating      | 11.35%                | No            |                  2 | On Loan: No      |
| SOUTHWEST AIRLINES CO                                                            | Southwest Airlines Co                                                            | CUSIP: 844741BK3<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |      75000 | PA      | $75471.98     | 0.01%             | 2027-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.760000 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  145500000 | OU      | $3185.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS                                                           | Mid-America Apartments LP                                                        | CUSIP: 59523UAN7<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              |  | US        |      25000 | PA      | $24661.89     | 0.00%             | 2027-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119BX6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      73000 | PA      | $71553.98     | 0.01%             | 2029-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| Century Communities Inc                                                          | Century Communities Inc                                                          | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |        789 | NS      | $44412.81     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE MATERIALS                                                                  | Eagle Materials Inc                                                              | CUSIP: 26969PAB4<br>LEI: 529900KRXRGXL61SG039 | Long             | DBT              | CORP              | US        |     295000 | PA      | $260610.79    | 0.02%             | 2031-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2021-HQA3                                          | CUSIP: 35564KJP5<br>LEI: 5493000ISHRHX47NOH65 | Long             | ABS-MBS          | USGSE             | US        |    1500000 | PA      | $1513125.00   | 0.13%             | 2041-09-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                                   | Upgrade Master Pass-Thru Trust Series 2025-ST4                                   | CUSIP: 91533MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $99788.87     | 0.01%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBR1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19695.33     | 0.00%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX 2024-PALM                                                                     | CUSIP: 05612UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     502788 | PA      | $502788.46    | 0.04%             | 2037-06-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                                            | CWABS Asset-Backed Certificates Trust 2006-11                                    | CUSIP: 12666TAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     183628 | PA      | $177681.94    | 0.01%             | 2035-12-25      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RKD3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     125000 | PA      | $90227.35     | 0.01%             | 2043-02-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3138EMN23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     150085 | PA      | $143326.09    | 0.01%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                                            | Panama Government International Bonds                                            | CUSIP: 698299BR4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     200000 | PA      | $164600.00    | 0.01%             | 2033-01-19      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                                          | Public Service Electric and Gas Co                                               | CUSIP: 74456QCN4<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |      75000 | PA      | $77022.80     | 0.01%             | 2033-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                                       | BFLD 2024-VICT Mortgage Trust                                                    | CUSIP: 05555VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     173000 | PA      | $173756.88    | 0.01%             | 2041-07-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                                        | Anchorage Capital CLO 6 Ltd                                                      | CUSIP: 03328QBN0<br>LEI: 54930064GO7DB3TVDY21 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250000.00    | 0.02%             | 2034-04-22      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XKZB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     469194 | PA      | $423885.05    | 0.04%             | 2051-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                                                         | Willis North America Inc                                                         | CUSIP: 970648AN1<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     650000 | PA      | $640464.85    | 0.05%             | 2054-03-05      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.752070 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   16830000 | OU      | $23030.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales & Transfer Tax Receipts Revenue                  | CHICAGO IL TRANSIT AUTH SALES & TRANSFER TAX RECPTS REVENUE                      | CUSIP: 167725AF7<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |      46928 | PA      | $51579.98     | 0.00%             | 2040-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754DAF4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1500000 | PA      | $1574070.00   | 0.13%             | 2042-04-25      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.687500 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1260000 | OU      | $-274.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                                                     | SM Energy Co                                                                     | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     105000 | PA      | $105082.95    | 0.01%             | 2029-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2000000 | PA      | $1951953.12   | 0.16%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                                                                      | Valaris Ltd                                                                      | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     143000 | PA      | $147703.31    | 0.01%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CA        |          1 | NC      | $-1826.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     936000 | PA      | $584963.44    | 0.05%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWCP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     185969 | PA      | $153146.97    | 0.01%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PIEDMONT NATURAL GAS CO                                                          | Piedmont Natural Gas Co Inc                                                      | CUSIP: 720186AL9<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48276.83     | 0.00%             | 2029-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F022485<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2467000 | PA      | $2290153.75   | 0.19%             | 2039-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                                                    | DTE Energy Co                                                                    | CUSIP: 233331BJ5<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     125000 | PA      | $126313.59    | 0.01%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 30Y RTP 4.330000 14-OCT-2025                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    6809000 | OU      | $54197.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                                                             | Booking Holdings Inc                                                             | CUSIP: 741503BC9<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19615.48     | 0.00%             | 2028-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $7993.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                                         | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     472000 | PA      | $466571.46    | 0.04%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CZ        |          1 | NC      | $-149.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                                          | Light & Wonder International Inc                                                 | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |      88000 | PA      | $90366.85     | 0.01%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     726600 | PA      | $584657.55    | 0.05%             | 2053-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $10335.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAN9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    1577000 | PA      | $1504584.68   | 0.13%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust 2023-3                                     | CUSIP: 96041CAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     180000 | PA      | $184787.03    | 0.02%             | 2029-03-15      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| DIAMOND FRGN/DIAMOND FIN                                                         | Diamond Foreign Asset Co / Diamond Finance LLC                                   | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     197000 | PA      | $205321.87    | 0.02%             | 2030-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SITIO ROYAL OP / SIT FIN                                                         | Sitio Royalties Operating Partnership LP / Sitio Finance Corp                    | CUSIP: 82983MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      46000 | PA      | $47992.63     | 0.00%             | 2028-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VCQ5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23795.20     | 0.00%             | 2034-11-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                             | Bank of America Corp                                                             | CUSIP: 06051GFS3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100000.00    | 0.01%             | 2025-08-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA                                                                 | Beazer Homes USA Inc                                                             | CUSIP: 07556QBT1<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |      93000 | PA      | $93596.41     | 0.01%             | 2029-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| FLORIDA POWER & LIGHT CO                                                         | Florida Power & Light Co                                                         | CUSIP: 341081FX0<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     100000 | PA      | $67204.49     | 0.01%             | 2049-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                                         | British Telecommunications PLC                                                   | CUSIP: 111021AE1<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     145000 | PA      | $177212.46    | 0.01%             | 2030-12-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                   | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1                         | CUSIP: 617932AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     157949 | PA      | $158303.74    | 0.01%             | 2069-11-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                                | Iron Mountain Inc                                                                | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      49000 | PA      | $50336.52     | 0.00%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| DIVERSIFIED HEALTHCARE T                                                         | Diversified Healthcare Trust                                                     | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              |  | US        |     117000 | PA      | $97778.03     | 0.01%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 29273RAJ8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      30000 | PA      | $34289.24     | 0.00%             | 2038-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                              | Elevance Health Inc                                                              | CUSIP: 036752BA0<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |      24000 | PA      | $22724.19     | 0.00%             | 2054-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: —       |
| BANK OF AMERICA NA                                                               | 10Y RTR 4.007500 14-APR-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |     240967 | OU      | $9662.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CAE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     615000 | PA      | $521981.25    | 0.04%             | 2030-08-15      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.700400 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   67000000 | OU      | $-453.16      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| 3650R Commercial Mortgage Trust                                                  | 3650R 2021-PF1 Commercial Mortgage Trust                                         | CUSIP: 88575JAW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     300000 | PA      | $303339.78    | 0.03%             | 2055-11-15      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                                            | Texas Instruments Inc                                                            | CUSIP: 882508BJ2<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     260000 | PA      | $231425.94    | 0.02%             | 2030-05-04      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (CDX.NA.IG.44.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   29736950 | OU      | $-679404.40   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2L6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     380000 | PA      | $377855.32    | 0.03%             | 2031-04-04      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| American Express Co                                                              | American Express Co                                                              | CUSIP: 025816CF4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49487.93     | 0.00%             | 2026-05-20      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.409000 15-JUL-2029 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1347750 | OU      | $6054.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PGA National Resort Commercial Mortgage Trust                                    | PGA Trust 2024-RSR2                                                              | CUSIP: 69381CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      38000 | PA      | $38047.50     | 0.00%             | 2039-06-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $4723.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                                                              | LYB International Finance III LLC                                                | CUSIP: 50249AAK9<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |     100000 | PA      | $62722.36     | 0.01%             | 2060-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: —       |
| JP Morgan Mortgage Trust                                                         | JP Morgan Mortgage Trust Series 2024-VIS2                                        | CUSIP: 46658DAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      25000 | PA      | $25240.47     | 0.00%             | 2064-11-25      | Variable      | 7.72%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       8000 | PA      | $8062.50      | 0.00%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $3195.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      78619 | PA      | $78290.49     | 0.01%             | 2041-04-15      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| STANLEY BLACK & DECKER I                                                         | Stanley Black & Decker Inc                                                       | CUSIP: 854502AL5<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |      65000 | PA      | $58048.09     | 0.00%             | 2030-03-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      76039 | PA      | $62533.19     | 0.01%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XNAQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      96697 | PA      | $101119.53    | 0.01%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $7010.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                                                           | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              |  | US        |      50000 | PA      | $48097.33     | 0.00%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                                                         | Greensaif Pipelines Bidco Sarl                                                   | CUSIP: 000000000<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |     210000 | PA      | $214790.10    | 0.02%             | 2036-02-23      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Regatta 32 Funding Ltd.                                                          | Regatta 32 Funding Ltd                                                           | CUSIP: 75884AAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250783.03    | 0.02%             | 2038-07-25      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.791000 17-SEP-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 1116531750 | OU      | $-7088.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.663660 17-SEP-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1560000 | OU      | $-41266.06    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC                                                          | O'Reilly Automotive Inc                                                          | CUSIP: 67103HAJ6<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |     125000 | PA      | $123206.82    | 0.01%             | 2030-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | SWP: OIS 15.117500 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    4000000 | OU      | $-43281.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DQ70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     841393 | PA      | $663241.92    | 0.06%             | 2050-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                          | Dell International LLC / EMC Corp                                                | CUSIP: 24703DBL4<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |      45000 | PA      | $47226.43     | 0.00%             | 2033-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                                         | RTX Corp                                                                         | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      70000 | PA      | $69506.20     | 0.01%             | 2028-11-16      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $258.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 05526DBV6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      74000 | PA      | $68658.09     | 0.01%             | 2052-03-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Loan Trust 2016-A                                      | CUSIP: 63939NAD5<br>LEI: 549300JSCKIU587G1R13 | Long             | ABS-O            | CORP              | US        |     144000 | PA      | $139578.51    | 0.01%             | 2058-12-16      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                                                  | AREIT 2025-CRE10 Ltd                                                             | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     795000 | PA      | $796097.02    | 0.07%             | 2029-12-17      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      22000 | PA      | $23212.07     | 0.00%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED NOK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NO        |          1 | NC      | $-495.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     706000 | PA      | $468060.41    | 0.04%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3128MJ3S7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      58758 | PA      | $53441.48     | 0.00%             | 2048-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                        | Amgen Inc                                                                        | CUSIP: 031162DN7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     160000 | PA      | $160000.52    | 0.01%             | 2026-03-02      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Viper Energy Inc                                                                 | Viper Energy Inc                                                                 | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |        713 | NS      | $26851.58     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-GPA3                                           | CUSIP: 123910AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      93771 | PA      | $93976.52     | 0.01%             | 2039-12-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                                                 | FirstEnergy Corp                                                                 | CUSIP: 337932AL1<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     187000 | PA      | $171521.16    | 0.01%             | 2030-03-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED EUR / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |          1 | NC      | $1.03         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2024-11                                                 | CUSIP: 03463QAA4<br>LEI: 2549009VFCBSE99NTJ29 | Long             | ABS-MBS          | CORP              | US        |      69574 | PA      | $69598.82     | 0.01%             | 2069-08-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                        | Boeing Co/The                                                                    | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      75000 | PA      | $74508.00     | 0.01%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ID        |          1 | NC      | $-2547.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      60000 | PA      | $59673.13     | 0.01%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                                              | Cardinal Health Inc                                                              | CUSIP: 14149YBT4<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97831.32     | 0.01%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | XX        |          1 | NC      | $-3493.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AP GRANGE HOLDINGS LLC                                                           | AP GRANGE HOLDINGS LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     251860 | PA      | $254378.77    | 0.02%             | 2045-03-20      | Fixed         | 6.50%                 | Yes           |                  3 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                           | Santander Drive Auto Receivables Trust 2022-4                                    | CUSIP: 80286FAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      62665 | PA      | $62617.29     | 0.01%             | 2027-11-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                             | PRET 2024-NPL5 LLC                                                               | CUSIP: 74143QAA3<br>LEI: 254900YWXIBNNDQF0Y67 | Long             | ABS-O            | CORP              | US        |      99137 | PA      | $99081.06     | 0.01%             | 2054-09-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED CZK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CZ        |          1 | NC      | $408.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.641000 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1260000 | OU      | $2579.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XEN2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     155000 | PA      | $159804.27    | 0.01%             | 2029-01-07      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.486900 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $11426.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAG8<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |     112000 | PA      | $111762.65    | 0.01%             | 2043-07-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                                           | ConocoPhillips Co                                                                | CUSIP: 20826FAV8<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |       5000 | PA      | $3618.05      | 0.00%             | 2052-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $55.54        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                                                | Citigroup Mortgage Loan Trust 2007-6                                             | CUSIP: 17312VAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      23826 | PA      | $22047.59     | 0.00%             | 2037-05-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                                          | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |      11000 | PA      | $10523.42     | 0.00%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| CSX Corp                                                                         | CSX Corp                                                                         | CUSIP: 126408GY3<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |      75000 | PA      | $61836.18     | 0.01%             | 2044-03-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| GATX CORP                                                                        | GATX Corp                                                                        | CUSIP: 361448BF9<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97221.25     | 0.01%             | 2030-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                                                         | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                       | CUSIP: 46590XAY2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     141000 | PA      | $144591.90    | 0.01%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                                                   | Merck & Co Inc                                                                   | CUSIP: 58933YBC8<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     500000 | PA      | $478099.31    | 0.04%             | 2027-06-10      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| BELGIUM KINGDOM                                                                  | Kingdom of Belgium Government Bond                                               | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |    1011200 | PA      | $1011669.19   | 0.09%             | 2054-06-22      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                         | Vistra Operations Co LLC                                                         | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     115000 | PA      | $115199.18    | 0.01%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA FINANCE LLC                                                          | Astrazeneca Finance LLC                                                          | CUSIP: 04636NAE3<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |     150000 | PA      | $140434.58    | 0.01%             | 2028-05-28      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Diageo Capital PLC                                                               | Diageo Capital PLC                                                               | CUSIP: 25243YAH2<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |     175000 | PA      | $187480.58    | 0.02%             | 2036-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OHA Loan Funding Ltd                                                             | OHA Loan Funding 2016-1 Ltd                                                      | CUSIP: 67110UAW9<br>LEI: 54930016024GMIAF7A82 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251030.13    | 0.02%             | 2037-07-20      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.703840 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     390000 | OU      | $-2384.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                         | Service Properties Trust                                                         | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      50000 | PA      | $49309.23     | 0.00%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                               | Ally Financial Inc                                                               | CUSIP: 02005NBU3<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      75000 | PA      | $79070.23     | 0.01%             | 2030-01-03      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                                                         | Northern States Power Co/MN                                                      | CUSIP: 665772CY3<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48299.48     | 0.00%             | 2054-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | Synchrony Financial                                                              | CUSIP: 87165BAR4<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     535000 | PA      | $466183.40    | 0.04%             | 2031-10-28      | Fixed         | 2.88%                 | No            |                  2 | On Loan: —       |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $984.62       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQ6D3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     990143 | PA      | $822495.30    | 0.07%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Invesco U.S. CLO 2025-2, Ltd.                                                    | Invesco US CLO 2023-3 Ltd                                                        | CUSIP: 46091RAL7<br>LEI: 213800YAVR2FVYDIRM63 | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $250618.55    | 0.02%             | 2038-07-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QT8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2000000 | PA      | $1622812.50   | 0.14%             | 2041-11-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.651170 17-SEP-2027 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1050000 | OU      | $-361.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMEREN CORP                                                                      | Ameren Corp                                                                      | CUSIP: 023608AP7<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     110000 | PA      | $111487.27    | 0.01%             | 2026-12-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC                                                              | Kimco Realty OP LLC                                                              | CUSIP: 49446RAP4<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19579.34     | 0.00%             | 2026-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                                         | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      16000 | PA      | $14382.99     | 0.00%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                                                  | Cameron LNG LLC                                                                  | CUSIP: 133434AB6<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |     493000 | PA      | $421056.97    | 0.04%             | 2035-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     332000 | PA      | $3885.53      | 0.00%             | 2039-06-12      | Fixed         | 0.92%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                                    | Citigroup Inc                                                                    | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99719.16     | 0.01%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2025-II Ltd                                                         | CUSIP: 17181DAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249755.20    | 0.02%             | 2038-04-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                                            | Bausch Health Cos Inc                                                            | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     111000 | PA      | $114052.50    | 0.01%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                         | Ford Motor Credit Co LLC                                                         | CUSIP: 345397A45<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     250000 | PA      | $246300.53    | 0.02%             | 2027-01-09      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO                                                            | Becton Dickinson & Co                                                            | CUSIP: 075887CK3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |      20000 | PA      | $14835.02     | 0.00%             | 2050-05-20      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXG4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     180000 | PA      | $166280.32    | 0.01%             | 2030-02-07      | Fixed         | 2.60%                 | No            |                  2 | On Loan: —       |
| Ballyrock Ltd                                                                    | Ballyrock CLO 15 Ltd                                                             | CUSIP: 05875TAJ6<br>LEI: 254900DRHPTI08KKW784 | Long             | ABS-CBDO         | CORP              | KY        |     420000 | PA      | $421223.88    | 0.04%             | 2038-01-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ID        |          1 | NC      | $101.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | KR        |          1 | NC      | $-13286.98    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                                           | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     144000 | PA      | $142523.35    | 0.01%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                              | Global Payments Inc                                                              | CUSIP: 37940XAQ5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40520.14     | 0.00%             | 2032-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                                                 | AMC Networks Inc                                                                 | CUSIP: 00164VAJ2<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |      46000 | PA      | $37826.20     | 0.00%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CFK Trust                                                                        | CFK Trust 2020-MF2                                                               | CUSIP: 12529AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     330000 | PA      | $301238.59    | 0.03%             | 2039-03-15      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.835500 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     787000 | OU      | $-630.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                                             | Blue Owl Finance LLC                                                             | CUSIP: 09581JAT3<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |     450000 | PA      | $463552.53    | 0.04%             | 2034-04-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     295000 | PA      | $302188.73    | 0.03%             | 2031-01-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                                         | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      18000 | PA      | $17961.53     | 0.00%             | 2033-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.560000 17-SEP-2030 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    5000000 | OU      | $3405.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F022485<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |     -19000 | PA      | $-17637.99    | -0.00%            | 2039-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     500000 | PA      | $503786.96    | 0.04%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | HU        |          1 | NC      | $-424.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XL5C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     428209 | PA      | $429328.22    | 0.04%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                                                         | Walgreens Boots Alliance Inc                                                     | CUSIP: 931427AW8<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |     152000 | PA      | $163161.06    | 0.01%             | 2029-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                                                          | Southern Co Gas Capital Corp                                                     | CUSIP: 8426EPAD0<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |      60000 | PA      | $51491.04     | 0.00%             | 2031-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED EUR / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $347.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                                   | Palmer Square Loan Funding 2022-3 Ltd                                            | CUSIP: 69690CAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250185.03    | 0.02%             | 2031-04-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| TARGET CORP                                                                      | Target Corp                                                                      | CUSIP: 87612EBJ4<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |      75000 | PA      | $68980.14     | 0.01%             | 2030-02-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XNUV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2298435 | PA      | $1801766.76   | 0.15%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON GALLERIA MALL TRUST                                                      | Houston Galleria Mall Trust 2025-HGLR                                            | CUSIP: 44216XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     158000 | PA      | $160320.20    | 0.01%             | 2045-02-05      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GKA6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      27000 | PA      | $23533.60     | 0.00%             | 2032-07-21      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                                                              | FS KKR Capital Corp                                                              | CUSIP: 302635AP2<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |     560000 | PA      | $561934.79    | 0.05%             | 2030-01-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XBA6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      75000 | PA      | $69659.27     | 0.01%             | 2054-04-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XN6J8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      75687 | PA      | $78816.08     | 0.01%             | 2054-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                              | Fifth Third Bancorp                                                              | CUSIP: 316773CV0<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |      75000 | PA      | $74080.47     | 0.01%             | 2028-03-14      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                          | MPLX LP                                                                          | CUSIP: 55336VBZ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     350000 | PA      | $331543.60    | 0.03%             | 2055-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| NEW GOLD INC                                                                     | New Gold Inc                                                                     | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |     132000 | PA      | $135462.92    | 0.01%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                                                         | Microchip Technology Inc                                                         | CUSIP: 595017BA1<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24982.68     | 0.00%             | 2025-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     327000 | PA      | $345123.67    | 0.03%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XCH1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     484000 | PA      | $495589.97    | 0.04%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XFTR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      45260 | PA      | $46149.03     | 0.00%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARCHER-DANIELS-MIDLAND C                                                         | Archer-Daniels-Midland Co                                                        | CUSIP: 039482AE4<br>LEI: 549300LO13MQ9HYSTR83 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19532.76     | 0.00%             | 2033-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                             | Glencore Funding LLC                                                             | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     139000 | PA      | $125091.54    | 0.01%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F012486<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1351000 | PA      | $1192863.46   | 0.10%             | 2039-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.545000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2000000 | OU      | $2177.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | US        |          1 | NC      | $43939.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TRAVELERS COS INC                                                                | Travelers Cos Inc/The                                                            | CUSIP: 89417EAS8<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19425.63     | 0.00%             | 2053-05-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | NZ        |          1 | NC      | $-1584.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                                           | Santander Holdings USA Inc                                                       | CUSIP: 80282KBJ4<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104184.27    | 0.01%             | 2030-01-09      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                                     | Comcast Corp                                                                     | CUSIP: 20030NCN9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     225000 | PA      | $191864.86    | 0.02%             | 2058-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                                         | Ajax Mortgage Loan Trust 2021-C                                                  | CUSIP: 009733AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      32723 | PA      | $32571.10     | 0.00%             | 2061-01-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | S+P500 EMINI FUT SEP25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         -5 | NC      | $-71249.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.260000 22-OCT-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     120000 | OU      | $-14593.62    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2019-B                                          | CUSIP: 83192CAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     800000 | PA      | $760166.48    | 0.06%             | 2043-06-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XJPM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     441946 | PA      | $422889.29    | 0.04%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQF35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      26531 | PA      | $27135.54     | 0.00%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EQUIFAX INC                                                                      | Equifax Inc                                                                      | CUSIP: 294429AS4<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |     150000 | PA      | $139804.04    | 0.01%             | 2030-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F040487<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1194000 | PA      | $1158864.16   | 0.10%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2021-5 Mortgage Loan Trust                                                  | CUSIP: 12598RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     112206 | PA      | $100280.91    | 0.01%             | 2066-11-26      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                     | CSMC 2022-NQM5 Trust                                                             | CUSIP: 12663DAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $926838.10    | 0.08%             | 2067-05-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                                                          | Laboratory Corp of America Holdings                                              | CUSIP: 50540RBB7<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |     580000 | PA      | $564172.43    | 0.05%             | 2034-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                                         | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14963.96     | 0.00%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-PAT                                                                | CUSIP: 05612FAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     122000 | PA      | $120435.90    | 0.01%             | 2041-03-15      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                                             | Chile Government International Bonds                                             | CUSIP: 168863DL9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     200000 | PA      | $141364.00    | 0.01%             | 2050-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                                         | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748BP6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     100000 | PA      | $87378.70     | 0.01%             | 2031-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ACX1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     709000 | PA      | $692255.77    | 0.06%             | 2062-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: —       |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2019-C                                 | CUSIP: 63940YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      14105 | PA      | $13875.01     | 0.00%             | 2068-02-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| WAMU Asset-Backed Certificates                                                   | WaMu Asset-Backed Certificates WaMu Series 2007-HE1 Trust                        | CUSIP: 933631AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     257787 | PA      | $115768.69    | 0.01%             | 2037-01-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427MTB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     458612 | PA      | $465326.27    | 0.04%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | SWP: OIS 14.660000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   10000000 | OU      | $-75036.79    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust                                                    | BLP Commercial Mortgage Trust 2024-IND2                                          | CUSIP: 05625AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     366247 | PA      | $366978.44    | 0.03%             | 2041-03-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| ONTARIO (PROVINCE OF)                                                            | Province of Ontario Canada                                                       | CUSIP: 683234DB1<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |      15000 | PA      | $14727.04     | 0.00%             | 2027-05-19      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTR 4.225000 25-JAN-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |     336490 | OU      | $16656.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CBS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1446200 | PA      | $1350219.77   | 0.11%             | 2028-03-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Soundview Home Equity Loan Trust                                                 | Soundview Home Loan Trust 2007-NS1                                               | CUSIP: 83612QAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      19154 | PA      | $18244.91     | 0.00%             | 2037-01-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                                       | Bear Stearns Asset Backed Securities I Trust 2006-IM1                            | CUSIP: 07387UFW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     198394 | PA      | $186378.12    | 0.02%             | 2036-04-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co                                                         | Florida Power & Light Co                                                         | CUSIP: 341081FA0<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |      75000 | PA      | $79774.05     | 0.01%             | 2038-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     530000 | PA      | $477378.66    | 0.04%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | USD P BRL C @5.350000 EO                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |  -10157000 | OU      | $-832.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SREIT Trust                                                                      | SREIT Trust 2021-MFP                                                             | CUSIP: 78472UAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     125826 | PA      | $125826.33    | 0.01%             | 2038-11-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-OC7                                                  | CUSIP: 23243VAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     354549 | PA      | $305626.39    | 0.03%             | 2046-07-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| XYLEM INC                                                                        | Xylem Inc/NY                                                                     | CUSIP: 98419MAJ9<br>LEI: 549300DF5MV96DRYLQ48 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49210.87     | 0.00%             | 2026-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XEP7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     103000 | PA      | $106274.92    | 0.01%             | 2034-01-07      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $4245.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.682670 17-SEP-2035 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     210000 | OU      | $-82.77       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.536250 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     628500 | OU      | $4484.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CARLISLE COS INC                                                                 | Carlisle Cos Inc                                                                 | CUSIP: 142339AJ9<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23068.63     | 0.00%             | 2030-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                                                                 | DP World Ltd/United Arab Emirates                                                | CUSIP: 000000000<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     190000 | PA      | $211019.70    | 0.02%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $1375.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IBM INTERNAT CAPITAL                                                             | IBM International Capital Pte Ltd                                                | CUSIP: 449276AG9<br>LEI: 2549007KTXQQBYZO7485 | Long             | DBT              | CORP              | SG        |     100000 | PA      | $92797.44     | 0.01%             | 2054-02-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     103000 | PA      | $75334.64     | 0.01%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                         | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 63743HFS6<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      85000 | PA      | $87401.43     | 0.01%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                                                              | MidOcean Credit CLO XII Ltd                                                      | CUSIP: 59803TBA8<br>LEI: 5493000CPZWPTWX7TF71 | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $250787.65    | 0.02%             | 2038-07-18      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Lehman Brothers Small Balance Commercial                                         | Lehman Brothers Small Balance Commercial Mortgage Trust 2007-2                   | CUSIP: 52521VAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       1044 | PA      | $1043.00      | 0.00%             | 2037-06-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Merit                                                                            | MHP 2021-STOR                                                                    | CUSIP: 55293BAP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $250156.25    | 0.02%             | 2038-07-15      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $7360.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 124857AN3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      33000 | PA      | $25196.30     | 0.00%             | 2045-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $823.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OVINTIV INC                                                                      | Ovintiv Inc                                                                      | CUSIP: 69047QAD4<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51870.08     | 0.00%             | 2053-07-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XDR4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     405000 | PA      | $391241.37    | 0.03%             | 2027-02-26      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAS8<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     454000 | PA      | $463214.87    | 0.04%             | 2027-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.531000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 4523000000 | OU      | $4171.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS                                                         | FactSet Research Systems Inc                                                     | CUSIP: 303075AA3<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |     320000 | PA      | $312462.12    | 0.03%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                                                         | Toyota Motor Credit Corp                                                         | CUSIP: 89236TGY5<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |      75000 | PA      | $71660.56     | 0.01%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED EUR / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | XX        |          1 | NC      | $-523.18      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRIDENT ENERGY FINANCE                                                           | Trident Energy Finance PLC                                                       | CUSIP: 000000000<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |     226000 | PA      | $232709.94    | 0.02%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CZ        |          1 | NC      | $-4330.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | NZ        |          1 | NC      | $-5090.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (CDX.NA.HY.44.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    5941223 | OU      | $464252.52    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                             | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |          1 | NC      | $248.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |          1 | NC      | $-361.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                                                           | Millicom International Cellular SA                                               | CUSIP: 600814AQ0<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |      45000 | PA      | $45056.25     | 0.00%             | 2029-03-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                                                        | BMP 2024-MF23                                                                    | CUSIP: 05593JAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     220000 | PA      | $220618.75    | 0.02%             | 2041-06-15      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.900000 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   15000000 | OU      | $6186.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SG Capital Partners                                                              | SG Residential Mortgage Trust 2022-2                                             | CUSIP: 78434KAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     205000 | PA      | $202423.38    | 0.02%             | 2062-08-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                                                     | AutoZone Inc                                                                     | CUSIP: 053332BK7<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     345000 | PA      | $352417.96    | 0.03%             | 2034-07-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1306934 | PA      | $1073939.33   | 0.09%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: AUD 3.757000 17-SEP-2030 AUD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1840800 | OU      | $-898.63      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                              | Elevance Health Inc                                                              | CUSIP: 94973VBB2<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     125000 | PA      | $108461.55    | 0.01%             | 2043-01-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                                                      | Truist Bank                                                                      | CUSIP: 89788KAA4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |     540000 | PA      | $485594.64    | 0.04%             | 2030-03-11      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| AEP Transmission Co LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAH2<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      48000 | PA      | $36260.52     | 0.00%             | 2047-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                                                          | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      45000 | PA      | $45950.85     | 0.00%             | 2031-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                                                         | FSWP: JPY 0.852000 07-JUL-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 1700000000 | OU      | $8846.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PACKAGING CORP OF AMERIC                                                         | Packaging Corp of America                                                        | CUSIP: 695156AU3<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | DBT              | CORP              | US        |     125000 | PA      | $117740.77    | 0.01%             | 2029-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                                          | Saluda Grade Alternative Mortgage Trust 2024-RTL5                                | CUSIP: 795935AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100896.02    | 0.01%             | 2030-04-25      | Variable      | 7.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QNQL9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     983549 | PA      | $813405.92    | 0.07%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corp                                                            | Lincoln National Corp                                                            | CUSIP: 534187BH1<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97963.02     | 0.01%             | 2028-03-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                   | Morgan Stanley Residential Mortgage Loan Trust 2023-NQM1                         | CUSIP: 61775VAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     536000 | PA      | $538498.78    | 0.05%             | 2068-09-25      | Variable      | 7.39%                 | No            |                  2 | On Loan: No      |
| Bank                                                                             | BANK 2021-BNK35                                                                  | CUSIP: 06540CBX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      46000 | PA      | $38985.32     | 0.00%             | 2064-06-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    7301000 | PA      | $7040616.70   | 0.59%             | 2029-04-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                                         | Host Hotels & Resorts LP                                                         | CUSIP: 44107TAZ9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |      25000 | PA      | $23186.83     | 0.00%             | 2030-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TW        |          1 | NC      | $-4241.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GTGS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     748068 | PA      | $750240.65    | 0.06%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-1854.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QRER0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     250550 | PA      | $256337.96    | 0.02%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                                                      | Extended Stay America Trust 2021-ESH                                             | CUSIP: 30227FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     618422 | PA      | $618421.71    | 0.05%             | 2038-07-15      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $4515.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                                                | Eversource Energy                                                                | CUSIP: 30040WAX6<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     225000 | PA      | $228855.72    | 0.02%             | 2034-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ERP OPERATING LP                                                                 | ERP Operating LP                                                                 | CUSIP: 26884ABP7<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              |  | US        |     190000 | PA      | $184003.80    | 0.02%             | 2034-09-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                              | Elevance Health Inc                                                              | CUSIP: 036752AS2<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     209000 | PA      | $144589.19    | 0.01%             | 2051-03-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ORIX CORP                                                                        | ORIX Corp                                                                        | CUSIP: 686330AR2<br>LEI: 35380016EMHNBOVYE123 | Long             | DBT              | CORP              | JP        |      50000 | PA      | $50694.09     | 0.00%             | 2032-09-13      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                         | Visa Inc                                                                         | CUSIP: 92826CAF9<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     220000 | PA      | $189205.25    | 0.02%             | 2045-12-14      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                                         | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XBA5<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |      40000 | PA      | $35583.44     | 0.00%             | 2052-10-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                              | American Express Co                                                              | CUSIP: 025816DP1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     665000 | PA      | $671087.26    | 0.06%             | 2028-02-16      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                           | Residential Asset Securitization Trust 2007-A9                                   | CUSIP: 761143AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1091836 | PA      | $298178.07    | 0.03%             | 2037-09-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                                         | Madison Park Funding XXXI Ltd                                                    | CUSIP: 55819DBE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251383.95    | 0.02%             | 2037-07-23      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.930000 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2780000 | OU      | $-1652.45     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                                                               | Coterra Energy Inc                                                               | CUSIP: 127097AM5<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |     115000 | PA      | $113352.85    | 0.01%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                                           | Roper Technologies Inc                                                           | CUSIP: 776696AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |     380000 | PA      | $378877.42    | 0.03%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                                                        | Apple Inc                                                                        | CUSIP: 037833BX7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     300000 | PA      | $272816.74    | 0.02%             | 2046-02-23      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-199.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                                             | Samarco Mineracao SA                                                             | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     437388 | PA      | $432467.39    | 0.04%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                             | Targa Resources Corp                                                             | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     239000 | PA      | $223444.15    | 0.02%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 13.610000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    5000000 | OU      | $-1818.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                                            | DirecTV Financing LLC 2025 Term Loan B                                           | CUSIP: 25460HAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      99640 | PA      | $95941.36     | 0.01%             | 2031-02-17      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                                                    | Nordstrom Inc                                                                    | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     149000 | PA      | $135100.95    | 0.01%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     555000 | PA      | $539070.17    | 0.05%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | ID        |          1 | NC      | $-12034.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBK9<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      29000 | PA      | $27600.58     | 0.00%             | 2053-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                                            | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      45000 | PA      | $46654.07     | 0.00%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                                                          | Fidelity National Information Services Inc                                       | CUSIP: 31620MBS4<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23306.36     | 0.00%             | 2028-03-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | Reperforming Loan REMIC Trust 2005-R2                                            | CUSIP: 12669GN64<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      12384 | PA      | $11941.97     | 0.00%             | 2035-06-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2513000 | PA      | $2451941.94   | 0.21%             | 2031-09-30      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| ELECTRONIC ARTS INC                                                              | Electronic Arts Inc                                                              | CUSIP: 285512AF6<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |      25000 | PA      | $15642.49     | 0.00%             | 2051-02-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: —       |
| WASTE CONNECTIONS INC                                                            | Waste Connections Inc                                                            | CUSIP: 94106BAJ0<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     705000 | PA      | $715114.47    | 0.06%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     506000 | PA      | $520077.13    | 0.04%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QNSY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     414731 | PA      | $359113.25    | 0.03%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                                                       | NMLT 2021-INV1 Trust                                                             | CUSIP: 62923JAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     540700 | PA      | $415623.49    | 0.04%             | 2056-05-25      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $5993.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAQ2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      69000 | PA      | $53399.86     | 0.00%             | 2051-03-24      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      70000 | PA      | $58781.80     | 0.00%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                                            | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      75000 | PA      | $77152.92     | 0.01%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQB54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      20001 | PA      | $20450.12     | 0.00%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTP 4.340000 13-JAN-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |     722645 | OU      | $15572.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 13.530000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    6000000 | OU      | $275.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                      | Gartner Inc                                                                      | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     735000 | PA      | $723005.90    | 0.06%             | 2028-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452151LF8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     575882 | PA      | $578066.12    | 0.05%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL GRP                                                          | Principal Financial Group Inc                                                    | CUSIP: 74251VAU6<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |     110000 | PA      | $105773.18    | 0.01%             | 2053-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 8.125000 11-SEP-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   10000000 | OU      | $6134.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PBN5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      60000 | PA      | $40278.27     | 0.00%             | 2051-04-22      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                                                            | General Dynamics Corp                                                            | CUSIP: 369550BP2<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |     230000 | PA      | $204679.89    | 0.02%             | 2031-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030686<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   11522000 | PA      | $9858821.31   | 0.83%             | 2055-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 15.250000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    6000000 | OU      | $-71903.46    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                                                                   | Phillips 66 Co                                                                   | CUSIP: 718547AT9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101056.73    | 0.01%             | 2027-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $292.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 1.391500 17-SEP-2030 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   11890000 | OU      | $-1575.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QF4L0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     366544 | PA      | $302133.65    | 0.03%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NZ        |          1 | NC      | $-10128.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                                           | Match Group Holdings II LLC                                                      | CUSIP: 57665RAJ5<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |      83000 | PA      | $82739.42     | 0.01%             | 2029-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                                                                  | Chevron USA Inc                                                                  | CUSIP: 166756BF2<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    1500000 | PA      | $1512814.71   | 0.13%             | 2035-04-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BAG5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     650000 | PA      | $471835.00    | 0.04%             | 2050-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Loews Corp                                                                       | Loews Corp                                                                       | CUSIP: 540424AS7<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | DBT              | CORP              | US        |      75000 | PA      | $74621.18     | 0.01%             | 2026-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                          | Simon Property Group LP                                                          | CUSIP: 828807CZ8<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |     400000 | PA      | $326121.84    | 0.03%             | 2046-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| IREN LTD                                                                         | IREN Ltd                                                                         | CUSIP: 46270CAC3<br>LEI: 254900FZF02RB3NNGB71 | Long             | DBT              | CORP              | AU        |      40000 | PA      | $56500.00     | 0.00%             | 2029-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.515400 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   12740000 | OU      | $30974.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                                            | Civitas Resources Inc                                                            | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |      11000 | PA      | $11222.59     | 0.00%             | 2030-11-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X9SS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     530304 | PA      | $443143.00    | 0.04%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CZ        |          1 | NC      | $-4568.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      55000 | PA      | $54383.40     | 0.00%             | 2029-08-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                                                              | General Electric Co                                                              | CUSIP: 36962GXZ2<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |      25000 | PA      | $28183.43     | 0.00%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.358500 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4504681 | OU      | $36.07        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 14.630000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    8000000 | OU      | $-57801.86    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAW9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     825000 | PA      | $815089.29    | 0.07%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      95000 | PA      | $96825.05     | 0.01%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| COMMSCOPE LLC                                                                    | CommScope LLC                                                                    | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     125000 | PA      | $125288.75    | 0.01%             | 2027-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD NZD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $11170.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      65000 | PA      | $66224.86     | 0.01%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| RALPH LAUREN CORP                                                                | Ralph Lauren Corp                                                                | CUSIP: 751212AD3<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | DBT              | CORP              | US        |     800000 | PA      | $810307.07    | 0.07%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORNELL UNIVERSITY                                                               | Cornell University                                                               | CUSIP: 219207AC1<br>LEI: 549300ZZIJPNT0RZWP17 | Long             | DBT              | CORP              | US        |      75000 | PA      | $74521.96     | 0.01%             | 2034-06-15      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP                                                                | Tutor Perini Corp                                                                | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |     127000 | PA      | $142797.02    | 0.01%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: —       |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     691000 | PA      | $617487.62    | 0.05%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                          | Simon Property Group LP                                                          | CUSIP: 828807CL9<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |     400000 | PA      | $358847.61    | 0.03%             | 2042-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.723000 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  227000000 | OU      | $931.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| University of Michigan                                                           | UNIV OF MICHIGAN MI                                                              | CUSIP: 914455UG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     100000 | PA      | $61213.53     | 0.01%             | 2050-04-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: —       |
| NXP BV/NXP FDG/NXP USA                                                           | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HAX6<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      50000 | PA      | $48837.50     | 0.00%             | 2027-05-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| QUEST DIAGNOSTICS INC                                                            | Quest Diagnostics Inc                                                            | CUSIP: 74834LBE9<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |     650000 | PA      | $652881.09    | 0.06%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $46211.34     | 0.00%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AMEREN ILLINOIS CO                                                               | Ameren Illinois Co                                                               | CUSIP: 02361DBA7<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |     160000 | PA      | $161150.19    | 0.01%             | 2033-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1102000 | PA      | $991800.00    | 0.08%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      43000 | PA      | $43133.62     | 0.00%             | 2041-10-15      | Floating      | 8.27%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                                            | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |      30000 | PA      | $30683.25     | 0.00%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                          | Bristol-Myers Squibb Co                                                          | CUSIP: 110122CR7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     250000 | PA      | $200417.79    | 0.02%             | 2049-10-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.702000 22-JUL-2030 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     974000 | OU      | $-2481.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     489000 | PA      | $500780.91    | 0.04%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |          1 | NC      | $-5498.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.338500 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   59113974 | OU      | $1209.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      66000 | PA      | $65463.88     | 0.01%             | 2041-06-15      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-33579.32    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                                                 | GGAM Finance Ltd                                                                 | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     127000 | PA      | $134340.22    | 0.01%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $4116.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SHR Trust                                                                        | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     191000 | PA      | $190999.96    | 0.02%             | 2041-10-15      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.568090 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2585000 | OU      | $-107.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $2311.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     475000 | PA      | $481706.75    | 0.04%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                                         | Rogers Communications Inc                                                        | CUSIP: 775109CG4<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |      65000 | PA      | $63644.80     | 0.01%             | 2027-03-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                                    | UBS Commercial Mortgage Trust 2017-C4                                            | CUSIP: 90276RBH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     580000 | PA      | $553484.02    | 0.05%             | 2050-10-15      | Variable      | 3.84%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                                            | Texas Instruments Inc                                                            | CUSIP: 882508CJ1<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     140000 | PA      | $131424.31    | 0.01%             | 2054-02-08      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                                                          | Pfizer Investment Enterprises Pte Ltd                                            | CUSIP: 716973AG7<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |     150000 | PA      | $140063.46    | 0.01%             | 2053-05-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                                          | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              |  | US        |      88000 | PA      | $80731.46     | 0.01%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.684000 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     630000 | OU      | $-29.64       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLQ43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      19321 | PA      | $18833.13     | 0.00%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | KR        |          1 | NC      | $-1770.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-VLT6                                                               | CUSIP: 12433KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     136000 | PA      | $135915.00    | 0.01%             | 2042-03-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $3644.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED SGD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | SG        |          1 | NC      | $-4360.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                       | ROCK Trust 2024-CNTR                                                             | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $105190.03    | 0.01%             | 2041-11-13      | Fixed         | 8.82%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTR 4.340000 13-JAN-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |     722645 | OU      | $39161.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2023-FUN                                       | CUSIP: 36267CAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     510000 | PA      | $512550.00    | 0.04%             | 2028-03-15      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                                                             | Reworld Holding Corp                                                             | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |      52000 | PA      | $49660.64     | 0.00%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                                                 | Bain Capital Credit CLO 2024-2 Ltd                                               | CUSIP: 056921AA7<br>LEI: 254900KJZFJF5PZOFD13 | Long             | ABS-CBDO         | CORP              | KY        |     480000 | PA      | $482310.10    | 0.04%             | 2037-07-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | TW        |          1 | NC      | $-2211.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PPG INDUSTRIES INC                                                               | PPG Industries Inc                                                               | CUSIP: 693506BU0<br>LEI: 549300BKPEP01R3V6C59 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48965.12     | 0.00%             | 2026-03-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X9FG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      17916 | PA      | $16828.42     | 0.00%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 3.000000 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    6000000 | OU      | $6113.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ONTARIO (PROVINCE OF)                                                            | Province of Ontario Canada                                                       | CUSIP: 683234AU2<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |      35000 | PA      | $30538.42     | 0.00%             | 2032-01-21      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 2.912630 17-SEP-2030 CAD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     450000 | OU      | $1127.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                         | Capital One Financial Corp                                                       | CUSIP: 14040HCV5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      75000 | PA      | $76454.70     | 0.01%             | 2030-07-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENN Commercial Mortgage Trust                                                   | PENN Commercial Mortgage Trust 2025-P11                                          | CUSIP: 69382VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      31000 | PA      | $31088.46     | 0.00%             | 2042-08-12      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 14.120000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    7000000 | OU      | $-24345.32    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GLU1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     116000 | PA      | $122202.81    | 0.01%             | 2034-09-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                                                         | Turkcell Iletisim Hizmetleri AS                                                  | CUSIP: 000000000<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     208000 | PA      | $214435.52    | 0.02%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.504000 20-JUN-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     670000 | OU      | $2498.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                                    | AppLovin Corp                                                                    | CUSIP: 03831WAB4<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     731000 | PA      | $739833.85    | 0.06%             | 2029-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                             | Cross 2024-H7 Mortgage Trust                                                     | CUSIP: 22757CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     133792 | PA      | $133799.94    | 0.01%             | 2069-11-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | IN        |          1 | NC      | $-2354.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 8.250000 11-SEP-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   30000000 | OU      | $26587.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W7J1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     343859 | PA      | $289323.03    | 0.02%             | 2052-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ITHACA ENERGY NORTH                                                              | Ithaca Energy North Sea PLC                                                      | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $206182.20    | 0.02%             | 2029-10-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     217000 | PA      | $222364.48    | 0.02%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |          1 | NC      | $-232.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KQWT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      29957 | PA      | $30072.06     | 0.00%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                              | Fifth Third Bancorp                                                              | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |      30000 | PA      | $31529.64     | 0.00%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EDB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3322388 | PA      | $2603496.61   | 0.22%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INSTITUTE OF                                                          | California Institute of Technology                                               | CUSIP: 13034VAA2<br>LEI: 549300CITPNHOTVPHC04 | Long             | DBT              | CORP              | US        |      35000 | PA      | $28075.92     | 0.00%             | 2111-11-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED NGN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NG        |          1 | NC      | $590.49       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GCAT                                                                             | GCAT 2021-NQM3 Trust                                                             | CUSIP: 36167HAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $72033.12     | 0.01%             | 2066-05-25      | Variable      | 3.47%                 | No            |                  2 | On Loan: No      |
| MASS INSTITUTE OF TECH                                                           | Massachusetts Institute of Technology                                            | CUSIP: 575718AE1<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |      50000 | PA      | $45313.87     | 0.00%             | 2038-07-01      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL C                                                         | American Water Capital Corp                                                      | CUSIP: 03040WBC8<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |      30000 | PA      | $28908.97     | 0.00%             | 2054-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP                                                           | Regions Financial Corp                                                           | CUSIP: 7591EPAU4<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25836.86     | 0.00%             | 2030-06-06      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.378460 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2220000 | OU      | $206.82       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.669500 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     825000 | OU      | $544.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                                                    | HTL Commercial Mortgage Trust 2024-T53                                           | CUSIP: 404300AJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $103668.00    | 0.01%             | 2039-05-10      | Variable      | 10.26%                | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                                                          | Public Service Co of Colorado                                                    | CUSIP: 744448DA6<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |      65000 | PA      | $64113.86     | 0.01%             | 2054-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                     | CSMC Series 2015-6R                                                              | CUSIP: 12650EBQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      20856 | PA      | $16025.21     | 0.00%             | 2036-03-27      | Floating      | 3.52%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KL0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51711.59     | 0.00%             | 2029-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CAL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1103000 | PA      | $1022687.81   | 0.09%             | 2027-09-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $370.44       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds                                         | Indonesia Government International Bonds                                         | CUSIP: 455780DN3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     450000 | PA      | $446850.00    | 0.04%             | 2032-09-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                                       | Fiserv Inc                                                                       | CUSIP: 337738BD9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |      80000 | PA      | $81765.07     | 0.01%             | 2028-03-02      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAQ3<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     120000 | PA      | $107828.72    | 0.01%             | 2052-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $4744.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED CHF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CH        |          1 | NC      | $-811.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308HR1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      67000 | PA      | $48551.05     | 0.00%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.574200 10-JUL-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     660000 | OU      | $-1270.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                             | Bank of America Corp                                                             | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     792000 | PA      | $773385.09    | 0.07%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                                           | RR Donnelley & Sons Co                                                           | CUSIP: 257867BK6<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97416.82     | 0.01%             | 2029-08-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP                                                                 | Ventas Realty LP                                                                 | CUSIP: 92277GAU1<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              |  | US        |      25000 | PA      | $23382.51     | 0.00%             | 2030-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Concord Music Royalties, LLC                                                     | Concord Music Royalties LLC                                                      | CUSIP: 20633KAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $100556.84    | 0.01%             | 2074-10-20      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140GYG86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      19577 | PA      | $18386.15     | 0.00%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.510500 01-MAR-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     305000 | OU      | $23128.47     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                                           | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $104987.60    | 0.01%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                                                         | Toyota Motor Credit Corp                                                         | CUSIP: 89236TLB9<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |      75000 | PA      | $77146.63     | 0.01%             | 2028-09-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                                                         | Constellation Energy Generation LLC                                              | CUSIP: 210385AC4<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |      15000 | PA      | $15838.46     | 0.00%             | 2033-03-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                                                              | Gilead Sciences Inc                                                              | CUSIP: 375558AS2<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101005.78    | 0.01%             | 2041-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $41248.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680CL5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50090.51     | 0.00%             | 2026-07-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680BD4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     190000 | PA      | $190967.01    | 0.02%             | 2026-01-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                                                | Park Blue Clo 2025-IX Ltd                                                        | CUSIP: 70019UAA3<br>LEI: 213800GMETRF98C4D824 | Long             | ABS-CBDO         | CORP              | KY        |     620000 | PA      | $620000.00    | 0.05%             | 2038-10-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SIERRA PACIFIC POWER CO                                                          | Sierra Pacific Power Co                                                          | CUSIP: 826418BQ7<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |      30000 | PA      | $29888.69     | 0.00%             | 2054-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLEB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      40880 | PA      | $41018.89     | 0.00%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | KR        |          1 | NC      | $-5981.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR                                                           | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              |  | US        |      25000 | PA      | $26427.18     | 0.00%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $2413.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.644000 31-MAY-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     580000 | OU      | $25643.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division                                 | LONG GILT FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        336 | NC      | $21337.07     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-987.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                        | IQVIA Inc                                                                        | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |      45000 | PA      | $47023.07     | 0.00%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | KR        |          1 | NC      | $-1805.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                                                           | Motorola Solutions Inc                                                           | CUSIP: 620076BZ1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     565000 | PA      | $576293.90    | 0.05%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                  | CVS Health Corp                                                                  | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     175000 | PA      | $150576.33    | 0.01%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                         | Corebridge Financial Inc                                                         | CUSIP: 21871XAS8<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25947.05     | 0.00%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2025-7 Mortgage Loan Trust                                                  | CUSIP: 19689CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     271644 | PA      | $271546.29    | 0.02%             | 2070-06-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                                                        | BMP 2024-MF23                                                                    | CUSIP: 05593JAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      39000 | PA      | $38937.87     | 0.00%             | 2041-06-15      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                                         | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      20000 | PA      | $19974.03     | 0.00%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CO        |          1 | NC      | $-5816.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                                                             | Verisk Analytics Inc                                                             | CUSIP: 92345YAJ5<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |     620000 | PA      | $629918.44    | 0.05%             | 2034-06-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC                                                            | Arrow Electronics Inc                                                            | CUSIP: 04273WAE1<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |     300000 | PA      | $308497.76    | 0.03%             | 2034-04-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DBSG 2024-ALTA Mortgage Trust                                                    | DBSG 2024-ALTA Mortgage Trust                                                    | CUSIP: 239918AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $101244.24    | 0.01%             | 2037-06-10      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.729580 17-SEP-2035 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2900000 | OU      | $-24331.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                               | A&D Mortgage Trust 2023-NQM5                                                     | CUSIP: 00249XAA6<br>LEI: 984500L072D83D1AA637 | Long             | ABS-MBS          | CORP              | US        |     112205 | PA      | $113439.51    | 0.01%             | 2068-11-25      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLJ33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     326992 | PA      | $305654.37    | 0.03%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | NZ        |          1 | NC      | $-4555.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      35700 | PA      | $26090.29     | 0.00%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                                    | Boeing Co/The                                                                    | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |        750 | NS      | $53025.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                           | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | HU        |          1 | NC      | $-2984.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $89.68        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                                      | OCP CLO 2014-5 Ltd                                                               | CUSIP: 67102SAL8<br>LEI: 254900NXH68CRC058O44 | Long             | ABS-CBDO         | CORP              | KY        |      18685 | PA      | $18691.56     | 0.00%             | 2031-04-26      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                                    | Citigroup Inc                                                                    | CUSIP: 172967CC3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      50000 | PA      | $52490.19     | 0.00%             | 2033-10-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Consumers Energy Co                                                              | Consumers Energy Co                                                              | CUSIP: 210518DD5<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |      25000 | PA      | $20884.20     | 0.00%             | 2049-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                                                                   | Phillips 66 Co                                                                   | CUSIP: 718547AW2<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |      60000 | PA      | $55443.83     | 0.00%             | 2054-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                | Johnson & Johnson                                                                | CUSIP: 478160CF9<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |      25000 | PA      | $22143.61     | 0.00%             | 2037-03-03      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $28838.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2025-NQM1                                    | CUSIP: 64832DAG6<br>LEI: 213800CZKHCTHKMD9W65 | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $501691.80    | 0.04%             | 2065-01-25      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                                           | Santander Holdings USA Inc                                                       | CUSIP: 80282KBE5<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50039.39     | 0.00%             | 2026-09-09      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Commonwealth Edison Co                                                           | Commonwealth Edison Co                                                           | CUSIP: 202795HK9<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |      25000 | PA      | $26639.26     | 0.00%             | 2036-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                                                             | Keurig Dr Pepper Inc                                                             | CUSIP: 26138EAT6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |      20000 | PA      | $16755.99     | 0.00%             | 2045-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CO        |          1 | NC      | $34.29        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $6035.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Service Experts Issuer                                                           | Service Experts Issuer 2024-1 LLC                                                | CUSIP: 81758FAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      77058 | PA      | $78061.48     | 0.01%             | 2035-11-20      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                                              | BWAY Trust 2025-1535                                                             | CUSIP: 12430BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      23000 | PA      | $23431.88     | 0.00%             | 2042-05-05      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20915.23     | 0.00%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corp                                                            | Novartis Capital Corp                                                            | CUSIP: 66989HAN8<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24581.44     | 0.00%             | 2027-05-17      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Amentum Holdings Inc                                                             | Amentum Holdings Inc                                                             | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |       3189 | NS      | $79629.33     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| NOVARTIS CAPITAL CORP                                                            | Novartis Capital Corp                                                            | CUSIP: 66989HAS7<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |      25000 | PA      | $15707.54     | 0.00%             | 2050-08-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: —       |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2025-NQM1                                    | CUSIP: 64832DAF8<br>LEI: 213800CZKHCTHKMD9W65 | Long             | ABS-MBS          | CORP              | US        |     289429 | PA      | $292319.21    | 0.02%             | 2065-01-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                                                      | Homes 2024-Nqm2 Trust                                                            | CUSIP: 43761CAA0<br>LEI: 254900MQRASV1D1NGZ28 | Long             | ABS-MBS          | CORP              | US        |      89323 | PA      | $89484.17     | 0.01%             | 2069-10-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-OA2                                                  | CUSIP: 126694S41<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     191855 | PA      | $169816.00    | 0.01%             | 2046-05-20      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                                                    | NYC Commercial Mortgage Trust 2025-300P                                          | CUSIP: 67121TAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     112000 | PA      | $111922.70    | 0.01%             | 2042-07-13      | Variable      | 7.39%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-MF                                             | CUSIP: 05612EAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      88545 | PA      | $88747.30     | 0.01%             | 2039-02-15      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED SEK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | SE        |          1 | NC      | $-9342.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CA        |          1 | NC      | $-872.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard Inc                                                                   | Mastercard Inc                                                                   | CUSIP: 57636QAG9<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24616.48     | 0.00%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 292480AL4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     203000 | PA      | $205404.95    | 0.02%             | 2028-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                                                         | SWP: IFS 2.832000 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     853000 | OU      | $-532.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | GB        |          1 | NC      | $-4740.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                                                          | Simon Property Group LP                                                          | CUSIP: 828807DP9<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |     120000 | PA      | $114882.41    | 0.01%             | 2027-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: —       |
| Bank of America NA                                                               | PURCHASED EUR / SOLD NOK                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | XX        |          1 | NC      | $-1445.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                                                                   | Starbucks Corp                                                                   | CUSIP: 855244BJ7<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25156.03     | 0.00%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032484<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |      -4000 | PA      | $-3831.84     | -0.00%            | 2039-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                                                          | Fidelity National Financial Inc                                                  | CUSIP: 31620RAK1<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |     310000 | PA      | $269162.03    | 0.02%             | 2031-03-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179UCA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     255017 | PA      | $232501.15    | 0.02%             | 2048-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                   | Morgan Stanley Capital I Trust 2019-H6                                           | CUSIP: 61769JAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $7988.93      | 0.00%             | 2052-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD KRW                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $21074.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XCN3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     185000 | PA      | $185729.51    | 0.02%             | 2030-05-06      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.300200 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-4283.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRACELET HOLDINGS INC                                                            | Bracelet Holdings Inc                                                            | CUSIP: 10374QAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     146000 | PA      | $140249.84    | 0.01%             | 2028-07-02      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     306000 | PA      | $261147.94    | 0.02%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                                     | Drive Auto Receivables Trust 2024-2                                              | CUSIP: 26207AAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     450000 | PA      | $448555.73    | 0.04%             | 2032-05-17      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                                                | Cisco Systems Inc                                                                | CUSIP: 17275RBR2<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |     200000 | PA      | $203945.50    | 0.02%             | 2029-02-26      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                                         | Aston Martin Capital Holdings Ltd                                                | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |     175000 | PA      | $166907.57    | 0.01%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $8422.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                                                              | FS KKR Capital Corp                                                              | CUSIP: 302635AN7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |     380000 | PA      | $392230.49    | 0.03%             | 2029-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| STREAM INNOVATIONS ISSUER TRUST                                                  | Stream Innovations 2025-1 Issuer Trust                                           | CUSIP: 86324XAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     101214 | PA      | $101359.57    | 0.01%             | 2045-09-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                         | Lloyds Banking Group PLC                                                         | CUSIP: 539439AQ2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $195442.54    | 0.02%             | 2028-11-07      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135BJ4<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |      25000 | PA      | $20579.78     | 0.00%             | 2047-08-22      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Nevada Power Co                                                                  | Nevada Power Co                                                                  | CUSIP: 641423CC0<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34060.36     | 0.00%             | 2029-05-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                        | Amgen Inc                                                                        | CUSIP: 031162DG2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     103000 | PA      | $79300.74     | 0.01%             | 2062-02-22      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                                                               | Analog Devices Inc                                                               | CUSIP: 032654AX3<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |      35000 | PA      | $22568.48     | 0.00%             | 2051-10-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1239200 | PA      | $766755.00    | 0.06%             | 2049-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PBR6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      95000 | PA      | $91265.39     | 0.01%             | 2028-06-01      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEK8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      23000 | PA      | $23303.47     | 0.00%             | 2035-07-22      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                                           | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     161000 | PA      | $165828.08    | 0.01%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                             | Bank of America Corp                                                             | CUSIP: 06051GFG9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      27000 | PA      | $24862.53     | 0.00%             | 2044-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      45000 | PA      | $46096.71     | 0.00%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $10297.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F050684<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    9958000 | PA      | $9691102.50   | 0.82%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140MNQA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     282389 | PA      | $254236.13    | 0.02%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics Inc                                                             | Verisk Analytics Inc                                                             | CUSIP: 92345YAE6<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |      40000 | PA      | $38323.66     | 0.00%             | 2045-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                                      | OCP CLO 2025-40 Ltd                                                              | CUSIP: 67570FAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $249756.55    | 0.02%             | 2038-04-16      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                                               | Howard Hughes Corp/The                                                           | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |      48000 | PA      | $47705.52     | 0.00%             | 2028-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                                                              | Consumers Energy Co                                                              | CUSIP: 210518DX1<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40449.67     | 0.00%             | 2030-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                                             | Freeport-McMoRan Inc                                                             | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |      50000 | PA      | $47111.32     | 0.00%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      40000 | PA      | $35733.19     | 0.00%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                                                  | DTE Electric Co                                                                  | CUSIP: 23338VAY2<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |     510000 | PA      | $517919.85    | 0.04%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                                                         | SWP: IFS 3.406500 15-JUL-2030 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1174863 | OU      | $4053.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                                            | HUB International Ltd                                                            | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104124.85    | 0.01%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                                       | PacifiCorp                                                                       | CUSIP: 695114DA3<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |      30000 | PA      | $27421.49     | 0.00%             | 2054-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |        400 | PA      | $321.52       | 0.00%             | 2053-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                                          | John Deere Capital Corp                                                          | CUSIP: 24422EWR6<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |      60000 | PA      | $60739.20     | 0.01%             | 2028-01-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     400000 | PA      | $344456.69    | 0.03%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| First Franklin Mtg Loan Asset Backed Certificates                                | First Franklin Mortgage Loan Trust 2006-FF13                                     | CUSIP: 30247DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      28058 | PA      | $17944.38     | 0.00%             | 2036-10-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-LIFE                                                               | CUSIP: 05616HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100680.36    | 0.01%             | 2047-06-13      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                                       | Bear Stearns Asset Backed Securities Trust 2005-2                                | CUSIP: 073877CH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     210000 | PA      | $212551.44    | 0.02%             | 2035-06-25      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $8592.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KAL1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    1415000 | PA      | $1388539.43   | 0.12%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| ARES CAPITAL CORP                                                                | Ares Capital Corp                                                                | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     135000 | PA      | $127570.32    | 0.01%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TH        |          1 | NC      | $-643.69      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $5074.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                         | Capital One Financial Corp                                                       | CUSIP: 14040HCZ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      44000 | PA      | $45966.57     | 0.00%             | 2029-06-08      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.428700 20-JUN-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     163000 | OU      | $15327.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119DC0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199535.38    | 0.02%             | 2055-03-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.561500 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1190000 | OU      | $7033.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.391000 17-SEP-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4000000 | OU      | $9537.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                           | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     167000 | PA      | $172821.79    | 0.01%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BANNER HEALTH                                                                    | Banner Health                                                                    | CUSIP: 06654DAB3<br>LEI: PLD0E0WJKFN8IZJ2WD85 | Long             | DBT              | CORP              | US        |      50000 | PA      | $45721.36     | 0.00%             | 2030-01-01      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                                 | Duke Energy Corp                                                                 | CUSIP: 26441CBN4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     137000 | PA      | $93670.98     | 0.01%             | 2051-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NVENT FINANCE SARL                                                               | nVent Finance Sarl                                                               | CUSIP: 67078AAF0<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |     320000 | PA      | $327033.41    | 0.03%             | 2033-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                                                              | NOVA Chemicals Corp                                                              | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $107454.20    | 0.01%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680AY9<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     100000 | PA      | $95238.99     | 0.01%             | 2029-09-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY SOUTH                                                            | Dominion Energy South Carolina Inc                                               | CUSIP: 25731VAC8<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |      22000 | PA      | $22416.13     | 0.00%             | 2035-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED AUD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | AU        |          1 | NC      | $-2226.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.883300 17-SEP-2035 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    7215000 | OU      | $31302.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XHXB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     131255 | PA      | $128843.16    | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES                                                            | Keysight Technologies Inc                                                        | CUSIP: 49338LAG8<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |     185000 | PA      | $181837.18    | 0.02%             | 2034-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                                           | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |      46000 | PA      | $46401.40     | 0.00%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                                                 | Black Hills Corp                                                                 | CUSIP: 092113AX7<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |      80000 | PA      | $83169.59     | 0.01%             | 2035-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trust                                                  | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                               | CUSIP: 34461WAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99981.00     | 0.01%             | 2039-12-15      | Floating      | 9.99%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.092790 17-SEP-2027 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    5360000 | OU      | $-1840.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                                         | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      52000 | PA      | $48763.16     | 0.00%             | 2030-04-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     251000 | PA      | $243619.15    | 0.02%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     200000 | PA      | $202098.81    | 0.02%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.252800 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     320000 | OU      | $-2182.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                          | Simon Property Group LP                                                          | CUSIP: 828807CE5<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |     100000 | PA      | $112644.77    | 0.01%             | 2040-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2024-6 Mortgage Loan Trust                                                  | CUSIP: 19688XAA4<br>LEI: 213800U2X2TO1PQH1O75 | Long             | ABS-MBS          | CORP              | US        |      87625 | PA      | $87521.82     | 0.01%             | 2069-11-25      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2021-ARIA                                                               | CUSIP: 05608RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      45000 | PA      | $44986.00     | 0.00%             | 2036-10-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                                                            | Freedom Mortgage Corp                                                            | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |      44000 | PA      | $48670.38     | 0.00%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                                                                | National Grid PLC                                                                | CUSIP: 636274AF9<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |      40000 | PA      | $40730.84     | 0.00%             | 2034-01-11      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2025-NQM4                                    | CUSIP: 64832FAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     149000 | PA      | $148833.20    | 0.01%             | 2065-07-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                           | Philip Morris International Inc                                                  | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      75000 | PA      | $75934.86     | 0.01%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                                                    | FirstCash Inc                                                                    | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     149000 | PA      | $152740.65    | 0.01%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2024-NQM1                                                                   | CUSIP: 26845DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     147723 | PA      | $147701.92    | 0.01%             | 2069-11-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CA        |          1 | NC      | $-2759.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMKG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     134905 | PA      | $128837.63    | 0.01%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY PTE LTD                                                         | CONTINUUM ENERGY PTE LTD                                                         | CUSIP: 211926AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     218366 | PA      | $218366.00    | 0.02%             | 2027-09-11      | Variable      | 12.85%                | No            |                  3 | On Loan: —       |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $1468.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ATMOS ENERGY CORP                                                                | Atmos Energy Corp                                                                | CUSIP: 049560AZ8<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |      75000 | PA      | $80210.38     | 0.01%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.102000 17-SEP-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     430000 | OU      | $1321.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Lease Corp                                                                   | Air Lease Corp                                                                   | CUSIP: 00912XBF0<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100160.13    | 0.01%             | 2028-10-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TH        |          1 | NC      | $-140.39      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FOOT LOCKER INC                                                                  | Foot Locker Inc                                                                  | CUSIP: 344849AA2<br>LEI: 549300X383CBNP6MTV94 | Long             | DBT              | CORP              | US        |      54000 | PA      | $50850.93     | 0.00%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PACKAGING CORP OF AMERIC                                                         | Packaging Corp of America                                                        | CUSIP: 695156AV1<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | DBT              | CORP              | US        |     420000 | PA      | $321567.30    | 0.03%             | 2049-12-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBH6<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      45000 | PA      | $32283.17     | 0.00%             | 2052-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| CVR PARTNERS/CVR NITROGE                                                         | CVR Partners LP / CVR Nitrogen Finance Corp                                      | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     104000 | PA      | $103235.37    | 0.01%             | 2028-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.358500 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    9000812 | OU      | $72.06        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $598.69       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                                               | Chase Mortgage Finance Trust Series 2007-S5                                      | CUSIP: 161631AK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     523945 | PA      | $224256.52    | 0.02%             | 2037-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                                                       | goeasy Ltd                                                                       | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     138000 | PA      | $146068.58    | 0.01%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                                                  | McDonald's Corp                                                                  | CUSIP: 58013MFK5<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     300000 | PA      | $217515.34    | 0.02%             | 2049-09-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Gaea Mortgage Loan Trust                                                         | Gaea Mortgage Loan Trust 2025-A                                                  | CUSIP: 362928AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      88112 | PA      | $86388.62     | 0.01%             | 2030-02-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2023-SHIP                                      | CUSIP: 36270GAJ0<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |     132000 | PA      | $132246.72    | 0.01%             | 2038-09-10      | Variable      | 7.43%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                                      | Oracle Corp                                                                      | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     160000 | PA      | $126283.14    | 0.01%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PRES & FELLOWS OF HARVAR                                                         | President and Fellows of Harvard College                                         | CUSIP: 740816AR4<br>LEI: 6S3X7J22E861RNTJSA74 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49256.80     | 0.00%             | 2035-02-15      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680BL6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     250000 | PA      | $262339.55    | 0.02%             | 2033-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ENTERGY TEXAS INC                                                                | Entergy Texas Inc                                                                | CUSIP: 29365TAK0<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |      50000 | PA      | $42974.49     | 0.00%             | 2031-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMAZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     621141 | PA      | $593677.76    | 0.05%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                                         | OCP SA                                                                           | CUSIP: 000000000<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     223000 | PA      | $231898.90    | 0.02%             | 2034-05-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                                                                | Union Electric Co                                                                | CUSIP: 906548CZ3<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     195000 | PA      | $178095.21    | 0.02%             | 2055-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAU8<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     211000 | PA      | $211276.34    | 0.02%             | 2035-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ASSURED GUARANTY US HLDG                                                         | Assured Guaranty US Holdings Inc                                                 | CUSIP: 04621WAF7<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |     226000 | PA      | $236231.30    | 0.02%             | 2028-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV                                                          | Mong Duong Finance Holdings BV                                                   | CUSIP: 000000000<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     338800 | PA      | $331061.63    | 0.03%             | 2029-05-07      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                                                        | BPR Trust 2024-PMDW                                                              | CUSIP: 05592VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $10089.36     | 0.00%             | 2041-11-05      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                           | Extra Space Storage LP                                                           | CUSIP: 30225VAG2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |     100000 | PA      | $85225.50     | 0.01%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| HONO Mortgage Trust                                                              | HONO 2021-LULU Mortgage Trust                                                    | CUSIP: 40390MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99687.50     | 0.01%             | 2036-10-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-1293.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HKE75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1417646 | PA      | $1417720.30   | 0.12%             | 2055-01-25      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                                     | Barclays Mortgage Trust 2021-NPL1                                                | CUSIP: 06744JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      64800 | PA      | $64632.62     | 0.01%             | 2051-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E07G1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     207296 | PA      | $211673.71    | 0.02%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      45000 | PA      | $45596.75     | 0.00%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                           | Santander Drive Auto Receivables Trust 2022-7                                    | CUSIP: 80287FAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     411114 | PA      | $412074.26    | 0.03%             | 2028-01-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CGI INC                                                                          | CGI Inc                                                                          | CUSIP: 12532HAC8<br>LEI: 549300WSRCZY73ZG3090 | Long             | DBT              | CORP              | CA        |      25000 | PA      | $24152.54     | 0.00%             | 2026-09-14      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Dowson                                                                           | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |     110000 | PA      | $144783.80    | 0.01%             | 2031-08-20      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.328000 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  174000000 | OU      | $4697.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CL        |          1 | NC      | $-6114.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAN4<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     320000 | PA      | $296838.70    | 0.03%             | 2032-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    1127000 | PA      | $1008924.98   | 0.09%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Minejesa Capital BV                                                              | Minejesa Capital BV                                                              | CUSIP: 000000000<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |     522000 | PA      | $510777.00    | 0.04%             | 2037-08-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| ROCKET COS INC                                                                   | Rocket Cos Inc                                                                   | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      80000 | PA      | $81598.66     | 0.01%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trust                                                  | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                               | CUSIP: 34461WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     700000 | PA      | $701223.67    | 0.06%             | 2039-12-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                                                  | Benefit Street Partners CLO IV Ltd                                               | CUSIP: 08180FBU4<br>LEI: 5493002BNZCV0YE1MG83 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $500737.85    | 0.04%             | 2034-04-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | CHL Mortgage Pass-Through Trust 2007-8                                           | CUSIP: 12545AAM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     140115 | PA      | $56498.53     | 0.00%             | 2038-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.730000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    7000000 | OU      | $-49135.62    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                                                            | Southern California Gas Co                                                       | CUSIP: 842434CX8<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |      15000 | PA      | $16069.54     | 0.00%             | 2052-11-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                     | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OC2 Trust | CUSIP: 93936LAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      12342 | PA      | $11303.82     | 0.00%             | 2037-06-25      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                                          | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JAS3<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     105000 | PA      | $100848.32    | 0.01%             | 2042-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XKKB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     564842 | PA      | $450949.23    | 0.04%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                                            | Civitas Resources Inc                                                            | CUSIP: 097793AE3<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |      88000 | PA      | $87031.50     | 0.01%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                         | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AZ9<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     272000 | PA      | $284945.66    | 0.02%             | 2037-09-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                                             | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 4298300000 | PA      | $677922.83    | 0.06%             | 2036-07-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Trust 2024-1                                           | CUSIP: 39571MAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     275134 | PA      | $279731.79    | 0.02%             | 2059-06-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED EUR / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |          1 | NC      | $57.59        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 13.370000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    3000000 | OU      | $2113.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Washington Mutual Asset-Backed CTFS                                              | Washington Mutural Asset-Backed Certificates WMABS Series 2007-HE1 Trust         | CUSIP: 93935KAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       5595 | PA      | $1735.94      | 0.00%             | 2036-11-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.552000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 1510000000 | OU      | $2476.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.885000 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3100000 | OU      | $-996.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 2.378000 17-SEP-2030 SOR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $25092.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L                                                         | RenaissanceRe Holdings Ltd                                                       | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |     955000 | PA      | $983519.36    | 0.08%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                                                         | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |      96000 | PA      | $99418.66     | 0.01%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | JP        |          1 | NC      | $-6522.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                                            | Texas Instruments Inc                                                            | CUSIP: 882508CB8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     200000 | PA      | $203277.43    | 0.02%             | 2033-03-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.457620 17-SEP-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1220106 | OU      | $21970.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FISERV INC                                                                       | Fiserv Inc                                                                       | CUSIP: 337738AU2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23987.75     | 0.00%             | 2029-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED EUR / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |          1 | NC      | $1325.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOEASY LTD                                                                       | goeasy Ltd                                                                       | CUSIP: 380355AN7<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |      75000 | PA      | $76471.05     | 0.01%             | 2030-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                                                  | OHA Credit Funding 19 Ltd                                                        | CUSIP: 67100SAE6<br>LEI: 254900WSB9O7FH7DWN37 | Long             | ABS-CBDO         | CORP              | BM        |     250000 | PA      | $250704.53    | 0.02%             | 2037-07-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBP7<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     450000 | PA      | $314380.96    | 0.03%             | 2061-02-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.571940 17-SEP-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4870000 | OU      | $6304.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DARDEN RESTAURANTS INC                                                           | Darden Restaurants Inc                                                           | CUSIP: 237194AP0<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |     205000 | PA      | $204589.12    | 0.02%             | 2027-10-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2021-DNA2                                          | CUSIP: 35564KDX4<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | USGSE             | US        |    2255000 | PA      | $2501651.90   | 0.21%             | 2033-08-25      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     997000 | PA      | $1078353.03   | 0.09%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAT7<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     204000 | PA      | $208275.31    | 0.02%             | 2034-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC                                                               | Steel Dynamics Inc                                                               | CUSIP: 858119BK5<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23755.45     | 0.00%             | 2030-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                                                                 | Coca-Cola Co/The                                                                 | CUSIP: 191216CV0<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |      75000 | PA      | $66384.94     | 0.01%             | 2030-06-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                                     | Comcast Corp                                                                     | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     295000 | PA      | $170426.25    | 0.01%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                                                     | ams-OSRAM AG                                                                     | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |     125000 | PA      | $134249.43    | 0.01%             | 2029-03-30      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                              | PURCHASED EUR / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | XX        |          1 | NC      | $-457.91      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.945000 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3220000 | OU      | $-2206.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     120000 | PA      | $119754.20    | 0.01%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179YHU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      59817 | PA      | $61545.90     | 0.01%             | 2053-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust 2023-2                                     | CUSIP: 959926AF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     300000 | PA      | $301969.86    | 0.03%             | 2028-03-15      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                              | Elevance Health Inc                                                              | CUSIP: 036752BE2<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |      24000 | PA      | $22916.08     | 0.00%             | 2055-02-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: —       |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     742000 | PA      | $758719.51    | 0.06%             | 2031-04-23      | Fixed         | 5.22%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                                                         | FSWP: PLN 4.130000 17-SEP-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $-1344.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: GBP 3.760300 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-1854.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EVERGY METRO                                                                     | Evergy Metro Inc                                                                 | CUSIP: 30037DAD7<br>LEI: 1128SIJQ26096WL7IO82 | Long             | DBT              | CORP              | US        |      30000 | PA      | $30656.16     | 0.00%             | 2034-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| TRANE TECH FIN LTD                                                               | Trane Technologies Financing Ltd                                                 | CUSIP: 892938AA9<br>LEI: 549300A5OEF3CJI2CO89 | Long             | DBT              | CORP              | IE        |     150000 | PA      | $154084.21    | 0.01%             | 2033-03-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SELF Commercial Mortgage Trust                                                   | SELF Commercial Mortgage Trust 2024-STRG                                         | CUSIP: 81631WAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      70000 | PA      | $70443.58     | 0.01%             | 2034-11-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 4.068950 17-SEP-2055 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1400000 | OU      | $-6279.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                                                | Store Capital LLC                                                                | CUSIP: 862123AA4<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              |  | US        |     237000 | PA      | $239775.16    | 0.02%             | 2030-04-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24028.99     | 0.00%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| SHARP HEALTHCARE                                                                 | Sharp HealthCare                                                                 | CUSIP: 819892AL4<br>LEI: 549300DEPBQ9WUW1K512 | Long             | DBT              | CORP              | US        |     100000 | PA      | $60203.12     | 0.01%             | 2050-08-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| CART                                                                             | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $198510.94    | 0.02%             | 2041-08-15      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VBD2<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      41000 | PA      | $42275.85     | 0.00%             | 2029-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $11228.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     144000 | PA      | $123179.42    | 0.01%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: —       |
| SUNOCO LP/FINANCE CORP                                                           | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $95882.20     | 0.01%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                                                          | Southwestern Electric Power Co                                                   | CUSIP: 845437BR2<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |      95000 | PA      | $93871.11     | 0.01%             | 2028-09-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    1403000 | PA      | $1433825.28   | 0.12%             | 2031-01-24      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                                          | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JBU7<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |      70000 | PA      | $64701.94     | 0.01%             | 2030-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                 | RALI Series 2007-QO2 Trust                                                       | CUSIP: 75116AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     373714 | PA      | $112418.95    | 0.01%             | 2047-02-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                                         | Madison Park Funding XXXI Ltd                                                    | CUSIP: 55819DBA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250374.93    | 0.02%             | 2037-07-23      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | TR        |          1 | NC      | $1228.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                                              | Cardinal Health Inc                                                              | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     430000 | PA      | $435072.53    | 0.04%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| WISCONSIN POWER & LIGHT                                                          | Wisconsin Power and Light Co                                                     | CUSIP: 976826BQ9<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |     135000 | PA      | $127458.57    | 0.01%             | 2032-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | HU        |          1 | NC      | $-185.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2550000 | PA      | $2606353.73   | 0.22%             | 2041-10-25      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.018460 12-MAR-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 1455297954 | OU      | $-15086.44    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EUROPEAN UNION                                                                   | European Union                                                                   | CUSIP: 000000000<br>LEI: 529900FZRK8FGMPEOM08 | Long             | DBT              | NUSS              | XX        |     350000 | PA      | $310206.20    | 0.03%             | 2052-10-04      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MGM CHINA HOLDINGS LTD                                                           | MGM China Holdings Ltd                                                           | CUSIP: 000000000<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |     500000 | PA      | $520545.35    | 0.04%             | 2031-06-26      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| INTERPUBLIC GROUP COS                                                            | Interpublic Group of Cos Inc/The                                                 | CUSIP: 460690BR0<br>LEI: 5493008IUOJ5VWTRC333 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50051.90     | 0.00%             | 2030-03-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chevron Corp                                                                     | Chevron Corp                                                                     | CUSIP: 166764BL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      25000 | PA      | $24736.74     | 0.00%             | 2026-05-16      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CZ        |          1 | NC      | $-284.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2J1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     535000 | PA      | $490519.29    | 0.04%             | 2031-02-11      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      61000 | PA      | $64656.11     | 0.01%             | 2034-05-19      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0GT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     230051 | PA      | $216101.50    | 0.02%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                                                | CUSIP: 796253Y30<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |      50000 | PA      | $50573.76     | 0.00%             | 2041-02-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC                                                              | Avianca Midco 2 PLC                                                              | CUSIP: 05369YAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      96055 | PA      | $91132.18     | 0.01%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NZ        |          1 | NC      | $-2267.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      35000 | PA      | $37101.73     | 0.00%             | 2034-02-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                                           | JW Trust 2024-BERY                                                               | CUSIP: 46676AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     600000 | PA      | $600748.20    | 0.05%             | 2039-11-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.355710 17-SEP-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   14280000 | OU      | $77363.99     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Verisk Analytics Inc                                                             | Verisk Analytics Inc                                                             | CUSIP: 92345YAF3<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |     530000 | PA      | $525822.54    | 0.04%             | 2029-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3131Y0ZS4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      11564 | PA      | $10858.69     | 0.00%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                                            | Palmer Square CLO 2024-2 LTD                                                     | CUSIP: 69703LAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     300000 | PA      | $300744.54    | 0.03%             | 2037-07-20      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $309.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $2262.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                                          | SBA Communications Corp                                                          | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              |  | US        |     100000 | PA      | $98272.45     | 0.01%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                                            | Waste Connections Inc                                                            | CUSIP: 94106BAA9<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     150000 | PA      | $138878.25    | 0.01%             | 2030-02-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XKPV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     412673 | PA      | $404806.51    | 0.03%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                              | Dominion Energy Inc                                                              | CUSIP: 257469AJ5<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50364.80     | 0.00%             | 2033-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JSW HYDRO ENERGY LTD                                                             | JSW Hydro Energy Ltd                                                             | CUSIP: 000000000<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |     213000 | PA      | $197344.50    | 0.02%             | 2031-05-18      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     300000 | PA      | $304068.73    | 0.03%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CNF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      84000 | PA      | $83960.63     | 0.01%             | 2032-05-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| TRAVELERS COS INC                                                                | Travelers Cos Inc/The                                                            | CUSIP: 89417EAJ8<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |      25000 | PA      | $22159.05     | 0.00%             | 2043-08-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2021-DNA1                                          | CUSIP: 35564KBD0<br>LEI: 5493000IT1PBTE7DAT80 | Long             | ABS-MBS          | USGSE             | US        |    2300000 | PA      | $2410693.25   | 0.20%             | 2051-01-25      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | US        |          1 | NC      | $13270.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                                   | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     789000 | PA      | $811998.40    | 0.07%             | 2041-12-10      | Variable      | 7.52%                 | No            |                  2 | On Loan: No      |
| RPM INTERNATIONAL INC                                                            | RPM International Inc                                                            | CUSIP: 749685AY9<br>LEI: 549300TJCKW4BRXPJ474 | Long             | DBT              | CORP              | US        |     470000 | PA      | $416116.38    | 0.04%             | 2032-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H030682<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |     -41000 | PA      | $-35818.45    | -0.00%            | 2054-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.799110 17-SEP-2035 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   10190000 | OU      | $-26828.41    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                                               | Realty Income Corp                                                               | CUSIP: 756109BA1<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |      40000 | PA      | $32401.25     | 0.00%             | 2033-03-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                     | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-6 Trust   | CUSIP: 93935GAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     329987 | PA      | $131406.01    | 0.01%             | 2036-08-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                                             | Boston Properties LP                                                             | CUSIP: 10112RBB9<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              |  | US        |      25000 | PA      | $23684.41     | 0.00%             | 2029-06-21      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | GB        |          1 | NC      | $-5256.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                                            | Universal Health Services Inc                                                    | CUSIP: 913903BB5<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49300.96     | 0.00%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.814000 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    6894000 | OU      | $27852.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XB2F6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     544167 | PA      | $509381.34    | 0.04%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2007-19                                                   | CUSIP: 02151ABK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     282604 | PA      | $129697.23    | 0.01%             | 2037-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                                      | MetLife Inc                                                                      | CUSIP: 59156RCE6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25972.94     | 0.00%             | 2033-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Acres PLC                                                                        | ACRES 2025-FL3 LLC                                                               | CUSIP: 00501DAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     538000 | PA      | $538640.55    | 0.05%             | 2040-08-18      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| REMIC FUNDING TRUST 98-1                                                         | Redwood Funding Trust 2023-1                                                     | CUSIP: 75806CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      70364 | PA      | $70146.26     | 0.01%             | 2059-07-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN                                                           | Berkshire Hathaway Finance Corp                                                  | CUSIP: 084664CU3<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |      80000 | PA      | $72158.95     | 0.01%             | 2030-03-12      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| MetLife Inc                                                                      | MetLife Inc                                                                      | CUSIP: 59156RBN7<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |      35000 | PA      | $28440.57     | 0.00%             | 2045-03-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                           | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BK0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51026.39     | 0.00%             | 2028-12-02      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INSTITUTE OF                                                          | California Institute of Technology                                               | CUSIP: 13034VAD6<br>LEI: 549300CITPNHOTVPHC04 | Long             | DBT              | CORP              | US        |      50000 | PA      | $31308.11     | 0.00%             | 2119-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: —       |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    1206000 | PA      | $1207418.69   | 0.10%             | 2028-10-22      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DPV70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     559145 | PA      | $446242.53    | 0.04%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: AUD 3.796000 17-SEP-2030 AUD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-1626.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KP1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     200000 | PA      | $217573.92    | 0.02%             | 2034-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753VBT4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1900000 | PA      | $2016375.00   | 0.17%             | 2040-02-25      | Floating      | 11.21%                | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.020810 17-SEP-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2636878 | OU      | $-14848.41    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                                    | Citigroup Inc                                                                    | CUSIP: 172967LJ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     100000 | PA      | $81993.95     | 0.01%             | 2048-04-24      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KQQM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      28344 | PA      | $28783.22     | 0.00%             | 2053-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SESAC Finance, LLC                                                               | Sesac Finance LLC                                                                | CUSIP: 78396YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     182000 | PA      | $178948.59    | 0.02%             | 2055-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TW        |          1 | NC      | $-5781.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | E-MINI RUSS 2000 SEP25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         -5 | NC      | $-25468.42    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     195000 | PA      | $196706.25    | 0.02%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.308000 17-SEP-2025 FED                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  175764000 | OU      | $-4797.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer III, LLC                                              | Compass Datacenters Issuer III LLC                                               | CUSIP: 20469BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     247000 | PA      | $247069.23    | 0.02%             | 2050-07-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                                         | Anheuser-Busch InBev Worldwide Inc                                               | CUSIP: 03523TBW7<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20280.06     | 0.00%             | 2059-01-23      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: TWD 1.973000 17-SEP-2030 TAI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $-1186.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED CZK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CZ        |          1 | NC      | $282.06       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PulteGroup Inc                                                                   | PulteGroup Inc                                                                   | CUSIP: 745867AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $50078.86     | 0.00%             | 2026-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQUP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     258920 | PA      | $243138.29    | 0.02%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILPT Commercial Mortgage Trust                                                   | ILPT Commercial Mortgage Trust 2025-LPF2                                         | CUSIP: 451955AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     252000 | PA      | $254387.55    | 0.02%             | 2042-07-13      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBJ2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20256.45     | 0.00%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJG7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   30374900 | PA      | $31640916.42  | 2.67%             | 2030-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 13.495000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    4000000 | OU      | $1660.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CL        |          1 | NC      | $-4861.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PRM5 Trust                                                                       | PRM5 Trust 2025-PRM5                                                             | CUSIP: 693980AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     489000 | PA      | $483399.34    | 0.04%             | 2033-03-10      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                                   | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     560000 | PA      | $575069.04    | 0.05%             | 2041-12-10      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                          | MPLX LP                                                                          | CUSIP: 55336VAN0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     450000 | PA      | $363850.97    | 0.03%             | 2048-04-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H060689<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |     -51000 | PA      | $-51683.30    | -0.00%            | 2054-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QST68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     120229 | PA      | $122118.09    | 0.01%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                                                         | Omega Healthcare Investors Inc                                                   | CUSIP: 681936BP4<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |     469000 | PA      | $470489.21    | 0.04%             | 2030-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 5YR NOTE (CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -232 | NC      | $-65540.40    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                             | PRET 2024-NPL4 LLC                                                               | CUSIP: 74143RAA1<br>LEI: 254900OXVJK5CT5B2O86 | Long             | ABS-O            | CORP              | US        |     611972 | PA      | $611780.96    | 0.05%             | 2054-07-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                                         | Rogers Communications Inc                                                        | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $102237.14    | 0.01%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                             | Royal Bank of Canada                                                             | CUSIP: 78016FZX5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      25000 | PA      | $25411.83     | 0.00%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | MX        |          1 | NC      | $625.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $1196.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                         | Vistra Operations Co LLC                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     237000 | PA      | $250838.91    | 0.02%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing and Securitization                                  | Credit-Based Asset Servicing and Securitization LLC                              | CUSIP: 1248P8AL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     372204 | PA      | $300927.74    | 0.03%             | 2036-10-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAL3<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |     139000 | PA      | $92458.96     | 0.01%             | 2049-09-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.124340 17-SEP-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     700000 | OU      | $3828.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                                      | OCP CLO 2017-13 Ltd                                                              | CUSIP: 67097LAV8<br>LEI: 254900M77QLN2EBJHE11 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250820.28    | 0.02%             | 2037-11-26      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                             | Deephaven Residential Mortgage Trust 2024-1                                      | CUSIP: 24380QAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      82090 | PA      | $82301.17     | 0.01%             | 2069-07-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: GBP 3.724000 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $577.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                                         | South Bow USA Infrastructure Holdings LLC                                        | CUSIP: 83007CAE2<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49355.99     | 0.00%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                                         | Florida Power & Light Co                                                         | CUSIP: 341081GK7<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |      30000 | PA      | $30603.69     | 0.00%             | 2028-04-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                         | Univision Communications Inc                                                     | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101557.00    | 0.01%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EDC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1597840 | PA      | $1312765.38   | 0.11%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | CHL Mortgage Pass-Through Trust 2007-11                                          | CUSIP: 12544LAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     531730 | PA      | $223904.21    | 0.02%             | 2037-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                   | Morgan Stanley                                                                   | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      75000 | PA      | $74804.63     | 0.01%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                                     | Ares Loan Funding IV Ltd                                                         | CUSIP: 04020FAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $252006.53    | 0.02%             | 2036-10-15      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2                    | CUSIP: 46590MAR1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     133000 | PA      | $130574.19    | 0.01%             | 2049-08-15      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                      | Gartner Inc                                                                      | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     116000 | PA      | $108559.91    | 0.01%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                                          | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $97625.00     | 0.01%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| JSC KASPI.KZ                                                                     | JSC Kaspi.kz                                                                     | CUSIP: 000000000<br>LEI: 2549003YU6FARG8OAZ13 | Long             | DBT              | CORP              | KZ        |     212000 | PA      | $216240.00    | 0.02%             | 2030-03-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: T-Fund, Institutional Shares                          | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  175599433 | NS      | $175599433.42 | 14.81%            |  |  |  | No            |                  1 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     290000 | PA      | $193850.50    | 0.02%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587DT1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      70000 | PA      | $72865.58     | 0.01%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $23962.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                           | Lendmark Funding Trust 2025-1                                                    | CUSIP: 52604QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     171000 | PA      | $171715.72    | 0.01%             | 2034-09-20      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                                            | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $196500.00    | 0.02%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                                                                | Union Electric Co                                                                | CUSIP: 906548CY6<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |      75000 | PA      | $75977.40     | 0.01%             | 2034-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                               | VICI Properties LP                                                               | CUSIP: 925650AH6<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |     489000 | PA      | $488711.81    | 0.04%             | 2031-11-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                             | Deephaven Residential Mortgage Trust 2021-1                                      | CUSIP: 24380VAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     400000 | PA      | $357034.60    | 0.03%             | 2065-05-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| QUEST DIAGNOSTICS INC                                                            | Quest Diagnostics Inc                                                            | CUSIP: 74834LBF6<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |     800000 | PA      | $804238.05    | 0.07%             | 2029-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                                                           | Brookfield Finance Inc                                                           | CUSIP: 11271LAE2<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     125000 | PA      | $123530.08    | 0.01%             | 2030-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     250000 | PA      | $247261.35    | 0.02%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD NZD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $2178.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $441.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.736000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1000000 | OU      | $-7573.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | MX        |          1 | NC      | $1716.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | GB        |          1 | NC      | $-1451.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                                  | CVS Health Corp                                                                  | CUSIP: 126650DP2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      91000 | PA      | $62779.49     | 0.01%             | 2040-08-21      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                             | OneMain Finance Corp                                                             | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      65000 | PA      | $66383.69     | 0.01%             | 2029-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2025-3                                    | CUSIP: 92262RAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      99387 | PA      | $99743.85     | 0.01%             | 2055-06-25      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP                                                          | Digital Realty Trust LP                                                          | CUSIP: 25389JAV8<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              |  | US        |      50000 | PA      | $51158.36     | 0.00%             | 2028-01-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                                                     | Entegris Inc                                                                     | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97953.48     | 0.01%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CSX Corp                                                                         | CSX Corp                                                                         | CUSIP: 126408GS6<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     100000 | PA      | $107678.18    | 0.01%             | 2040-04-30      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| 1988 CLO Ltd.                                                                    | 1988 CLO 5 Ltd                                                                   | CUSIP: 68252PAA4<br>LEI: 254900KAQBAF5XV8IU66 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251125.00    | 0.02%             | 2037-07-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                                          | Consolidated Edison Co of New York Inc                                           | CUSIP: 209111GK3<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |      60000 | PA      | $59591.00     | 0.01%             | 2054-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.568000 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $10055.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754BAF8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1825000 | PA      | $1903011.27   | 0.16%             | 2042-01-25      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                                                      | VEGAS Trust 2024-TI                                                              | CUSIP: 92254AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      60000 | PA      | $60532.28     | 0.01%             | 2039-11-10      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-11CB                                                 | CUSIP: 12668BWE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     894632 | PA      | $447064.63    | 0.04%             | 2036-05-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LBC2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    2826000 | PA      | $2783982.21   | 0.23%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Eaton Corp                                                                       | Eaton Corp                                                                       | CUSIP: 278062AD6<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19240.70     | 0.00%             | 2032-11-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                                                         | Constellation Brands Inc                                                         | CUSIP: 21036PBF4<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     125000 | PA      | $115570.22    | 0.01%             | 2030-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BHMS Mortgage Trust                                                              | BHMS 2018-ATLS                                                                   | CUSIP: 05549GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99980.48     | 0.01%             | 2035-07-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                                              | Bank of Nova Scotia/The                                                          | CUSIP: 06418GAD9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |      50000 | PA      | $51305.56     | 0.00%             | 2028-06-12      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AECOM                                                                            | AECOM                                                                            | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |     120000 | PA      | $120975.60    | 0.01%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARKEL GROUP INC                                                                 | Markel Group Inc                                                                 | CUSIP: 570535AY0<br>LEI: 549300SCNO12JLWIK605 | Long             | DBT              | CORP              | US        |     245000 | PA      | $243950.99    | 0.02%             | 2054-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                            | Truist Financial Corp                                                            | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     250000 | PA      | $252606.92    | 0.02%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $17.97        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                             | Bank of America Corp                                                             | CUSIP: 06051GGC7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      80000 | PA      | $79560.55     | 0.01%             | 2027-11-25      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA REVENUES                                                      | CUSIP: 91412GHA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     270000 | PA      | $223015.34    | 0.02%             | 2112-05-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                                   | Home Depot Inc/The                                                               | CUSIP: 437076DE9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     200000 | PA      | $201606.11    | 0.02%             | 2034-06-25      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 7.622500 17-SEP-2030 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    8910000 | OU      | $7465.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                     | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA2 Trust | CUSIP: 93935QAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     188764 | PA      | $159609.83    | 0.01%             | 2047-01-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LBG3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     330000 | PA      | $335886.33    | 0.03%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.798000 17-SEP-2030 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4000000 | OU      | $695.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2025-167G Mortgage Trust                                                    | CUSIP: 12674VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     254000 | PA      | $252944.07    | 0.02%             | 2040-08-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TAMPA ELECTRIC CO                                                                | Tampa Electric Co                                                                | CUSIP: 875127BN1<br>LEI: WS423EPRKJIIJUITXD73 | Long             | DBT              | CORP              | US        |     530000 | PA      | $530416.85    | 0.04%             | 2035-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.441300 24-JUN-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     114000 | OU      | $-10381.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GREENFIRE RESOURCES LTD                                                          | Greenfire Resources Ltd                                                          | CUSIP: 39525UAA5<br>LEI: 254900MTS0G2VGMJW059 | Long             | DBT              | CORP              | CA        |      91000 | PA      | $95495.40     | 0.01%             | 2028-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      70000 | PA      | $68013.34     | 0.01%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                | PRPM 2025-NQM1 Trust                                                             | CUSIP: 74391EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     573151 | PA      | $574359.30    | 0.05%             | 2069-11-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Myers Park CLO LTD                                                               | Myers Park CLO Ltd                                                               | CUSIP: 62848FAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     290000 | PA      | $290194.47    | 0.02%             | 2030-10-20      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                                                           | Patrick Industries Inc                                                           | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |     115000 | PA      | $115076.71    | 0.01%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                                           | Telecom Italia Capital SA                                                        | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      60000 | PA      | $62903.88     | 0.01%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                                                   | Galaxy XXVI CLO Ltd                                                              | CUSIP: 36321LAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      87031 | PA      | $87018.22     | 0.01%             | 2031-11-22      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DPQ43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     108974 | PA      | $109390.67    | 0.01%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GHV4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      43000 | PA      | $40908.84     | 0.00%             | 2030-07-23      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SAV5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     252000 | PA      | $185474.71    | 0.02%             | 2046-09-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                              | Exeter Automobile Receivables Trust 2023-2                                       | CUSIP: 30168CAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     545000 | PA      | $557406.60    | 0.05%             | 2029-08-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                                          | Consolidated Edison Co of New York Inc                                           | CUSIP: 209111EL3<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104691.14    | 0.01%             | 2036-03-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                                                         | SWP: IFS 3.284000 15-JUL-2027 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1347750 | OU      | $-6421.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KENTUCKY UTILITIES CO                                                            | Kentucky Utilities Co                                                            | CUSIP: 491674BM8<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | DBT              | CORP              | US        |      25000 | PA      | $16886.87     | 0.00%             | 2050-06-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                                                             | Duke Energy Ohio Inc                                                             | CUSIP: 26442EAL4<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |      63000 | PA      | $61221.34     | 0.01%             | 2054-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTP 4.340000 13-JAN-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |     722645 | OU      | $15572.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                                                          | Public Service Co of Oklahoma                                                    | CUSIP: 744533BQ2<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50674.02     | 0.00%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2024-1CHI                                  | CUSIP: 95003PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     154000 | PA      | $154799.48    | 0.01%             | 2035-07-15      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                          | Dell International LLC / EMC Corp                                                | CUSIP: 24703TAH9<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     100000 | PA      | $106630.47    | 0.01%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                                         | Viper Energy Partners LLC                                                        | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     290000 | PA      | $288776.20    | 0.02%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NNN REIT INC                                                                     | NNN REIT Inc                                                                     | CUSIP: 637417AS5<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              |  | US        |     100000 | PA      | $103208.90    | 0.01%             | 2033-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| NCMF Trust                                                                       | NCMF Trust 2025-MFS                                                              | CUSIP: 62887TAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     293000 | PA      | $295072.80    | 0.02%             | 2033-06-10      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132A5H40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     327974 | PA      | $298349.94    | 0.03%             | 2048-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL                                                           | American International Group Inc                                                 | CUSIP: 026874DW4<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |     310000 | PA      | $314082.94    | 0.03%             | 2030-05-07      | Fixed         | 4.85%                 | No            |                  2 | On Loan: —       |
| CARDINAL HEALTH INC                                                              | Cardinal Health Inc                                                              | CUSIP: 14149YBP2<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     133000 | PA      | $136093.58    | 0.01%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.573650 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    8890000 | OU      | $-1871.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     596000 | PA      | $598222.36    | 0.05%             | 2041-10-15      | Floating      | 10.31%                | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NZ        |          1 | NC      | $-2672.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                         | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 63743HFK3<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40529.60     | 0.00%             | 2026-11-13      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                                    | CUSIP: 13063A5G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     250000 | PA      | $297336.10    | 0.03%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AU3<br>LEI: N/A                  | Long             | DBT              |  | US        |     263000 | PA      | $259095.13    | 0.02%             | 2054-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| NRG Energy Inc                                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CL4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      98000 | PA      | $96385.22     | 0.01%             | 2029-06-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XKSE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     493634 | PA      | $497252.09    | 0.04%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.833750 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1575000 | OU      | $-1122.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      21000 | PA      | $20315.86     | 0.00%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED EUR / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |          1 | NC      | $-648.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                                          | Consolidated Edison Co of New York Inc                                           | CUSIP: 209111GD9<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     170000 | PA      | $177845.30    | 0.02%             | 2052-11-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Bank                                                                             | BANK 2021-BNK37                                                                  | CUSIP: 06540LBA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     350000 | PA      | $300871.94    | 0.03%             | 2064-11-15      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 30Y RTP 4.350000 13-AUG-2025                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |    6567000 | OU      | $1410.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754TAD4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1750000 | PA      | $1756558.30   | 0.15%             | 2045-02-25      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                                         | Navoi Mining & Metallurgical Combinat                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |     207000 | PA      | $212239.17    | 0.02%             | 2030-05-14      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                           | Extra Space Storage LP                                                           | CUSIP: 30225VAK3<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |     615000 | PA      | $635881.69    | 0.05%             | 2030-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PIEDMONT NATURAL GAS CO                                                          | Piedmont Natural Gas Co Inc                                                      | CUSIP: 720186AQ8<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102127.17    | 0.01%             | 2033-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                         | Occidental Petroleum Corp                                                        | CUSIP: 674599CN3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     220000 | PA      | $151924.87    | 0.01%             | 2048-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $11649.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.501500 02-JUL-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     370000 | OU      | $1533.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                                                          | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      86000 | PA      | $88497.01     | 0.01%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Invesco Finance PLC                                                              | Invesco Finance PLC                                                              | CUSIP: 46132FAD2<br>LEI: 549300OYQ3LAJYXXO449 | Long             | DBT              | CORP              | GB        |     125000 | PA      | $124485.47    | 0.01%             | 2026-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     133000 | PA      | $133098.71    | 0.01%             | 2032-02-29      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | 3 MONTH SOFR FUT DEC25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |         99 | NC      | $-45323.19    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $3934.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                                                              | LCM 36 Ltd                                                                       | CUSIP: 50190LAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250388.95    | 0.02%             | 2034-01-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                                          | Global Partners LP / GLP Finance Corp                                            | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     154000 | PA      | $161470.54    | 0.01%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| American Municipal Power Inc                                                     | AMERICAN MUNI PWR-OHIO INC OH REVENUE                                            | CUSIP: 02765UEK6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     150000 | PA      | $188512.84    | 0.02%             | 2050-02-15      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.648000 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     840627 | OU      | $1434.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                                 | Duke Energy Corp                                                                 | CUSIP: 26441CCF0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     450000 | PA      | $439793.82    | 0.04%             | 2054-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: —       |
| Goldman Sachs International                                                      | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |          1 | NC      | $2148.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2021-DNA3                                          | CUSIP: 35564KFG9<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | USGSE             | US        |     800000 | PA      | $899745.44    | 0.08%             | 2033-10-25      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                                                         | Hudson Pacific Properties LP                                                     | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |     101000 | PA      | $88069.59     | 0.01%             | 2029-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: —       |
| Saluda Grade Alternative Mortgage Trust                                          | Saluda Grade Alternative Mortgage Trust 2024-RTL4                                | CUSIP: 79584CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     140000 | PA      | $140667.24    | 0.01%             | 2030-02-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $49125.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                                                | Corp. Nacional del Cobre de Chile                                                | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |     202000 | PA      | $211721.25    | 0.02%             | 2036-01-26      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.925330 17-SEP-2035 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1480000 | OU      | $11571.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWAH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     105103 | PA      | $90909.80     | 0.01%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.355000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  374200000 | OU      | $-1906.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Oglethorpe Power Corp                                                            | Oglethorpe Power Corp                                                            | CUSIP: 677050AN6<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |      10000 | PA      | $8821.85      | 0.00%             | 2048-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754LAF6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2690000 | PA      | $2758852.16   | 0.23%             | 2041-12-25      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                                                               | Osaic Holdings Inc                                                               | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20241.22     | 0.00%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1713760 | PA      | $1410404.46   | 0.12%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                          | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     276000 | PA      | $275652.71    | 0.02%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                                          | John Deere Capital Corp                                                          | CUSIP: 24422EVS5<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     145000 | PA      | $126764.22    | 0.01%             | 2031-06-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                       | Progress Residential 2023-SFR1 Trust                                             | CUSIP: 74334FAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     690000 | PA      | $686733.20    | 0.06%             | 2040-03-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                                                         | Intercontinental Exchange Inc                                                    | CUSIP: 45866FAJ3<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19638.74     | 0.00%             | 2028-09-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BA1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     150000 | PA      | $145945.36    | 0.01%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2025-NQM1                                    | CUSIP: 64832DAC5<br>LEI: 213800CZKHCTHKMD9W65 | Long             | ABS-MBS          | CORP              | US        |     510909 | PA      | $513007.13    | 0.04%             | 2065-01-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                          | NYMT 2024-RR1 Trust                                                              | CUSIP: 62956VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     138078 | PA      | $137236.38    | 0.01%             | 2064-05-25      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     463000 | PA      | $472029.38    | 0.04%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F052680<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   55392000 | PA      | $55098740.91  | 4.65%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                                                                      | Ovintiv Inc                                                                      | CUSIP: 69047QAB8<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25623.43     | 0.00%             | 2028-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                         | Foundation Finance Trust 2025-2                                                  | CUSIP: 35042NAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     114000 | PA      | $113453.03    | 0.01%             | 2052-04-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| NYC Trust                                                                        | NYCT Trust 2024-3ELV                                                             | CUSIP: 62956HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     172000 | PA      | $172571.64    | 0.01%             | 2029-08-15      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                                                                 | FirstEnergy Corp                                                                 | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     459000 | PA      | $453304.07    | 0.04%             | 2027-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                               | Regional Management Issuance Trust 2021-2                                        | CUSIP: 75907UAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     300000 | PA      | $277134.18    | 0.02%             | 2033-08-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $166.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                                | Iron Mountain Inc                                                                | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     126000 | PA      | $119159.60    | 0.01%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RELIANCE INC                                                                     | Reliance Inc                                                                     | CUSIP: 759509AF9<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199729.49    | 0.02%             | 2025-08-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| INTERSTATE POWER & LIGHT                                                         | Interstate Power and Light Co                                                    | CUSIP: 461070AX2<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |      30000 | PA      | $30782.89     | 0.00%             | 2035-06-29      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 92553PBB7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     211000 | PA      | $206100.62    | 0.02%             | 2026-10-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                   | Morgan Stanley Capital I Trust 2021-230P                                         | CUSIP: 61772WAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $9102.59      | 0.00%             | 2038-12-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     300000 | PA      | $309574.52    | 0.03%             | 2034-07-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| EQT Trust 2024-EXTR                                                              | EQT Trust 2024-EXTR                                                              | CUSIP: 29439DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     350000 | PA      | $355217.87    | 0.03%             | 2041-07-05      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.311600 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $-7346.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.504500 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  219436074 | OU      | $3.56         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                                                              | Quanta Services Inc                                                              | CUSIP: 74762EAL6<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |      90000 | PA      | $90945.28     | 0.01%             | 2034-08-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $490.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CIT Mortgage Loan Trust                                                          | CIT Mortgage Loan Trust 2007-1                                                   | CUSIP: 12559QAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     676000 | PA      | $628634.71    | 0.05%             | 2037-10-25      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     194000 | PA      | $198132.04    | 0.02%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                           | Philip Morris International Inc                                                  | CUSIP: 718172CZ0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     590000 | PA      | $597308.20    | 0.05%             | 2028-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VAN1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     100000 | PA      | $93872.47     | 0.01%             | 2029-11-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| First Horizon Alternative Mortgage Securities                                    | First Horizon Alternative Mortgage Securities Trust 2006-AA7                     | CUSIP: 32052CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     495532 | PA      | $393025.44    | 0.03%             | 2037-01-25      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                                                  | Israel Government International Bond                                             | CUSIP: 46514BRM1<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     204000 | PA      | $189975.00    | 0.02%             | 2054-03-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                                                 | Berry Global Inc                                                                 | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24621.36     | 0.00%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                                                             | Waste Management Inc                                                             | CUSIP: 94106LBW8<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50494.84     | 0.00%             | 2034-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                                            | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     189000 | PA      | $195464.18    | 0.02%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| Benefit Street Partners CLO Ltd                                                  | Benefit Street Partners CLO XXVII Ltd                                            | CUSIP: 08179PAQ5<br>LEI: 254900WANE6M5S0NC534 | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $250750.00    | 0.02%             | 2037-10-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XGWN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     587360 | PA      | $484892.56    | 0.04%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                                          | HCA Inc                                                                          | CUSIP: 404119BV0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     143000 | PA      | $132323.46    | 0.01%             | 2047-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                                                   | Merck & Co Inc                                                                   | CUSIP: 58933YBM6<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      60000 | PA      | $54568.29     | 0.00%             | 2053-05-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| JW Commercial Mortgage Trust 2024-MRCO                                           | JW Commercial Mortgage Trust 2024-MRCO                                           | CUSIP: 46657XAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      88000 | PA      | $88468.46     | 0.01%             | 2039-06-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| MEDCO CYPRESS TREE PTE                                                           | Medco Cypress Tree Pte Ltd                                                       | CUSIP: 58406VAA7<br>LEI: 254900NKZ2Y3YZK4WC46 | Long             | DBT              | CORP              | SG        |     250000 | PA      | $261250.00    | 0.02%             | 2030-05-19      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XTA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     158864 | PA      | $147446.31    | 0.01%             | 2053-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRES & FELLOWS OF HARVAR                                                         | President and Fellows of Harvard College                                         | CUSIP: 740816AP8<br>LEI: 6S3X7J22E861RNTJSA74 | Long             | DBT              | CORP              | US        |     150000 | PA      | $89924.18     | 0.01%             | 2050-10-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: —       |
| HOMES Trust                                                                      | HOMES 2025-NQM1 Trust                                                            | CUSIP: 43761DAH3<br>LEI: 254900LUV7YA0N50XT86 | Long             | ABS-MBS          | CORP              | US        |     392500 | PA      | $393144.25    | 0.03%             | 2070-01-25      | Variable      | 7.27%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.054000 17-SEP-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-1562.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2025-8                                                  | CUSIP: 03466UAA2<br>LEI: 254900WZRTR935QJJ709 | Long             | ABS-MBS          | CORP              | US        |     266043 | PA      | $265829.28    | 0.02%             | 2070-07-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.366000 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  236466000 | OU      | $788.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                                          | Dryden 104 CLO Ltd                                                               | CUSIP: 26253BAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251004.50    | 0.02%             | 2034-08-20      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DV5Y7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      52520 | PA      | $47362.48     | 0.00%             | 2050-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 05526DCD5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      18000 | PA      | $18184.86     | 0.00%             | 2055-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                                         | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     142000 | PA      | $141950.23    | 0.01%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                                                      | Exelon Corp                                                                      | CUSIP: 30161NBE0<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     110000 | PA      | $101605.26    | 0.01%             | 2032-03-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4121400 | PA      | $3058851.56   | 0.26%             | 2047-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     267000 | PA      | $244420.01    | 0.02%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     231000 | PA      | $236736.19    | 0.02%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XJTZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     376814 | PA      | $350407.30    | 0.03%             | 2037-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5824400 | PA      | $5029687.94   | 0.42%             | 2043-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Asset-Backed CTFS                                              | Washington Mutural Asset-Backed Certificates WMABS Series 2007-HE1 Trust         | CUSIP: 93935KAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      49635 | PA      | $15473.06     | 0.00%             | 2036-11-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                                                                  | San Diego Gas & Electric Co                                                      | CUSIP: 797440CD4<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |      90000 | PA      | $83687.15     | 0.01%             | 2053-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |          1 | NC      | $-983.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                                            | Waste Connections Inc                                                            | CUSIP: 94106BAE1<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |      85000 | PA      | $77491.68     | 0.01%             | 2032-06-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 13.525000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    3000000 | OU      | $4.55         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue            | UNIV OF CALIFORNIA CA RGTS MED CENTER POOLED REVENUE                             | CUSIP: 913366KC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      50000 | PA      | $31348.49     | 0.00%             | 2060-05-15      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                                                | Eversource Energy                                                                | CUSIP: 30040WAU2<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49974.16     | 0.00%             | 2033-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     943400 | PA      | $745359.70    | 0.06%             | 2042-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOLARIS ENERGY INFRASTRU                                                         | Solaris Energy Infrastructure Inc                                                | CUSIP: 83419XAA6<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | DBT              | CORP              | US        |     121000 | PA      | $180516.88    | 0.02%             | 2030-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puget Sound Energy Inc                                                           | Puget Sound Energy Inc                                                           | CUSIP: 745332CH7<br>LEI: 8MNFJR7KOMBQ7X62LK44 | Long             | DBT              | CORP              | US        |     100000 | PA      | $79597.66     | 0.01%             | 2048-06-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $2059.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                                                              | Consumers Energy Co                                                              | CUSIP: 210518DW3<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40360.59     | 0.00%             | 2029-05-30      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                                                           | Helix Energy Solutions Group Inc                                                 | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |      39000 | PA      | $40725.01     | 0.00%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.687500 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   20000000 | OU      | $-259.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                                                    | LGI Homes Inc                                                                    | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |      54000 | PA      | $51975.00     | 0.00%             | 2032-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Bank of America NA                                                               | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ZA        |          1 | NC      | $-2783.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                                            | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      93000 | PA      | $94155.62     | 0.01%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| EXELON CORP                                                                      | Exelon Corp                                                                      | CUSIP: 30161NBL4<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |      40000 | PA      | $38162.70     | 0.00%             | 2053-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     221000 | PA      | $217574.40    | 0.02%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                           | BP Capital Markets America Inc                                                   | CUSIP: 10373QCA6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     125000 | PA      | $126482.70    | 0.01%             | 2034-11-17      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                                                   | Eli Lilly & Co                                                                   | CUSIP: 532457CH9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      70000 | PA      | $62795.34     | 0.01%             | 2063-02-27      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XFB7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101421.18    | 0.01%             | 2030-01-07      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                                                  | Nissan Motor Co Ltd                                                              | CUSIP: 654922AC7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     150000 | PA      | $155282.02    | 0.01%             | 2032-07-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA                                                        | CUSIP: 626207YF5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |      49000 | PA      | $52480.42     | 0.00%             | 2057-04-01      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 7.950000 17-SEP-2030 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1850000 | OU      | $2937.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $1577.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Taurus CMBS                                                                      | Taurus 2025-2 UK DAC                                                             | CUSIP: 000000000<br>LEI: 635400ZUSGYHROR9ZX12 | Long             | ABS-MBS          | CORP              | IE        |     187927 | PA      | $248762.21    | 0.02%             | 2035-02-18      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                                             | Boston Properties LP                                                             | CUSIP: 10112RBF0<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              |  | US        |      25000 | PA      | $20051.42     | 0.00%             | 2033-10-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED EUR / SOLD NOK                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |          1 | NC      | $-79.14       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                               | VICI Properties LP                                                               | CUSIP: 925650AG8<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |      80000 | PA      | $78378.89     | 0.01%             | 2054-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Southwest Gas Corp                                                               | Southwest Gas Corp                                                               | CUSIP: 845011AA3<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |     150000 | PA      | $146779.04    | 0.01%             | 2028-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                                               | Rithm Capital Corp                                                               | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |      60000 | PA      | $61081.80     | 0.01%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                                         | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     130000 | PA      | $137471.00    | 0.01%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      17000 | PA      | $11960.63     | 0.00%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp                                                            | Norfolk Southern Corp                                                            | CUSIP: 655844BS6<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24640.97     | 0.00%             | 2026-06-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                          | MPLX LP                                                                          | CUSIP: 55336VBU3<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49391.32     | 0.00%             | 2032-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                                             | Las Vegas Sands Corp                                                             | CUSIP: 517834AF4<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23855.52     | 0.00%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 2.344000 17-SEP-2030 SOR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1500000 | OU      | $35750.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                              | Global Payments Inc                                                              | CUSIP: 891906AC3<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49996.84     | 0.00%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YEZ4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100182.28    | 0.01%             | 2027-01-28      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| EMERSON ELECTRIC CO                                                              | Emerson Electric Co                                                              | CUSIP: 291011BQ6<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | DBT              | CORP              | US        |      50000 | PA      | $46486.25     | 0.00%             | 2028-12-21      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                                | Post Holdings Inc                                                                | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      73000 | PA      | $73091.47     | 0.01%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     488000 | PA      | $496879.94    | 0.04%             | 2030-02-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-AIRC                                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     275241 | PA      | $276164.94    | 0.02%             | 2039-08-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                         | Virginia Electric and Power Co                                                   | CUSIP: 927804GL2<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     100000 | PA      | $95288.69     | 0.01%             | 2053-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      85000 | PA      | $86166.70     | 0.01%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     194000 | PA      | $199441.70    | 0.02%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SoFi Personal Loan Trust                                                         | SoFi Personal Loan Trust 2024-1                                                  | CUSIP: 83407RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      57064 | PA      | $57252.98     | 0.00%             | 2031-02-12      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                                                         | Omega Healthcare Investors Inc                                                   | CUSIP: 681936BM1<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |     100000 | PA      | $91454.44     | 0.01%             | 2031-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38148LAF3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      50000 | PA      | $45143.24     | 0.00%             | 2045-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL                                                         | Regeneron Pharmaceuticals Inc                                                    | CUSIP: 75886FAF4<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |     250000 | PA      | $149329.81    | 0.01%             | 2050-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                                                                  | NGPL PipeCo LLC                                                                  | CUSIP: 62928CAA0<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |     591000 | PA      | $524256.44    | 0.04%             | 2031-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                                                              | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $103094.34    | 0.01%             | 2028-09-12      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                                             | BlueMountain Fuji US Clo II Ltd                                                  | CUSIP: 09629EAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      60778 | PA      | $60832.47     | 0.01%             | 2030-10-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWGF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      62024 | PA      | $58952.16     | 0.00%             | 2053-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                                                                       | Intuit Inc                                                                       | CUSIP: 46124HAH9<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99013.14     | 0.01%             | 2053-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1NYP                                               | One New York Plaza Trust 2020-1NYP                                               | CUSIP: 68249DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     112000 | PA      | $109578.20    | 0.01%             | 2036-01-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED PHP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | PH        |          1 | NC      | $-3494.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     419000 | PA      | $238011.64    | 0.02%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                        | Block Inc                                                                        | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |      77000 | PA      | $70567.28     | 0.01%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| CAPITAL ONE FINANCIAL CO                                                         | Capital One Financial Corp                                                       | CUSIP: 14040HDG7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     610000 | PA      | $626711.35    | 0.05%             | 2030-07-26      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | SWAP/CDSWAP/SCDS: (D)                                                            | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              |  | US        |      87000 | OU      | $-2443.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HalseyPoint CLO Ltd.                                                             | Sagard-Halseypoint Clo 8 Ltd                                                     | CUSIP: 78662AAA0<br>LEI: 254900W5MVYX9QDPHC09 | Long             | ABS-CBDO         | CORP              | KY        |    1110000 | PA      | $1114785.32   | 0.09%             | 2038-01-30      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                                                 | AMC Networks Inc                                                                 | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |      60000 | PA      | $48031.20     | 0.00%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| JANE STREET GRP/JSG FIN                                                          | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $99216.43     | 0.01%             | 2032-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                                       | PacifiCorp                                                                       | CUSIP: 695114CZ9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |      20000 | PA      | $17840.74     | 0.00%             | 2053-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| INDIA CLEAN ENERGY HLDG                                                          | India Clean Energy Holdings                                                      | CUSIP: 000000000<br>LEI: 254900XQFJ9593DCY022 | Long             | DBT              | CORP              | MU        |     400000 | PA      | $386000.00    | 0.03%             | 2027-04-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CO        |          1 | NC      | $-2543.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                                               | Realty Income Corp                                                               | CUSIP: 756109CF9<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |     300000 | PA      | $302923.88    | 0.03%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SG Commercial Mortgage Securities Trust                                          | SG Commercial Mortgage Securities Trust 2019-PREZ                                | CUSIP: 78430EAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      26000 | PA      | $21728.58     | 0.00%             | 2039-09-15      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030694<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2299000 | PA      | $1967502.96   | 0.17%             | 2055-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.535200 08-JUL-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     680000 | OU      | $948.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                                 | Georgia Power Co                                                                 | CUSIP: 373334KT7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     230000 | PA      | $231048.29    | 0.02%             | 2033-05-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | SWP: OIS 13.537500 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    9000000 | OU      | $474.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $12765.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                             | PURCHASED USD / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |          1 | NC      | $-4337.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.595860 17-SEP-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   94860000 | OU      | $79538.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PROVINCE OF ALBERTA                                                              | Province of Alberta Canada                                                       | CUSIP: 013051EM5<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | NUSS              | CA        |      10000 | PA      | $8724.92      | 0.00%             | 2030-07-22      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   16523000 | PA      | $16564952.89  | 1.40%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQ7D2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     165185 | PA      | $165423.52    | 0.01%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| European Loan Conduit                                                            | Lagarino European Loan Conduit No 40 DAC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |     101000 | PA      | $115261.95    | 0.01%             | 2037-06-22      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     800000 | PA      | $827600.00    | 0.07%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                                       | Fiserv Inc                                                                       | CUSIP: 337738BH0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     770000 | PA      | $793387.60    | 0.07%             | 2033-08-21      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                             | Royal Bank of Canada                                                             | CUSIP: 78016EZD2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     200000 | PA      | $197725.36    | 0.02%             | 2027-05-04      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                                                  | OHA Credit Funding 4 Ltd                                                         | CUSIP: 67098DBC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250595.60    | 0.02%             | 2038-01-22      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400HN6<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      80000 | PA      | $51550.86     | 0.00%             | 2052-02-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS 39, LTD.                                             | Octagon Investment Partners 39 Ltd                                               | CUSIP: 67592CAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250461.43    | 0.02%             | 2030-10-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                                    | CUSIP: 13063BBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     100000 | PA      | $115073.88    | 0.01%             | 2039-11-01      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED AUD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | AU        |          1 | NC      | $-4296.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | UNIV OF TEXAS TX                                                                 | CUSIP: 9151375R0<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |      50000 | PA      | $47208.31     | 0.00%             | 2046-08-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                                                              | Delta Air Lines Inc                                                              | CUSIP: 247361ZZ4<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25225.08     | 0.00%             | 2026-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3128MMVG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     134681 | PA      | $129052.37    | 0.01%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                                 | CSC Holdings LLC                                                                 | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     230000 | PA      | $231197.38    | 0.02%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: —       |
| PLAINS ALL AMER PIPELINE                                                         | Plains All American Pipeline LP / PAA Finance Corp                               | CUSIP: 72650RBH4<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |      45000 | PA      | $38255.50     | 0.00%             | 2045-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MANULIFE FINANCIAL CORP                                                          | Manulife Financial Corp                                                          | CUSIP: 56501RAK2<br>LEI: 5493007GBX87QOZACS27 | Long             | DBT              | CORP              | CA        |      20000 | PA      | $19341.52     | 0.00%             | 2027-05-19      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VAT8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      47000 | PA      | $41077.19     | 0.00%             | 2031-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley ReRemic Trust                                                     | Morgan Stanley Resecuritization Trust 2015-R2                                    | CUSIP: 61690HAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     312976 | PA      | $282598.73    | 0.02%             | 2046-12-27      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| CommScope Holding Co Inc                                                         | CommScope Holding Co Inc                                                         | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               | CORP              | US        |       3482 | NS      | $28552.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     201000 | PA      | $181827.88    | 0.02%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                                         | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748BG6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100148.26    | 0.01%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                                                | Store Capital LLC                                                                | CUSIP: 862121AC4<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              |  | US        |     237000 | PA      | $210458.28    | 0.02%             | 2030-11-18      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      67000 | PA      | $67479.56     | 0.01%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BAYLOR SCOTT & WHITE HOL                                                         | Baylor Scott & White Holdings                                                    | CUSIP: 072863AC7<br>LEI: 549300JQDKSBWYRGGV95 | Long             | DBT              | CORP              | US        |      50000 | PA      | $41211.74     | 0.00%             | 2045-11-15      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                                                         | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp               | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     169000 | PA      | $170760.30    | 0.01%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2005-31                                                   | CUSIP: 12667GYX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     398672 | PA      | $378510.10    | 0.03%             | 2035-08-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GQF80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     978160 | PA      | $993428.16    | 0.08%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Applied Materials Inc                                                            | Applied Materials Inc                                                            | CUSIP: 038222AG0<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | DBT              | CORP              | US        |      25000 | PA      | $26352.20     | 0.00%             | 2041-06-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                                          | Public Service Electric and Gas Co                                               | CUSIP: 74456QCP9<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97655.12     | 0.01%             | 2053-08-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| CHENIERE CORP CHRISTI HD                                                         | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAL9<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     654000 | PA      | $537922.12    | 0.05%             | 2039-12-31      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| EBAY INC                                                                         | eBay Inc                                                                         | CUSIP: 278642AW3<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |     215000 | PA      | $198863.25    | 0.02%             | 2030-03-11      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     544930 | PA      | $466803.53    | 0.04%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.272500 17-SEP-2025 FED                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  349084120 | OU      | $-26643.43    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ECOLAB INC                                                                       | Ecolab Inc                                                                       | CUSIP: 278865BM1<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |      90000 | PA      | $77577.65     | 0.01%             | 2032-02-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Asset Backed Securities Corp Home Equity Ln Trst                                 | Asset Backed Securities Corp Home Equity Loan Trust Series 2004-HE9              | CUSIP: 04541GNA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     144525 | PA      | $134535.28    | 0.01%             | 2034-12-25      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                                                          | Public Service Co of Colorado                                                    | CUSIP: 744448CV1<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |      75000 | PA      | $64487.88     | 0.01%             | 2031-06-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661EN3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      40000 | PA      | $38531.05     | 0.00%             | 2062-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                                             | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     143000 | PA      | $145855.28    | 0.01%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4000000 | PA      | $3770468.76   | 0.32%             | 2043-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     125000 | PA      | $126006.23    | 0.01%             | 2028-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana LLC                                                            | Entergy Louisiana LLC                                                            | CUSIP: 29364WBB3<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |     150000 | PA      | $119124.33    | 0.01%             | 2048-09-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WRZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1442158 | PA      | $1164464.26   | 0.10%             | 2051-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQR65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     898859 | PA      | $740913.42    | 0.06%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DN5C3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     798622 | PA      | $739998.75    | 0.06%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                              | Elevance Health Inc                                                              | CUSIP: 036752AD5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     150000 | PA      | $120693.59    | 0.01%             | 2047-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CHAMPION IRON CANADA INC                                                         | Champion Iron Canada Inc                                                         | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      65000 | PA      | $66387.82     | 0.01%             | 2032-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967ML2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     514000 | PA      | $470817.64    | 0.04%             | 2031-01-29      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEW2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     883000 | PA      | $905922.52    | 0.08%             | 2036-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                                                   | CUSIP: 20772GF45<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |      50000 | PA      | $53523.02     | 0.00%             | 2032-03-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                                         | Sinclair Television Group Inc                                                    | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |      65000 | PA      | $66300.62     | 0.01%             | 2033-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     793000 | PA      | $810222.97    | 0.07%             | 2035-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                                                  | Nissan Motor Co Ltd                                                              | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |      50000 | PA      | $52489.01     | 0.00%             | 2035-07-17      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Bank                                                                             | BANK 2019-BNK20                                                                  | CUSIP: 06540AAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $230975.50    | 0.02%             | 2062-09-15      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0VP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     114863 | PA      | $117413.76    | 0.01%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INDIANA MICHIGAN POWER                                                           | Indiana Michigan Power Co                                                        | CUSIP: 454889AV8<br>LEI: JHR9V15J0ZRG02MIRD06 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19616.91     | 0.00%             | 2053-04-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400HX4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      20000 | PA      | $18705.78     | 0.00%             | 2053-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |          1 | NC      | $-3335.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                           | BP Capital Markets America Inc                                                   | CUSIP: 10373QBU3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24920.46     | 0.00%             | 2033-02-13      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE                                                            | United Parcel Service Inc                                                        | CUSIP: 911312BW5<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23368.82     | 0.00%             | 2050-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| OKLAHOMA G&E CO                                                                  | Oklahoma Gas and Electric Co                                                     | CUSIP: 678858BX8<br>LEI: 549300VJ8YXGPO8EV472 | Long             | DBT              | CORP              | US        |      75000 | PA      | $77185.88     | 0.01%             | 2033-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                                                         | Berkshire Hathaway Energy Co                                                     | CUSIP: 084659AR2<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     175000 | PA      | $144960.03    | 0.01%             | 2049-01-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.316500 15-JUL-2027 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    2692894 | OU      | $-10605.40    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAE5<br>LEI: N/A                  | Long             | DBT              |  | US        |      66000 | PA      | $63059.32     | 0.01%             | 2030-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $93562.02     | 0.01%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                           | Sequoia Mortgage Trust 2017-CH2                                                  | CUSIP: 81746JCH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     126925 | PA      | $120313.55    | 0.01%             | 2047-12-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAY5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     885000 | PA      | $911163.00    | 0.08%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                                                          | Duke Energy Florida LLC                                                          | CUSIP: 26444HAL5<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |     117000 | PA      | $73671.91     | 0.01%             | 2051-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                                          | Arthur J Gallagher & Co                                                          | CUSIP: 04316JAJ8<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     250000 | PA      | $241852.67    | 0.02%             | 2054-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                                 | Onemain Financial Issuance Trust 2025-1                                          | CUSIP: 68270DAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $100461.48    | 0.01%             | 2038-07-14      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 1.950000 15-MAY-2035 CPT                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     180000 | OU      | $500.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WY93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     170240 | PA      | $143240.52    | 0.01%             | 2052-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QTJ67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     325256 | PA      | $335447.45    | 0.03%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD KRW                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $1562.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDL1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50869.12     | 0.00%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $886.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ZEGONA FINANCE PLC                                                               | Zegona Finance PLC                                                               | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |     125000 | PA      | $133062.50    | 0.01%             | 2029-07-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $546.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NASDAQ INC                                                                       | Nasdaq Inc                                                                       | CUSIP: 63111XAH4<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |      18000 | PA      | $18482.97     | 0.00%             | 2028-06-28      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                         | Virginia Electric and Power Co                                                   | CUSIP: 927804GU2<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |      80000 | PA      | $78876.74     | 0.01%             | 2055-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                                         | Western Midstream Operating LP                                                   | CUSIP: 958254AD6<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      25000 | PA      | $21766.46     | 0.00%             | 2044-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                     | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA3 Trust | CUSIP: 939355AE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      81584 | PA      | $70259.75     | 0.01%             | 2047-04-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                                            | Silver Point Clo 4 Ltd                                                           | CUSIP: 82809EAA8<br>LEI: 254900DVAEEJOXQ8PL85 | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $250983.65    | 0.02%             | 2037-04-15      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| POTOMAC ELECTRIC POWER                                                           | Potomac Electric Power Co                                                        | CUSIP: 737679DH0<br>LEI: 549300BXF2DWUNN57U06 | Long             | DBT              | CORP              | US        |     140000 | PA      | $142242.34    | 0.01%             | 2034-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2024-A                                          | CUSIP: 831943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     257806 | PA      | $261080.36    | 0.02%             | 2056-03-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                                                     | VeriSign Inc                                                                     | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |     155000 | PA      | $156677.99    | 0.01%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280DM8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     300000 | PA      | $316878.03    | 0.03%             | 2037-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.607850 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     270000 | OU      | $-475.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                                      | PepsiCo Inc                                                                      | CUSIP: 713448EV6<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     375000 | PA      | $279645.99    | 0.02%             | 2060-03-19      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |          1 | NC      | $-2322.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.835000 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     788000 | OU      | $-611.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                                   | Mariner Finance issuance Trust 2024-B                                            | CUSIP: 56847GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     304000 | PA      | $305538.36    | 0.03%             | 2038-11-20      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| PROVINCE OF QUEBEC                                                               | Province of Quebec Canada                                                        | CUSIP: 748149AR2<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |      10000 | PA      | $8797.76      | 0.00%             | 2031-04-21      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | NZ        |          1 | NC      | $-2627.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                                                      | Chemours Co/The                                                                  | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     100000 | PA      | $84696.24     | 0.01%             | 2029-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                               | Ally Financial Inc                                                               | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25330.73     | 0.00%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                                                   | S&P Global Inc                                                                   | CUSIP: 78409VBH6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     200000 | PA      | $194429.56    | 0.02%             | 2027-03-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| WHARF Commercial Mortgage Trust                                                  | WHARF Commercial Mortgage Trust 2025-DC                                          | CUSIP: 92987LAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     114000 | PA      | $115812.45    | 0.01%             | 2040-07-15      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Inc                                                                | Kinder Morgan Inc                                                                | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |       1792 | NS      | $50283.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| PFS Financing Corp.                                                              | PFS Financing Corp                                                               | CUSIP: 69335PEQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     241000 | PA      | $240949.97    | 0.02%             | 2027-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     137000 | PA      | $126571.04    | 0.01%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1024000 | PA      | $971840.00    | 0.08%             | 2040-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98393.58     | 0.01%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.736220 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     200000 | OU      | $-86.56       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp                                                             | Lockheed Martin Corp                                                             | CUSIP: 539830BB4<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     100000 | PA      | $83382.42     | 0.01%             | 2042-12-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWCU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1018877 | PA      | $837248.30    | 0.07%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MASTR Asset Backed Securities Trust                                              | Mastr Asset Backed Securities Trust 2007-NCW                                     | CUSIP: 576456AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     168739 | PA      | $147118.97    | 0.01%             | 2037-05-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC                                                           | Marvell Technology Inc                                                           | CUSIP: 573874AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $51909.47     | 0.00%             | 2029-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032682<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    6067000 | PA      | $5419215.79   | 0.46%             | 2054-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | TH        |          1 | NC      | $-1178.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                                                             | Keurig Dr Pepper Inc                                                             | CUSIP: 26138EAS8<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34863.12     | 0.00%             | 2025-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust 2023-4                                     | CUSIP: 96041AAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     550000 | PA      | $562327.21    | 0.05%             | 2028-11-15      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| European Loan Conduit                                                            | Lagarino European Loan Conduit No 40 DAC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |     100000 | PA      | $114121.16    | 0.01%             | 2037-06-22      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2335000 | PA      | $2391647.10   | 0.20%             | 2042-01-25      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.694030 17-SEP-2035 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     110000 | OU      | $82.20        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTR 4.045000 12-APR-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |     480200 | OU      | $20034.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VULCAN MATERIALS CO                                                              | Vulcan Materials Co                                                              | CUSIP: 929160BC2<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25383.52     | 0.00%             | 2034-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED HUF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | HU        |          1 | NC      | $-100.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EEB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     336947 | PA      | $319036.82    | 0.03%             | 2037-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                               | Vodafone Group PLC                                                               | CUSIP: 92857WAB6<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     300000 | PA      | $322547.76    | 0.03%             | 2032-11-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                                           | American Honda Finance Corp                                                      | CUSIP: 02665WFE6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     180000 | PA      | $182416.65    | 0.02%             | 2029-03-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | EURO-BUND FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -193 | NC      | $141018.76    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F060683<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   54876000 | PA      | $55634486.74  | 4.69%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $2158.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.736230 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     320000 | OU      | $-138.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.K. Gilts                                                                       | U.K. Gilts                                                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     623368 | PA      | $835958.12    | 0.07%             | 2030-03-07      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: AUD 3.707500 17-SEP-2030 AUD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     700000 | OU      | $-669.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                                          | Sasol Financing USA LLC                                                          | CUSIP: 000000000<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     229000 | PA      | $228427.50    | 0.02%             | 2029-05-03      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                                                              | Select Medical Corp                                                              | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |      49000 | PA      | $48873.27     | 0.00%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| The Huntington National Bank                                                     | Huntington Bank Auto Credit-Linked Notes Series 2024-1                           | CUSIP: 44644NAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     215357 | PA      | $216157.22    | 0.02%             | 2032-05-20      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 0.222910 17-SEP-2030 SAR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     340000 | OU      | $749.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp                                                                      | Oracle Corp                                                                      | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      40000 | PA      | $37217.21     | 0.00%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                                                     | TICP CLO XI Ltd                                                                  | CUSIP: 87249QAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251038.08    | 0.02%             | 2037-04-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |          1 | NC      | $-4077.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BFLD Trust                                                                       | BFLD Trust 2025-EWEST                                                            | CUSIP: 05494JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     245000 | PA      | $245153.30    | 0.02%             | 2042-06-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                                                         | Toyota Motor Credit Corp                                                         | CUSIP: 89236TGU3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |      50000 | PA      | $45367.92     | 0.00%             | 2030-02-13      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                 | RALI Series 2005-QA6 Trust                                                       | CUSIP: 76110H6C8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     919707 | PA      | $432430.81    | 0.04%             | 2035-05-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 24 Ltd                                                               | Elmwood CLO 24 Ltd                                                               | CUSIP: 290020AL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     258000 | PA      | $258580.50    | 0.02%             | 2038-01-17      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $25.82        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lewey Park CLO Ltd                                                               | Lewey Park CLO Ltd                                                               | CUSIP: 527911AE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250624.60    | 0.02%             | 2037-10-21      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: TWD 1.864500 17-SEP-2030 TAI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   10000000 | OU      | $-4078.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HEALTHPEAK OP LLC                                                                | Healthpeak OP LLC                                                                | CUSIP: 42250PAA1<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              |  | US        |      25000 | PA      | $23435.86     | 0.00%             | 2030-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2023-1                                                  | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     315369 | PA      | $311922.42    | 0.03%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 30 Ltd                                                               | Elmwood CLO 30 Ltd                                                               | CUSIP: 29001JAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250852.38    | 0.02%             | 2037-07-17      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                                    | Ballyrock CLO 14 Ltd                                                             | CUSIP: 05874XAL3<br>LEI: 254900GXTF670X967J67 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250872.25    | 0.02%             | 2037-07-20      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| EQUINIX EU 2 FINANCING C                                                         | Equinix Europe 2 Financing Corp LLC                                              | CUSIP: 29390XAA2<br>LEI: 254900FSZR46BPMCKI50 | Long             | DBT              |  | US        |     247000 | PA      | $251769.89    | 0.02%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED EUR / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |          1 | NC      | $314.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 92553PAU6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     254000 | PA      | $225511.96    | 0.02%             | 2043-09-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     137000 | PA      | $136071.29    | 0.01%             | 2039-11-09      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2021-IV Ltd                                                         | CUSIP: 12547DAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250637.05    | 0.02%             | 2037-07-23      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $864.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.783000 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    3650000 | OU      | $-15865.52    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UK Logisitics                                                                    | UK Logistics 2025-1 DAC                                                          | CUSIP: 000000000<br>LEI: 635400LLQ82YFJBFFU27 | Long             | ABS-MBS          | CORP              | GB        |     190000 | PA      | $251775.85    | 0.02%             | 2035-05-17      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      78619 | PA      | $78815.79     | 0.01%             | 2041-04-15      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                                                   | Merck & Co Inc                                                                   | CUSIP: 58933YBG9<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      50000 | PA      | $28713.21     | 0.00%             | 2061-12-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD NOK                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $311.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BROOKFIELD CAPITAL FIN                                                           | Brookfield Capital Finance LLC                                                   | CUSIP: 11259NAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      15000 | PA      | $15904.85     | 0.00%             | 2033-06-14      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2022-5 Mortgage Loan Trust                                                  | CUSIP: 19688LAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $93508.13     | 0.01%             | 2067-03-25      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                                                              | Quanta Services Inc                                                              | CUSIP: 74762EAJ1<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |      50000 | PA      | $35717.86     | 0.00%             | 2041-10-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XCM0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     490000 | PA      | $498452.06    | 0.04%             | 2035-01-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                                                | Vedanta Resources Finance II PLC                                                 | CUSIP: 000000000<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     220000 | PA      | $224730.00    | 0.02%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: —       |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.900000 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    6894000 | OU      | $-21988.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      60000 | PA      | $61847.88     | 0.01%             | 2030-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ID        |          1 | NC      | $-191.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                         | Enterprise Products Operating LLC                                                | CUSIP: 29379VAQ6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     200000 | PA      | $217039.94    | 0.02%             | 2040-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| DK Trust                                                                         | DK Trust 2024-SPBX                                                               | CUSIP: 23346LAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     204000 | PA      | $204785.20    | 0.02%             | 2034-03-15      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                                              | CommonSpirit Health                                                              | CUSIP: 20268JAG8<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |      50000 | PA      | $36541.48     | 0.00%             | 2050-10-01      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                                            | Mineral Resources Ltd                                                            | CUSIP: 603051AD5<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     115000 | PA      | $117718.34    | 0.01%             | 2030-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| ENPRO INC                                                                        | Enpro Inc                                                                        | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |      30000 | PA      | $30266.28     | 0.00%             | 2033-06-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.734500 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1540000 | OU      | $6643.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CAZ7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     105000 | PA      | $70766.14     | 0.01%             | 2049-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| IDAHO POWER CO                                                                   | Idaho Power Co                                                                   | CUSIP: 45138LBJ1<br>LEI: TN0LL73P2C8X3W6KM391 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24906.32     | 0.00%             | 2054-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| INCREF LLC                                                                       | INCREF LLC                                                                       | CUSIP: 45339NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     109000 | PA      | $109101.66    | 0.01%             | 2042-10-19      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DZH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     196787 | PA      | $146112.22    | 0.01%             | 2051-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                         | Vistra Operations Co LLC                                                         | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     782000 | PA      | $796096.33    | 0.07%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bills                                                              | CUSIP: 912797QV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     500000 | PA      | $496843.93    | 0.04%             | 2025-09-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                                                                       | Zoetis Inc                                                                       | CUSIP: 98978VAV5<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |      65000 | PA      | $68409.11     | 0.01%             | 2032-11-16      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.363130 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     620000 | OU      | $-566.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                         | Burlington Northern Santa Fe LLC                                                 | CUSIP: 12189LAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      45000 | PA      | $41801.02     | 0.00%             | 2044-04-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                                          | HCA Inc                                                                          | CUSIP: 404119AJ8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      88000 | PA      | $99795.61     | 0.01%             | 2033-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                       | MFA 2024-RTL1 Trust                                                              | CUSIP: 59319NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100434.97    | 0.01%             | 2029-02-25      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 10YR NOTE (CBT)SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        990 | NC      | $-194113.61   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| VOLCAN CIA MINERA SAA-CM                                                         | Volcan Cia Minera SAA                                                            | CUSIP: 92863UAC0<br>LEI: 549300XKJ91C4SZLG750 | Long             | DBT              | CORP              | PE        |       3000 | PA      | $3000.00      | 0.00%             | 2030-01-24      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                                 | Georgia Power Co                                                                 | CUSIP: 373334KN0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      37000 | PA      | $27604.00     | 0.00%             | 2050-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.837500 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4000000 | OU      | $133.56       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.272900 15-JUL-2035 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     576229 | OU      | $89.10        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Province of Quebec                                                               | Province of Quebec Canada                                                        | CUSIP: 748149AJ0<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |      10000 | PA      | $9867.72      | 0.00%             | 2026-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                                                         | Berkshire Hathaway Energy Co                                                     | CUSIP: 59562VAM9<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |      75000 | PA      | $80122.23     | 0.01%             | 2036-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $94.68        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     452000 | PA      | $452490.87    | 0.04%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     136000 | PA      | $125599.11    | 0.01%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 1.677000 17-SEP-2030 SOR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     380000 | OU      | $-325.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EMORY UNIVERSITY                                                                 | Emory University                                                                 | CUSIP: 29157TAD8<br>LEI: 95MD72NUUVZ3P8PQ6919 | Long             | DBT              | CORP              | US        |      35000 | PA      | $31452.01     | 0.00%             | 2030-09-01      | Fixed         | 2.14%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513CJ2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     180000 | PA      | $189956.37    | 0.02%             | 2029-11-17      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | NZ        |          1 | NC      | $-3720.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1257300 | PA      | $1274735.22   | 0.11%             | 2028-08-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              |  | US        |     862000 | PA      | $854882.44    | 0.07%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                         | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     977000 | PA      | $972183.77    | 0.08%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     500000 | PA      | $514889.40    | 0.04%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                         | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAP8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $195316.69    | 0.02%             | 2027-05-11      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bills                                                              | CUSIP: 912797QM2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    3400000 | PA      | $3387076.97   | 0.29%             | 2025-09-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GRSS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1266938 | PA      | $1287702.85   | 0.11%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $402.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2551200 | PA      | $1575067.02   | 0.13%             | 2040-05-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2021-HQA3                                          | CUSIP: 35564KKK4<br>LEI: 5493000ISHRHX47NOH65 | Long             | ABS-MBS          | USGSE             | US        |    2110000 | PA      | $2155142.61   | 0.18%             | 2041-09-25      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                         | Benchmark 2020-B21 Mortgage Trust                                                | CUSIP: 08163LAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      45000 | PA      | $39141.09     | 0.00%             | 2053-12-17      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                         | Virginia Electric and Power Co                                                   | CUSIP: 927804FP4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     125000 | PA      | $109358.87    | 0.01%             | 2043-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     821000 | PA      | $712311.08    | 0.06%             | 2032-01-27      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                                                          | Garrett Motion Holdings Inc / Garrett LX I Sarl                                  | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     192000 | PA      | $199251.86    | 0.02%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                         | Ford Motor Credit Co LLC                                                         | CUSIP: 345397D42<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     200000 | PA      | $210416.82    | 0.02%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| MARTIN MARIETTA MATERIAL                                                         | Martin Marietta Materials Inc                                                    | CUSIP: 573284BA3<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |     355000 | PA      | $356099.90    | 0.03%             | 2034-12-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                                                         | Weekley Homes LLC / Weekley Finance Corp                                         | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      49000 | PA      | $47150.12     | 0.00%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                                         | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XBE7<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50375.56     | 0.00%             | 2034-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | SWP: OIS 14.870000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |    2000000 | OU      | $-17727.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140HJJS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      12084 | PA      | $11338.89     | 0.00%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | JP        |          1 | NC      | $-2180.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.951460 17-SEP-2055 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     710000 | OU      | $11206.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    1160000 | PA      | $1202027.89   | 0.10%             | 2030-04-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.380020 17-SEP-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    7590000 | OU      | $37601.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                                                     | AGL CLO 32 Ltd                                                                   | CUSIP: 00121BAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250779.00    | 0.02%             | 2037-07-21      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                                     | Barclays Mortgage Loan Trust 2025-NQM1                                           | CUSIP: 06744WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1017782 | PA      | $1019408.76   | 0.09%             | 2065-01-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                                             | Las Vegas Sands Corp                                                             | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      75000 | PA      | $77092.76     | 0.01%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.358500 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   21609411 | OU      | $173.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                               | Meta Platforms Inc                                                               | CUSIP: 30303M8K1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     522000 | PA      | $437925.20    | 0.04%             | 2062-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                                         | First Quantum Minerals Ltd                                                       | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     200000 | PA      | $206000.00    | 0.02%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $75696.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLFA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     520069 | PA      | $473271.09    | 0.04%             | 2049-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D2L5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      18134 | PA      | $14256.70     | 0.00%             | 2051-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                                               | Chase Mortgage Finance Trust Series 2006-S2                                      | CUSIP: 16163BAR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     396196 | PA      | $141761.54    | 0.01%             | 2036-10-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATMOS ENERGY CORP                                                                | Atmos Energy Corp                                                                | CUSIP: 049560BA2<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |      30000 | PA      | $32167.32     | 0.00%             | 2053-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                                      | OCP Clo 2019-17 Ltd                                                              | CUSIP: 67113LAW6<br>LEI: 2549003HLFPQ7ATPYA23 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250777.25    | 0.02%             | 2037-07-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED AUD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | AU        |          1 | NC      | $-4141.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                         | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 63743HFJ6<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      70000 | PA      | $71322.09     | 0.01%             | 2028-09-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                                                   | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      15000 | PA      | $15131.57     | 0.00%             | 2032-07-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| CUBESMART LP                                                                     | CubeSmart LP                                                                     | CUSIP: 22966RAH9<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              |  | US        |     100000 | PA      | $92948.95     | 0.01%             | 2028-12-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.690820 17-SEP-2035 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1400000 | OU      | $-16239.76    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                                     | Comcast Corp                                                                     | CUSIP: 20030NEC1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49455.87     | 0.00%             | 2033-02-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQQ58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      38850 | PA      | $39754.96     | 0.00%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS Mortgage Trust 2025-C35                                                    | CUSIP: 07337DAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      40000 | PA      | $41369.24     | 0.00%             | 2058-07-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                                                          | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     145000 | PA      | $140193.26    | 0.01%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                                                                   | Hertz Corp/The                                                                   | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     199000 | PA      | $207901.63    | 0.02%             | 2029-07-15      | Fixed         | 12.63%                | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                                            | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      95000 | PA      | $92266.90     | 0.01%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| REALTY INCOME CORP                                                               | Realty Income Corp                                                               | CUSIP: 756109BH6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |     100000 | PA      | $97809.50     | 0.01%             | 2028-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | CHL Mortgage Pass-Through Trust 2007-4                                           | CUSIP: 12544RBY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     271868 | PA      | $115841.85    | 0.01%             | 2037-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ES50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     981741 | PA      | $978253.70    | 0.08%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | NZ        |          1 | NC      | $-7185.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                                                                | CBRE Services Inc                                                                | CUSIP: 12505BAG5<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |     315000 | PA      | $331903.77    | 0.03%             | 2034-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PATTERSON-UTI ENERGY INC                                                         | Patterson-UTI Energy Inc                                                         | CUSIP: 703481AC5<br>LEI: 254900XGFBKIXD6G0697 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34604.54     | 0.00%             | 2029-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                                                         | BHP Billiton Finance USA Ltd                                                     | CUSIP: 055451BD9<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     250000 | PA      | $258355.75    | 0.02%             | 2030-09-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                | PRPM 2025-NQM3 Trust                                                             | CUSIP: 69382NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     408000 | PA      | $407754.58    | 0.03%             | 2070-05-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179V4U1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1107703 | PA      | $894488.40    | 0.08%             | 2051-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 94974BGT1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      75000 | PA      | $61607.42     | 0.01%             | 2046-06-14      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA                                                         | Embraer Netherlands Finance BV                                                   | CUSIP: 29082HAE2<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |     104000 | PA      | $105865.24    | 0.01%             | 2035-02-11      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     425000 | PA      | $464658.81    | 0.04%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280DW6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $213543.86    | 0.02%             | 2044-03-09      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                                                   | Mastercard Inc                                                                   | CUSIP: 57636QAQ7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     100000 | PA      | $77808.94     | 0.01%             | 2050-03-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2021-3                                                | CUSIP: 92539LAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     214000 | PA      | $150709.91    | 0.01%             | 2066-06-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| AMEREN ILLINOIS CO                                                               | Ameren Illinois Co                                                               | CUSIP: 02361DAZ3<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20425.28     | 0.00%             | 2052-12-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DTFF2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     193943 | PA      | $203692.67    | 0.02%             | 2054-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     127000 | PA      | $126887.35    | 0.01%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $6187.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| APPLE INC                                                                        | Apple Inc                                                                        | CUSIP: 037833ER7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     180000 | PA      | $141731.58    | 0.01%             | 2062-08-08      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD NGN                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $-3363.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QRXY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      30394 | PA      | $31101.81     | 0.00%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                                       | Fiserv Inc                                                                       | CUSIP: 337738BG2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102386.00    | 0.01%             | 2028-08-21      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                                                         | Hudson Pacific Properties LP                                                     | CUSIP: 44409MAD8<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |      93000 | PA      | $89060.49     | 0.01%             | 2028-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                                              | CDW LLC / CDW Finance Corp                                                       | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     670000 | PA      | $634853.27    | 0.05%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Baxter International Inc                                                         | Baxter International Inc                                                         | CUSIP: 071813BQ1<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49004.88     | 0.00%             | 2026-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                                                         | Transocean Titan Financing Ltd                                                   | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      40714 | PA      | $41725.92     | 0.00%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Flowco Holdings Inc                                                              | Flowco Holdings Inc                                                              | CUSIP: 342909108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       5616 | NS      | $105019.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      99000 | PA      | $99155.03     | 0.01%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED CZK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CZ        |          1 | NC      | $533.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     589000 | PA      | $396804.89    | 0.03%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DTAQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     167768 | PA      | $168339.00    | 0.01%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NCMF Trust                                                                       | NCMF Trust 2025-MFS                                                              | CUSIP: 62887TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     140000 | PA      | $139088.08    | 0.01%             | 2033-06-10      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      50000 | PA      | $46707.22     | 0.00%             | 2030-10-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                                          | Honeywell International Inc                                                      | CUSIP: 438516CQ7<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25517.79     | 0.00%             | 2029-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                | Johnson & Johnson                                                                | CUSIP: 478160AN4<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |      50000 | PA      | $54724.58     | 0.00%             | 2037-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              |  | US        |     514000 | PA      | $497219.12    | 0.04%             | 2029-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                                                             | FirstKey Homes 2022-SFR1 Trust                                                   | CUSIP: 33768NAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     590000 | PA      | $579388.08    | 0.05%             | 2039-05-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                                       | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      47000 | PA      | $47024.57     | 0.00%             | 2041-11-15      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                         | Capital One Financial Corp                                                       | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     290000 | PA      | $297716.12    | 0.03%             | 2036-01-30      | Fixed         | 6.18%                 | No            |                  2 | On Loan: —       |
| WELLS FARGO COMMERCIAL MORTGAG                                                   | WELLS FARGO COMMERCIAL MORTGAG                                                   | CUSIP: 95004AAC7<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |    1390000 | PA      | $12246.32     | 0.00%             | 2043-07-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     136000 | PA      | $143403.50    | 0.01%             | 2034-06-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                                                           | CACI International Inc                                                           | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |     134000 | PA      | $137020.49    | 0.01%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | 3 MONTH SOFR OPT OCT25C 96.43                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       -452 | NC      | $-25425.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 29273VBD1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     235000 | PA      | $239479.96    | 0.02%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJZ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     128000 | PA      | $119837.45    | 0.01%             | 2029-06-14      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                                     | Atrium Hotel Portfolio Trust 2024-ATRM                                           | CUSIP: 04963XAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      32000 | PA      | $32635.30     | 0.00%             | 2029-11-10      | Variable      | 9.21%                 | No            |                  2 | On Loan: No      |
| OTIS WORLDWIDE CORP                                                              | Otis Worldwide Corp                                                              | CUSIP: 68902VAK3<br>LEI: 549300ZLBKR8VSU25153 | Long             | DBT              | CORP              | US        |      85000 | PA      | $78183.81     | 0.01%             | 2030-02-15      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD                                           | Goldentree Loan Management US Clo 11 Ltd                                         | CUSIP: 38138KAL4<br>LEI: 549300TMEEKUOKVHYV65 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250405.43    | 0.02%             | 2034-10-20      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                                                | L3Harris Technologies Inc                                                        | CUSIP: 413875AW5<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |      65000 | PA      | $64948.50     | 0.01%             | 2028-06-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $100496.26    | 0.01%             | 2059-10-27      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bills                                                              | CUSIP: 912797QL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    1400000 | PA      | $1395821.39   | 0.12%             | 2025-08-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FMC CORP                                                                         | FMC Corp                                                                         | CUSIP: 302491AT2<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24606.13     | 0.00%             | 2026-10-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5258200 | PA      | $3892505.80   | 0.33%             | 2047-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XDB8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     211000 | PA      | $206683.89    | 0.02%             | 2055-08-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-425.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1596000 | PA      | $1469005.79   | 0.12%             | 2028-08-31      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| ODEON FINCO PLC                                                                  | Odeon Finco PLC                                                                  | CUSIP: 67585LAA3<br>LEI: 9845003ECF9901CC5382 | Long             | DBT              | CORP              | GB        |     125000 | PA      | $130260.63    | 0.01%             | 2027-11-01      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                                                            | LoanCore 2025 2025-CRE8 Issuer LLC                                               | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     427000 | PA      | $426625.78    | 0.04%             | 2042-08-17      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                            | Tenet Healthcare Corp                                                            | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     180000 | PA      | $176939.14    | 0.01%             | 2028-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D3Z3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     788523 | PA      | $678365.50    | 0.06%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                                         | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     284000 | PA      | $291094.34    | 0.02%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                                                         | Baxter International Inc                                                         | CUSIP: 071813CS6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |      50000 | PA      | $43457.21     | 0.00%             | 2032-02-01      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XAW0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |      80000 | PA      | $77680.27     | 0.01%             | 2029-08-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.875660 17-SEP-2055 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1670000 | OU      | $-12101.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUMANA INC                                                                       | Humana Inc                                                                       | CUSIP: 444859BQ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |      35000 | PA      | $33387.17     | 0.00%             | 2027-02-03      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| SEADRILL FINANCE LTD                                                             | Seadrill Finance Ltd                                                             | CUSIP: 81172QAA2<br>LEI: 213800WMN3OHFUDHD642 | Long             | DBT              | CORP              | BM        |     100000 | PA      | $102150.30    | 0.01%             | 2030-08-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS Mortgage Trust 2025-C35                                                    | CUSIP: 07337DAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      73000 | PA      | $75275.56     | 0.01%             | 2058-07-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $4555.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corp                                                              | Kimberly-Clark Corp                                                              | CUSIP: 494368BC6<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |      25000 | PA      | $28670.78     | 0.00%             | 2037-08-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38381MYE4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      37000 | PA      | $36399.85     | 0.00%             | 2054-09-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F040487<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |      -4000 | PA      | $-3882.29     | -0.00%            | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC                                                                 | NetCredit Combined Receivables A LLC                                             | CUSIP: 64112RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     739085 | PA      | $745454.87    | 0.06%             | 2031-10-20      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                                       | Bear Stearns Asset Backed Securities I Trust 2006-HE7                            | CUSIP: 07388HAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      67437 | PA      | $65743.12     | 0.01%             | 2036-09-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $117364.08    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                                            | CWABS Asset-Backed Certificates Trust 2006-14                                    | CUSIP: 23243LAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      21831 | PA      | $18493.09     | 0.00%             | 2037-02-25      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513BT1<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      74000 | PA      | $63066.51     | 0.01%             | 2031-12-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                                                  | Xcel Energy Inc                                                                  | CUSIP: 98388MAD9<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |      55000 | PA      | $53693.51     | 0.00%             | 2032-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ALLEGHANY CORP                                                                   | Alleghany Corp                                                                   | CUSIP: 017175AE0<br>LEI: 549300DCJE6AYX159479 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24152.19     | 0.00%             | 2030-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips                                                                   | ConocoPhillips                                                                   | CUSIP: 20825CAP9<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | DBT              | CORP              | US        |      50000 | PA      | $52093.76     | 0.00%             | 2038-05-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                                         | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748BJ0<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     490000 | PA      | $438257.28    | 0.04%             | 2049-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280EN5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     500000 | PA      | $510488.60    | 0.04%             | 2030-11-19      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                                                 | TRESTLES CLO III LTD                                                             | CUSIP: 89532TAQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251052.45    | 0.02%             | 2037-10-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2024-1                                    | CUSIP: 92261CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      87401 | PA      | $88084.55     | 0.01%             | 2054-01-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TW        |          1 | NC      | $-910.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTP 4.225000 25-JAN-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |     336490 | OU      | $8296.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                                                            | Norfolk Southern Corp                                                            | CUSIP: 655844CL0<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |      50000 | PA      | $31252.60     | 0.00%             | 2051-08-25      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                                 | Peruvian Government International Bond                                           | CUSIP: 715638FD9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     110000 | PA      | $110330.00    | 0.01%             | 2055-06-30      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD TRY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-1467.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |          1 | NC      | $-3117.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                                                               | Coterra Energy Inc                                                               | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24697.34     | 0.00%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                                       | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      70000 | PA      | $70218.75     | 0.01%             | 2041-11-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 7.895000 11-SEP-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   17000000 | OU      | $1894.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                                                 | TRESTLES CLO 2017-1 Ltd                                                          | CUSIP: 89531FAY3<br>LEI: 254900QSBDX181YYBH38 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $502032.05    | 0.04%             | 2037-07-25      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Lyra MUSIC Assets (Delaware) LP                                                  | Lyra Music Assets Delaware LP                                                    | CUSIP: 552339AA1<br>LEI: 9845007N9EAB0C048A12 | Long             | ABS-O            | CORP              | US        |     149785 | PA      | $151051.63    | 0.01%             | 2064-12-22      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.244000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  374950000 | OU      | $-3333.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                                                           | Cogent Communications Group LLC / Cogent Finance Inc                             | CUSIP: 19240WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      70000 | PA      | $70157.57     | 0.01%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WW GRAINGER INC                                                                  | WW Grainger Inc                                                                  | CUSIP: 384802AF1<br>LEI: 549300TWZSP6O1IH2V34 | Long             | DBT              | CORP              | US        |     505000 | PA      | $491009.92    | 0.04%             | 2034-09-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| HASBRO INC                                                                       | Hasbro Inc                                                                       | CUSIP: 418056AZ0<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48203.74     | 0.00%             | 2029-11-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWBQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1049267 | PA      | $866042.13    | 0.07%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KN7C1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     398365 | PA      | $357748.22    | 0.03%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     751000 | PA      | $775542.70    | 0.07%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                                                              | Sherwin-Williams Co/The                                                          | CUSIP: 824348BW5<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     920000 | PA      | $917743.04    | 0.08%             | 2035-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                                                              | FS KKR Capital Corp                                                              | CUSIP: 302635AK3<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |     220000 | PA      | $202842.00    | 0.02%             | 2028-10-12      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                                                         | International Business Machines Corp                                             | CUSIP: 459200BB6<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |      40000 | PA      | $42842.76     | 0.00%             | 2032-11-29      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                   | Morgan Stanley                                                                   | CUSIP: 61744YAK4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24570.86     | 0.00%             | 2028-07-22      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED PHP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | PH        |          1 | NC      | $-4200.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                       | Progress Residential 2022-SFR3 Trust                                             | CUSIP: 74331UAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     136000 | PA      | $135043.27    | 0.01%             | 2039-04-17      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL                                                           | American International Group Inc                                                 | CUSIP: 026874DS3<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40490.10     | 0.00%             | 2033-03-27      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.427510 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     590000 | OU      | $-3786.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                              | PURCHASED PLN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | PL        |          1 | NC      | $-3052.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TTAN                                                                             | TTAN 2021-MHC                                                                    | CUSIP: 87303TAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      68689 | PA      | $68817.56     | 0.01%             | 2038-03-15      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.808500 22-JUL-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      40000 | OU      | $324.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                                      | CUSIP: 64966JAR7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |      75000 | PA      | $80178.21     | 0.01%             | 2037-12-01      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    7023600 | PA      | $7230741.35   | 0.61%             | 2028-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                                                          | Simon Property Group LP                                                          | CUSIP: 828807DV6<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |     280000 | PA      | $280525.22    | 0.02%             | 2053-03-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 2.341000 17-SEP-2030 SOR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     500000 | OU      | $11861.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XQR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     193245 | PA      | $162598.71    | 0.01%             | 2053-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VGZ1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     535000 | PA      | $537153.23    | 0.05%             | 2035-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SHELL INTERNATIONAL FIN                                                          | Shell International Finance BV                                                   | CUSIP: 822582AD4<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |     150000 | PA      | $165590.62    | 0.01%             | 2038-12-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                       | Affirm Asset Securitization Trust 2023-X1                                        | CUSIP: 00834KAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     183150 | PA      | $183654.19    | 0.02%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                                      | Prologis LP                                                                      | CUSIP: 74340XBT7<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |      40000 | PA      | $39631.61     | 0.00%             | 2033-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $1217.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.472000 18-JUN-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     100000 | OU      | $643.29       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KAE7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |      60000 | PA      | $39901.31     | 0.00%             | 2040-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSA76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      44103 | PA      | $45129.97     | 0.00%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 05526DBH7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     150000 | PA      | $143823.21    | 0.01%             | 2029-09-06      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                                   | Home Depot Inc/The                                                               | CUSIP: 437076CT7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |      40000 | PA      | $36233.81     | 0.00%             | 2052-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133B9MG6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     267668 | PA      | $240444.53    | 0.02%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                           | Residential Asset Securitization Trust 2006-A14CB                                | CUSIP: 76114BAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     341923 | PA      | $235711.53    | 0.02%             | 2036-12-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2038000 | PA      | $1895101.17   | 0.16%             | 2028-05-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                                       | Bear Stearns Asset Backed Securities I Trust 2006-AC2                            | CUSIP: 07387UGB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      45486 | PA      | $11771.63     | 0.00%             | 2036-03-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                                                                | CBRE Services Inc                                                                | CUSIP: 12505BAE0<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |      50000 | PA      | $44423.28     | 0.00%             | 2031-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: —       |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.574000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2000000 | OU      | $-452.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | JP        |          1 | NC      | $-4915.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                                                           | Brookfield Finance Inc                                                           | CUSIP: 11271LAM4<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     400000 | PA      | $410723.23    | 0.03%             | 2035-01-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $2756.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CALIFORNIA INSTITUTE OF                                                          | California Institute of Technology                                               | CUSIP: 13034VAB0<br>LEI: 549300CITPNHOTVPHC04 | Long             | DBT              | CORP              | US        |     100000 | PA      | $84250.00     | 0.01%             | 2045-08-01      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAN9<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      34000 | PA      | $20690.59     | 0.00%             | 2051-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     166000 | PA      | $112768.78    | 0.01%             | 2061-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                                                     | AGL Core CLO 38 Ltd                                                              | CUSIP: 00852QAA9<br>LEI: 254900ZPMRHE5M6S8F18 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250380.75    | 0.02%             | 2038-01-22      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                                                 | CUSIP: 57582RYY6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |      50000 | PA      | $33205.44     | 0.00%             | 2049-09-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: —       |
| CHENIERE ENERGY INC                                                              | Cheniere Energy Inc                                                              | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    1954000 | PA      | $1987621.49   | 0.17%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                           | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBX4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25274.63     | 0.00%             | 2028-07-21      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                                                                | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |      50000 | PA      | $50510.10     | 0.00%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042483<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |     -16000 | PA      | $-15805.99    | -0.00%            | 2039-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | JP        |          1 | NC      | $-13269.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      90630 | PA      | $90516.04     | 0.01%             | 2062-04-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.597720 17-SEP-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    8045000 | OU      | $6460.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                                                                    | J M Smucker Co/The                                                               | CUSIP: 832696AR9<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19550.77     | 0.00%             | 2027-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $3277.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                                      | PepsiCo Inc                                                                      | CUSIP: 713448ES3<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23334.93     | 0.00%             | 2030-03-19      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $4002.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | CHL Mortgage Pass-Through Trust 2006-17                                          | CUSIP: 17025AAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       5422 | PA      | $2369.72      | 0.00%             | 2036-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2025-5                                                | CUSIP: 92540XAA9<br>LEI: 213800Z7TIVJRAYLRV98 | Long             | ABS-MBS          | CORP              | US        |     290000 | PA      | $290074.12    | 0.02%             | 2070-06-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | GB        |          1 | NC      | $-12865.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: NZD 3.590000 17-SEP-2030 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     470000 | OU      | $-300.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                                | State Street Corp                                                                | CUSIP: 857477BT9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     100000 | PA      | $88044.41     | 0.01%             | 2033-02-07      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2022-DNA1                                          | CUSIP: 35564KQC6<br>LEI: 5493000ISBDRXIMCHZ70 | Long             | ABS-MBS          | USGSE             | US        |    1900000 | PA      | $1934857.78   | 0.16%             | 2042-01-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust 2021-2                                     | CUSIP: 96042RAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      12650 | PA      | $12634.77     | 0.00%             | 2026-12-15      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                                            | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $190500.00    | 0.02%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWBN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     327377 | PA      | $243066.48    | 0.02%             | 2051-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CALI Mortgage Trust                                                              | Cali 2024-Sun                                                                    | CUSIP: 12988DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     140000 | PA      | $140218.75    | 0.01%             | 2041-07-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Philippines Government International Bonds                                       | Philippines Government International Bonds                                       | CUSIP: 718286CP0<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     600000 | PA      | $424500.00    | 0.04%             | 2046-07-06      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CO        |          1 | NC      | $-1623.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F022683<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   16608000 | PA      | $13605703.58  | 1.15%             | 2054-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Regency Centers LP                                                               | Regency Centers LP                                                               | CUSIP: 75884RAV5<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |      20000 | PA      | $19763.80     | 0.00%             | 2027-02-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FUNDING ASIA                                                          | Prudential Funding Asia PLC                                                      | CUSIP: 744330AA9<br>LEI: 2549005TNASWKLR0XC37 | Long             | DBT              | CORP              | GB        |      50000 | PA      | $47091.00     | 0.00%             | 2030-04-14      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OP CO LP/FIVE                                                         | Five Point Operating Co LP / Five Point Capital Corp                             | CUSIP: 33834YAB4<br>LEI: N/A                  | Long             | SN               | CORP              | US        |      46787 | PA      | $47309.94     | 0.00%             | 2028-01-15      | Variable      | 10.50%                | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280DX4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $212259.65    | 0.02%             | 2034-06-20      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: GBP 3.696000 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $1941.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMEK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |          0 | PA      | $0.00         | 0.00%             | 2053-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc                                                                   | GE Vernova Inc                                                                   | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |        151 | NS      | $99703.79     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.734530 17-SEP-2055 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     140000 | OU      | $3555.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                                           | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     260000 | PA      | $226090.80    | 0.02%             | 2032-02-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| BALTIMORE GAS & ELECTRIC                                                         | Baltimore Gas and Electric Co                                                    | CUSIP: 059165EJ5<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |      44000 | PA      | $33447.45     | 0.00%             | 2047-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                           | Extra Space Storage LP                                                           | CUSIP: 30225VAU1<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |     123000 | PA      | $123269.94    | 0.01%             | 2035-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.513000 20-FEB-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     628000 | OU      | $47519.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                                             | Kyndryl Holdings Inc                                                             | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24227.55     | 0.00%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WTY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     955458 | PA      | $803924.73    | 0.07%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | Synchrony Financial                                                              | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     155000 | PA      | $154909.44    | 0.01%             | 2029-07-29      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1216400 | PA      | $1242628.63   | 0.10%             | 2028-09-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                                                         | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     100000 | PA      | $105732.00    | 0.01%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KCV0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      65000 | PA      | $61836.75     | 0.01%             | 2054-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661EM5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     115000 | PA      | $109950.33    | 0.01%             | 2053-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2020-HQA5                                          | CUSIP: 35565TBD0<br>LEI: 5493000IT2BRJ2Q9YQ96 | Long             | ABS-MBS          | USGSE             | US        |    1350000 | PA      | $1491331.50   | 0.13%             | 2050-11-25      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| WAMU Asset-Backed Certificates                                                   | WaMu Asset-Backed Certificates WaMu Series 2007-HE2 Trust                        | CUSIP: 92926SAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     259392 | PA      | $93455.95     | 0.01%             | 2037-04-25      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                                                | Nexstar Media Inc                                                                | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |      83000 | PA      | $80671.30     | 0.01%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| FIGRE Trust                                                                      | FIGRE Trust 2024-SL1                                                             | CUSIP: 31684JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     118588 | PA      | $119216.52    | 0.01%             | 2053-07-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Exelon Corp                                                                      | Exelon Corp                                                                      | CUSIP: 30161NAC5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25596.22     | 0.00%             | 2035-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 8.115000 17-SEP-2030 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   51000000 | OU      | $100237.43    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INDIA GREEN POWER HOLD                                                           | India Green Power Holdings                                                       | CUSIP: 000000000<br>LEI: 254900I7N0GT4VVL6V29 | Long             | DBT              | CORP              | MU        |     216650 | PA      | $209608.88    | 0.02%             | 2027-02-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                              | Dominion Energy Inc                                                              | CUSIP: 25746UDP1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48144.55     | 0.00%             | 2032-08-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: —       |
| MACY'S RETAIL HLDGS LLC                                                          | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      55000 | PA      | $55209.50     | 0.00%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AT6<br>LEI: N/A                  | Long             | DBT              |  | US        |     290000 | PA      | $289623.15    | 0.02%             | 2034-09-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA                                                          | Latam Airlines Group SA                                                          | CUSIP: 51817RAE6<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |     231000 | PA      | $237063.75    | 0.02%             | 2031-01-07      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU Ltd                                                                | Trimaran CAVU 2024-1 Ltd                                                         | CUSIP: 895971AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250912.53    | 0.02%             | 2038-01-25      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.687500 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     785500 | OU      | $5253.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |          1 | NC      | $-661.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                     | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-9 Trust   | CUSIP: 93934FFB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     148401 | PA      | $119457.54    | 0.01%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                                                           | Arizona Public Service Co                                                        | CUSIP: 040555DG6<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |     195000 | PA      | $200252.50    | 0.02%             | 2033-08-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                              | Petroleos Mexicanos                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      10000 | PA      | $9260.00      | 0.00%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                                          | BDS 2024-FL13 LLC                                                                | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     100000 | PA      | $100347.00    | 0.01%             | 2039-09-19      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 2.846000 17-SEP-2030 CAD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $279.66       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                     | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-AR1 Trust | CUSIP: 93934FHC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     157346 | PA      | $139529.83    | 0.01%             | 2035-12-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                             | Bank of America Corp                                                             | CUSIP: 06051GGR4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     339000 | PA      | $333435.57    | 0.03%             | 2028-07-21      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                                                 | Under Armour Inc                                                                 | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |     136000 | PA      | $138756.78    | 0.01%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| PILGRIM'S PRIDE CORP                                                             | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAL2<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |     200000 | PA      | $218767.40    | 0.02%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 9128282R0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1504000 | PA      | $1454532.51   | 0.12%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | IN        |          1 | NC      | $-105.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                                             | Edison International                                                             | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     106000 | PA      | $93230.34     | 0.01%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                                                         | FSWP: OIS 5.751200 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  375000000 | OU      | $6623.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140KUCJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     771648 | PA      | $701662.47    | 0.06%             | 2036-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QRFW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1037057 | PA      | $985632.50    | 0.08%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GRS35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      85428 | PA      | $89275.39     | 0.01%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Origen Manufactured Housing                                                      | Origen Manufactured Housing Contract Trust 2007-B                                | CUSIP: 68620KAA0<br>LEI: 5493005G5GFEQWMCSY59 | Long             | ABS-O            | CORP              | US        |      28394 | PA      | $28224.11     | 0.00%             | 2037-10-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2623300 | PA      | $1819094.59   | 0.15%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                                                         | California Resources Corp                                                        | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |     238000 | PA      | $244481.97    | 0.02%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| Household Capital                                                                | Household Capital 2025-1 RMBS                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |      90000 | PA      | $57641.27     | 0.00%             | 2087-07-21      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     170000 | PA      | $169468.75    | 0.01%             | 2041-06-15      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Lyra MUSIC Assets (Delaware) LP                                                  | Lyra Music Assets Delaware LP                                                    | CUSIP: 552339AD5<br>LEI: 9845007N9EAB0C048A12 | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $99999.17     | 0.01%             | 2065-09-20      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $-701.49      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.562500 17-SEP-2030 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    9490000 | OU      | $-6413.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust 2022-2                                     | CUSIP: 96042VAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     274104 | PA      | $274057.96    | 0.02%             | 2027-09-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD TRY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-1911.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: AUD 3.749000 17-SEP-2030 AUD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-254.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $2371.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XGZH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     136327 | PA      | $129247.41    | 0.01%             | 2037-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308HP5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      65000 | PA      | $64272.80     | 0.01%             | 2026-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400JD6<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      20000 | PA      | $18359.22     | 0.00%             | 2054-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587EA1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      75000 | PA      | $73015.11     | 0.01%             | 2035-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                   | 10Y RTP 4.000000 29-MAR-2027                                                     | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |     514000 | OU      | $17572.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                                          | Starwood Property Trust Inc                                                      | CUSIP: 85571BAU9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     115000 | PA      | $112756.91    | 0.01%             | 2026-07-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                                                                 | StoneX Group Inc                                                                 | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |     186000 | PA      | $195401.56    | 0.02%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-PURE                                           | CUSIP: 74625PAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | CA        |      27000 | PA      | $19631.47     | 0.00%             | 2041-11-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                           | Marriott International Inc/MD                                                    | CUSIP: 571903BQ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     370000 | PA      | $373116.52    | 0.03%             | 2034-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $3295.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| European Loan Conduit                                                            | Lagarino European Loan Conduit No 40 DAC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |     100000 | PA      | $114121.46    | 0.01%             | 2037-06-22      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                                            | Mineral Resources Ltd                                                            | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      45000 | PA      | $47031.85     | 0.00%             | 2028-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2022-LP2                                            | CUSIP: 05610HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      79459 | PA      | $79540.92     | 0.01%             | 2039-02-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      43000 | PA      | $43413.94     | 0.00%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: AUD 3.734000 17-SEP-2030 AUD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1460000 | OU      | $267.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.681040 17-SEP-2035 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4330000 | OU      | $-53733.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EIDP INC                                                                         | EIDP Inc                                                                         | CUSIP: 263534CQ0<br>LEI: GLU7INWNWH88J9XBXD45 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34972.96     | 0.00%             | 2026-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1977600 | PA      | $1405872.75   | 0.12%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WVV7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     271490 | PA      | $237408.82    | 0.02%             | 2052-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H040681<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2853000 | PA      | $2626973.27   | 0.22%             | 2054-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      21200 | PA      | $20788.42     | 0.00%             | 2030-04-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     284000 | PA      | $284177.50    | 0.02%             | 2029-07-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EE30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1632018 | PA      | $1399002.20   | 0.12%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM CRP / CAYMN FI                                                          | Broadcom Corp / Broadcom Cayman Finance Ltd                                      | CUSIP: 11134LAR0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | XX        |     150000 | PA      | $146788.11    | 0.01%             | 2028-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.674000 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   64000000 | OU      | $-1245.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SNAP INC                                                                         | Snap Inc                                                                         | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |      88000 | PA      | $90230.89     | 0.01%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                                                           | Motorola Solutions Inc                                                           | CUSIP: 620076BW8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     539000 | PA      | $559002.31    | 0.05%             | 2032-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | Equinix Inc                                                                      | CUSIP: 29444UBS4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |     232000 | PA      | $205724.39    | 0.02%             | 2031-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2022-HQA1                                          | CUSIP: 35564KTJ8<br>LEI: 5493000IRODEKU3J3Q16 | Long             | ABS-MBS          | USGSE             | US        |    2225000 | PA      | $2362412.44   | 0.20%             | 2042-03-25      | Floating      | 9.60%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                                                   | PECO Energy Co                                                                   | CUSIP: 693304BE6<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |      40000 | PA      | $32889.31     | 0.00%             | 2052-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $547.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CARVANA CO                                                                       | Carvana Co                                                                       | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     118295 | PA      | $123732.82    | 0.01%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED EUR / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |          1 | NC      | $751.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-XL4                                            | CUSIP: 05611VAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     160985 | PA      | $161538.21    | 0.01%             | 2039-02-15      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                                                 | Bank of Montreal                                                                 | CUSIP: 06368LWT9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     170000 | PA      | $170335.06    | 0.01%             | 2025-09-25      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133L8W43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     207978 | PA      | $190911.05    | 0.02%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                                                   | Mastercard Inc                                                                   | CUSIP: 57636QAP9<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     640000 | PA      | $614911.60    | 0.05%             | 2030-03-26      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.402000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  590290000 | OU      | $-2059.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     987000 | PA      | $855273.61    | 0.07%             | 2032-07-21      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2023-PL1                                               | CUSIP: 64034UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      53278 | PA      | $54026.90     | 0.00%             | 2053-11-25      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6816000 | PA      | $6728936.23   | 0.57%             | 2027-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $1675.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46625HRY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98924.57     | 0.01%             | 2028-02-01      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| Wildwood Park CLO LTD                                                            | Wildwood Park CLO Ltd                                                            | CUSIP: 968209AA4<br>LEI: 254900BZ1VFIEIOEK304 | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $250882.53    | 0.02%             | 2037-10-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XBZ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     590000 | PA      | $461272.28    | 0.04%             | 2041-03-25      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H030682<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5896000 | PA      | $5150867.41   | 0.43%             | 2054-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XFPM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     218862 | PA      | $198809.01    | 0.02%             | 2037-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PART                                                           | Brixmor Operating Partnership LP                                                 | CUSIP: 11120VAJ2<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              |  | US        |      20000 | PA      | $19374.71     | 0.00%             | 2030-07-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| LV Trust                                                                         | Fashion Show Mall LLC                                                            | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      17000 | PA      | $17056.00     | 0.00%             | 2041-10-10      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: SEK 2.744000 17-SEP-2030 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   11000000 | OU      | $17092.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD PEN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-1501.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     155000 | PA      | $154880.98    | 0.01%             | 2030-10-23      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                               | Morgan Stanley Mortgage Loan Trust 2006-12XS                                     | CUSIP: 61749EAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      27601 | PA      | $5866.80      | 0.00%             | 2036-10-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| IREN Ltd                                                                         | IREN Ltd                                                                         | CUSIP: 000000000<br>LEI: 254900FZF02RB3NNGB71 | Long             | EC               | CORP              | AU        |       1510 | NS      | $24326.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QTJ42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     347470 | PA      | $353166.27    | 0.03%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BALDWIN INSUR GRP/FIN                                                            | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance  | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      57000 | PA      | $58850.51     | 0.00%             | 2031-05-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                                                 | Ryder System Inc                                                                 | CUSIP: 78355HKY4<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |      25000 | PA      | $27495.82     | 0.00%             | 2033-12-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418C5Z3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     240140 | PA      | $225209.46    | 0.02%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.762270 17-SEP-2027 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    8770000 | OU      | $-27275.89    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJC6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     187600 | PA      | $188684.56    | 0.02%             | 2026-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Co                                                              | Vulcan Materials Co                                                              | CUSIP: 929160AV1<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |      75000 | PA      | $63048.28     | 0.01%             | 2047-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                          | MPLX LP                                                                          | CUSIP: 55336VBP4<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      35000 | PA      | $30338.81     | 0.00%             | 2047-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20755RAG0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1500000 | PA      | $1507965.00   | 0.13%             | 2044-09-25      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.997500 12-MAR-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  641920495 | OU      | $-5773.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2024-C                                          | CUSIP: 83206EAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      85702 | PA      | $85701.64     | 0.01%             | 2052-06-17      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.882000 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4000000 | OU      | $1213.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: GBP 3.709000 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $2348.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                                           | Roper Technologies Inc                                                           | CUSIP: 776743AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49757.17     | 0.00%             | 2025-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $1998.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CC1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     199000 | PA      | $173053.54    | 0.01%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.703840 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1405000 | OU      | $8591.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                                                         | Public Service Enterprise Group Inc                                              | CUSIP: 744573AU0<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     100000 | PA      | $87402.87     | 0.01%             | 2031-11-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HKBM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3337714 | PA      | $3340097.22   | 0.28%             | 2055-03-25      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | Synchrony Financial                                                              | CUSIP: 87165BAW3<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     598000 | PA      | $602159.79    | 0.05%             | 2031-03-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                                                         | FSWP: JPY 1.358500 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   10804706 | OU      | $86.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                                                            | Republic Services Inc                                                            | CUSIP: 760759AW0<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     380000 | PA      | $255293.60    | 0.02%             | 2050-03-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VER1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24976.50     | 0.00%             | 2028-09-21      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-OA17                                                 | CUSIP: 12668PAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     304893 | PA      | $267683.59    | 0.02%             | 2046-12-20      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                              | PURCHASED SGD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | SG        |          1 | NC      | $-993.18      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     444000 | PA      | $446713.78    | 0.04%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC                                                           | Marvell Technology Inc                                                           | CUSIP: 573874AQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     180000 | PA      | $189868.85    | 0.02%             | 2033-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQGA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      42964 | PA      | $43128.70     | 0.00%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Last Mile Logistics Pan Euro Finance DAC                                         | Last Mile Logistics Pan Euro Finance DAC                                         | CUSIP: 000000000<br>LEI: 635400NOPX1IKIAX7N90 | Long             | ABS-MBS          | CORP              | IE        |     458527 | PA      | $521880.81    | 0.04%             | 2033-08-17      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CNY 1.610000 17-SEP-2030 CNR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   10000000 | OU      | $2619.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                                                | Kinder Morgan Inc                                                                | CUSIP: 49456BBA8<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     420000 | PA      | $409669.86    | 0.03%             | 2054-08-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: —       |
| MSWF Commercial Mortgage Trust                                                   | MSWF Commercial Mortgage Trust 2023-2                                            | CUSIP: 55361AAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1111634 | PA      | $64438.76     | 0.01%             | 2056-12-15      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $321.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KLA CORP                                                                         | KLA Corp                                                                         | CUSIP: 482480AM2<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |     100000 | PA      | $90806.61     | 0.01%             | 2052-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.241940 15-JUL-2035 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     599760 | OU      | $-2099.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Voya Financial Inc                                                               | Voya Financial Inc                                                               | CUSIP: 929089AB6<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99224.65     | 0.01%             | 2026-06-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Braccan Mortgage Funding                                                         | Braccan Mortgage Funding 2024-1 PLC                                              | CUSIP: 000000000<br>LEI: 635400RGKRFPCFMYJF13 | Long             | ABS-MBS          | CORP              | GB        |     119167 | PA      | $158224.03    | 0.01%             | 2067-02-15      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                       | Affirm Asset Securitization Trust 2024-X2                                        | CUSIP: 00833QAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     525000 | PA      | $527689.73    | 0.04%             | 2029-12-17      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                                          | Dryden 41 Senior Loan Fund                                                       | CUSIP: 26244KAN6<br>LEI: 5493000CMI5L15ZSNM78 | Long             | ABS-CBDO         | CORP              | KY        |      55716 | PA      | $55754.49     | 0.00%             | 2031-04-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.358500 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4500406 | OU      | $36.03        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                                                    | MHC Commercial Mortgage Trust 2021-MHC                                           | CUSIP: 55316VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      37018 | PA      | $37017.92     | 0.00%             | 2038-04-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JQ1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      60000 | PA      | $50671.18     | 0.00%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                       | US Bancorp                                                                       | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     115000 | PA      | $119064.64    | 0.01%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $5381.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                                                               | Coterra Energy Inc                                                               | CUSIP: 127097AL7<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |     300000 | PA      | $301572.56    | 0.03%             | 2034-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 124857AR4<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     274000 | PA      | $266412.27    | 0.02%             | 2027-01-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-1570.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CSX CORP                                                                         | CSX Corp                                                                         | CUSIP: 126408HY2<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |      40000 | PA      | $35486.43     | 0.00%             | 2055-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| AMPHENOL CORP                                                                    | Amphenol Corp                                                                    | CUSIP: 032095AL5<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     120000 | PA      | $104806.51    | 0.01%             | 2031-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | GB        |          1 | NC      | $-5647.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                                                   | Option One Mortgage Loan Trust 2007-FXD1                                         | CUSIP: 68402VAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       9469 | PA      | $9200.96      | 0.00%             | 2037-01-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                                                   | Microsoft Corp                                                                   | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     175000 | PA      | $115457.40    | 0.01%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ZA        |          1 | NC      | $-1080.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | Synchrony Financial                                                              | CUSIP: 87165BAY9<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |      80000 | PA      | $80240.81     | 0.01%             | 2036-07-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 2.845000 17-SEP-2030 CAD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $492.54       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMXT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     208828 | PA      | $212251.71    | 0.02%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MOUNT NITTANY MED CTR                                                            | Mount Nittany Medical Center Obligated Group                                     | CUSIP: 62213LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $36352.79     | 0.00%             | 2052-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XJLC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     428952 | PA      | $398537.84    | 0.03%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                                            | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |      72000 | PA      | $75249.00     | 0.01%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XDC6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     477000 | PA      | $468633.51    | 0.04%             | 2065-08-03      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                       | AbbVie Inc                                                                       | CUSIP: 00287YDX4<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      85000 | PA      | $81825.45     | 0.01%             | 2064-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ITG COMMUNICATIONS LLC                                                           | ITG COMMUNICATIONS LLC TERM LOAN B                                               | CUSIP: 000000000<br>LEI: 254900KEJHK1L9G5Y190 | Long             | LON              | CORP              | US        |     126000 | PA      | $124897.50    | 0.01%             | 2031-07-01      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| Japan Government Thirty Year Bonds                                               | Japan Government Thirty Year Bonds                                               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  193800000 | PA      | $1100316.21   | 0.09%             | 2054-12-20      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                                           | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     200000 | PA      | $182169.63    | 0.02%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     529000 | PA      | $582139.16    | 0.05%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418E7A2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     170273 | PA      | $169523.21    | 0.01%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                                                                 | Credit Acceptance Corp                                                           | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     109000 | PA      | $115276.66    | 0.01%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QKC48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3002396 | PA      | $2360657.35   | 0.20%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2017-A                                          | CUSIP: 78448WAC9<br>LEI: 5493000RGRVHYZAIY180 | Long             | ABS-O            | CORP              | US        |       9919 | PA      | $9920.35      | 0.00%             | 2034-09-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: SEK 2.379700 17-SEP-2030 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    6000000 | OU      | $-1152.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                                              | Affirm Master Trust                                                              | CUSIP: 00833BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1001560.00   | 0.08%             | 2033-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NGT26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      21940 | PA      | $22450.82     | 0.00%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38381MRL6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     114708 | PA      | $113542.70    | 0.01%             | 2058-06-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                         | Burlington Northern Santa Fe LLC                                                 | CUSIP: 12189LAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      25000 | PA      | $24675.18     | 0.00%             | 2041-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754XAC7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1960000 | PA      | $1967800.80   | 0.17%             | 2044-07-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2017-I Ltd                                                          | CUSIP: 17181PAC3<br>LEI: 549300X1SKS4LNS5LQ62 | Long             | ABS-CBDO         | CORP              | KY        |     280000 | PA      | $281187.03    | 0.02%             | 2037-04-21      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2025-3                                    | CUSIP: 92262RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     589106 | PA      | $591549.94    | 0.05%             | 2055-06-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                                                       | U.K. Gilts                                                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     993842 | PA      | $1120530.07   | 0.09%             | 2054-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2551200 | PA      | $1560218.25   | 0.13%             | 2040-08-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                                          | Kinder Morgan Energy Partners LP                                                 | CUSIP: 494550AQ9<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     200000 | PA      | $224213.41    | 0.02%             | 2033-08-15      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC                                                          | Enova International Inc                                                          | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |     128000 | PA      | $134020.03    | 0.01%             | 2029-08-01      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bills                                                              | CUSIP: 912797QU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     100000 | PA      | $99454.77     | 0.01%             | 2025-09-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTR 4.340000 13-JAN-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |     722645 | OU      | $39161.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                                          | Kinder Morgan Energy Partners LP                                                 | CUSIP: 28370TAD1<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |      50000 | PA      | $57607.53     | 0.00%             | 2040-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $88.74        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                                                         | Berkshire Hathaway Energy Co                                                     | CUSIP: 084659BD2<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |      75000 | PA      | $63764.06     | 0.01%             | 2031-05-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                     | CSMC Series 2019-NQM1                                                            | CUSIP: 12655VAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      36114 | PA      | $35566.63     | 0.00%             | 2059-10-25      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                         | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAA7<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |      96000 | PA      | $91080.05     | 0.01%             | 2044-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |          1 | NC      | $-364.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2024-RVR                                       | CUSIP: 36272JAL7<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |      37000 | PA      | $36570.99     | 0.00%             | 2041-08-10      | Variable      | 7.47%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.543000 22-APR-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     496000 | OU      | $33676.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.561830 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    5000000 | OU      | $48624.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STL HOLDING CO LLC                                                               | STL Holding Co LLC                                                               | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |      44000 | PA      | $45682.30     | 0.00%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                                                           | Mizuho Financial Group Inc                                                       | CUSIP: 60687YDB2<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |     400000 | PA      | $416987.66    | 0.04%             | 2034-07-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp                                                                   | Whirlpool Corp                                                                   | CUSIP: 963320AW6<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     180000 | PA      | $175818.96    | 0.01%             | 2029-02-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                                                           | Lumen Technologies Inc                                                           | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     208000 | PA      | $210340.00    | 0.02%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XHHS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2160025 | PA      | $1693363.47   | 0.14%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CNY 1.590000 17-SEP-2030 CNR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   21000000 | OU      | $2699.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                                          | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     210000 | PA      | $216908.75    | 0.02%             | 2033-09-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 7.890000 17-SEP-2030 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3410000 | OU      | $4945.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PRIME INVTS LTD PARTNERSHIP                                                      | PRIME INVTS LTD PARTNERSHIP                                                      | CUSIP: 74167YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     135000 | PA      | $134737.50    | 0.01%             | 2030-05-01      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| QUANTA SERVICES INC                                                              | Quanta Services Inc                                                              | CUSIP: 74762EAF9<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    1260000 | PA      | $1158227.38   | 0.10%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F020687<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   14009000 | PA      | $10956233.81  | 0.92%             | 2054-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $570.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INTUIT INC                                                                       | Intuit Inc                                                                       | CUSIP: 46124HAG1<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |     500000 | PA      | $515518.71    | 0.04%             | 2033-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XCY0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     150000 | PA      | $140919.99    | 0.01%             | 2030-06-21      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| SUTTER HEALTH                                                                    | Sutter Health                                                                    | CUSIP: 86944BAL7<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97116.46     | 0.01%             | 2053-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: —       |
| VENTAS REALTY LP                                                                 | Ventas Realty LP                                                                 | CUSIP: 92277GBA4<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              |  | US        |     385000 | PA      | $377135.35    | 0.03%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1427200 | PA      | $1352941.00   | 0.11%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED EUR / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |          1 | NC      | $232.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                                                | GEO Group Inc/The                                                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     217000 | PA      | $230394.28    | 0.02%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BC7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |      59000 | PA      | $58775.91     | 0.00%             | 2055-10-23      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KCP3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     150000 | PA      | $150736.27    | 0.01%             | 2033-02-28      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTP 4.045000 12-APR-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |     480200 | OU      | $15944.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                       | MFA 2024-NPL1 Trust                                                              | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      99047 | PA      | $99159.09     | 0.01%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                                                             | Telecom Argentina SA                                                             | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     224795 | PA      | $230976.86    | 0.02%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                                                   | Microsoft Corp                                                                   | CUSIP: 594918BU7<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     200000 | PA      | $157396.58    | 0.01%             | 2056-08-08      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| STANLEY BLACK & DECKER I                                                         | Stanley Black & Decker Inc                                                       | CUSIP: 854502AH4<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99219.55     | 0.01%             | 2028-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co                                                                 | Alabama Power Co                                                                 | CUSIP: 010392FB9<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |      32000 | PA      | $34081.36     | 0.00%             | 2039-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1754708 | PA      | $1504345.51   | 0.13%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                              | Elevance Health Inc                                                              | CUSIP: 28622HAC5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |      26000 | PA      | $22932.76     | 0.00%             | 2053-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ACRA Trust 2024-NQM1                                                             | ACRA Trust 2024-NQM1                                                             | CUSIP: 00112EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     169827 | PA      | $169535.63    | 0.01%             | 2064-10-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                       | Affirm Asset Securitization Trust 2024-A                                         | CUSIP: 00834BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $100373.92    | 0.01%             | 2029-02-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC                                                                 | NetCredit Combined Receivables 2024 LLC                                          | CUSIP: 64113EAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     500000 | PA      | $510567.25    | 0.04%             | 2030-10-21      | Fixed         | 8.31%                 | No            |                  2 | On Loan: No      |
| HERSHEY COMPANY                                                                  | Hershey Co/The                                                                   | CUSIP: 427866BN7<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25313.41     | 0.00%             | 2035-02-24      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                                                  | Residential Mortgage Loan Trust 2020-1                                           | CUSIP: 76119CAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     450000 | PA      | $427677.75    | 0.04%             | 2060-01-26      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                               | Union Pacific Corp                                                               | CUSIP: 907818FX1<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |      20000 | PA      | $17978.89     | 0.00%             | 2032-02-14      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                                         | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104838.20    | 0.01%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                          | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     205000 | PA      | $206960.42    | 0.02%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                                                                | Union Electric Co                                                                | CUSIP: 906548CW0<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     110000 | PA      | $105385.95    | 0.01%             | 2053-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                                                   | Mastercard Inc                                                                   | CUSIP: 57636QBG8<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     160000 | PA      | $163814.44    | 0.01%             | 2032-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| BANK OF AMERICA NA                                                               | 10Y RTR 4.078000 15-JUL-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    1305500 | OU      | $57401.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $10403.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                                         | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAJ4<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     130000 | PA      | $124963.19    | 0.01%             | 2029-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                            | Truist Financial Corp                                                            | CUSIP: 89788MAA0<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199923.99    | 0.02%             | 2025-08-05      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ABY0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     313000 | PA      | $206578.00    | 0.02%             | 2060-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XJP56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      28257 | PA      | $26521.13     | 0.00%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.336500 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   39415311 | OU      | $855.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $4137.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust                                        | GoodLeap Home Improvement Solutions Trust 2025-2                                 | CUSIP: 38238FAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     253964 | PA      | $255087.84    | 0.02%             | 2049-06-20      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QN3Z3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     528015 | PA      | $474505.77    | 0.04%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FCG4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     681000 | PA      | $698040.82    | 0.06%             | 2032-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JP Morgan ReRemic                                                                | JP Morgan Resecuritization Trust Series 2014-5                                   | CUSIP: 46642VAR9<br>LEI: 549300I70LJMOFGPXY37 | Long             | ABS-MBS          | CORP              | US        |    1361022 | PA      | $230614.30    | 0.02%             | 2036-05-27      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                                          | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103026.50    | 0.01%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                                                | Hyatt Hotels Corp                                                                | CUSIP: 448579AT9<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    1120000 | PA      | $1135363.94   | 0.10%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AT&T REIGN II LB PTT                                                             | AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust                     | CUSIP: 046912AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     415000 | PA      | $411415.02    | 0.03%             | 2044-12-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| KSL COMMERCIAL MORTGAGE                                                          | KSL COMMERCIAL MORTGAGE                                                          | CUSIP: 50116JAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      63000 | PA      | $62997.83     | 0.01%             | 2042-06-05      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                                                  | Golub Capital Partners CLO 77 B Ltd                                              | CUSIP: 38180QAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250358.38    | 0.02%             | 2038-01-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 05526DBT1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     269000 | PA      | $211536.06    | 0.02%             | 2040-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                                                 | CARLYLE US CLO 2017-3 Ltd                                                        | CUSIP: 14314FAY4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250971.48    | 0.02%             | 2037-10-21      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CHE4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4601900 | PA      | $4569363.14   | 0.39%             | 2028-05-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 14.430000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    6000000 | OU      | $-33633.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: GBP 3.746000 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-1010.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Altria Group Inc                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBF9<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    1080000 | PA      | $1067676.45   | 0.09%             | 2049-02-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: —       |
| DUKE ENERGY OHIO INC                                                             | Duke Energy Ohio Inc                                                             | CUSIP: 26442EAH3<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |     227000 | PA      | $203916.47    | 0.02%             | 2030-06-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | IN        |          1 | NC      | $-2732.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                                                              | Consumers Energy Co                                                              | CUSIP: 210518DU7<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |      85000 | PA      | $83769.77     | 0.01%             | 2033-05-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-XL4                                            | CUSIP: 05611VAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     104167 | PA      | $101399.55    | 0.01%             | 2039-02-15      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     500000 | PA      | $503789.06    | 0.04%             | 2029-11-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                                                         | BHP Billiton Finance USA Ltd                                                     | CUSIP: 055451BE7<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |      50000 | PA      | $51219.00     | 0.00%             | 2033-09-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                                                     | Novelis Corp                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |      55000 | PA      | $56674.53     | 0.00%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                                         | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $104352.30    | 0.01%             | 2033-11-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Dowson                                                                           | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |     162000 | PA      | $213244.18    | 0.02%             | 2031-08-20      | Floating      | 11.17%                | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     367000 | PA      | $364750.95    | 0.03%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1401300 | PA      | $1019445.75   | 0.09%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA POWER CO                                                                 | Alabama Power Co                                                                 | CUSIP: 010392GB8<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |      80000 | PA      | $84822.57     | 0.01%             | 2033-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | KR        |          1 | NC      | $-384.33      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042681<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    6947000 | PA      | $6589186.09   | 0.56%             | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.522000 21-NOV-2034 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     600000 | OU      | $-2323.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust 2023-2                                     | CUSIP: 959926AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      75545 | PA      | $75652.84     | 0.01%             | 2028-03-15      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2022-8 Mortgage Loan Trust                                                  | CUSIP: 19688MAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     483000 | PA      | $479946.28    | 0.04%             | 2067-08-25      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     475000 | PA      | $430441.26    | 0.04%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20755AAD4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     520400 | PA      | $567371.15    | 0.05%             | 2043-01-25      | Floating      | 9.90%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                      | RCKT Mortgage Trust 2024-CES8                                                    | CUSIP: 749421AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      87279 | PA      | $87254.64     | 0.01%             | 2044-11-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL                                                         | Regeneron Pharmaceuticals Inc                                                    | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    1170000 | PA      | $1015903.09   | 0.09%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50099.91     | 0.00%             | 2030-10-18      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |          1 | NC      | $-426.90      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     686000 | PA      | $481861.41    | 0.04%             | 2047-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Core Scientific Inc                                                              | Core Scientific Inc                                                              | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |       1645 | NS      | $22273.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| META PLATFORMS INC                                                               | Meta Platforms Inc                                                               | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96631.70     | 0.01%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-LUNR                                                               | CUSIP: 05594CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      28000 | PA      | $28083.94     | 0.00%             | 2040-06-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                         | Virginia Electric and Power Co                                                   | CUSIP: 927804GH1<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99014.89     | 0.01%             | 2027-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VAY7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      34000 | PA      | $29743.79     | 0.00%             | 2031-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                                                                  | San Diego Gas & Electric Co                                                      | CUSIP: 797440BZ6<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |     100000 | PA      | $86796.20     | 0.01%             | 2030-10-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| UNIV SOUTHERN CALIFORNIA                                                         | University of Southern California                                                | CUSIP: 914886AH9<br>LEI: 0GMCSQ6M60R4T46U5511 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9172.93      | 0.00%             | 2053-10-01      | Fixed         | 4.98%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSAX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      61761 | PA      | $61971.05     | 0.01%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 10YR NOTE (CBT)SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -206 | NC      | $-75026.83    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | XX        |          1 | NC      | $-49631.89    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.491500 15-JUL-2029 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1320771 | OU      | $407.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2023-VLT3                                           | CUSIP: 05611GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $200374.28    | 0.02%             | 2028-11-15      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAS9<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25753.77     | 0.00%             | 2029-05-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     201000 | PA      | $202847.39    | 0.02%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GQLF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      37309 | PA      | $38603.53     | 0.00%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                                                   | Sabre GLBL Inc                                                                   | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     120000 | PA      | $126510.00    | 0.01%             | 2030-07-15      | Fixed         | 11.13%                | No            |                  2 | On Loan: —       |
| MOTOROLA SOLUTIONS INC                                                           | Motorola Solutions Inc                                                           | CUSIP: 620076BU2<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     650000 | PA      | $583631.11    | 0.05%             | 2031-05-24      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                          | MPLX LP                                                                          | CUSIP: 55336VBV1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     190000 | PA      | $187110.12    | 0.02%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     155000 | PA      | $162479.81    | 0.01%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     350000 | PA      | $346126.37    | 0.03%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     130000 | PA      | $140873.15    | 0.01%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.728000 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   38000000 | OU      | $247.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FORTUNE BRANDS INNOVATIO                                                         | Fortune Brands Innovations Inc                                                   | CUSIP: 34964CAH9<br>LEI: 54930032LHW54PQUJD44 | Long             | DBT              | CORP              | US        |      25000 | PA      | $26128.02     | 0.00%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2024-III Ltd                                                        | CUSIP: 12575WAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251081.25    | 0.02%             | 2037-07-21      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400FP3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      35000 | PA      | $33578.60     | 0.00%             | 2040-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                              | Synchrony Financial                                                              | CUSIP: 87165BAM5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49034.01     | 0.00%             | 2027-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2020-IV Ltd                                                         | CUSIP: 12562RAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250636.65    | 0.02%             | 2040-01-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                                      | PRKCM 2023-AFC1 Trust                                                            | CUSIP: 693981AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      82743 | PA      | $82659.20     | 0.01%             | 2058-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Alternative Loan Trust                                               | JP Morgan Alternative Loan Trust 2006-A1                                         | CUSIP: 46627MCU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     694518 | PA      | $518945.89    | 0.04%             | 2036-03-25      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                                                  | Golub Capital Partners CLO 55B LTD                                               | CUSIP: 38178LAA7<br>LEI: 254900ZZ9HHZTOQ1XK24 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250759.10    | 0.02%             | 2034-07-20      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $41938.39     | 0.00%             | 2032-02-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     334000 | PA      | $339911.57    | 0.03%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFK6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     590000 | PA      | $601860.60    | 0.05%             | 2030-01-16      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | CHL Mortgage Pass-Through Trust 2007-9                                           | CUSIP: 12544XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      18417 | PA      | $8521.24      | 0.00%             | 2037-07-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAJ9<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      36000 | PA      | $27294.32     | 0.00%             | 2049-05-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2025-2                                                  | CUSIP: 03466QAA1<br>LEI: 254900DKH168ZWJSMI96 | Long             | ABS-MBS          | CORP              | US        |     171225 | PA      | $171053.77    | 0.01%             | 2070-02-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GA87<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      23000 | PA      | $23881.15     | 0.00%             | 2030-04-25      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                                                 | Bank of Montreal                                                                 | CUSIP: 06368LWU6<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |      40000 | PA      | $41530.92     | 0.00%             | 2028-09-25      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2022-DNA1                                          | CUSIP: 35564KQY8<br>LEI: 5493000ISBDRXIMCHZ70 | Long             | ABS-MBS          | USGSE             | US        |     750000 | PA      | $771579.83    | 0.07%             | 2042-01-25      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQTM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     102437 | PA      | $104802.72    | 0.01%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB                                                           | Orbia Advance Corp SAB de CV                                                     | CUSIP: 68560EAC2<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |     210000 | PA      | $214762.80    | 0.02%             | 2030-05-13      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                           | Venture Global LNG Inc                                                           | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      11000 | PA      | $11154.17     | 0.00%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| CITIZENS FINANCIAL GROUP                                                         | Citizens Financial Group Inc                                                     | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103260.33    | 0.01%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                             | Deephaven Residential Mortgage Trust 2022-2                                      | CUSIP: 24380XAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $87371.08     | 0.01%             | 2067-03-25      | Variable      | 4.31%                 | No            |                  2 | On Loan: No      |
| IRB INFRASTRUCTURE DEVE                                                          | IRB INFRASTRUCTURE DEVE                                                          | CUSIP: 000000000<br>LEI: 335800XGO3AITGW6AK27 | Long             | DBT              | CORP              | IN        |     400000 | PA      | $403800.00    | 0.03%             | 2032-03-11      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2021-DNA5                                          | CUSIP: 35564KJA8<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | USGSE             | US        |    2130000 | PA      | $2277206.43   | 0.19%             | 2034-01-25      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                                 | Duke Energy Corp                                                                 | CUSIP: 26441CCC7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     135000 | PA      | $136570.97    | 0.01%             | 2029-01-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE                                  | CUSIP: 2350368N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      50000 | PA      | $35648.27     | 0.00%             | 2046-11-01      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAQ7<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |      75000 | PA      | $76938.86     | 0.01%             | 2033-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     694000 | PA      | $694705.10    | 0.06%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.569590 17-SEP-2035 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2450000 | OU      | $28800.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                                   | Mariner Finance Issuance Trust 2025-A                                            | CUSIP: 567920AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     257000 | PA      | $259026.24    | 0.02%             | 2038-05-20      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                               | VICI Properties LP                                                               | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |     766000 | PA      | $769239.08    | 0.06%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XKMC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     297379 | PA      | $267405.58    | 0.02%             | 2052-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                                                                 | Coca-Cola Co/The                                                                 | CUSIP: 191216CY4<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     100000 | PA      | $59164.05     | 0.00%             | 2060-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD                                                           | Calumet Specialty Products Partners LP / Calumet Finance Corp                    | CUSIP: 131477AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     127000 | PA      | $121888.25    | 0.01%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: —       |
| Bank of America NA                                                               | PURCHASED USD / SOLD TWD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $529.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                                                | Eversource Energy                                                                | CUSIP: 30040WAV0<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     150000 | PA      | $150027.18    | 0.01%             | 2026-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.793700 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   12634000 | OU      | $53579.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NETAPP INC                                                                       | NetApp Inc                                                                       | CUSIP: 64110DAN4<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |     494000 | PA      | $505464.86    | 0.04%             | 2035-03-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |          1 | NC      | $-8534.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                                         | Plains All American Pipeline LP / PAA Finance Corp                               | CUSIP: 72650RBM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     150000 | PA      | $143162.03    | 0.01%             | 2029-12-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (CDX.NA.HY.44.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   15466888 | OU      | $1208596.59   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                                                | Cisco Systems Inc                                                                | CUSIP: 17275RBY7<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |     190000 | PA      | $193733.79    | 0.02%             | 2032-02-24      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED PEN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PE        |          1 | NC      | $1241.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427MGP0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      59532 | PA      | $60403.73     | 0.01%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     245000 | PA      | $252757.90    | 0.02%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                           | Philip Morris International Inc                                                  | CUSIP: 718172CS6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      50000 | PA      | $43431.73     | 0.00%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RAILWAY                                                            | Canadian National Railway Co                                                     | CUSIP: 136375BN1<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | DBT              | CORP              | CA        |     125000 | PA      | $137233.77    | 0.01%             | 2036-06-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                        | Boeing Co/The                                                                    | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     100000 | PA      | $95677.00     | 0.01%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EPB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     102346 | PA      | $97274.32     | 0.01%             | 2053-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.685000 17-SEP-2030 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4440000 | OU      | $-1841.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | USD P BRL C @5.480000 EO                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |   10157000 | OU      | $12950.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                             | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |          1 | NC      | $108.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                                                         | MPH Acquisition Holdings LLC                                                     | CUSIP: 553283AE2<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |      30112 | PA      | $22960.40     | 0.00%             | 2031-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                         | Service Properties Trust                                                         | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     148000 | PA      | $154754.13    | 0.01%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH                          | CUSIP: 54627RAM2<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |     230000 | PA      | $226873.14    | 0.02%             | 2033-02-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2023-DELC                                                               | CUSIP: 05610DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     371000 | PA      | $373086.88    | 0.03%             | 2038-05-15      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     776200 | PA      | $604981.19    | 0.05%             | 2044-08-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD KRW                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $1813.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D3Y6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     422868 | PA      | $348716.51    | 0.03%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PAGAYA US HOLDINGS CO                                                            | Pagaya US Holdings Co LLC                                                        | CUSIP: 69549FAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     200000 | PA      | $198694.30    | 0.02%             | 2030-08-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                                                      | Rad CLO 7 Ltd                                                                    | CUSIP: 74936GAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250489.33    | 0.02%             | 2036-04-17      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.880000 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     810000 | OU      | $-235.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Conseco Financial Corp                                                           | Conseco Finance Corp                                                             | CUSIP: 393505F64<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      81673 | PA      | $82794.94     | 0.01%             | 2030-04-01      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     323000 | PA      | $329589.49    | 0.03%             | 2059-10-27      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EU99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     996054 | PA      | $992467.30    | 0.08%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XBG5<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |      95000 | PA      | $95123.69     | 0.01%             | 2039-06-10      | Variable      | 7.79%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     363000 | PA      | $338944.24    | 0.03%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                               | Morgan Stanley Mortgage Loan Trust 2007-3XS                                      | CUSIP: 61752RAK8<br>LEI: 549300SRGEL7X4RBPX12 | Long             | ABS-MBS          | CORP              | US        |     297084 | PA      | $102355.59    | 0.01%             | 2047-01-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                                              | Gilead Sciences Inc                                                              | CUSIP: 375558BS1<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |      80000 | PA      | $57011.91     | 0.00%             | 2040-10-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | Ellington Financial Mortgage Trust 2022-4                                        | CUSIP: 268432AF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $85789.92     | 0.01%             | 2067-09-25      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                                                | Hyatt Hotels Corp                                                                | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     200000 | PA      | $203295.42    | 0.02%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.092790 17-SEP-2027 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    5360000 | OU      | $-1840.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $4128.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     148000 | PA      | $95539.63     | 0.01%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.404000 15-JUL-2030 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     599760 | OU      | $2163.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $10605.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                               | Ally Financial Inc                                                               | CUSIP: 02005NBY5<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     140000 | PA      | $138969.37    | 0.01%             | 2040-01-17      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                                          | United Rentals North America Inc                                                 | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     100000 | PA      | $91088.01     | 0.01%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QNJP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     204621 | PA      | $187667.96    | 0.02%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                                                   | Wynn Macau Ltd                                                                   | CUSIP: 000000000<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $197820.00    | 0.02%             | 2028-08-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| TELUS Corp                                                                       | TELUS Corp                                                                       | CUSIP: 87971MBD4<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |      75000 | PA      | $73096.96     | 0.01%             | 2027-02-16      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 912828ZN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1047000 | PA      | $986102.23    | 0.08%             | 2027-04-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     500000 | PA      | $542592.16    | 0.05%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                         | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      19000 | PA      | $19714.42     | 0.00%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Prudential Financial Inc                                                         | Prudential Financial Inc                                                         | CUSIP: 744320BA9<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     125000 | PA      | $95179.04     | 0.01%             | 2049-12-07      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      70000 | PA      | $69766.65     | 0.01%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 0.181560 17-SEP-2030 SAR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $371.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                                                 | Whitebox Clo I Ltd                                                               | CUSIP: 96467FAU4<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |     150000 | PA      | $150225.00    | 0.01%             | 2036-07-24      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| ARCHER-DANIELS-MIDLAND C                                                         | Archer-Daniels-Midland Co                                                        | CUSIP: 039483BL5<br>LEI: 549300LO13MQ9HYSTR83 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49043.65     | 0.00%             | 2026-08-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $700.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VIATRIS INC                                                                      | Viatris Inc                                                                      | CUSIP: 92556VAC0<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19033.43     | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| OHA Loan Funding Ltd                                                             | OHA Loan Funding 2015-1 Ltd                                                      | CUSIP: 67109BDC5<br>LEI: 25490072LQI0R2J4XC93 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250500.83    | 0.02%             | 2037-01-19      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513CD5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      66000 | PA      | $68216.77     | 0.01%             | 2029-05-19      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1723800 | PA      | $1728742.46   | 0.15%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                           | Philip Morris International Inc                                                  | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     345000 | PA      | $362111.58    | 0.03%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     724000 | PA      | $701114.46    | 0.06%             | 2027-10-21      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2023-INV1                                             | CUSIP: 92539FAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     120000 | PA      | $120318.84    | 0.01%             | 2068-02-25      | Variable      | 7.49%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                        | CIM Trust 2025-I1                                                                | CUSIP: 12571DAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     540000 | PA      | $544081.05    | 0.05%             | 2069-10-25      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.330590 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    6730000 | OU      | $-17876.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                                    | Boeing Co/The                                                                    | CUSIP: 097023DU6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     127000 | PA      | $140145.83    | 0.01%             | 2064-05-01      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                                               | GRACIE POINT INTERNATIONAL FUNDING 2023-1                                        | CUSIP: 383931AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     135079 | PA      | $135189.38    | 0.01%             | 2026-09-01      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD KRW                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $563.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                         | Alexandria Real Estate Equities Inc                                              | CUSIP: 015271AN9<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |      40000 | PA      | $39845.89     | 0.00%             | 2030-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $-2473.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | TRSWAP: GSISDRV5 BASKET 06-NOV-202                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    2326798 | OU      | $2679.32      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays PLC                                                                     | Barclays PLC                                                                     | CUSIP: 06738EAP0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     350000 | PA      | $351143.95    | 0.03%             | 2026-05-12      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                                            | Northrop Grumman Corp                                                            | CUSIP: 666807CM2<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |      50000 | PA      | $46316.19     | 0.00%             | 2054-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     375000 | PA      | $389269.56    | 0.03%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 7.762500 11-SEP-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    7560000 | OU      | $-1343.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $6190.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2021-VIV5                                           | CUSIP: 05605VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     240000 | PA      | $215471.57    | 0.02%             | 2044-03-09      | Variable      | 2.84%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                                         | Amneal Pharmaceuticals LLC                                                       | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |      45000 | PA      | $45674.13     | 0.00%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                                            | Vale Overseas Ltd                                                                | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     217000 | PA      | $211792.00    | 0.02%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513BG9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |       2000 | PA      | $1710.00      | 0.00%             | 2031-03-11      | Fixed         | 1.65%                 | No            |                  2 | On Loan: —       |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RKG6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     260000 | PA      | $243400.38    | 0.02%             | 2028-02-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust 2023-3                                     | CUSIP: 96041CAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     305000 | PA      | $308761.26    | 0.03%             | 2028-09-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                                                                 | Coca-Cola Co/The                                                                 | CUSIP: 191216DP2<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |      60000 | PA      | $52872.75     | 0.00%             | 2032-01-05      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Investment Trust                                          | American Home Mortgage Investment Trust 2006-2                                   | CUSIP: 02660YAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2206286 | PA      | $177735.95    | 0.01%             | 2036-05-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2021-VIEW                                                               | CUSIP: 05606GAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      21000 | PA      | $20553.14     | 0.00%             | 2036-06-15      | Floating      | 8.39%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                                                             | Talos Production Inc                                                             | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |     132000 | PA      | $135286.40    | 0.01%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| Blackstone Mortgage Trust Inc                                                    | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               |  | US        |      13606 | NS      | $251438.88    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWFQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      52211 | PA      | $49622.20     | 0.00%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                                                    | Allstate Corp/The                                                                | CUSIP: 020002AS0<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |      75000 | PA      | $77443.66     | 0.01%             | 2035-05-09      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                                         | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     100000 | PA      | $92651.23     | 0.01%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                             | OneMain Finance Corp                                                             | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     131000 | PA      | $136524.05    | 0.01%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.567360 17-SEP-2028 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    8610000 | OU      | $-4092.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED HUF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | HU        |          1 | NC      | $-1779.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                         | AT&T Inc                                                                         | CUSIP: 00206RBK7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      45000 | PA      | $37225.97     | 0.00%             | 2045-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| TARGET CORP                                                                      | Target Corp                                                                      | CUSIP: 87612EBS4<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |      75000 | PA      | $72673.15     | 0.01%             | 2034-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                                                               | Athene Holding Ltd                                                               | CUSIP: 04686JAD3<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |       5000 | PA      | $3510.43      | 0.00%             | 2051-05-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BALTIMORE GAS & ELECTRIC                                                         | Baltimore Gas and Electric Co                                                    | CUSIP: 059165EQ9<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |     150000 | PA      | $143262.92    | 0.01%             | 2053-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.632500 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  410920000 | OU      | $1804.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTR 4.065000 14-JUL-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    1305500 | OU      | $56699.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                  | BRAVO Residential Funding Trust 2025-NQM7                                        | CUSIP: 10570TAP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $199998.14    | 0.02%             | 2065-07-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| SCC POWER PLC                                                                    | SCC Power PLC                                                                    | CUSIP: 78397YAB8<br>LEI: 529900IYGYC6VSDSDF37 | Long             | DBT              | CORP              | GB        |      21881 | PA      | $13347.41     | 0.00%             | 2028-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                                                                         | OZLM XVIII Ltd                                                                   | CUSIP: 67112GAA6<br>LEI: 5493002SZMQH8ZTTHX49 | Long             | ABS-CBDO         | CORP              | KY        |      50262 | PA      | $50328.31     | 0.00%             | 2031-04-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| CENT Trust                                                                       | CENT 2025-CITY                                                                   | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     720000 | PA      | $722456.14    | 0.06%             | 2040-07-10      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $17462.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                           | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBQ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |       5000 | PA      | $5015.39      | 0.00%             | 2027-04-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.298000 23-JAN-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1020000 | OU      | $112946.71    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $3685.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CARVANA CO                                                                       | Carvana Co                                                                       | CUSIP: 146869AL6<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     168259 | PA      | $172119.03    | 0.01%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN                                                         | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp                        | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $48171.77     | 0.00%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                     | Barclays PLC                                                                     | CUSIP: 06738ECF0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     250000 | PA      | $252022.73    | 0.02%             | 2027-05-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                                                  | DTE Electric Co                                                                  | CUSIP: 23338VAS5<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |      80000 | PA      | $82161.52     | 0.01%             | 2033-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PUMA INTERNATIONAL FINAN                                                         | Puma International Financing SA                                                  | CUSIP: 000000000<br>LEI: 222100YFBPO7IDRUBR17 | Long             | DBT              | CORP              | LU        |     200000 | PA      | $206983.00    | 0.02%             | 2029-04-25      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp                                                                | Atmos Energy Corp                                                                | CUSIP: 049560AM7<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |      30000 | PA      | $24764.50     | 0.00%             | 2044-10-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | EURO-OAT FUTURE SEP25                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -13 | NC      | $-2773.87     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XER3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      55000 | PA      | $56570.97     | 0.00%             | 2031-02-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CHW4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5128600 | PA      | $5165261.49   | 0.44%             | 2030-08-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| 1345 Trust                                                                       | 1345T 2025-AOA                                                                   | CUSIP: 68271CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      66000 | PA      | $66101.48     | 0.01%             | 2030-06-15      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DSV74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      44203 | PA      | $45718.00     | 0.00%             | 2054-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bally's Corporation                                                              | Bally's Corporation 2021 Term Loan B                                             | CUSIP: 05875CAB0<br>LEI: 549300NS4D5IK406VT62 | Long             | LON              | CORP              | US        |     257665 | PA      | $252779.61    | 0.02%             | 2028-10-02      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| PROVINCE OF QUEBEC                                                               | Province of Quebec Canada                                                        | CUSIP: 748148SE4<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |      15000 | PA      | $14936.96     | 0.00%             | 2033-09-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                              | Dominion Energy Inc                                                              | CUSIP: 25746UAV1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     100000 | PA      | $105005.04    | 0.01%             | 2035-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                                          | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     100000 | PA      | $90733.78     | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     587000 | PA      | $582230.63    | 0.05%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                                                                 | FirstEnergy Corp                                                                 | CUSIP: 337932AJ6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     156000 | PA      | $132502.58    | 0.01%             | 2047-07-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                 | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137HBC77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      33000 | PA      | $33692.15     | 0.00%             | 2031-10-25      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.878230 17-SEP-2035 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4335000 | OU      | $16987.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                                          | Honeywell International Inc                                                      | CUSIP: 438516CM6<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |     370000 | PA      | $360436.39    | 0.03%             | 2034-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.304000 15-JUL-2027 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1374705 | OU      | $-5850.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                                          | Honeywell International Inc                                                      | CUSIP: 438516CS3<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99962.70     | 0.01%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                                                            | Evergy Kansas Central Inc                                                        | CUSIP: 30036FAB7<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |      40000 | PA      | $39397.28     | 0.00%             | 2053-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PROGRESSIVE CORP                                                                 | Progressive Corp/The                                                             | CUSIP: 743315BA0<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |      80000 | PA      | $59623.46     | 0.01%             | 2052-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.701000 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   70000000 | OU      | $-453.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DV6E0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      26486 | PA      | $23866.26     | 0.00%             | 2050-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                                                      | Cencora Inc                                                                      | CUSIP: 03073EAU9<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     275000 | PA      | $276243.77    | 0.02%             | 2034-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| EVEREST REINSURANCE HLDG                                                         | Everest Reinsurance Holdings Inc                                                 | CUSIP: 299808AH8<br>LEI: 254900P29PM5UJR3VU91 | Long             | DBT              | CORP              | US        |     400000 | PA      | $271514.37    | 0.02%             | 2050-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XBK5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     100000 | PA      | $62903.07     | 0.01%             | 2051-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     900000 | PA      | $776700.00    | 0.07%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                                                         | MPH Acquisition Holdings LLC                                                     | CUSIP: 553283AG7<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |      82000 | PA      | $67568.00     | 0.01%             | 2030-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 3618N5PL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      20939 | PA      | $21510.54     | 0.00%             | 2055-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | JP        |          1 | NC      | $-48054.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                            | TRK 2021-INV2 Trust                                                              | CUSIP: 87267TAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     125000 | PA      | $99759.23     | 0.01%             | 2056-11-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.252790 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   21130000 | OU      | $-144145.98   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Westpac Banking Corp                                                             | Westpac Banking Corp                                                             | CUSIP: 961214DF7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     265000 | PA      | $262719.96    | 0.02%             | 2031-11-23      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Certificates                                          | WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Trust                    | CUSIP: 93364BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      83372 | PA      | $68950.52     | 0.01%             | 2047-06-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.338000 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-2259.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                                            | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      85000 | PA      | $89979.81     | 0.01%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                                                          | Public Service Co of Colorado                                                    | CUSIP: 744448CX7<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |      60000 | PA      | $48675.43     | 0.00%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 165167DH7<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    1383000 | PA      | $1400528.14   | 0.12%             | 2035-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: —       |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $167.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                               | Regional Management Issuance Trust 2021-1                                        | CUSIP: 75907VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       1306 | PA      | $1304.20      | 0.00%             | 2031-03-17      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN                                                         | Brighthouse Financial Inc                                                        | CUSIP: 10922NAH6<br>LEI: 5493003T8SZSHOGGAW52 | Long             | DBT              | CORP              | US        |      30000 | PA      | $18406.85     | 0.00%             | 2051-12-22      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                                  | Republic Finance Issuance Trust 2024-A                                           | CUSIP: 76041RAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $101993.02    | 0.01%             | 2032-08-20      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                             | Glencore Funding LLC                                                             | CUSIP: 378272AY4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      26000 | PA      | $23394.84     | 0.00%             | 2030-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                                                | Generate CLO 19 Ltd                                                              | CUSIP: 37150JAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250153.40    | 0.02%             | 2036-04-22      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 2.915520 17-SEP-2030 CAD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     370000 | OU      | $962.52       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED SEK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | SE        |          1 | NC      | $-1838.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                                          | Light & Wonder International Inc                                                 | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     130000 | PA      | $135497.05    | 0.01%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QUH82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     162518 | PA      | $169360.11    | 0.01%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                                      | Oracle Corp                                                                      | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     350000 | PA      | $343713.24    | 0.03%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                                                   | Whirlpool Corp                                                                   | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |      45000 | PA      | $44892.70     | 0.00%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BROADRIDGE FINANCIAL SOL                                                         | Broadridge Financial Solutions Inc                                               | CUSIP: 11133TAD5<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | DBT              | CORP              | US        |      20000 | PA      | $18650.87     | 0.00%             | 2029-12-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| TARGET CORP                                                                      | Target Corp                                                                      | CUSIP: 87612EBR6<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |      35000 | PA      | $30961.17     | 0.00%             | 2053-01-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                                    | AppLovin Corp                                                                    | CUSIP: 03831WAE8<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     469000 | PA      | $456976.50    | 0.04%             | 2054-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     176000 | PA      | $151869.97    | 0.01%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                                            | Antero Resources Corp                                                            | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     153000 | PA      | $156221.57    | 0.01%             | 2029-02-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $410.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     280000 | PA      | $253906.81    | 0.02%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| KSL COMMERCIAL MORTGAGE                                                          | KSL COMMERCIAL MORTGAGE                                                          | CUSIP: 50116JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      32000 | PA      | $32003.40     | 0.00%             | 2042-06-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Rakuten Group Inc                                                                | Rakuten Group Inc                                                                | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | EC               | CORP              | JP        |       7900 | NS      | $39971.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                           | Residential Asset Securitization Trust 2007-A9                                   | CUSIP: 761143AB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1091836 | PA      | $113735.99    | 0.01%             | 2037-09-25      | Floating      | 1.98%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XBW9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |       5000 | PA      | $4789.74      | 0.00%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280ES4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     395000 | PA      | $397486.23    | 0.03%             | 2036-03-03      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | IN        |          1 | NC      | $-885.44      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2025-INV1                                                                   | CUSIP: 26846XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     187902 | PA      | $188147.92    | 0.02%             | 2070-03-25      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                                            | Antero Resources Corp                                                            | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    1152000 | PA      | $1146723.10   | 0.10%             | 2030-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.474070 17-SEP-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   12220000 | OU      | $176667.09    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 2.799000 17-SEP-2030 CAD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $-2579.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAQ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     553000 | PA      | $568483.76    | 0.05%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2450000 | PA      | $2396406.25   | 0.20%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                              | PETROLEOS MEXICANOS                                                              | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     409000 | PA      | $407466.25    | 0.03%             | 2026-03-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                                                         | HLF Financing Sarl LLC / Herbalife International Inc                             | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      55000 | PA      | $45835.27     | 0.00%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| MOSAIC CO                                                                        | Mosaic Co/The                                                                    | CUSIP: 61945CAD5<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25473.97     | 0.00%             | 2033-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ZA        |          1 | NC      | $-5577.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                                               | Ohio Power Co                                                                    | CUSIP: 677415CT6<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |      32000 | PA      | $27171.85     | 0.00%             | 2031-01-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.350000 15-JUL-2030 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     881250 | OU      | $6171.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HKD 2.865000 17-SEP-2030 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3000000 | OU      | $600.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042483<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     742000 | PA      | $733002.90    | 0.06%             | 2039-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FLOURISHING TRADE + INVT LTD                                                     | FLOURISHING TRADE + INVT LTD                                                     | CUSIP: 343427AA8<br>LEI: 894500SZ5TN63ZJ0Y632 | Long             | DBT              | CORP              | MU        |     511700 | PA      | $523213.25    | 0.04%             | 2028-04-02      | Variable      | 11.04%                | No            |                  3 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.735000 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  145500000 | OU      | $1436.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      18000 | PA      | $18041.48     | 0.00%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140Q9MM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     394607 | PA      | $381845.80    | 0.03%             | 2048-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hess Corp                                                                        | Hess Corp                                                                        | CUSIP: 023551AJ3<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |      30000 | PA      | $34298.81     | 0.00%             | 2031-08-15      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133CFU80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     443250 | PA      | $442228.32    | 0.04%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.656130 17-SEP-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    6200000 | OU      | $-1926.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                                 | Welltower OP LLC                                                                 | CUSIP: 95040QAR5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |      20000 | PA      | $18987.31     | 0.00%             | 2032-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                               | BMO 2023-C5 Mortgage Trust                                                       | CUSIP: 055988AF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     345876 | PA      | $15876.41     | 0.00%             | 2056-06-15      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                                                 | SoFi Consumer Loan Program 2025-1 Trust                                          | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     436945 | PA      | $437415.03    | 0.04%             | 2034-02-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $12049.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QRWK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     259056 | PA      | $247445.60    | 0.02%             | 2053-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2022-3                                    | CUSIP: 92257BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     149399 | PA      | $143253.74    | 0.01%             | 2052-06-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities                                   | Credit Suisse First Boston Mortgage Securities Corp                              | CUSIP: 2254W0NE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      83659 | PA      | $36485.66     | 0.00%             | 2035-12-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0BQ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     405479 | PA      | $356630.83    | 0.03%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2022-3                                                | CUSIP: 92538UAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $78566.40     | 0.01%             | 2067-02-25      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                                                     | DC Trust 2024-HLTN                                                               | CUSIP: 24022FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $10048.77     | 0.00%             | 2040-04-13      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                                       | Fiserv Inc                                                                       | CUSIP: 337738BE7<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     665000 | PA      | $683531.88    | 0.06%             | 2033-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                                           | Fairfax Financial Holdings Ltd                                                   | CUSIP: 303901BU5<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |     322000 | PA      | $312625.23    | 0.03%             | 2055-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD NOK                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $366.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                         | Burlington Northern Santa Fe LLC                                                 | CUSIP: 12189LBJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $41548.68     | 0.00%             | 2053-01-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                                                                     | QUALCOMM Inc                                                                     | CUSIP: 747525AU7<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49242.32     | 0.00%             | 2027-05-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XKZL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1252190 | PA      | $1131008.15   | 0.10%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                                     | Voya CLO 2019-1 Ltd                                                              | CUSIP: 92917NAW8<br>LEI: 549300KSCKXTOBY0IP86 | Long             | ABS-CBDO         | CORP              | KY        |     330000 | PA      | $331095.30    | 0.03%             | 2037-10-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104725.78    | 0.01%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                         | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAC3<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     289000 | PA      | $241390.71    | 0.02%             | 2049-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES CAP INTL                                                           | TotalEnergies Capital International SA                                           | CUSIP: 89153VAV1<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $132060.51    | 0.01%             | 2050-05-29      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: NZD 3.614000 17-SEP-2030 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     610000 | OU      | $-784.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GCAT                                                                             | GCAT 2023-NQM4 Trust                                                             | CUSIP: 36171FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     137928 | PA      | $129908.16    | 0.01%             | 2067-05-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED SEK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | SE        |          1 | NC      | $502.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CENCORA INC                                                                      | Cencora Inc                                                                      | CUSIP: 03073EAW5<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     610000 | PA      | $616919.96    | 0.05%             | 2029-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                             | Glencore Funding LLC                                                             | CUSIP: 378272BZ0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     138000 | PA      | $140194.16    | 0.01%             | 2030-04-01      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                                         | Devon Energy Corp                                                                | CUSIP: 25179MAL7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |      50000 | PA      | $46471.90     | 0.00%             | 2041-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                                                      | Wayfair LLC                                                                      | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     235000 | PA      | $240850.26    | 0.02%             | 2030-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| KONDOR FINANCE PLC (NAK)                                                         | NAK Naftogaz Ukraine via Kondor Finance PLC                                      | CUSIP: 000000000<br>LEI: 213800PUC1T9GI6EIO63 | Long             | DBT              | CORP              | GB        |     115773 | PA      | $111641.43    | 0.01%             | 2026-07-19      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | 3 MONTH SOFR OPT OCT25C 96.18                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        452 | NC      | $59325.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya CLO Ltd                                                                     | Voya CLO 2014-1 Ltd                                                              | CUSIP: 92915PAH8<br>LEI: 549300ITL5IR423IJ183 | Long             | ABS-CBDO         | CORP              | KY        |      42841 | PA      | $42866.46     | 0.00%             | 2031-04-18      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.685000 21-APR-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  623207547 | OU      | $8206.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                     | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-8 Trust   | CUSIP: 93935EAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      81777 | PA      | $27244.20     | 0.00%             | 2036-10-25      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| Impac Secured Assets Corp.                                                       | Impac Secured Assets Trust 2006-3                                                | CUSIP: 45255RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      18279 | PA      | $16586.86     | 0.00%             | 2036-11-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $7452.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                                 | Georgia Power Co                                                                 | CUSIP: 373334LA7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      81000 | PA      | $82404.64     | 0.01%             | 2031-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: —       |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4700000 | PA      | $4688984.38   | 0.40%             | 2029-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $3136.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS Mortgage Trust 2025-C35                                                    | CUSIP: 07337DAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      37000 | PA      | $28222.08     | 0.00%             | 2058-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OP                                                              | Invitation Homes Operating Partnership LP                                        | CUSIP: 46188BAF9<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              |  | US        |      40000 | PA      | $40646.39     | 0.00%             | 2033-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     678000 | PA      | $607307.37    | 0.05%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.792070 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4290000 | OU      | $16000.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                                                          | Asbury Automotive Group Inc                                                      | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96042.11     | 0.01%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2025-INV3                                                                   | CUSIP: 26847NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     384265 | PA      | $383938.22    | 0.03%             | 2070-07-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H022689<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10093000 | PA      | $8486077.22   | 0.72%             | 2054-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-985.56      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                                               | GRACIE POINT INTERNATIONAL FUNDING 2023-2                                        | CUSIP: 38410JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      41706 | PA      | $41763.55     | 0.00%             | 2027-03-01      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc                                     | BAMLL Trust 2025-ASHF                                                            | CUSIP: 05494CAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     163000 | PA      | $164024.76    | 0.01%             | 2042-02-15      | Floating      | 9.59%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | IN        |          1 | NC      | $-4966.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Financial Select Sector SPDR Fund                                                | Financial Select Sector SPDR Fund                                                | CUSIP: 81369Y605<br>LEI: 549300Y12KQ6ZG08NY28 | Long             | EC               | RF                | US        |       5000 | NS      | $261850.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAR5<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     408000 | PA      | $385793.74    | 0.03%             | 2053-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400HU0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      60000 | PA      | $60648.96     | 0.01%             | 2028-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| WALMART INC                                                                      | Walmart Inc                                                                      | CUSIP: 931142FP3<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    1140000 | PA      | $1147487.69   | 0.10%             | 2035-04-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                              | Petroleos Mexicanos                                                              | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      10000 | PA      | $10522.90     | 0.00%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                                       | Fiserv Inc                                                                       | CUSIP: 337738AV0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |      60000 | PA      | $47923.40     | 0.00%             | 2049-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| EASTMAN CHEMICAL CO                                                              | Eastman Chemical Co                                                              | CUSIP: 277432AX8<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | DBT              | CORP              | US        |      75000 | PA      | $77893.13     | 0.01%             | 2033-03-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                     | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-5 Trust   | CUSIP: 93936PAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     149439 | PA      | $135764.50    | 0.01%             | 2037-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Host Hotels & Resorts LP                                                         | Host Hotels & Resorts LP                                                         | CUSIP: 44107TAW6<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |      20000 | PA      | $19959.45     | 0.00%             | 2026-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.597610 17-SEP-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     590000 | OU      | $-7198.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: SEK 2.460000 17-SEP-2030 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   25000000 | OU      | $4819.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $74349.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                     | CSMC 2022-NQM4 Trust                                                             | CUSIP: 12665EAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     122256 | PA      | $121447.57    | 0.01%             | 2067-06-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE CHILDREN HOSP                                                         | Nationwide Children's Hospital Inc                                               | CUSIP: 63861UAA7<br>LEI: 549300P18KU1WR8JWZ05 | Long             | DBT              | CORP              | US        |      35000 | PA      | $29544.28     | 0.00%             | 2052-11-01      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     300000 | PA      | $309477.53    | 0.03%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                        | Amgen Inc                                                                        | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     315000 | PA      | $304600.17    | 0.03%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-HTL Mortgage Trust                                                      | CUSIP: 55286PAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      80569 | PA      | $80569.21     | 0.01%             | 2037-02-15      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.791000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1000000 | OU      | $-9785.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAR0<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     887000 | PA      | $811262.24    | 0.07%             | 2031-03-24      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC                    | CUSIP: 466330AN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $10009.38     | 0.00%             | 2038-04-15      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWB69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2406378 | PA      | $1984134.81   | 0.17%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQLA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     217907 | PA      | $207150.28    | 0.02%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS Mortgage Trust 2025-5C34                                                   | CUSIP: 07337BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      41000 | PA      | $42490.01     | 0.00%             | 2058-05-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.508680 25-JUN-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     890000 | OU      | $3026.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 4.034680 17-SEP-2055 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1240000 | OU      | $1769.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | KR        |          1 | NC      | $-2292.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 92556HAD9<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      90000 | PA      | $82516.75     | 0.01%             | 2032-05-19      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                            | Huntington Bancshares Inc/OH                                                     | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     125000 | PA      | $130779.35    | 0.01%             | 2029-08-21      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.685000 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     630000 | OU      | $-60.35       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                                                                    | J M Smucker Co/The                                                               | CUSIP: 832696AM0<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |     175000 | PA      | $162174.81    | 0.01%             | 2035-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NZ        |          1 | NC      | $-4965.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $2283.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F040685<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    8399000 | PA      | $7745601.31   | 0.65%             | 2054-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | TW        |          1 | NC      | $-580.30      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2024-A                                 | CUSIP: 63943CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     133797 | PA      | $136412.54    | 0.01%             | 2072-10-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| WILLIAM CARTER                                                                   | William Carter Co/The                                                            | CUSIP: 96926JAC1<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |      47000 | PA      | $46606.84     | 0.00%             | 2027-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513BY0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |       5000 | PA      | $4856.31      | 0.00%             | 2027-03-03      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Certificates                                          | WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust                    | CUSIP: 933634AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       9705 | PA      | $9025.22      | 0.00%             | 2037-03-25      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D7F3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     425895 | PA      | $349677.66    | 0.03%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWAP/CDSWAP/SCDS: (AEP)                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              |  | US        |     176000 | OU      | $-5222.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 10Y RTP 3.930000 29-MAR-2027                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |    1259400 | OU      | $46209.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2021-I Ltd                                                          | CUSIP: 12563EAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250784.48    | 0.02%             | 2037-07-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| ANDIRON SERIES B 1L FRN                                                          | ANDIRON SERIES B 1L FRN                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      30000 | PA      | $30000.00     | 0.00%             | 2030-01-21      | Variable      | 7.32%                 | No            |                  3 | On Loan: No      |
| Chase Mortgage Finance Corporation                                               | Chase Mortgage Finance Trust Series 2007-A1                                      | CUSIP: 161630AL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     113066 | PA      | $111768.11    | 0.01%             | 2037-02-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2024-5                                    | CUSIP: 92261ABA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      90828 | PA      | $90268.50     | 0.01%             | 2054-10-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                           | UnitedHealth Group Inc                                                           | CUSIP: 91324PFL1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     125000 | PA      | $119074.08    | 0.01%             | 2054-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| WRKCO INC                                                                        | WRKCo Inc                                                                        | CUSIP: 92940PAG9<br>LEI: 549300JEB576INN13W07 | Long             | DBT              | CORP              | US        |      80000 | PA      | $70152.72     | 0.01%             | 2033-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.627170 17-SEP-2055 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     130000 | OU      | $6529.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1412100 | PA      | $1307681.83   | 0.11%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                         | Capital One Financial Corp                                                       | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25749.64     | 0.00%             | 2027-10-29      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJN0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      50000 | PA      | $35595.49     | 0.00%             | 2052-03-13      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                                      | CUSIP: 64966Q7G9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |      15000 | PA      | $15310.88     | 0.00%             | 2053-10-01      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Cardinal Health Inc                                                              | Cardinal Health Inc                                                              | CUSIP: 14149YBE7<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49947.40     | 0.00%             | 2025-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                                                        | LBA Trust 2024-7IND                                                              | CUSIP: 52109XAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      17000 | PA      | $17053.13     | 0.00%             | 2041-10-15      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BAX8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     200000 | PA      | $182827.00    | 0.02%             | 2053-05-04      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corporation                                              | Banc of America Funding 2007-3 Trust                                             | CUSIP: 059515AK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     202768 | PA      | $168993.08    | 0.01%             | 2037-04-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                         | Capital One Financial Corp                                                       | CUSIP: 254709AT5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     410000 | PA      | $477661.81    | 0.04%             | 2034-11-02      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP                                                            | Blue Owl Capital Corp                                                            | CUSIP: 69121KAH7<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100228.09    | 0.01%             | 2029-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED SGD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | SG        |          1 | NC      | $-20774.21    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ECQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     453318 | PA      | $372440.22    | 0.03%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                                                      | HOMES 2025-NQM1 Trust                                                            | CUSIP: 43761DAF7<br>LEI: 254900LUV7YA0N50XT86 | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $201317.40    | 0.02%             | 2070-01-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-MDHS                                           | CUSIP: 12433BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     235729 | PA      | $236318.03    | 0.02%             | 2041-05-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                 | RALI Series 2007-QH3 Trust                                                       | CUSIP: 74922WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     139152 | PA      | $134349.68    | 0.01%             | 2037-04-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                              | Abbott Laboratories                                                              | CUSIP: 002824BH2<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     380000 | PA      | $354527.38    | 0.03%             | 2046-11-30      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| EQUINOR ASA                                                                      | Equinor ASA                                                                      | CUSIP: 29446MAJ1<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | DBT              | CORP              | NO        |     200000 | PA      | $197433.07    | 0.02%             | 2026-01-22      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2021-A                                          | CUSIP: 78448YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     304575 | PA      | $301046.20    | 0.03%             | 2053-01-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                                                    | Allstate Corp/The                                                                | CUSIP: 020002BK6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102153.60    | 0.01%             | 2033-03-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION                                                              | Insulet Corp                                                                     | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |     145000 | PA      | $149048.98    | 0.01%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Loan Trust 2015-A                                      | CUSIP: 63939EAE3<br>LEI: 549300YZ4ZMNDBNO4U12 | Long             | ABS-O            | CORP              | US        |     146000 | PA      | $141054.53    | 0.01%             | 2044-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US LONG BOND(CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        121 | NC      | $223124.02    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAS8<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      83000 | PA      | $84355.65     | 0.01%             | 2035-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                                                        | Apple Inc                                                                        | CUSIP: 037833AL4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      50000 | PA      | $41604.83     | 0.00%             | 2043-05-04      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                                                              | Quanta Services Inc                                                              | CUSIP: 74762EAH5<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     220000 | PA      | $189832.97    | 0.02%             | 2032-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                         | Vistra Operations Co LLC                                                         | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     562000 | PA      | $583300.36    | 0.05%             | 2034-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     563000 | PA      | $560888.75    | 0.05%             | 2027-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                              | PURCHASED PLN / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | PL        |          1 | NC      | $-452.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                               | Meta Platforms Inc                                                               | CUSIP: 30303M8Q8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     170000 | PA      | $168615.62    | 0.01%             | 2053-05-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc                                                                     | Enbridge Inc                                                                     | CUSIP: 29250NAM7<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      20000 | PA      | $19001.34     | 0.00%             | 2046-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                                                               | Mattamy Group Corp                                                               | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |      51000 | PA      | $48927.33     | 0.00%             | 2030-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      31000 | PA      | $31224.02     | 0.00%             | 2029-03-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DPKT4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     721117 | PA      | $535431.66    | 0.05%             | 2051-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS Mortgage Trust 2025-C35                                                    | CUSIP: 07337DAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     484000 | PA      | $500943.39    | 0.04%             | 2058-07-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                   | Morgan Stanley Capital I Trust 2024-NSTB                                         | CUSIP: 61690BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      67773 | PA      | $66539.10     | 0.01%             | 2057-09-24      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp                                                            | Norfolk Southern Corp                                                            | CUSIP: 655844BH0<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     150000 | PA      | $137396.12    | 0.01%             | 2041-10-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.446000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  526340000 | OU      | $-1044.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2018-III Ltd                                                        | CUSIP: 12551YAC7<br>LEI: 635400OB7ZCBUWDQNV87 | Long             | ABS-CBDO         | CORP              | KY        |     400000 | PA      | $401350.00    | 0.03%             | 2031-07-18      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NGTP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      19973 | PA      | $20009.07     | 0.00%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.148660 17-SEP-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1095000 | OU      | $8843.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | KR        |          1 | NC      | $-428.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAJ2<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |      50000 | PA      | $49805.03     | 0.00%             | 2043-07-15      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                                                          | Southern Co Gas Capital Corp                                                     | CUSIP: 8426EPAH1<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |      30000 | PA      | $29675.35     | 0.00%             | 2034-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.697000 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  182000000 | OU      | $-1528.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                                                              | General Electric Co                                                              | CUSIP: 369604CA9<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |     170000 | PA      | $169426.58    | 0.01%             | 2036-01-29      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS Mortgage Trust 2023-C22                                                    | CUSIP: 05554FAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     530000 | PA      | $587043.32    | 0.05%             | 2056-11-15      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                                                    | CoreWeave Inc                                                                    | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     143000 | PA      | $142390.30    | 0.01%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                                            | Continental Resources Inc/OK                                                     | CUSIP: 212015AQ4<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |       5000 | PA      | $3922.85      | 0.00%             | 2044-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                                          | Arthur J Gallagher & Co                                                          | CUSIP: 04316JAB5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      45000 | PA      | $27928.58     | 0.00%             | 2052-03-09      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                                                                 | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                          | CUSIP: 403956AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99875.24     | 0.01%             | 2037-05-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.635000 17-SEP-2030 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    6000000 | OU      | $3128.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                                 | Onemain Financial Issuance Trust 2024-1                                          | CUSIP: 68269NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     184000 | PA      | $191306.73    | 0.02%             | 2041-05-14      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.795000 17-SEP-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  194495867 | OU      | $-1132.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFZ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1447800 | PA      | $1446499.24   | 0.12%             | 2027-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                                     | NiSource Inc                                                                     | CUSIP: 65473PAP0<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      10000 | PA      | $10207.84     | 0.00%             | 2033-06-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ELX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     242996 | PA      | $237929.43    | 0.02%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                       | US Bancorp                                                                       | CUSIP: 91159HJU5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     675000 | PA      | $687073.68    | 0.06%             | 2036-02-12      | Fixed         | 5.42%                 | No            |                  2 | On Loan: —       |
| Bank5                                                                            | BANK5 Trust 2024-5YR6                                                            | CUSIP: 066043AB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $10475.83     | 0.00%             | 2057-05-15      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 14.955000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    4000000 | OU      | $-39190.57    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CIM Trust                                                                        | CIM Trust 2025-I1                                                                | CUSIP: 12571DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     477869 | PA      | $479398.58    | 0.04%             | 2069-10-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                                           | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |      99000 | PA      | $97881.19     | 0.01%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                                                 | UWM Holdings LLC                                                                 | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     138000 | PA      | $138060.67    | 0.01%             | 2030-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     653000 | PA      | $653892.78    | 0.06%             | 2027-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                                                      | HOMES 2025-NQM2 Trust                                                            | CUSIP: 403966AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     205932 | PA      | $205839.81    | 0.02%             | 2070-02-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.256800 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     480000 | OU      | $-3171.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Octagon 66 Ltd                                                                   | Octagon 66 Ltd                                                                   | CUSIP: 67577WAP6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250690.10    | 0.02%             | 2036-11-16      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc                                                                       | Pfizer Inc                                                                       | CUSIP: 717081CY7<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     150000 | PA      | $176687.60    | 0.01%             | 2039-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-54104.71    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CART                                                                             | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      70000 | PA      | $69956.32     | 0.01%             | 2041-08-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.755000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1000000 | OU      | $-8435.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOEING CO                                                                        | Boeing Co/The                                                                    | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     130000 | PA      | $125461.56    | 0.01%             | 2050-05-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     215000 | PA      | $193168.35    | 0.02%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: —       |
| Bank of America NA                                                               | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | IN        |          1 | NC      | $-1343.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNUM GROUP                                                                       | Unum Group                                                                       | CUSIP: 91529YAR7<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |     140000 | PA      | $103364.08    | 0.01%             | 2051-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.287500 17-SEP-2025 FED                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  174515880 | OU      | $-9704.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.589370 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    5165000 | OU      | $-4769.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.689000 17-JUL-2030 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    2991000 | OU      | $-6047.83     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                                    | TransDigm Inc                                                                    | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     329000 | PA      | $331089.81    | 0.03%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.627090 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2350000 | OU      | $6190.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DNHE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     467396 | PA      | $436201.75    | 0.04%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL GRP                                                          | Principal Financial Group Inc                                                    | CUSIP: 74251VAT9<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |      39000 | PA      | $39966.91     | 0.00%             | 2033-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Equity Loan Trust                                               | CWHEQ Revolving Home Equity Loan Trust Series 2006-I                             | CUSIP: 12668FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        871 | PA      | $832.26       | 0.00%             | 2037-01-15      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| NVIDIA CORP                                                                      | NVIDIA Corp                                                                      | CUSIP: 67066GAH7<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     100000 | PA      | $74869.78     | 0.01%             | 2050-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENTERGY MISSISSIPPI LLC                                                          | Entergy Mississippi LLC                                                          | CUSIP: 29366WAE6<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24962.66     | 0.00%             | 2054-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                                                            | VFH Parent LLC / Valor Co-Issuer Inc                                             | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      70000 | PA      | $72831.78     | 0.01%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RKF8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      50000 | PA      | $31931.31     | 0.00%             | 2061-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 13.545000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    3000000 | OU      | $294.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                                                         | BHP Billiton Finance USA Ltd                                                     | CUSIP: 055451AV0<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     125000 | PA      | $118125.73    | 0.01%             | 2043-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE TELEKOM INT FIN                                                         | Deutsche Telekom International Finance BV                                        | CUSIP: 25156PAD5<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |      20000 | PA      | $24810.17     | 0.00%             | 2032-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2022-DNA5                                          | CUSIP: 35564KYW3<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-MBS          | USGSE             | US        |    1000000 | PA      | $1100000.00   | 0.09%             | 2042-06-25      | Floating      | 11.10%                | No            |                  2 | On Loan: No      |
| NIKE INC                                                                         | NIKE Inc                                                                         | CUSIP: 654106AK9<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | DBT              | CORP              | US        |     100000 | PA      | $93902.98     | 0.01%             | 2030-03-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DV74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     778245 | PA      | $613275.90    | 0.05%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAT6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     111000 | PA      | $83916.57     | 0.01%             | 2052-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                                                                 | Coca-Cola Co/The                                                                 | CUSIP: 191216DT4<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     200000 | PA      | $193251.43    | 0.02%             | 2064-05-13      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.746000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   12000000 | OU      | $-92940.27    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.243967 15-JUL-2035 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     588000 | OU      | $-1917.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                                                     | AutoZone Inc                                                                     | CUSIP: 053332BE1<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     125000 | PA      | $125665.17    | 0.01%             | 2026-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CO        |          1 | NC      | $-4760.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | Cifc Funding 2023-III Ltd                                                        | CUSIP: 12598YAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250870.98    | 0.02%             | 2037-01-20      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Aflac Inc                                                                        | Aflac Inc                                                                        | CUSIP: 001055AY8<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |      10000 | PA      | $8628.10      | 0.00%             | 2049-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Invesco Euro CLO                                                                 | Invesco Euro CLO                                                                 | CUSIP: 000000000<br>LEI: 549300YQUO4XFJGG1T54 | Long             | ABS-CBDO         | CORP              | IE        |     250000 | PA      | $282926.97    | 0.02%             | 2034-07-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| PPL ELECTRIC UTILITIES                                                           | PPL Electric Utilities Corp                                                      | CUSIP: 69351UBC6<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |     105000 | PA      | $104396.24    | 0.01%             | 2034-02-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| XHR LP                                                                           | XHR LP                                                                           | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |      50000 | PA      | $48258.94     | 0.00%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                                                   | Solventum Corp                                                                   | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     443000 | PA      | $455776.21    | 0.04%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                                         | Anheuser-Busch InBev Worldwide Inc                                               | CUSIP: 03523TBY3<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     250000 | PA      | $253531.45    | 0.02%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ondeck Asset Securitization Trust LLC                                            | OnDeck Asset Securitization Trust IV LLC                                         | CUSIP: 67108SAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     160000 | PA      | $161558.45    | 0.01%             | 2030-08-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RELIANCE INC                                                                     | Reliance Inc                                                                     | CUSIP: 759509AG7<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |     790000 | PA      | $699456.46    | 0.06%             | 2030-08-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.569000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    3000000 | OU      | $0.97         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1279700 | PA      | $1284448.89   | 0.11%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                                                                | Johnson & Johnson                                                                | CUSIP: 478160CT9<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |      45000 | PA      | $24760.64     | 0.00%             | 2060-09-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $503.29       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                                            | Caesars Entertainment Inc                                                        | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96518.54     | 0.01%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | KR        |          1 | NC      | $-525.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEDCO LAUREL TREE                                                                | Medco Laurel Tree Pte Ltd                                                        | CUSIP: 000000000<br>LEI: 254900SX7FFGRREZD046 | Long             | DBT              | CORP              | SG        |     200000 | PA      | $199380.00    | 0.02%             | 2028-11-12      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                                           | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $94082.83     | 0.01%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      50000 | PA      | $46947.00     | 0.00%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 86765BAV1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     290000 | PA      | $258101.04    | 0.02%             | 2047-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Structured Products Inc.                                            | Bear Stearns Structured Products Trust 2007-EMX1                                 | CUSIP: 07402LAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      51942 | PA      | $51565.46     | 0.00%             | 2037-03-25      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Hasbro Inc                                                                       | Hasbro Inc                                                                       | CUSIP: 418056AV9<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19543.01     | 0.00%             | 2027-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust                                        | GoodLeap Home Improvement Solutions Trust 2025-1                                 | CUSIP: 38237EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     246640 | PA      | $248194.45    | 0.02%             | 2049-02-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NORTHWELL HEALTHCARE INC                                                         | Northwell Healthcare Inc                                                         | CUSIP: 667274AD6<br>LEI: 54930073NUTKK4QD3P47 | Long             | DBT              | CORP              | US        |      85000 | PA      | $60738.20     | 0.01%             | 2049-11-01      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                            | Level 3 Financing Inc                                                            | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     112000 | PA      | $101780.00    | 0.01%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED SGD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | SG        |          1 | NC      | $-713.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co                                                          | Bristol-Myers Squibb Co                                                          | CUSIP: 110122AU2<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      80000 | PA      | $59894.41     | 0.01%             | 2042-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754DAB3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1500000 | PA      | $1537965.00   | 0.13%             | 2042-04-25      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED EUR / SOLD CZK                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |          1 | NC      | $-189.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140EVT23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      73169 | PA      | $70879.90     | 0.01%             | 2031-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587DQ7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      95000 | PA      | $96206.00     | 0.01%             | 2028-06-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Sunbit Asset Securitization Trust                                                | Sunbit Asset Securitization Trust 2025-1                                         | CUSIP: 86709SAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     670000 | PA      | $669036.74    | 0.06%             | 2030-07-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Dignity Health                                                                   | Dignity Health                                                                   | CUSIP: 254010AB7<br>LEI: TFVG45LTYVO3XKPZWP18 | Long             | DBT              | CORP              | US        |      50000 | PA      | $41964.51     | 0.00%             | 2042-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                                                   | NCR Atleos Corp                                                                  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     178000 | PA      | $192837.19    | 0.02%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED NGN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NG        |          1 | NC      | $210.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                                                                    | HTA Group Ltd/Mauritius                                                          | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |     150000 | PA      | $154734.00    | 0.01%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2019-1 AA PTT                                                         | United Airlines 2019-1 Class AA Pass Through Trust                               | CUSIP: 90931CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      25646 | PA      | $24458.41     | 0.00%             | 2031-08-25      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                                                | Ares Capital Corp                                                                | CUSIP: 04010LBA0<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     200000 | PA      | $195240.06    | 0.02%             | 2026-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XBP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     403665 | PA      | $325986.99    | 0.03%             | 2052-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KJ5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103857.23    | 0.01%             | 2033-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2025-1                                                  | CUSIP: 034934AA7<br>LEI: 254900HC0S1X9R2JZB30 | Long             | ABS-MBS          | CORP              | US        |     895780 | PA      | $895885.96    | 0.08%             | 2070-01-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                                                  | Benefit Street Partners CLO XXIX                                                 | CUSIP: 08186EAL2<br>LEI: 549300DICNUWMUKL3816 | Long             | ABS-CBDO         | CORP              | JE        |    1100000 | PA      | $1099456.27   | 0.09%             | 2038-01-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 1.934290 15-JUN-2035 CPT                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     180000 | OU      | $1285.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                             | Targa Resources Corp                                                             | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     195000 | PA      | $197265.28    | 0.02%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.789500 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1575000 | OU      | $2410.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                                            | Civitas Resources Inc                                                            | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |      46000 | PA      | $47302.99     | 0.00%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $1836.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-679.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.670700 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    8200000 | OU      | $-28166.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| 610 Funding 2 CLO Ltd                                                            | 610 Funding CLO 2 Ltd                                                            | CUSIP: 83004LAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1001354.30   | 0.08%             | 2034-01-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.394000 15-JUL-2030 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     588000 | OU      | $2491.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                                                                   | Starbucks Corp                                                                   | CUSIP: 855244BF5<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |     275000 | PA      | $274620.68    | 0.02%             | 2033-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                                                          | Southwestern Electric Power Co                                                   | CUSIP: 845437BU5<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |      10000 | PA      | $10081.70     | 0.00%             | 2033-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA                                                              | CUSIP: 20281PKT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      50000 | PA      | $45092.20     | 0.00%             | 2038-06-01      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD KRW                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $105.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                                                            | MidAmerican Energy Co                                                            | CUSIP: 595620AZ8<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |      45000 | PA      | $42572.49     | 0.00%             | 2055-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                      | Gartner Inc                                                                      | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     839000 | PA      | $795713.81    | 0.07%             | 2029-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                                         | Host Hotels & Resorts LP                                                         | CUSIP: 44107TBD7<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |     250000 | PA      | $253600.58    | 0.02%             | 2032-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                           | Lendmark Funding Trust 2025-1                                                    | CUSIP: 52604QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     181000 | PA      | $182373.81    | 0.02%             | 2034-09-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                              | Freddie Mac STACR REMIC Trust 2022-DNA4                                          | CUSIP: 35564KXA2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | USGSE             | US        |    1000000 | PA      | $1068130.00   | 0.09%             | 2042-05-25      | Floating      | 9.60%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                                     | Ecopetrol SA                                                                     | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     356000 | PA      | $354398.00    | 0.03%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.703840 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1405000 | OU      | $8591.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     992000 | PA      | $659779.56    | 0.06%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CV9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     304000 | PA      | $295190.10    | 0.02%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 29273VBA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     370000 | PA      | $374173.70    | 0.03%             | 2034-09-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     106000 | PA      | $97982.39     | 0.01%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     365000 | PA      | $289139.04    | 0.02%             | 2051-03-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                              | American Express Co                                                              | CUSIP: 025816DZ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     215000 | PA      | $219238.12    | 0.02%             | 2036-01-30      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                                        | CUSIP: 072024NV0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |     190000 | PA      | $215311.33    | 0.02%             | 2050-04-01      | Fixed         | 7.04%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     650000 | PA      | $477242.19    | 0.04%             | 2048-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                                                 | Whitebox CLO III Ltd                                                             | CUSIP: 96467HAS5<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250529.40    | 0.02%             | 2035-10-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.561160 17-SEP-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     475000 | OU      | $-2059.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAR0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      28000 | PA      | $28792.63     | 0.00%             | 2034-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DV6R1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     856515 | PA      | $676821.44    | 0.06%             | 2050-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                                                 | Whitebox Clo II Ltd                                                              | CUSIP: 96466CAW8<br>LEI: 549300C89ZJ5IWOT1F21 | Long             | ABS-CBDO         | CORP              | KY        |     519000 | PA      | $520629.71    | 0.04%             | 2037-10-24      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3131YBEH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     221584 | PA      | $193548.16    | 0.02%             | 2048-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                                              | SG Residential Mortgage Trust 2022-2                                             | CUSIP: 78434KAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      50000 | PA      | $48912.27     | 0.00%             | 2062-08-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 1.910460 15-APR-2035 CPT                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     160000 | OU      | $1120.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                                                   | ACHV ABS TRUST 2024-1PL                                                          | CUSIP: 00092BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     205621 | PA      | $207855.68    | 0.02%             | 2031-04-25      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $745.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VBE3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      45000 | PA      | $40425.16     | 0.00%             | 2041-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1919000 | PA      | $1737594.53   | 0.15%             | 2044-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      39000 | PA      | $25645.02     | 0.00%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTP 4.007500 14-APR-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |     240967 | OU      | $8327.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                                                                          | MPLX LP                                                                          | CUSIP: 55336VAR1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     200000 | PA      | $197272.25    | 0.02%             | 2028-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                                                        | Fortuna Consumer Loan Abs 2024-2 DAC                                             | CUSIP: 000000000<br>LEI: 635400WJJIABFKEPEL72 | Long             | ABS-O            | CORP              | IE        |     100000 | PA      | $116206.17    | 0.01%             | 2034-10-18      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                                             | BlueMountain CLO 2018-3 Ltd                                                      | CUSIP: 09630AAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250624.98    | 0.02%             | 2030-10-25      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University/The                                                | PENNSYLVANIA ST UNIV                                                             | CUSIP: 709235T70<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |      50000 | PA      | $37245.06     | 0.00%             | 2043-09-01      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CZ        |          1 | NC      | $1904.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ace Securities Corp.                                                             | ACE Securities Corp Home Equity Loan Trust Series 2005-AG1                       | CUSIP: 004427CD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     202855 | PA      | $167146.61    | 0.01%             | 2035-08-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $4243.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DNHX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     207188 | PA      | $194333.28    | 0.02%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                                                             | FS Rialto 2025-FL10 Issuer LLC                                                   | CUSIP: 30340KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     780000 | PA      | $781932.22    | 0.07%             | 2042-08-19      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                                                         | Sumitomo Mitsui Financial Group Inc                                              | CUSIP: 86562MCM0<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $193850.70    | 0.02%             | 2027-01-14      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                                                         | Toyota Motor Credit Corp                                                         | CUSIP: 89236TKF1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |      95000 | PA      | $94950.03     | 0.01%             | 2025-08-18      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-AIR2                                           | CUSIP: 05613QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     143877 | PA      | $144146.79    | 0.01%             | 2041-10-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust                                                   | Long Beach Mortgage Loan Trust 2006-2                                            | CUSIP: 542514TQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     110560 | PA      | $86028.03     | 0.01%             | 2046-03-25      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.240900 15-JUL-2035 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1174863 | OU      | $-4255.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                             | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |          1 | NC      | $-901.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | TH        |          1 | NC      | $-1159.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ORL TRUST                                                                        | ORL Trust 2024-GLKS                                                              | CUSIP: 67120DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100088.65    | 0.01%             | 2039-12-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co                                                         | Florida Power & Light Co                                                         | CUSIP: 341081FB8<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |      25000 | PA      | $26402.54     | 0.00%             | 2039-04-01      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0BN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     452799 | PA      | $415364.75    | 0.04%             | 2049-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                                         | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAG0<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     251000 | PA      | $252739.72    | 0.02%             | 2027-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                                                         | Turning Point Brands Inc                                                         | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |     105000 | PA      | $109990.97    | 0.01%             | 2032-03-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                                   | Fannie Mae-Aces                                                                  | CUSIP: 3136BDZA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     150000 | PA      | $128702.91    | 0.01%             | 2031-02-25      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| Southern Copper Corp                                                             | Southern Copper Corp                                                             | CUSIP: 84265VAG0<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |     350000 | PA      | $325076.50    | 0.03%             | 2042-11-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GSAMP Trust                                                                      | GSAMP Trust 2006-HE4                                                             | CUSIP: 362439AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $84478.99     | 0.01%             | 2036-06-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| TUCSON ELECTRIC POWER CO                                                         | Tucson Electric Power Co                                                         | CUSIP: 898813AV2<br>LEI: YLF139GXSRKPBBTNZL03 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9379.80      | 0.00%             | 2053-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Tower Corp                                                              | American Tower Corp                                                              | CUSIP: 03027XAU4<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |      40000 | PA      | $39159.67     | 0.00%             | 2029-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      34000 | PA      | $34842.33     | 0.00%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     977000 | PA      | $973336.25    | 0.08%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CreekSource (Dunes Creek) CLO Ltd                                                | Creeksource 2024-1 Dunes Creek Clo Ltd                                           | CUSIP: 225914AA8<br>LEI: 254900CZYOXX4AZ15302 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251063.68    | 0.02%             | 2038-01-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DP97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2826301 | PA      | $2233352.51   | 0.19%             | 2050-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133USKU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1678164 | PA      | $1383173.07   | 0.12%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                     | Enbridge Inc                                                                     | CUSIP: 29250NBX2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      50000 | PA      | $52333.00     | 0.00%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                           | PNC Financial Services Group Inc/The                                             | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     140000 | PA      | $141450.78    | 0.01%             | 2036-07-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $3981.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | EURO-BUXL 30Y BND SEP25                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -14 | NC      | $48783.22     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     273000 | PA      | $238080.88    | 0.02%             | 2031-10-24      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                                      | Oracle Corp                                                                      | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     120000 | PA      | $80897.24     | 0.01%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: GBP 3.703700 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $1486.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                                                      | Wayfair LLC                                                                      | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |      57000 | PA      | $57996.65     | 0.00%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                                              | CDW LLC / CDW Finance Corp                                                       | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     370000 | PA      | $340670.35    | 0.03%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                                                  | DTE Electric Co                                                                  | CUSIP: 23338VAV8<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |      75000 | PA      | $76587.28     | 0.01%             | 2034-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                                            | Panama Government International Bonds                                            | CUSIP: 698299BM5<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     270000 | PA      | $178172.68    | 0.02%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                                                            | Republic Services Inc                                                            | CUSIP: 760759AV2<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |      50000 | PA      | $45599.64     | 0.00%             | 2030-03-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                    | NEW YORK ST URBAN DEV CORP REVENUE                                               | CUSIP: 650035TD0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |      40000 | PA      | $41122.25     | 0.00%             | 2039-03-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     610000 | PA      | $434196.88    | 0.04%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF PENNSYLVAN                                                         | Trustees of the University of Pennsylvania/The                                   | CUSIP: 91481CAC4<br>LEI: 549300FG60YK9HZ7DS75 | Long             | DBT              | CORP              | US        |     350000 | PA      | $218342.76    | 0.02%             | 2119-02-15      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 5YR NOTE (CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        698 | NC      | $205628.69    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RKB7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     119000 | PA      | $82242.39     | 0.01%             | 2060-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                                                | GEO Group Inc/The                                                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     180000 | PA      | $197896.85    | 0.02%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| APPLE INC                                                                        | Apple Inc                                                                        | CUSIP: 037833EW6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      40000 | PA      | $37848.47     | 0.00%             | 2053-05-10      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     787000 | PA      | $700582.16    | 0.06%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QC5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2100000 | PA      | $2071371.10   | 0.17%             | 2039-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                   | TRSWAP: IBOXHY INDEX                                                             | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |     280000 | OU      | $2871.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                                                           | Westinghouse Air Brake Technologies Corp                                         | CUSIP: 960386AM2<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |     210000 | PA      | $211100.35    | 0.02%             | 2028-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HACKENSACK MERIDIAN HLTH                                                         | Hackensack Meridian Health Inc                                                   | CUSIP: 404530AC1<br>LEI: 5493001CB3OCWTEJY668 | Long             | DBT              | CORP              | US        |      50000 | PA      | $34807.05     | 0.00%             | 2041-09-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2025-167G Mortgage Trust                                                    | CUSIP: 12674VAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      40000 | PA      | $39839.86     | 0.00%             | 2040-08-10      | Variable      | 8.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3190073 | PA      | $2504546.92   | 0.21%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                                                            | Rio Tinto Finance USA PLC                                                        | CUSIP: 76720AAD8<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |     150000 | PA      | $135777.01    | 0.01%             | 2042-03-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-3463.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CO        |          1 | NC      | $156.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                           | Marriott International Inc/MD                                                    | CUSIP: 571903BN2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     250000 | PA      | $258037.08    | 0.02%             | 2028-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                                                                 | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                          | CUSIP: 403956AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100062.50    | 0.01%             | 2037-05-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                                            | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | US        |          1 | NC      | $-1914.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                                                              | Cheniere Energy Inc                                                              | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9946.53      | 0.00%             | 2028-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                           | Marriott International Inc/MD                                                    | CUSIP: 571903BS1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     500000 | PA      | $501901.17    | 0.04%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| TRONOX INC                                                                       | Tronox Inc                                                                       | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |     100000 | PA      | $77800.99     | 0.01%             | 2029-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                                                         | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     100000 | PA      | $102731.20    | 0.01%             | 2030-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                                             | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |     640000 | PA      | $672682.88    | 0.06%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                                                        | College Avenue Student Loans LLC                                                 | CUSIP: 19425MAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      73721 | PA      | $76854.24     | 0.01%             | 2054-06-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ID        |          1 | NC      | $-811.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD TWD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $2100.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.845000 17-SEP-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3960000 | OU      | $-30499.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: SEK 2.250230 17-SEP-2030 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2640000 | OU      | $-2145.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680CC5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      75000 | PA      | $74364.49     | 0.01%             | 2029-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032484<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     571000 | PA      | $546994.58    | 0.05%             | 2039-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     247000 | PA      | $216221.47    | 0.02%             | 2032-10-20      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      22000 | PA      | $22655.70     | 0.00%             | 2031-05-31      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.078440 17-SEP-2028 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4900000 | OU      | $-21201.69    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 10Y RTR 3.930000 29-MAR-2027                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |    1259400 | OU      | $46138.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                                   | Home Depot Inc/The                                                               | CUSIP: 437076CS9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |      80000 | PA      | $79905.65     | 0.01%             | 2032-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                                            | Uber Technologies Inc                                                            | CUSIP: 90353TAQ3<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      65000 | PA      | $60720.66     | 0.01%             | 2054-09-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBH3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     333000 | PA      | $297063.37    | 0.03%             | 2031-02-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | NZ        |          1 | NC      | $-7175.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PACIFICORP                                                                       | PacifiCorp                                                                       | CUSIP: 695114DC9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |      60000 | PA      | $61571.03     | 0.01%             | 2031-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     980000 | PA      | $966595.16    | 0.08%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                                         | Florida Power & Light Co                                                         | CUSIP: 341081GE1<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     225000 | PA      | $141130.97    | 0.01%             | 2051-12-04      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWBP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2952521 | PA      | $2323759.93   | 0.20%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                                                              | Coinbase Global Inc                                                              | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |     180000 | PA      | $169357.79    | 0.01%             | 2028-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $27409.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JP3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      55000 | PA      | $54618.84     | 0.00%             | 2026-01-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $1740.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     130000 | PA      | $100800.02    | 0.01%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                                                   | Merck & Co Inc                                                                   | CUSIP: 58933YBN4<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     270000 | PA      | $245828.94    | 0.02%             | 2063-05-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WVU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1272702 | PA      | $1070857.71   | 0.09%             | 2052-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DOLLAR GENERAL CORP                                                              | Dollar General Corp                                                              | CUSIP: 256677AN5<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101745.43    | 0.01%             | 2028-07-05      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                                                              | Diebold Nixdorf Inc                                                              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |      15000 | PA      | $15914.79     | 0.00%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                                                          | Southern Co Gas Capital Corp                                                     | CUSIP: 8426EPAG3<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |      25000 | PA      | $26127.81     | 0.00%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XND4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     548916 | PA      | $512354.78    | 0.04%             | 2052-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.597610 17-SEP-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     295000 | OU      | $-3599.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HP INC                                                                           | HP Inc                                                                           | CUSIP: 40434LAB1<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |      75000 | PA      | $73101.01     | 0.01%             | 2027-06-17      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.700000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1000000 | OU      | $-5658.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBB6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      75000 | PA      | $74651.91     | 0.01%             | 2025-11-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | KR        |          1 | NC      | $-2532.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Netflix Inc                                                                      | Netflix Inc                                                                      | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |      75000 | PA      | $78649.64     | 0.01%             | 2028-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| State Street Corp                                                                | State Street Corp                                                                | CUSIP: 857477BD4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     125000 | PA      | $124158.80    | 0.01%             | 2029-12-03      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032690<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2930000 | PA      | $2613496.27   | 0.22%             | 2054-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: GBP 3.767000 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-2249.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $-511.26      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAP5<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     105000 | PA      | $103153.31    | 0.01%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PCJ3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    1020000 | PA      | $955795.79    | 0.08%             | 2029-06-01      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680BF9<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     130000 | PA      | $140969.39    | 0.01%             | 2051-01-15      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.698000 11-MAY-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  491918491 | OU      | $6456.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F020489<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |     -72000 | PA      | $-65355.42    | -0.01%            | 2039-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    2262000 | PA      | $2217913.62   | 0.19%             | 2027-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.759000 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    7000000 | OU      | $-58342.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMONWEALTH EDISON CO                                                           | Commonwealth Edison Co                                                           | CUSIP: 202795KA7<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |     135000 | PA      | $133564.45    | 0.01%             | 2054-06-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                                                      | KeyBank NA/Cleveland OH                                                          | CUSIP: 49327M3H5<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |     463000 | PA      | $458396.60    | 0.04%             | 2033-01-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC                                                                | General Mills Inc                                                                | CUSIP: 370334CT9<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24933.75     | 0.00%             | 2033-03-29      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                                         | RTX Corp                                                                         | CUSIP: 913017CX5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      50000 | PA      | $42958.87     | 0.00%             | 2048-11-16      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      60000 | PA      | $59756.52     | 0.01%             | 2030-09-19      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                       | Affirm Asset Securitization Trust 2025-X1                                        | CUSIP: 00834MAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1150000 | PA      | $1149544.60   | 0.10%             | 2030-04-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 13.595000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   12000000 | OU      | $-3601.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dupont De Nemours Inc                                                            | DuPont de Nemours Inc                                                            | CUSIP: 26078JAF7<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19991.15     | 0.00%             | 2048-11-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BMN27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      14697 | PA      | $14425.87     | 0.00%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 4.324000 17-SEP-2025 FED                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   89685000 | OU      | $-466.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Brands Inc                                                         | Constellation Brands Inc                                                         | CUSIP: 21036PAQ1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98964.54     | 0.01%             | 2026-12-06      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754AAF0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2250000 | PA      | $2293451.78   | 0.19%             | 2041-12-25      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| VALLOUREC SACA                                                                   | Vallourec SACA                                                                   | CUSIP: 92023RAA8<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $105868.30    | 0.01%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                                                            | Evergy Kansas Central Inc                                                        | CUSIP: 30036FAC5<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |      20000 | PA      | $21193.92     | 0.00%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                | Johnson & Johnson                                                                | CUSIP: 478160CL6<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     125000 | PA      | $106658.08    | 0.01%             | 2038-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.428700 19-JUN-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     168000 | OU      | $15803.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| 280 Park Avenue Mortgage Trust                                                   | 280 Park Avenue 2017-280P Mortgage Trust                                         | CUSIP: 90205FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     283000 | PA      | $280892.78    | 0.02%             | 2034-09-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |          1 | NC      | $-2961.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEMORIAL SLOAN-KETTERING                                                         | Memorial Sloan-Kettering Cancer Center                                           | CUSIP: 586054AD0<br>LEI: 549300IZ71UAMEHWL382 | Long             | DBT              | CORP              | US        |      50000 | PA      | $32247.16     | 0.00%             | 2050-01-01      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                                           | Blue Owl Credit Income Corp                                                      | CUSIP: 69120VAW1<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |      75000 | PA      | $79720.24     | 0.01%             | 2029-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $2527.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.312000 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2000000 | OU      | $-7303.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                           | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     125000 | PA      | $129294.75    | 0.01%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $2467.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SLM CORP                                                                         | SLM Corp                                                                         | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      80000 | PA      | $83100.64     | 0.01%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36202FMA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      41713 | PA      | $39519.49     | 0.00%             | 2040-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                                         | Western Midstream Operating LP                                                   | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     170000 | PA      | $142630.06    | 0.01%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJM2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     271000 | PA      | $169406.96    | 0.01%             | 2051-10-24      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 7.830000 11-SEP-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    6000000 | OU      | $-182.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    8248300 | PA      | $7260114.98   | 0.61%             | 2053-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.330000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  171745236 | OU      | $-1021.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754KAF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1600000 | PA      | $1638427.68   | 0.14%             | 2041-11-25      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       1306 | NS      | $386889.44    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    1189000 | PA      | $1152417.99   | 0.10%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     330000 | PA      | $326382.51    | 0.03%             | 2026-11-19      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Lennar Corp                                                                      | Lennar Corp                                                                      | CUSIP: 526057CD4<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |      10000 | PA      | $10023.79     | 0.00%             | 2027-11-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X8FV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      40564 | PA      | $36560.51     | 0.00%             | 2050-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 5Y RTP 4.025000 13-AUG-2025                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  -25293000 | OU      | $-126.21      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWCG6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     153837 | PA      | $114217.47    | 0.01%             | 2051-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     160000 | PA      | $160701.66    | 0.01%             | 2039-11-09      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $2708.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: GBP 3.744000 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-892.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VCK8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      45000 | PA      | $39946.07     | 0.00%             | 2046-08-21      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QF6K0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      71872 | PA      | $61370.76     | 0.01%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: GBP 3.770100 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-2432.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                                                             | SCG Commercial Mortgage Trust 2025-DLFN                                          | CUSIP: 78398EAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     109000 | PA      | $108342.26    | 0.01%             | 2035-03-15      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       8000 | PA      | $8239.69      | 0.00%             | 2031-04-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                                                             | FirstKey Homes 2022-SFR3 Trust                                                   | CUSIP: 33768EAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     633000 | PA      | $614625.66    | 0.05%             | 2038-07-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                                          | Public Service Electric and Gas Co                                               | CUSIP: 74456QCQ7<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |      65000 | PA      | $66185.13     | 0.01%             | 2034-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $1411.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                   | Morgan Stanley                                                                   | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     214000 | PA      | $210436.81    | 0.02%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| FEDEX CORP                                                                       | FedEx Corp                                                                       | CUSIP: 31428XCD6<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |      80000 | PA      | $70486.27     | 0.01%             | 2031-05-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| SHELL INTERNATIONAL FIN                                                          | Shell International Finance BV                                                   | CUSIP: 822582CL4<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |     140000 | PA      | $89808.53     | 0.01%             | 2051-11-26      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                         | AT&T Inc                                                                         | CUSIP: 00206RDS8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     258000 | PA      | $243556.12    | 0.02%             | 2047-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.612250 17-SEP-2035 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     130000 | OU      | $971.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN                                                           | Berkshire Hathaway Finance Corp                                                  | CUSIP: 084664DB4<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     190000 | PA      | $144924.71    | 0.01%             | 2052-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                   | BR AIS                                                                           | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |     514000 | OU      | $20351.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.862760 17-SEP-2055 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      80000 | OU      | $-341.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                         | Mill City Mortgage Loan Trust 2023-NQM1                                          | CUSIP: 59980DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     113195 | PA      | $113079.83    | 0.01%             | 2067-10-25      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                                                           | Arizona Public Service Co                                                        | CUSIP: 040555DD3<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |      45000 | PA      | $38449.47     | 0.00%             | 2031-12-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      41000 | PA      | $40764.16     | 0.00%             | 2039-11-09      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132D6AZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      85698 | PA      | $79607.08     | 0.01%             | 2036-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.368000 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1000000 | OU      | $-653.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                                                          | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     234000 | PA      | $241396.16    | 0.02%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                                              | Homeward Opportunities Fund I Trust 2020-2                                       | CUSIP: 43789XAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     570000 | PA      | $564008.73    | 0.05%             | 2065-05-25      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                                         | Canadian Pacific Railway Co                                                      | CUSIP: 13645RAY0<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |      25000 | PA      | $24763.72     | 0.00%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.857280 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3720000 | OU      | $28194.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 29273RAP4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19966.95     | 0.00%             | 2041-06-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE                         | CUSIP: 64972FY34<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |      60000 | PA      | $60483.94     | 0.01%             | 2044-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | SWP: OIS 13.515000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    4000000 | OU      | $904.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Connecticut Avenue Securities Series 2025-R01                                    | CUSIP: 20755JAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     469315 | PA      | $468291.99    | 0.04%             | 2045-01-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT WTR & PWR REVENUE                                            | CUSIP: 544495WA8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     100000 | PA      | $104081.08    | 0.01%             | 2050-07-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754GAF7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1000000 | PA      | $1023447.90   | 0.09%             | 2044-02-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $2236.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                                   | CFMT 2023-H11 LLC                                                                | CUSIP: 12530KAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $96283.26     | 0.01%             | 2037-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 05526DBS3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      25000 | PA      | $22453.99     | 0.00%             | 2031-03-25      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                                           | Fairfax Financial Holdings Ltd                                                   | CUSIP: 303901BR2<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |     140000 | PA      | $141143.46    | 0.01%             | 2054-03-22      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ZA        |          1 | NC      | $-627.40      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $3158.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OKLAHOMA G&E CO                                                                  | Oklahoma Gas and Electric Co                                                     | CUSIP: 678858BY6<br>LEI: 549300VJ8YXGPO8EV472 | Long             | DBT              | CORP              | US        |      40000 | PA      | $38802.97     | 0.00%             | 2053-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XCF0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      85000 | PA      | $85271.95     | 0.01%             | 2025-11-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                                              | CommonSpirit Health                                                              | CUSIP: 20268JAM5<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |      35000 | PA      | $36948.71     | 0.00%             | 2052-11-01      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H050680<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5689000 | PA      | $5551587.16   | 0.47%             | 2054-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EQUINOR ASA                                                                      | Equinor ASA                                                                      | CUSIP: 29446MAH5<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | DBT              | CORP              | NO        |      55000 | PA      | $41597.82     | 0.00%             | 2050-04-06      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                            | Level 3 Financing Inc                                                            | CUSIP: 527298BZ5<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     100000 | PA      | $112625.00    | 0.01%             | 2030-12-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BNTK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      19382 | PA      | $19829.14     | 0.00%             | 2052-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS                                                         | FactSet Research Systems Inc                                                     | CUSIP: 303075AB1<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |     407000 | PA      | $371067.66    | 0.03%             | 2032-03-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.487000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  571160000 | OU      | $-332.48      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUMANA INC                                                                       | Humana Inc                                                                       | CUSIP: 444859BN1<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50254.47     | 0.00%             | 2030-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 8.300000 11-SEP-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   19000000 | OU      | $18912.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                                                                 | Taseko Mines Ltd                                                                 | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |      35000 | PA      | $36544.67     | 0.00%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                               | Royalty Pharma PLC                                                               | CUSIP: 78081BAK9<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     225000 | PA      | $198996.55    | 0.02%             | 2030-09-02      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DSWD0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     201550 | PA      | $206143.45    | 0.02%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.862760 17-SEP-2055 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      80000 | OU      | $-341.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     110000 | PA      | $118707.55    | 0.01%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| M/I Homes Inc                                                                    | M/I Homes Inc                                                                    | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |        200 | NS      | $24038.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.578310 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4000000 | OU      | $42429.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.694030 17-SEP-2035 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     110000 | OU      | $82.20        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     101000 | PA      | $97338.75     | 0.01%             | 2057-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 10YR ULTRA FUT SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -459 | NC      | $-243853.88   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAV6<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |      86000 | PA      | $84068.65     | 0.01%             | 2055-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: —       |
| EZCORP INC                                                                       | EZCORP Inc                                                                       | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |      35000 | PA      | $36451.10     | 0.00%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | Equinix Inc                                                                      | CUSIP: 29444UBU9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |     707000 | PA      | $666691.73    | 0.06%             | 2032-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE                                | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |     100000 | PA      | $100499.80    | 0.01%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Philippines Government International Bonds                                       | Philippines Government International Bonds                                       | CUSIP: 718286CC9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     420000 | PA      | $406612.50    | 0.03%             | 2028-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RELX CAPITAL INC                                                                 | RELX Capital Inc                                                                 | CUSIP: 74949LAG7<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |      85000 | PA      | $86568.92     | 0.01%             | 2035-03-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1326000 | PA      | $1300360.54   | 0.11%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PINNACLE WEST CAPITAL                                                            | Pinnacle West Capital Corp                                                       | CUSIP: 723484AN1<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |     424000 | PA      | $432222.56    | 0.04%             | 2030-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                                                                       | Phinia Inc                                                                       | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |      45000 | PA      | $45840.94     | 0.00%             | 2032-10-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CZ        |          1 | NC      | $210.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KH9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     538000 | PA      | $558443.08    | 0.05%             | 2053-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                                                         | Santander UK Group Holdings PLC                                                  | CUSIP: 80281LAT2<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $208242.11    | 0.02%             | 2029-01-10      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                          | MPLX LP                                                                          | CUSIP: 55336VBN9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24822.79     | 0.00%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |          1 | NC      | $-1308.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust                                        | GoodLeap Home Improvement Solutions Trust 2024-1                                 | CUSIP: 381935AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     289805 | PA      | $292035.29    | 0.02%             | 2046-10-20      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | Reperforming Loan REMIC Trust 2005-R1                                            | CUSIP: 12669GWN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      22576 | PA      | $21795.89     | 0.00%             | 2035-03-25      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC                                                               | Steel Dynamics Inc                                                               | CUSIP: 858119BP4<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |     118000 | PA      | $77422.55     | 0.01%             | 2050-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.309270 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     240000 | OU      | $-911.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGS4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       9600 | PA      | $9466.87      | 0.00%             | 2030-03-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                         | Burlington Northern Santa Fe LLC                                                 | CUSIP: 12189LBK6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     510000 | PA      | $476102.97    | 0.04%             | 2054-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                             | Royal Bank of Canada                                                             | CUSIP: 78016HZV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     125000 | PA      | $127655.01    | 0.01%             | 2029-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KAISER FOUNDATION HOSPIT                                                         | Kaiser Foundation Hospitals                                                      | CUSIP: 48305QAB9<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |      50000 | PA      | $46190.31     | 0.00%             | 2042-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEL6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     401000 | PA      | $404860.34    | 0.03%             | 2028-07-22      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| WALMART INC                                                                      | Walmart Inc                                                                      | CUSIP: 931142EZ2<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     110000 | PA      | $95585.38     | 0.01%             | 2052-09-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |          1 | NC      | $116.23       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661EG8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     300000 | PA      | $294897.24    | 0.02%             | 2027-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1926500 | PA      | $1902117.73   | 0.16%             | 2043-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135CH7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     120000 | PA      | $114519.16    | 0.01%             | 2032-04-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                                                       | Humana Inc                                                                       | CUSIP: 444859CA8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25501.23     | 0.00%             | 2031-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-1312.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.890470 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     320000 | OU      | $-3052.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     510200 | PA      | $367423.72    | 0.03%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                                       | Fiserv Inc                                                                       | CUSIP: 337738BL1<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25377.14     | 0.00%             | 2034-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1544000 | PA      | $1567280.62   | 0.13%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Inc                                                            | Texas Instruments Inc                                                            | CUSIP: 882508BD5<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |      50000 | PA      | $40803.31     | 0.00%             | 2048-05-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                                                   | Microsoft Corp                                                                   | CUSIP: 594918CD4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     260000 | PA      | $151337.52    | 0.01%             | 2060-06-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Inc                                                             | Invitation Homes Inc                                                             | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |       3137 | NS      | $96149.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                                                               | Ally Financial Inc                                                               | CUSIP: 36186CBY8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     200000 | PA      | $225945.38    | 0.02%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                                          | Exxon Mobil Corp                                                                 | CUSIP: 30231GBM3<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     125000 | PA      | $88224.96     | 0.01%             | 2051-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 35 LTD                                               | OCTAGON INVESTMENT PARTNERS 35 LTD                                               | CUSIP: 67591TAA8<br>LEI: 549300EBYXJ9QVMC7X31 | Long             | ABS-CBDO         | CORP              | KY        |      33355 | PA      | $33358.36     | 0.00%             | 2031-01-20      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                                                                       | FedEx Corp                                                                       | CUSIP: 31428XBP0<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19407.08     | 0.00%             | 2028-02-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                                                  | Xcel Energy Inc                                                                  | CUSIP: 98389BBB5<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     125000 | PA      | $126915.45    | 0.01%             | 2034-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2025-1                                    | CUSIP: 922955AK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      99872 | PA      | $100205.18    | 0.01%             | 2055-02-25      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    5643863 | PA      | $4431041.65   | 0.37%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Loan Trust                                           | Banc of America Alternative Loan Trust 2003-8                                    | CUSIP: 05948XTV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      50716 | PA      | $50767.06     | 0.00%             | 2033-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern Copper Corp                                                             | Southern Copper Corp                                                             | CUSIP: 84265VAJ4<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |     520000 | PA      | $511596.80    | 0.04%             | 2045-04-23      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $2135.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                                                            | RIO TINTO FIN USA PLC                                                            | CUSIP: 76720AAU0<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |     545000 | PA      | $553016.02    | 0.05%             | 2035-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 3618N5EX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      45609 | PA      | $46854.60     | 0.00%             | 2055-01-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wachovia Mortgage Loan Trust, LLC                                                | Wachovia Mortgage Loan Trust Series 2006-AMN1                                    | CUSIP: 92978EAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     980969 | PA      | $318931.88    | 0.03%             | 2036-08-25      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     110000 | PA      | $106976.71    | 0.01%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XPSB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     334497 | PA      | $342037.27    | 0.03%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                                               | Ohio Power Co                                                                    | CUSIP: 677415CS8<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |     169000 | PA      | $155210.07    | 0.01%             | 2030-04-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                                            | CWABS Asset-Backed Certificates Trust 2006-12                                    | CUSIP: 23242EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      46726 | PA      | $46026.57     | 0.00%             | 2037-01-25      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                                                  | Benefit Street Partners CLO XX Ltd                                               | CUSIP: 08182FAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250625.00    | 0.02%             | 2034-07-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $1043.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     350000 | PA      | $353793.93    | 0.03%             | 2041-12-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                           | Philip Morris International Inc                                                  | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     215000 | PA      | $224359.13    | 0.02%             | 2029-11-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO LTD                                                               | Honda Motor Co Ltd                                                               | CUSIP: 438127AB8<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |      50000 | PA      | $48530.02     | 0.00%             | 2027-03-10      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds                                         | Indonesia Government International Bonds                                         | CUSIP: 455780CW4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     270000 | PA      | $178470.00    | 0.02%             | 2051-03-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.392820 17-SEP-2030 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     770000 | OU      | $-6152.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                                                | Expedia Group Inc                                                                | CUSIP: 30212PBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      60000 | PA      | $60048.10     | 0.01%             | 2027-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                                            | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      85000 | PA      | $88654.92     | 0.01%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAK1<br>LEI: N/A                  | Long             | DBT              |  | US        |     158000 | PA      | $156393.97    | 0.01%             | 2028-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: AUD 3.732000 17-SEP-2030 AUD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     710000 | OU      | $-171.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J9VC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      75856 | PA      | $73739.59     | 0.01%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $5597.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661DH7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      60000 | PA      | $59903.41     | 0.01%             | 2025-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418E2C3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     601226 | PA      | $586045.41    | 0.05%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                         | Alexandria Real Estate Equities Inc                                              | CUSIP: 015271BE8<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |      25000 | PA      | $25128.06     | 0.00%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                                                             | Shell Finance US Inc                                                             | CUSIP: 822905AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      75000 | PA      | $59487.55     | 0.01%             | 2046-05-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.184300 07-NOV-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      15000 | OU      | $-2091.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | SWP: OIS 14.360000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |    2000000 | OU      | $-10145.78    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.720000 17-SEP-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  129000000 | OU      | $343.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                         | JP Morgan Mortgage Trust 2025-VIS1                                               | CUSIP: 46659BAF9<br>LEI: 529900CBDGTUOOQONB64 | Long             | ABS-MBS          | CORP              | US        |     150000 | PA      | $150741.89    | 0.01%             | 2055-08-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | 10Y RTR 4.047000 08-JUL-2027                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |     372000 | OU      | $15834.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1800000 | PA      | $1463484.38   | 0.12%             | 2044-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                                                   | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $107612.40    | 0.01%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179UPB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     285018 | PA      | $275995.18    | 0.02%             | 2049-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                                             | YPF SA                                                                           | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |      19000 | PA      | $20050.89     | 0.00%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 3.793740 17-SEP-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     360000 | OU      | $-1378.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                                            | Panama Government International Bonds                                            | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     380000 | PA      | $368600.00    | 0.03%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QEYX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     509251 | PA      | $428203.26    | 0.04%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.579000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  560240000 | OU      | $1436.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                                                                   | CVR Energy Inc                                                                   | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |      75000 | PA      | $73686.50     | 0.01%             | 2029-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                                              | Carrier Global Corp                                                              | CUSIP: 14448CAL8<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |      20000 | PA      | $18146.09     | 0.00%             | 2031-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJE0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     390000 | PA      | $278083.22    | 0.02%             | 2041-06-19      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| TAMPA ELECTRIC CO                                                                | Tampa Electric Co                                                                | CUSIP: 875127BM3<br>LEI: WS423EPRKJIIJUITXD73 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25370.17     | 0.00%             | 2029-03-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $2467.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.297000 17-SEP-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   86336443 | OU      | $3997.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     118000 | PA      | $116904.67    | 0.01%             | 2039-11-09      | Variable      | 8.22%                 | No            |                  2 | On Loan: No      |
| CNT PRNT/CDK GLO II/FIN                                                          | Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc                    | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $84831.04     | 0.01%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                                                  | Golub Capital Partners CLO 66B Ltd                                               | CUSIP: 38181AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $251264.68    | 0.02%             | 2038-07-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                                           | Telecom Italia Capital SA                                                        | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      46000 | PA      | $45612.50     | 0.00%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                                         | Neuberger Berman Loan Advisers Clo 40 Ltd                                        | CUSIP: 64134JAA1<br>LEI: 549300Y2YE54ON4DJE28 | Long             | ABS-CBDO         | CORP              | KY        |     451570 | PA      | $451854.05    | 0.04%             | 2033-04-16      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ECU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     749173 | PA      | $680170.14    | 0.06%             | 2037-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308HS9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     150000 | PA      | $146546.01    | 0.01%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     908500 | PA      | $471745.72    | 0.04%             | 2050-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                         | Virginia Electric and Power Co                                                   | CUSIP: 927804FZ2<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     200000 | PA      | $197869.20    | 0.02%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                                                         | Microchip Technology Inc                                                         | CUSIP: 595017BE3<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25282.42     | 0.00%             | 2029-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                                                         | BHP Billiton Finance USA Ltd                                                     | CUSIP: 055451BA5<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |      75000 | PA      | $75401.74     | 0.01%             | 2033-02-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AMERIPRISE FINANCIAL INC                                                         | Ameriprise Financial Inc                                                         | CUSIP: 03076CAN6<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |     350000 | PA      | $364251.34    | 0.03%             | 2028-12-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PBU9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     224000 | PA      | $194039.85    | 0.02%             | 2031-11-19      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.683000 21-APR-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  616006038 | OU      | $8192.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 2.504000 17-SEP-2030 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  448290700 | OU      | $-0.40        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     425000 | PA      | $425182.62    | 0.04%             | 2032-03-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                         | Vistra Operations Co LLC                                                         | CUSIP: 92840VAQ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     205000 | PA      | $225363.68    | 0.02%             | 2033-10-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513BF1<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19563.97     | 0.00%             | 2026-03-11      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                                 | Georgia Power Co                                                                 | CUSIP: 373334JS1<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      50000 | PA      | $46562.67     | 0.00%             | 2040-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $982.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                             | Targa Resources Corp                                                             | CUSIP: 87612GAE1<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     272000 | PA      | $284751.69    | 0.02%             | 2029-03-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $885.75       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                                                           | Canyon CLO 2023-2 Ltd                                                            | CUSIP: 13887AAE8<br>LEI: 254900FXDN97BW4YMK55 | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $250912.83    | 0.02%             | 2037-05-15      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                          | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     169880 | PA      | $171297.48    | 0.01%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.421000 17-SEP-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3000000 | OU      | $6553.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NCMF Trust                                                                       | NCMF Trust 2025-MFS                                                              | CUSIP: 62887TAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     282000 | PA      | $285296.13    | 0.02%             | 2033-06-10      | Variable      | 8.44%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XFG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     339222 | PA      | $315161.23    | 0.03%             | 2052-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HLTN Commercial Mortgage Trust 2024-DPLO                                         | HLTN Commercial Mortgage Trust 2024-DPLO                                         | CUSIP: 40424UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      37000 | PA      | $37034.69     | 0.00%             | 2041-06-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | SWP: OIS 14.453000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   19000000 | OU      | $-114898.94   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CIT Mortgage Loan Trust                                                          | CIT Mortgage Loan Trust 2007-1                                                   | CUSIP: 12559QAH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     150000 | PA      | $147540.95    | 0.01%             | 2037-10-25      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| ROSS STORES INC                                                                  | Ross Stores Inc                                                                  | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48695.80     | 0.00%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.531250 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     393500 | OU      | $2903.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                                                          | Simon Property Group LP                                                          | CUSIP: 828807DH7<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |      40000 | PA      | $26955.73     | 0.00%             | 2049-09-13      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | KR        |          1 | NC      | $-1988.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWG80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     982905 | PA      | $960522.25    | 0.08%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co                                                             | Colgate-Palmolive Co                                                             | CUSIP: 19416QEK2<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |      60000 | PA      | $46356.91     | 0.00%             | 2047-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** BlackRock Funds III

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer