# EDGAR Filing Document

**Accession Number:** 0001562818
**File Stem:** 0001410368-25-032197
**Filing Date:** 2025-11
**Character Count:** 946413
**Document Hash:** db85f86a0b36631ca36ebd1110c281f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032197.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032197

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Multi-Sector Income Trust
- **CENTRAL INDEX KEY:** 0001562818

**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:** 811-22774
- **FILM NUMBER:** 251525928

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809-3700
- **BUSINESS PHONE:** 800-882-0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809-3700

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Fixed Income Strategic Opportunities
- **DATE OF NAME CHANGE:** 20121126

## Nport-Ex

September 30, 2025

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

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

**BlackRock Multi-Sector Income Trust (BIT)**<br>

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

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

------

Schedule of Investments (unaudited)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(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; AGL Core CLO Ltd., Series 2019-2A, Class A1R, (3-mo. <br> CME Term SOFR + 1.46%), 5.79%, 07/20/37<sup>(a)(b)</sup><br>| USD | 1626 | &nbsp;&nbsp; $1632393 |
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., Series 2018-BA, Class CRR, (3-mo. <br> CME Term SOFR + 2.40%), 6.72%, 04/16/37<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 503620 |
| Anchorage Capital CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class AR3, (3-mo. CME Term SOFR <br> + 1.56%), 5.87%, 04/28/37<br>|  | 919 | &nbsp;&nbsp; 922599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class DR3, (3-mo. CME Term SOFR <br> + 3.80%), 8.11%, 04/28/37<br>|  | 250 | &nbsp;&nbsp; 251668 |
| Apidos CLO XVIII-R<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.33%), 5.66%, 01/22/38<br>|  | 1450 | &nbsp;&nbsp; 1455991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class BR2, (3-mo. CME Term <br> SOFR + 1.70%), 6.03%, 01/22/38<br>|  | 870 | &nbsp;&nbsp; 874376 |
| &nbsp;&nbsp;&nbsp; Argent Securities Trust, Series 2006-W5, Class A1, (1-<br> mo. Term SOFR + 0.41%), 4.57%, 06/25/36<sup>(a)</sup><br>|  | 3591 | &nbsp;&nbsp; 2384454 |
| &nbsp;&nbsp;&nbsp; Atrium XV, Series 15A, Class D1R, (3-mo. CME Term <br> SOFR + 3.30%), 7.62%, 07/16/37<sup>(a)(b)</sup><br>|  | 550 | &nbsp;&nbsp; 553087 |
| Ballyrock CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14AR, Class DR, (3-mo. CME Term <br> SOFR + 5.85%), 10.18%, 07/20/37<br>|  | 250 | &nbsp;&nbsp; 250852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-28A, Class A2, (3-mo. CME Term SOFR <br> + 1.70%), 6.03%, 01/20/38<br>|  | 250 | &nbsp;&nbsp; 250875 |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd., Series 2021-2A, Class D, (3-mo. <br> CME Term SOFR + 3.41%), 7.73%, 07/15/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250729 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities I Trust, <br> Series 2006-HE9, Class 2A, (1-mo. Term SOFR + <br> 0.39%), 4.55%, 11/25/36<sup>(a)</sup><br>|  | 588 | &nbsp;&nbsp; 584401 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., Series 2018-3A, Class A1R, <br> (3-mo. CME Term SOFR + 1.19%), 5.51%, <br> 10/25/30<sup>(a)(b)</sup><br>|  | 522 | &nbsp;&nbsp; 522352 |
| &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>|  | 851 | &nbsp;&nbsp; 851422 |
| &nbsp;&nbsp;&nbsp; Bryant Park Funding Ltd., Series 2024-22A, Class C, <br> (3-mo. CME Term SOFR + 2.60%), 6.92%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1007223 |
| &nbsp;&nbsp;&nbsp; Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, <br> (3-mo. CME Term SOFR + 1.07%), 5.40%, <br> 07/18/34<sup>(a)(b)</sup><br>|  | 2500 | &nbsp;&nbsp; 2501251 |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd., Series 2015-<br> 1A, Class AR3, (3-mo. CME Term SOFR + 1.24%), <br> 5.57%, 07/20/31<sup>(a)(b)</sup><br>|  | 486 | &nbsp;&nbsp; 486399 |
| Carrington Mortgage Loan Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FRE2, Class A2, (1-mo. Term SOFR + <br> 0.23%), 4.39%, 10/25/36<br>|  | 2487 | &nbsp;&nbsp; 1905884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FRE2, Class A5, (1-mo. Term SOFR + <br> 0.19%), 4.35%, 03/25/35<br>|  | 5122 | &nbsp;&nbsp; 3924157 |
| &nbsp;&nbsp;&nbsp; CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. <br> CME Term SOFR + 1.02%), 5.35%, 04/20/32<sup>(a)(b)</sup><br>|  | 961 | &nbsp;&nbsp; 961442 |
| &nbsp;&nbsp;&nbsp; C-BASS Trust, Series 2006-CB7, Class A4, (1-mo. Term <br> SOFR + 0.43%), 4.59%, 10/25/36<sup>(a)</sup><br>|  | 3578 | &nbsp;&nbsp; 2477130 |
| &nbsp;&nbsp;&nbsp; Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, <br> (3-mo. CME Term SOFR + 1.80%), 6.13%, <br> 04/20/35<sup>(a)(b)</sup><br>|  | 400 | &nbsp;&nbsp; 401088 |
| CIFC Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class CRR, (3-mo. CME Term <br> SOFR + 2.45%), 6.78%, 04/21/37<br>|  | 700 | &nbsp;&nbsp; 704948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1R, (3-mo. CME Term SOFR <br> + 1.32%), 5.59%, 01/18/38<br>|  | 1160 | &nbsp;&nbsp; 1163480 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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 2018-1A, Class BR, (3-mo. CME Term SOFR <br> + 1.70%), 5.97%, 01/18/38<br>| USD | 1450 | &nbsp;&nbsp; $1456003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class DR, (3-mo. CME Term SOFR <br> + 3.36%), 7.68%, 07/15/36<br>|  | 500 | &nbsp;&nbsp; 501390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7A, Class ER, (3-mo. CME Term SOFR <br> + 5.35%), 9.68%, 01/22/38<br>|  | 500 | &nbsp;&nbsp; 506305 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Series 2006-FX1, <br> Class A7, 7.28%, 10/25/36<br>|  | 292 | &nbsp;&nbsp; 168058 |
| &nbsp;&nbsp;&nbsp; Concord Music Royalties LLC, Series 2024-1A, Class A, <br> 5.64%, 10/20/74<sup>(b)</sup><br>|  | 171 | &nbsp;&nbsp; 172288 |
| &nbsp;&nbsp;&nbsp; CWABS Asset-Backed Certificates Trust, Series 2006-<br> 26, Class 1A, (1-mo. Term SOFR + 0.39%), 4.55%, <br> 06/25/37<sup>(a)</sup><br>|  | 414 | &nbsp;&nbsp; 390039 |
| &nbsp;&nbsp;&nbsp; CWHEQ Revolving Home Equity Loan Trust, <br> Series 2006-I, Class 1A, (1-mo. Term SOFR + <br> 0.25%), 4.40%, 01/15/37<sup>(a)</sup><br>|  | 265 | &nbsp;&nbsp; 255516 |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund, Series 2015-37A, Class AR, <br> (3-mo. CME Term SOFR + 1.36%), 5.68%, <br> 01/15/31<sup>(a)(b)</sup><br>|  | 77 | &nbsp;&nbsp; 77621 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust, Series 2022-SFR1, Class E1, <br> 5.00%, 05/19/39<sup>(b)</sup><br>|  | 3800 | &nbsp;&nbsp; 3761921 |
| Fremont Home Loan Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A, Class 2A3, (1-mo. Term SOFR + <br> 0.43%), 4.59%, 05/25/36<br>|  | 3778 | &nbsp;&nbsp; 2445142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-D, Class 2A3, (1-mo. Term SOFR + <br> 0.41%), 4.57%, 11/25/36<br>|  | 5776 | &nbsp;&nbsp; 2002521 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO Ltd., <br> Series 2021-11A, Class AR, (3-mo. CME Term SOFR <br> + 1.08%), 5.41%, 10/20/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250201 |
| &nbsp;&nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust, <br> Series 2025-1A, Class B, 6.27%, 02/20/49<sup>(b)</sup><br>|  | 199 | &nbsp;&nbsp; 203563 |
| &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, <br> Series 2024-2, Class C, 5.55%, 10/27/59<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 101008 |
| &nbsp;&nbsp;&nbsp; Home Equity Mortgage Loan Asset-Backed Trust, <br> Series 2006-E, Class 2A3, (1-mo. Term SOFR + <br> 0.45%), 4.61%, 04/25/37<sup>(a)</sup><br>|  | 2925 | &nbsp;&nbsp; 2078727 |
| &nbsp;&nbsp;&nbsp; Long Beach Mortgage Loan Trust, Series 2006-7, <br> Class 2A3, (1-mo. Term SOFR + 0.43%), 4.59%, <br> 08/25/36<sup>(a)</sup><br>|  | 4661 | &nbsp;&nbsp; 1847602 |
| &nbsp;&nbsp;&nbsp; Lyra Music Assets Delaware LP, Series 2025-1A, <br> Class A2, 5.60%, 09/20/65<sup>(b)</sup><br>|  | 198 | &nbsp;&nbsp; 200231 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding LIX Ltd., Series 2021-59A, <br> Class A1R, (3-mo. CME Term SOFR + 1.50%), <br> 5.83%, 04/18/37<sup>(a)(b)</sup><br>|  | 1450 | &nbsp;&nbsp; 1457697 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XLVIII Ltd., Series 2021-48A, <br> Class E, (3-mo. CME Term SOFR + 6.51%), 10.84%, <br> 04/19/33<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 500857 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXVII Ltd., Series 2019-37A, <br> Class BR2, (3-mo. CME Term SOFR + 1.95%), <br> 6.27%, 04/15/37<sup>(a)(b)</sup><br>|  | 875 | &nbsp;&nbsp; 879078 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust, Series 2024-AA, <br> Class E, 9.02%, 09/22/36<sup>(b)</sup><br>|  | 470 | &nbsp;&nbsp; 487892 |
| &nbsp;&nbsp;&nbsp; Mastr Asset Backed Securities Trust, Series 2006-HE2, <br> Class A3, (1-mo. Term SOFR + 0.41%), 4.57%, <br> 06/25/36<sup>(a)</sup><br>|  | 6568 | &nbsp;&nbsp; 2200028 |
| &nbsp;&nbsp;&nbsp; Navient Education Loan Trust, Series 2025-A, Class B, <br> 5.32%, 07/15/55<sup>(b)</sup><br>|  | 667 | &nbsp;&nbsp; 672733 |
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, Series 2019-BA, <br> Class A2A, 3.39%, 12/15/59<sup>(b)</sup><br>|  | 124 | &nbsp;&nbsp; 122288 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(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; Nelnet Student Loan Trust, Series 2025-BA, Class D, <br> 6.04%, 05/17/55<sup>(b)</sup><br>| USD | 471 | &nbsp;&nbsp; $474294 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd., <br> Series 2021-46A, Class BR, (3-mo. CME Term SOFR <br> + 1.50%), 5.83%, 01/20/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 249635 |
| OCP CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &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>|  | 590 | &nbsp;&nbsp; 591769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38A, Class A, (3-mo. CME Term SOFR + <br> 1.33%), 5.66%, 01/21/38<br>|  | 1000 | &nbsp;&nbsp; 1003018 |
| &nbsp;&nbsp;&nbsp; Octagon 55 Ltd., Series 2021-1A, Class A1R, (3-mo. <br> CME Term SOFR + 1.26%), 5.23%, 03/20/38<sup>(a)(b)(c)</sup><br>|  | 1000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners XVII Ltd., Series 2013-1A, <br> Class BR2, (3-mo. CME Term SOFR + 1.66%), <br> 5.98%, 01/25/31<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250450 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners XXII Ltd., Series 2014-1A, <br> Class DRR, (3-mo. CME Term SOFR + 3.01%), <br> 7.34%, 01/22/30<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 500887 |
| &nbsp;&nbsp;&nbsp; OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME <br> Term SOFR + 5.80%), 10.13%, 01/20/31<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 240042 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2024-4A, Class B, <br> (3-mo. CME Term SOFR + 1.65%), 5.97%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 810 | &nbsp;&nbsp; 814244 |
| &nbsp;&nbsp;&nbsp; Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3-<br> mo. CME Term SOFR + 1.65%), 5.97%, <br> 01/25/38<sup>(a)(b)</sup><br>|  | 1700 | &nbsp;&nbsp; 1704471 |
| &nbsp;&nbsp;&nbsp; Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, <br> (3-mo. CME Term SOFR + 1.55%), 5.87%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 850 | &nbsp;&nbsp; 851828 |
| &nbsp;&nbsp;&nbsp; Regional Management Issuance Trust, Series 2021-3, <br> Class A, 3.88%, 10/17/33<sup>(c)</sup><br>|  | 1110 | &nbsp;&nbsp; 1075368 |
| &nbsp;&nbsp;&nbsp; Renaissance Home Equity Loan Trust, Series 2007-3, <br> Class AF2, 7.00%, 09/25/37<br>|  | 3466 | &nbsp;&nbsp; 1354699 |
| Republic Finance Issuance Trust11/20/34<sup>(b)(d)</sup> |  | 1015 | &nbsp;&nbsp; 1014774 |
| Rockford Tower CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class DR, (3-mo. CME Term SOFR <br> + 3.11%), 7.43%, 10/15/29<br>|  | 500 | &nbsp;&nbsp; 500012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1R, (3-mo. CME Term SOFR <br> + 1.40%), 5.72%, 01/15/38<br>|  | 1914 | &nbsp;&nbsp; 1922095 |
| RR Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1, (3-mo. CME Term SOFR <br> + 1.37%), 5.69%, 07/15/36<br>|  | 1000 | &nbsp;&nbsp; 1001783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A2R2, (3-mo. CME Term <br> SOFR + 1.70%), 6.02%, 01/15/37<br>|  | 1000 | &nbsp;&nbsp; 1003540 |
| &nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO Ltd., Series 2025-10A, <br> Class A1, 10/20/38<sup>(a)(b)(d)</sup><br>|  | 1000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, Series 2024-1A, Class A, <br> 6.39%, 11/20/35<sup>(b)</sup><br>|  | 168 | &nbsp;&nbsp; 171955 |
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2021-A, <br> Class B, 2.31%, 01/15/53<sup>(b)</sup><br>|  | 131 | &nbsp;&nbsp; 128321 |
| SoFi Personal Loan Term |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 6.00%, 11/12/30<sup>(b)</sup> |  | 75 | &nbsp;&nbsp; 76495 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class R1, 0.00%, 02/12/31 |  | 10 | &nbsp;&nbsp; 158260 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.06%, 02/12/31<sup>(b)</sup> |  | 231 | &nbsp;&nbsp; 232364 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC, Series 2024-1A, Class A2I, <br> 6.03%, 07/30/54<sup>(b)</sup><br>|  | 293 | &nbsp;&nbsp; 296830 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XV Ltd., Series 2014-15A, Class AR3, <br> (3-mo. CME Term SOFR + 1.34%), 5.62%, <br> 01/17/32<sup>(a)(b)</sup><br>|  | 263 | &nbsp;&nbsp; 263213 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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; TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, <br> (3-mo. CME Term SOFR + 1.19%), 5.51%, <br> 07/15/30<sup>(a)(b)</sup><br>| USD | 874 | &nbsp;&nbsp; $875021 |
| &nbsp;&nbsp;&nbsp; Trestles CLO IV Ltd., Series 2021-4A, Class B1, (3-mo. <br> CME Term SOFR + 1.96%), 6.29%, 07/21/34<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1003030 |
| &nbsp;&nbsp;&nbsp; Trestles CLO Ltd., Series 2017-1A, Class D1RR, (3-mo. <br> CME Term SOFR + 3.15%), 7.47%, 07/25/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 252249 |
| &nbsp;&nbsp;&nbsp; Trimaran CAVU Ltd., Series 2023-1, Class E, (3-mo. <br> CME Term SOFR + 8.94%), 13.27%, 07/20/36<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 501626 |
| &nbsp;&nbsp;&nbsp; Unique Pub Finance Co. PLC, Series 02, Class N, <br> 6.46%, 03/30/32<sup>(e)</sup><br>| GBP | 35 | &nbsp;&nbsp; 48832 |
| &nbsp;&nbsp;&nbsp; Upgrade Master Pass-Thru Trust, Series 2025-ST4, <br> Class A, 5.50%, 08/16/32<sup>(b)</sup><br>| USD | 187 | &nbsp;&nbsp; 188281 |
| &nbsp;&nbsp;&nbsp; UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%, <br> 01/25/47<sup>(b)</sup><br>|  | 309 | &nbsp;&nbsp; 310004 |
| &nbsp;&nbsp;&nbsp; Voya Ltd., Series 2012-4A, Class A1R3, (3-mo. CME <br> Term SOFR + 1.26%), 5.58%, 10/15/30<sup>(a)(b)</sup><br>|  | 84 | &nbsp;&nbsp; 83811 |
| &nbsp;&nbsp;&nbsp; WaMu Asset-Backed Certificates WaMu Trust, <br> Series 2007-HE3, Class 2A3, (1-mo. Term SOFR + <br> 0.35%), 4.51%, 05/25/37<sup>(a)</sup><br>|  | 4934 | &nbsp;&nbsp; 4384461 |
| &nbsp;&nbsp;&nbsp; Warwick Capital CLO Ltd., Series 2024-5A, Class A1, <br> (3-mo. CME Term SOFR + 1.36%), 5.69%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250855 |
| &nbsp;&nbsp;&nbsp; Whetstone Park CLO Ltd., Series 2021-1A, Class B1, <br> (3-mo. CME Term SOFR + 1.86%), 6.19%, <br> 01/20/35<sup>(a)(b)</sup><br>|  | 275 | &nbsp;&nbsp; 275308 |
| &nbsp;&nbsp;&nbsp; Wireless PropCo Funding LLC, Series 2025-1A, <br> Class B, 4.30%, 06/25/55<sup>(b)</sup><br>|  | 725 | &nbsp;&nbsp; 692088 |
| **Total Asset-Backed Securities — 9.5%** <br>**(Cost: $82,778,227)** | **Total Asset-Backed Securities — 9.5%** <br>**(Cost: $82,778,227)** | **Total Asset-Backed Securities — 9.5%** <br>**(Cost: $82,778,227)** | &nbsp;&nbsp; 76306443 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |  |
| Wom New Holdco<sup>(c)(f)</sup> | 485 | &nbsp;&nbsp; 11155 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
| Quorum Restructuring Equity<sup>(f)</sup> | 3969 | &nbsp;&nbsp; 2977 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| ADLER Group SA<sup>(c)(f)</sup> | 33367 | &nbsp;&nbsp; — |
| **Total Common Stocks — 0.0%** <br>**(Cost: $14,065)** | **Total Common Stocks — 0.0%** <br>**(Cost: $14,065)** | &nbsp;&nbsp; 14132 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies — 1.1%** | **Advertising Agencies — 1.1%** | **Advertising Agencies — 1.1%** | **Advertising Agencies — 1.1%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/28<sup>(g)</sup> | USD | 493 | &nbsp;&nbsp; 492104 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/29<sup>(g)</sup> |  | 1033 | &nbsp;&nbsp; 1003263 |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/30<sup>(g)</sup> |  | 1088 | &nbsp;&nbsp; 1142428 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/31 |  | 1192 | &nbsp;&nbsp; 1232113 |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/15/33 |  | 2792 | &nbsp;&nbsp; 2919229 |
| CMG Media Corp., 8.88%, 06/18/29<sup>(b)</sup> |  | 245 | &nbsp;&nbsp; 225013 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Advertising Agencies (continued)** | **Advertising Agencies (continued)** | **Advertising Agencies (continued)** | **Advertising Agencies (continued)** |
| Lamar Media Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/30 | USD | 53 | &nbsp;&nbsp; $50739 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/01/33<sup>(b)</sup> |  | 317 | &nbsp;&nbsp; 314668 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29<sup>(b)</sup> |  | 648 | &nbsp;&nbsp; 636135 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 |  | 120 | &nbsp;&nbsp; 119397 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/29 |  | 326 | &nbsp;&nbsp; 313120 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/30<sup>(g)</sup> |  | 122 | &nbsp;&nbsp; 117253 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/31 |  | 332 | &nbsp;&nbsp; 350241 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)</sup> |  | 129 | &nbsp;&nbsp; 125313 |
|  |  |  | &nbsp;&nbsp; 9041016 |
| **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<sup>(b)</sup> |  | 442 | &nbsp;&nbsp; 455006 |
| ATI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 |  | 157 | &nbsp;&nbsp; 157300 |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/01/29 |  | 129 | &nbsp;&nbsp; 126828 |
| &nbsp;&nbsp;&nbsp; 7.25%, 08/15/30 |  | 444 | &nbsp;&nbsp; 466060 |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/31 |  | 350 | &nbsp;&nbsp; 344443 |
| Bombardier, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 |  | 683 | &nbsp;&nbsp; 684727 |
| &nbsp;&nbsp;&nbsp; 8.75%, 11/15/30 |  | 531 | &nbsp;&nbsp; 572626 |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/31 |  | 205 | &nbsp;&nbsp; 217307 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/01/32 |  | 403 | &nbsp;&nbsp; 421209 |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/33 |  | 460 | &nbsp;&nbsp; 480037 |
| &nbsp;&nbsp;&nbsp; Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br> 02/15/32<sup>(b)</sup><br>|  | 2200 | &nbsp;&nbsp; 2238720 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(b)</sup> |  | 279 | &nbsp;&nbsp; 285975 |
| Lockheed Martin Corp., 5.70%, 11/15/54 |  | 451 | &nbsp;&nbsp; 465304 |
| Northrop Grumman Corp., 4.75%, 06/01/43 |  | 680 | &nbsp;&nbsp; 629454 |
| RTX Corp., 4.35%, 04/15/47 |  | 700 | &nbsp;&nbsp; 599476 |
| Spirit AeroSystems, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 11/30/29 |  | 621 | &nbsp;&nbsp; 654049 |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/30 |  | 531 | &nbsp;&nbsp; 583991 |
| TransDigm, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/28 |  | 848 | &nbsp;&nbsp; 864162 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/29 |  | 1979 | &nbsp;&nbsp; 2023331 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/32 |  | 2013 | &nbsp;&nbsp; 2072474 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/33 |  | 1177 | &nbsp;&nbsp; 1190045 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/33 |  | 1795 | &nbsp;&nbsp; 1815181 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/31/34 |  | 263 | &nbsp;&nbsp; 270474 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/31/34 |  | 3471 | &nbsp;&nbsp; 3588872 |
|  |  |  | &nbsp;&nbsp; 21207051 |
| **Air Freight & Logistics**<sup>(b)</sup> **— 0.1%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.1%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.1%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.1%** |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 312 | &nbsp;&nbsp; 324188 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 155 | &nbsp;&nbsp; 163220 |
|  |  |  | &nbsp;&nbsp; 487408 |
| **Automobile Components — 1.0%** | **Automobile Components — 1.0%** | **Automobile Components — 1.0%** | **Automobile Components — 1.0%** |
| American Axle & Manufacturing, Inc.<sup>(b)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10/15/32 |  | 229 | &nbsp;&nbsp; 228613 |
| &nbsp;&nbsp;&nbsp; 10/15/33 |  | 239 | &nbsp;&nbsp; 240863 |
| Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49 |  | 280 | &nbsp;&nbsp; 256029 |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/28 |  | 1058 | &nbsp;&nbsp; 1081368 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/30 |  | 488 | &nbsp;&nbsp; 504109 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/31 | EUR | 380 | &nbsp;&nbsp; 454546 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/32 | USD | 2006 | &nbsp;&nbsp; 2050453 |
| Dana, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/30 |  | 119 | &nbsp;&nbsp; 117851 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/32 |  | 182 | &nbsp;&nbsp; 179208 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, <br> 05/31/32<sup>(b)</sup><br>| USD | 151 | &nbsp;&nbsp; $158399 |
| Goodyear Tire & Rubber Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/29 |  | 81 | &nbsp;&nbsp; 78220 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/30 |  | 225 | &nbsp;&nbsp; 228298 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/30/31 |  | 18 | &nbsp;&nbsp; 17010 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/30/33 |  | 137 | &nbsp;&nbsp; 127467 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, (7.00% PIK), 7.00%, <br> 11/15/31<sup>(e)(h)</sup><br>| EUR | 100 | &nbsp;&nbsp; 127085 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(e)</sup> |  | 100 | &nbsp;&nbsp; 121532 |
| Qnity Electronics, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/32 | USD | 378 | &nbsp;&nbsp; 380883 |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/15/33 |  | 294 | &nbsp;&nbsp; 300229 |
| Schaeffler AG<sup>(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 | EUR | 100 | &nbsp;&nbsp; 119329 |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/14/29 |  | 100 | &nbsp;&nbsp; 120557 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> | USD | 527 | &nbsp;&nbsp; 527962 |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 121870 |
| ZF Finance GmbH, 2.00%, 05/06/27<sup>(e)</sup> |  | 100 | &nbsp;&nbsp; 114174 |
|  |  |  | &nbsp;&nbsp; 7656055 |
| **Automobiles — 1.4%** | **Automobiles — 1.4%** | **Automobiles — 1.4%** | **Automobiles — 1.4%** |
| Asbury Automotive Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 | USD | 22 | &nbsp;&nbsp; 21731 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/32<sup>(b)</sup> |  | 40 | &nbsp;&nbsp; 38409 |
| Aston Martin Capital Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.00%, 03/31/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 195811 |
| &nbsp;&nbsp;&nbsp; 10.38%, 03/31/29<sup>(e)</sup> | GBP | 100 | &nbsp;&nbsp; 130770 |
| Carvana Co.<sup>(b)(h)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (9.00% PIK), 9.00%, 06/01/30 | USD | 927 | &nbsp;&nbsp; 970126 |
| &nbsp;&nbsp;&nbsp; (9.00% PIK), 9.00%, 06/01/31 |  | 1890 | &nbsp;&nbsp; 2139463 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<sup>(b)</sup> |  | 264 | &nbsp;&nbsp; 280684 |
| Ford Motor Credit Co. LLC, 6.95%, 06/10/26 |  | 1250 | &nbsp;&nbsp; 1266249 |
| General Motors Co., 6.25%, 10/02/43<sup>(g)</sup> |  | 2194 | &nbsp;&nbsp; 2231147 |
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, <br> 08/15/29<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 211000 |
| Group 1 Automotive, Inc., 6.38%, 01/15/30<sup>(b)</sup> |  | 114 | &nbsp;&nbsp; 116626 |
| LCM Investments Holdings II LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/29 |  | 257 | &nbsp;&nbsp; 251796 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/31 |  | 258 | &nbsp;&nbsp; 272862 |
| Lithia Motors, Inc., 5.50%, 10/01/30<sup>(b)</sup> |  | 237 | &nbsp;&nbsp; 236704 |
| Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30<sup>(b)</sup> |  | 677 | &nbsp;&nbsp; 677231 |
| Nissan Motor Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/17/29<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 119651 |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/17/32<sup>(b)</sup> | USD | 279 | &nbsp;&nbsp; 295255 |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/17/33<sup>(b)</sup> | EUR | 200 | &nbsp;&nbsp; 241749 |
| &nbsp;&nbsp;&nbsp; 8.13%, 07/17/35<sup>(b)</sup> | USD | 1269 | &nbsp;&nbsp; 1362265 |
| RCI Banque SA<sup>(a)(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br> 03/24/37<br>| EUR | 100 | &nbsp;&nbsp; 119454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>|  | 100 | &nbsp;&nbsp; 123496 |
| Renault SA, 3.88%, 09/30/30<sup>(e)</sup> |  | 100 | &nbsp;&nbsp; 117227 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(b)</sup> | USD | 199 | &nbsp;&nbsp; 184636 |
|  |  |  | &nbsp;&nbsp; 11604342 |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| &nbsp;&nbsp;&nbsp; Abanca Corp. Bancaria SA, (5-year EURIBOR ICE <br> Swap + 2.45%), 4.63%, 12/11/36<sup>(a)(e)</sup><br>| EUR | 100 | &nbsp;&nbsp; 120900 |
| Bangkok Bank PCL/Hong Kong, 5.30%, 09/21/28<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 204874 |
| Intesa Sanpaolo SpA, 5.71%, 01/15/26<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 200435 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp; National Bank of Greece SA, (5-year EURIBOR ICE <br> Swap + 3.15%), 5.88%, 06/28/35<sup>(a)(e)</sup><br>| EUR | 100 | &nbsp;&nbsp; $126302 |
| &nbsp;&nbsp;&nbsp; Standard Chartered PLC, (5-year USD ICE Swap + <br> 1.97%), 4.87%, 03/15/33<sup>(a)(b)(g)</sup><br>| USD | 500 | &nbsp;&nbsp; 500885 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<sup>(b)</sup> |  | 195 | &nbsp;&nbsp; 199416 |
|  |  |  | &nbsp;&nbsp; 1352812 |
| **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., 4.90%, 02/01/46<sup>(g)</sup><br>|  | 2000 | &nbsp;&nbsp; 1873660 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Amgen, Inc., 4.95%, 10/01/41 |  | 250 | &nbsp;&nbsp; 236321 |
| Gilead Sciences, Inc., 4.15%, 03/01/47<sup>(g)</sup> |  | 700 | &nbsp;&nbsp; 590546 |
|  |  |  | &nbsp;&nbsp; 826867 |
| **Building Materials — 1.5%** | **Building Materials — 1.5%** | **Building Materials — 1.5%** | **Building Materials — 1.5%** |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33<sup>(b)</sup> |  | 304 | &nbsp;&nbsp; 316400 |
| Builders FirstSource, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/34 |  | 77 | &nbsp;&nbsp; 79318 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/35 |  | 234 | &nbsp;&nbsp; 244327 |
| CP Atlas Buyer, Inc., 9.75%, 07/15/30<sup>(b)</sup> |  | 92 | &nbsp;&nbsp; 96352 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 12/15/30<sup>(b)</sup> | EUR | 205 | &nbsp;&nbsp; 251447 |
| &nbsp;&nbsp;&nbsp; 6.38%, 12/15/30<sup>(e)</sup> |  | 100 | &nbsp;&nbsp; 122657 |
| &nbsp;&nbsp;&nbsp; 6.63%, 12/15/30<sup>(b)</sup> | USD | 3248 | &nbsp;&nbsp; 3338778 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/31<sup>(b)</sup> |  | 299 | &nbsp;&nbsp; 310558 |
| Jeld-Wen, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/15/27 |  | 309 | &nbsp;&nbsp; 301540 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/01/32<sup>(g)</sup> |  | 280 | &nbsp;&nbsp; 236454 |
| JH North America Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/31/31 |  | 325 | &nbsp;&nbsp; 329977 |
| &nbsp;&nbsp;&nbsp; 6.13%, 07/31/32 |  | 429 | &nbsp;&nbsp; 439414 |
| New Enterprise Stone & Lime Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 |  | 103 | &nbsp;&nbsp; 102049 |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/15/28 |  | 208 | &nbsp;&nbsp; 208462 |
| Quikrete Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/32 |  | 1754 | &nbsp;&nbsp; 1816870 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/33 |  | 432 | &nbsp;&nbsp; 449148 |
| Smyrna Ready Mix Concrete LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/28 |  | 42 | &nbsp;&nbsp; 42013 |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/15/31 |  | 323 | &nbsp;&nbsp; 341070 |
| Standard Building Solutions, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/32 |  | 776 | &nbsp;&nbsp; 796192 |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/01/33 |  | 855 | &nbsp;&nbsp; 866444 |
| Standard Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/21/26<sup>(e)</sup> | EUR | 96 | &nbsp;&nbsp; 111930 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/28<sup>(b)</sup> | USD | 6 | &nbsp;&nbsp; 5948 |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/30<sup>(b)</sup> |  | 297 | &nbsp;&nbsp; 284758 |
| &nbsp;&nbsp;&nbsp; 3.38%, 01/15/31<sup>(b)</sup> |  | 125 | &nbsp;&nbsp; 113196 |
| Wilsonart LLC, 11.00%, 08/15/32<sup>(b)</sup> |  | 475 | &nbsp;&nbsp; 462388 |
|  |  |  | &nbsp;&nbsp; 11667690 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| Foundation Building Materials, Inc., 6.00%, 03/01/29<sup>(b)</sup> |  | 21 | &nbsp;&nbsp; 21286 |
| Lowe's Cos., Inc., 2.80%, 09/15/41 |  | 400 | &nbsp;&nbsp; 289629 |
| Park River Holdings, Inc., 03/15/31<sup>(b)(d)</sup> |  | 251 | &nbsp;&nbsp; 254181 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(b)</sup> |  | 1855 | &nbsp;&nbsp; 1920660 |
| White Cap Buyer LLC, 6.88%, 10/15/28<sup>(b)</sup> |  | 2336 | &nbsp;&nbsp; 2329061 |
|  |  |  | &nbsp;&nbsp; 4814817 |
| **Capital Markets — 1.0%** | **Capital Markets — 1.0%** | **Capital Markets — 1.0%** | **Capital Markets — 1.0%** |
| Apollo Debt Solutions BDC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/30/30<sup>(b)</sup> |  | 220 | &nbsp;&nbsp; 223860 |
| &nbsp;&nbsp;&nbsp; 6.70%, 07/29/31 |  | 250 | &nbsp;&nbsp; 264953 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Apollo Debt Solutions BDC (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.55%, 03/15/32<sup>(b)</sup> | USD | 60 | &nbsp;&nbsp; $62963 |
| ARES Strategic Income Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/15/30 |  | 159 | &nbsp;&nbsp; 160552 |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/09/30<sup>(b)</sup> |  | 300 | &nbsp;&nbsp; 304864 |
| &nbsp;&nbsp;&nbsp; 5.15%, 01/15/31<sup>(b)</sup> |  | 239 | &nbsp;&nbsp; 236154 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 95 | &nbsp;&nbsp; 95486 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34 |  | 761 | &nbsp;&nbsp; 779300 |
| Blue Owl Capital Corp., 6.20%, 07/15/30 |  | 655 | &nbsp;&nbsp; 673537 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 140 | &nbsp;&nbsp; 145034 |
| &nbsp;&nbsp;&nbsp; Compass Group Diversified Holdings LLC, 5.25%, <br> 04/15/29<sup>(b)</sup><br>|  | 278 | &nbsp;&nbsp; 256619 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(b)</sup> |  | 401 | &nbsp;&nbsp; 410671 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc., 6.38%, <br> 07/01/34<br>|  | 257 | &nbsp;&nbsp; 261556 |
| &nbsp;&nbsp;&nbsp; HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, <br> 06/15/27<sup>(b)</sup><br>|  | 72 | &nbsp;&nbsp; 74958 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 |  | 991 | &nbsp;&nbsp; 974100 |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/29 |  | 219 | &nbsp;&nbsp; 221026 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/29<sup>(g)</sup> |  | 158 | &nbsp;&nbsp; 136387 |
| &nbsp;&nbsp;&nbsp; 10.00%, 11/15/29<sup>(b)</sup> |  | 323 | &nbsp;&nbsp; 324427 |
| Jane Street Group/JSG Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/01/32 |  | 105 | &nbsp;&nbsp; 106424 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/33 |  | 181 | &nbsp;&nbsp; 187993 |
| JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27<sup>(i)</sup> |  | 396 | &nbsp;&nbsp; 458568 |
| Osaic Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/01/32 |  | 174 | &nbsp;&nbsp; 179713 |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/01/33 |  | 547 | &nbsp;&nbsp; 566909 |
| Raymond James Financial, Inc., 4.95%, 07/15/46 |  | 400 | &nbsp;&nbsp; 369220 |
| SURA Asset Management SA, 6.35%, 05/13/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 213500 |
| &nbsp;&nbsp;&nbsp; WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br> 04/01/32<sup>(b)(h)(i)</sup><br>|  | 255 | &nbsp;&nbsp; 227392 |
|  |  |  | &nbsp;&nbsp; 7916166 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| &nbsp;&nbsp;&nbsp; Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK), <br> 9.25%, 11/01/26<sup>(b)(h)</sup><br>|  | 404 | &nbsp;&nbsp; 357139 |
| Avient Corp., 6.25%, 11/01/31<sup>(b)</sup> |  | 227 | &nbsp;&nbsp; 230524 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Dutch Holding B BV, 7.25%, <br> 02/15/31<sup>(b)</sup><br>|  | 358 | &nbsp;&nbsp; 374547 |
| Celanese U.S. Holdings LLC, 6.75%, 04/15/33<sup>(g)</sup> |  | 245 | &nbsp;&nbsp; 243966 |
| Chemours Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/15/27 |  | 435 | &nbsp;&nbsp; 434641 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/28<sup>(b)</sup> |  | 1057 | &nbsp;&nbsp; 1030971 |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/15/33<sup>(b)</sup> |  | 484 | &nbsp;&nbsp; 481418 |
| Element Solutions, Inc., 3.88%, 09/01/28<sup>(b)</sup> |  | 2068 | &nbsp;&nbsp; 2004165 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 118293 |
| HB Fuller Co., 4.25%, 10/15/28 | USD | 90 | &nbsp;&nbsp; 87514 |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(b)</sup> |  | 271 | &nbsp;&nbsp; 237420 |
| Inversion Escrow Issuer LLC, 6.75%, 08/01/32<sup>(b)</sup> |  | 1200 | &nbsp;&nbsp; 1182136 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 119447 |
| &nbsp;&nbsp;&nbsp; Kronos International, Inc., Series SEP, 9.50%, <br> 03/15/29<sup>(e)</sup><br>|  | 100 | &nbsp;&nbsp; 123724 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<sup>(b)</sup> | USD | 195 | &nbsp;&nbsp; 193062 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<sup>(b)</sup> |  | 209 | &nbsp;&nbsp; 212651 |
| Minerals Technologies, Inc., 5.00%, 07/01/28<sup>(b)</sup> |  | 218 | &nbsp;&nbsp; 213641 |
| OCP SA, 7.50%, 05/02/54<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 221938 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.63%, 11/15/28<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 123137 |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/28<sup>(b)</sup> | USD | 1086 | &nbsp;&nbsp; 1139757 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/29<sup>(b)(g)</sup> |  | 400 | &nbsp;&nbsp; 388398 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/31<sup>(b)</sup> |  | 1105 | &nbsp;&nbsp; 1120221 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Olympus Water U.S. Holding Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 02/15/33<sup>(b)(d)</sup> | USD | 1689 | &nbsp;&nbsp; $1690759 |
| Sherwin-Williams Co., 3.80%, 08/15/49 |  | 310 | &nbsp;&nbsp; 237290 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<sup>(b)</sup> |  | 586 | &nbsp;&nbsp; 573552 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33<sup>(b)</sup> |  | 566 | &nbsp;&nbsp; 567870 |
| WR Grace Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/27 |  | 170 | &nbsp;&nbsp; 168946 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/29<sup>(g)</sup> |  | 3178 | &nbsp;&nbsp; 2953944 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31 |  | 354 | &nbsp;&nbsp; 361012 |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/15/32 |  | 659 | &nbsp;&nbsp; 651606 |
|  |  |  | &nbsp;&nbsp; 17843689 |
| **Commercial Services & Supplies — 4.0%** | **Commercial Services & Supplies — 4.0%** | **Commercial Services & Supplies — 4.0%** | **Commercial Services & Supplies — 4.0%** |
| ADT Security Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/32 |  | 117 | &nbsp;&nbsp; 113308 |
| &nbsp;&nbsp;&nbsp; 10/15/33<sup>(d)</sup> |  | 687 | &nbsp;&nbsp; 687000 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/21/30<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 121792 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/21/30<sup>(b)</sup> | USD | 1353 | &nbsp;&nbsp; 1399408 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(b)(g)</sup> |  | 4040 | &nbsp;&nbsp; 4235923 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/29<sup>(g)</sup> |  | 2367 | &nbsp;&nbsp; 2326889 |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/15/30 |  | 1510 | &nbsp;&nbsp; 1552023 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance <br> Corp./Atlas Luxco 4 SARL<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/28<sup>(b)</sup> |  | 2247 | &nbsp;&nbsp; 2202969 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/28<sup>(e)</sup> | GBP | 100 | &nbsp;&nbsp; 131479 |
| &nbsp;&nbsp;&nbsp; BCP V Modular Services Finance II PLC, 6.50%, <br> 07/10/31<sup>(e)</sup><br>| EUR | 100 | &nbsp;&nbsp; 109762 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(b)</sup> | USD | 799 | &nbsp;&nbsp; 809414 |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 121765 |
| Brink's Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/29 | USD | 208 | &nbsp;&nbsp; 214053 |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/32 |  | 313 | &nbsp;&nbsp; 325565 |
| Deluxe Corp., 8.13%, 09/15/29<sup>(b)</sup> |  | 170 | &nbsp;&nbsp; 177517 |
| DP World Salaam, (5-year CMT + 5.75%), 6.00%<sup>(a)(e)(j)</sup> |  | 200 | &nbsp;&nbsp; 200036 |
| EquipmentShare.com, Inc., 8.00%, 03/15/33<sup>(b)</sup> |  | 177 | &nbsp;&nbsp; 189167 |
| FTAI Aviation Investors LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/28 |  | 652 | &nbsp;&nbsp; 652104 |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/01/30 |  | 937 | &nbsp;&nbsp; 995700 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/31 |  | 1682 | &nbsp;&nbsp; 1759470 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/32 |  | 754 | &nbsp;&nbsp; 789078 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/15/33 |  | 582 | &nbsp;&nbsp; 585650 |
| Garda World Security Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/27 |  | 484 | &nbsp;&nbsp; 480328 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/28 |  | 474 | &nbsp;&nbsp; 485899 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 |  | 86 | &nbsp;&nbsp; 85262 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/32 |  | 704 | &nbsp;&nbsp; 729761 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/15/32 |  | 2075 | &nbsp;&nbsp; 2153905 |
| Herc Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/29 |  | 170 | &nbsp;&nbsp; 174676 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/30 |  | 529 | &nbsp;&nbsp; 549486 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/33 |  | 522 | &nbsp;&nbsp; 544917 |
| Hertz Corp., 12.63%, 07/15/29<sup>(b)</sup> |  | 195 | &nbsp;&nbsp; 206729 |
| ION Platform Finance SARL, 09/30/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 117405 |
| Loxam SAS, 6.38%, 05/31/29<sup>(e)</sup> |  | 90 | &nbsp;&nbsp; 109444 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime Finance, <br> Inc., 6.25%, 01/15/28<sup>(b)(g)</sup><br>| USD | 217 | &nbsp;&nbsp; 216810 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(b)</sup> |  | 1503 | &nbsp;&nbsp; 1540372 |
| Service Corp. International |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 |  | 13 | &nbsp;&nbsp; 12045 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Service Corp. International (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/31 | USD | 503 | &nbsp;&nbsp; $474251 |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/15/32 |  | 1065 | &nbsp;&nbsp; 1078928 |
| Sotheby's, 7.38%, 10/15/27<sup>(b)</sup> |  | 1016 | &nbsp;&nbsp; 1013137 |
| Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/29<sup>(b)</sup> |  | 490 | &nbsp;&nbsp; 446479 |
| Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26<sup>(b)</sup> |  | 520 | &nbsp;&nbsp; 519438 |
| Verisure Holding AB, 9.25%, 10/15/27<sup>(e)</sup> | EUR | 80 | &nbsp;&nbsp; 96338 |
| Veritiv Operating Co., 10.50%, 11/30/30<sup>(b)</sup> | USD | 221 | &nbsp;&nbsp; 237183 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(b)</sup> |  | 1053 | &nbsp;&nbsp; 1109462 |
|  |  |  | &nbsp;&nbsp; 32082327 |
| **Communications Equipment**<sup>(b)</sup> **— 0.1%** | **Communications Equipment**<sup>(b)</sup> **— 0.1%** | **Communications Equipment**<sup>(b)</sup> **— 0.1%** | **Communications Equipment**<sup>(b)</sup> **— 0.1%** |
| CommScope LLC, 4.75%, 09/01/29<sup>(g)</sup> |  | 1114 | &nbsp;&nbsp; 1106848 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 67 | &nbsp;&nbsp; 63170 |
|  |  |  | &nbsp;&nbsp; 1170018 |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| AECOM, 6.00%, 08/01/33<sup>(b)</sup> |  | 954 | &nbsp;&nbsp; 975360 |
| Arcosa, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/15/29 |  | 477 | &nbsp;&nbsp; 463828 |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/15/32 |  | 40 | &nbsp;&nbsp; 41780 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<sup>(b)</sup> |  | 1501 | &nbsp;&nbsp; 1496216 |
| Heathrow Finance PLC, 4.13%, 09/01/29<sup>(e)(k)</sup> | GBP | 100 | &nbsp;&nbsp; 125039 |
| IHS Holding Ltd., 6.25%, 11/29/28<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 200375 |
|  |  |  | &nbsp;&nbsp; 3302598 |
| **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 123399 |
| APi Group DE, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/15/29 | USD | 168 | &nbsp;&nbsp; 161920 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/29 |  | 128 | &nbsp;&nbsp; 125480 |
| &nbsp;&nbsp;&nbsp; Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br> 2.50%), 4.52%, 05/01/30<sup>(a)(e)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118132 |
| Clarivate Science Holdings Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/01/28 | USD | 1412 | &nbsp;&nbsp; 1358842 |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/29<sup>(g)</sup> |  | 1271 | &nbsp;&nbsp; 1201131 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<sup>(b)</sup> |  | 436 | &nbsp;&nbsp; 448063 |
| Williams Scotsman, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/29 |  | 49 | &nbsp;&nbsp; 50120 |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/30 |  | 693 | &nbsp;&nbsp; 713281 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/31 |  | 335 | &nbsp;&nbsp; 349855 |
|  |  |  | &nbsp;&nbsp; 4650223 |
| **Consumer Finance — 1.9%** | **Consumer Finance — 1.9%** | **Consumer Finance — 1.9%** | **Consumer Finance — 1.9%** |
| Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/01/26 |  | 534 | &nbsp;&nbsp; 526985 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/30<sup>(b)</sup> |  | 466 | &nbsp;&nbsp; 472141 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/32 |  | 2510 | &nbsp;&nbsp; 2597865 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/33<sup>(b)</sup> |  | 716 | &nbsp;&nbsp; 733213 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(b)</sup> |  | 1606 | &nbsp;&nbsp; 1703796 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br> 8.38%, 06/15/35<sup>(a)(b)</sup><br>|  | 55 | &nbsp;&nbsp; 56476 |
| ION Platform Finance U.S., Inc., 09/30/32<sup>(b)(d)</sup> |  | 1613 | &nbsp;&nbsp; 1603966 |
| Navient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 07/25/30 |  | 148 | &nbsp;&nbsp; 163580 |
| &nbsp;&nbsp;&nbsp; 7.88%, 06/15/32 |  | 695 | &nbsp;&nbsp; 731319 |
| OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/29 |  | 438 | &nbsp;&nbsp; 450207 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/29 |  | 251 | &nbsp;&nbsp; 248154 |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/30 |  | 362 | &nbsp;&nbsp; 383052 |
| &nbsp;&nbsp;&nbsp; 6.13%, 05/15/30 |  | 447 | &nbsp;&nbsp; 452670 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/30 |  | 231 | &nbsp;&nbsp; 214727 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/31 |  | 162 | &nbsp;&nbsp; 169349 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/31 |  | 141 | &nbsp;&nbsp; 146215 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| OneMain Finance Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/32 | USD | 431 | &nbsp;&nbsp; $438982 |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/32 |  | 296 | &nbsp;&nbsp; 305779 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/33 |  | 1183 | &nbsp;&nbsp; 1184869 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/32<sup>(g)</sup> |  | 1062 | &nbsp;&nbsp; 1097992 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/33 | EUR | 365 | &nbsp;&nbsp; 446207 |
| Shift4 Payments, Inc., 0.00%, 12/15/25<sup>(i)(l)</sup> | USD | 219 | &nbsp;&nbsp; 224694 |
| WEX, Inc., 6.50%, 03/15/33<sup>(b)</sup> |  | 518 | &nbsp;&nbsp; 529025 |
|  |  |  | &nbsp;&nbsp; 14881263 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC, 6.25%, 03/15/33<sup>(b)</sup><br>|  | 258 | &nbsp;&nbsp; 263857 |
| B&M European Value Retail SA, 6.50%, 11/27/31<sup>(e)</sup> | GBP | 100 | &nbsp;&nbsp; 136252 |
| Bellis Acquisition Co. PLC, 8.00%, 07/01/31<sup>(e)</sup> | EUR | 104 | &nbsp;&nbsp; 123917 |
| Boots Group Finco LP<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/31/32 |  | 495 | &nbsp;&nbsp; 597866 |
| &nbsp;&nbsp;&nbsp; 7.38%, 08/31/32 | GBP | 215 | &nbsp;&nbsp; 294567 |
| BRF GmbH, 4.35%, 09/29/26<sup>(e)</sup> | USD | 200 | &nbsp;&nbsp; 198394 |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc., 9.00%, 02/15/29<sup>(b)</sup><br>|  | 214 | &nbsp;&nbsp; 225161 |
| &nbsp;&nbsp;&nbsp; Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.64%, 07/01/29<sup>(a)(e)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118712 |
| Market Bidco Finco PLC, 6.75%, 01/31/31<sup>(e)</sup> |  | 100 | &nbsp;&nbsp; 115935 |
| Ocado Group PLC, 11.00%, 06/15/30<sup>(e)</sup> | GBP | 100 | &nbsp;&nbsp; 135122 |
| Performance Food Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/29 | USD | 383 | &nbsp;&nbsp; 372041 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/32 |  | 428 | &nbsp;&nbsp; 438405 |
| U.S. Foods, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 |  | 191 | &nbsp;&nbsp; 188144 |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/32 |  | 346 | &nbsp;&nbsp; 362242 |
| United Natural Foods, Inc., 6.75%, 10/15/28<sup>(b)</sup> |  | 334 | &nbsp;&nbsp; 333973 |
|  |  |  | &nbsp;&nbsp; 3904588 |
| **Containers & Packaging — 2.2%** | **Containers & Packaging — 2.2%** | **Containers & Packaging — 2.2%** | **Containers & Packaging — 2.2%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/27 |  | 400 | &nbsp;&nbsp; 399904 |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/28 |  | 200 | &nbsp;&nbsp; 190004 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/29<sup>(g)</sup> |  | 2000 | &nbsp;&nbsp; 1851033 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA, <br> Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 08/15/26<sup>(e)</sup> | EUR | 343 | &nbsp;&nbsp; 392461 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/26<sup>(b)(c)</sup> |  | 1324 | &nbsp;&nbsp; 1271040 |
| Ball Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/32 | EUR | 295 | &nbsp;&nbsp; 354248 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/33 | USD | 268 | &nbsp;&nbsp; 270881 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/29 |  | 558 | &nbsp;&nbsp; 564356 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/15/30 |  | 627 | &nbsp;&nbsp; 643182 |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/30 |  | 1024 | &nbsp;&nbsp; 1051897 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/32 |  | 1646 | &nbsp;&nbsp; 1688566 |
| Crown Americas LLC, 5.88%, 06/01/33<sup>(b)</sup> |  | 743 | &nbsp;&nbsp; 750513 |
| Fedrigoni SpA, 6.13%, 06/15/31<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 116702 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, 2.63%, <br> 02/01/29<sup>(e)</sup><br>|  | 195 | &nbsp;&nbsp; 221652 |
| LABL, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/28 | USD | 91 | &nbsp;&nbsp; 70507 |
| &nbsp;&nbsp;&nbsp; 9.50%, 11/01/28 |  | 632 | &nbsp;&nbsp; 536908 |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/31 |  | 310 | &nbsp;&nbsp; 227736 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| Magnera Corp., 7.25%, 11/15/31<sup>(b)</sup> | USD | 183 | &nbsp;&nbsp; $172199 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/27<sup>(g)</sup> |  | 4853 | &nbsp;&nbsp; 4900574 |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/27 |  | 328 | &nbsp;&nbsp; 328750 |
| OI European Group BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/15/28<sup>(b)</sup> | EUR | 150 | &nbsp;&nbsp; 181758 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/29<sup>(e)</sup> |  | 100 | &nbsp;&nbsp; 120847 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., 6.63%, <br> 05/13/27<sup>(b)</sup><br>| USD | 51 | &nbsp;&nbsp; 50906 |
| Sealed Air Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/27 |  | 98 | &nbsp;&nbsp; 96176 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 |  | 77 | &nbsp;&nbsp; 76570 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/32 |  | 48 | &nbsp;&nbsp; 49714 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, <br> 02/15/31<sup>(b)</sup><br>|  | 28 | &nbsp;&nbsp; 29381 |
| Silgan Holdings, Inc., 4.25%, 02/15/31<sup>(b)</sup> | EUR | 415 | &nbsp;&nbsp; 489197 |
| Trivium Packaging Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/30<sup>(b)</sup> |  | 115 | &nbsp;&nbsp; 141930 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/30<sup>(e)</sup> |  | 110 | &nbsp;&nbsp; 135760 |
| &nbsp;&nbsp;&nbsp; 8.25%, 07/15/30<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 213349 |
| &nbsp;&nbsp;&nbsp; 12.25%, 01/15/31<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 216468 |
|  |  |  | &nbsp;&nbsp; 17805169 |
| **Distributors**<sup>(b)</sup> **— 0.1%** | **Distributors**<sup>(b)</sup> **— 0.1%** | **Distributors**<sup>(b)</sup> **— 0.1%** | **Distributors**<sup>(b)</sup> **— 0.1%** |
| Gates Corp./DE, 6.88%, 07/01/29 |  | 344 | &nbsp;&nbsp; 356952 |
| Resideo Funding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/29 |  | 77 | &nbsp;&nbsp; 73551 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/32<sup>(g)</sup> |  | 495 | &nbsp;&nbsp; 507328 |
|  |  |  | &nbsp;&nbsp; 937831 |
| **Diversified REITs — 0.9%** | **Diversified REITs — 0.9%** | **Diversified REITs — 0.9%** | **Diversified REITs — 0.9%** |
| American Tower Corp., 2.30%, 09/15/31<sup>(g)</sup> |  | 1000 | &nbsp;&nbsp; 883558 |
| Digital Realty Trust LP, 1.88%, 11/15/29<sup>(b)(i)</sup> |  | 109 | &nbsp;&nbsp; 114450 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, Inc., <br> 5.00%, 07/15/32<sup>(b)</sup><br>|  | 353 | &nbsp;&nbsp; 340130 |
| Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/30<sup>(b)</sup> |  | 31 | &nbsp;&nbsp; 30658 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/32<sup>(b)</sup> |  | 89 | &nbsp;&nbsp; 88525 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/33<sup>(b)</sup> |  | 647 | &nbsp;&nbsp; 659950 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/34<sup>(b)</sup> | EUR | 285 | &nbsp;&nbsp; 335342 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/34<sup>(e)</sup> |  | 104 | &nbsp;&nbsp; 122371 |
| Millrose Properties, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/30 | USD | 742 | &nbsp;&nbsp; 754606 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/32 |  | 834 | &nbsp;&nbsp; 836180 |
| SBA Communications Corp., 3.13%, 02/01/29<sup>(g)</sup> |  | 651 | &nbsp;&nbsp; 608888 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC, 10.50%, 02/15/28<sup>(b)</sup><br>|  | 2320 | &nbsp;&nbsp; 2443424 |
|  |  |  | &nbsp;&nbsp; 7218082 |
| **Diversified Telecommunication Services — 4.3%** | **Diversified Telecommunication Services — 4.3%** | **Diversified Telecommunication Services — 4.3%** | **Diversified Telecommunication Services — 4.3%** |
| Altice Financing SA<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 |  | 200 | &nbsp;&nbsp; 155500 |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/29 |  | 800 | &nbsp;&nbsp; 602000 |
| AT&T, Inc., 4.35%, 06/15/45<sup>(g)</sup> |  | 2656 | &nbsp;&nbsp; 2244057 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(b)</sup><br>|  | 400 | &nbsp;&nbsp; 420562 |
| Corning, Inc., 4.38%, 11/15/57<sup>(g)</sup> |  | 1915 | &nbsp;&nbsp; 1586294 |
| EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; (6.75% PIK), 6.75%, 11/30/30<sup>(h)</sup> |  | 2625 | &nbsp;&nbsp; 2706146 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/30/29 |  | 1780 | &nbsp;&nbsp; 1958539 |
| eircom Finance DAC, 5.00%, 04/30/31<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 120255 |
| Eutelsat SA, 1.50%, 10/13/28<sup>(e)</sup> |  | 100 | &nbsp;&nbsp; 110064 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(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)** |
| Fibercop SpA |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/30/30<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; $119253 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/32<sup>(e)</sup> |  | 100 | &nbsp;&nbsp; 119332 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/30/34<sup>(b)</sup> | USD | 897 | &nbsp;&nbsp; 854986 |
| &nbsp;&nbsp;&nbsp; 7.20%, 07/18/36<sup>(b)</sup> |  | 358 | &nbsp;&nbsp; 360641 |
| Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/27<sup>(b)</sup> |  | 405 | &nbsp;&nbsp; 404755 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28<sup>(b)</sup> |  | 1139 | &nbsp;&nbsp; 1136438 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/29<sup>(b)</sup> |  | 151 | &nbsp;&nbsp; 152506 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 |  | 241 | &nbsp;&nbsp; 243593 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/30<sup>(b)</sup> |  | 319 | &nbsp;&nbsp; 322752 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/30<sup>(b)</sup> |  | 1802 | &nbsp;&nbsp; 1882450 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31<sup>(b)</sup> |  | 331 | &nbsp;&nbsp; 348960 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<sup>(e)</sup> | EUR | 117 | &nbsp;&nbsp; 139038 |
| Level 3 Financing, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 | USD | 83 | &nbsp;&nbsp; 71833 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/29 |  | 1474 | &nbsp;&nbsp; 1385237 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/30 |  | 674 | &nbsp;&nbsp; 615563 |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/30 |  | 155 | &nbsp;&nbsp; 135330 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/31 |  | 73 | &nbsp;&nbsp; 63168 |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/33 |  | 2675 | &nbsp;&nbsp; 2726477 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/31/34<sup>(g)</sup> |  | 3696 | &nbsp;&nbsp; 3759975 |
| Lorca Telecom Bondco SA, 5.75%, 04/30/29<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 122185 |
| Lumen Technologies, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/15/30 | USD | 259 | &nbsp;&nbsp; 253420 |
| &nbsp;&nbsp;&nbsp; 10.00%, 10/15/32 |  | 283 | &nbsp;&nbsp; 285934 |
| Maya SAS/Paris France |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/30<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 119913 |
| &nbsp;&nbsp;&nbsp; 8.50%, 04/15/31<sup>(b)</sup> | USD | 850 | &nbsp;&nbsp; 911619 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/32<sup>(b)</sup> |  | 944 | &nbsp;&nbsp; 962695 |
| Sable International Finance Ltd., 7.13%, 10/15/32<sup>(b)</sup> |  | 857 | &nbsp;&nbsp; 868163 |
| SoftBank Group Corp.<sup>(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/10/29 | EUR | 100 | &nbsp;&nbsp; 121057 |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/06/32 |  | 100 | &nbsp;&nbsp; 111751 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 520 | &nbsp;&nbsp; 576052 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/10/33 |  | 500 | &nbsp;&nbsp; 492767 |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/20/60<sup>(g)</sup> |  | 1250 | &nbsp;&nbsp; 757234 |
| Windstream Services LLC, 10/15/33<sup>(b)(d)</sup> |  | 533 | &nbsp;&nbsp; 532856 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance <br> Corp., 8.25%, 10/01/31<sup>(b)</sup><br>|  | 2006 | &nbsp;&nbsp; 2077968 |
| Zayo Group Holdings, Inc.<sup>(b)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 03/09/30 |  | 900 | &nbsp;&nbsp; 861861 |
| &nbsp;&nbsp;&nbsp; 09/09/30 |  | 337 | &nbsp;&nbsp; 319563 |
|  |  |  | &nbsp;&nbsp; 34120742 |
| **Electric Utilities — 1.4%** | **Electric Utilities — 1.4%** | **Electric Utilities — 1.4%** | **Electric Utilities — 1.4%** |
| &nbsp;&nbsp;&nbsp; AES Panama Generation Holdings SRL, 4.38%, <br> 05/31/30<sup>(e)</sup><br>|  | 210 | &nbsp;&nbsp; 198268 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(b)</sup> |  | 440 | &nbsp;&nbsp; 454208 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable Infrastructure <br> PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/32<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 122184 |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/15/32<sup>(b)</sup> | USD | 290 | &nbsp;&nbsp; 297230 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30<sup>(b)</sup> |  | 600 | &nbsp;&nbsp; 623244 |
| Duke Energy Corp., 4.80%, 12/15/45<sup>(g)</sup> |  | 1500 | &nbsp;&nbsp; 1336924 |
| &nbsp;&nbsp;&nbsp; Edison International, Series A, (5-year CMT + 4.70%), <br> 5.38%<sup>(a)(j)</sup><br>|  | 3000 | &nbsp;&nbsp; 2912610 |
| Enel Finance International NV, 3.63%, 05/25/27<sup>(b)(g)</sup> |  | 1250 | &nbsp;&nbsp; 1239075 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 198800 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(e)</sup> |  | 169 | &nbsp;&nbsp; 167494 |
| Pike Corp., 8.63%, 01/31/31<sup>(b)</sup> |  | 117 | &nbsp;&nbsp; 125511 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Public Power Corp. SA, 4.63%, 10/31/31<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; $120915 |
| &nbsp;&nbsp;&nbsp; SCC Power PLC, (4.00% Cash and 4.00% PIK), 8.00%, <br> 12/31/28<sup>(b)(h)</sup><br>| USD | 88 | &nbsp;&nbsp; 53235 |
| &nbsp;&nbsp;&nbsp; Star Energy Geothermal Wayang Windu Ltd., 6.75%, <br> 04/24/33<sup>(e)</sup><br>|  | 137 | &nbsp;&nbsp; 141435 |
| Virginia Electric and Power Co., 6.35%, 11/30/37<sup>(g)</sup> |  | 750 | &nbsp;&nbsp; 825478 |
| Vistra Operations Co. LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/31 |  | 480 | &nbsp;&nbsp; 507932 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/32 |  | 438 | &nbsp;&nbsp; 458094 |
| XPLR Infrastructure Operating Partners LP<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/26 |  | 86 | &nbsp;&nbsp; 84766 |
| &nbsp;&nbsp;&nbsp; 8.38%, 01/15/31<sup>(g)</sup> |  | 1010 | &nbsp;&nbsp; 1058480 |
|  |  |  | &nbsp;&nbsp; 10925883 |
| **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.4%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.4%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.4%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.4%** |
| Coherent Corp., 5.00%, 12/15/29<sup>(g)</sup> |  | 547 | &nbsp;&nbsp; 539454 |
| Imola Merger Corp., 4.75%, 05/15/29 |  | 353 | &nbsp;&nbsp; 343336 |
| Sensata Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 |  | 810 | &nbsp;&nbsp; 781776 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 |  | 26 | &nbsp;&nbsp; 23995 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/32 |  | 500 | &nbsp;&nbsp; 517389 |
| WESCO Distribution, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/32 |  | 197 | &nbsp;&nbsp; 204726 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/33 |  | 353 | &nbsp;&nbsp; 365930 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 184 | &nbsp;&nbsp; 188982 |
|  |  |  | &nbsp;&nbsp; 2965588 |
| **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP/Archrock Partners Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/01/27 |  | 113 | &nbsp;&nbsp; 113005 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/28 |  | 770 | &nbsp;&nbsp; 771065 |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/32 |  | 639 | &nbsp;&nbsp; 655475 |
| Kodiak Gas Services LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/29 |  | 685 | &nbsp;&nbsp; 710800 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/33 |  | 447 | &nbsp;&nbsp; 455124 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/01/35 |  | 873 | &nbsp;&nbsp; 896358 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |  | 92 | &nbsp;&nbsp; 93138 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 122709 |
| Star Holding LLC, 8.75%, 08/01/31<sup>(b)</sup> | USD | 783 | &nbsp;&nbsp; 776896 |
| Tidewater, Inc., 9.13%, 07/15/30<sup>(b)</sup> |  | 280 | &nbsp;&nbsp; 300286 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/29 |  | 509 | &nbsp;&nbsp; 524944 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/33<sup>(g)</sup> |  | 1335 | &nbsp;&nbsp; 1340107 |
| Weatherford International Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 04/30/30 |  | 632 | &nbsp;&nbsp; 646063 |
| &nbsp;&nbsp;&nbsp; 10/15/33<sup>(d)</sup> |  | 760 | &nbsp;&nbsp; 760529 |
|  |  |  | &nbsp;&nbsp; 8166499 |
| **Entertainment**<sup>(b)</sup> **— 0.1%** | **Entertainment**<sup>(b)</sup> **— 0.1%** | **Entertainment**<sup>(b)</sup> **— 0.1%** | **Entertainment**<sup>(b)</sup> **— 0.1%** |
| Flutter Treasury DAC, 5.88%, 06/04/31 |  | 800 | &nbsp;&nbsp; 812016 |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo, Inc., 6.63%, 03/01/30<br>|  | 274 | &nbsp;&nbsp; 254741 |
|  |  |  | &nbsp;&nbsp; 1066757 |
| **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** |
| Clean Harbors, Inc., 6.38%, 02/01/31<sup>(b)</sup> |  | 53 | &nbsp;&nbsp; 54274 |
| GFL Environmental, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 |  | 567 | &nbsp;&nbsp; 553551 |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/29 |  | 519 | &nbsp;&nbsp; 506341 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/31 |  | 444 | &nbsp;&nbsp; 464611 |
| Luna 1.5 SARL<sup>(h)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (10.50% PIK), 10.50%, 07/01/32<sup>(b)</sup> | EUR | 145 | &nbsp;&nbsp; 176413 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** |
| Luna 1.5 SARL<sup>(h)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; (10.50% PIK), 10.50%, 07/01/32<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; $121664 |
| Madison IAQ LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/30/28 | USD | 320 | &nbsp;&nbsp; 312307 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/29 |  | 726 | &nbsp;&nbsp; 717215 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(b)</sup> |  | 181 | &nbsp;&nbsp; 170225 |
| Waste Pro USA, Inc., 7.00%, 02/01/33<sup>(b)</sup> |  | 1900 | &nbsp;&nbsp; 1968014 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(b)</sup> |  | 174 | &nbsp;&nbsp; 181430 |
|  |  |  | &nbsp;&nbsp; 5226045 |
| **Financial Services — 3.7%** | **Financial Services — 3.7%** | **Financial Services — 3.7%** | **Financial Services — 3.7%** |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., Series B, (5-year CMT + 3.87%), <br> 4.70%<sup>(a)(j)</sup><br>|  | 3000 | &nbsp;&nbsp; 2921783 |
| Azorra Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/30 |  | 223 | &nbsp;&nbsp; 233871 |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/31 |  | 155 | &nbsp;&nbsp; 161400 |
| BNP Paribas SA, (5-year CMT + 4.90%), 7.75%<sup>(a)(b)(j)</sup> |  | 3000 | &nbsp;&nbsp; 3176676 |
| &nbsp;&nbsp;&nbsp; CrossCountry Intermediate HoldCo LLC, 6.50%, <br> 10/01/30<sup>(b)</sup><br>|  | 373 | &nbsp;&nbsp; 374373 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG/New York, (1-day SOFR + 3.18%), <br> 6.72%, 01/18/29<sup>(a)(g)</sup><br>|  | 815 | &nbsp;&nbsp; 855863 |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/29 |  | 220 | &nbsp;&nbsp; 231479 |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/15/31 |  | 517 | &nbsp;&nbsp; 549856 |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/32 |  | 264 | &nbsp;&nbsp; 276712 |
| GGAM Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/15/26 |  | 58 | &nbsp;&nbsp; 58145 |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/15/28 |  | 177 | &nbsp;&nbsp; 187346 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/29 |  | 341 | &nbsp;&nbsp; 353621 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/30 |  | 281 | &nbsp;&nbsp; 284864 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<sup>(b)</sup> |  | 469 | &nbsp;&nbsp; 483595 |
| &nbsp;&nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, <br> 08/15/28<sup>(b)</sup><br>|  | 415 | &nbsp;&nbsp; 400967 |
| JPMorgan Chase & Co.<sup>(a)(g)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.13%), 5.00%, 07/22/30 |  | 3000 | &nbsp;&nbsp; 3077230 |
| &nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.21%), 3.51%, 01/23/29 |  | 2250 | &nbsp;&nbsp; 2220359 |
| Midcap Financial Issuer Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/01/28 |  | 200 | &nbsp;&nbsp; 198630 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/15/30 |  | 400 | &nbsp;&nbsp; 377164 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley, (1-day SOFR + 1.26%), 5.66%, <br> 04/18/30<sup>(a)(g)</sup><br>|  | 3000 | &nbsp;&nbsp; 3132644 |
| Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 |  | 101 | &nbsp;&nbsp; 101000 |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/29 |  | 456 | &nbsp;&nbsp; 467805 |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/15/30<sup>(g)</sup> |  | 269 | &nbsp;&nbsp; 271367 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/31 |  | 170 | &nbsp;&nbsp; 171785 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/32<sup>(g)</sup> |  | 916 | &nbsp;&nbsp; 956124 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/29 |  | 266 | &nbsp;&nbsp; 282305 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 |  | 319 | &nbsp;&nbsp; 332163 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/32 |  | 376 | &nbsp;&nbsp; 389610 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/34 |  | 831 | &nbsp;&nbsp; 847691 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<sup>(b)</sup> |  | 989 | &nbsp;&nbsp; 1052211 |
| PRA Group Europe Holding II SARL, 6.25%, 09/30/32<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 115673 |
| Rocket Cos., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/30 | USD | 1704 | &nbsp;&nbsp; 1748849 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/33 |  | 1351 | &nbsp;&nbsp; 1394386 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/15/26 |  | 333 | &nbsp;&nbsp; 326183 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/01/31 |  | 74 | &nbsp;&nbsp; 69104 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br> Inc.<sup>(b)</sup> (continued)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/33 | USD | 35 | &nbsp;&nbsp; $31965 |
| &nbsp;&nbsp;&nbsp; Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, <br> 01/14/31<sup>(h)</sup><br>| EUR | 100 | &nbsp;&nbsp; 30336 |
| UBS AG/Stamford CT, 5.00%, 07/09/27<sup>(g)</sup> | USD | 900 | &nbsp;&nbsp; 915145 |
| UWM Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/30 |  | 550 | &nbsp;&nbsp; 559506 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/31 |  | 417 | &nbsp;&nbsp; 415014 |
|  |  |  | &nbsp;&nbsp; 30034800 |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| Aramark Services, Inc., 5.00%, 02/01/28<sup>(b)</sup> |  | 492 | &nbsp;&nbsp; 489680 |
| B&G Foods, Inc., 8.00%, 09/15/28<sup>(b)</sup> |  | 118 | &nbsp;&nbsp; 114332 |
| &nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br> 8.75%, 10/01/29<sup>(b)(h)</sup><br>|  | 1692 | &nbsp;&nbsp; 1793230 |
| Chobani LLC/Chobani Finance Corp., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/28 |  | 1198 | &nbsp;&nbsp; 1184621 |
| &nbsp;&nbsp;&nbsp; 7.63%, 07/01/29 |  | 1528 | &nbsp;&nbsp; 1593318 |
| Darling Global Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/32<sup>(b)</sup> | EUR | 250 | &nbsp;&nbsp; 296338 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/32<sup>(e)</sup> |  | 100 | &nbsp;&nbsp; 118535 |
| Darling Ingredients, Inc., 6.00%, 06/15/30<sup>(b)</sup> | USD | 84 | &nbsp;&nbsp; 84803 |
| Fiesta Purchaser, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/01/31 |  | 25 | &nbsp;&nbsp; 26383 |
| &nbsp;&nbsp;&nbsp; 9.63%, 09/15/32 |  | 117 | &nbsp;&nbsp; 126312 |
| &nbsp;&nbsp;&nbsp; Irca SpA/Gallarate, (3-mo. EURIBOR + 3.75%), 5.76%, <br> 12/15/29<sup>(a)(e)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118251 |
| Lamb Weston Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/31/30 | USD | 368 | &nbsp;&nbsp; 353362 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/32<sup>(g)</sup> |  | 516 | &nbsp;&nbsp; 487683 |
| Post Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/15/30 |  | 397 | &nbsp;&nbsp; 382713 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/31 |  | 42 | &nbsp;&nbsp; 39239 |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/15/32 |  | 130 | &nbsp;&nbsp; 133650 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/33 |  | 758 | &nbsp;&nbsp; 765056 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/34 |  | 326 | &nbsp;&nbsp; 328713 |
| Premier Foods Finance PLC, 3.50%, 10/15/26<sup>(e)</sup> | GBP | 100 | &nbsp;&nbsp; 133242 |
|  |  |  | &nbsp;&nbsp; 8569461 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Burlington Northern Santa Fe LLC, 4.38%, 09/01/42 | USD | 500 | &nbsp;&nbsp; 448051 |
| Genesee & Wyoming, Inc., 6.25%, 04/15/32<sup>(b)</sup> |  | 568 | &nbsp;&nbsp; 577169 |
| Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34<sup>(b)</sup> |  | 1558 | &nbsp;&nbsp; 1610550 |
| Union Pacific Corp., 3.20%, 05/20/41 |  | 275 | &nbsp;&nbsp; 215615 |
| &nbsp;&nbsp;&nbsp; Watco Cos. LLC/Watco Finance Corp., 7.13%, <br> 08/01/32<sup>(b)</sup><br>|  | 291 | &nbsp;&nbsp; 301205 |
|  |  |  | &nbsp;&nbsp; 3152590 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Avantor Funding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 11/01/25<sup>(e)</sup> | EUR | 115 | &nbsp;&nbsp; 135406 |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/28<sup>(b)(g)</sup> | USD | 624 | &nbsp;&nbsp; 613802 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/01/29<sup>(b)</sup> |  | 31 | &nbsp;&nbsp; 29480 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> |  | 1440 | &nbsp;&nbsp; 1500750 |
| Insulet Corp., 6.50%, 04/01/33<sup>(b)</sup> |  | 187 | &nbsp;&nbsp; 194411 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<sup>(b)</sup> |  | 233 | &nbsp;&nbsp; 243653 |
|  |  |  | &nbsp;&nbsp; 2717502 |
| **Health Care Providers & Services — 2.9%** | **Health Care Providers & Services — 2.9%** | **Health Care Providers & Services — 2.9%** | **Health Care Providers & Services — 2.9%** |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<sup>(b)(g)</sup> |  | 168 | &nbsp;&nbsp; 174416 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(b)</sup> |  | 1233 | &nbsp;&nbsp; 1213452 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(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)** |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc., 4.00%, <br> 03/15/31<sup>(b)</sup><br>| USD | 55 | &nbsp;&nbsp; $51225 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 |  | 633 | &nbsp;&nbsp; 614415 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/30 |  | 2571 | &nbsp;&nbsp; 2325840 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/31 |  | 601 | &nbsp;&nbsp; 519714 |
| &nbsp;&nbsp;&nbsp; 10.88%, 01/15/32<sup>(g)</sup> |  | 691 | &nbsp;&nbsp; 731836 |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/34 |  | 1200 | &nbsp;&nbsp; 1229400 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<sup>(b)</sup> |  | 522 | &nbsp;&nbsp; 542035 |
| DaVita, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/32 |  | 237 | &nbsp;&nbsp; 244829 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/33 |  | 231 | &nbsp;&nbsp; 238207 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 124986 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<sup>(b)</sup> | USD | 115 | &nbsp;&nbsp; 108898 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 190016 |
| HealthEquity, Inc., 4.50%, 10/01/29<sup>(b)</sup> |  | 559 | &nbsp;&nbsp; 542020 |
| IQVIA, Inc., 6.25%, 06/01/32<sup>(b)</sup> |  | 1220 | &nbsp;&nbsp; 1254332 |
| LifePoint Health, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 08/15/30 |  | 193 | &nbsp;&nbsp; 209007 |
| &nbsp;&nbsp;&nbsp; 11.00%, 10/15/30 |  | 949 | &nbsp;&nbsp; 1045947 |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32 |  | 260 | &nbsp;&nbsp; 277084 |
| &nbsp;&nbsp;&nbsp; 10.00%, 06/01/32 |  | 961 | &nbsp;&nbsp; 1009011 |
| Medline Borrower LP<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/29 |  | 888 | &nbsp;&nbsp; 856426 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/29 |  | 2001 | &nbsp;&nbsp; 1983698 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br> 04/01/29<sup>(b)</sup><br>|  | 557 | &nbsp;&nbsp; 571150 |
| Molina Healthcare, Inc., 6.25%, 01/15/33<sup>(b)</sup> |  | 328 | &nbsp;&nbsp; 331644 |
| Northwell Healthcare, Inc., 4.26%, 11/01/47 |  | 686 | &nbsp;&nbsp; 562182 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<sup>(b)</sup> |  | 152 | &nbsp;&nbsp; 158080 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<sup>(b)</sup> |  | 259 | &nbsp;&nbsp; 271955 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(b)</sup> |  | 1423 | &nbsp;&nbsp; 1504386 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<sup>(b)(g)</sup> |  | 2000 | &nbsp;&nbsp; 2054492 |
| Tenet Healthcare Corp., 6.75%, 05/15/31 |  | 1097 | &nbsp;&nbsp; 1135701 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<sup>(b)</sup> |  | 403 | &nbsp;&nbsp; 412665 |
| UnitedHealth Group, Inc., 3.95%, 10/15/42<sup>(g)</sup> |  | 750 | &nbsp;&nbsp; 629409 |
|  |  |  | &nbsp;&nbsp; 23118458 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Diversified Healthcare Trust, 7.25%, 10/15/30<sup>(b)</sup> |  | 182 | &nbsp;&nbsp; 184972 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/32<sup>(b)</sup> | EUR | 355 | &nbsp;&nbsp; 435512 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/32<sup>(e)</sup> |  | 100 | &nbsp;&nbsp; 122680 |
| &nbsp;&nbsp;&nbsp; 8.50%, 02/15/32<sup>(b)</sup> | USD | 1370 | &nbsp;&nbsp; 1455710 |
|  |  |  | &nbsp;&nbsp; 2198874 |
| **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property <br> LLC/PK Finance Co-Issuer, 7.00%, 02/01/30<sup>(b)</sup><br>|  | 295 | &nbsp;&nbsp; 304114 |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br> 10/15/29<sup>(b)</sup><br>|  | 158 | &nbsp;&nbsp; 160356 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/29 |  | 142 | &nbsp;&nbsp; 139263 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/32 |  | 1028 | &nbsp;&nbsp; 1056877 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/33 |  | 371 | &nbsp;&nbsp; 382089 |
| Service Properties Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/30/27<sup>(b)(l)</sup> |  | 1115 | &nbsp;&nbsp; 982906 |
| &nbsp;&nbsp;&nbsp; 8.63%, 11/15/31<sup>(b)</sup> |  | 1753 | &nbsp;&nbsp; 1866408 |
| &nbsp;&nbsp;&nbsp; 8.88%, 06/15/32 |  | 604 | &nbsp;&nbsp; 607394 |
| XHR LP, 6.63%, 05/15/30<sup>(b)</sup> |  | 156 | &nbsp;&nbsp; 160286 |
|  |  |  | &nbsp;&nbsp; 5659693 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure — 3.9%** | **Hotels, Restaurants & Leisure — 3.9%** | **Hotels, Restaurants & Leisure — 3.9%** | **Hotels, Restaurants & Leisure — 3.9%** |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS, (3-mo. EURIBOR + <br> 3.75%), 5.99%, 07/18/30<sup>(a)(e)</sup><br>| EUR | 100 | &nbsp;&nbsp; $112255 |
| Boyne USA, Inc., 4.75%, 05/15/29<sup>(b)</sup> | USD | 397 | &nbsp;&nbsp; 389494 |
| &nbsp;&nbsp;&nbsp; Burger King (Restaurant Brands International, Inc.)/New <br> Red Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/28 |  | 69 | &nbsp;&nbsp; 67347 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 |  | 58 | &nbsp;&nbsp; 56990 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 |  | 771 | &nbsp;&nbsp; 726608 |
| Caesars Entertainment, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/30<sup>(g)</sup> |  | 1631 | &nbsp;&nbsp; 1677659 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/32 |  | 882 | &nbsp;&nbsp; 899629 |
| Carnival Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/31 |  | 366 | &nbsp;&nbsp; 375056 |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/32 |  | 706 | &nbsp;&nbsp; 718481 |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/15/33 |  | 1133 | &nbsp;&nbsp; 1161366 |
| Carnival PLC, 4.13%, 07/15/31<sup>(b)</sup> | EUR | 535 | &nbsp;&nbsp; 635851 |
| Churchill Downs, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 | USD | 374 | &nbsp;&nbsp; 369015 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/30 |  | 1073 | &nbsp;&nbsp; 1072033 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/31 |  | 508 | &nbsp;&nbsp; 520626 |
| Essendi SA, 5.50%, 11/15/31<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 120896 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 | USD | 412 | &nbsp;&nbsp; 392116 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/30 |  | 172 | &nbsp;&nbsp; 161410 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br> 11/15/29<sup>(b)</sup><br>|  | 1081 | &nbsp;&nbsp; 1068932 |
| Hilton Domestic Operating Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/32 |  | 195 | &nbsp;&nbsp; 200466 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/33 |  | 571 | &nbsp;&nbsp; 582875 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/33 |  | 185 | &nbsp;&nbsp; 187470 |
| Light & Wonder International, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/29 |  | 213 | &nbsp;&nbsp; 218617 |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/01/31 |  | 110 | &nbsp;&nbsp; 114395 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/33 |  | 449 | &nbsp;&nbsp; 449763 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<sup>(b)</sup> |  | 439 | &nbsp;&nbsp; 447468 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<sup>(b)</sup> |  | 352 | &nbsp;&nbsp; 288455 |
| Melco Resorts Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/21/28 |  | 200 | &nbsp;&nbsp; 199900 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/04/29 |  | 1000 | &nbsp;&nbsp; 976950 |
| &nbsp;&nbsp;&nbsp; 7.63%, 04/17/32 |  | 544 | &nbsp;&nbsp; 569840 |
| &nbsp;&nbsp;&nbsp; Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, <br> 02/15/31<sup>(b)</sup><br>|  | 600 | &nbsp;&nbsp; 517021 |
| MGM China Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/15/26<sup>(e)</sup> |  | 250 | &nbsp;&nbsp; 249845 |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/26/31<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 211000 |
| MGM Resorts International, 6.13%, 09/15/29 |  | 428 | &nbsp;&nbsp; 435617 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, 04/15/30<sup>(b)</sup><br>|  | 342 | &nbsp;&nbsp; 355352 |
| NCL Corp. Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/31 |  | 587 | &nbsp;&nbsp; 586978 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/32 |  | 430 | &nbsp;&nbsp; 442226 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/33 |  | 1531 | &nbsp;&nbsp; 1538924 |
| Pinewood Finco PLC, 6.00%, 03/27/30<sup>(e)</sup> | GBP | 100 | &nbsp;&nbsp; 135265 |
| &nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC/Premier Entertainment <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/29 | USD | 148 | &nbsp;&nbsp; 79920 |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/01/31 |  | 214 | &nbsp;&nbsp; 110331 |
| Raising Cane's Restaurants LLC, 9.38%, 05/01/29<sup>(b)</sup> |  | 185 | &nbsp;&nbsp; 194203 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers Enterprise <br> Finance Corp., 6.63%, 02/01/33<sup>(b)</sup><br>|  | 225 | &nbsp;&nbsp; 228000 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers Enterprise Lender <br> Corp., 10/15/30<sup>(b)(d)</sup><br>|  | 213 | &nbsp;&nbsp; 214899 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/27 | USD | 232 | &nbsp;&nbsp; $235322 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/29<sup>(g)</sup> |  | 663 | &nbsp;&nbsp; 640722 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30 |  | 530 | &nbsp;&nbsp; 513279 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<sup>(b)</sup> |  | 303 | &nbsp;&nbsp; 287347 |
| Station Casinos LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/31 |  | 354 | &nbsp;&nbsp; 333933 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/32 |  | 222 | &nbsp;&nbsp; 228048 |
| TUI AG, 5.88%, 03/15/29<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 121972 |
| Vail Resorts, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/30 | USD | 278 | &nbsp;&nbsp; 279738 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/32 |  | 479 | &nbsp;&nbsp; 495262 |
| Viking Cruises Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/15/27 |  | 308 | &nbsp;&nbsp; 308118 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/29 |  | 66 | &nbsp;&nbsp; 66334 |
| &nbsp;&nbsp;&nbsp; 9.13%, 07/15/31 |  | 708 | &nbsp;&nbsp; 759911 |
| &nbsp;&nbsp;&nbsp; 10/15/33<sup>(d)</sup> |  | 919 | &nbsp;&nbsp; 919645 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29<sup>(b)</sup> |  | 206 | &nbsp;&nbsp; 205823 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(b)</sup> |  | 414 | &nbsp;&nbsp; 437801 |
| Warnermedia Holdings, Inc., 5.05%, 03/15/42 |  | 2672 | &nbsp;&nbsp; 2133111 |
| Wynn Macau Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/26/28<sup>(b)</sup> |  | 1163 | &nbsp;&nbsp; 1160686 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/26/28<sup>(e)</sup> |  | 200 | &nbsp;&nbsp; 199602 |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/15/29<sup>(b)</sup> |  | 610 | &nbsp;&nbsp; 596671 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/29 |  | 958 | &nbsp;&nbsp; 959477 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/31<sup>(g)</sup> |  | 275 | &nbsp;&nbsp; 295995 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 |  | 283 | &nbsp;&nbsp; 287381 |
|  |  |  | &nbsp;&nbsp; 31527722 |
| **Household Durables — 0.8%** | **Household Durables — 0.8%** | **Household Durables — 0.8%** | **Household Durables — 0.8%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/01/30 |  | 185 | &nbsp;&nbsp; 175136 |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/01/33 |  | 188 | &nbsp;&nbsp; 189612 |
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 74 | &nbsp;&nbsp; 73954 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/29 |  | 874 | &nbsp;&nbsp; 832898 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 |  | 656 | &nbsp;&nbsp; 615223 |
| Century Communities, Inc., 6.63%, 09/15/33<sup>(b)</sup> |  | 411 | &nbsp;&nbsp; 414600 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<sup>(b)</sup> |  | 151 | &nbsp;&nbsp; 156656 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(b)</sup> |  | 67 | &nbsp;&nbsp; 70251 |
| K Hovnanian Enterprises, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/01/31 |  | 801 | &nbsp;&nbsp; 821372 |
| &nbsp;&nbsp;&nbsp; 8.38%, 10/01/33 |  | 716 | &nbsp;&nbsp; 734080 |
| LGI Homes, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 12/15/28 |  | 116 | &nbsp;&nbsp; 121779 |
| &nbsp;&nbsp;&nbsp; 7.00%, 11/15/32 |  | 291 | &nbsp;&nbsp; 284140 |
| Meritage Homes Corp., 1.75%, 05/15/28<sup>(i)</sup> |  | 521 | &nbsp;&nbsp; 533224 |
| New Home Co., Inc., 9.25%, 10/01/29<sup>(b)</sup> |  | 296 | &nbsp;&nbsp; 310810 |
| Newell Brands, Inc., 8.50%, 06/01/28<sup>(b)</sup> |  | 272 | &nbsp;&nbsp; 287704 |
| Scotts Miracle-Gro Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/15/29 |  | 64 | &nbsp;&nbsp; 62179 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/32 |  | 15 | &nbsp;&nbsp; 13850 |
| Somnigroup International, Inc., 3.88%, 10/15/31<sup>(b)</sup> |  | 66 | &nbsp;&nbsp; 60447 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(b)</sup> |  | 158 | &nbsp;&nbsp; 165571 |
| Whirlpool Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 |  | 109 | &nbsp;&nbsp; 109854 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/33 |  | 238 | &nbsp;&nbsp; 237510 |
|  |  |  | &nbsp;&nbsp; 6270850 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Central Garden & Pet Co., 4.13%, 10/15/30 | USD | 159 | &nbsp;&nbsp; $151027 |
| **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.8%** | **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.8%** | **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.8%** | **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.8%** |
| Calpine Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 |  | 10 | &nbsp;&nbsp; 9958 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/28<sup>(g)</sup> |  | 567 | &nbsp;&nbsp; 567289 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/31 |  | 88 | &nbsp;&nbsp; 87743 |
| Clearway Energy Operating LLC, 4.75%, 03/15/28 |  | 53 | &nbsp;&nbsp; 52360 |
| Lightning Power LLC, 7.25%, 08/15/32 |  | 126 | &nbsp;&nbsp; 133398 |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/29 |  | 260 | &nbsp;&nbsp; 260311 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/33 |  | 1038 | &nbsp;&nbsp; 1054163 |
| &nbsp;&nbsp;&nbsp; 01/15/34<sup>(d)</sup> |  | 916 | &nbsp;&nbsp; 915065 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/34 |  | 847 | &nbsp;&nbsp; 868252 |
| &nbsp;&nbsp;&nbsp; 01/15/36<sup>(d)</sup> |  | 2444 | &nbsp;&nbsp; 2444351 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<sup>(a)(j)</sup> |  | 240 | &nbsp;&nbsp; 245486 |
|  |  |  | &nbsp;&nbsp; 6638376 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| Amsted Industries, Inc., 6.38%, 03/15/33<sup>(b)</sup> |  | 169 | &nbsp;&nbsp; 173458 |
| Axon Enterprise, Inc., 6.25%, 03/15/33<sup>(b)</sup> |  | 142 | &nbsp;&nbsp; 146160 |
| Enpro, Inc., 6.13%, 06/01/33<sup>(b)</sup> |  | 219 | &nbsp;&nbsp; 223827 |
| Maxam Prill SARL, 6.00%, 07/15/30<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 119192 |
|  |  |  | &nbsp;&nbsp; 662637 |
| **Insurance — 5.0%** | **Insurance — 5.0%** | **Insurance — 5.0%** | **Insurance — 5.0%** |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32<sup>(b)</sup> | USD | 163 | &nbsp;&nbsp; 167839 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 |  | 2111 | &nbsp;&nbsp; 2075951 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/27<sup>(g)</sup> |  | 1210 | &nbsp;&nbsp; 1212606 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 |  | 2099 | &nbsp;&nbsp; 2088054 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/31 |  | 1268 | &nbsp;&nbsp; 1310133 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/32<sup>(g)</sup> |  | 1960 | &nbsp;&nbsp; 2019648 |
| AmWINS Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/15/29 |  | 182 | &nbsp;&nbsp; 185700 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/30/29 |  | 147 | &nbsp;&nbsp; 142868 |
| &nbsp;&nbsp;&nbsp; Amynta Agency Borrower, Inc. and Amynta Warranty <br> Borrower, Inc., 7.50%, 07/15/33<sup>(b)</sup><br>|  | 460 | &nbsp;&nbsp; 470877 |
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br> 11/01/29<sup>(b)</sup><br>|  | 339 | &nbsp;&nbsp; 353787 |
| Ardonagh Finco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/31<sup>(e)</sup> | EUR | 375 | &nbsp;&nbsp; 455071 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/31<sup>(b)</sup> | USD | 2329 | &nbsp;&nbsp; 2437040 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<sup>(b)</sup> |  | 3053 | &nbsp;&nbsp; 3209601 |
| Berkshire Hathaway Finance Corp., 5.75%, 01/15/40 |  | 250 | &nbsp;&nbsp; 272656 |
| &nbsp;&nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. Refinance <br> 2 PLC/Howden U.S. Refinance LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/31 |  | 2200 | &nbsp;&nbsp; 2265056 |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/32 |  | 1761 | &nbsp;&nbsp; 1827034 |
| HUB International Ltd.<sup>(b)(g)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/30 |  | 4105 | &nbsp;&nbsp; 4281126 |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/31/32 |  | 6447 | &nbsp;&nbsp; 6713513 |
| Jones Deslauriers Insurance Management, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 03/15/30 |  | 903 | &nbsp;&nbsp; 948701 |
| &nbsp;&nbsp;&nbsp; 6.88%, 10/01/33 |  | 996 | &nbsp;&nbsp; 990779 |
| Nassau Cos., of New York, 7.88%, 07/15/30<sup>(b)</sup> |  | 131 | &nbsp;&nbsp; 133792 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)(g)</sup> |  | 4270 | &nbsp;&nbsp; 4441304 |
| Ryan Specialty LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/30 |  | 163 | &nbsp;&nbsp; 157928 |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/01/32 |  | 445 | &nbsp;&nbsp; 449978 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of America, <br> 4.27%, 05/15/47<sup>(b)</sup><br>| USD | 700 | &nbsp;&nbsp; $580826 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 123629 |
| USI, Inc., 7.50%, 01/15/32<sup>(b)(g)</sup> | USD | 777 | &nbsp;&nbsp; 814823 |
|  |  |  | &nbsp;&nbsp; 40130320 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| iliad SA, 4.25%, 01/09/32<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 118042 |
| Prosus NV, 4.03%, 08/03/50<sup>(e)</sup> | USD | 304 | &nbsp;&nbsp; 212992 |
| Snap, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/33<sup>(g)</sup> |  | 637 | &nbsp;&nbsp; 651077 |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/15/34 |  | 715 | &nbsp;&nbsp; 723674 |
|  |  |  | &nbsp;&nbsp; 1705785 |
| **Internet Software & Services**<sup>(b)</sup> **— 0.5%** | **Internet Software & Services**<sup>(b)</sup> **— 0.5%** | **Internet Software & Services**<sup>(b)</sup> **— 0.5%** | **Internet Software & Services**<sup>(b)</sup> **— 0.5%** |
| Acuris Finance U.S., Inc./Acuris Finance SARL |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 |  | 514 | &nbsp;&nbsp; 499544 |
| &nbsp;&nbsp;&nbsp; 9.00%, 08/01/29 |  | 200 | &nbsp;&nbsp; 209000 |
| Cablevision Lightpath LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/15/27 |  | 418 | &nbsp;&nbsp; 405812 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/28 |  | 401 | &nbsp;&nbsp; 394454 |
| Getty Images, Inc., 11.25%, 02/21/30 |  | 243 | &nbsp;&nbsp; 232048 |
| ION Trading Technologies SARL, 9.50%, 05/30/29 |  | 400 | &nbsp;&nbsp; 422470 |
| Match Group Holdings II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/30 |  | 262 | &nbsp;&nbsp; 247457 |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 |  | 64 | &nbsp;&nbsp; 58005 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/33 |  | 468 | &nbsp;&nbsp; 472111 |
| Rakuten Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/15/27 |  | 283 | &nbsp;&nbsp; 306728 |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/29 |  | 474 | &nbsp;&nbsp; 532996 |
|  |  |  | &nbsp;&nbsp; 3780625 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Almaviva-The Italian Innovation Co. SpA, 5.00%, <br> 10/30/30<sup>(e)</sup><br>| EUR | 100 | &nbsp;&nbsp; 119264 |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(b)</sup> | USD | 343 | &nbsp;&nbsp; 356160 |
| Atos SE<sup>(e)(k)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 12/18/30 | EUR | 59 | &nbsp;&nbsp; 65325 |
| &nbsp;&nbsp;&nbsp; 9.36%, 12/18/29 |  | 54 | &nbsp;&nbsp; 72405 |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(b)</sup> | USD | 728 | &nbsp;&nbsp; 724451 |
| CACI International, Inc., 6.38%, 06/15/33<sup>(b)</sup> |  | 464 | &nbsp;&nbsp; 478639 |
| Fair Isaac Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/28 |  | 112 | &nbsp;&nbsp; 108925 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/15/33 |  | 1640 | &nbsp;&nbsp; 1660407 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31<sup>(b)</sup> |  | 1161 | &nbsp;&nbsp; 1215615 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<sup>(b)</sup> |  | 195 | &nbsp;&nbsp; 199933 |
| KBR, Inc., 4.75%, 09/30/28<sup>(b)</sup> |  | 204 | &nbsp;&nbsp; 201750 |
| McAfee Corp., 7.38%, 02/15/30<sup>(b)</sup> |  | 576 | &nbsp;&nbsp; 534293 |
| Science Applications International Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/28 |  | 239 | &nbsp;&nbsp; 236581 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/33 |  | 533 | &nbsp;&nbsp; 533166 |
|  |  |  | &nbsp;&nbsp; 6506914 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| Chart Industries, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/30 |  | 742 | &nbsp;&nbsp; 772225 |
| &nbsp;&nbsp;&nbsp; 9.50%, 01/01/31 |  | 102 | &nbsp;&nbsp; 109279 |
| Esab Corp., 6.25%, 04/15/29<sup>(b)</sup> |  | 138 | &nbsp;&nbsp; 141768 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<sup>(b)(g)</sup> |  | 170 | &nbsp;&nbsp; 144925 |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd./Titan Co-Borrower <br> LLC, 9.00%, 02/15/29<sup>(b)(g)</sup><br>|  | 1602 | &nbsp;&nbsp; 1674396 |
| &nbsp;&nbsp;&nbsp; IMA Industria Macchine Automatiche SpA, (3-mo. <br> EURIBOR + 3.75%), 5.78%, 04/15/29<sup>(a)(e)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118492 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Manitowoc Co., Inc., 9.25%, 10/01/31<sup>(b)</sup> | USD | 175 | &nbsp;&nbsp; $183612 |
| Terex Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/29 |  | 42 | &nbsp;&nbsp; 41362 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/32 |  | 253 | &nbsp;&nbsp; 257730 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(e)</sup> | EUR | 372 | &nbsp;&nbsp; 437237 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)</sup> | USD | 2566 | &nbsp;&nbsp; 2556927 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(b)</sup> |  | 687 | &nbsp;&nbsp; 670841 |
|  |  |  | &nbsp;&nbsp; 7108794 |
| **Media — 4.0%** | **Media — 4.0%** | **Media — 4.0%** | **Media — 4.0%** |
| &nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing U.K. PLC, 4.13%, <br> 02/15/31<sup>(e)</sup><br>| EUR | 100 | &nbsp;&nbsp; 114035 |
| Cable One, Inc.<sup>(i)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/15/26<sup>(l)</sup> | USD | 114 | &nbsp;&nbsp; 111037 |
| &nbsp;&nbsp;&nbsp; 1.13%, 03/15/28 |  | 1148 | &nbsp;&nbsp; 979818 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 |  | 76 | &nbsp;&nbsp; 75493 |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/29 |  | 1243 | &nbsp;&nbsp; 1260074 |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 |  | 229 | &nbsp;&nbsp; 219741 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/31 |  | 632 | &nbsp;&nbsp; 582218 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31 |  | 2275 | &nbsp;&nbsp; 2347311 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 |  | 41 | &nbsp;&nbsp; 37915 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/33 |  | 51 | &nbsp;&nbsp; 45342 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(g)</sup> |  | 3382 | &nbsp;&nbsp; 2923952 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital, 5.38%, 05/01/47<br>|  | 3000 | &nbsp;&nbsp; 2593001 |
| Cinemark USA, Inc., 7.00%, 08/01/32<sup>(b)</sup> |  | 101 | &nbsp;&nbsp; 104975 |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 |  | 606 | &nbsp;&nbsp; 575172 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 |  | 800 | &nbsp;&nbsp; 701348 |
| &nbsp;&nbsp;&nbsp; 11.25%, 05/15/28 |  | 1317 | &nbsp;&nbsp; 1219223 |
| &nbsp;&nbsp;&nbsp; 11.75%, 01/31/29 |  | 883 | &nbsp;&nbsp; 742554 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(b)</sup> |  | 841 | &nbsp;&nbsp; 830674 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc., 5.88%, 08/15/27<sup>(b)(g)</sup><br>|  | 647 | &nbsp;&nbsp; 646274 |
| DISH DBS Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/26 |  | 1405 | &nbsp;&nbsp; 1380545 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/28 |  | 1201 | &nbsp;&nbsp; 1151327 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(b)</sup> |  | 2070 | &nbsp;&nbsp; 2190592 |
| Gray Media, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/29 |  | 296 | &nbsp;&nbsp; 320050 |
| &nbsp;&nbsp;&nbsp; 9.63%, 07/15/32 |  | 574 | &nbsp;&nbsp; 586420 |
| &nbsp;&nbsp;&nbsp; 7.25%, 08/15/33 |  | 1046 | &nbsp;&nbsp; 1036536 |
| &nbsp;&nbsp;&nbsp; LCPR Senior Secured Financing DAC, 6.75%, <br> 10/15/27<sup>(b)</sup><br>|  | 580 | &nbsp;&nbsp; 347283 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<sup>(b)(g)</sup> |  | 412 | &nbsp;&nbsp; 409274 |
| Midcontinent Communications, 8.00%, 08/15/32<sup>(b)</sup> |  | 932 | &nbsp;&nbsp; 960242 |
| Odeon Finco PLC, 12.75%, 11/01/27<sup>(b)</sup> |  | 400 | &nbsp;&nbsp; 414300 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(b)(g)</sup> |  | 889 | &nbsp;&nbsp; 912354 |
| Sirius XM Radio LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 |  | 50 | &nbsp;&nbsp; 49310 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 |  | 983 | &nbsp;&nbsp; 978280 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/28 |  | 96 | &nbsp;&nbsp; 92762 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(b)</sup> |  | 794 | &nbsp;&nbsp; 756404 |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(e)(h)</sup><br>| EUR | 110 | &nbsp;&nbsp; 87224 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(b)</sup><br>| USD | 400 | &nbsp;&nbsp; 397658 |
| Univision Communications, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/28 |  | 850 | &nbsp;&nbsp; 880787 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/31 |  | 488 | &nbsp;&nbsp; 503929 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Univision Communications, Inc.<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/32 | USD | 1649 | &nbsp;&nbsp; $1757285 |
| &nbsp;&nbsp;&nbsp; Virgin Media O2 Vendor Financing Notes V DAC, <br> 7.88%, 03/15/32<sup>(e)</sup><br>| GBP | 100 | &nbsp;&nbsp; 138994 |
| VZ Secured Financing BV, 5.25%, 01/15/33<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 117400 |
| Ziggo Bond Co. BV, 5.13%, 02/28/30<sup>(b)</sup> | USD | 295 | &nbsp;&nbsp; 267392 |
| Ziggo BV, 4.88%, 01/15/30<sup>(b)</sup> |  | 217 | &nbsp;&nbsp; 204817 |
|  |  |  | &nbsp;&nbsp; 32051322 |
| **Metals & Mining — 2.0%** | **Metals & Mining — 2.0%** | **Metals & Mining — 2.0%** | **Metals & Mining — 2.0%** |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/30<sup>(b)</sup> |  | 364 | &nbsp;&nbsp; 370447 |
| AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 |  | 200 | &nbsp;&nbsp; 190732 |
| Arsenal AIC Parent LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 10/01/30 |  | 312 | &nbsp;&nbsp; 330345 |
| &nbsp;&nbsp;&nbsp; 11.50%, 10/01/31 |  | 1160 | &nbsp;&nbsp; 1288327 |
| BHP Billiton Finance USA Ltd., 5.00%, 09/30/43 |  | 250 | &nbsp;&nbsp; 241024 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., 6.63%, <br> 01/31/29<sup>(b)</sup><br>|  | 1014 | &nbsp;&nbsp; 1014397 |
| Carpenter Technology Corp., 7.63%, 03/15/30 |  | 463 | &nbsp;&nbsp; 475791 |
| Cleveland-Cliffs, Inc., 6.88%, 11/01/29<sup>(b)</sup> |  | 563 | &nbsp;&nbsp; 573734 |
| Constellium SE<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/28 |  | 250 | &nbsp;&nbsp; 249624 |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/29<sup>(g)</sup> |  | 1492 | &nbsp;&nbsp; 1419614 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/15/32 |  | 422 | &nbsp;&nbsp; 431368 |
| First Quantum Minerals Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 03/01/29 |  | 892 | &nbsp;&nbsp; 943558 |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/01/33 |  | 265 | &nbsp;&nbsp; 279680 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/34 |  | 253 | &nbsp;&nbsp; 260653 |
| Glencore Funding LLC, 6.14%, 04/01/55<sup>(b)</sup> |  | 600 | &nbsp;&nbsp; 627243 |
| Kaiser Aluminum Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/01/28 |  | 351 | &nbsp;&nbsp; 347069 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/31 |  | 1209 | &nbsp;&nbsp; 1139519 |
| &nbsp;&nbsp;&nbsp; Navoi Mining & Metallurgical Combinat, 6.95%, <br> 10/17/31<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 213558 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(b)</sup> |  | 415 | &nbsp;&nbsp; 434681 |
| Novelis Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/30<sup>(g)</sup> |  | 618 | &nbsp;&nbsp; 595545 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/30 |  | 605 | &nbsp;&nbsp; 627369 |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/31 |  | 1169 | &nbsp;&nbsp; 1065763 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/15/33 |  | 1230 | &nbsp;&nbsp; 1242713 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<sup>(e)</sup> | EUR | 300 | &nbsp;&nbsp; 342913 |
| Rio Tinto Finance USA PLC, 4.13%, 08/21/42 | USD | 400 | &nbsp;&nbsp; 347225 |
| Samarco Mineracao SA<sup>(h)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (9.50% PIK), 9.50%, 06/30/31<sup>(e)</sup> |  | 42 | &nbsp;&nbsp; 42587 |
| &nbsp;&nbsp;&nbsp; (9.50% PIK), 9.50%, 06/30/31<sup>(b)</sup> |  | 15 | &nbsp;&nbsp; 14831 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 55 | &nbsp;&nbsp; 56445 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(b)</sup> |  | 555 | &nbsp;&nbsp; 591333 |
| &nbsp;&nbsp;&nbsp; Vedanta Resources Finance II PLC, 10.88%, <br> 09/17/29<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 209375 |
| Volcan Cia Minera SAA, 8.75%, 01/24/30<sup>(b)</sup> |  | 67 | &nbsp;&nbsp; 69499 |
|  |  |  | &nbsp;&nbsp; 16036962 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.2%** |
| Arbor Realty SR, Inc., 7.88%, 07/15/30 |  | 197 | &nbsp;&nbsp; 207134 |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |  | 388 | &nbsp;&nbsp; 378789 |
| Starwood Property Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/29 |  | 226 | &nbsp;&nbsp; 237310 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/30 |  | 115 | &nbsp;&nbsp; 116748 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/30 |  | 292 | &nbsp;&nbsp; 302028 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/30 |  | 323 | &nbsp;&nbsp; 333648 |
|  |  |  | &nbsp;&nbsp; 1575657 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, <br> 06/01/30<sup>(b)</sup><br>| USD | 169 | &nbsp;&nbsp; $176922 |
| **Oil, Gas & Consumable Fuels — 7.5%** | **Oil, Gas & Consumable Fuels — 7.5%** | **Oil, Gas & Consumable Fuels — 7.5%** | **Oil, Gas & Consumable Fuels — 7.5%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon United Finance Corp., <br> 7.50%, 10/01/29<sup>(b)</sup><br>|  | 504 | &nbsp;&nbsp; 525620 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 |  | 263 | &nbsp;&nbsp; 262036 |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/32 |  | 383 | &nbsp;&nbsp; 394464 |
| Apache Corp., 5.25%, 02/01/42<sup>(g)</sup> |  | 800 | &nbsp;&nbsp; 692576 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/01/27 |  | 214 | &nbsp;&nbsp; 258544 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/33 |  | 232 | &nbsp;&nbsp; 235866 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 07/15/29 |  | 296 | &nbsp;&nbsp; 306932 |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/15/32 |  | 238 | &nbsp;&nbsp; 250296 |
| Buckeye Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/01/29<sup>(b)</sup> |  | 27 | &nbsp;&nbsp; 27982 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/30<sup>(b)</sup> |  | 118 | &nbsp;&nbsp; 122561 |
| &nbsp;&nbsp;&nbsp; 5.85%, 11/15/43 |  | 182 | &nbsp;&nbsp; 169745 |
| &nbsp;&nbsp;&nbsp; 5.60%, 10/15/44 |  | 117 | &nbsp;&nbsp; 106357 |
| Caturus Energy LLC, 8.50%, 02/15/30<sup>(b)</sup> |  | 1225 | &nbsp;&nbsp; 1275432 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(e)</sup> | GBP | 100 | &nbsp;&nbsp; 141300 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(b)</sup> | USD | 149 | &nbsp;&nbsp; 150965 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(b)</sup> |  | 939 | &nbsp;&nbsp; 975801 |
| Civitas Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 07/01/28 |  | 300 | &nbsp;&nbsp; 310965 |
| &nbsp;&nbsp;&nbsp; 8.75%, 07/01/31 |  | 252 | &nbsp;&nbsp; 258177 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(b)</sup> |  | 124 | &nbsp;&nbsp; 118908 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(b)</sup> |  | 154 | &nbsp;&nbsp; 159764 |
| Comstock Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/29 |  | 616 | &nbsp;&nbsp; 614208 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/30 |  | 844 | &nbsp;&nbsp; 812819 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br> 06/15/31<sup>(b)</sup><br>|  | 1938 | &nbsp;&nbsp; 1919985 |
| Crescent Energy Finance LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.63%, 04/01/32<sup>(g)</sup> |  | 540 | &nbsp;&nbsp; 536270 |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/33 |  | 596 | &nbsp;&nbsp; 580304 |
| &nbsp;&nbsp;&nbsp; 8.38%, 01/15/34 |  | 519 | &nbsp;&nbsp; 525850 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics Finance <br> Corp., 7.38%, 06/30/33<sup>(b)</sup><br>|  | 397 | &nbsp;&nbsp; 403708 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(b)</sup><br>|  | 166 | &nbsp;&nbsp; 175908 |
| Ecopetrol SA, 8.88%, 01/13/33 |  | 100 | &nbsp;&nbsp; 108485 |
| eG Global Finance PLC, 12.00%, 11/30/28<sup>(b)</sup> |  | 391 | &nbsp;&nbsp; 429457 |
| Enbridge, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78 |  | 1865 | &nbsp;&nbsp; 1883976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, (5-year CMT + 5.31%), 5.75%, <br> 07/15/80<br>|  | 3000 | &nbsp;&nbsp; 3028839 |
| Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/15/45 |  | 500 | &nbsp;&nbsp; 503388 |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 |  | 350 | &nbsp;&nbsp; 316112 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 4.02%), 8.00%, 05/15/54<sup>(a)</sup> |  | 695 | &nbsp;&nbsp; 742692 |
| &nbsp;&nbsp;&nbsp; Series H, (5-year CMT + 5.69%), 6.50%<sup>(a)(j)</sup> |  | 4521 | &nbsp;&nbsp; 4537863 |
| EQT Corp., 4.50%, 01/15/29 |  | 32 | &nbsp;&nbsp; 32005 |
| Excelerate Energy LP, 8.00%, 05/15/30<sup>(b)</sup> |  | 256 | &nbsp;&nbsp; 272504 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/28 |  | 227 | &nbsp;&nbsp; 228599 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/32 |  | 400 | &nbsp;&nbsp; 417182 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/33 |  | 215 | &nbsp;&nbsp; 224879 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(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)** |
| &nbsp;&nbsp;&nbsp; Global Partners LP/GLP Finance Corp., 7.13%, <br> 07/01/33<sup>(b)</sup><br>| USD | 170 | &nbsp;&nbsp; $174247 |
| Greensaif Pipelines Bidco SARL, 6.10%, 08/23/42<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 210112 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(b)</sup> |  | 242 | &nbsp;&nbsp; 248339 |
| Harvest Midstream I LP, 7.50%, 05/15/32<sup>(b)</sup> |  | 147 | &nbsp;&nbsp; 150161 |
| Hess Corp., 4.30%, 04/01/27<sup>(g)</sup> |  | 750 | &nbsp;&nbsp; 752477 |
| Hess Midstream Operations LP<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/01/29 |  | 365 | &nbsp;&nbsp; 376437 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/30 |  | 151 | &nbsp;&nbsp; 146355 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/28 |  | 188 | &nbsp;&nbsp; 188464 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 |  | 206 | &nbsp;&nbsp; 202930 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/30 |  | 28 | &nbsp;&nbsp; 27517 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/32 |  | 21 | &nbsp;&nbsp; 20146 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/01/33 |  | 444 | &nbsp;&nbsp; 466323 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/34 |  | 844 | &nbsp;&nbsp; 811463 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/35 |  | 189 | &nbsp;&nbsp; 184707 |
| Howard Midstream Energy Partners LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 07/15/32 |  | 152 | &nbsp;&nbsp; 157780 |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/34 |  | 417 | &nbsp;&nbsp; 425163 |
| Impulsora Pipeline LLC, 6.05%, 01/01/43 |  | 1406 | &nbsp;&nbsp; 1215130 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(b)(g)</sup> |  | 961 | &nbsp;&nbsp; 944792 |
| Kinetik Holdings LP, 6.63%, 12/15/28<sup>(b)</sup> |  | 76 | &nbsp;&nbsp; 78008 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br> Finance Corp., 6.88%, 12/01/32<sup>(b)</sup><br>|  | 190 | &nbsp;&nbsp; 194981 |
| Matador Resources Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/28 |  | 332 | &nbsp;&nbsp; 338819 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/32 |  | 399 | &nbsp;&nbsp; 402818 |
| MPLX LP, 1.75%, 03/01/26 |  | 235 | &nbsp;&nbsp; 232536 |
| Murphy Oil Corp., 5.88%, 12/01/42 |  | 35 | &nbsp;&nbsp; 30603 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(b)</sup> |  | 161 | &nbsp;&nbsp; 163432 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/29 |  | 801 | &nbsp;&nbsp; 821280 |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32 |  | 1030 | &nbsp;&nbsp; 1055385 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(b)</sup> |  | 209 | &nbsp;&nbsp; 216327 |
| Northern Oil & Gas, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 03/01/28 |  | 991 | &nbsp;&nbsp; 1004992 |
| &nbsp;&nbsp;&nbsp; 10/15/33<sup>(d)</sup> |  | 747 | &nbsp;&nbsp; 744044 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<sup>(b)</sup> |  | 227 | &nbsp;&nbsp; 232129 |
| Parkland Corp., 6.63%, 08/15/32<sup>(b)</sup> |  | 253 | &nbsp;&nbsp; 259973 |
| &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br> 09/15/30<sup>(b)</sup><br>|  | 198 | &nbsp;&nbsp; 195489 |
| Permian Resources Operating LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/15/27 |  | 230 | &nbsp;&nbsp; 233572 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/01/29 |  | 528 | &nbsp;&nbsp; 530363 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/32 |  | 288 | &nbsp;&nbsp; 298696 |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/33 |  | 731 | &nbsp;&nbsp; 744637 |
| Petrobras Global Finance BV, 6.75%, 01/27/41 |  | 98 | &nbsp;&nbsp; 98925 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/02/29 |  | 146 | &nbsp;&nbsp; 157334 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 |  | 183 | &nbsp;&nbsp; 177419 |
| &nbsp;&nbsp;&nbsp; Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, <br> 07/03/36<sup>(b)</sup><br>|  | 60 | &nbsp;&nbsp; 64044 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(b)</sup> |  | 253 | &nbsp;&nbsp; 263400 |
| Raizen Fuels Finance SA, 6.45%, 03/05/34<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 194000 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29<sup>(b)</sup> |  | 66 | &nbsp;&nbsp; 65465 |
| Shell Finance U.S., Inc., 4.00%, 05/10/46 |  | 450 | &nbsp;&nbsp; 370361 |
| Sunoco LP<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/31 |  | 169 | &nbsp;&nbsp; 167753 |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/33 |  | 346 | &nbsp;&nbsp; 352173 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Sunoco LP<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/34 | USD | 171 | &nbsp;&nbsp; $169519 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 |  | 178 | &nbsp;&nbsp; 177094 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/29 |  | 973 | &nbsp;&nbsp; 1002037 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/31/30 |  | 13 | &nbsp;&nbsp; 12838 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/31 |  | 128 | &nbsp;&nbsp; 125238 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<sup>(b)</sup> |  | 290 | &nbsp;&nbsp; 283778 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<sup>(b)</sup> |  | 76 | &nbsp;&nbsp; 79194 |
| Transocean International Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/01/27<sup>(g)</sup> |  | 554 | &nbsp;&nbsp; 553230 |
| &nbsp;&nbsp;&nbsp; 8.25%, 05/15/29 |  | 201 | &nbsp;&nbsp; 198159 |
| &nbsp;&nbsp;&nbsp; 8.75%, 02/15/30 |  | 150 | &nbsp;&nbsp; 157826 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/31 |  | 311 | &nbsp;&nbsp; 304790 |
| &nbsp;&nbsp;&nbsp; 10/15/32<sup>(d)</sup> |  | 295 | &nbsp;&nbsp; 295000 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(b)</sup> |  | 78 | &nbsp;&nbsp; 79626 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(b)</sup> |  | 560 | &nbsp;&nbsp; 581193 |
| Venture Global LNG, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/29 |  | 2480 | &nbsp;&nbsp; 2733022 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/30 |  | 978 | &nbsp;&nbsp; 1012000 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/31 |  | 2724 | &nbsp;&nbsp; 2860119 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/32 |  | 1460 | &nbsp;&nbsp; 1589536 |
| Venture Global Plaquemines LNG LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/33 |  | 505 | &nbsp;&nbsp; 558030 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/34 |  | 1213 | &nbsp;&nbsp; 1276873 |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/35 |  | 1187 | &nbsp;&nbsp; 1339777 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/36 |  | 1266 | &nbsp;&nbsp; 1344716 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33<sup>(b)</sup> |  | 41 | &nbsp;&nbsp; 41779 |
| Vital Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/31/29<sup>(b)</sup> |  | 140 | &nbsp;&nbsp; 138643 |
| &nbsp;&nbsp;&nbsp; 9.75%, 10/15/30 |  | 326 | &nbsp;&nbsp; 340363 |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/32<sup>(b)(g)</sup> |  | 671 | &nbsp;&nbsp; 651365 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<sup>(b)</sup> |  | 337 | &nbsp;&nbsp; 340496 |
|  |  |  | &nbsp;&nbsp; 59677066 |
| **Passenger Airlines**<sup>(b)</sup> **— 0.2%** | **Passenger Airlines**<sup>(b)</sup> **— 0.2%** | **Passenger Airlines**<sup>(b)</sup> **— 0.2%** | **Passenger Airlines**<sup>(b)</sup> **— 0.2%** |
| American Airlines, Inc., 8.50%, 05/15/29 |  | 429 | &nbsp;&nbsp; 447513 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., <br> 5.75%, 04/20/29<br>|  | 67 | &nbsp;&nbsp; 67256 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<br>|  | 382 | &nbsp;&nbsp; 387452 |
| OneSky Flight LLC, 8.88%, 12/15/29 |  | 318 | &nbsp;&nbsp; 334394 |
| United Airlines, Inc., 4.63%, 04/15/29<sup>(g)</sup> |  | 357 | &nbsp;&nbsp; 351534 |
|  |  |  | &nbsp;&nbsp; 1588149 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Opal Bidco SAS |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/31/32<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 121513 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/32<sup>(b)</sup> | USD | 431 | &nbsp;&nbsp; 441665 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 434 | &nbsp;&nbsp; 436910 |
|  |  |  | &nbsp;&nbsp; 1000088 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<sup>(b)(g)</sup> |  | 4400 | &nbsp;&nbsp; 4510229 |
| AbbVie, Inc., 5.35%, 03/15/44<sup>(g)</sup> |  | 1500 | &nbsp;&nbsp; 1504828 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(b)</sup> |  | 239 | &nbsp;&nbsp; 247177 |
| Bausch Health Cos., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/28 |  | 80 | &nbsp;&nbsp; 71600 |
| &nbsp;&nbsp;&nbsp; 11.00%, 09/30/28 |  | 1585 | &nbsp;&nbsp; 1648430 |
| Becton Dickinson & Co., 4.69%, 12/15/44 |  | 600 | &nbsp;&nbsp; 537336 |
| CVS Health Corp., 6.00%, 06/01/44<sup>(g)</sup> |  | 1110 | &nbsp;&nbsp; 1126109 |
| Dolcetto Holdco SpA, 5.63%, 07/14/32<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 120369 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Grifols SA<sup>(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/27 | EUR | 214 | &nbsp;&nbsp; $247038 |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/01/30 |  | 100 | &nbsp;&nbsp; 123672 |
| Gruenenthal GmbH, 4.63%, 11/15/31<sup>(e)</sup> |  | 100 | &nbsp;&nbsp; 119871 |
| Nidda Healthcare Holding GmbH, 7.00%, 02/21/30<sup>(e)</sup> |  | 100 | &nbsp;&nbsp; 122390 |
| Option Care Health, Inc., 4.38%, 10/31/29<sup>(b)</sup> | USD | 314 | &nbsp;&nbsp; 302827 |
| &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV, <br> 4.13%, 04/30/28<sup>(b)</sup><br>|  | 600 | &nbsp;&nbsp; 579686 |
| &nbsp;&nbsp;&nbsp; Rossini SARL, (3-mo. EURIBOR + 3.88%), 5.88%, <br> 12/31/29<sup>(a)(e)</sup><br>| EUR | 42 | &nbsp;&nbsp; 50456 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/01/26 | USD | 521 | &nbsp;&nbsp; 510580 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/28 |  | 400 | &nbsp;&nbsp; 413936 |
| Viatris, Inc., 2.30%, 06/22/27 |  | 392 | &nbsp;&nbsp; 377341 |
|  |  |  | &nbsp;&nbsp; 12613875 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| &nbsp;&nbsp;&nbsp; Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, <br> 12/31/28<sup>(h)</sup><br>| EUR | 151 | &nbsp;&nbsp; 188564 |
| &nbsp;&nbsp;&nbsp; Alexandrite Lake Lux Holdings SARL, 6.75%, <br> 07/30/30<sup>(e)</sup><br>|  | 100 | &nbsp;&nbsp; 120108 |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/30<sup>(b)</sup> | USD | 275 | &nbsp;&nbsp; 278350 |
| &nbsp;&nbsp;&nbsp; Series AI, 7.00%, 04/15/30 |  | 348 | &nbsp;&nbsp; 352177 |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp., 9.75%, 04/15/30<sup>(b)</sup><br>|  | 535 | &nbsp;&nbsp; 583863 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(b)</sup><br>|  | 399 | &nbsp;&nbsp; 425861 |
| Fantasia Holdings Group Co. Ltd.<sup>(e)(f)(m)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 11.75%, 04/17/22 |  | 430 | &nbsp;&nbsp; 4838 |
| &nbsp;&nbsp;&nbsp; 12.25%, 10/18/22 |  | 200 | &nbsp;&nbsp; 4125 |
| &nbsp;&nbsp;&nbsp; 11.88%, 06/01/23 |  | 200 | &nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/28/23 |  | 400 | &nbsp;&nbsp; 6000 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<sup>(b)</sup> |  | 345 | &nbsp;&nbsp; 350096 |
| New Immo Holding SA, 3.25%, 07/23/27<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 115686 |
| Sobha Sukuk I Holding Ltd., 7.13%, 09/11/30<sup>(e)</sup> | USD | 200 | &nbsp;&nbsp; 200832 |
| &nbsp;&nbsp;&nbsp; Vivion Investments SARL, (6.50% PIK), 6.50%, <br> 08/31/28<sup>(e)(h)</sup><br>| EUR | 101 | &nbsp;&nbsp; 118886 |
|  |  |  | &nbsp;&nbsp; 2752386 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR <br> Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27<sup>(b)</sup><br>| USD | 434 | &nbsp;&nbsp; 426254 |
| **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** |
| Amkor Technology, Inc., 5.88%, 10/01/33<sup>(b)</sup> |  | 104 | &nbsp;&nbsp; 105059 |
| Broadcom, Inc.<sup>(b)(g)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 |  | 1000 | &nbsp;&nbsp; 980665 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/41 |  | 800 | &nbsp;&nbsp; 658342 |
| Kioxia Holdings Corp., 6.63%, 07/24/33 |  | 371 | &nbsp;&nbsp; 381399 |
| QUALCOMM, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/20/33 |  | 400 | &nbsp;&nbsp; 425024 |
| &nbsp;&nbsp;&nbsp; 4.30%, 05/20/47<sup>(g)</sup> |  | 700 | &nbsp;&nbsp; 599691 |
|  |  |  | &nbsp;&nbsp; 3150180 |
| **Software — 3.9%** | **Software — 3.9%** | **Software — 3.9%** | **Software — 3.9%** |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<sup>(b)(g)</sup> |  | 5803 | &nbsp;&nbsp; 5755520 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(b)</sup> |  | 105 | &nbsp;&nbsp; 104640 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<sup>(b)</sup> |  | 1572 | &nbsp;&nbsp; 1643983 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co., Inc., 8.00%, 06/15/29<sup>(b)</sup><br>|  | 238 | &nbsp;&nbsp; 209739 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc./CDK Global, Inc., 7.25%, <br> 06/15/29<sup>(b)</sup><br>| USD | 373 | &nbsp;&nbsp; $321173 |
| Cloud Software Group, Inc.<sup>(b)(g)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29 |  | 2535 | &nbsp;&nbsp; 2557866 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29 |  | 5813 | &nbsp;&nbsp; 6029281 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32 |  | 3662 | &nbsp;&nbsp; 3884479 |
| CoreLogic, Inc., 4.50%, 05/01/28<sup>(b)</sup> |  | 1597 | &nbsp;&nbsp; 1548455 |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(b)</sup> |  | 389 | &nbsp;&nbsp; 401757 |
| Elastic NV, 4.13%, 07/15/29<sup>(b)</sup> |  | 413 | &nbsp;&nbsp; 396440 |
| Electronic Arts, Inc., 2.95%, 02/15/51 |  | 236 | &nbsp;&nbsp; 204667 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<sup>(b)</sup> |  | 1361 | &nbsp;&nbsp; 1382664 |
| &nbsp;&nbsp;&nbsp; Helios Software Holdings, Inc./ION Corporate Solutions <br> Finance SARL<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/28<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 193431 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/01/29<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 122851 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/01/29<sup>(b)</sup> | USD | 217 | &nbsp;&nbsp; 224911 |
| IPD 3 BV, 5.50%, 06/15/31<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 119228 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 | USD | 250 | &nbsp;&nbsp; 185877 |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/03/65 |  | 600 | &nbsp;&nbsp; 602321 |
| Playtika Holding Corp., 4.25%, 03/15/29<sup>(b)</sup> |  | 67 | &nbsp;&nbsp; 61511 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<sup>(b)(g)</sup> |  | 674 | &nbsp;&nbsp; 696806 |
| &nbsp;&nbsp;&nbsp; TeamSystem SpA, (3-mo. EURIBOR + 3.50%), 5.53%, <br> 07/31/31<sup>(a)(e)</sup><br>| EUR | 100 | &nbsp;&nbsp; 117746 |
| Twilio, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/29 | USD | 206 | &nbsp;&nbsp; 196300 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 |  | 209 | &nbsp;&nbsp; 196517 |
| UKG, Inc., 6.88%, 02/01/31<sup>(b)(g)</sup> |  | 3375 | &nbsp;&nbsp; 3482443 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br> 3.88%, 02/01/29<sup>(b)</sup><br>|  | 955 | &nbsp;&nbsp; 905166 |
|  |  |  | &nbsp;&nbsp; 31545772 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Advance Auto Parts, Inc., 7.00%, 08/01/30<sup>(b)</sup> |  | 229 | &nbsp;&nbsp; 235607 |
| Afflelou SAS, 6.00%, 07/25/29<sup>(e)</sup> | EUR | 100 | &nbsp;&nbsp; 122466 |
| &nbsp;&nbsp;&nbsp; Bubbles Bidco SpA, (3-mo. EURIBOR + 4.25%), 6.25%, <br> 09/30/31<sup>(a)(e)</sup><br>|  | 100 | &nbsp;&nbsp; 118308 |
| &nbsp;&nbsp;&nbsp; Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 6.15%, <br> 07/15/31<sup>(a)(e)</sup><br>|  | 100 | &nbsp;&nbsp; 118108 |
| Staples, Inc., 10.75%, 09/01/29<sup>(b)</sup> | USD | 243 | &nbsp;&nbsp; 240271 |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy <br> Finance Corp., 5.00%, 06/01/31<sup>(b)</sup><br>|  | 117 | &nbsp;&nbsp; 111324 |
|  |  |  | &nbsp;&nbsp; 946084 |
| **Technology Hardware, Storage & Peripherals**<sup>(b)</sup> **— 0.2%** | **Technology Hardware, Storage & Peripherals**<sup>(b)</sup> **— 0.2%** | **Technology Hardware, Storage & Peripherals**<sup>(b)</sup> **— 0.2%** | **Technology Hardware, Storage & Peripherals**<sup>(b)</sup> **— 0.2%** |
| Seagate Data Storage Technology Pte Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/29 |  | 341 | &nbsp;&nbsp; 360983 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/15/30 |  | 339 | &nbsp;&nbsp; 344904 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/31 |  | 615 | &nbsp;&nbsp; 651075 |
|  |  |  | &nbsp;&nbsp; 1356962 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Beach Acquisition Bidco LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/32 | EUR | 613 | &nbsp;&nbsp; 737745 |
| &nbsp;&nbsp;&nbsp; (10.00% PIK), 10.00%, 07/15/33<sup>(g)(h)</sup> | USD | 2346 | &nbsp;&nbsp; 2530541 |
| Hanesbrands, Inc., 9.00%, 02/15/31<sup>(b)</sup> |  | 20 | &nbsp;&nbsp; 21168 |
| Levi Strauss & Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/30 | EUR | 165 | &nbsp;&nbsp; 196571 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/31 | USD | 21 | &nbsp;&nbsp; 19497 |
| &nbsp;&nbsp;&nbsp; PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 5.78%, 07/01/29<sup>(a)(e)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118071 |
|  |  |  | &nbsp;&nbsp; 3623593 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Tobacco — 0.3%** | **Tobacco — 0.3%** | **Tobacco — 0.3%** | **Tobacco — 0.3%** |
| Altria Group, Inc., 3.40%, 02/04/41<sup>(g)</sup> | USD | 750 | &nbsp;&nbsp; $581330 |
| BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/43 |  | 500 | &nbsp;&nbsp; 565841 |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/15/47<sup>(g)</sup> |  | 715 | &nbsp;&nbsp; 599556 |
| Philip Morris International, Inc., 3.88%, 08/21/42<sup>(g)</sup> |  | 900 | &nbsp;&nbsp; 747169 |
|  |  |  | &nbsp;&nbsp; 2493896 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(e)</sup> | GBP | 100 | &nbsp;&nbsp; 143400 |
| FedEx Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 02/01/35 | USD | 500 | &nbsp;&nbsp; 455585 |
| &nbsp;&nbsp;&nbsp; 4.40%, 01/15/47 |  | 500 | &nbsp;&nbsp; 405194 |
| Mobico Group PLC, 3.63%, 11/20/28<sup>(e)</sup> | GBP | 100 | &nbsp;&nbsp; 113566 |
|  |  |  | &nbsp;&nbsp; 1117745 |
| **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** |
| Altice France SA<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 | USD | 357 | &nbsp;&nbsp; 314160 |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/29 |  | 400 | &nbsp;&nbsp; 344000 |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 |  | 2000 | &nbsp;&nbsp; 1708000 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/29 |  | 200 | &nbsp;&nbsp; 172987 |
| &nbsp;&nbsp;&nbsp; Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, <br> 08/01/32<sup>(b)</sup><br>|  | 1459 | &nbsp;&nbsp; 1496861 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(b)</sup> |  | 35 | &nbsp;&nbsp; 33871 |
| Turkcell Iletisim Hizmetleri A/S, 7.65%, 01/24/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 209000 |
| &nbsp;&nbsp;&nbsp; VF Ukraine PAT via VFU Funding PLC, 9.63%, <br> 02/11/27<sup>(e)</sup><br>|  | 156 | &nbsp;&nbsp; 148244 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/29<sup>(e)</sup> | GBP | 200 | &nbsp;&nbsp; 256166 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/31<sup>(b)</sup> | USD | 800 | &nbsp;&nbsp; 741733 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/31<sup>(b)</sup> |  | 602 | &nbsp;&nbsp; 566630 |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/32<sup>(b)</sup> |  | 252 | &nbsp;&nbsp; 264761 |
| WOM Mobile SA, (11.00% PIK), 11.00%, 04/01/31<sup>(b)(h)</sup> |  | 10 | &nbsp;&nbsp; 9802 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(e)</sup> | EUR | 90 | &nbsp;&nbsp; 111864 |
|  |  |  | &nbsp;&nbsp; 6378079 |
| **Total Corporate Bonds — 75.3%** <br>**(Cost: $591,801,795)** | **Total Corporate Bonds — 75.3%** <br>**(Cost: $591,801,795)** | **Total Corporate Bonds — 75.3%** <br>**(Cost: $591,801,795)** | &nbsp;&nbsp; 603160606 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Clover Holdings SPV III LLC, 2024 USD Term Loan, <br> 15.00%, 12/09/27<br>| USD | 31 | &nbsp;&nbsp; 31857 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>|  | 2333 | &nbsp;&nbsp; 2346288 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 3230 | &nbsp;&nbsp; 3238593 |
| **Total Fixed Rate Loan Interests — 0.7%** <br>**(Cost: $5,592,605)** | **Total Fixed Rate Loan Interests — 0.7%** <br>**(Cost: $5,592,605)** | **Total Fixed Rate Loan Interests — 0.7%** <br>**(Cost: $5,592,605)** | &nbsp;&nbsp; 5616738 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **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> |
| **Advertising Agencies — 0.2%** | **Advertising Agencies — 0.2%** | **Advertising Agencies — 0.2%** | **Advertising Agencies — 0.2%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br> 8.28%, 08/23/28<br>| USD | 865 | &nbsp;&nbsp; $864989 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-<br> mo. CME Term SOFR + 5.10%), 9.43%, 04/11/29<br>|  | 567 | &nbsp;&nbsp; 539222 |
| &nbsp;&nbsp;&nbsp; Summer BC Holdco B SARL, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), <br> 9.26%, 02/15/29<br>|  | 112 | &nbsp;&nbsp; 110149 |
|  |  |  | &nbsp;&nbsp; 1514360 |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Kaman Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.83%, 02/26/32<br>|  | 5 | &nbsp;&nbsp; 4836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (6-mo. CME Term SOFR at <br> 0.50% Floor + 2.75%), 6.66%, 02/26/32<br>|  | 395 | &nbsp;&nbsp; 393249 |
| &nbsp;&nbsp;&nbsp; Signia Aerospace LLC, 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 6.91%, <br> 12/11/31<br>|  | 191 | &nbsp;&nbsp; 191250 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., 2025 Term Loan M, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.66%, 08/19/32<br>|  | 581 | &nbsp;&nbsp; 580256 |
|  |  |  | &nbsp;&nbsp; 1169591 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 6.91%, <br> 01/28/32<br>|  | 472 | &nbsp;&nbsp; 471577 |
| Tenneco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan A, (3-mo. CME Term SOFR at 0.50% <br> Floor + 4.85%), 9.05%, 11/17/28<br>|  | 39 | &nbsp;&nbsp; 38343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B, (3-mo. CME Term SOFR + <br> 5.10%), 9.30%, 11/17/28<br>|  | 314 | &nbsp;&nbsp; 306882 |
|  |  |  | &nbsp;&nbsp; 816802 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp; Sazerac Co., Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.70%, 07/09/32<br>|  | 169 | &nbsp;&nbsp; 169940 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.16%, <br> 09/08/32<br>|  | 59 | &nbsp;&nbsp; 59412 |
| &nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 5.25%), 9.41%, 07/08/30<br>|  | 131 | &nbsp;&nbsp; 128052 |
| Foundation Building Materials, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.51%), 7.82%, 01/31/28<br>|  | 200 | &nbsp;&nbsp; 200234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B2, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.00%), 8.31%, 01/29/31<br>|  | 650 | &nbsp;&nbsp; 651214 |
| &nbsp;&nbsp;&nbsp; 2025 Term Loan, (Prime + 4.25%), 11.50%, 01/29/31 |  | 115 | &nbsp;&nbsp; 114913 |
| &nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.42%, 10/19/29<br>|  | 652 | &nbsp;&nbsp; 651549 |
| &nbsp;&nbsp;&nbsp; Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.25%, 08/05/31<br>|  | 275 | &nbsp;&nbsp; 264965 |
|  |  |  | &nbsp;&nbsp; 2070339 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| &nbsp;&nbsp;&nbsp; Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 6.91%, <br> 07/30/31<br>| USD | 61 | &nbsp;&nbsp; $60893 |
| &nbsp;&nbsp;&nbsp; Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.88%, <br> 09/13/32<br>|  | 400 | &nbsp;&nbsp; 400876 |
| &nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., 2025 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.16%, <br> 07/30/32<br>|  | 356 | &nbsp;&nbsp; 356265 |
| &nbsp;&nbsp;&nbsp; Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.66%, 10/16/31<br>|  | 182 | &nbsp;&nbsp; 182160 |
|  |  |  | &nbsp;&nbsp; 1000194 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Aruba Investments Holdings LLC, 2020 2nd Lien Term <br> Loan, (1-mo. CME Term SOFR + 7.85%), 12.01%, <br> 11/24/28<br>|  | 118 | &nbsp;&nbsp; 106727 |
| &nbsp;&nbsp;&nbsp; Discovery Purchaser Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.08%, <br> 10/04/29<br>|  | 684 | &nbsp;&nbsp; 680177 |
| &nbsp;&nbsp;&nbsp; Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.03%), 8.03%, 07/03/28<br>|  | 401 | &nbsp;&nbsp; 361088 |
| &nbsp;&nbsp;&nbsp; Momentive Performance Materials, Inc., 2023 Term <br> Loan, (1-mo. CME Term SOFR + 4.00%), 8.16%, <br> 03/29/28<br>|  | 90 | &nbsp;&nbsp; 90423 |
| &nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp., 2025 USD Term <br> Loan B, 07/23/32<sup>(n)</sup><br>|  | 352 | &nbsp;&nbsp; 349110 |
| &nbsp;&nbsp;&nbsp; Oxea Holding Drei GmbH, 2017 USD Term Loan B2, <br> 04/08/31<sup>(n)</sup><br>|  | 46 | &nbsp;&nbsp; 41845 |
| Qnity Electronics, Inc., Term Loan B, 08/12/32<sup>(n)</sup> |  | 518 | &nbsp;&nbsp; 517353 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.00%, <br> 08/19/32<br>|  | 194 | &nbsp;&nbsp; 194324 |
|  |  |  | &nbsp;&nbsp; 2341047 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp; AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.16%, <br> 08/12/32<br>|  | 201 | &nbsp;&nbsp; 199550 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.35%), <br> 7.51%, 08/20/32<br>|  | 662 | &nbsp;&nbsp; 664414 |
| &nbsp;&nbsp;&nbsp; Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 8.95%, <br> 02/23/29<br>|  | 454 | &nbsp;&nbsp; 423948 |
| &nbsp;&nbsp;&nbsp; Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br> SOFR + 2.00%, 3.75% PIK), 10.06%, 07/31/30<sup>(h)</sup><br>|  | 168 | &nbsp;&nbsp; 152476 |
| &nbsp;&nbsp;&nbsp; Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.36%), 8.37%, <br> 12/17/28<br>|  | 169 | &nbsp;&nbsp; 37248 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.66%, 01/30/31<br>|  | 578 | &nbsp;&nbsp; 575883 |
|  |  |  | &nbsp;&nbsp; 2053519 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp; COMMSCOPE, 2024 Term Loan, (1-mo. CME Term <br> SOFR at 2.00% Floor + 4.75%), 8.91%, 12/17/29<br>|  | 357 | &nbsp;&nbsp; 360898 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., 2024 Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.80%, 08/01/30<br>| USD | 1119 | &nbsp;&nbsp; $1011857 |
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| &nbsp;&nbsp;&nbsp; Camelot U.S. Acquisition LLC, 2025 Incremental Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.25%), 7.41%, 01/31/31<br>|  | 367 | &nbsp;&nbsp; 366196 |
| &nbsp;&nbsp;&nbsp; Jupiter Buyer, Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.25%), 8.25%, <br> 11/01/31<br>|  | 91 | &nbsp;&nbsp; 92107 |
|  |  |  | &nbsp;&nbsp; 458303 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Boots Group Finco LP, USD Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.70%, <br> 08/30/32<br>|  | 1094 | &nbsp;&nbsp; 1096275 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 5.10%), 9.26%, <br> 10/30/28<br>|  | 468 | &nbsp;&nbsp; 382384 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Delta Topco, Inc., 2024 2nd Lien Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 5.25%), 9.43%, <br> 11/29/30<br>|  | 78 | &nbsp;&nbsp; 77536 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, 2025 Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.65%, 07/01/31<br>|  | 99 | &nbsp;&nbsp; 98341 |
| Lumen Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.63%, 04/16/29<br>|  | 265 | &nbsp;&nbsp; 263070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Extended Term Loan B2, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.63%, 04/15/30<br>|  | 136 | &nbsp;&nbsp; 134960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan A, (1-mo. CME Term SOFR + <br> 6.00%), 10.16%, 06/01/28<br>|  | 82 | &nbsp;&nbsp; 83630 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.85%), 9.01%, <br> 10/01/31<sup>(c)</sup><br>|  | 156 | &nbsp;&nbsp; 155610 |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.61%, <br> 03/11/30<br>|  | 1396 | &nbsp;&nbsp; 1353023 |
|  |  |  | &nbsp;&nbsp; 2166170 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.50%), 7.66%, 12/02/31<br>|  | 410 | &nbsp;&nbsp; 410503 |
| Pinnacle Buyer LLC<sup>(n)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, 09/10/32 |  | 31 | &nbsp;&nbsp; 31118 |
| &nbsp;&nbsp;&nbsp; Term Loan, 09/10/32 |  | 162 | &nbsp;&nbsp; 161813 |
|  |  |  | &nbsp;&nbsp; 603434 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.66%, <br> 07/31/31<br>|  | 102 | &nbsp;&nbsp; 101453 |
| **Financial Services**<sup>(n)</sup> **— 0.1%** | **Financial Services**<sup>(n)</sup> **— 0.1%** | **Financial Services**<sup>(n)</sup> **— 0.1%** | **Financial Services**<sup>(n)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc., USD Term Loan, <br> 09/30/32<sup>(c)</sup><br>|  | 455 | &nbsp;&nbsp; 451019 |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, 05/20/32 |  | 114 | &nbsp;&nbsp; 114570 |
|  |  |  | &nbsp;&nbsp; 565589 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
| &nbsp;&nbsp;&nbsp; Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.66%, <br> 10/25/27<br>| USD | 18 | &nbsp;&nbsp; $17906 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| Bausch & Lomb Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.17%, 09/29/28<br>|  | 262 | &nbsp;&nbsp; 261333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.41%, 01/15/31<br>|  | 608 | &nbsp;&nbsp; 607496 |
|  |  |  | &nbsp;&nbsp; 868829 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| LifePoint Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 3.75%), 8.07%, 05/19/31<br>|  | 440 | &nbsp;&nbsp; 439181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Term Loan B1, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.66%, 05/19/31<br>|  | 201 | &nbsp;&nbsp; 199988 |
| &nbsp;&nbsp;&nbsp; Quorum Health Corp., 2020 Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 6.60%), 10.60%, <br> 01/28/28<br>|  | 338 | &nbsp;&nbsp; 241615 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 8.00%, 09/27/30<br>|  | 757 | &nbsp;&nbsp; 756379 |
|  |  |  | &nbsp;&nbsp; 1637163 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
| &nbsp;&nbsp;&nbsp; EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.16%, 03/24/32<br>|  | 204 | &nbsp;&nbsp; 204094 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp., 2024 Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 8.75%, 11/01/29<br>|  | 172 | &nbsp;&nbsp; 164898 |
| Sabre GLBL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.78%, 12/17/27<br>|  | 25 | &nbsp;&nbsp; 23558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.78%, 12/17/27<br>|  | 8 | &nbsp;&nbsp; 7756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B, (1-mo. CME Term SOFR + <br> 4.35%), 8.51%, 06/30/28<br>|  | 5 | &nbsp;&nbsp; 4247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.26%, 11/15/29<sup>(c)</sup><br>|  | 71 | &nbsp;&nbsp; 67087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.26%, 11/15/29<sup>(c)</sup><br>|  | 35 | &nbsp;&nbsp; 32651 |
|  |  |  | &nbsp;&nbsp; 504291 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| &nbsp;&nbsp;&nbsp; Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.25%, <br> 01/20/32<br>|  | 114 | &nbsp;&nbsp; 114394 |
| &nbsp;&nbsp;&nbsp; Springs Windows Fashions LLC, 2024 FLFO A1 Term <br> Loan, (1-mo. CME Term SOFR at 1.00% Floor + <br> 4.50%), 8.66%, 12/19/29<br>|  | 52 | &nbsp;&nbsp; 51779 |
|  |  |  | &nbsp;&nbsp; 166173 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.94%, 02/15/31<br>|  | 293 | &nbsp;&nbsp; 291211 |
| &nbsp;&nbsp;&nbsp; Asurion LLC, 2025 Term Loan B13, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.41%, 09/19/30<br>|  | 285 | &nbsp;&nbsp; 283631 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp; Howden Group Holdings Ltd., 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.66%, 04/18/30<br>| USD | 42 | &nbsp;&nbsp; $41747 |
| &nbsp;&nbsp;&nbsp; OneDigital Borrower LLC, 2025 Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.16%, 07/02/31<br>|  | 50 | &nbsp;&nbsp; 49812 |
| &nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, 2nd Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 8.75%, 05/06/32<br>|  | 852 | &nbsp;&nbsp; 866773 |
|  |  |  | &nbsp;&nbsp; 1533174 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; MH Sub I LLC, 2023 Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.25%), 8.25%, 05/03/28<br>|  | 430 | &nbsp;&nbsp; 413521 |
| **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** |
| Proofpoint, Inc., 2025 Fungible Term Loan, 08/31/28<sup>(n)</sup> |  | 72 | &nbsp;&nbsp; 72188 |
| &nbsp;&nbsp;&nbsp; StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br> (1-mo. CME Term SOFR + 4.75%), 8.91%, 03/15/30<br>|  | 534 | &nbsp;&nbsp; 528046 |
|  |  |  | &nbsp;&nbsp; 600234 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.41%, <br> 09/29/31<br>|  | 44 | &nbsp;&nbsp; 43983 |
| Finastra USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 1st Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.00%), 8.04%, 07/30/32<br>|  | 1267 | &nbsp;&nbsp; 1261121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 2nd Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 7.00%), 11.04%, 09/15/33<br>|  | 219 | &nbsp;&nbsp; 217467 |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.25%, <br> 06/27/31<br>|  | 149 | &nbsp;&nbsp; 149041 |
|  |  |  | &nbsp;&nbsp; 1671612 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| &nbsp;&nbsp;&nbsp; City Football Group Ltd., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.61%), 7.70%, <br> 07/22/30<br>|  | 292 | &nbsp;&nbsp; 291526 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), <br> 10.16%, 12/21/29<br>|  | 123 | &nbsp;&nbsp; 125072 |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd., 2024 Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br> 7.75%, 02/15/29<br>|  | 1050 | &nbsp;&nbsp; 1052310 |
|  |  |  | &nbsp;&nbsp; 1177382 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp; Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3-<br> mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.57%, 01/31/32<br>|  | 276 | &nbsp;&nbsp; 273049 |
| CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019 Term Loan B5, (Prime + 1.50%), 8.75%, <br> 04/15/27<br>|  | 534 | &nbsp;&nbsp; 516208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B6, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.50%), 8.65%, 01/18/28<br>|  | 548 | &nbsp;&nbsp; 543955 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 5.50%), 9.81%, <br> 02/17/31<br>|  | 1191 | &nbsp;&nbsp; 1162489 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Gray Television, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan D, (1-mo. CME Term SOFR + <br> 3.11%), 7.39%, 12/01/28<br>| USD | 145 | &nbsp;&nbsp; $145238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (1-mo. CME Term SOFR + <br> 5.25%), 9.53%, 06/04/29<br>|  | 1 | &nbsp;&nbsp; 1242 |
| &nbsp;&nbsp;&nbsp; OVG Business Services LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.00%), 7.16%, 06/25/31<br>|  | 16 | &nbsp;&nbsp; 15825 |
| &nbsp;&nbsp;&nbsp; Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.61%, 1.50% <br> PIK), 9.28%, 09/25/29<sup>(h)</sup><br>|  | 736 | &nbsp;&nbsp; 593036 |
|  |  |  | &nbsp;&nbsp; 3251042 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| &nbsp;&nbsp;&nbsp; Stakeholder Midstream LLC, Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.04%, <br> 01/01/31<br>|  | 330 | &nbsp;&nbsp; 330585 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| &nbsp;&nbsp;&nbsp; ACP Tara Holdings, Inc., 2025 Term Loan B, <br> 09/17/32<sup>(c)(n)</sup><br>|  | 132 | &nbsp;&nbsp; 132000 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.66%, 08/01/32<br>|  | 509 | &nbsp;&nbsp; 508150 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), <br> 8.16%, 04/23/31<br>|  | 240 | &nbsp;&nbsp; 239835 |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.10%), 8.10%, <br> 10/01/27<br>|  | 736 | &nbsp;&nbsp; 723436 |
|  |  |  | &nbsp;&nbsp; 1471421 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| &nbsp;&nbsp;&nbsp; CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.78%, 06/02/28<br>|  | 202 | &nbsp;&nbsp; 201493 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| &nbsp;&nbsp;&nbsp; Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.50%, <br> 02/23/32<br>|  | 201 | &nbsp;&nbsp; 205327 |
| &nbsp;&nbsp;&nbsp; Ascend Learning LLC, 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.16%, 12/11/28<br>|  | 47 | &nbsp;&nbsp; 46819 |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 6.91%, <br> 02/15/29<br>|  | 973 | &nbsp;&nbsp; 970399 |
| Boxer Parent Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 5.75%), 9.95%, 07/30/32<br>|  | 339 | &nbsp;&nbsp; 329678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 7.20%, 07/30/31<br>|  | 546 | &nbsp;&nbsp; 544845 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.25%, <br> 07/06/29<br>|  | 94 | &nbsp;&nbsp; 80917 |
| Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B (2031), (3-mo. CME Term SOFR <br> at 0.00% Floor + 3.25%), 7.25%, 03/21/31<br>|  | 723 | &nbsp;&nbsp; 725414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B (2032), (3-mo. CME Term SOFR <br> at 0.00% Floor + 3.25%), 7.25%, 08/13/32<br>|  | 200 | &nbsp;&nbsp; 200655 |
| &nbsp;&nbsp;&nbsp; Cloudera, Inc., 2021 Second Lien Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 6.10%), 10.26%, <br> 10/08/29<br>|  | 329 | &nbsp;&nbsp; 299915 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Ellucian Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 2.75%), 6.91%, 10/09/29<br>| USD | 58 | &nbsp;&nbsp; $57819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 4.75%), 8.91%, 11/22/32<br>|  | 880 | &nbsp;&nbsp; 898330 |
| &nbsp;&nbsp;&nbsp; Mitchell International, Inc., 2024 1st Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br> 7.41%, 06/17/31<br>|  | 232 | &nbsp;&nbsp; 231509 |
| &nbsp;&nbsp;&nbsp; RealPage, Inc., 2024 Incremental Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 7.75%, <br> 04/24/28<br>|  | 201 | &nbsp;&nbsp; 201492 |
|  |  |  | &nbsp;&nbsp; 4793119 |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| Cubic Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Second Out Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.51%), 8.83%, 05/25/29<br>|  | 205 | &nbsp;&nbsp; 116621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Second Out Term Loan C, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.51%), 8.57%, 05/25/29<br>|  | 24 | &nbsp;&nbsp; 13932 |
|  |  |  | &nbsp;&nbsp; 130553 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.31%, <br> 09/12/32<br>|  | 170 | &nbsp;&nbsp; 170709 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Altice France SA, 2023 USD Term Loan B14, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.82%, <br> 08/15/28<sup>(c)</sup><br>|  | 429 | &nbsp;&nbsp; 414081 |
| &nbsp;&nbsp;&nbsp; Digicel International Finance Ltd., 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), <br> 9.49%, 08/06/32<br>|  | 386 | &nbsp;&nbsp; 385518 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., 2025 Repriced Term Loan B4, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.42%, 03/29/32<br>|  | 1901 | &nbsp;&nbsp; 1901000 |
| &nbsp;&nbsp;&nbsp; Windstream Services, LLC, 2025 Term Loan B, <br> 09/24/32<sup>(c)(n)</sup><br>|  | 319 | &nbsp;&nbsp; 315810 |
|  |  |  | &nbsp;&nbsp; 3016409 |
| **Total Floating Rate Loan Interests — 5.0%** <br>**(Cost: $40,514,661)** | **Total Floating Rate Loan Interests — 5.0%** <br>**(Cost: $40,514,661)** | **Total Floating Rate Loan Interests — 5.0%** <br>**(Cost: $40,514,661)** | &nbsp;&nbsp; 40261297 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Barbados Government International Bonds, 8.00%, <br> 06/26/35<sup>(b)</sup><br>|  | 55 | &nbsp;&nbsp; 57282 |
| **Benin — 0.0%** | **Benin — 0.0%** | **Benin — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Benin Government International Bonds, 7.96%, <br> 02/13/38<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 204282 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Bulgaria Government International Bonds, 5.00%, <br> 03/05/37<sup>(e)</sup><br>|  | 72 | &nbsp;&nbsp; 72072 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Chile Government International Bonds, 4.34%, <br> 03/07/42<sup>(g)</sup><br>|  | 200 | &nbsp;&nbsp; 177000 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Colombia Government International Bonds, 8.00%, <br> 04/20/33<br>|  | 200 | &nbsp;&nbsp; 218000 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |  |
| Dominican Republic International Bonds<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/30/30 | USD | 200 | &nbsp;&nbsp; $195800 |
| &nbsp;&nbsp;&nbsp; 7.05%, 02/03/31 |  | 150 | &nbsp;&nbsp; 161775 |
|  |  |  | &nbsp;&nbsp; 357575 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bonds, 6.90%, <br> 07/31/30<sup>(b)(k)</sup><br>|  | 15 | &nbsp;&nbsp; 12902 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |  |
| Egypt Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.63%, 05/29/32<sup>(e)</sup> |  | 200 | &nbsp;&nbsp; 196900 |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/16/61<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 156600 |
|  |  |  | &nbsp;&nbsp; 353500 |
| **Guatemala — 0.0%** | **Guatemala — 0.0%** | **Guatemala — 0.0%** |  |
| Guatemala Government Bonds, 6.60%, 06/13/36<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 211800 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |  |
| Hungary Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/16/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 204150 |
| &nbsp;&nbsp;&nbsp; Series 10Y, 5.38%, 09/12/33<sup>(e)</sup> | EUR | 114 | &nbsp;&nbsp; 145075 |
| Magyar Export-Import Bank Zrt, 6.00%, 05/16/29<sup>(e)</sup> |  | 121 | &nbsp;&nbsp; 153514 |
|  |  |  | &nbsp;&nbsp; 502739 |
| **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bonds, 5.88%, <br> 10/17/31<sup>(e)</sup><br>|  | 102 | &nbsp;&nbsp; 119080 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Morocco Government International Bonds, 5.95%, <br> 03/08/28<sup>(b)</sup><br>| USD | 200 | &nbsp;&nbsp; 207375 |
| **Oman — 0.1%** | **Oman — 0.1%** | **Oman — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Oman Government International Bonds, 6.75%, <br> 01/17/48<sup>(e)</sup><br>|  | 309 | &nbsp;&nbsp; 339684 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Panama Government International Bonds, 7.50%, <br> 03/01/31<br>|  | 200 | &nbsp;&nbsp; 220700 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |  |
| Peruvian Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.78%, 01/23/31 |  | 117 | &nbsp;&nbsp; 107903 |
| &nbsp;&nbsp;&nbsp; 1.86%, 12/01/32<sup>(g)</sup> |  | 178 | &nbsp;&nbsp; 146939 |
|  |  |  | &nbsp;&nbsp; 254842 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |  |
| Republic of Poland Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/04/33<sup>(g)</sup> |  | 138 | &nbsp;&nbsp; 139464 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/04/53 |  | 71 | &nbsp;&nbsp; 68555 |
|  |  |  | &nbsp;&nbsp; 208019 |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |  |
| Romania Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.12%, 07/16/31<sup>(e)</sup> | EUR | 168 | &nbsp;&nbsp; 168148 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/11/32<sup>(b)</sup> |  | 40 | &nbsp;&nbsp; 48077 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/10/34<sup>(b)</sup> |  | 97 | &nbsp;&nbsp; 117126 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/11/39<sup>(b)</sup> |  | 33 | &nbsp;&nbsp; 39503 |
|  |  |  | &nbsp;&nbsp; 372854 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Saudi Government International Bonds, 4.50%, <br> 04/17/30<sup>(e)</sup><br>| USD | 362 | &nbsp;&nbsp; 366326 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** |  |
| Serbia International Bonds, 6.00%, 06/12/34<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; $208300 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International <br> Bonds<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/12/46 |  | 200 | &nbsp;&nbsp; 150192 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/30/49 |  | 200 | &nbsp;&nbsp; 160192 |
|  |  |  | &nbsp;&nbsp; 310384 |
| **Trinidad And Tobago — 0.0%** | **Trinidad And Tobago — 0.0%** | **Trinidad And Tobago — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Trinidad & Tobago Government International Bonds, <br> 6.40%, 06/26/34<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 203650 |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bonds, 5.38%, <br> 05/29/27<sup>(b)</sup><br>| EUR | 100 | &nbsp;&nbsp; 120843 |
| **Total Foreign Agency Obligations — 0.7%** <br>**(Cost: $4,965,639)** | **Total Foreign Agency Obligations — 0.7%** <br>**(Cost: $4,965,639)** | **Total Foreign Agency Obligations — 0.7%** <br>**(Cost: $4,965,639)** | &nbsp;&nbsp; 5099209 |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Arizona — 0.1%** | **Arizona — 0.1%** | **Arizona — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, RB, <br> 7.38%, 10/01/29<sup>(b)</sup><br>| USD | 700 | &nbsp;&nbsp; 732993 |
| **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, Series A-1, 3.71%, 06/01/41<br>|  | 1000 | &nbsp;&nbsp; 782150 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |  |
| State of Illinois, GO, 5.10%, 06/01/33 |  | 698 | &nbsp;&nbsp; 706517 |
| **Massachusetts — 0.1%** | **Massachusetts — 0.1%** | **Massachusetts — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, <br> Refunding RB, Series A, 6.35%, 07/01/49<br>|  | 680 | &nbsp;&nbsp; 711353 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB, BAB, 6.01%, 06/15/42<br>|  | 1000 | &nbsp;&nbsp; 1054465 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(b)</sup><br>|  | 850 | &nbsp;&nbsp; 854448 |
| **Total Municipal Bonds — 0.6%** <br>**(Cost: $4,713,250)** | **Total Municipal Bonds — 0.6%** <br>**(Cost: $4,713,250)** | **Total Municipal Bonds — 0.6%** <br>**(Cost: $4,713,250)** | &nbsp;&nbsp; 4841926 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations — 12.1%** | **Collateralized Mortgage Obligations — 12.1%** | **Collateralized Mortgage Obligations — 12.1%** | **Collateralized Mortgage Obligations — 12.1%** |
| &nbsp;&nbsp;&nbsp; A&D Mortgage Trust, Series 2024-NQM5, Class A1, <br> 5.70%, 11/25/69<sup>(b)</sup><br>|  | 1352 | &nbsp;&nbsp; 1360348 |
| &nbsp;&nbsp;&nbsp; ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, <br> 10/25/64<sup>(b)</sup><br>|  | 431 | &nbsp;&nbsp; 433229 |
| &nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust, Class B, 0.00%, <br> 12/25/57<sup>(a)(b)</sup><br>|  | 1 | &nbsp;&nbsp; 265 |
| Alternative Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9CB, Class 1A3, (1-mo. Term SOFR + <br> 0.56%), 4.72%, 05/25/35<sup>(a)</sup><br>|  | 967 | &nbsp;&nbsp; 852895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-40T1, Class 2A5, (1-mo. Term SOFR + <br> 0.51%), 4.67%, 12/25/36<sup>(a)</sup><br>|  | 2249 | &nbsp;&nbsp; 459918 |
| &nbsp;&nbsp;&nbsp; Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 |  | 1304 | &nbsp;&nbsp; 524617 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(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)** |
| Alternative Loan Trust (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J7, Class 2A1, (1-mo. SOFR US + <br> 1.61%), 2.75%, 11/20/46<sup>(a)</sup><br>| USD | 2286 | &nbsp;&nbsp; $2014733 |
| &nbsp;&nbsp;&nbsp; Series 2006-J8, Class A5, 6.00%, 02/25/37 |  | 1730 | &nbsp;&nbsp; 652046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA14, Class 3A1, (12-mo. MTA + <br> 0.85%), 5.00%, 11/25/46<sup>(a)</sup><br>|  | 3578 | &nbsp;&nbsp; 3261248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA16, Class A2, (1-mo. Term SOFR + <br> 0.49%), 4.65%, 10/25/46<sup>(a)</sup><br>|  | 2330 | &nbsp;&nbsp; 2180962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA18, Class A1, (1-mo. Term SOFR + <br> 0.35%), 4.51%, 12/25/46<sup>(a)</sup><br>|  | 1187 | &nbsp;&nbsp; 1068384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA6, Class 1A1A, (1-mo. Term SOFR + <br> 0.53%), 4.69%, 07/25/46<sup>(a)</sup><br>|  | 2580 | &nbsp;&nbsp; 2360736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA8, Class 1A1, (1-mo. Term SOFR + <br> 0.49%), 4.65%, 07/25/46<sup>(a)</sup><br>|  | 941 | &nbsp;&nbsp; 853590 |
| &nbsp;&nbsp;&nbsp; Series 2007-12T1, Class A22, 5.75%, 06/25/37 |  | 3198 | &nbsp;&nbsp; 1347534 |
| &nbsp;&nbsp;&nbsp; Series 2007-12T1, Class A5, 6.00%, 06/25/37 |  | 1552 | &nbsp;&nbsp; 680468 |
| &nbsp;&nbsp;&nbsp; Series 2007-19, Class 1A1, 6.00%, 08/25/37 |  | 530 | &nbsp;&nbsp; 243770 |
| &nbsp;&nbsp;&nbsp; Series 2007-22, Class 2A16, 6.50%, 09/25/37 |  | 6830 | &nbsp;&nbsp; 2383107 |
| &nbsp;&nbsp;&nbsp; Series 2007-23CB, Class A1, 6.00%, 09/25/37 |  | 3821 | &nbsp;&nbsp; 1772912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4CB, Class 1A3, (1-mo. Term SOFR + <br> 0.46%), 4.62%, 04/25/37<sup>(a)</sup><br>|  | 1306 | &nbsp;&nbsp; 976777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA2, Class 1A1, (12-mo. MTA + 0.84%), <br> 4.99%, 03/25/47<sup>(a)</sup><br>|  | 1262 | &nbsp;&nbsp; 1092974 |
| Angel Oak Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class A1, 5.35%, 10/25/69 |  | 1544 | &nbsp;&nbsp; 1551315 |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, 5.51%, 06/25/70<sup>(a)</sup> |  | 1451 | &nbsp;&nbsp; 1463559 |
| Bravo Residential Funding Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.94%, 02/25/49<sup>(a)</sup> |  | 390 | &nbsp;&nbsp; 365699 |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A1, 4.85%, 09/25/62 |  | 313 | &nbsp;&nbsp; 311300 |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM4, Class A1, 6.44%, 05/25/63 |  | 946 | &nbsp;&nbsp; 952602 |
| &nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust, Series 2019-<br> ATR1, Class A12, 6.50%, 04/25/49<sup>(a)(b)</sup><br>|  | 295 | &nbsp;&nbsp; 298313 |
| CHL Mortgage Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA5, Class 3A1, (1-mo. Term SOFR + <br> 0.51%), 4.67%, 04/25/46<sup>(a)</sup><br>|  | 3147 | &nbsp;&nbsp; 3054289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-J2, Class 2A1, (1-mo. Term SOFR + <br> 0.76%), 4.92%, 07/25/37<sup>(a)</sup><br>|  | 2592 | &nbsp;&nbsp; 644880 |
| &nbsp;&nbsp;&nbsp; Series 2007-J2, Class 2A8, 6.00%, 07/25/37 |  | 1431 | &nbsp;&nbsp; 469810 |
| CIM Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-I1, Class A1, 6.03%, 04/25/58 |  | 928 | &nbsp;&nbsp; 929680 |
| &nbsp;&nbsp;&nbsp; Series 2023-I2, Class A1, 6.64%, 12/25/67 |  | 866 | &nbsp;&nbsp; 871594 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Series 2006-AR7, <br> Class 2A3A, 4.59%, 11/25/36<sup>(a)</sup><br>|  | 298 | &nbsp;&nbsp; 286095 |
| COLT Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 5.25%, 03/25/65<sup>(a)</sup> |  | 2550 | &nbsp;&nbsp; 2550577 |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class M1, 3.36%, 04/27/65<sup>(a)</sup> |  | 2850 | &nbsp;&nbsp; 2758417 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 4.55%, 04/25/67<sup>(a)</sup> |  | 1106 | &nbsp;&nbsp; 1102236 |
| &nbsp;&nbsp;&nbsp; Series 2022-9, Class A1, 6.79%, 12/25/67 |  | 214 | &nbsp;&nbsp; 213462 |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class A1, 6.60%, 07/25/68 |  | 830 | &nbsp;&nbsp; 836621 |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class A1, 5.39%, 11/25/69 |  | 1106 | &nbsp;&nbsp; 1112402 |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.54%, 12/26/69 |  | 1312 | &nbsp;&nbsp; 1322115 |
| &nbsp;&nbsp;&nbsp; Series 2024-INV4, Class A1, 5.61%, 05/25/69 |  | 1142 | &nbsp;&nbsp; 1152345 |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A1, 5.53%, 08/25/70 |  | 1782 | &nbsp;&nbsp; 1797851 |
| CSMC<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-4R, Class 1A2, (1-mo. Term SOFR + <br> 1.61%), 5.97%, 09/27/37<br>|  | 691 | &nbsp;&nbsp; 578427 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class M1, 2.28%, 02/25/66 |  | 1500 | &nbsp;&nbsp; 1160480 |
| &nbsp;&nbsp;&nbsp; CSMC Trust, Series 2022-NQM5, Class A1, 5.17%, <br> 05/25/67<sup>(a)(b)</sup><br>|  | 2245 | &nbsp;&nbsp; 2244301 |
| Ellington Financial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class M1, 5.24%, 05/25/65 |  | 500 | &nbsp;&nbsp; 513814 |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.93%, 06/25/66 |  | 164 | &nbsp;&nbsp; 138014 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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; Flagstar Mortgage Trust, Series 2021-4, Class A1, <br> 2.50%, 06/01/51<sup>(a)(b)</sup><br>| USD | 1883 | &nbsp;&nbsp; $1564120 |
| GCAT Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM3, Class A1, 4.35%, 04/25/67 |  | 824 | &nbsp;&nbsp; 821507 |
| &nbsp;&nbsp;&nbsp; Series 2024-INV4, Class A2, 5.50%, 12/25/54 |  | 886 | &nbsp;&nbsp; 889838 |
| Homes Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, Class A1, 5.72%, 10/25/69 |  | 521 | &nbsp;&nbsp; 525605 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.63%, 02/25/70 |  | 1239 | &nbsp;&nbsp; 1249871 |
| &nbsp;&nbsp;&nbsp; Homeward Opportunities Fund Trust, Series 2022-1, <br> Class A1, 5.08%, 07/25/67<sup>(b)</sup><br>|  | 840 | &nbsp;&nbsp; 838369 |
| JP Morgan Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-DSC1, Class A1, 4.75%, 01/25/63 |  | 417 | &nbsp;&nbsp; 411891 |
| &nbsp;&nbsp;&nbsp; Series 2023-DSC1, Class A1, 4.63%, 07/25/63 |  | 270 | &nbsp;&nbsp; 265044 |
| &nbsp;&nbsp;&nbsp; Series 2024-INV1, Class A3, 5.50%, 04/25/55 |  | 1655 | &nbsp;&nbsp; 1663343 |
| &nbsp;&nbsp;&nbsp; Series 2025-VIS3, Class A1, 5.06%, 02/25/66 |  | 2000 | &nbsp;&nbsp; 1999989 |
| MFA Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class M1, 2.31%, 04/25/65<sup>(a)</sup> |  | 2000 | &nbsp;&nbsp; 1697900 |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A1, 6.62%, 07/25/68 |  | 1146 | &nbsp;&nbsp; 1156626 |
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Trust, Series 2023-NQM2, Class A1, <br> 6.24%, 12/25/67<sup>(b)</sup><br>|  | 1281 | &nbsp;&nbsp; 1283056 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Re-REMIC Trust, Series 2010-R5, <br> Class 7B, 3.85%, 05/26/37<sup>(b)</sup><br>|  | 2442 | &nbsp;&nbsp; 3054435 |
| Morgan Stanley Residential Mortgage Loan Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/25/65 |  | 4000 | &nbsp;&nbsp; 3904912 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, 5.65%, 10/25/69 |  | 1300 | &nbsp;&nbsp; 1308980 |
| &nbsp;&nbsp;&nbsp; Nomura Asset Acceptance Corp. Alternative Loan Trust, <br> Series 2006-AF1, Class 1A2, 6.16%, 05/25/36<sup>(a)</sup><br>|  | 6400 | &nbsp;&nbsp; 1136070 |
| OBX Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 |  | 407 | &nbsp;&nbsp; 406483 |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM1, Class A1, 6.12%, 11/25/62<sup>(a)</sup> |  | 337 | &nbsp;&nbsp; 336247 |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 |  | 982 | &nbsp;&nbsp; 989596 |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |  | 944 | &nbsp;&nbsp; 951697 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM17, Class A1, 5.61%, 11/25/64<sup>(a)</sup> |  | 1074 | &nbsp;&nbsp; 1083065 |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, <br> 10/25/59<sup>(a)(b)</sup><br>|  | 1762 | &nbsp;&nbsp; 1773381 |
| &nbsp;&nbsp;&nbsp; PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%, <br> 06/25/58<sup>(b)</sup><br>|  | 849 | &nbsp;&nbsp; 851865 |
| &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, Series 2024-1, <br> Class A1, 5.50%, 12/25/54<sup>(a)(b)</sup><br>|  | 1397 | &nbsp;&nbsp; 1404078 |
| &nbsp;&nbsp;&nbsp; Radian Mortgage Capital Trust, Series 2024-J2, <br> Class A4, 5.50%, 03/25/55<sup>(a)(b)</sup><br>|  | 635 | &nbsp;&nbsp; 635091 |
| &nbsp;&nbsp;&nbsp; Residential Asset Securitization Trust, Series 2006-A8, <br> Class 2A5, (1-mo. Term SOFR + 0.71%), 4.87%, <br> 08/25/36<sup>(a)</sup><br>|  | 6300 | &nbsp;&nbsp; 1191521 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series 2024-INV1, Class A3, <br> 5.50%, 10/25/54<sup>(a)(b)</sup><br>|  | 879 | &nbsp;&nbsp; 883395 |
| &nbsp;&nbsp;&nbsp; SG Residential Mortgage Trust, Series 2022-2, <br> Class A1, 5.35%, 08/25/62<sup>(b)</sup><br>|  | 565 | &nbsp;&nbsp; 564844 |
| &nbsp;&nbsp;&nbsp; Spruce Hill Mortgage Loan Trust, Series 2022-SH1, <br> Class A1A, 4.10%, 07/25/57<sup>(b)</sup><br>|  | 573 | &nbsp;&nbsp; 568404 |
| &nbsp;&nbsp;&nbsp; STAR Trust, Series 2021-1, Class M1, 2.36%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 1750 | &nbsp;&nbsp; 1561528 |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2020-3, <br> Class M1, 3.54%, 04/25/65<sup>(a)(b)</sup><br>|  | 1057 | &nbsp;&nbsp; 953266 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2017-4, Class A1, <br> 2.75%, 06/25/57<sup>(a)(b)</sup><br>|  | 14 | &nbsp;&nbsp; 13706 |
| Verus Securitization Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 4.13%, 02/25/67 |  | 380 | &nbsp;&nbsp; 365488 |
| &nbsp;&nbsp;&nbsp; Series 2022-INV2, Class A1, 6.79%, 10/25/67 |  | 349 | &nbsp;&nbsp; 347368 |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A1, 5.85%, 12/25/67 |  | 221 | &nbsp;&nbsp; 221274 |
| &nbsp;&nbsp;&nbsp; Series 2023-5, Class A1, 6.48%, 06/25/68 |  | 705 | &nbsp;&nbsp; 709354 |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A1, 5.36%, 10/25/69<sup>(a)</sup> |  | 1528 | &nbsp;&nbsp; 1536126 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(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)** |
| Verus Securitization Trust<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-R1, Class A1, 5.22%, 09/25/69<sup>(a)</sup> | USD | 1508 | &nbsp;&nbsp; $1509042 |
| Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58<sup>(b)</sup> |  | 1196 | &nbsp;&nbsp; 1206270 |
|  |  |  | &nbsp;&nbsp; 97035356 |
| **Commercial Mortgage-Backed Securities — 3.4%** | **Commercial Mortgage-Backed Securities — 3.4%** | **Commercial Mortgage-Backed Securities — 3.4%** | **Commercial Mortgage-Backed Securities — 3.4%** |
| Bank, Series 2025-5YR17, Class B, 11/15/58<sup>(a)(d)</sup> |  | 409 | &nbsp;&nbsp; 421725 |
| &nbsp;&nbsp;&nbsp; Bayview Commercial Asset Trust, Series 2007-2A, <br> Class A1, (1-mo. Term SOFR + 0.52%), 4.68%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 951 | &nbsp;&nbsp; 882856 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series 2025-C35, Class C, <br> 6.32%, 07/15/58<sup>(a)</sup><br>|  | 643 | &nbsp;&nbsp; 653144 |
| BFLD Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-UNIV, Class D, (1-mo. Term SOFR + <br> 2.69%), 6.84%, 11/15/41<br>|  | 630 | &nbsp;&nbsp; 632363 |
| &nbsp;&nbsp;&nbsp; Series 2025-5MW, Class D, 6.37%, 10/10/42 |  | 968 | &nbsp;&nbsp; 966765 |
| &nbsp;&nbsp;&nbsp; BHMS Commercial Mortgage Trust, Series 2025-ATLS, <br> Class A, (1-mo. Term SOFR + 1.85%), 6.00%, <br> 08/15/42<sup>(a)(b)</sup><br>|  | 435 | &nbsp;&nbsp; 436226 |
| &nbsp;&nbsp;&nbsp; BLP Commercial Mortgage Trust, Series 2024-INDS, <br> Class D, (1-mo. Term SOFR + 2.59%), 6.74%, <br> 03/15/41<sup>(a)(b)</sup><br>|  | 379 | &nbsp;&nbsp; 379057 |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Series 2025-C13, Class A5, <br> 10/15/58<sup>(d)</sup><br>|  | 1972 | &nbsp;&nbsp; 2037738 |
| &nbsp;&nbsp;&nbsp; BPR Commercial Mortgage Trust, Series 2024-PARK, <br> Class D, 7.23%, 11/05/39<sup>(a)(b)</sup><br>|  | 200 | &nbsp;&nbsp; 206353 |
| BSTN Commercial Mortgage Trust, 04/13/41<sup>(a)(b)(d)</sup> |  | 265 | &nbsp;&nbsp; 265000 |
| BX Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class A, (1-mo. Term SOFR + <br> 1.04%), 5.19%, 12/15/38<br>|  | 528 | &nbsp;&nbsp; 527457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class A, (1-mo. Term SOFR + <br> 0.78%), 4.94%, 06/15/38<br>|  | 1447 | &nbsp;&nbsp; 1445713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LP2, Class A, (1-mo. Term SOFR + <br> 1.01%), 5.16%, 02/15/39<br>|  | 606 | &nbsp;&nbsp; 605480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class C, (1-mo. Term SOFR + <br> 1.94%), 6.09%, 02/15/39<br>|  | 451 | &nbsp;&nbsp; 452429 |
| BX Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10/15/27<sup>(d)</sup> |  | 418 | &nbsp;&nbsp; 418000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV, (1-mo. Term SOFR + <br> 0.91%), 5.07%, 02/15/36<br>|  | 1650 | &nbsp;&nbsp; 1649484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DELC, Class A, (1-mo. Term SOFR + <br> 2.69%), 6.84%, 05/15/38<br>|  | 140 | &nbsp;&nbsp; 140873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO, Class C, (1-mo. Term SOFR + <br> 2.64%), 6.79%, 02/15/41<br>|  | 240 | &nbsp;&nbsp; 239175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class C, (1-mo. Term SOFR + <br> 1.94%), 6.09%, 04/15/41<br>|  | 615 | &nbsp;&nbsp; 615907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class B, (1-mo. Term SOFR + <br> 3.04%), 7.19%, 03/15/41<br>|  | 170 | &nbsp;&nbsp; 170000 |
| &nbsp;&nbsp;&nbsp; Century Plaza Towers, Series 2019-CPT, Class C, <br> 3.10%, 11/13/39<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 220651 |
| &nbsp;&nbsp;&nbsp; CONE Trust, Series 2024-DFW1, Class D, (1-mo. Term <br> SOFR + 3.04%), 7.19%, 08/15/41<sup>(a)(b)</sup><br>|  | 660 | &nbsp;&nbsp; 659416 |
| &nbsp;&nbsp;&nbsp; CSMC, Series 2021-BHAR, Class C, (1-mo. Term SOFR <br> + 2.11%), 6.27%, 11/15/38<sup>(a)(b)</sup><br>|  | 270 | &nbsp;&nbsp; 266878 |
| DC Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class C, 7.29%, 04/13/40 |  | 220 | &nbsp;&nbsp; 219969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LXP, Class B, (1-mo. Term SOFR + <br> 1.84%), 5.99%, 08/15/37<br>|  | 188 | &nbsp;&nbsp; 188059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LXP, Class C, (1-mo. Term SOFR + <br> 2.24%), 6.39%, 08/15/37<br>|  | 202 | &nbsp;&nbsp; 202189 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Extended Stay America Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class D, (1-mo. Term SOFR + <br> 2.36%), 6.51%, 07/15/38<br>| USD | 1206 | &nbsp;&nbsp; $1205885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class F, (1-mo. Term SOFR + <br> 3.81%), 7.96%, 07/15/38<br>|  | 765 | &nbsp;&nbsp; 764851 |
| &nbsp;&nbsp;&nbsp; Series 2025-ESH, Class B, 10/15/42<sup>(d)</sup> |  | 1750 | &nbsp;&nbsp; 1750000 |
| GS Mortgage Securities Corp. Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-mo. Term SOFR + 3.45%), 7.59%, 11/25/41 |  | 500 | &nbsp;&nbsp; 499948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FUN, Class B, (1-mo. Term SOFR + <br> 2.79%), 6.94%, 03/15/28<br>|  | 550 | &nbsp;&nbsp; 552750 |
| &nbsp;&nbsp;&nbsp; Series 2023-SHIP, Class E, 7.68%, 09/10/38 |  | 275 | &nbsp;&nbsp; 276975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-800D, Class A, (1-mo. Term SOFR + <br> 2.65%), 6.79%, 11/25/41<br>|  | 120 | &nbsp;&nbsp; 120170 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities <br> Trust, Series 2016-NINE, Class B, 2.95%, <br> 09/06/38<sup>(a)(b)</sup><br>|  | 275 | &nbsp;&nbsp; 269928 |
| &nbsp;&nbsp;&nbsp; JW Commercial Mortgage Trust, Series 2024-MRCO, <br> Class C, (1-mo. Term SOFR + 2.39%), 6.54%, <br> 06/15/39<sup>(a)(b)</sup><br>|  | 800 | &nbsp;&nbsp; 801500 |
| &nbsp;&nbsp;&nbsp; MCR Mortgage Trust, Series 2024-TWA, Class E, <br> 8.73%, 06/12/39<sup>(b)</sup><br>|  | 790 | &nbsp;&nbsp; 803304 |
| &nbsp;&nbsp;&nbsp; MF1 Trust, Series 2021-W10, Class A, (1-mo. Term <br> SOFR + 1.07%), 5.22%, 12/15/34<sup>(a)(b)</sup><br>|  | 520 | &nbsp;&nbsp; 519814 |
| &nbsp;&nbsp;&nbsp; MIC Trust, Series 2023-MIC, Class B, 9.86%, <br> 12/05/38<sup>(a)(b)</sup><br>|  | 233 | &nbsp;&nbsp; 252462 |
| &nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust, Series 2022-LPFL, <br> Class A, (1-mo. Term SOFR + 1.40%), 5.56%, <br> 03/15/39<sup>(a)(b)</sup><br>|  | 409 | &nbsp;&nbsp; 408872 |
| &nbsp;&nbsp;&nbsp; NRTH Commercial Mortgage Trust, Series 2025-PARK, <br> Class B, 10/15/40<sup>(a)(b)(d)</sup><br>|  | 234 | &nbsp;&nbsp; 233415 |
| &nbsp;&nbsp;&nbsp; SELF Commercial Mortgage Trust, Series 2024-STRG, <br> Class D, (1-mo. Term SOFR + 2.94%), 7.09%, <br> 11/15/34<sup>(a)(b)</sup><br>|  | 270 | &nbsp;&nbsp; 269409 |
| &nbsp;&nbsp;&nbsp; VEGAS, Series 2024-GCS, Class D, 6.42%, <br> 07/10/36<sup>(a)(b)</sup><br>|  | 650 | &nbsp;&nbsp; 643001 |
| &nbsp;&nbsp;&nbsp; VRTX Trust, Series 2025-HQ, Class B, 5.67%, <br> 08/05/42<sup>(a)(b)</sup><br>|  | 620 | &nbsp;&nbsp; 626151 |
| &nbsp;&nbsp;&nbsp; VTR Commercial Mortgage Trust, Series 2025-STEM, <br> Class D, 10/13/41<sup>(a)(b)(d)</sup><br>|  | 381 | &nbsp;&nbsp; 381426 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-LC25, Class A4, 3.64%, 12/15/59 |  | 1600 | &nbsp;&nbsp; 1582004 |
| &nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class D, 7.08%, 07/15/43<sup>(b)</sup> |  | 250 | &nbsp;&nbsp; 251824 |
|  |  |  | &nbsp;&nbsp; 27116596 |
| **Total Non-Agency Mortgage-Backed Securities — 15.5%** <br>**(Cost: $139,433,323)** | **Total Non-Agency Mortgage-Backed Securities — 15.5%** <br>**(Cost: $139,433,323)** | **Total Non-Agency Mortgage-Backed Securities — 15.5%** <br>**(Cost: $139,433,323)** | &nbsp;&nbsp; 124151952 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 6.7%**<sup>(a)</sup> | **Capital Trusts — 6.7%**<sup>(a)</sup> | **Capital Trusts — 6.7%**<sup>(a)</sup> | **Capital Trusts — 6.7%**<sup>(a)</sup> |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |  |
| Bank of America Corp., 6.63%<sup>(j)</sup> |  | 3635 | &nbsp;&nbsp; 3782178 |
| Bank of Montreal, 7.70%, 05/26/84<sup>(g)</sup> |  | 3000 | &nbsp;&nbsp; 3179127 |
| Barclays PLC<sup>(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% |  | 2835 | &nbsp;&nbsp; 2719705 |
| &nbsp;&nbsp;&nbsp; 8.00% |  | 200 | &nbsp;&nbsp; 211709 |
| &nbsp;&nbsp;&nbsp; 9.63% |  | 1105 | &nbsp;&nbsp; 1254464 |
| Citigroup, Inc., Series BB, 7.20%<sup>(j)</sup> |  | 2500 | &nbsp;&nbsp; 2580377 |
| Credit Agricole SA, 6.70%<sup>(b)(j)</sup> |  | 3000 | &nbsp;&nbsp; 3011730 |
| HSBC Holdings PLC<sup>(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70% |  | 465 | &nbsp;&nbsp; 438678 |
| &nbsp;&nbsp;&nbsp; 6.00%<sup>(g)</sup> |  | 230 | &nbsp;&nbsp; 230893 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |  |
| JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series II, 6.73%<sup>(j)</sup> | USD | 4000 | &nbsp;&nbsp; $4013044 |
| &nbsp;&nbsp;&nbsp; Series U, 5.51%, 01/15/87 |  | 358 | &nbsp;&nbsp; 332932 |
| Lloyds Banking Group PLC, 6.75%<sup>(j)</sup> |  | 515 | &nbsp;&nbsp; 520433 |
| NatWest Group PLC, 8.13%<sup>(j)</sup> |  | 595 | &nbsp;&nbsp; 669824 |
| Nordea Bank Abp, 3.75%<sup>(b)(j)</sup> |  | 560 | &nbsp;&nbsp; 519399 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc., Series W, <br> 6.25%<sup>(g)(j)</sup><br>|  | 4156 | &nbsp;&nbsp; 4264476 |
|  |  |  | &nbsp;&nbsp; 27728969 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |  |
| State Street Corp., 5.30%, 06/01/77 |  | 624 | &nbsp;&nbsp; 564655 |
| **Diversified Telecommunication Services**<sup>(e)</sup> **— 0.1%** | **Diversified Telecommunication Services**<sup>(e)</sup> **— 0.1%** | **Diversified Telecommunication Services**<sup>(e)</sup> **— 0.1%** |  |
| British Telecommunications PLC, 8.38%, 12/20/83 | GBP | 100 | &nbsp;&nbsp; 144310 |
| Telefonica Europe BV, 6.14%<sup>(j)</sup> | EUR | 100 | &nbsp;&nbsp; 126653 |
|  |  |  | &nbsp;&nbsp; 270963 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., 5.65%, <br> 05/01/79<sup>(g)</sup><br>| USD | 4500 | &nbsp;&nbsp; 4523743 |
| PG&E Corp., 7.38%, 03/15/55 |  | 1424 | &nbsp;&nbsp; 1462947 |
|  |  |  | &nbsp;&nbsp; 5986690 |
| **Financial Services**<sup>(j)</sup> **— 1.7%** | **Financial Services**<sup>(j)</sup> **— 1.7%** | **Financial Services**<sup>(j)</sup> **— 1.7%** |  |
| Bank of New York Mellon Corp., Series I, 3.75% |  | 2845 | &nbsp;&nbsp; 2788181 |
| Goldman Sachs Group, Inc., Series W, 7.50% |  | 2500 | &nbsp;&nbsp; 2653275 |
| NatWest Group PLC, 6.00% |  | 1185 | &nbsp;&nbsp; 1186372 |
| UBS Group AG<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series NC10, 9.25% |  | 5460 | &nbsp;&nbsp; 6502134 |
| &nbsp;&nbsp;&nbsp; Series NC5, 9.25% |  | 616 | &nbsp;&nbsp; 678532 |
|  |  |  | &nbsp;&nbsp; 13808494 |
| **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** |  |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/10/54 |  | 635 | &nbsp;&nbsp; 655469 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/10/55 |  | 2605 | &nbsp;&nbsp; 2734581 |
|  |  |  | &nbsp;&nbsp; 3390050 |
| **Independent Power and Renewable Electricity Producers**<sup>(b)(j)</sup> **— 0.1%** | **Independent Power and Renewable Electricity Producers**<sup>(b)(j)</sup> **— 0.1%** | **Independent Power and Renewable Electricity Producers**<sup>(b)(j)</sup> **— 0.1%** |  |
| NRG Energy, Inc., 10.25% |  | 625 | &nbsp;&nbsp; 681479 |
| Vistra Corp., 7.00% |  | 267 | &nbsp;&nbsp; 271077 |
|  |  |  | &nbsp;&nbsp; 952556 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| Heimstaden Bostad AB, 2.63%<sup>(e)(j)</sup> | EUR | 100 | &nbsp;&nbsp; 112989 |
| **Utilities — 0.0%** | **Utilities — 0.0%** | **Utilities — 0.0%** |  |
| Electricite de France SA, 3.00%<sup>(e)(j)</sup> |  | 200 | &nbsp;&nbsp; 230781 |
|  |  |  | &nbsp;&nbsp; 53046147 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 0.3%**<sup>(f)</sup> | **Preferred Stocks — 0.3%**<sup>(f)</sup> | **Preferred Stocks — 0.3%**<sup>(f)</sup> |
| **Capital Markets — 0.3%** | **Capital Markets — 0.3%** |  |
| Morgan Stanley, Series F<sup>(j)</sup> | 100000 | &nbsp;&nbsp; 2515000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **IT Services**<sup>(c)</sup> **— 0.0%** | **IT Services**<sup>(c)</sup> **— 0.0%** |  |
| Veritas Kapital Assurance PLC |  |  |
| &nbsp;&nbsp;&nbsp; Series G | 842 | &nbsp;&nbsp; $19155 |
| &nbsp;&nbsp;&nbsp; Series G-1 | 582 | &nbsp;&nbsp; 13241 |
|  |  | &nbsp;&nbsp; 32396 |
|  |  | &nbsp;&nbsp; 2547396 |
| **Total Preferred Securities — 7.0%** <br>**(Cost: $54,408,795)** | **Total Preferred Securities — 7.0%** <br>**(Cost: $54,408,795)** | &nbsp;&nbsp; 55593543 |

---

&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 — 0.6%** | **Collateralized Mortgage Obligations — 0.6%** | **Collateralized Mortgage Obligations — 0.6%** |  |
| Fannie Mae REMICS |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-74, Class AT, 5.00%, 09/25/55 | USD | 3482 | &nbsp;&nbsp; 3452998 |
| &nbsp;&nbsp;&nbsp; Series 5209, Class EQ, 3.00%, 04/25/52 |  | 1340 | &nbsp;&nbsp; 1014624 |
| &nbsp;&nbsp;&nbsp; Ginnie Mae, Series 2017-136, Class GB, 3.00%, <br> 03/20/47<br>|  | 443 | &nbsp;&nbsp; 424675 |
|  |  |  | &nbsp;&nbsp; 4892297 |
| **Interest Only Collateralized Mortgage Obligations — 0.4%** | **Interest Only Collateralized Mortgage Obligations — 0.4%** | **Interest Only Collateralized Mortgage Obligations — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Fannie Mae REMICS, Series 5112, Class KI, 3.50%, <br> 06/25/51<br>|  | 4657 | &nbsp;&nbsp; 870967 |
| Ginnie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-151, Class IA, 3.50%, 12/20/49 |  | 8780 | &nbsp;&nbsp; 1631947 |
| &nbsp;&nbsp;&nbsp; Series 2021-175, Class IE, 4.00%, 09/20/47 |  | 4219 | &nbsp;&nbsp; 879270 |
|  |  |  | &nbsp;&nbsp; 3382184 |
| **Mortgage-Backed Securities — 11.6%** | **Mortgage-Backed Securities — 11.6%** | **Mortgage-Backed Securities — 11.6%** |  |
| Freddie Mac Mortgage-Backed Securities<sup>(g)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/01/32 |  | 1854 | &nbsp;&nbsp; 1782607 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/39 |  | 2745 | &nbsp;&nbsp; 2700617 |
| Ginnie Mae Mortgage-Backed Securities<sup>(g)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/20/55 |  | 261 | &nbsp;&nbsp; 265305 |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/20/55 |  | 170 | &nbsp;&nbsp; 176762 |
| Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/01/31 - 09/01/35<sup>(g)</sup> |  | 7352 | &nbsp;&nbsp; 6834502 |
| &nbsp;&nbsp;&nbsp; 2.50%, 12/01/31<sup>(g)</sup> |  | 522 | &nbsp;&nbsp; 503405 |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/01/36 - 06/01/36<sup>(g)</sup> |  | 5878 | &nbsp;&nbsp; 5287743 |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/42 - 06/01/49<sup>(g)</sup> |  | 15990 | &nbsp;&nbsp; 15035035 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/44 - 05/01/53<sup>(g)</sup> |  | 9861 | &nbsp;&nbsp; 9729547 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/44 - 11/01/45<sup>(g)</sup> |  | 11441 | &nbsp;&nbsp; 11594076 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/52<sup>(g)</sup> |  | 24514 | &nbsp;&nbsp; 23549034 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/01/54<sup>(g)</sup> |  | 4101 | &nbsp;&nbsp; 4284676 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/54 |  | 4981 | &nbsp;&nbsp; 5039365 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/15/54<sup>(o)</sup> |  | 6000 | &nbsp;&nbsp; 6129526 |
|  |  |  | &nbsp;&nbsp; 92912200 |
| **Total U.S. Government Sponsored Agency Securities — 12.6%** <br>**(Cost: $99,573,451)** | **Total U.S. Government Sponsored Agency Securities — 12.6%** <br>**(Cost: $99,573,451)** | **Total U.S. Government Sponsored Agency Securities — 12.6%** <br>**(Cost: $99,573,451)** | &nbsp;&nbsp; 101186681 |
| **Total Long-Term Investments — 126.9%** <br>**(Cost: $1,023,795,811)** | **Total Long-Term Investments — 126.9%** <br>**(Cost: $1,023,795,811)** | **Total Long-Term Investments — 126.9%** <br>**(Cost: $1,023,795,811)** | &nbsp;&nbsp; 1016232527 |

---

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 4.01%<sup>(p)(q)</sup><br>| 6698506 | &nbsp;&nbsp; $6698506 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $6,698,506)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $6,698,506)** | &nbsp;&nbsp; 6698506 |
| **Total Investments — 127.7%** <br>**(Cost: $1,030,494,317)** | **Total Investments — 127.7%** <br>**(Cost: $1,030,494,317)** | &nbsp;&nbsp; 1022931033 |
| **Liabilities in Excess of Other Assets — (27.7)%** | **Liabilities in Excess of Other Assets — (27.7)%** | &nbsp;&nbsp; (222059912)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $800871121 |

---

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

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

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

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

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

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

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

<sup>(g)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. 

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

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

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

<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. 

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

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

<sup>(n)</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>(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.

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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $5197114<br> $1501392 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $6698506 | 6698506 | $194460 | $— |

---

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

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

**Reverse Repurchase Agreements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp; *Trade* <br>*Date*<br>| &nbsp;&nbsp; *Maturity* <br>*Date*<sup>(a)</sup> <br>| *Face Value* | &nbsp;&nbsp; *Face Value* <br>*Including* <br>*Accrued Interest*<br>| &nbsp;&nbsp; *Type of Non-Cash Underlying* <br> *Collateral*<br>| &nbsp;&nbsp; *Remaining* <br>*Contractual Maturity* <br>*of the Agreements*<sup>(a)</sup> <br>|
| Nomura Securities International, Inc.<br> 4.07 %<sup>(b)</sup><br>| 07/01/25 | Open | &nbsp;&nbsp;&nbsp; $136139 | &nbsp;&nbsp;&nbsp; $137642 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc.<br> 4.07 <br><sup>(b)</sup><br>| 07/01/25 | Open | &nbsp;&nbsp;&nbsp; 228401 | &nbsp;&nbsp;&nbsp; 230923 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.10 <br><sup>(b)</sup><br>| 07/01/25 | Open | &nbsp;&nbsp;&nbsp; 167873 | &nbsp;&nbsp;&nbsp; 169784 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc.<br> 4.20 <br><sup>(b)</sup><br>| 07/01/25 | Open | &nbsp;&nbsp;&nbsp; 1167650 | &nbsp;&nbsp;&nbsp; 1180929 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.23 <br><sup>(b)</sup><br>| 07/01/25 | Open | &nbsp;&nbsp;&nbsp; 130730 | &nbsp;&nbsp;&nbsp; 132227 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.14 <br><sup>(b)</sup><br>| 07/21/25 | Open | &nbsp;&nbsp;&nbsp; 630190 | &nbsp;&nbsp;&nbsp; 635723 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.14 <br><sup>(b)</sup><br>| 07/21/25 | Open | &nbsp;&nbsp;&nbsp; 906840 | &nbsp;&nbsp;&nbsp; 914802 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC<br> 4.10 <br><sup>(b)</sup><br>| 08/07/25 | Open | &nbsp;&nbsp;&nbsp; 242688 | &nbsp;&nbsp;&nbsp; 244300 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC<br> 3.75 <br><sup>(b)</sup><br>| 08/13/25 | Open | &nbsp;&nbsp;&nbsp; 732139 | &nbsp;&nbsp;&nbsp; 736125 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC<br> 0.50 <br><sup>(b)</sup><br>| 08/19/25 | Open | &nbsp;&nbsp;&nbsp; 176050 | &nbsp;&nbsp;&nbsp; 176208 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC<br> 0.75 <br><sup>(b)</sup><br>| 08/19/25 | Open | &nbsp;&nbsp;&nbsp; 187425 | &nbsp;&nbsp;&nbsp; 187649 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC<br> &nbsp;&nbsp; (0.25 )<sup>(b)</sup><br>| 08/26/25 | Open | &nbsp;&nbsp;&nbsp; 110500 | &nbsp;&nbsp;&nbsp; 110499 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC<br> 3.50 <br><sup>(b)</sup><br>| 08/26/25 | Open | &nbsp;&nbsp;&nbsp; 499056 | &nbsp;&nbsp;&nbsp; 500928 | Corporate Bonds | Open/Demand |
| Citigroup Global Markets, Inc.<br> 2.25 <br><sup>(b)</sup><br>| 08/27/25 | Open | &nbsp;&nbsp;&nbsp; 906475 | &nbsp;&nbsp;&nbsp; 908678 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC<br> 3.25 <br><sup>(b)</sup><br>| 09/04/25 | Open | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300788 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC<br> 3.75 <br><sup>(b)</sup><br>| 09/09/25 | Open | &nbsp;&nbsp;&nbsp; 418600 | &nbsp;&nbsp;&nbsp; 419623 | Corporate Bonds | Open/Demand |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest*<br> *Rate*<br>| &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><br>| *Face Value* | &nbsp;&nbsp; *Face Value*<br> *Including*<br> *Accrued Interest*<br>| &nbsp;&nbsp; *Type of Non-Cash Underlying* <br> *Collateral*<br>| &nbsp;&nbsp; *Remaining*<br> *Contractual Maturity*<br> *of the Agreements*<sup>(a)</sup><br>|
| Bank of Montreal | 4.33<br> % <br>| 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; $9694429 | &nbsp;&nbsp;&nbsp; $9713086 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 6253160 | &nbsp;&nbsp;&nbsp; 6265166 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 2526075 | &nbsp;&nbsp;&nbsp; 2530925 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 96350 | &nbsp;&nbsp;&nbsp; 96535 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 4301286 | &nbsp;&nbsp;&nbsp; 4309545 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 2312693 | &nbsp;&nbsp;&nbsp; 2317133 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 477650 | &nbsp;&nbsp;&nbsp; 478567 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 1697062 | &nbsp;&nbsp;&nbsp; 1700320 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 5285789 | &nbsp;&nbsp;&nbsp; 5295937 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 4131370 | &nbsp;&nbsp;&nbsp; 4139302 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 4829326 | &nbsp;&nbsp;&nbsp; 4838599 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 5695373 | &nbsp;&nbsp;&nbsp; 5706308 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 5036730 | &nbsp;&nbsp;&nbsp; 5046400 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 302759 | &nbsp;&nbsp;&nbsp; 303341 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 1546979 | &nbsp;&nbsp;&nbsp; 1549949 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 22556385 | &nbsp;&nbsp;&nbsp; 22599693 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 1300520 | &nbsp;&nbsp;&nbsp; 1303017 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 169021 | &nbsp;&nbsp;&nbsp; 169345 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Wells Fargo Securities, LLC | 4.32 | 09/12/25 | 10/14/25 | &nbsp;&nbsp;&nbsp; 159861 | &nbsp;&nbsp;&nbsp; 160168 | &nbsp;&nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Barclays Bank PLC | 4.24 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 720312 | &nbsp;&nbsp;&nbsp; 721480 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 2955000 | &nbsp;&nbsp;&nbsp; 2959802 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 3052500 | &nbsp;&nbsp;&nbsp; 3057460 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 2123437 | &nbsp;&nbsp;&nbsp; 2126888 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 2184560 | &nbsp;&nbsp;&nbsp; 2188110 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 1551150 | &nbsp;&nbsp;&nbsp; 1553671 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 1191062 | &nbsp;&nbsp;&nbsp; 1192998 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 631000 | &nbsp;&nbsp;&nbsp; 632025 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 668000 | &nbsp;&nbsp;&nbsp; 669086 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 718875 | &nbsp;&nbsp;&nbsp; 720043 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 1097512 | &nbsp;&nbsp;&nbsp; 1099296 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 843750 | &nbsp;&nbsp;&nbsp; 845121 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 952500 | &nbsp;&nbsp;&nbsp; 954048 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 879444 | &nbsp;&nbsp;&nbsp; 880873 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.40 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 3261094 | &nbsp;&nbsp;&nbsp; 3266570 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.40 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 4136562 | &nbsp;&nbsp;&nbsp; 4143508 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 4.05 | 09/19/25 | 10/02/25 | &nbsp;&nbsp;&nbsp; 658735 | &nbsp;&nbsp;&nbsp; 659624 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.15 | 09/19/25 | 10/02/25 | &nbsp;&nbsp;&nbsp; 187188 | &nbsp;&nbsp;&nbsp; 187446 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.20 | 09/19/25 | 10/02/25 | &nbsp;&nbsp;&nbsp; 596600 | &nbsp;&nbsp;&nbsp; 597435 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 471800 | &nbsp;&nbsp;&nbsp; 472461 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 4.15 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 132914 | &nbsp;&nbsp;&nbsp; 133097 | Foreign Agency Obligations | Up to 30 Days |
| Barclays Capital, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 217573 | &nbsp;&nbsp;&nbsp; 217878 | Capital Trusts | Up to 30 Days |
| Barclays Capital, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 148395 | &nbsp;&nbsp;&nbsp; 148603 | Capital Trusts | Up to 30 Days |
| Barclays Capital, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 1758140 | &nbsp;&nbsp;&nbsp; 1760601 | Corporate Bonds | Up to 30 Days |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest*<br> *Rate*<br>| &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><br>| *Face Value* | &nbsp;&nbsp; *Face Value*<br> *Including*<br> *Accrued Interest*<br>| &nbsp;&nbsp; *Type of Non-Cash Underlying* <br> *Collateral*<br>| &nbsp;&nbsp; *Remaining*<br> *Contractual Maturity*<br> *of the Agreements*<sup>(a)</sup><br>|
| BofA Securities, Inc. | 3.25<br> % <br>| 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; $1414220 | &nbsp;&nbsp;&nbsp; $1415752 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 3.70 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 88298 | &nbsp;&nbsp;&nbsp; 88406 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 3.90 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 1244995 | &nbsp;&nbsp;&nbsp; 1246614 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 3.90 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 788326 | &nbsp;&nbsp;&nbsp; 789351 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 3.95 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 966107 | &nbsp;&nbsp;&nbsp; 967380 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 3.95 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 231800 | &nbsp;&nbsp;&nbsp; 232105 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.00 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 411618 | &nbsp;&nbsp;&nbsp; 412166 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.05 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 3143230 | &nbsp;&nbsp;&nbsp; 3147473 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.10 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 704975 | &nbsp;&nbsp;&nbsp; 705938 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.10 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 921157 | &nbsp;&nbsp;&nbsp; 922416 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.10 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 245630 | &nbsp;&nbsp;&nbsp; 245966 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.10 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 1272180 | &nbsp;&nbsp;&nbsp; 1273919 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 307090 | &nbsp;&nbsp;&nbsp; 307515 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 688975 | &nbsp;&nbsp;&nbsp; 689928 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 1087414 | &nbsp;&nbsp;&nbsp; 1088919 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 164378 | &nbsp;&nbsp;&nbsp; 164605 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 425250 | &nbsp;&nbsp;&nbsp; 425838 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 414269 | &nbsp;&nbsp;&nbsp; 414842 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 463024 | &nbsp;&nbsp;&nbsp; 463664 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 102503 | &nbsp;&nbsp;&nbsp; 102644 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 451913 | &nbsp;&nbsp;&nbsp; 452538 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 464145 | &nbsp;&nbsp;&nbsp; 464795 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 358440 | &nbsp;&nbsp;&nbsp; 358942 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 386719 | &nbsp;&nbsp;&nbsp; 387260 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 492083 | &nbsp;&nbsp;&nbsp; 492771 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 2185772 | &nbsp;&nbsp;&nbsp; 2188833 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 689367 | &nbsp;&nbsp;&nbsp; 690333 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 3580500 | &nbsp;&nbsp;&nbsp; 3585513 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 797600 | &nbsp;&nbsp;&nbsp; 798716 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 3060000 | &nbsp;&nbsp;&nbsp; 3064284 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 882812 | &nbsp;&nbsp;&nbsp; 884048 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 1152742 | &nbsp;&nbsp;&nbsp; 1154356 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 754459 | &nbsp;&nbsp;&nbsp; 755515 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 1372312 | &nbsp;&nbsp;&nbsp; 1374234 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.25 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 1430625 | &nbsp;&nbsp;&nbsp; 1432652 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.25 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 1291875 | &nbsp;&nbsp;&nbsp; 1293705 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.27 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 4381875 | &nbsp;&nbsp;&nbsp; 4388112 | Capital Trusts | Up to 30 Days |
| BofA Securities, Inc. | 4.27 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 3026250 | &nbsp;&nbsp;&nbsp; 3030557 | Capital Trusts | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 09/19/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 384750 | &nbsp;&nbsp;&nbsp; 385308 | Corporate Bonds | Up to 30 Days |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/19/25 | Open | &nbsp;&nbsp;&nbsp; 729375 | &nbsp;&nbsp;&nbsp; 730408 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/19/25 | Open | &nbsp;&nbsp;&nbsp; 582750 | &nbsp;&nbsp;&nbsp; 583576 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/19/25 | Open | &nbsp;&nbsp;&nbsp; 801562 | &nbsp;&nbsp;&nbsp; 802698 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/19/25 | Open | &nbsp;&nbsp;&nbsp; 608438 | &nbsp;&nbsp;&nbsp; 609299 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/19/25 | Open | &nbsp;&nbsp;&nbsp; 555938 | &nbsp;&nbsp;&nbsp; 556725 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/19/25 | Open | &nbsp;&nbsp;&nbsp; 575060 | &nbsp;&nbsp;&nbsp; 575875 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.25 <br><sup>(b)</sup><br>| 09/19/25 | Open | &nbsp;&nbsp;&nbsp; 563500 | &nbsp;&nbsp;&nbsp; 564298 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 4.36 <br><sup>(b)</sup><br>| 09/22/25 | Open | &nbsp;&nbsp;&nbsp; 3805000 | &nbsp;&nbsp;&nbsp; 3809147 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.75 <br><sup>(b)</sup><br>| 09/23/25 | Open | &nbsp;&nbsp;&nbsp; 131250 | &nbsp;&nbsp;&nbsp; 131346 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 4.36 <br><sup>(b)</sup><br>| 09/24/25 | Open | &nbsp;&nbsp;&nbsp; 3175562 | &nbsp;&nbsp;&nbsp; 3178255 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.25 <br><sup>(b)</sup><br>| 09/25/25 | Open | &nbsp;&nbsp;&nbsp; 702229 | &nbsp;&nbsp;&nbsp; 702726 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.35 <br><sup>(b)</sup><br>| 09/25/25 | Open | &nbsp;&nbsp;&nbsp; 969615 | &nbsp;&nbsp;&nbsp; 970318 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.35 <br><sup>(b)</sup><br>| 09/25/25 | Open | &nbsp;&nbsp;&nbsp; 1697889 | &nbsp;&nbsp;&nbsp; 1699120 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.40 <br><sup>(b)</sup><br>| 09/26/25 | Open | &nbsp;&nbsp;&nbsp; 1957500 | &nbsp;&nbsp;&nbsp; 1958696 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 4.10 | 09/30/25 | 10/31/25 | &nbsp;&nbsp;&nbsp; 339750 | &nbsp;&nbsp;&nbsp; 339789 | Corporate Bonds | Up to 30 Days |
| U.S. Bancorp Investments, Inc. | 4.36 <br><sup>(b)</sup><br>| 09/30/25 | Open | &nbsp;&nbsp;&nbsp; 3319462 | &nbsp;&nbsp;&nbsp; 3319463 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 4.36 <br><sup>(b)</sup><br>| 09/30/25 | Open | &nbsp;&nbsp;&nbsp; 3570450 | &nbsp;&nbsp;&nbsp; 3570450 | Corporate Bonds | Open/Demand |
|  |  |  |  | &nbsp;&nbsp;&nbsp; $182766685 | &nbsp;&nbsp;&nbsp; $183088390 |  |  |

---

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

<sup>(a)</sup> Certain agreements have no stated maturity and can be terminated by either party at any time.

<sup>(b)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**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; 2-Year U.S. Treasury Note | &nbsp;&nbsp; 2935 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; $611558 | &nbsp;&nbsp;&nbsp;&nbsp; $(97441)<br>|
| Short Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 619 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 69638 | &nbsp;&nbsp;&nbsp;&nbsp; (427135)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 23016 | &nbsp;&nbsp;&nbsp;&nbsp; (325334)<br>|
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 48283 | &nbsp;&nbsp;&nbsp;&nbsp; (1180983)<br>|
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4928 | &nbsp;&nbsp;&nbsp;&nbsp; (153218)<br>|
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp; 876 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 95635 | &nbsp;&nbsp;&nbsp;&nbsp; (245207)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2331877)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(2429318)<br>|

---

**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 | 126990 | EUR | 107012 | Bank of America N.A. | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1246 |
| USD | 40346 | EUR | 34225 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| USD | 117607 | EUR | 100000 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| USD | 141755 | EUR | 120545 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| USD | 141888 | EUR | 120658 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| USD | 383988 | EUR | 326468 | Deutsche Bank AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371 |
| USD | 95627 | EUR | 81000 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| USD | 486711 | EUR | 412000 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881 |
| USD | 16880159 | EUR | 14275000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47096 |
| USD | 2004396 | GBP | 1478000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16434 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66587 |
| EUR | 2531 | USD | 2977 | Morgan Stanley & Co. International PLC | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 121831 | EUR | 104000 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (806)<br>|
| USD | 235081 | EUR | 200000 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (759)<br>|
| USD | 241231 | EUR | 205000 | State Street Bank and Trust Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (505)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2073)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64514 |

---

**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.HY.45.V1 | 5.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | USD | 6675 | &nbsp;&nbsp;&nbsp;&nbsp; $(524672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(511000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(13672)<br>|
| CDX.NA.IG.45.V1 | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | USD | 14075 | &nbsp;&nbsp;&nbsp;&nbsp; (323999)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (322355)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1644)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(848671)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(833355)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(15316)<br>|

---

**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>|
| CMBX.NA.7 | 3.00<br> % <br>| Monthly | Deutsche Bank AG | 01/17/47 | USD | 10087 | $1240651 | $617550 | $623101 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Credit* <br>*Rating*<sup>(a)</sup> <br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Virgin Media Finance PLC | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B- | EUR | 20 | $247 | $366 | $(119)<br>|
| CMA CGM SA | 5.00 | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 06/20/27 | BB+ | EUR | 38 | 3142 | 3330 | (188)<br>|
| Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC | EUR | 9 | 594 | (859)<br>| 1453 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 5 | 357 | (490)<br>| 847 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 15 | 1004 | (1376)<br>| 2380 |
| Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC | EUR | 4 | 291 | (409)<br>| 700 |
| Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC | EUR | 9 | 610 | (901)<br>| 1511 |
| Adler Real Estate AG | 5.00 | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/20/27 | CCC | EUR | 7 | 442 | (633)<br>| 1075 |
| Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB- | EUR | 27 | 3420 | 2714 | 706 |
| Faurecia SE | 5.00 | Quarterly | Bank of America N.A. | 12/20/29 | BB- | EUR | 15 | 1888 | 912 | 976 |
| iTraxx.XO.42.V3 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 45 | 7384 | 5766 | 1618 |
| Zegona Finance PLC | 5.00 | Quarterly | BNP Paribas SA | 06/20/30 | BB | EUR | 10 | 1814 | 1676 | 138 |
| Zegona Finance PLC | 5.00 | Quarterly | Deutsche Bank AG | 06/20/30 | BB | EUR | 10 | 1830 | 1333 | 497 |
| CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 4035 | (496261)<br>| (172966)<br>| (323295)<br>|
| CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 2017 | (248130)<br>| (86383)<br>| (161747)<br>|
| CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 4035 | (496261)<br>| (85484)<br>| (410777)<br>|
|  |  |  |  |  |  |  |  | $(1217629)<br>| $(333404)<br>| $(884225)<br>|

---

&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.

**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 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; $74231075 | &nbsp;&nbsp;&nbsp;&nbsp; $2075368 | &nbsp;&nbsp;&nbsp;&nbsp; $76306443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2977 | &nbsp;&nbsp;&nbsp;&nbsp; 11155 | &nbsp;&nbsp;&nbsp;&nbsp; 14132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 601889566 | &nbsp;&nbsp;&nbsp;&nbsp; 1271040 | &nbsp;&nbsp;&nbsp;&nbsp; 603160606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5616738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5616738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38693039 | &nbsp;&nbsp;&nbsp;&nbsp; 1568258 | &nbsp;&nbsp;&nbsp;&nbsp; 40261297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5099209 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5099209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4841926 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4841926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124151952 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124151952 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $53046147 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $53046147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 2515000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32396 | &nbsp;&nbsp;&nbsp;&nbsp; 2547396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101186681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101186681 |
| &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; 6698506 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6698506 |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1317 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1317 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (103)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (103)<br>|
|  | &nbsp;&nbsp; $9213506 | &nbsp;&nbsp;&nbsp;&nbsp; $1008760524 | &nbsp;&nbsp;&nbsp;&nbsp; $4958217 | &nbsp;&nbsp;&nbsp;&nbsp; $1022932247 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $635002 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $635002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66587 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66587 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (911442)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (911442)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2073)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2073)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (2429318)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2429318)<br>|
|  | &nbsp;&nbsp; $(2429318)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(211926)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2641244)<br>|

---

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

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

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of period end, reverse repurchase agreements of $183,088,390 are categorized as Level 2 within the fair value hierarchy.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Asset-Backed* <br>*Securities*<br>| *Common* <br>*Stocks*<br>| *Corporate* <br>*Bonds*<br>| *Fixed* <br>*Rate Loan* <br>*Interests*<br>| *Floating* <br>*Rate Loan* <br>*Interests*<br>| *Preferred* <br>*Stocks* <br>| *Total*  |
| **Assets** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp; $1482655 | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $1229479 | $3767963 | $1456688 | $28400 | $7965185 |
| Transfers into Level 3 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 1011600 |  | 125228 |  | 1136828 |
| Transfers out of Level 3 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; (1229479)<br>| (2368044)<br>| (302859)<br>|  | (3900382)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 40019 | 1144 | 4782 |  | 45945 |
| Net realized gain (loss) | &nbsp;&nbsp; (23315)<br>|  | &nbsp;&nbsp; — | 10264 | (32995)<br>|  | (46046)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(b)</sup> | &nbsp;&nbsp; 197728 | (2910)<br>| &nbsp;&nbsp; 41421 | 13337 | (6811)<br>| 3996 | 246761 |
| Purchases | &nbsp;&nbsp; 1000000 | 14065 | &nbsp;&nbsp; 178000 | 152190 | 1376881 |  | 2721136 |
| Sales | &nbsp;&nbsp; (581700)<br>|  | &nbsp;&nbsp; — | (1576854)<br>| (1052656)<br>|  | (3211210)<br>|
| Closing balance, as of September 30, 2025 | &nbsp;&nbsp; $2075368 | $11155 | &nbsp;&nbsp; $1271040 | $— | $1568258 | $32396 | $4958217 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments still held at <br> September 30, 2025<sup>(b)</sup><br>| &nbsp;&nbsp; $36075 | $(2910)<br>| &nbsp;&nbsp; $41421 | $— | $6198 | $3996 | $84779 |

---

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

<sup>(a)</sup> Rounds to less than $1.

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

The Fund's financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

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

---

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

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ARB | Airport Revenue Bonds  |
| BAB | Build America Bond |
| BMO | BMO Capital Markets |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange  |
| CMT | Constant Maturity Treasury |
| DAC | Designated Activity Company  |
| EURIBOR | Euro Interbank Offered Rate |
| GO | General Obligation Bonds |
| MTA | Month Treasury Average |
| MTN | Medium-Term Note  |
| PIK | Payment-in-Kind |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SG | Syncora Guarantee  |
| SOFR | Secured Overnight Financing Rate  |
| TBA | To-Be-Announced |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock Multi-Sector Income Trust

- **b. Investment Company Act file number:** 811-22774

- **c. CIK number of Registrant:** 0001562818

- **d. LEI of Registrant:** 549300BOVTR6GS7HLC41

- **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 Multi-Sector Income Trust

- **c. LEI of Series:** 549300BOVTR6GS7HLC41

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1022978354.11

**Total Liabilities:** $222078441.99

**Net Assets:** $800899912.12

**Delayed Delivery Securities:** $16613124.46

**Cash Not Reported:** $9968050.46

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 14646.64000000 | **1-Year:** 5403.64000000 | **5-Year:** 64493.98000000 | **10-Year:** 18202.07000000 | **30-Year:** 42023.21000000

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

- **3-Month:** 34281.37000000 | **1-Year:** 15935.87000000 | **5-Year:** 142091.50000000 | **10-Year:** 12889.80000000 | **30-Year:** 5526.10000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.30%                | 1.40%                | -1.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $332438.86               | $-2325015.90                               |
| Month 2  | $779710.80               | $4481337.08                                |
| Month 3  | $461655.36               | $2181906.81                                |

**Designated Index Information**

- **Index Name:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

- **Index Identifier:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 48128BAH4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4013044.00   | 0.50%             | 2026-01-01      | Variable      | 7.04%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    633000 | PA      | $614415.12    | 0.08%             | 2029-01-15      | Fixed         | 6.00%                 | 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        |    181000 | PA      | $187992.81    | 0.02%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                          | Sabre GLBL Inc 2022 Term Loan B                                                  | CUSIP: 78571YBH2<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |      4570 | PA      | $4246.73      | 0.00%             | 2028-06-30      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| ADLER Group SA                                          | ADLER Group SA                                                                   | CUSIP: 000000000<br>LEI: 391200OYYFJ3DWAMEC69 | Long             | EC               | CORP              | LU        |     33367 | NS      | $0.39         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Tele Columbus AG                                        | Tele Columbus AG                                                                 | CUSIP: 000000000<br>LEI: 3912004GMFDLY04RUQ19 | Long             | DBT              | CORP              | DE        |    110250 | PA      | $87223.83     | 0.01%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                                    | Matador Resources Co                                                             | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    399000 | PA      | $402818.03    | 0.05%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51000 | PA      | $45342.10     | 0.01%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                 | CUSIP: 3133KYXJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2592991 | PA      | $2462933.26   | 0.31%             | 2042-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                | CUSIP: 3136BXGK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3481211 | PA      | $3452998.48   | 0.43%             | 2055-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    122000 | PA      | $117253.10    | 0.01%             | 2030-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                 | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAL9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    677000 | PA      | $677231.24    | 0.08%             | 2030-09-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL                                      | Herens Holdco Sarl                                                               | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |    271000 | PA      | $237420.15    | 0.03%             | 2028-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                  | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAA7<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |    101000 | PA      | $101000.00    | 0.01%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                               | Ball Corp                                                                        | CUSIP: 058498BA3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    268000 | PA      | $270880.71    | 0.03%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2007-23CB                                                 | CUSIP: 02151EAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3821245 | PA      | $1772912.19   | 0.22%             | 2037-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AS3<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |    188000 | PA      | $188463.61    | 0.02%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP SINCLAIR TE                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -688975 | PA      | $-688975.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    226000 | PA      | $237310.22    | 0.03%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                                 | Zayo Group Holdings Inc                                                          | CUSIP: 98919VAD7<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |    337270 | PA      | $319563.29    | 0.04%             | 2030-09-09      | Fixed         | 13.75%                | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                                | Performance Food Group Inc                                                       | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    428000 | PA      | $438405.11    | 0.05%             | 2032-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FNMA 30YR U                                                                  | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |  -4131370 | PA      | $-4131369.57  | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| DP WORLD SALAAM                                         | DP World Salaam                                                                  | CUSIP: 000000000<br>LEI: 549300SUYBT9X88E9435 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $200036.00    | 0.02%             | 2025-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    383000 | PA      | $394463.96    | 0.05%             | 2032-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHI                                | Viking Ocean Cruises Ship VII Ltd                                                | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    206000 | PA      | $205822.84    | 0.03%             | 2029-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                                         | Hanesbrands Inc                                                                  | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21167.86     | 0.00%             | 2031-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC                | Amentum Government Services Holdings LLC 2024 Term Loan B                        | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |     44036 | PA      | $43983.62     | 0.01%             | 2031-09-29      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2025-6 Mortgage Loan Trust                                                  | CUSIP: 19689BAA1<br>LEI: 213800IXUWCX6RHIO921 | Long             | ABS-MBS          | CORP              | US        |   1781859 | PA      | $1797851.26   | 0.22%             | 2070-08-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                                 | Allied Universal Holdco LLC                                                      | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |   3485000 | PA      | $3654007.58   | 0.46%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                    | Neptune Bidco US Inc                                                             | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    648000 | PA      | $636135.12    | 0.08%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FNMA 10YR U                                                                  | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |  -1300520 | PA      | $-1300519.73  | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                     | Lightning Power LLC                                                              | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    126000 | PA      | $133398.22    | 0.02%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2021-NQM1                                        | CUSIP: 10569TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    389782 | PA      | $365698.79    | 0.05%             | 2049-02-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    189000 | PA      | $184707.19    | 0.02%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO LLC                             | Allied Universal Holdco LLC 2025 USD Term Loan B                                 | CUSIP: 01957TAX5<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |    662308 | PA      | $664413.88    | 0.08%             | 2032-08-20      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                     | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1105000 | PA      | $1254464.51   | 0.16%             | 2029-12-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1324000 | PA      | $1271040.00   | 0.16%             | 2026-08-15      | Fixed         | 4.13%                 | No            |                  3 | On Loan: No      |
| ACURIS FIN US/ACURIS FIN                                | Acuris Finance US Inc / Acuris Finance SARL                                      | CUSIP: 00511BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    514000 | PA      | $499544.26    | 0.06%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO                                   | Becton Dickinson & Co                                                            | CUSIP: 075887BG3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    600000 | PA      | $537336.42    | 0.07%             | 2044-12-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES                                | ION Trading Technologies Sarl                                                    | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $422469.64    | 0.05%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    326000 | PA      | $313120.07    | 0.04%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                              | Grifols SA                                                                       | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $123671.60    | 0.02%             | 2030-05-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2024-INV1                                               | CUSIP: 46658PAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1655517 | PA      | $1663342.91   | 0.21%             | 2055-04-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| M6 ETX Holdings II Midco LLC                            | M6 ETX Holdings II Midco LLC Term Loan B                                         | CUSIP: 55285DAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2029-09-19      | Floating      | 8.92%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VEA8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    500000 | PA      | $492766.70    | 0.06%             | 2033-08-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                       | Clarios Global LP 2025 USD Term Loan B                                           | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    471723 | PA      | $471576.77    | 0.06%             | 2032-01-28      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| IRCA SPA/GALLARATE                                      | Irca SpA/Gallarate                                                               | CUSIP: 000000000<br>LEI: 815600CDE52BA2426216 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $118250.85    | 0.01%             | 2029-12-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                                 | Asbury Automotive Group Inc                                                      | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21730.97     | 0.00%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                                      | Advance Auto Parts Inc                                                           | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    229000 | PA      | $235607.29    | 0.03%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NASSAU COMPANIES OF NY                                  | Nassau Cos of New York/The                                                       | CUSIP: 63155AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    131000 | PA      | $133792.27    | 0.02%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2099000 | PA      | $2088054.13   | 0.26%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                                      | Ardonagh Finco Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    375000 | PA      | $455070.88    | 0.06%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc                      | Clear Channel Outdoor Holdings Inc 2024 Term Loan                                | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |    864341 | PA      | $864988.87    | 0.11%             | 2028-08-23      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS CORP                            | Frontier Communications Corp 2025 Term Loan B                                    | CUSIP: 35906EAU4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98506 | PA      | $98341.12     | 0.01%             | 2031-07-01      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $370.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MAGYAR EXPORT-IMPORT BAN                                | Magyar Export-Import Bank Zrt                                                    | CUSIP: 000000000<br>LEI: 529900O4UGETQ9Q3AA63 | Long             | DBT              | NUSS              | HU        |    121000 | PA      | $153513.73    | 0.02%             | 2029-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US BANCORP INVESTMENTS INC                              | RRP HUB INTERNA                                                                  | CUSIP: 000000000<br>LEI: H85Z6XZP8B10ES0M2G89 | Short            | RA               | CORP              | US        |  -3805000 | PA      | $-3805000.00  | -0.48%            |  |  |  | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV                                    | ZF Europe Finance BV                                                             | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $121869.61    | 0.02%             | 2030-06-12      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                                    | Boots Group Finco LP                                                             | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    215000 | PA      | $294567.14    | 0.04%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                       | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2190591.99   | 0.27%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| DELUXE CORP                                             | Deluxe Corp                                                                      | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    170000 | PA      | $177516.72    | 0.02%             | 2029-09-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP COMMSCOPE L                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -754459 | PA      | $-754458.75   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                                    | Fiesta Purchaser Inc                                                             | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26383.33     | 0.00%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                                | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc            | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    214000 | PA      | $225160.74    | 0.03%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   3471000 | PA      | $3588871.79   | 0.45%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | RRP SS+C TECHNO                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -630190 | PA      | $-630190.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAH2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    544000 | PA      | $569840.00    | 0.07%             | 2032-04-17      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                | Standard Industries Inc/NY                                                       | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    297000 | PA      | $284757.54    | 0.04%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ANYWHERE REAL EST/CO-ISS                                | Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp                         | CUSIP: 75606DAT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    348000 | PA      | $352176.85    | 0.04%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                  | Blackstone Private Credit Fund                                                   | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    761000 | PA      | $779299.76    | 0.10%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO                                | Wildfire Intermediate Holdings LLC                                               | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    337000 | PA      | $340496.38    | 0.04%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VIAVI SOLUTIONS INC                                     | Viavi Solutions Inc                                                              | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |     67000 | PA      | $63169.59     | 0.01%             | 2029-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2023-NQM1 Trust                                                              | CUSIP: 670855AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    336655 | PA      | $336247.21    | 0.04%             | 2062-11-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1192000 | PA      | $1232113.18   | 0.15%             | 2031-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2006-AR7                                           | CUSIP: 172987AY5<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |    297776 | PA      | $286095.15    | 0.04%             | 2036-11-25      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1589535.87   | 0.20%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    238000 | PA      | $250296.03    | 0.03%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                      | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    790000 | PA      | $803303.60    | 0.10%             | 2039-06-12      | Fixed         | 8.73%                 | No            |                  2 | On Loan: No      |
| ATOS SE                                                 | Atos SE                                                                          | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | SN               | CORP              | FR        |     59000 | PA      | $65325.26     | 0.01%             | 2030-12-18      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2025-800D                                      | CUSIP: 36273XAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $499948.35    | 0.06%             | 2041-11-25      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN                                | Raising Cane's Restaurants LLC                                                   | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |    185000 | PA      | $194202.64    | 0.02%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP RESIDEO FUN                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -386719 | PA      | $-386718.75   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| BOOTS GROUP BIDCO LTD                                   | BOOTS GROUP BIDCO LTD USD TERM LOAN                                              | CUSIP: 09947PAB7<br>LEI: 254900YVLYOVF1PF1N93 | Long             | LON              | CORP              | US        |   1094000 | PA      | $1096275.52   | 0.14%             | 2032-08-30      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                                        | AmWINS Group Inc                                                                 | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    182000 | PA      | $185700.42    | 0.02%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corporation                     | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2006-AF1              | CUSIP: 65536PAC4<br>LEI: N0RUIPD25XQCBR0TK507 | Long             | ABS-MBS          | CORP              | US        |   6400448 | PA      | $1136069.91   | 0.14%             | 2036-05-25      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| Renaissance Home Equity Loan Trust                      | Renaissance Home Equity Loan Trust 2007-3                                        | CUSIP: 75971FAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3465807 | PA      | $1354699.43   | 0.17%             | 2037-09-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                                      | PBF Holding Co LLC / PBF Finance Corp                                            | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    198000 | PA      | $195489.15    | 0.02%             | 2030-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                   | Molina Healthcare Inc                                                            | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    328000 | PA      | $331643.75    | 0.04%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                               | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     66000 | PA      | $66333.50     | 0.01%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                           | CommScope LLC                                                                    | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   1114000 | PA      | $1106848.12   | 0.14%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WOM NEW HOLDCO COMMON                                   | WOM NEW HOLDCO COMMON                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       485 | NS      | $11155.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Student Loan Trust 2019-B                                                | CUSIP: 63941LAB9<br>LEI: 549300761SV59SBM0Z40 | Long             | ABS-O            | CORP              | US        |    124412 | PA      | $122288.25    | 0.02%             | 2059-12-15      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                                | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    170000 | PA      | $174675.51    | 0.02%             | 2029-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                         | IHS Holding Ltd                                                                  | CUSIP: 44963HAB1<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $200375.00    | 0.03%             | 2028-11-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                           | LGI Homes Inc                                                                    | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    116000 | PA      | $121779.12    | 0.02%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2022-2                                             | CUSIP: 78434KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    564772 | PA      | $564844.22    | 0.07%             | 2062-08-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | SWAP/CDSWAP/SCDS: (ADLERR)                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | XX        |      5414 | OU      | $357.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2220359.51   | 0.28%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    601000 | PA      | $519713.67    | 0.06%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    283000 | PA      | $287380.84    | 0.04%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FHLMC 20YR                                                                   | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |  -2312693 | PA      | $-2312693.00  | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| HAH GROUP HOLDING CO LLC                                | HAH Group Holding Co LLC                                                         | CUSIP: 40518JAA7<br>LEI: 254900FFJQHW9R90FL74 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190015.69    | 0.02%             | 2031-10-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                            | US Foods Inc                                                                     | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    346000 | PA      | $362241.93    | 0.05%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                  | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KBK5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4523743.44   | 0.56%             | 2079-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                                           | Schaeffler AG                                                                    | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $120556.82    | 0.02%             | 2029-08-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CITY FOOTBALL GROUP LIMITED                             | City Football Group Limited 2024 Term Loan                                       | CUSIP: 17781XAD8<br>LEI: 213800K6VVWALRH9UJ69 | Long             | LON              | CORP              | GB        |    291768 | PA      | $291526.10    | 0.04%             | 2030-07-22      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                | Burlington Northern Santa Fe LLC                                                 | CUSIP: 12189LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $448050.80    | 0.06%             | 2042-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $12837.88     | 0.00%             | 2030-12-31      | Fixed         | 6.00%                 | 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        |    266000 | PA      | $253490.73    | 0.03%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                                             | Tenneco Inc                                                                      | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |    527000 | PA      | $527962.12    | 0.07%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                         | Lamb Weston Holdings Inc                                                         | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    368000 | PA      | $353362.21    | 0.04%             | 2030-01-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                                    | Matador Resources Co                                                             | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    332000 | PA      | $338818.95    | 0.04%             | 2028-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC Series 2011-4R                                                              | CUSIP: 12645KAC5<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    691456 | PA      | $578426.79    | 0.07%             | 2037-09-27      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                  | Comstock Resources Inc                                                           | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    180000 | PA      | $178920.00    | 0.02%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STAR HOLDING LLC                                        | Star Holding LLC 2024 1st Lien Term Loan B                                       | CUSIP: 85512FAC2<br>LEI: 254900BDGPE9N1WAKD59 | Long             | LON              | CORP              | US        |    102397 | PA      | $101452.64    | 0.01%             | 2031-07-31      | Floating      | 8.66%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                        | BAT Capital Corp                                                                 | CUSIP: 05526DBF1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    715000 | PA      | $599555.68    | 0.07%             | 2047-08-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                                      | Mativ Holdings Inc                                                               | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |    195000 | PA      | $193061.55    | 0.02%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                            | Calpine Corp                                                                     | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     88000 | PA      | $87742.80     | 0.01%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                                           | Tidewater Inc                                                                    | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    280000 | PA      | $300285.92    | 0.04%             | 2030-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1058000 | PA      | $1081367.70   | 0.14%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP 1261229 BC                                                                   | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -3580500 | PA      | $-3580500.00  | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2018-I Ltd                                                          | CUSIP: 17181NAC8<br>LEI: 635400VBVF8AYJQBI411 | Long             | ABS-CBDO         | CORP              | KY        |   1160000 | PA      | $1163480.00   | 0.15%             | 2038-01-18      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                             | VEGAS 2024-GCS                                                                   | CUSIP: 92254BAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $643001.06    | 0.08%             | 2036-07-10      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings LLC                           | Truist Insurance Holdings LLC 2nd Lien Term Loan                                 | CUSIP: 89788VAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    852125 | PA      | $866773.29    | 0.11%             | 2032-05-06      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                                | Weatherford International Ltd                                                    | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    760000 | PA      | $760528.66    | 0.09%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                             | Vistra Corp                                                                      | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    267000 | PA      | $271077.09    | 0.03%             | 2026-12-15      | Fixed         | 7.00%                 | 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        |   3382000 | PA      | $2923951.90   | 0.37%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                                          | Constellium SE                                                                   | CUSIP: 21039CAA2<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $249624.45    | 0.03%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     42000 | PA      | $39238.47     | 0.00%             | 2031-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EDGE FINCO PLC                                          | Edge Finco PLC                                                                   | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $143400.03    | 0.02%             | 2031-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                 | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365000 | PA      | $446206.76    | 0.06%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIARY LLC                                | Cougar JV Subsidiary LLC                                                         | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    264000 | PA      | $280684.27    | 0.04%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                       | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    149000 | PA      | $150965.12    | 0.02%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                                     | Sherwin-Williams Co/The                                                          | CUSIP: 824348BK1<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    310000 | PA      | $237290.25    | 0.03%             | 2049-08-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| VF UKRAINE (VFU FUNDING)                                | VF Ukraine PAT via VFU Funding PLC                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | UA        |    156047 | PA      | $148244.47    | 0.02%             | 2027-02-11      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| Regatta XVIII Funding Ltd                               | Regatta XVIII Funding Ltd                                                        | CUSIP: 75884EAS1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $851827.67    | 0.11%             | 2038-04-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC                                | Lindblad Expeditions LLC                                                         | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |    439000 | PA      | $447468.31    | 0.06%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RADIATE HOLDCO LLC                                      | Radiate Holdco LLC 2025 FLFO Term Loan                                           | CUSIP: 75025KAM0<br>LEI: 5493000GQJ5RDX9DNJ71 | Long             | LON              | CORP              | US        |    735424 | PA      | $592244.68    | 0.07%             | 2029-09-25      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                      | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $185877.07    | 0.02%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                          | CUSIP: 195325EF8<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $218000.00    | 0.03%             | 2033-04-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Galaxy US Opco Inc                                      | Galaxy US Opco Inc Term Loan                                                     | CUSIP: 36321DAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    168873 | PA      | $152936.45    | 0.02%             | 2030-07-31      | Floating      | 6.31%                 | 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        |    219000 | PA      | $221025.75    | 0.03%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| NOVELIS SHEET INGOT GMBH                                | Novelis Sheet Ingot GmbH                                                         | CUSIP: 000000000<br>LEI: 9845005E95899E77AY49 | Long             | DBT              | CORP              | DE        |    300000 | PA      | $342912.60    | 0.04%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    102000 | PA      | $119079.56    | 0.01%             | 2031-10-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FGOLD 15YR                                                                   | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |  -1697062 | PA      | $-1697061.85  | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                                      | Voyager Parent LLC                                                               | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    414000 | PA      | $437800.91    | 0.05%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                                | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl              | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    217000 | PA      | $224911.17    | 0.03%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | SWAP/CDSWAP/SCDS: (EOFP)                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | DE        |     27000 | OU      | $3420.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2006-OA18                                                 | CUSIP: 23244GAD4<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |   1186827 | PA      | $1068384.07   | 0.13%             | 2046-12-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                      | Credit Agricole SA                                                               | CUSIP: 225313AR6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   3000000 | PA      | $3011729.58   | 0.38%             | 2034-09-23      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                | Apollo Debt Solutions BDC                                                        | CUSIP: 03770DAG8<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    220000 | PA      | $223860.40    | 0.03%             | 2030-08-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2022-5 Mortgage Loan Trust                                                  | CUSIP: 19688LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1106207 | PA      | $1102236.09   | 0.14%             | 2067-04-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| ZI TECH LLC/ZI FIN CORP                                 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp                                  | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    955000 | PA      | $905166.00    | 0.11%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    114000 | PA      | $145075.56    | 0.02%             | 2033-09-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                    | Edison International                                                             | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2912609.76   | 0.36%             | 2026-03-09      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133650.17    | 0.02%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LEVI STRAUSS & CO                                       | Levi Strauss & Co                                                                | CUSIP: 000000000<br>LEI: MB0UERO0RDFKU8258G77 | Long             | DBT              | CORP              | US        |    165000 | PA      | $196570.82    | 0.02%             | 2030-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP OUTFRONT ME                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |    -88298 | PA      | $-88297.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                  | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAF6<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |    916000 | PA      | $956123.55    | 0.12%             | 2032-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                                              | Twilio Inc                                                                       | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    206000 | PA      | $196300.30    | 0.02%             | 2029-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                     | Avantor Funding Inc                                                              | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    624000 | PA      | $613802.28    | 0.08%             | 2028-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                     | Buckeye Partners LP                                                              | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27982.04     | 0.00%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                  | Residential Asset Securitization Trust 2006-A8                                   | CUSIP: 761119AK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6300519 | PA      | $1191521.37   | 0.15%             | 2036-08-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                   | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    517000 | PA      | $549856.38    | 0.07%             | 2031-05-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |         1 | NC      | $-2.53        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP GNMA2 30YR                                                                   | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |    -96350 | PA      | $-96349.64    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                           | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    200000 | PA      | $221938.00    | 0.03%             | 2054-05-02      | Fixed         | 7.50%                 | 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        |    131147 | PA      | $128321.00    | 0.02%             | 2053-01-15      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2024-8                                                | CUSIP: 92540PAA6<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |   1527990 | PA      | $1536126.07   | 0.19%             | 2069-10-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                                  | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |    399000 | PA      | $425861.48    | 0.05%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                      | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    323000 | PA      | $333648.34    | 0.04%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                                  | Arsenal AIC Parent LLC                                                           | CUSIP: 04288BAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1288327.32   | 0.16%             | 2031-10-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| VIVION INVESTMENTS                                      | Vivion Investments Sarl                                                          | CUSIP: 000000000<br>LEI: 529900SJ7X71ESJK9N76 | Long             | DBT              | CORP              | LU        |    101505 | PA      | $118886.03    | 0.01%             | 2028-08-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3635000 | PA      | $3782177.52   | 0.47%             | 2030-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                | CUSIP: 404280CQ0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    465000 | PA      | $438678.16    | 0.05%             | 2031-03-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                                        | Cinemark USA Inc                                                                 | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |    101000 | PA      | $104974.65    | 0.01%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                    | CUSIP: 681639AB6<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    400000 | PA      | $388398.36    | 0.05%             | 2029-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Gold Pool                                                            | CUSIP: 3128MMWU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1853758 | PA      | $1782607.30   | 0.22%             | 2032-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc                                            | Enbridge Inc                                                                     | CUSIP: 29250NAW5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1865000 | PA      | $1883976.38   | 0.24%             | 2078-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                  | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    163000 | PA      | $167838.49    | 0.02%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    892000 | PA      | $943557.60    | 0.12%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                   | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    296000 | PA      | $320050.34    | 0.04%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                     | Axon Enterprise Inc                                                              | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    142000 | PA      | $146160.03    | 0.02%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| IMPULSORA PIPELINE                                      | Impulsora Pipeline                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1405952 | PA      | $1215130.08   | 0.15%             | 2043-01-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2020-I Ltd                                                          | CUSIP: 12555QAW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501389.75    | 0.06%             | 2036-07-15      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2023-NQM3                                        | CUSIP: 10568EAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    313296 | PA      | $311299.60    | 0.04%             | 2062-09-25      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                        | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    882000 | PA      | $899629.42    | 0.11%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ATLAS CC ACQUISITION CORP                               | Atlas CC Acquisition Corp 2025 Second Out Term Loan C                            | CUSIP: 04921TAS3<br>LEI: 6HHLXIOGCDNZ4IRAIW26 | Long             | LON              | CORP              | US        |     24456 | PA      | $13932.08     | 0.00%             | 2029-05-25      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                                         | Goat Holdco LLC                                                                  | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    279000 | PA      | $285974.92    | 0.04%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC                                   | Genesee & Wyoming Inc                                                            | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |    568000 | PA      | $577168.66    | 0.07%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                                | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    138000 | PA      | $139463.49    | 0.02%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                 | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    152000 | PA      | $157779.80    | 0.02%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CART                                                    | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    660000 | PA      | $659415.57    | 0.08%             | 2041-08-15      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $31964.92     | 0.00%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                 | CUSIP: 02209SBM4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    750000 | PA      | $581330.16    | 0.07%             | 2041-02-04      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| KAIXO BONDCO TELECOM SA                                 | Kaixo Bondco Telecom SA                                                          | CUSIP: 000000000<br>LEI: 959800ULWB3MZHZ69055 | Long             | DBT              | CORP              | ES        |    117000 | PA      | $139037.88    | 0.02%             | 2029-09-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    615138 | PA      | $615906.76    | 0.08%             | 2041-04-15      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                          | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1704000 | PA      | $1748849.28   | 0.22%             | 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        |    973000 | PA      | $1002037.24   | 0.13%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AAL Delaware Holdco Inc                                 | AAL Delaware Holdco Inc 2025 Term Loan                                           | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     60847 | PA      | $60892.37     | 0.01%             | 2031-07-30      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG                                 | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC          | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    342000 | PA      | $355351.68    | 0.04%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                            | MH Sub I LLC 2023 Term Loan                                                      | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    430563 | PA      | $413521.12    | 0.05%             | 2028-05-03      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                 | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $6000.00      | 0.00%             | 2023-07-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                              | DaVita Inc                                                                       | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    237000 | PA      | $244829.53    | 0.03%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC                                            | QUALCOMM Inc                                                                     | CUSIP: 747525BS1<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    400000 | PA      | $425023.38    | 0.05%             | 2033-05-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $-758.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ONEDIGITAL BORROWER LLC                                 | OneDigital Borrower LLC 2025 Repriced Term Loan                                  | CUSIP: 68277FAN9<br>LEI: 2549009GTKWWAO1E9X77 | Long             | LON              | CORP              | US        |     50000 | PA      | $49938.50     | 0.01%             | 2031-07-02      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                     | Altice Financing SA                                                              | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $155500.00    | 0.02%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOLCETTO HOLDCO SPA                                     | Dolcetto Holdco SpA                                                              | CUSIP: 000000000<br>LEI: 81560029E819F2CE4A42 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $120369.38    | 0.02%             | 2032-07-14      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC                                     | Walker & Dunlop Inc                                                              | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $199416.10    | 0.02%             | 2033-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    695000 | PA      | $742692.29    | 0.09%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2020-2 Mortgage Loan Trust                                                  | CUSIP: 19688JAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2550000 | PA      | $2550576.81   | 0.32%             | 2065-03-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                          | Sabre GLBL Inc 2021 Term Loan B1                                                 | CUSIP: 78571YBG4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |     24929 | PA      | $23558.07     | 0.00%             | 2027-12-17      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                  | WESCO Distribution Inc                                                           | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    353000 | PA      | $365929.75    | 0.05%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMSTED INDUSTRIES                                       | Amsted Industries Inc                                                            | CUSIP: 032177AK3<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |    169000 | PA      | $173458.22    | 0.02%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN                                | CQP Holdco LP / BIP-V Chinook Holdco LLC                                         | CUSIP: 12657NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1938000 | PA      | $1919984.93   | 0.24%             | 2031-06-15      | Fixed         | 5.50%                 | 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        |   1543918 | PA      | $1551315.25   | 0.19%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                                        | Vital Energy Inc                                                                 | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    326000 | PA      | $340362.91    | 0.04%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                     | CUSIP: 11135FBJ9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    800000 | PA      | $658341.62    | 0.08%             | 2041-02-15      | Fixed         | 3.50%                 | 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        |    839716 | PA      | $838369.20    | 0.10%             | 2067-07-25      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL INC                     | RRP CHS/COMMUNI                                                                  | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Short            | RA               | CORP              | US        |   -702229 | PA      | $-702228.75   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Fremont Home Loan Trust                                 | Fremont Home Loan Trust 2006-D                                                   | CUSIP: 35729VAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5775751 | PA      | $2002521.01   | 0.25%             | 2036-11-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| ASCEND LEARNING LLC                                     | Ascend Learning LLC 2025 Repriced Term Loan B                                    | CUSIP: 04349HAN4<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |     46888 | PA      | $46819.35     | 0.01%             | 2028-12-11      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                   | Panther Escrow Issuer LLC                                                        | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4441303.86   | 0.55%             | 2031-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ALIXPARTNERS LLP                                        | AlixPartners LLP 2025 USD Term Loan                                              | CUSIP: 01642PBE5<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |    201002 | PA      | $199550.46    | 0.02%             | 2032-08-12      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC                                | United Natural Foods Inc                                                         | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |    334000 | PA      | $333973.51    | 0.04%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LION/POLARIS LUX 4 SA                                   | Lion/Polaris Lux 4 SA                                                            | CUSIP: 000000000<br>LEI: 984500BFD3F99A7UB874 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $118711.81    | 0.01%             | 2029-07-01      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                  | WESCO Distribution Inc                                                           | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    197000 | PA      | $204726.40    | 0.03%             | 2032-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                                      | CNX Resources Corp                                                               | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    154000 | PA      | $159763.73    | 0.02%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                  | CHL Mortgage Pass-Through Trust 2007-J2                                          | CUSIP: 12545EAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1431114 | PA      | $469809.70    | 0.06%             | 2037-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                       | Cedar Funding XV CLO Ltd                                                         | CUSIP: 15032QAC6<br>LEI: 5493002XZZZCKFWQIL45 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $401087.96    | 0.05%             | 2035-04-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| ABANCA CORP BANCARIA SA                                 | Abanca Corp Bancaria SA                                                          | CUSIP: 000000000<br>LEI: 54930056IRBXK0Q1FP96 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $120900.33    | 0.02%             | 2036-12-11      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                  | Northern Oil & Gas Inc                                                           | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    991000 | PA      | $1004991.93   | 0.13%             | 2028-03-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                                           | Cable One Inc                                                                    | CUSIP: 12685JAE5<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |    114000 | PA      | $111036.53    | 0.01%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO LLC                                 | RRP CELANESE US                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -187425 | PA      | $-187425.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Starwood Residential Mortgage Trust                     | STAR 2021-1 Trust                                                                | CUSIP: 85573GAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1561528.33   | 0.19%             | 2065-05-25      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                     | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    100000 | PA      | $108485.00    | 0.01%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                        | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    100000 | PA      | $120843.27    | 0.02%             | 2027-05-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    897000 | PA      | $854986.04    | 0.11%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                   | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    158000 | PA      | $136387.10    | 0.02%             | 2029-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOG                          | SEAGATE DATA STOR                                                                | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    341000 | PA      | $360983.28    | 0.05%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $119396.95    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                        | TRESTLES CLO 2017-1 Ltd                                                          | CUSIP: 89531FBG1<br>LEI: 254900QSBDX181YYBH38 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $252248.98    | 0.03%             | 2037-07-25      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                         | Fair Isaac Corp                                                                  | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   1640000 | PA      | $1660406.80   | 0.21%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Radian Mortgage Capital Trust                           | Radian Mortgage Capital Trust 2024-J2                                            | CUSIP: 75023WAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    634595 | PA      | $635090.50    | 0.08%             | 2055-03-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                               | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    708000 | PA      | $759910.56    | 0.09%             | 2031-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   2675167 | PA      | $2726476.70   | 0.34%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                   | RRP BEACH ACQUI                                                                  | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -1697889 | PA      | $-1697888.75  | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| ACP TARA HOLDINGS INC                                   | ACP TARA HOLDINGS INC 2025 TERM LOAN B                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    132000 | PA      | $132000.00    | 0.02%             | 2032-09-17      | Floating      | 7.38%                 | No            |                  3 | On Loan: No      |
| ALLIED UNIVERSAL                                        | Allied Universal Holdco LLC / Allied Universal Finance Corp                      | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2367000 | PA      | $2326888.58   | 0.29%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                   | Nabors Industries Inc                                                            | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    161000 | PA      | $163432.39    | 0.02%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO Ltd.                                    | Sagard-Halseypoint Clo 10 Ltd                                                    | CUSIP: 78663BAA7<br>LEI: 254900N7LSI0GVY3UO19 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000000.00   | 0.12%             | 2038-10-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO LLC                                  | RRP WYNN RESORT                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | Short            | RA               | CORP              | US        |   -242688 | PA      | $-242687.50   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   1754000 | PA      | $1816870.38   | 0.23%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                                       | Waste Pro USA Inc                                                                | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1677991.14   | 0.21%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA BUYER/ATLANTI                                | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC                  | CUSIP: 13005HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    290000 | PA      | $297229.99    | 0.04%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1187000 | PA      | $1339776.73   | 0.17%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                  | CUSIP: 718172AU3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    900000 | PA      | $747169.12    | 0.09%             | 2042-08-21      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP CLARIVATE S                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -788326 | PA      | $-788326.25   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| CP Atlas Buyer, Inc.                                    | CP Atlas Buyer Inc 2025 Term Loan                                                | CUSIP: 12658HAL6<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | LON              | CORP              | US        |    131000 | PA      | $128052.50    | 0.02%             | 2030-07-08      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| ROSSINI SARL                                            | Rossini Sarl                                                                     | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |     42427 | PA      | $50456.33     | 0.01%             | 2029-12-31      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| LABL INC                                                | LABL Inc                                                                         | CUSIP: 50168QAC9<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     91000 | PA      | $70507.27     | 0.01%             | 2028-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CAMELOT US ACQUISITION LLC                              | Camelot US Acquisition LLC 2025 Incremental Term Loan B                          | CUSIP: 000000000<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |    367000 | PA      | $366196.27    | 0.05%             | 2031-01-31      | Floating      | 7.41%                 | 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        |    400000 | PA      | $420561.93    | 0.05%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP SBA COMMUNI                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -463024 | PA      | $-463023.75   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| CommScope Inc                                           | CommScope Inc 2024 Term Loan                                                     | CUSIP: 000000000<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | LON              | CORP              | US        |    356883 | PA      | $360897.93    | 0.05%             | 2029-12-17      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | SWAP/CDSWAP/SCDS: (ADLERR)                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              |  | XX        |      6701 | OU      | $442.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Summer (BC) Holdco B Sa rl                              | Summer (BC) Holdco B Sa rl 2024 USD Term Loan B                                  | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | LON              | CORP              | LU        |    112206 | PA      | $110149.13    | 0.01%             | 2029-02-15      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED                                | AmeriTex HoldCo Intermediate LLC                                                 | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    304000 | PA      | $316399.71    | 0.04%             | 2033-08-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP USI INC 7.5                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -464145 | PA      | $-464145.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| AGL Core CLO                                            | AGL Core CLO 2 Ltd                                                               | CUSIP: 001200AJ3<br>LEI: 549300EIBQDZ5WXOZ105 | Long             | ABS-CBDO         | CORP              | KY        |   1626000 | PA      | $1632392.94   | 0.20%             | 2037-07-20      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                                     | Gilead Sciences Inc                                                              | CUSIP: 375558BK8<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    700000 | PA      | $590546.20    | 0.07%             | 2047-03-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273RBL2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    350000 | PA      | $316111.81    | 0.04%             | 2047-04-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                         | Sealed Air Corp                                                                  | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     77000 | PA      | $76570.39     | 0.01%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2017-4                                                 | CUSIP: 89173UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13992 | PA      | $13706.37     | 0.00%             | 2057-06-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| VRTX Trust                                              | VRTX Trust 2025-HQ                                                               | CUSIP: 91835XAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    620000 | PA      | $626150.83    | 0.08%             | 2042-08-05      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    606000 | PA      | $575171.73    | 0.07%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                          | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   4400000 | PA      | $4510228.98   | 0.56%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                              | CUSIP: 03846JAC4<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $156600.00    | 0.02%             | 2061-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VERITAS SERIES G PREFERRED STO                          | VERITAS SERIES G PREFERRED STO                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       842 | NS      | $19155.50     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FNMA 30YR F                                                                  | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |  -5695373 | PA      | $-5695372.54  | -0.71%            |  |  |  | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1780215 | PA      | $1958539.14   | 0.24%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO 2018-3 Ltd                                                      | CUSIP: 09630AAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    522079 | PA      | $522351.75    | 0.07%             | 2030-10-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              |  | US        |    100000 | PA      | $122679.57    | 0.02%             | 2032-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                             | CUSIP: 682691AM2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    893000 | PA      | $894410.94    | 0.11%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP VIRGINIA EL                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -801562 | PA      | $-801562.50   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                                        | Maxam Prill Sarl                                                                 | CUSIP: 000000000<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $119191.55    | 0.01%             | 2030-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                          | Sabre GLBL Inc                                                                   | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    663000 | PA      | $640722.43    | 0.08%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ALMAVIVA THE ITALIAN INN                                | Almaviva-The Italian Innovation Co SpA                                           | CUSIP: 000000000<br>LEI: 815600A862DA4DD9E211 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $119264.29    | 0.01%             | 2030-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlas CC Acquisition Corp                               | Atlas CC Acquisition Corp Term Loan C                                            | CUSIP: 04921TAC8<br>LEI: 6HHLXIOGCDNZ4IRAIW26 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2028-05-25      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC                                             | Chobani LLC 2025 Repriced Term Loan B                                            | CUSIP: 17026YAK5<br>LEI: 549300ISVDMZ91KNTR38 | Long             | LON              | CORP              | US        |     17865 | PA      | $17905.91     | 0.00%             | 2027-10-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| MGM CHINA HOLDINGS LTD                                  | MGM China Holdings Ltd                                                           | CUSIP: 55300RAJ0<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $211000.00    | 0.03%             | 2031-06-26      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | RRP VERIZON COM                                                                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | Short            | RA               | CORP              | US        |   -720312 | PA      | $-720312.50   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $107.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| API GROUP DE INC                                        | APi Group DE Inc                                                                 | CUSIP: 00185PAA9<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |    128000 | PA      | $125479.67    | 0.02%             | 2029-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                        | GGAM Finance Ltd                                                                 | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    341000 | PA      | $353620.75    | 0.04%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                                 | Asbury Automotive Group Inc                                                      | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38409.30     | 0.00%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                                  | HAT Holdings I LLC / HAT Holdings II LLC                                         | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72000 | PA      | $74957.95     | 0.01%             | 2027-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP AVANTOR FUN                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -414269 | PA      | $-414268.75   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| DARLING GLOBAL FINANCE                                  | Darling Global Finance BV                                                        | CUSIP: 000000000<br>LEI: 724500R2BQXOR6YG2Y67 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $296338.37    | 0.04%             | 2032-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                                      | Osaic Holdings Inc                                                               | CUSIP: 00791GAC1<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |    290000 | PA      | $300555.13    | 0.04%             | 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        |    148000 | PA      | $79920.00     | 0.01%             | 2029-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                            | Calpine Corp                                                                     | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    567000 | PA      | $567289.17    | 0.07%             | 2028-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| LABL INC                                                | LABL Inc                                                                         | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    310000 | PA      | $227736.45    | 0.03%             | 2031-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     31000 | PA      | $30657.97     | 0.00%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    128000 | PA      | $125238.04    | 0.02%             | 2031-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233572.38    | 0.03%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                       | NatWest Group PLC                                                                | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1185000 | PA      | $1186372.23   | 0.15%             | 2025-12-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                  | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAG4<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |    456000 | PA      | $467804.93    | 0.06%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     33000 | PA      | $39503.05     | 0.00%             | 2039-07-11      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WILSONART LLC                                           | Wilsonart LLC 2024 Term Loan B                                                   | CUSIP: 97246FAM8<br>LEI: 549300SAZRUMYKDJBY14 | Long             | LON              | CORP              | US        |    274575 | PA      | $264965.15    | 0.03%             | 2031-08-05      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP INC                                | Cloud Software Group Inc 2025 Term Loan B (2032)                                 | CUSIP: 88632NBL3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    200085 | PA      | $200655.16    | 0.03%             | 2032-08-13      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2024-PAT                                                                | CUSIP: 05612FAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $169999.56    | 0.02%             | 2041-03-15      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| SABLE INTL FINANCE LTD                                  | Sable International Finance Ltd                                                  | CUSIP: 785712AK6<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |    632000 | PA      | $640231.80    | 0.08%             | 2032-10-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                            | CUSIP: 698299BX1<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $220700.00    | 0.03%             | 2031-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                                    | Boots Group Finco LP                                                             | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    495000 | PA      | $597866.05    | 0.07%             | 2032-08-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CoreLogic Inc                                           | CoreLogic Inc Term Loan                                                          | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |    201683 | PA      | $201493.32    | 0.03%             | 2028-06-02      | Floating      | 7.78%                 | 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        |    409000 | PA      | $408872.19    | 0.05%             | 2039-03-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 25714PET1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $161775.00    | 0.02%             | 2031-02-03      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| ATI INC                                                 | ATI Inc                                                                          | CUSIP: 01741RAN2<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    444000 | PA      | $466060.14    | 0.06%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 2YR NOTE (CBT) DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      2935 | NC      | $-97440.98    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   1024000 | PA      | $1051896.83   | 0.13%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP JPMORGAN CH                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -2123438 | PA      | $-2123437.50  | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 81761LAF9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |   1115000 | PA      | $982906.27    | 0.12%             | 2027-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    206000 | PA      | $202930.39    | 0.03%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                        | GGAM Finance Ltd                                                                 | CUSIP: 36170JAB2<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     58000 | PA      | $58144.74     | 0.01%             | 2026-05-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | CDS: (CMBX.NA.7.BBB-)                                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | US        |   4034639 | OU      | $-496260.64   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                                       | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $256165.48    | 0.03%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GrafTech Finance Inc                                    | GrafTech Finance Inc 2024 Term Loan                                              | CUSIP: 000000000<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | LON              | CORP              | US        |    123163 | PA      | $125072.15    | 0.02%             | 2029-12-21      | Floating      | 10.16%                | No            |                  2 | On Loan: No      |
| VERITAS SERIES G 1 PREFERRED                            | VERITAS SERIES G 1 PREFERRED                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       582 | NS      | $13240.50     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ARCHKEY SOLUTIONS LLC                                   | Archkey Solutions LLC 2024 Term Loan B                                           | CUSIP: 48205CAC9<br>LEI: 254900FACU3AJQKAQ270 | Long             | LON              | CORP              | US        |     91554 | PA      | $92107.11     | 0.01%             | 2031-11-01      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO LLC                                 | RRP JELD WEN HO                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -176050 | PA      | $-176050.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| TransDigm Inc                                           | TransDigm Inc 2025 Term Loan M                                                   | CUSIP: 89364MCE2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    581000 | PA      | $580256.32    | 0.07%             | 2032-08-19      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2580377.50   | 0.32%             | 2029-05-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                                 | K Hovnanian Enterprises Inc                                                      | CUSIP: 48251UAQ1<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |    716000 | PA      | $734080.37    | 0.09%             | 2033-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    883000 | PA      | $742553.64    | 0.09%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| THE 2023-MIC Trust                                      | 2023-MIC Trust/THE                                                               | CUSIP: 87256GAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    233000 | PA      | $252462.14    | 0.03%             | 2038-12-05      | Variable      | 9.86%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing and Securitization         | C-BASS 2006-CB7 TRUST                                                            | CUSIP: 12479DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3577903 | PA      | $2477130.44   | 0.31%             | 2036-10-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                                    | Fiesta Purchaser Inc                                                             | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    117000 | PA      | $126312.26    | 0.02%             | 2032-09-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                                | Advanced Drainage Systems Inc                                                    | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    364000 | PA      | $370446.80    | 0.05%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SoFi Personal Loan Trust                                | SoFi Personal Loan Trust 2023-1                                                  | CUSIP: 78474NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     75477 | PA      | $76495.18     | 0.01%             | 2030-11-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    519000 | PA      | $525849.50    | 0.07%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                 | CUSIP: 3133KY4C0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9842990 | PA      | $9959174.08   | 1.24%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                       | Rakuten Group Inc                                                                | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    283000 | PA      | $306728.18    | 0.04%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| DK Trust                                                | DK Trust 2025-LXP                                                                | CUSIP: 23292LAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    188000 | PA      | $188058.75    | 0.02%             | 2037-08-15      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| BIG RIVER STEEL/BRS FIN                                 | Big River Steel LLC / BRS Finance Corp                                           | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1014000 | PA      | $1014396.47   | 0.13%             | 2029-01-31      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    758000 | PA      | $765056.22    | 0.10%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                    | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1201000 | PA      | $1151326.64   | 0.14%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC                                  | Group 1 Automotive Inc                                                           | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    114000 | PA      | $116625.88    | 0.01%             | 2030-01-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| QUORUM RESTRUCTURING EQUITY                             | QUORUM RESTRUCTURING EQUITY                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3969 | NS      | $2976.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Argent Securities Inc.                                  | Argent Securities Trust 2006-W5                                                  | CUSIP: 04012XAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3591075 | PA      | $2384453.85   | 0.30%             | 2036-06-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                            | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1097000 | PA      | $1135700.81   | 0.14%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ATI INC                                                 | ATI Inc                                                                          | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    350000 | PA      | $344443.47    | 0.04%             | 2031-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                        | Duke Energy Corp                                                                 | CUSIP: 26441CAP0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1336924.50   | 0.17%             | 2045-12-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    888000 | PA      | $856426.25    | 0.11%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALEXANDRITE LAKE LUX HOL                                | Alexandrite Lake Lux Holdings Sarl                                               | CUSIP: 000000000<br>LEI: 213800RY78YHYF5J8L55 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $120107.61    | 0.01%             | 2030-07-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                                    | Wabash National Corp                                                             | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    199000 | PA      | $184635.58    | 0.02%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                    | Alpha Generation LLC                                                             | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    440000 | PA      | $454207.80    | 0.06%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                                     | Somnigroup International Inc                                                     | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     66000 | PA      | $60447.60     | 0.01%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                  | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BJ9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17010.00     | 0.00%             | 2031-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TITANIUM 2L BONDCO SARL                                 | Titanium 2l Bondco Sarl                                                          | CUSIP: 000000000<br>LEI: 636700S4QMU2DWYOSF67 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $30335.66     | 0.00%             | 2031-01-14      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2006-OA14                                                 | CUSIP: 02146SAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3578554 | PA      | $3261247.78   | 0.41%             | 2046-11-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP DIRECTV FIN                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -384750 | PA      | $-384750.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                                   | Belron UK Finance PLC                                                            | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    799000 | PA      | $809414.17    | 0.10%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   2444000 | PA      | $2444351.03   | 0.31%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                     | Churchill Downs Inc                                                              | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |   1073000 | PA      | $1072032.58   | 0.13%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP BAT CAPITAL                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -575060 | PA      | $-575060.20   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     97000 | PA      | $117126.30    | 0.01%             | 2034-09-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                    | Garda World Security Corp                                                        | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    474000 | PA      | $485899.30    | 0.06%             | 2028-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL                                        | Midcap Financial Issuer Trust                                                    | CUSIP: 59590AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $377164.00    | 0.05%             | 2030-01-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                                           | Schaeffler AG                                                                    | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $119328.98    | 0.01%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LABL Inc                                                | LABL Inc 2021 USD 1st Lien Term Loan                                             | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |    467748 | PA      | $382383.79    | 0.05%             | 2028-10-30      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2023-I2                                                                | CUSIP: 12570HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    865652 | PA      | $871594.18    | 0.11%             | 2067-12-25      | Variable      | 6.64%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-CIP                                            | CUSIP: 12434FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    527787 | PA      | $527457.19    | 0.07%             | 2038-12-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                   | NGL Energy Operating LLC / NGL Energy Finance Corp                               | CUSIP: 62922LAD0<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1055385.38   | 0.13%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP CAESARS ENT                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -1272180 | PA      | $-1272180.00  | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| VERISURE HOLDING AB                                     | Verisure Holding AB                                                              | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |     80000 | PA      | $96337.98     | 0.01%             | 2027-10-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                          | CUSIP: 836205AV6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $150192.00    | 0.02%             | 2046-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                 | CUSIP: 3131XCLZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    521753 | PA      | $503405.30    | 0.06%             | 2031-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                     | Avantor Funding Inc                                                              | CUSIP: 05352TAB5<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |     31000 | PA      | $29479.92     | 0.00%             | 2029-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377CU4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    625000 | PA      | $681478.75    | 0.09%             | 2028-03-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 5YR NOTE (CBT) DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -876 | NC      | $-245206.78   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                                 | ZAYO GROUP HOLDINGS INC 2025 USD TERM LOAN                                       | CUSIP: 98919XAH4<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |    145000 | PA      | $140529.65    | 0.02%             | 2030-03-11      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                    | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1120221.38   | 0.14%             | 2031-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                              | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    630000 | PA      | $632362.50    | 0.08%             | 2041-11-15      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                | Apollo Debt Solutions BDC                                                        | CUSIP: 03770DAE3<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62963.14     | 0.01%             | 2032-03-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Boxer Parent Company Inc.                               | Boxer Parent Company Inc 2024 2nd Lien Term Loan                                 | CUSIP: 05988HAL1<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |    339000 | PA      | $329677.50    | 0.04%             | 2032-07-30      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                               | PG&E Corp                                                                        | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |   1424000 | PA      | $1462946.47   | 0.18%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP CCO HOLDING                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -921158 | PA      | $-921157.50   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                         | CUSIP: 26884LAX7<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32004.59     | 0.00%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                         | Fair Isaac Corp                                                                  | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    112000 | PA      | $108924.90    | 0.01%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2605000 | PA      | $2734580.36   | 0.34%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OEG FINANCE PLC                                         | OEG Finance PLC                                                                  | CUSIP: 000000000<br>LEI: 254900KMBHWF9UK63G44 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $122709.22    | 0.02%             | 2029-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                                | Focus Financial Partners LLC                                                     | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |    401000 | PA      | $410671.32    | 0.05%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC                            | RRP XPLR INFRAS                                                                  | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | Short            | RA               | CORP              | US        |   -906475 | PA      | $-906475.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Northwell Healthcare Inc                                | Northwell Healthcare Inc                                                         | CUSIP: 667274AC8<br>LEI: 54930073NUTKK4QD3P47 | Long             | DBT              | CORP              | US        |    686000 | PA      | $562181.74    | 0.07%             | 2047-11-01      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   3662000 | PA      | $3884478.88   | 0.49%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     89000 | PA      | $88524.93     | 0.01%             | 2032-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                             | McAfee Corp                                                                      | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    576000 | PA      | $534292.65    | 0.07%             | 2030-02-15      | Fixed         | 7.38%                 | 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        |    120000 | PA      | $120170.03    | 0.02%             | 2041-11-25      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP                                 | Digital Realty Trust LP                                                          | CUSIP: 25389JAX4<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              |  | US        |    109000 | PA      | $114450.00    | 0.01%             | 2029-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                    | WR Grace Holdings LLC                                                            | CUSIP: 92943GAE1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    354000 | PA      | $361012.39    | 0.05%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                                    | Kaiser Aluminum Corp                                                             | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1209000 | PA      | $1139519.25   | 0.14%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                    | LifePoint Health Inc 2024 Incremental Term Loan B1                               | CUSIP: 75915TAL6<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    201055 | PA      | $199987.78    | 0.02%             | 2031-05-19      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                        | ITT Holdings LLC                                                                 | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    961000 | PA      | $944792.35    | 0.12%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5                         | CUSIP: 61777QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300494 | PA      | $1308980.45   | 0.16%             | 2069-10-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Cotiviti Corporation                                    | Cotiviti Corporation 2024 Fixed Term Loan B                                      | CUSIP: 22164MAD9<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |   3229518 | PA      | $3238592.95   | 0.40%             | 2031-05-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                             | Chemours Co/The                                                                  | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    227000 | PA      | $225788.82    | 0.03%             | 2033-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ADLER FINANCING SARL                                    | Adler Financing Sarl                                                             | CUSIP: 000000000<br>LEI: 213800BAQB59IVKP7S93 | Long             | DBT              | CORP              | LU        |    150890 | PA      | $188563.64    | 0.02%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Foundation Building Materials Holding Company LLC       | Foundation Building Materials Holding Company LLC 2025 Term Loan                 | CUSIP: 35039KAE6<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |    114463 | PA      | $114912.96    | 0.01%             | 2031-01-29      | Floating      | 11.50%                | No            |                  2 | On Loan: No      |
| Tenneco Inc                                             | Tenneco Inc 2022 Term Loan B                                                     | CUSIP: 88037HAP9<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |    314046 | PA      | $306882.61    | 0.04%             | 2028-11-17      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| SPRINGS WINDOWS FASHIONS LLC                            | Springs Windows Fashions LLC 2024 FLFO A1 Term Loan                              | CUSIP: 78489HAG3<br>LEI: 5493000CMZKPQ7BKPB20 | Long             | LON              | CORP              | US        |     51714 | PA      | $51778.99     | 0.01%             | 2029-12-19      | Floating      | 8.66%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    214000 | PA      | $258544.10    | 0.03%             | 2027-11-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                   | QXO Building Products Inc                                                        | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |   1579000 | PA      | $1634890.58   | 0.20%             | 2032-04-30      | Fixed         | 6.75%                 | 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        |    647000 | PA      | $646274.07    | 0.08%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                       | Rakuten Group Inc                                                                | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    474000 | PA      | $532996.32    | 0.07%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US LONG BOND(CBT) DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -414 | NC      | $-1180983.38  | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| LIGHT & WONDER INTL INC                                 | Light & Wonder International Inc                                                 | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    332000 | PA      | $332564.40    | 0.04%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                          | Transocean International Ltd                                                     | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    201000 | PA      | $198159.11    | 0.02%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FNMA 30YR U                                                                  | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |  -1546979 | PA      | $-1546979.26  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Carrington Mortgage Loan Trust                          | Carrington Mortgage Loan Trust Series 2006-FRE2                                  | CUSIP: 14454AAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5122412 | PA      | $3924156.55   | 0.49%             | 2035-03-25      | Floating      | 4.35%                 | 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        |   1000000 | PA      | $1054465.64   | 0.13%             | 2042-06-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                  | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAE9<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |    170000 | PA      | $171785.51    | 0.02%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                                     | Station Casinos LLC                                                              | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    222000 | PA      | $228048.17    | 0.03%             | 2032-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                                            | QUALCOMM Inc                                                                     | CUSIP: 747525AV5<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    700000 | PA      | $599691.23    | 0.07%             | 2047-05-20      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP MAUSER PACK                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -3060000 | PA      | $-3060000.00  | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101008.17    | 0.01%             | 2059-10-27      | Fixed         | 5.55%                 | 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        |    397000 | PA      | $403707.76    | 0.05%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   2013000 | PA      | $2072474.09   | 0.26%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                       | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    272000 | PA      | $287704.19    | 0.04%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP ICAHN ENTER                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -102502 | PA      | $-102502.50   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Mitchell International, Inc.                            | Mitchell International Inc 2024 1st Lien Term Loan                               | CUSIP: 60662WAW2<br>LEI: 5493002RDNIGEM7SSV41 | Long             | LON              | CORP              | US        |    231854 | PA      | $231508.99    | 0.03%             | 2031-06-17      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                         | CUSIP: 38383CS84<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4218915 | PA      | $879269.53    | 0.11%             | 2047-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP                                 | Empire Communities Corp                                                          | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |     67000 | PA      | $70250.84     | 0.01%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Warwick Capital CLO Ltd                                 | Warwick Capital CLO 5 Ltd                                                        | CUSIP: 93656FAA6<br>LEI: 254900WYTOTUQQSCN403 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250855.48    | 0.03%             | 2038-01-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                                          | Constellium SE                                                                   | CUSIP: 21039CAD6<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    422000 | PA      | $431367.98    | 0.05%             | 2032-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                                | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $122850.52    | 0.02%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                    | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $123136.71    | 0.02%             | 2028-11-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO LLC                             | BEACH ACQUISITION BIDCO LLC USD TERM LOAN B                                      | CUSIP: 07337FAB1<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |    170000 | PA      | $170708.90    | 0.02%             | 2032-09-12      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| UBS AG STAMFORD CT                                      | UBS AG/Stamford CT                                                               | CUSIP: 22550L2K6<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    900000 | PA      | $915144.53    | 0.11%             | 2027-07-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 16 Ltd                                                                        | CUSIP: 74971CAA1<br>LEI: 549300FLUOZC8QYYKL96 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001783.10   | 0.13%             | 2036-07-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-SOAR                                           | CUSIP: 05608WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1446617 | PA      | $1445713.24   | 0.18%             | 2038-06-15      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES IN                                | Minerals Technologies Inc                                                        | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |    218000 | PA      | $213641.20    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    540000 | PA      | $536270.33    | 0.07%             | 2032-04-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| TCI-Symphony CLO                                        | TCI-Symphony CLO 2017-1 Ltd                                                      | CUSIP: 87232BAF9<br>LEI: 5493005WLG3H3B8NI222 | Long             | ABS-CBDO         | CORP              | KY        |    873898 | PA      | $875020.81    | 0.11%             | 2030-07-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PEJ1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3077230.08   | 0.38%             | 2030-07-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAYA SAS/FRANCE                                         | Maya SAS/Paris France                                                            | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    850000 | PA      | $911619.05    | 0.11%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP BANK OF MON                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -3026250 | PA      | $-3026250.00  | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                 | Zayo Group Holdings Inc USD Term Loan                                            | CUSIP: 98919XAB7<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |   1187918 | PA      | $1169362.23   | 0.15%             | 2027-03-09      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                                   | Williams Scotsman Inc                                                            | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    417000 | PA      | $429203.51    | 0.05%             | 2030-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                                | New Enterprise Stone & Lime Co Inc                                               | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    208000 | PA      | $208461.61    | 0.03%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                                | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC    | CUSIP: 44287DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1761000 | PA      | $1827033.98   | 0.23%             | 2032-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                                | Turkcell Iletisim Hizmetleri AS                                                  | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $209000.00    | 0.03%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2023-NQM6 Trust                                                              | CUSIP: 67117VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    943766 | PA      | $951696.47    | 0.12%             | 2063-07-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| CONTOURGLOBAL POWER HLDG                                | ContourGlobal Power Holdings SA                                                  | CUSIP: 21220LAB9<br>LEI: 549300O5AGIFK0PQ1516 | Long             | DBT              | CORP              | LU        |    600000 | PA      | $623244.00    | 0.08%             | 2030-02-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MGM CHINA HOLDINGS LTD                                  | MGM China Holdings Ltd                                                           | CUSIP: 000000000<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $249845.00    | 0.03%             | 2026-05-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                  | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     81000 | PA      | $78219.63     | 0.01%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                      | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |   1440000 | PA      | $1500750.00   | 0.19%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                 | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   1682000 | PA      | $1759469.56   | 0.22%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GREAT CAN GAMING/RAPTOR                                 | Great Canadian Gaming Corp/Raptor LLC                                            | CUSIP: 389925AA6<br>LEI: 549300FU60SSFLTE0M84 | Long             | DBT              | CORP              | XX        |    524000 | PA      | $518150.17    | 0.06%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                           | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    389000 | PA      | $401756.87    | 0.05%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    357000 | PA      | $314160.00    | 0.04%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EOC Borrower LLC                                        | EOC Borrower LLC Term Loan B                                                     | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    204197 | PA      | $204094.50    | 0.03%             | 2032-03-24      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                    | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    706000 | PA      | $718480.67    | 0.09%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO XV Ltd                                                              | CUSIP: 87154EBE9<br>LEI: 549300JNP1PJXORD0Y06 | Long             | ABS-CBDO         | CORP              | KY        |    262895 | PA      | $263213.21    | 0.03%             | 2032-01-17      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                               | Gainwell Acquisition Corp Term Loan B                                            | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    736134 | PA      | $723435.64    | 0.09%             | 2027-10-01      | Floating      | 8.10%                 | 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        |   1351579 | PA      | $1360347.84   | 0.17%             | 2069-11-25      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                              | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    117000 | PA      | $107903.25    | 0.01%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                    | Chart Industries Inc                                                             | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    102000 | PA      | $109278.41    | 0.01%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                                   | EG Global Finance PLC                                                            | CUSIP: 28228PAC5<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    391000 | PA      | $429457.20    | 0.05%             | 2028-11-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWAP/CDSWAP/CDS: (ITRAXX.XO.42.V2 20-35%)                                        | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DCR              |  | FR        |     45000 | OU      | $7384.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                 | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              |  | US        |   2320000 | PA      | $2443424.00   | 0.31%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Great Canadian Gaming Corporation                       | Great Canadian Gaming Corporation 2024 Term Loan B                               | CUSIP: 000000000<br>LEI: 549300FU60SSFLTE0M84 | Long             | LON              | CORP              | CA        |    171656 | PA      | $164897.89    | 0.02%             | 2029-11-01      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2023-2 Mortgage Loan Trust                                                  | CUSIP: 12598UAA4<br>LEI: 213800IHRVKO9R6JZ883 | Long             | ABS-MBS          | CORP              | US        |    830052 | PA      | $836620.70    | 0.10%             | 2068-07-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                               | Bausch & Lomb Corporation 2025 Term Loan B                                       | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    608001 | PA      | $607496.17    | 0.08%             | 2031-01-15      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                          | Transocean International Ltd                                                     | CUSIP: 893830BL2<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    554000 | PA      | $553229.75    | 0.07%             | 2027-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                               | IQVIA Inc                                                                        | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1254332.02   | 0.16%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                | Virginia Electric and Power Co                                                   | CUSIP: 927804FE9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    750000 | PA      | $825478.06    | 0.10%             | 2037-11-30      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                                           | Coherent Corp                                                                    | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    547000 | PA      | $539453.53    | 0.07%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                                  | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    531000 | PA      | $583990.61    | 0.07%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA O2 V DAC                                   | Virgin Media O2 Vendor Financing Notes V DAC                                     | CUSIP: 000000000<br>LEI: 635400ASSEVCXAPVGC36 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $138994.12    | 0.02%             | 2032-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Kaman Corporation                                       | Kaman Corporation 2025 Term Loan B                                               | CUSIP: 48354VAM4<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |    472543 | PA      | $470728.25    | 0.06%             | 2032-02-26      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                  | JW Commercial Mortgage Trust 2024-MRCO                                           | CUSIP: 46657XAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $801500.00    | 0.10%             | 2039-06-15      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                                | Perrigo Finance Unlimited Co                                                     | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |    434000 | PA      | $436909.97    | 0.05%             | 2032-09-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                            | Calpine Corp                                                                     | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9957.81      | 0.00%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                                 | WINDSTREAM SERVICES LLC 2025 TERM LOAN B                                         | CUSIP: 000000000<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |    319000 | PA      | $315810.00    | 0.04%             | 2032-09-24      | Floating      | 8.14%                 | No            |                  3 | On Loan: No      |
| Churchill Downs Inc                                     | Churchill Downs Inc                                                              | CUSIP: 171484AE8<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    374000 | PA      | $369014.58    | 0.05%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Digicel International Finance Limited                   | Digicel International Finance Limited 2025 Term Loan B                           | CUSIP: 000000000<br>LEI: 5493007V023VOEW4FK27 | Long             | LON              | CORP              | BM        |    386000 | PA      | $385517.50    | 0.05%             | 2032-08-06      | Floating      | 9.49%                 | No            |                  2 | On Loan: No      |
| OCADO GROUP PLC                                         | Ocado Group PLC                                                                  | CUSIP: 000000000<br>LEI: 213800LO8F61YB8MBC74 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $135121.73    | 0.02%             | 2030-06-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                                | Ares Strategic Income Fund                                                       | CUSIP: 04020EAD9<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    159000 | PA      | $160551.84    | 0.02%             | 2030-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                                  | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 65342QAL6<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     86000 | PA      | $84765.51     | 0.01%             | 2026-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                          | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    235000 | PA      | $232535.87    | 0.03%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| US BANCORP INVESTMENTS INC                              | RRP LEVEL 3 FIN                                                                  | CUSIP: 000000000<br>LEI: H85Z6XZP8B10ES0M2G89 | Short            | RA               | CORP              | US        |  -3175562 | PA      | $-3175562.50  | -0.40%            |  |  |  | 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        |   1412000 | PA      | $1454970.55   | 0.18%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137H6V44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1340000 | PA      | $1014623.61   | 0.13%             | 2052-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                                    | RRP PNC FINANCI                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -148395 | PA      | $-148395.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS INC                                     | Shift4 Payments Inc                                                              | CUSIP: 82452JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    219000 | PA      | $224694.00    | 0.03%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                        | Insight Enterprises Inc                                                          | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |    195000 | PA      | $199933.50    | 0.02%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                                 | Windstream Services LLC 2024 Term Loan B                                         | CUSIP: 97381JAJ2<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |    156000 | PA      | $155610.00    | 0.02%             | 2031-10-01      | Floating      | 9.01%                 | No            |                  3 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                    | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   1086000 | PA      | $1139757.00   | 0.14%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                                 | Iron Mountain Information Management Services Inc                                | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |    353000 | PA      | $340129.94    | 0.04%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckhorn Park CLO, Ltd.                                 | Buckhorn Park CLO Ltd                                                            | CUSIP: 118382BA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2501251.50   | 0.31%             | 2034-07-18      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAD2<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |   2085000 | PA      | $2178084.83   | 0.27%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY REIT INC                                | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              |  | US        |    434000 | PA      | $426253.88    | 0.05%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                               | Esab Corp                                                                        | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    138000 | PA      | $141767.81    | 0.02%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATLAS CC ACQUISITION CORP                               | Atlas CC Acquisition Corp 2025 Second Out Term Loan B                            | CUSIP: 04921TAR5<br>LEI: 6HHLXIOGCDNZ4IRAIW26 | Long             | LON              | CORP              | US        |    204709 | PA      | $116620.95    | 0.01%             | 2029-05-25      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    333000 | PA      | $326183.20    | 0.04%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                                 | Gulfport Energy Operating Corp                                                   | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    242000 | PA      | $248338.84    | 0.03%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                            | Navient Corp                                                                     | CUSIP: 63938CAQ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    315000 | PA      | $331461.27    | 0.04%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                    | Garda World Security Corp                                                        | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     86000 | PA      | $85262.46     | 0.01%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WATER US HOLDING CORP                           | OLYMPUS WATER US HOLDING CORP 2025 USD TERM LOAN B                               | CUSIP: 68163YAK1<br>LEI: 549300YU2GGVCBN3MY89 | Long             | LON              | CORP              | US        |    352000 | PA      | $349110.08    | 0.04%             | 2032-07-23      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |     66000 | PA      | $65464.61     | 0.01%             | 2029-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                                              | Twilio Inc                                                                       | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    209000 | PA      | $196516.93    | 0.02%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                  | Lumen Technologies Inc 2024 Extended Term Loan B2                                | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    135960 | PA      | $134959.80    | 0.02%             | 2030-04-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAC9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    627000 | PA      | $643182.37    | 0.08%             | 2030-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                        | Lamar Media Corp                                                                 | CUSIP: 513075BT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     53000 | PA      | $50738.82     | 0.01%             | 2030-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $-806.12      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DAVITA INC                                              | DaVita Inc                                                                       | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    231000 | PA      | $238206.74    | 0.03%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                   | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    870000 | PA      | $862128.85    | 0.11%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    229000 | PA      | $219740.84    | 0.03%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC                              | Amneal Pharmaceuticals LLC 2025 Term Loan B                                      | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |    509000 | PA      | $508149.97    | 0.06%             | 2032-08-01      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                             | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    362000 | PA      | $383052.11    | 0.05%             | 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        |    323000 | PA      | $341069.51    | 0.04%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2022-VII Ltd                                                        | CUSIP: 12569GAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $506305.35    | 0.06%             | 2038-01-22      | Floating      | 9.68%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                  | Telecom Italia Capital SA                                                        | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    520000 | PA      | $576051.94    | 0.07%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| WOM MOBILE SA                                           | WOM Mobile SA                                                                    | CUSIP: 97810LAA7<br>LEI: 549300T600VUO0QJ3063 | Long             | DBT              | CORP              | CL        |     10220 | PA      | $9802.00      | 0.00%             | 2031-04-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| SENSATA TECH INC                                        | Sensata Technologies Inc                                                         | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    810000 | PA      | $781776.36    | 0.10%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAE0<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |    331000 | PA      | $348960.39    | 0.04%             | 2031-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2017-I Ltd                                                          | CUSIP: 17181PAG4<br>LEI: 549300X1SKS4LNS5LQ62 | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $704947.81    | 0.09%             | 2037-04-21      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                            | US Foods Inc                                                                     | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    191000 | PA      | $188143.77    | 0.02%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ATI INC                                                 | ATI Inc                                                                          | CUSIP: 01741RAL6<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    129000 | PA      | $126828.53    | 0.02%             | 2029-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US ACUTE CARE SOLUTIONS                                 | US Acute Care Solutions LLC                                                      | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    403000 | PA      | $412664.88    | 0.05%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| DK Trust                                                | DK Trust 2025-LXP                                                                | CUSIP: 23292LAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    202000 | PA      | $202189.38    | 0.03%             | 2037-08-15      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| XHR LP                                                  | XHR LP                                                                           | CUSIP: 98372MAE5<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |    156000 | PA      | $160285.79    | 0.02%             | 2030-05-15      | Fixed         | 6.63%                 | 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        |    509000 | PA      | $524943.92    | 0.07%             | 2029-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                | Science Applications International Corp                                          | CUSIP: 808625AB3<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    357000 | PA      | $357110.87    | 0.04%             | 2033-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | RRP NATIONSTAR                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -906840 | PA      | $-906840.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                                | Medline Borrower LP/Medline Co-Issuer Inc                                        | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    557000 | PA      | $571150.40    | 0.07%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                                | Allwyn Entertainment Financing UK PLC                                            | CUSIP: 000000000<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $114034.68    | 0.01%             | 2031-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                                    | CITGO Petroleum Corp                                                             | CUSIP: 17302XAN6<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    939000 | PA      | $975801.29    | 0.12%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                                | Ares Strategic Income Fund                                                       | CUSIP: 04020EAK3<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    300000 | PA      | $304863.85    | 0.04%             | 2030-09-09      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Minejesa Capital BV                                     | Minejesa Capital BV                                                              | CUSIP: 602736AB6<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $198800.00    | 0.02%             | 2037-08-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                            | CUSIP: 527298CD3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    673667 | PA      | $615563.22    | 0.08%             | 2030-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                                   | Bread Financial Holdings Inc                                                     | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56476.15     | 0.01%             | 2035-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN                                  | Berkshire Hathaway Finance Corp                                                  | CUSIP: 084664BL4<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |    250000 | PA      | $272655.70    | 0.03%             | 2040-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ITELYUM REGENERATION SPA                                | Itelyum Regeneration Spa                                                         | CUSIP: 000000000<br>LEI: 815600051FBC23AA8A45 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $119447.14    | 0.01%             | 2030-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                        | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1631000 | PA      | $1677658.69   | 0.21%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                  | CHL Mortgage Pass-Through Trust 2006-OA5                                         | CUSIP: 126694N46<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3147077 | PA      | $3054288.63   | 0.38%             | 2046-04-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                          | CarVal CLO II Ltd                                                                | CUSIP: 14686AAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    960974 | PA      | $961441.62    | 0.12%             | 2032-04-20      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Oxea Holding Drei GmbH                                  | Oxea Holding Drei GmbH 2017 USD Term Loan B2                                     | CUSIP: 000000000<br>LEI: 529900MSP24R2FE9U796 | Long             | LON              | CORP              | US        |     45567 | PA      | $41845.36     | 0.01%             | 2031-04-08      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                                          | Constellium SE                                                                   | CUSIP: 21039CAB0<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |   1492000 | PA      | $1419613.53   | 0.18%             | 2029-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CA MAGNUM HOLDINGS                                      | CA Magnum Holdings                                                               | CUSIP: 12674CAA1<br>LEI: 549300ZRDHFR078MFZ78 | Long             | DBT              | CORP              | MU        |    728000 | PA      | $724451.00    | 0.09%             | 2026-10-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2025-7                                                  | CUSIP: 03466TAA5<br>LEI: 254900QTRHHMG5RQ9X60 | Long             | ABS-MBS          | CORP              | US        |   1451120 | PA      | $1463559.02   | 0.18%             | 2070-06-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1212606.34   | 0.15%             | 2027-10-15      | Fixed         | 6.75%                 | 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        |   2000000 | PA      | $1873659.72   | 0.23%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                            | Navient Corp                                                                     | CUSIP: 63938CAN8<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    148000 | PA      | $163579.81    | 0.02%             | 2030-07-25      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                               | CUSIP: 3137H0RH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4657510 | PA      | $870966.94    | 0.11%             | 2051-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Jeld-Wen Inc                                            | JELD-WEN Inc                                                                     | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    309000 | PA      | $301539.84    | 0.04%             | 2027-12-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2006-OA8                                                  | CUSIP: 02147CAA1<br>LEI: 549300EBNJLBIQBKE071 | Long             | ABS-MBS          | CORP              | US        |    940878 | PA      | $853589.81    | 0.11%             | 2046-07-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                            | CUSIP: 527298CH4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     73472 | PA      | $63168.29     | 0.01%             | 2031-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     69000 | PA      | $67347.35     | 0.01%             | 2028-01-15      | Fixed         | 3.88%                 | 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        |    187489 | PA      | $188280.64    | 0.02%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                                | Prime Healthcare Services Inc                                                    | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    152000 | PA      | $158080.00    | 0.02%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    958000 | PA      | $959477.24    | 0.12%             | 2029-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| AMBER FINCO PLC                                         | Amber Finco PLC                                                                  | CUSIP: 000000000<br>LEI: 9845004C0870D380O790 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $123399.19    | 0.02%             | 2029-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                                             | Valaris Ltd                                                                      | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    560000 | PA      | $581192.79    | 0.07%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CHAMBERLAIN GROUP INC                                   | CHAMBERLAIN GROUP INC 2025 TERM LOAN B                                           | CUSIP: 15963CAE6<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |     59536 | PA      | $59561.14     | 0.01%             | 2032-09-08      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                       | NatWest Group PLC                                                                | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    595000 | PA      | $669824.23    | 0.08%             | 2033-11-10      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                | Aston Martin Capital Holdings Ltd                                                | CUSIP: 000000000<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    100000 | PA      | $130769.90    | 0.02%             | 2029-03-31      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                     | Intesa Sanpaolo SpA                                                              | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $200435.01    | 0.03%             | 2026-01-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                  | Standard Chartered PLC                                                           | CUSIP: 853254BK5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $500885.00    | 0.06%             | 2033-03-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM17 Trust                                                             | CUSIP: 673911AC7<br>LEI: 254900HMH8TR6ZSMCB34 | Long             | ABS-MBS          | CORP              | US        |   1073702 | PA      | $1083065.11   | 0.14%             | 2064-11-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    528000 | PA      | $530363.33    | 0.07%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                 | Light & Wonder International Inc                                                 | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    213000 | PA      | $218617.02    | 0.03%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DIAMOND FRGN/DIAMOND FIN                                | Diamond Foreign Asset Co / Diamond Finance LLC                                   | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    166000 | PA      | $175907.88    | 0.02%             | 2030-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2023-5                                                | CUSIP: 924934AA0<br>LEI: 984500BADC7CFE3B0756 | Long             | ABS-MBS          | CORP              | US        |    704659 | PA      | $709354.20    | 0.09%             | 2068-06-25      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                        | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    534000 | PA      | $526984.58    | 0.07%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                     | Altice Financing SA                                                              | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    800000 | PA      | $602000.00    | 0.08%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAA8<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $741732.51    | 0.09%             | 2031-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                                 | K Hovnanian Enterprises Inc                                                      | CUSIP: 48251UAP3<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |    801000 | PA      | $821372.00    | 0.10%             | 2031-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                 | Kodiak Gas Services LLC                                                          | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    685000 | PA      | $710800.55    | 0.09%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                                    | Wrangler Holdco Corp                                                             | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    174000 | PA      | $181429.63    | 0.02%             | 2032-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                         | Star Parent Inc                                                                  | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |    563000 | PA      | $595199.66    | 0.07%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                   | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $213348.80    | 0.03%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| STAR HOLDING LLC                                        | Star Holding LLC                                                                 | CUSIP: 85513AAA6<br>LEI: 254900BDGPE9N1WAKD59 | Long             | DBT              | CORP              | US        |    340000 | PA      | $337349.50    | 0.04%             | 2031-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| US BANCORP INVESTMENTS INC                              | RRP ALLIED UNIV                                                                  | CUSIP: 000000000<br>LEI: H85Z6XZP8B10ES0M2G89 | Short            | RA               | CORP              | US        |  -3319462 | PA      | $-3319462.50  | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                      | Ally Financial Inc                                                               | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2921782.77   | 0.36%             | 2026-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| JP MORGAN SECURITIES LLC                                | RRP ITT HOLDING                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |   -187188 | PA      | $-187187.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    916000 | PA      | $915065.07    | 0.11%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PINNACLE BUYER LLC                                      | PINNACLE BUYER LLC DELAYED DRAW TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     31079 | PA      | $31117.79     | 0.00%             | 2032-09-10      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                                   | Williams Scotsman Inc                                                            | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     49000 | PA      | $50119.90     | 0.01%             | 2029-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                                    | IHO Verwaltungs GmbH                                                             | CUSIP: 000000000<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $127085.28    | 0.02%             | 2031-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    596000 | PA      | $580304.05    | 0.07%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DANA INC                                                | Dana Inc                                                                         | CUSIP: 235825AJ5<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    182000 | PA      | $179208.30    | 0.02%             | 2032-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              |  | US        |   1370000 | PA      | $1455709.94   | 0.18%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                             | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    447000 | PA      | $452670.20    | 0.06%             | 2030-05-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| EIRCOM FINANCE DAC                                      | eircom Finance DAC                                                               | CUSIP: 000000000<br>LEI: 254900NA4DUH50UERM85 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $120254.84    | 0.02%             | 2031-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $1245.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSURBAN FINANCE CO                                   | Transurban Finance Co Pty Ltd                                                    | CUSIP: 89400PAE3<br>LEI: 54930081LPJMUMEA6E57 | Long             | DBT              | CORP              | AU        |    520000 | PA      | $519438.26    | 0.06%             | 2026-02-02      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                             | Chemours Co/The                                                                  | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   1057000 | PA      | $1030971.06   | 0.13%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                   | CWABS Asset-Backed Certificates Trust 2006-25                                    | CUSIP: 12668HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    413933 | PA      | $390039.09    | 0.05%             | 2037-06-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                          | Brink's Co/The                                                                   | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    313000 | PA      | $325565.39    | 0.04%             | 2032-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                   | Bausch Health Cos Inc                                                            | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   1585000 | PA      | $1648430.38   | 0.21%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2007-12T1                                                 | CUSIP: 02150LBG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3198417 | PA      | $1347534.00   | 0.17%             | 2037-06-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                          | Morgan Stanley                                                                   | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    100000 | NS      | $2515000.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CABLEVISION LIGHTPATH                                   | Cablevision Lightpath LLC                                                        | CUSIP: 12687GAA7<br>LEI: 5493002ZVBLRLGES1R71 | Long             | DBT              | CORP              | US        |    418000 | PA      | $405811.62    | 0.05%             | 2027-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                  | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    328000 | PA      | $328750.46    | 0.04%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 000000000<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |    205000 | PA      | $251447.03    | 0.03%             | 2030-12-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2020-3 Mortgage Loan Trust                                                  | CUSIP: 12597QAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2850000 | PA      | $2758417.25   | 0.34%             | 2065-04-27      | Variable      | 3.36%                 | No            |                  2 | On Loan: No      |
| US BANCORP INVESTMENTS INC                              | RRP CLOUD SOFTW                                                                  | CUSIP: 000000000<br>LEI: H85Z6XZP8B10ES0M2G89 | Short            | RA               | CORP              | US        |  -3570450 | PA      | $-3570450.00  | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                                   | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13849.70     | 0.00%             | 2032-02-01      | Fixed         | 4.38%                 | 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        |    188000 | PA      | $189612.48    | 0.02%             | 2033-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU Ltd                                       | Trimaran CAVU 2023-1 Ltd                                                         | CUSIP: 89624XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501626.10    | 0.06%             | 2036-07-20      | Floating      | 13.27%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                  | CUSIP: 31418DVW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5531170 | PA      | $4976622.24   | 0.62%             | 2036-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| NEW GOLD INC                                            | New Gold Inc                                                                     | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |    415000 | PA      | $434680.55    | 0.05%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                     | United Airlines Inc                                                              | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    450000 | PA      | $443109.94    | 0.06%             | 2029-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES FINANCIAL                                 | Raymond James Financial Inc                                                      | CUSIP: 754730AF6<br>LEI: RGUZHJ05YTITL6D76949 | Long             | DBT              | CORP              | US        |    400000 | PA      | $369219.87    | 0.05%             | 2046-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XXII Ltd                    | Octagon Investment Partners XXII Ltd                                             | CUSIP: 67572YBW1<br>LEI: 549300MQ9W5DWZ8QX450 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500887.25    | 0.06%             | 2030-01-22      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                        | Wand NewCo 3 Inc 2025 Repriced Term Loan B                                       | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |    578161 | PA      | $575882.69    | 0.07%             | 2031-01-30      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2016-LC25                                  | CUSIP: 95000JAV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1582003.68   | 0.20%             | 2059-12-15      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | J.P. Morgan Mortgage Trust 2023-DSC1                                             | CUSIP: 46656NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    269884 | PA      | $265043.60    | 0.03%             | 2063-07-25      | Variable      | 4.63%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO                                    | Veritiv Operating Co                                                             | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |    221000 | PA      | $237183.38    | 0.03%             | 2030-11-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CALIFORNIA BUYER/ATLANTI                                | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    100000 | PA      | $122183.52    | 0.02%             | 2032-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                                  | AngloGold Ashanti Holdings PLC                                                   | CUSIP: 03512TAE1<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |    200000 | PA      | $190732.00    | 0.02%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP UNITEDHEALT                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -608438 | PA      | $-608437.50   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                  | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BK6<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    137000 | PA      | $127467.17    | 0.02%             | 2033-04-30      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP W R GRACE H                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -1152742 | PA      | $-1152742.50  | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2007-22                                                   | CUSIP: 02151BBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6830363 | PA      | $2383106.99   | 0.30%             | 2037-09-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Whetstone Park CLO Ltd                                  | Whetstone Park CLO Ltd                                                           | CUSIP: 96329YAC1<br>LEI: 549300M54M5QSBMB3780 | Long             | ABS-CBDO         | CORP              | KY        |    275000 | PA      | $275308.03    | 0.03%             | 2035-01-20      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP ALLIED UNIV                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -1244995 | PA      | $-1244995.00  | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                               | BlackRock Liquidity Funds: T-Fund, Institutional Shares                          | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   6698506 | NS      | $6698505.79   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayview Commercial Asset Trust                          | Bayview Commercial Asset Trust 2007-2                                            | CUSIP: 07325XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    951200 | PA      | $882856.22    | 0.11%             | 2037-07-25      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| Ellucian Holdings, Inc.                                 | Ellucian Holdings Inc 2024 2nd Lien Term Loan                                    | CUSIP: 28917XAE0<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |    880000 | PA      | $898330.40    | 0.11%             | 2032-11-22      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| KRONOS INTERNATIONAL INC                                | Kronos International Inc                                                         | CUSIP: 000000000<br>LEI: 529900NTVDLUSYY9F493 | Long             | DBT              | CORP              | US        |    100000 | PA      | $123723.85    | 0.02%             | 2029-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| General Motors Co                                       | General Motors Co                                                                | CUSIP: 37045VAF7<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   2194000 | PA      | $2231146.53   | 0.28%             | 2043-10-02      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABE7<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |    405000 | PA      | $404755.38    | 0.05%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CAMELOT FINANCE SA                                      | Camelot Finance SA                                                               | CUSIP: 13323AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    105000 | PA      | $104639.98    | 0.01%             | 2026-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                                | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     42000 | PA      | $42013.36     | 0.01%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                        | Getty Images Inc                                                                 | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |    243000 | PA      | $232047.99    | 0.03%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                                  | Arsenal AIC Parent LLC                                                           | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    312000 | PA      | $330344.66    | 0.04%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2005-9CB                                                  | CUSIP: 12667GEM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    966566 | PA      | $852895.39    | 0.11%             | 2035-05-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP II                                | Blue Owl Capital Corp II                                                         | CUSIP: 69121DAD2<br>LEI: 549300MMNWZO5XKDDX47 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145034.28    | 0.02%             | 2026-11-15      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| SUMMIT ACQUISITION INC                                  | Summit Acquisition Inc 2025 Add-on Term Loan                                     | CUSIP: 86600DAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    181630 | PA      | $182160.36    | 0.02%             | 2031-10-16      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                          | Barings CLO Ltd 2021-II                                                          | CUSIP: 06762JAG8<br>LEI: 549300ZI2PPUCDLS2Y70 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250728.60    | 0.03%             | 2034-07-15      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| BERTRAND FRANCHISE                                      | Bertrand Franchise Finance SAS                                                   | CUSIP: 000000000<br>LEI: 969500HGPPEHSTNJFW57 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $112254.81    | 0.01%             | 2030-07-18      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP                                   | Blue Owl Capital Corp                                                            | CUSIP: 69121KAJ3<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    655000 | PA      | $673537.47    | 0.08%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                                | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              |  | US        |   1028000 | PA      | $1056876.88   | 0.13%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $209375.00    | 0.03%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FNMA 30YR F                                                                  | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |  -5036730 | PA      | $-5036729.54  | -0.63%            |  |  |  | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $976950.00    | 0.12%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                                 | Five Point Operating Co LP                                                       | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    114000 | PA      | $115683.93    | 0.01%             | 2030-10-01      | Fixed         | 8.00%                 | 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        |    764851 | PA      | $764851.37    | 0.10%             | 2038-07-15      | Floating      | 7.96%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                       | Trinidad & Tobago Government International Bond                                  | CUSIP: 896292AM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    200000 | PA      | $203650.00    | 0.03%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EquipmentShare.com Inc                                                           | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    177000 | PA      | $189167.33    | 0.02%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $881.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   4521000 | PA      | $4537863.33   | 0.57%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP BROADCOM IN                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -631000 | PA      | $-631000.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| IndyMac Residential Asset Backed Trust                  | Home Equity Mortgage Loan Asset-Backed Trust Series INABS 2006-E                 | CUSIP: 43709XAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2924818 | PA      | $2078726.65   | 0.26%             | 2037-04-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                    | Samarco Mineracao SA                                                             | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     41443 | PA      | $41650.22     | 0.01%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                                   | CNX Midstream Partners LP                                                        | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    124000 | PA      | $118908.03    | 0.01%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                                     | New Home Co Inc/The                                                              | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    296000 | PA      | $310810.06    | 0.04%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BRF GMBH                                                | BRF GmbH                                                                         | CUSIP: 000000000<br>LEI: 5299002S6DY5RA2IOQ11 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $198394.00    | 0.02%             | 2026-09-29      | Fixed         | 4.35%                 | 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        |   1190770 | PA      | $1162489.24   | 0.15%             | 2031-02-17      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                         | Madison IAQ LLC                                                                  | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    726000 | PA      | $717215.57    | 0.09%             | 2029-06-30      | Fixed         | 5.88%                 | 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        |    215000 | PA      | $224879.03    | 0.03%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1266000 | PA      | $1344716.08   | 0.17%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650EE6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1126109.33   | 0.14%             | 2044-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   5460000 | PA      | $6502133.82   | 0.81%             | 2033-11-13      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                              | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     96000 | PA      | $92762.34     | 0.01%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP GILEAD SCIE                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -563500 | PA      | $-563500.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| State of Illinois                                       | ILLINOIS ST                                                                      | CUSIP: 452151LF8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    698039 | PA      | $706516.86    | 0.09%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                 | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    239000 | PA      | $240863.16    | 0.03%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2017-D                                                  | CUSIP: 00968BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       763 | PA      | $264.92       | 0.00%             | 2057-12-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                  | CHL Mortgage Pass-Through Trust 2007-J2                                          | CUSIP: 12545EAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2591687 | PA      | $644880.34    | 0.08%             | 2037-07-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    243000 | PA      | $277429.02    | 0.03%             | 2026-08-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| OPTION CARE HEALTH INC                                  | Option Care Health Inc                                                           | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |    314000 | PA      | $302826.47    | 0.04%             | 2029-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                          | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $160192.00    | 0.02%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    260000 | PA      | $260311.07    | 0.03%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP AMERICAN TO                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -843750 | PA      | $-843750.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| LCPR SR SECURED FIN DAC                                 | LCPR Senior Secured Financing DAC                                                | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |    580000 | PA      | $347283.53    | 0.04%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                 | Zayo Group Holdings Inc 2022 USD Incremental Term Loan B                         | CUSIP: 98919XAE1<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |     38438 | PA      | $38369.01     | 0.00%             | 2027-03-09      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                   | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    376000 | PA      | $389610.08    | 0.05%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                         | CUSIP: 38380HHT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    443133 | PA      | $424674.86    | 0.05%             | 2047-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ATOS SE                                                 | Atos SE                                                                          | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | SN               | CORP              | FR        |     53608 | PA      | $72405.44     | 0.01%             | 2029-12-18      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FHLMC 15YR                                                                   | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |   -477650 | PA      | $-477649.83   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers CLO 46 Ltd                                        | CUSIP: 64134QAL1<br>LEI: 549300LCOEVXWN75LP18 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249635.05    | 0.03%             | 2037-01-20      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                   | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    264000 | PA      | $276711.60    | 0.03%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY GROUP                                    | Ryan Specialty LLC                                                               | CUSIP: 78351MAA0<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |    163000 | PA      | $157928.27    | 0.02%             | 2030-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US ULTRA BOND CBT DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -41 | NC      | $-153217.82   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                     | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    850000 | PA      | $880787.00    | 0.11%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | Ellington Financial Mortgage Trust 2020-1                                        | CUSIP: 31574PAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $513814.45    | 0.06%             | 2065-05-25      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                      | Morocco Government International Bond                                            | CUSIP: 617726AN4<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    200000 | PA      | $207375.00    | 0.03%             | 2028-03-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                        | GGAM Finance Ltd                                                                 | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    177000 | PA      | $187346.36    | 0.02%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                        | Wand NewCo 3 Inc                                                                 | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |   1053000 | PA      | $1109461.86   | 0.14%             | 2032-01-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP GNMA2 30YR                                                                   | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |   -169021 | PA      | $-169020.97   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                 | Kodiak Gas Services LLC                                                          | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    447000 | PA      | $455124.60    | 0.06%             | 2033-10-01      | Fixed         | 6.50%                 | 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        |    550000 | PA      | $552750.00    | 0.07%             | 2028-03-15      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BZ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    263000 | PA      | $270474.19    | 0.03%             | 2034-01-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                                    | Reworld Holding Corp                                                             | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    181000 | PA      | $170224.65    | 0.02%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                        | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $211800.00    | 0.03%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Endo Luxembourg Finance Company I S.a r.l.              | Endo Luxembourg Finance Company I Sa rl 2024 1st Lien Term Loan                  | CUSIP: 29280UAD5<br>LEI: 222100B15VY0VVCTG251 | Long             | LON              | CORP              | US        |    239486 | PA      | $239835.39    | 0.03%             | 2031-04-23      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIFL US LLC                                | Digicel International Finance Ltd / Difl US LLC                                  | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1459000 | PA      | $1496861.05   | 0.19%             | 2032-08-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                        | Trestles Clo IV Ltd                                                              | CUSIP: 89532WAC3<br>LEI: 254900EO5I6CR0IOWS98 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003029.80   | 0.13%             | 2034-07-21      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Corning Inc                                             | Corning Inc                                                                      | CUSIP: 219350BF1<br>LEI: 549300X2937PB0CJ7I56 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1586294.29   | 0.20%             | 2057-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                        | CSC Holdings LLC 2019 Term Loan B5                                               | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    534067 | PA      | $516207.58    | 0.06%             | 2027-04-15      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| CORELOGIC INC                                           | CoreLogic Inc                                                                    | CUSIP: 21871DAD5<br>LEI: 54930086CD8K2UIL0516 | Long             | DBT              | CORP              | US        |   1597000 | PA      | $1548454.71   | 0.19%             | 2028-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                          | Lowe's Cos Inc                                                                   | CUSIP: 548661EE3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    400000 | PA      | $289629.30    | 0.04%             | 2041-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                               | BPR Commercial Mortgage Trust 2024-PARK                                          | CUSIP: 05593UAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $206353.22    | 0.03%             | 2039-11-05      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | SWAP/CDSWAP/SCDS: (ZEGLN)                                                        | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              |  | GB        |     10082 | OU      | $1828.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CPT MORTGAGE TRUST                                      | Century Plaza Towers 2019-CPT                                                    | CUSIP: 12654YAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $220651.08    | 0.03%             | 2039-11-13      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| DARLING GLOBAL FINANCE                                  | Darling Global Finance BV                                                        | CUSIP: 000000000<br>LEI: 724500R2BQXOR6YG2Y67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $118535.35    | 0.01%             | 2032-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                          | Whirlpool Corp                                                                   | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    238000 | PA      | $237510.01    | 0.03%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                      | Subway Funding LLC                                                               | CUSIP: 864300AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    292788 | PA      | $296829.52    | 0.04%             | 2054-07-30      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Concord Music Royalties, LLC                            | Concord Music Royalties LLC                                                      | CUSIP: 20633KAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    171000 | PA      | $172287.65    | 0.02%             | 2074-10-20      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                         | Sealed Air Corp                                                                  | CUSIP: 81211KAY6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     98000 | PA      | $96176.30     | 0.01%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XVIII-R                                                               | CUSIP: 03767NBA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    870000 | PA      | $874375.93    | 0.11%             | 2038-01-22      | Floating      | 6.03%                 | 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        |    169000 | PA      | $176922.44    | 0.02%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                                  | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAD5<br>LEI: N/A                  | Long             | DBT              |  | US        |    295000 | PA      | $304113.73    | 0.04%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXXVII Ltd                                                  | CUSIP: 55817EAY2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    875000 | PA      | $879077.59    | 0.11%             | 2037-04-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                   | Trivium Packaging Finance BV                                                     | CUSIP: 000000000<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    110000 | PA      | $135759.49    | 0.02%             | 2030-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                 | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $4125.00      | 0.00%             | 2022-10-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC                                   | Chobani Holdco II LLC                                                            | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1692140 | PA      | $1793230.14   | 0.22%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS D                                | Axalta Coating Systems Dutch Holding B BV                                        | CUSIP: 05455JAA5<br>LEI: 5493007DMEBZH3CQ5E51 | Long             | DBT              | CORP              | NL        |    358000 | PA      | $374546.58    | 0.05%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP MORGAN STAN                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -3052500 | PA      | $-3052500.00  | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                                | Bellis Acquisition Co PLC                                                        | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |    104000 | PA      | $123917.54    | 0.02%             | 2031-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                   | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    227000 | PA      | $228598.99    | 0.03%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP CLEAR CHANN                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -245630 | PA      | $-245630.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                    | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    949000 | PA      | $1045946.99   | 0.13%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $413936.00    | 0.05%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust              | Bear Stearns Asset Backed Securities I Trust 2006-HE9                            | CUSIP: 07389MAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    588230 | PA      | $584400.90    | 0.07%             | 2036-11-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                                 | Zebra Technologies Corp                                                          | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |    184000 | PA      | $188981.98    | 0.02%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                    | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1405000 | PA      | $1380544.99   | 0.17%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                    | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    563000 | PA      | $573734.16    | 0.07%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 000000000<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |    100000 | PA      | $122657.09    | 0.02%             | 2030-12-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IMA INDUSTRIA MACCHINE                                  | IMA Industria Macchine Automatiche SpA                                           | CUSIP: 000000000<br>LEI: 815600D86992FDA7B908 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $118491.90    | 0.01%             | 2029-04-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2007-19                                                   | CUSIP: 02151AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    530287 | PA      | $243769.67    | 0.03%             | 2037-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Discovery Purchaser Corporation                         | Discovery Purchaser Corporation Term Loan                                        | CUSIP: 25471NAC0<br>LEI: 2549001LSO1ZBIPA5D65 | Long             | LON              | CORP              | US        |    685540 | PA      | $681542.99    | 0.09%             | 2029-10-04      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XVII LTD                    | Octagon Investment Partners XVII Ltd                                             | CUSIP: 67590GBL2<br>LEI: 54930007Y57X4ONHQV20 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250450.00    | 0.03%             | 2031-01-25      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| WAMU Asset-Backed Certificates                          | WaMu Asset-Backed Certificates WaMu Series 2007-HE3 Trust                        | CUSIP: 93364EAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4933882 | PA      | $4384461.40   | 0.55%             | 2037-05-25      | Floating      | 4.51%                 | 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        |    168144 | PA      | $171955.11    | 0.02%             | 2035-11-20      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT                      | CUSIP: 38122ND58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $782150.42    | 0.10%             | 2041-06-01      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                             | Homes 2024-Nqm2 Trust                                                            | CUSIP: 43761CAA0<br>LEI: 254900MQRASV1D1NGZ28 | Long             | ABS-MBS          | CORP              | US        |    520656 | PA      | $525605.02    | 0.07%             | 2069-10-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                          | OPAL BIDCO                                                                       | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    431000 | PA      | $441665.53    | 0.06%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WATCO COS LLC/FINANCE CO                                | Watco Cos LLC / Watco Finance Corp                                               | CUSIP: 941130AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    291000 | PA      | $301205.40    | 0.04%             | 2032-08-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE FINANCIAL                                | JPMorgan Chase Financial Co LLC                                                  | CUSIP: 48133DL24<br>LEI: 549300NJFDJOFYVV6789 | Long             | DBT              | CORP              | US        |    396000 | PA      | $458568.00    | 0.06%             | 2027-06-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                                        | Vital Energy Inc                                                                 | CUSIP: 516806AH9<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    140000 | PA      | $138643.40    | 0.02%             | 2029-07-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DANA INC                                                | Dana Inc                                                                         | CUSIP: 235825AH9<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    119000 | PA      | $117850.76    | 0.01%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                   | Qnity Electronics Inc                                                            | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    294000 | PA      | $300228.68    | 0.04%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                             | CUSIP: 378272CB2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    600000 | PA      | $627242.63    | 0.08%             | 2055-04-01      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAJ2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    515000 | PA      | $520433.25    | 0.06%             | 2026-06-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Titan Acquisition Limited                               | Titan Acquisition Limited 2024 Term Loan B                                       | CUSIP: 000000000<br>LEI: 5493003ZDHRVP2N4C109 | Long             | LON              | CORP              | CA        |   1050272 | PA      | $1052309.80   | 0.13%             | 2029-02-15      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| BUBBLES BIDCO SPA                                       | Bubbles Bidco SPA                                                                | CUSIP: 000000000<br>LEI: 815600073942740CEB24 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $118307.59    | 0.01%             | 2031-09-30      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                | Aston Martin Capital Holdings Ltd                                                | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    200000 | PA      | $195811.16    | 0.02%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP CORNING INC                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -1551150 | PA      | $-1551150.00  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | CDS: (CMBX.NA.7.BBB-)                                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | US        |   2017320 | OU      | $-248130.30   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC                                | Sensata Technologies Inc                                                         | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $517389.00    | 0.06%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                                | Midcap Financial Issuer Trust                                                    | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $198630.20    | 0.02%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                                 | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    259000 | PA      | $271954.66    | 0.03%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                   | HUB International Ltd                                                            | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   6447000 | PA      | $6713512.53   | 0.84%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group Inc                                  | Athenahealth Group Inc 2022 Term Loan B                                          | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    972831 | PA      | $970399.36    | 0.12%             | 2029-02-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2023-I1                                                                | CUSIP: 12570DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    927759 | PA      | $929679.72    | 0.12%             | 2058-04-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                    | Garda World Security Corp                                                        | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    484000 | PA      | $480327.75    | 0.06%             | 2027-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Amgen Inc                                               | Amgen Inc                                                                        | CUSIP: 031162BE9<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $236320.41    | 0.03%             | 2041-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FINASTRA USA INC                                        | FINASTRA USA INC 2025 2nd LIEN TERM LOAN                                         | CUSIP: 31772YAB2<br>LEI: 549300ZB2RO6QC7YTK71 | Long             | LON              | CORP              | US        |    219000 | PA      | $217467.00    | 0.03%             | 2033-09-15      | Floating      | 11.04%                | No            |                  2 | On Loan: No      |
| B&M EUROPEAN VALUE RET                                  | B&M European Value Retail SA                                                     | CUSIP: 000000000<br>LEI: 213800UK7ZRLY2K1X530 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $136251.91    | 0.02%             | 2031-11-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   5542000 | PA      | $5748197.87   | 0.72%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PUG LLC                                                 | PUG LLC 2024 Extended Term Loan B                                                | CUSIP: 74530DAH8<br>LEI: 549300NL9JUFIOARLW93 | Long             | LON              | CORP              | US        |    533606 | PA      | $528046.09    | 0.07%             | 2030-03-15      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                  | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   4853000 | PA      | $4900573.96   | 0.61%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOG                          | SEAGATE DATA STOR                                                                | CUSIP: 81180LAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    615000 | PA      | $651074.67    | 0.08%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    397000 | PA      | $382712.92    | 0.05%             | 2030-04-15      | Fixed         | 4.63%                 | 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        |    185000 | PA      | $175135.74    | 0.02%             | 2030-04-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                             | Vistra Corp                                                                      | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    240000 | PA      | $245485.92    | 0.03%             | 2026-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2024-6 Mortgage Loan Trust                                                  | CUSIP: 19688XAA4<br>LEI: 213800U2X2TO1PQH1O75 | Long             | ABS-MBS          | CORP              | US        |   1106415 | PA      | $1112401.67   | 0.14%             | 2069-11-25      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| Viking Cruises Ltd                                      | Viking Cruises Ltd                                                               | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    308000 | PA      | $308118.27    | 0.04%             | 2027-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CROSSCOUNTRY INTER                                      | CrossCountry Intermediate HoldCo LLC                                             | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    373000 | PA      | $374372.53    | 0.05%             | 2030-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wireless PropCo Funding LLC                             | Wireless PropCo Funding LLC                                                      | CUSIP: 97655EAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    725000 | PA      | $692088.26    | 0.09%             | 2055-06-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| RCI BANQUE SA                                           | RCI Banque SA                                                                    | CUSIP: 000000000<br>LEI: 96950001WI712W7PQG45 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $119454.02    | 0.01%             | 2037-03-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                  | Bank of New York Mellon Corp/The                                                 | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   2845000 | PA      | $2788180.77   | 0.35%             | 2026-12-20      | Fixed         | 3.75%                 | 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        |    275000 | PA      | $276975.27    | 0.03%             | 2038-09-10      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                             | Extended Stay America Trust 2021-ESH                                             | CUSIP: 30227FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1205885 | PA      | $1205884.73   | 0.15%             | 2038-07-15      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| SOBHA SUKUK I HOLDING                                   | Sobha Sukuk I Holding Ltd                                                        | CUSIP: 000000000<br>LEI: 254900VZENPT8NAXW686 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $200832.00    | 0.03%             | 2030-09-11      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV                                 | Mong Duong Finance Holdings BV                                                   | CUSIP: 000000000<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |    169400 | PA      | $167494.16    | 0.02%             | 2029-05-07      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP DEUTSCHE BA                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -797600 | PA      | $-797599.75   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                                | Greensaif Pipelines Bidco Sarl                                                   | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $210112.00    | 0.03%             | 2042-08-23      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP CLEAR CHANN                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -704975 | PA      | $-704975.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    263000 | PA      | $262036.03    | 0.03%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP ATHENAHEALT                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -3143230 | PA      | $-3143230.00  | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1213000 | PA      | $1276873.43   | 0.16%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    847000 | PA      | $868252.08    | 0.11%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                     | American Tower Corp                                                              | CUSIP: 03027XBS8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |   1000000 | PA      | $883557.81    | 0.11%             | 2031-09-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                     | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     14553 | PA      | $12901.82     | 0.00%             | 2030-07-31      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                   | RRP UKG INC 6.8                                                                  | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -3261094 | PA      | $-3261093.75  | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                          | Rocket Cos Inc                                                                   | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1351000 | PA      | $1394386.01   | 0.17%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP CLOUD SOFTW                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -1372312 | PA      | $-1372312.50  | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                                   | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     64000 | PA      | $62179.61     | 0.01%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | SWAP/CDSWAP/ICE: (CDX.NA.HY.45.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   6675000 | OU      | $-524672.61   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                 | CUSIP: 3132DSLS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4542047 | PA      | $4426504.45   | 0.55%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                 | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    754000 | PA      | $789077.59    | 0.10%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP ENEL FINANC                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -1191062 | PA      | $-1191062.50  | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| ADVANCION SCIENCES INC                                  | Advancion Sciences Inc                                                           | CUSIP: 499894AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    403547 | PA      | $357139.10    | 0.04%             | 2026-11-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                | Standard Industries Inc/NY                                                       | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5948.39      | 0.00%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PRESTIGEBIDCO GMBH                                      | PrestigeBidCo GmbH                                                               | CUSIP: 000000000<br>LEI: 529900CSF1DNOCHMI763 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $118071.22    | 0.01%             | 2029-07-01      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    602000 | PA      | $566630.27    | 0.07%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                     | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $980665.11    | 0.12%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $111.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                                     | Arbor Realty SR Inc                                                              | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              |  | US        |    197000 | PA      | $207133.54    | 0.03%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                         | CUSIP: 75513ECK5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    700000 | PA      | $599476.07    | 0.07%             | 2047-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | SWAP/CDSWAP/SCDS: (ADLERR)                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | XX        |      9242 | OU      | $609.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2480000 | PA      | $2733022.00   | 0.34%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Hess Corp                                               | Hess Corp                                                                        | CUSIP: 42809HAG2<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    750000 | PA      | $752476.69    | 0.09%             | 2027-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| UKG INC                                                 | UKG Inc                                                                          | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |   3375000 | PA      | $3482443.13   | 0.43%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP JPMORGAN CH                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -2955000 | PA      | $-2955000.00  | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-4                                                   | CUSIP: 33852FAA4<br>LEI: 549300H3PON1KOB2RF56 | Long             | ABS-MBS          | CORP              | US        |   1882944 | PA      | $1564120.26   | 0.20%             | 2051-06-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    168000 | PA      | $174415.75    | 0.02%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MAHLE GMBH                                              | Mahle GmbH                                                                       | CUSIP: 000000000<br>LEI: 52990098TR1QJBWIYG58 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $121532.35    | 0.02%             | 2031-05-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT INC                                          | PROOFPOINT INC 2025 FUNGIBLE TERM LOAN                                           | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |     72000 | PA      | $72187.92     | 0.01%             | 2028-08-31      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| VOYA CLO LTD                                            | Voya 2012-4 Ltd                                                                  | CUSIP: 92916GBE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     83768 | PA      | $83810.95     | 0.01%             | 2030-10-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                                            | CUSIP: 36168QAQ7<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    444000 | PA      | $464610.78    | 0.06%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                    | Samarco Mineracao SA                                                             | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     14433 | PA      | $14505.17     | 0.00%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                | JH North America Holdings Inc                                                    | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    429000 | PA      | $439413.55    | 0.05%             | 2032-07-31      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Regatta 30 Funding Ltd.                                 | Regatta 30 Funding Ltd                                                           | CUSIP: 75903UAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1700000 | PA      | $1704471.51   | 0.21%             | 2038-01-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                                 | Stagwell Global LLC                                                              | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    129000 | PA      | $125313.03    | 0.02%             | 2029-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                                       | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp                     | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    213000 | PA      | $214899.20    | 0.03%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FOUNDATION BUILDING M                                   | Foundation Building Materials Inc                                                | CUSIP: 350392AA4<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21285.84     | 0.00%             | 2029-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2024-A                                            | CUSIP: 567928AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    470000 | PA      | $487892.10    | 0.06%             | 2036-09-22      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| EPHIOS SUBCO SARL                                       | Ephios Subco 3 Sarl                                                              | CUSIP: 000000000<br>LEI: 213800E4EG6VFUFVEH64 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $124985.91    | 0.02%             | 2031-01-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VISTA OIL & GAS ARGENTIN                                | Vista Energy Argentina SAU                                                       | CUSIP: 92841RAB6<br>LEI: 549300FE4UJNCG1DB123 | Long             | DBT              | CORP              | AR        |     41000 | PA      | $41779.00     | 0.01%             | 2033-06-10      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LSF12 Crown US Commercial Bidco LLC                     | LSF12 Crown US Commercial Bidco LLC 2025 Term Loan B                             | CUSIP: 50221UAD3<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |    411000 | PA      | $411258.93    | 0.05%             | 2031-12-02      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | RRP STANDARD CH                                                                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | Short            | RA               | CORP              | US        |   -471800 | PA      | $-471800.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2022-9 Mortgage Loan Trust                                                  | CUSIP: 19688PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    213577 | PA      | $213461.92    | 0.03%             | 2067-12-25      | Variable      | 6.79%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                  | RR Donnelley & Sons Co                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    939000 | PA      | $962348.24    | 0.12%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Spruce Hill Mortgage Loan Trust                         | Spruce Hill Mortgage Loan Trust 2022-SH1                                         | CUSIP: 85213XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    573038 | PA      | $568403.56    | 0.07%             | 2057-07-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                                | Vertiv Group Corp                                                                | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |    687000 | PA      | $670841.37    | 0.08%             | 2028-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ZEGONA FINANCE PLC                                      | Zegona Finance PLC                                                               | CUSIP: 000000000<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |     90000 | PA      | $111864.29    | 0.01%             | 2029-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMKOR TECHNOLOGY INC                                    | Amkor Technology Inc                                                             | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    104000 | PA      | $105059.07    | 0.01%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VORTEX OPCO LLC                                         | Vortex Opco LLC Second Out Term Loan                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    169308 | PA      | $37247.69     | 0.00%             | 2028-12-17      | Floating      | 8.37%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1229400.00   | 0.15%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                                | Teachers Insurance & Annuity Association of America                              | CUSIP: 878091BF3<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |    700000 | PA      | $580825.90    | 0.07%             | 2047-05-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VFV1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $757233.84    | 0.09%             | 2060-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                 | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $3000.00      | 0.00%             | 2023-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                 | Kodiak Gas Services LLC                                                          | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    873000 | PA      | $896358.23    | 0.11%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                   | RRP PANTHER ESC                                                                  | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -4136562 | PA      | $-4136562.50  | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| STAKEHOLDER MIDSTREAM LLC                               | STAKEHOLDER MIDSTREAM LLC TERM LOAN                                              | CUSIP: 000000000<br>LEI: 254900BG1PE2KGG26017 | Long             | LON              | CORP              | US        |    330172 | PA      | $330585.22    | 0.04%             | 2031-01-01      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                                     | Silgan Holdings Inc                                                              | CUSIP: 000000000<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |    415000 | PA      | $489196.60    | 0.06%             | 2031-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                  | CUSIP: 3140XPPA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  24514367 | PA      | $23549031.64  | 2.94%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL/HK                                     | Bangkok Bank PCL/Hong Kong                                                       | CUSIP: 059895AW2<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |    200000 | PA      | $204874.00    | 0.03%             | 2028-09-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP PHILIP MORR                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -718875 | PA      | $-718875.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    480000 | PA      | $507932.16    | 0.06%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $230781.31    | 0.03%             | 2027-09-03      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                   | QNITY ELECTRONICS INC TERM LOAN B                                                | CUSIP: 74737SAB9<br>LEI: 254900RSUG4J9TFFZX53 | Long             | LON              | CORP              | US        |    518000 | PA      | $517352.50    | 0.06%             | 2032-08-12      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| NEOGEN FOOD SAFE CORP                                   | Neogen Food Safety Corp                                                          | CUSIP: 365417AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233000 | PA      | $243652.53    | 0.03%             | 2030-07-20      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2017-13 Ltd                                                              | CUSIP: 67097LAV8<br>LEI: 254900M77QLN2EBJHE11 | Long             | ABS-CBDO         | CORP              | KY        |    590000 | PA      | $591769.35    | 0.07%             | 2037-11-26      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                             | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    296000 | PA      | $305779.19    | 0.04%             | 2032-09-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                                | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $113005.20    | 0.01%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                     | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    488000 | PA      | $503929.30    | 0.06%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                                    | FirstKey Homes 2022-SFR1 Trust                                                   | CUSIP: 33768NAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3800000 | PA      | $3761920.96   | 0.47%             | 2039-05-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                         | Nissan Motor Co Ltd                                                              | CUSIP: 000000000<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $241749.52    | 0.03%             | 2033-07-17      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                          | Azorra Finance Ltd                                                               | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    223000 | PA      | $233871.25    | 0.03%             | 2030-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    521000 | PA      | $510580.00    | 0.06%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-504.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   2672000 | PA      | $2133111.04   | 0.27%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 14 Ltd                                                             | CUSIP: 05874YAE7<br>LEI: 254900GXTF670X967J67 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250851.55    | 0.03%             | 2037-07-20      | Floating      | 10.18%                | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                | JH North America Holdings Inc                                                    | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    325000 | PA      | $329977.25    | 0.04%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AHP HEALTH PARTN                                        | AHP Health Partners Inc                                                          | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |    469000 | PA      | $461564.52    | 0.06%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                 | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |    430000 | PA      | $4837.50      | 0.00%             | 2022-04-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                   | RRP HUB INTERNA                                                                  | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -1957500 | PA      | $-1957500.00  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                  | Comstock Resources Inc                                                           | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    844000 | PA      | $812818.76    | 0.10%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP NOVELIS COR                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -451912 | PA      | $-451912.50   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP ARDAGH META                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -1414220 | PA      | $-1414220.00  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                             | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    438000 | PA      | $450207.50    | 0.06%             | 2029-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                            | Entegris Inc                                                                     | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    526000 | PA      | $521488.34    | 0.07%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                     | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    648000 | PA      | $647975.72    | 0.08%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR LP                                     | Prairie Acquiror LP                                                              | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |    253000 | PA      | $263399.47    | 0.03%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Coral-US Co-Borrower, LLC                               | Coral-US Co-Borrower LLC 2025 Term Loan B7                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    238985 | PA      | $236430.25    | 0.03%             | 2032-01-31      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                                | Graphic Packaging International LLC                                              | CUSIP: 000000000<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    195000 | PA      | $221652.42    | 0.03%             | 2029-02-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   1093000 | PA      | $1121264.98   | 0.14%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AECOM                                                   | AECOM                                                                            | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    954000 | PA      | $975360.06    | 0.12%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    288000 | PA      | $298695.74    | 0.04%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                      | Union Pacific Corp                                                               | CUSIP: 907818FT0<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    275000 | PA      | $215615.33    | 0.03%             | 2041-05-20      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                                | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770000 | PA      | $771064.91    | 0.10%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                                   | Williams Scotsman Inc                                                            | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    335000 | PA      | $349854.57    | 0.04%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BARBADOS GOVT OF                                        | Barbados Government International Bond                                           | CUSIP: 067070AK8<br>LEI: 529900UD1KUUS4SFD905 | Long             | DBT              | NUSS              | BB        |     55000 | PA      | $57282.50     | 0.01%             | 2035-06-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                    | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   1396000 | PA      | $1397453.99   | 0.17%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| COMPASS GROUP DIVERSIFIE                                | Compass Group Diversified Holdings LLC                                           | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |    277777 | PA      | $256618.56    | 0.03%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                               | Bausch & Lomb Corporation 2023 Incremental Term Loan                             | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    261660 | PA      | $261332.93    | 0.03%             | 2028-09-29      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                        | Ziggo Bond Co BV                                                                 | CUSIP: 98953GAD7<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |    295000 | PA      | $267392.34    | 0.03%             | 2030-02-28      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                 | CUSIP: 3132D6AF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    346759 | PA      | $311120.58    | 0.04%             | 2036-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                               | CUSIP: 3618NJDT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     98047 | PA      | $99883.10     | 0.01%             | 2055-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    488000 | PA      | $504108.88    | 0.06%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                  | CUSIP: 3140QVB52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4981564 | PA      | $5039365.43   | 0.63%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL INC                     | RRP PERU (REPUB                                                                  | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Short            | RA               | CORP              | US        |   -136139 | PA      | $-136139.31   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| TUI AG                                                  | TUI AG                                                                           | CUSIP: 000000000<br>LEI: 529900SL2WSPV293B552 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $121972.09    | 0.02%             | 2029-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                    | LifePoint Health Inc                                                             | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    193000 | PA      | $209007.03    | 0.03%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                      | SWAP/CDSWAP/SCDS: (EOFP)                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              |  | US        |     15000 | OU      | $1888.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Madison Park XLIV                                       | Atrium XV                                                                        | CUSIP: 55820LAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $553086.55    | 0.07%             | 2037-07-16      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                                       | Lithia Motors Inc                                                                | CUSIP: 536797AJ2<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    237000 | PA      | $236703.75    | 0.03%             | 2030-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                                      | Osaic Holdings Inc                                                               | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |    174000 | PA      | $179713.46    | 0.02%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                            | DC Trust 2024-HLTN                                                               | CUSIP: 24022FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220000 | PA      | $219969.00    | 0.03%             | 2040-04-13      | Variable      | 7.29%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABF4<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |   1139000 | PA      | $1136438.30   | 0.14%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                                    | RRP POLAND (REP                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -132914 | PA      | $-132913.59   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | Celanese US Holdings LLC                                                         | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    245000 | PA      | $243966.33    | 0.03%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2006-J7                                                   | CUSIP: 23244FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2286060 | PA      | $2014732.60   | 0.25%             | 2046-11-20      | Floating      | 2.75%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                       | HSBC Holdings PLC                                                                | CUSIP: 404280BL2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    230000 | PA      | $230892.87    | 0.03%             | 2027-05-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                          | Brink's Co/The                                                                   | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    208000 | PA      | $214052.59    | 0.03%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | SWAP/CDSWAP/SCDS: (ADLERR)                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | XX        |     15219 | OU      | $1003.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                 | Millrose Properties Inc                                                          | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              |  | US        |    742000 | PA      | $754606.58    | 0.09%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 02156LAE1<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $344000.00    | 0.04%             | 2029-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                                     | Resideo Funding Inc                                                              | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |    495000 | PA      | $507327.98    | 0.06%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL INC                     | RRP NATIONSTAR                                                                   | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Short            | RA               | CORP              | US        |   -130730 | PA      | $-130730.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                   | Trivium Packaging Finance BV                                                     | CUSIP: 000000000<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    115000 | PA      | $141930.37    | 0.02%             | 2030-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                                      | Ardonagh Finco Ltd                                                               | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |   2329000 | PA      | $2437039.98   | 0.30%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                                    | OI European Group BV                                                             | CUSIP: 000000000<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $181758.25    | 0.02%             | 2028-05-15      | Fixed         | 6.25%                 | 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        |    400000 | PA      | $417181.51    | 0.05%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                                | Phoenix Aviation Capital Ltd                                                     | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    827000 | PA      | $879856.88    | 0.11%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC POWER CORP                                       | Public Power Corp SA                                                             | CUSIP: 000000000<br>LEI: 213800T9Y5XCOVRZ4Y57 | Long             | DBT              | CORP              | GR        |    100000 | PA      | $120915.50    | 0.02%             | 2031-10-31      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                          | Azorra Finance Ltd                                                               | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    155000 | PA      | $161400.11    | 0.02%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                | Science Applications International Corp                                          | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    239000 | PA      | $236580.84    | 0.03%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2022-INV2                                             | CUSIP: 924923AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    348608 | PA      | $347367.90    | 0.04%             | 2067-10-25      | Variable      | 6.79%                 | 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        |     67000 | PA      | $67256.30     | 0.01%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 000000000<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    104000 | PA      | $122370.62    | 0.02%             | 2034-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LIMA METRO LINE 2 FIN LT                                | Lima Metro Line 2 Finance Ltd                                                    | CUSIP: 532522AA7<br>LEI: 5493009BVQNQT1UKQ352 | Long             | DBT              | CORP              | KY        |   1557969 | PA      | $1610550.29   | 0.20%             | 2034-07-05      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                                            | CUSIP: 36168QAP9<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    519000 | PA      | $506341.28    | 0.06%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WILSONART LLC                                           | Wilsonart LLC                                                                    | CUSIP: 97246JAA6<br>LEI: 549300SAZRUMYKDJBY14 | Long             | DBT              | CORP              | US        |    475000 | PA      | $462388.13    | 0.06%             | 2032-08-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| INVERSION ESCROW ISSUER                                 | Inversion Escrow Issuer LLC                                                      | CUSIP: 46150DAA0<br>LEI: 254900P6GHORGRVLKI95 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1182136.42   | 0.15%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                                 | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl     | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1347000 | PA      | $1320818.47   | 0.16%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                | Navoi Mining & Metallurgical Combinat                                            | CUSIP: 63890CAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |    200000 | PA      | $213558.00    | 0.03%             | 2031-10-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                                                | OZLM XXI Ltd                                                                     | CUSIP: 67112EAA1<br>LEI: 5493002HF6D1C4B1AK86 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $240041.83    | 0.03%             | 2031-01-20      | Floating      | 10.13%                | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                                | Albion Financing 1 SARL / Aggreko Holdings Inc                                   | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   1353000 | PA      | $1399407.90   | 0.17%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                                | Performance Food Group Inc                                                       | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    383000 | PA      | $372041.03    | 0.05%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VTR Commercial Mortgage Trust                           | VTR Commercial Mortgage Trust 2025-STEM                                          | CUSIP: 92890YAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    381000 | PA      | $381425.88    | 0.05%             | 2041-10-13      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                           | LGI Homes Inc                                                                    | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    291000 | PA      | $284139.68    | 0.04%             | 2032-11-15      | Fixed         | 7.00%                 | 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        |    323000 | PA      | $324426.88    | 0.04%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| JELD-WEN INC                                            | JELD-WEN Inc                                                                     | CUSIP: 47580PAA1<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    280000 | PA      | $236453.87    | 0.03%             | 2032-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1088000 | PA      | $1142428.29   | 0.14%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                         | Nissan Motor Co Ltd                                                              | CUSIP: 654922AC7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    279000 | PA      | $295255.33    | 0.04%             | 2032-07-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                         | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    438000 | PA      | $458094.03    | 0.06%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                       | Service Corp International/US                                                    | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12045.37     | 0.00%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                                     | Clarivate Science Holdings Corp                                                  | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1271000 | PA      | $1201131.48   | 0.15%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2024-INV4 Trust                                                             | CUSIP: 367919AB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    885652 | PA      | $889838.15    | 0.11%             | 2054-12-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                               | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    919000 | PA      | $919644.94    | 0.11%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 000000000<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    285000 | PA      | $335342.58    | 0.04%             | 2034-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TEAMSYSTEM SPA                                          | TeamSystem SpA                                                                   | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $117745.80    | 0.01%             | 2031-07-31      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                                     | Resideo Funding Inc                                                              | CUSIP: 76119LAB7<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |     77000 | PA      | $73551.17     | 0.01%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                        | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    304000 | PA      | $212991.52    | 0.03%             | 2050-08-03      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    326000 | PA      | $328713.30    | 0.04%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2275000 | PA      | $2347310.88   | 0.29%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                              | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49310.06     | 0.01%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    253000 | PA      | $260653.25    | 0.03%             | 2034-02-15      | Fixed         | 7.25%                 | 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        |    230919 | PA      | $232364.02    | 0.03%             | 2031-02-12      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                            | Enbridge Inc                                                                     | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3028839.00   | 0.38%             | 2080-07-15      | Fixed         | 5.75%                 | 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        |    850897 | PA      | $851422.23    | 0.11%             | 2030-10-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                                | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              |  | US        |    142000 | PA      | $139262.71    | 0.02%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $106423.71    | 0.01%             | 2032-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC                                   | Ellucian Holdings Inc                                                            | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |   1079000 | PA      | $1096175.52   | 0.14%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                          | CUSIP: 75102XAB2<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $194000.00    | 0.02%             | 2034-03-05      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| MARKET BIDCO FINCO PLC                                  | Market Bidco Finco PLC                                                           | CUSIP: 000000000<br>LEI: 549300UGYX6EBVHRVG53 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $115934.98    | 0.01%             | 2031-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 26873CAB8<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |    299000 | PA      | $310557.55    | 0.04%             | 2031-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                                   | Playtika Holding Corp                                                            | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |     67000 | PA      | $61510.69     | 0.01%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LORCA TELECOM BONDCO                                    | Lorca Telecom Bondco SA                                                          | CUSIP: 000000000<br>LEI: 9598004HFBAS82YM7X35 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $122185.03    | 0.02%             | 2029-04-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ACURIS FIN US/ACURIS FIN                                | Acuris Finance US Inc / Acuris Finance SARL                                      | CUSIP: 00511BAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $209000.00    | 0.03%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                     | Buckeye Partners LP                                                              | CUSIP: 118230AP6<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    117000 | PA      | $106357.28    | 0.01%             | 2044-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                                  | Clearway Energy Operating LLC                                                    | CUSIP: 18539UAC9<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |     53000 | PA      | $52360.56     | 0.01%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                   | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    546000 | PA      | $556966.96    | 0.07%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Boxer Parent Company Inc                                | Boxer Parent Company Inc 2025 USD Term Loan B                                    | CUSIP: 05988HAQ0<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |    546041 | PA      | $544844.80    | 0.07%             | 2031-07-30      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                | Builders FirstSource Inc                                                         | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     77000 | PA      | $79318.16     | 0.01%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HUSKY INJECTION / TITAN                                 | Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC                      | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1602000 | PA      | $1674395.92   | 0.21%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC                                         | Rand Parent LLC                                                                  | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    312000 | PA      | $324188.28    | 0.04%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1317000 | PA      | $1219223.15   | 0.15%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                 | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAH4<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    582000 | PA      | $585650.30    | 0.07%             | 2033-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                     | Starwood Mortgage Residential Trust 2020-3                                       | CUSIP: 85573MAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1057000 | PA      | $953265.49    | 0.12%             | 2065-04-25      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S                                               | Sotheby's                                                                        | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |   1016000 | PA      | $1013136.81   | 0.13%             | 2027-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP LIVE NATION                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -231800 | PA      | $-231800.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust                           | BLP Commercial Mortgage Trust 2024-IND2                                          | CUSIP: 05625AAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    379531 | PA      | $379056.54    | 0.05%             | 2041-03-15      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| SAZERAC COMPANY INC                                     | Sazerac Company Inc Term Loan B                                                  | CUSIP: 80583EAN6<br>LEI: 9QU0CG1O4LSOB6IFK895 | Long             | LON              | CORP              | US        |    169000 | PA      | $169939.64    | 0.02%             | 2032-07-09      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2022-NQM5 Trust                                                             | CUSIP: 12663DAC8<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |   2244569 | PA      | $2244301.46   | 0.28%             | 2067-05-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     40000 | PA      | $48077.37     | 0.01%             | 2032-07-11      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XLVIII Ltd                                                  | CUSIP: 55821WAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500856.60    | 0.06%             | 2033-04-19      | Floating      | 10.84%                | No            |                  2 | On Loan: No      |
| ARCOSA INC                                              | Arcosa Inc                                                                       | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    477000 | PA      | $463828.17    | 0.06%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2021-W10X                                                                    | CUSIP: 55284DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $519814.26    | 0.06%             | 2034-12-15      | Floating      | 5.22%                 | 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        |    190000 | PA      | $194980.85    | 0.02%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $211000.00    | 0.03%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                     | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1242712.91   | 0.16%             | 2033-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-BHAR                                                                   | CUSIP: 12659VAJ9<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $266878.13    | 0.03%             | 2038-11-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle Global Market Strategies CLO 2015-1 Ltd                                  | CUSIP: 14311DBN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    485913 | PA      | $486398.66    | 0.06%             | 2031-07-20      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                    | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    209000 | PA      | $216327.33    | 0.03%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                                     | Station Casinos LLC                                                              | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    354000 | PA      | $333933.47    | 0.04%             | 2031-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Octagon 55 Ltd                                          | Octagon 55 Ltd                                                                   | CUSIP: 67577AAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000000.00   | 0.12%             | 2038-03-20      | Floating      | 5.25%                 | No            |                  3 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                             | CUSIP: 539830BX6<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    451000 | PA      | $465303.62    | 0.06%             | 2054-11-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                | Sinclair Television Group Inc                                                    | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    889000 | PA      | $912354.00    | 0.11%             | 2033-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                         | Nissan Motor Co Ltd                                                              | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |   1269000 | PA      | $1362265.16   | 0.17%             | 2035-07-17      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                                    | Gates Corp/DE                                                                    | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    344000 | PA      | $356951.60    | 0.04%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARDONAGH GROUP FINANCE                                  | Ardonagh Group Finance Ltd                                                       | CUSIP: 039956AA5<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |   2506000 | PA      | $2634543.49   | 0.33%             | 2032-02-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PCA8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    750000 | PA      | $629409.40    | 0.08%             | 2042-10-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MASTR Asset Backed Securities Trust                     | Mastr Asset Backed Securities Trust 2006-HE2                                     | CUSIP: 57644UAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6568401 | PA      | $2200028.20   | 0.27%             | 2036-06-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP UBS AG (STA                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -879444 | PA      | $-879444.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FHLMC 30YR                                                                   | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |  -6253160 | PA      | $-6253159.53  | -0.78%            |  |  |  | No            |                  2 | On Loan: No      |
| API GROUP DE INC                                        | APi Group DE Inc                                                                 | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |    168000 | PA      | $161920.30    | 0.02%             | 2029-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                                | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     71000 | PA      | $68555.47     | 0.01%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIPOL ASSICURAZIONI SPA                                | Unipol Assicurazioni SpA                                                         | CUSIP: 000000000<br>LEI: 8156005CE5E7340CCA86 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $123629.05    | 0.02%             | 2034-05-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2022-3                                                | CUSIP: 92538UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    379675 | PA      | $365487.98    | 0.05%             | 2067-02-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FHLMC 15YR                                                                   | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |  -5285789 | PA      | $-5285788.55  | -0.66%            |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL INC                     | RRP SABRE GLBL                                                                   | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Short            | RA               | CORP              | US        |   -228401 | PA      | $-228401.25   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Aruba Investments Holdings LLC                          | Aruba Investments Holdings LLC 2020 2nd Lien Term Loan                           | CUSIP: 04317JAF5<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |    117800 | PA      | $106726.80    | 0.01%             | 2028-11-24      | Floating      | 12.01%                | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                  | Northern Oil & Gas Inc                                                           | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    747000 | PA      | $744044.33    | 0.09%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                | Petrobras Global Finance BV                                                      | CUSIP: 71645WAS0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     98000 | PA      | $98924.63     | 0.01%             | 2041-01-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                    | Garda World Security Corp                                                        | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   1529000 | PA      | $1587142.76   | 0.20%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Carrington Mortgage Loan Trust                          | Carrington Mortgage Loan Trust Series 2006-FRE2                                  | CUSIP: 14454AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2486530 | PA      | $1905883.84   | 0.24%             | 2036-10-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                        | Altice France SA 2023 USD Term Loan B14                                          | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    429100 | PA      | $414081.50    | 0.05%             | 2028-08-15      | Floating      | 9.82%                 | No            |                  3 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2023-NQM5 Trust                                                              | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    982433 | PA      | $989595.70    | 0.12%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| Fremont Home Loan Trust                                 | Fremont Home Loan Trust 2006-A                                                   | CUSIP: 35729RAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3778021 | PA      | $2445142.28   | 0.31%             | 2036-05-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    844000 | PA      | $811463.29    | 0.10%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                                | Telenet Finance Luxembourg Notes Sarl                                            | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $397657.92    | 0.05%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| APH/APH2/APH3/AQUARIAN                                  | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    339000 | PA      | $353787.18    | 0.04%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP LAMB WESTON                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -307090 | PA      | $-307090.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                   | NGL Energy Operating LLC / NGL Energy Finance Corp                               | CUSIP: 62922LAC2<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |    801000 | PA      | $821279.72    | 0.10%             | 2029-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| AMYNTA AGENCY/WARRANTY                                  | Amynta Agency Borrower Inc and Amynta Warranty Borrower Inc                      | CUSIP: 03238AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $470877.16    | 0.06%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                                            | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    567000 | PA      | $553551.04    | 0.07%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO LLC                                 | RRP GRAFTECH GL                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -110500 | PA      | $-110500.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                     | Churchill Downs Inc                                                              | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    508000 | PA      | $520626.44    | 0.07%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR                                  | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257WAD2<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              |  | US        |    388000 | PA      | $378789.23    | 0.05%             | 2027-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PLUSPETROL CAM/PLUS LOTE                                | Pluspetrol Camisea SA / Pluspetrol Lote 56 SA                                    | CUSIP: 72941KAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     60000 | PA      | $64044.00     | 0.01%             | 2036-07-03      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA                                        | Beazer Homes USA Inc                                                             | CUSIP: 07556QBR5<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |     74000 | PA      | $73953.78     | 0.01%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                        | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    171000 | PA      | $169519.46    | 0.02%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                                | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    639000 | PA      | $655474.70    | 0.08%             | 2032-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                            | Magnera Corp                                                                     | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    183000 | PA      | $172199.34    | 0.02%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP                                | Chobani LLC / Chobani Finance Corp Inc                                           | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1528000 | PA      | $1593317.42   | 0.20%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                  | Rockford Tower CLO 2017-2 Ltd                                                    | CUSIP: 77340GAQ4<br>LEI: 549300G18KVCW7VUKI86 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500012.05    | 0.06%             | 2029-10-15      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| ELASTIC NV                                              | Elastic NV                                                                       | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |    413000 | PA      | $396440.10    | 0.05%             | 2029-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FNMA 15YR U                                                                  | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |  -4829326 | PA      | $-4829326.22  | -0.60%            |  |  |  | No            |                  2 | On Loan: No      |
| ZIGGO BV                                                | Ziggo BV                                                                         | CUSIP: 98955DAA8<br>LEI: 213800TQASLF9JXH5J59 | Long             | DBT              | CORP              | NL        |    217000 | PA      | $204816.92    | 0.03%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                                | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    656000 | PA      | $615223.04    | 0.08%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ATI INC                                                 | ATI Inc                                                                          | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    157000 | PA      | $157300.18    | 0.02%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EUTELSAT SA                                             | Eutelsat SA                                                                      | CUSIP: 000000000<br>LEI: 549300MCOOY1V7P2PG30 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $110064.02    | 0.01%             | 2028-10-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1177000 | PA      | $1190044.69   | 0.15%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Murphy Oil Corp                                         | Murphy Oil Corp                                                                  | CUSIP: 626717AG7<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30603.45     | 0.00%             | 2042-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP CONSTELLIUM                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -1087414 | PA      | $-1087414.36  | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                   | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    319000 | PA      | $332162.58    | 0.04%             | 2030-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $121057.34    | 0.02%             | 2029-10-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                               | Ball Corp                                                                        | CUSIP: 000000000<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    295000 | PA      | $354247.56    | 0.04%             | 2032-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2007-4CB                                                  | CUSIP: 02148FAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1306125 | PA      | $976776.93    | 0.12%             | 2037-04-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| ENPRO INC                                               | Enpro Inc                                                                        | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    219000 | PA      | $223827.49    | 0.03%             | 2033-06-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                                 | Beach Acquisition Bidco LLC                                                      | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |   1679000 | PA      | $1811073.50   | 0.23%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1033000 | PA      | $1003263.44   | 0.13%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VOLCAN CIA MINERA SAA-CM                                | Volcan Cia Minera SAA                                                            | CUSIP: 92863UAC0<br>LEI: 549300XKJ91C4SZLG750 | Long             | DBT              | CORP              | PE        |     67000 | PA      | $69499.10     | 0.01%             | 2030-01-24      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                                 | Central Garden & Pet Co                                                          | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |    159000 | PA      | $151027.20    | 0.02%             | 2030-10-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| DUOMO BIDCO SPA                                         | Duomo Bidco SpA                                                                  | CUSIP: 000000000<br>LEI: 8156008BEDB552B30829 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $118107.51    | 0.01%             | 2031-07-15      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 28 Ltd                                                             | CUSIP: 05876HAE2<br>LEI: 2549006FL37LMQQU3H44 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250874.95    | 0.03%             | 2038-01-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2006-40T1                                                 | CUSIP: 02148KAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2249183 | PA      | $459917.83    | 0.06%             | 2036-12-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | SWAP/CDSWAP/ICE: (CDX.NA.IG.45.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |  14075000 | OU      | $-323998.62   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                       | Service Corp International/US                                                    | CUSIP: 817565CG7<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    503000 | PA      | $474250.48    | 0.06%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ZF FINANCE GMBH                                         | ZF Finance GmbH                                                                  | CUSIP: 000000000<br>LEI: 5493001N9T6QDCCXB426 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $114174.29    | 0.01%             | 2027-05-06      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   2001000 | PA      | $1983697.75   | 0.25%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP NEXTERA ENE                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -4381875 | PA      | $-4381875.00  | -0.55%            |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2006-7CB                                                  | CUSIP: 12668BYM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1303641 | PA      | $524616.82    | 0.07%             | 2036-05-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                         | Sealed Air Corp                                                                  | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     48000 | PA      | $49714.03     | 0.01%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FINASTRA USA INC                                        | FINASTRA USA INC 2025 1st LIEN TERM LOAN                                         | CUSIP: 31772YAD8<br>LEI: 549300ZB2RO6QC7YTK71 | Long             | LON              | CORP              | US        |   1267000 | PA      | $1261121.12   | 0.16%             | 2032-09-15      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                                | Charles River Laboratories International Inc                                     | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     55000 | PA      | $51224.88     | 0.01%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA/US LLC                                 | Efesto Bidco SpA Efesto US LLC                                                   | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |   2000000 | PA      | $2035200.00   | 0.25%             | 2032-02-15      | Fixed         | 7.50%                 | 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        |    151000 | PA      | $158399.45    | 0.02%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                                | Standard Building Solutions Inc                                                  | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    776000 | PA      | $796192.32    | 0.10%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     74000 | PA      | $69104.44     | 0.01%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                   | Bausch Health Cos Inc                                                            | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $71600.00     | 0.01%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3132643.68   | 0.39%             | 2030-04-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Howden Group Holdings Ltd                               | Howden Group Holdings Ltd 2024 USD Term Loan B                                   | CUSIP: 000000000<br>LEI: 875500V3HPKZIQP10J32 | Long             | LON              | CORP              | GB        |     41786 | PA      | $41746.44     | 0.01%             | 2030-04-18      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| KBR INC                                                 | KBR Inc                                                                          | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |    204000 | PA      | $201749.88    | 0.03%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                 | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    417000 | PA      | $425162.93    | 0.05%             | 2034-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO LLC                                 | RRP VITAL ENERG                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -499056 | PA      | $-499056.25   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    265000 | PA      | $279679.68    | 0.03%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TGNR INTERMEDIATE HOLDIN                                | TGNR Intermediate Holdings LLC                                                   | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |    290000 | PA      | $283777.91    | 0.04%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    574000 | PA      | $586420.21    | 0.07%             | 2032-07-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE                 | CUSIP: 46646GAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $269927.93    | 0.03%             | 2038-09-06      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                                 | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    382000 | PA      | $387451.90    | 0.05%             | 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        |    195000 | PA      | $206728.67    | 0.03%             | 2029-07-15      | Fixed         | 12.63%                | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 683879AF7<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    358000 | PA      | $360641.27    | 0.05%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    800000 | PA      | $701347.68    | 0.09%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KIOXIA HOLDINGS CORP                                    | Kioxia Holdings Corp                                                             | CUSIP: 49726JAB4<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |    371000 | PA      | $381399.13    | 0.05%             | 2033-07-24      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                | Aptiv Swiss Holdings Ltd                                                         | CUSIP: 03835VAH9<br>LEI: 254900HTTDFIJZ32GX53 | Long             | DBT              | CORP              | JE        |    280000 | PA      | $256028.80    | 0.03%             | 2049-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR NOTE (CBT)DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -619 | NC      | $-427135.21   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Bryant Park Funding Ltd                                 | Bryant Park Funding 2024-22 Ltd                                                  | CUSIP: 11766CAG9<br>LEI: 5493000N8L82QL1KEO96 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1007223.30   | 0.13%             | 2037-04-15      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                                     | Applied Systems Inc 2024 2nd Lien Term Loan                                      | CUSIP: 03827FBC4<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    201013 | PA      | $205326.74    | 0.03%             | 2032-02-23      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                 | SBA Communications Corp                                                          | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              |  | US        |    651000 | PA      | $608887.92    | 0.08%             | 2029-02-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                          | Sabre GLBL Inc 2021 Term Loan B2                                                 | CUSIP: 78571YBF6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |      8207 | PA      | $7755.75      | 0.00%             | 2027-12-17      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| B&G FOODS INC                                           | B&G Foods Inc                                                                    | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |    118000 | PA      | $114331.59    | 0.01%             | 2028-09-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                  | CUSIP: 3140QBB23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6385652 | PA      | $5941881.89   | 0.74%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                | Standard Industries Inc/NY                                                       | CUSIP: 853496AH0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    125000 | PA      | $113196.00    | 0.01%             | 2031-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                                | Transocean Titan Financing Ltd                                                   | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     77714 | PA      | $79626.22     | 0.01%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP ALTRIA GROU                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -555938 | PA      | $-555937.50   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                                 | Beach Acquisition Bidco LLC                                                      | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    613000 | PA      | $737745.28    | 0.09%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP DUKE ENERGY                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -1291875 | PA      | $-1291875.00  | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2024-INV4 Mortgage Loan Trust                                               | CUSIP: 19688QAA9<br>LEI: 2138008UGM66WOAUY633 | Long             | ABS-MBS          | CORP              | US        |   1141811 | PA      | $1152344.75   | 0.14%             | 2069-05-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO LLC                                 | RRP CLEAR CHANN                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -732139 | PA      | $-732138.75   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                            | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   1473500 | PA      | $1385237.35   | 0.17%             | 2029-06-15      | Fixed         | 4.88%                 | 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      | $16433.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                        | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    716000 | PA      | $733212.64    | 0.09%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2024-MF                                             | CUSIP: 05612EAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    451582 | PA      | $452428.54    | 0.06%             | 2039-02-15      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                                  | CACI International Inc                                                           | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    464000 | PA      | $478639.50    | 0.06%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP CALPINE COR                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -425250 | PA      | $-425250.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                                | Nidda Healthcare Holding GmbH                                                    | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $122389.60    | 0.02%             | 2030-02-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LUNA 1.5 SARL                                           | Luna 1.5 Sarl                                                                    | CUSIP: 000000000<br>LEI: 64884UZ60Y77J5XK5C41 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $121663.94    | 0.02%             | 2032-07-01      | Fixed         | 10.50%                | 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      | $250200.55    | 0.03%             | 2034-10-20      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                  | CUSIP: 3140QHUA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1451663 | PA      | $1379159.37   | 0.17%             | 2031-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                 | Millrose Properties Inc                                                          | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              |  | US        |    659000 | PA      | $660722.38    | 0.08%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE                                | Brand Industrial Services Inc                                                    | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |   1501000 | PA      | $1496216.16   | 0.19%             | 2030-08-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| ODEON FINCO PLC                                         | Odeon Finco PLC                                                                  | CUSIP: 67585LAA3<br>LEI: 9845003ECF9901CC5382 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $414300.40    | 0.05%             | 2027-11-01      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| FORTREA HOLDINGS INC                                    | Fortrea Holdings Inc                                                             | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |    115000 | PA      | $108898.13    | 0.01%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                    | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1133000 | PA      | $1161365.79   | 0.15%             | 2033-02-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP HESS CORP 4                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -729375 | PA      | $-729375.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| GRUENENTHAL GMBH                                        | Gruenenthal GmbH                                                                 | CUSIP: 000000000<br>LEI: 529900SH895E31PGLA72 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $119871.14    | 0.01%             | 2031-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                                | Standard Building Solutions Inc                                                  | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    855000 | PA      | $866444.32    | 0.11%             | 2033-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                        | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   2510000 | PA      | $2597865.06   | 0.32%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2022-NQM9 Trust                                                              | CUSIP: 67118LAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    407443 | PA      | $406482.97    | 0.05%             | 2062-09-25      | Variable      | 6.45%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2024-38 Ltd                                                              | CUSIP: 67120KAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003018.10   | 0.13%             | 2038-01-21      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                    | Garda World Security Corp                                                        | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    704000 | PA      | $729761.47    | 0.09%             | 2032-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                                | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl              | CUSIP: 42329HAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $193430.72    | 0.02%             | 2028-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL INC                     | RRP ALLIANT HOL                                                                  | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Short            | RA               | CORP              | US        |  -1167650 | PA      | $-1167650.00  | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                  | HA Sustainable Infrastructure Capital Inc                                        | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    257000 | PA      | $261555.91    | 0.03%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                      | SWAP/CDSWAP/SCDS: (ADLERR)                                                       | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              |  | XX        |      9008 | OU      | $594.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP                                    | Excelerate Energy LP                                                             | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |    256000 | PA      | $272504.06    | 0.03%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                                     | Clarivate Science Holdings Corp                                                  | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1412000 | PA      | $1358842.01   | 0.17%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO LLC                                 | RRP ACADIA HEAL                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -131250 | PA      | $-131250.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAE9<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $199900.00    | 0.02%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bank5                                                   | BANK5 2025-5YR17                                                                 | CUSIP: 06211GAU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    409000 | PA      | $421725.01    | 0.05%             | 2058-11-15      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                 | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    652000 | PA      | $652103.70    | 0.08%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                                       | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    339000 | PA      | $344904.02    | 0.04%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP COHERENT CO                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -411618 | PA      | $-411617.50   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| PRA GROUP EUROPE HOLDING                                | PRA Group Europe Holding II Sarl                                                 | CUSIP: 000000000<br>LEI: 635400CWOMLGBIP4GA24 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $115673.34    | 0.01%             | 2032-09-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                   | CUSIP: 98313RAE6<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    610000 | PA      | $596671.50    | 0.07%             | 2029-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                         | Nissan Motor Co Ltd                                                              | CUSIP: 000000000<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $119650.66    | 0.01%             | 2029-07-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   2006000 | PA      | $2050452.96   | 0.26%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARENA LUX FIN SARL                                      | Arena Luxembourg Finance Sarl                                                    | CUSIP: 000000000<br>LEI: 222100KX2LPK5KRSIG74 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $118132.46    | 0.01%             | 2030-05-01      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                                | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    271000 | PA      | $286610.68    | 0.04%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                                        | Vital Energy Inc                                                                 | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    671000 | PA      | $651364.73    | 0.08%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                  | Match Group Holdings II LLC                                                      | CUSIP: 57665RAL0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    262000 | PA      | $247457.06    | 0.03%             | 2030-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                     | Meritage Homes Corp                                                              | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    521000 | PA      | $533223.79    | 0.07%             | 2028-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                         | CUSIP: 38382BBF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   8779796 | PA      | $1631947.16   | 0.20%             | 2049-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 01309QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    258000 | PA      | $263856.60    | 0.03%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BAIN CAPITAL SPECIALTY F                                | Bain Capital Specialty Finance Inc                                               | CUSIP: 05684BAD9<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95486.00     | 0.01%             | 2030-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    183000 | PA      | $177418.50    | 0.02%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                      | SWAP/CDSWAP/SCDS: (CMACG)                                                        | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              |  | XX        |     37500 | OU      | $3142.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SURA ASSET MANAGEMENT                                   | SURA Asset Management SA                                                         | CUSIP: 78486LAB8<br>LEI: 549300013ETMS1C0EA22 | Long             | DBT              | CORP              | CO        |    200000 | PA      | $213500.00    | 0.03%             | 2032-05-13      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   1163000 | PA      | $1160685.63   | 0.14%             | 2028-08-26      | Fixed         | 5.63%                 | 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        |    198000 | PA      | $200230.61    | 0.03%             | 2065-09-20      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Orion US Finco Inc.                                     | Orion US Finco Inc 1st Lien Term Loan                                            | CUSIP: 68631KAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    114000 | PA      | $114570.00    | 0.01%             | 2032-05-20      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $107.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2022-LP2                                            | CUSIP: 05610HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    606048 | PA      | $605479.64    | 0.08%             | 2039-02-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                                    | RRP HSBC HOLDIN                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -217573 | PA      | $-217573.10   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                                  | Lumen Technologies Inc                                                           | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    258592 | PA      | $253420.16    | 0.03%             | 2030-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED MATERI                                | Solstice Advanced Materials Inc                                                  | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |    566000 | PA      | $567869.99    | 0.07%             | 2033-09-30      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                | Snap Inc                                                                         | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    637000 | PA      | $651076.83    | 0.08%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                              | Carvana Co                                                                       | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    927270 | PA      | $970125.64    | 0.12%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                               | Anchorage Capital CLO 7 Ltd                                                      | CUSIP: 03328TBS3<br>LEI: 54930014PVHLSZJQK139 | Long             | ABS-CBDO         | CORP              | KY        |    919000 | PA      | $922598.53    | 0.12%             | 2037-04-28      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                     | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $111751.05    | 0.01%             | 2032-07-06      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                       | State Street Corp                                                                | CUSIP: 857477AY9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    624000 | PA      | $564654.92    | 0.07%             | 2047-06-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP GENERAL MOT                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -2185772 | PA      | $-2185772.50  | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                                | Ares Strategic Income Fund                                                       | CUSIP: 04020EAR8<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    239000 | PA      | $236153.96    | 0.03%             | 2031-01-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AES PANAMA GENERATION HL                                | AES Panama Generation Holdings SRL                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |    209807 | PA      | $198267.51    | 0.02%             | 2030-05-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                             | CUSIP: 168863DY1<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $177000.00    | 0.02%             | 2042-03-07      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    848000 | PA      | $864162.03    | 0.11%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                      | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    115000 | PA      | $116747.89    | 0.01%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IMOLA MERGER CORP                                       | Imola Merger Corp                                                                | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    353000 | PA      | $343336.48    | 0.04%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                          | Transocean International Ltd                                                     | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    150000 | PA      | $157825.65    | 0.02%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                  | CUSIP: 3140XN2W3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4100766 | PA      | $4284675.47   | 0.53%             | 2054-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC                                 | Park River Holdings Inc                                                          | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |    251000 | PA      | $254181.24    | 0.03%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN                                | Raven Acquisition Holdings LLC                                                   | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    436000 | PA      | $448063.25    | 0.06%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ANYWHERE REAL EST/CO-ISS                                | Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp                         | CUSIP: 75606DAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275049 | PA      | $278350.26    | 0.03%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Lonza Group AG                                          | Lonza Group AG USD Term Loan B                                                   | CUSIP: 000000000<br>LEI: 549300Y0CIXN5D40L888 | Long             | LON              | CORP              | US        |    401151 | PA      | $361088.19    | 0.05%             | 2028-07-03      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| WEX INC                                                 | WEX Inc                                                                          | CUSIP: 96208TAD6<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | DBT              | CORP              | US        |    518000 | PA      | $529024.59    | 0.07%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                             | Extended Stay America Trust 2025-ESH                                             | CUSIP: 30227TAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1750000.00   | 0.22%             | 2042-10-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                       | Clean Harbors Inc                                                                | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     53000 | PA      | $54273.80     | 0.01%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1268000 | PA      | $1310133.43   | 0.16%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU                                | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp               | CUSIP: 74052HAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    214000 | PA      | $110330.57    | 0.01%             | 2031-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                | Hess Midstream Operations LP                                                     | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    151000 | PA      | $146354.89    | 0.02%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                          | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     51000 | PA      | $50905.65     | 0.01%             | 2027-05-13      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| JP MORGAN SECURITIES LLC                                | RRP SHIFT4 PAYM                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |   -596600 | PA      | $-596600.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC                                       | OneSky Flight LLC                                                                | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |    318000 | PA      | $334393.85    | 0.04%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                         | Madison IAQ LLC                                                                  | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    320000 | PA      | $312307.36    | 0.04%             | 2028-06-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    632000 | PA      | $582218.18    | 0.07%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                                    | Carpenter Technology Corp                                                        | CUSIP: 144285AM5<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    463000 | PA      | $475790.84    | 0.06%             | 2030-03-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| CNTRL PARENT/CDK GLB INC                                | Central Parent Inc / CDK Global Inc                                              | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    373000 | PA      | $321173.52    | 0.04%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |   3248000 | PA      | $3338778.35   | 0.42%             | 2030-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC                                | Sensata Technologies Inc                                                         | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     26000 | PA      | $23994.85     | 0.00%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    429000 | PA      | $447512.64    | 0.06%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                      | CUSIP: 68389XDC6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    600000 | PA      | $602320.64    | 0.08%             | 2065-08-03      | Fixed         | 6.13%                 | 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        |   2000000 | PA      | $1851033.32   | 0.23%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                                        | AmWINS Group Inc                                                                 | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    147000 | PA      | $142867.95    | 0.02%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                 | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    500000 | PA      | $565841.37    | 0.07%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    522000 | PA      | $544916.84    | 0.07%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PINNACLE BUYER LLC                                      | PINNACLE BUYER LLC TERM LOAN                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    161610 | PA      | $161812.50    | 0.02%             | 2032-09-10      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                                | Scientific Games Holdings LP/Scientific Games US FinCo Inc                       | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    274000 | PA      | $254741.38    | 0.03%             | 2030-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NRTH PARK Mortgage Trust                                | NRTH Commercial Mortgage Trust 2025-PARK                                         | CUSIP: 669985AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    234000 | PA      | $233415.00    | 0.03%             | 2040-10-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    200000 | PA      | $195800.00    | 0.02%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2024-4 Ltd                                                     | CUSIP: 69703WAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    810000 | PA      | $814244.40    | 0.10%             | 2038-01-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                                    | Aramark Services Inc                                                             | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    492000 | PA      | $489679.97    | 0.06%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL INC                     | RRP CHILE (REPU                                                                  | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Short            | RA               | CORP              | US        |   -167873 | PA      | $-167873.23   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                            | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     83000 | PA      | $71832.52     | 0.01%             | 2029-01-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC                                    | Oceaneering International Inc                                                    | CUSIP: 675232AD4<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |     92000 | PA      | $93137.86     | 0.01%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                | Hess Midstream Operations LP                                                     | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365000 | PA      | $376437.28    | 0.05%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                        | Lamar Media Corp                                                                 | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    317000 | PA      | $314668.13    | 0.04%             | 2033-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Gray Television Inc                                     | Gray Television Inc 2024 Term Loan B                                             | CUSIP: 389376BC7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |      1242 | PA      | $1241.69      | 0.00%             | 2029-06-04      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS                                 | TransMontaigne Partners LLC                                                      | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     76000 | PA      | $79193.53     | 0.01%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                      | BMO 2025-C13 Mortgage Trust                                                      | CUSIP: 05592YAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1972000 | PA      | $2037737.80   | 0.25%             | 2058-10-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| STL HOLDING CO LLC                                      | STL Holding Co LLC                                                               | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |    158000 | PA      | $165570.73    | 0.02%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                                  | Lumen Technologies Inc                                                           | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    282639 | PA      | $285934.06    | 0.04%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                   | RRP USA COMPRES                                                                  | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |   -969615 | PA      | $-969615.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| SELF Commercial Mortgage Trust                          | SELF Commercial Mortgage Trust 2024-STRG                                         | CUSIP: 81631WAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $269409.38    | 0.03%             | 2034-11-15      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XVIII-R                                                               | CUSIP: 03767NAW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1450000 | PA      | $1455991.40   | 0.18%             | 2038-01-22      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                                | Jones Deslauriers Insurance Management Inc                                       | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    903000 | PA      | $948700.83    | 0.12%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                                | Jefferies Finance LLC / JFIN Co-Issuer Corp                                      | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415000 | PA      | $400966.65    | 0.05%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                        | RRP FHLMC 20YR                                                                   | CUSIP: 000000000<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Short            | RA               | CORP              | US        |  -9694429 | PA      | $-9694429.15  | -1.21%            |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                             | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    362000 | PA      | $366325.90    | 0.05%             | 2030-04-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                                | Suburban Propane Partners LP/Suburban Energy Finance Corp                        | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    117000 | PA      | $111324.34    | 0.01%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOYNE USA INC                                           | Boyne USA Inc                                                                    | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    397000 | PA      | $389494.19    | 0.05%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR                                | Merlin Entertainments Group US Holdings Inc                                      | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |    600000 | PA      | $517021.26    | 0.06%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $129.73       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                                    | Telecom Argentina SA                                                             | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     34404 | PA      | $33870.74     | 0.00%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding LIX Ltd                                                     | CUSIP: 55822EAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1450000 | PA      | $1457696.75   | 0.18%             | 2037-04-18      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $115031.79    | 0.01%             | 2026-08-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| ACRA Trust 2024-NQM1                                    | ACRA Trust 2024-NQM1                                                             | CUSIP: 00112EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    430758 | PA      | $433228.72    | 0.05%             | 2064-10-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    691000 | PA      | $731836.03    | 0.09%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                   | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $216468.20    | 0.03%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABG2<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |    151000 | PA      | $152506.23    | 0.02%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    505000 | PA      | $558030.05    | 0.07%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                                    | OI European Group BV                                                             | CUSIP: 000000000<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $120846.57    | 0.02%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                                         | Nordea Bank Abp                                                                  | CUSIP: 65559CAD3<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    560000 | PA      | $519398.94    | 0.06%             | 2029-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                                | TK Elevator US Newco Inc                                                         | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |   2566000 | PA      | $2556927.39   | 0.32%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Aimco                                                   | AIMCO CLO Series 2018-B                                                          | CUSIP: 00900PAU9<br>LEI: 549300MMTPNJGGRMPB33 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $503620.45    | 0.06%             | 2037-04-16      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| UPX HIL 2025-1 Issuer Trust                             | UPX HIL 2025-1 Issuer Trust                                                      | CUSIP: 916925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    308688 | PA      | $310003.75    | 0.04%             | 2047-01-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                     | Buckeye Partners LP                                                              | CUSIP: 118230AM3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    182000 | PA      | $169744.78    | 0.02%             | 2043-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley ReRemic Trust                            | Morgan Stanley Re-REMIC Trust 2010-R5                                            | CUSIP: 61759HBE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2442041 | PA      | $3054435.06   | 0.38%             | 2037-05-26      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                                   | Capstone Borrower Inc                                                            | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |   1572000 | PA      | $1643983.45   | 0.21%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                      | Serbia International Bond                                                        | CUSIP: 817477AJ1<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    200000 | PA      | $208300.00    | 0.03%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                          | SWAP/CDSWAP/SCDS: (ZEGLN)                                                        | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DCR              |  | FR        |     10000 | OU      | $1813.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                    | LifePoint Health Inc                                                             | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    418000 | PA      | $438882.86    | 0.05%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                                | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $579685.45    | 0.07%             | 2028-04-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                        | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    169000 | PA      | $167753.29    | 0.02%             | 2031-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    571000 | PA      | $582874.52    | 0.07%             | 2033-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    605000 | PA      | $627369.27    | 0.08%             | 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        |    444000 | PA      | $466323.43    | 0.06%             | 2033-11-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP CLOUD SOFTW                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -882812 | PA      | $-882812.50   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    460000 | PA      | $480036.86    | 0.06%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                    | Flutter Treasury DAC                                                             | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    800000 | PA      | $812016.00    | 0.10%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| White Cap Buyer LLC                                     | White Cap Buyer LLC 2024 Term Loan B                                             | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |    651686 | PA      | $651549.03    | 0.08%             | 2029-10-19      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                                | Sealed Air Corp/Sealed Air Corp US                                               | CUSIP: 812127AB4<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     28000 | PA      | $29380.90     | 0.00%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                                              | FedEx Corp                                                                       | CUSIP: 31428XBN5<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |    500000 | PA      | $405194.21    | 0.05%             | 2047-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN                                | Northriver Midstream Finance LP                                                  | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |    227000 | PA      | $232129.25    | 0.03%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                                  | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    621000 | PA      | $654049.00    | 0.08%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                    | WR Grace Holdings LLC                                                            | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   2553000 | PA      | $2373007.88   | 0.30%             | 2029-08-15      | Fixed         | 5.63%                 | 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        |   1243000 | PA      | $1260073.85   | 0.16%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES                                    | BCP V Modular Services Finance II PLC                                            | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $109761.79    | 0.01%             | 2031-07-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                          | Sabre GLBL Inc                                                                   | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    530000 | PA      | $513278.50    | 0.06%             | 2030-07-15      | Fixed         | 11.13%                | No            |                  2 | On Loan: No      |
| Ellucian Holdings, Inc.                                 | Ellucian Holdings Inc 2024 1st Lien Term Loan B                                  | CUSIP: 28917XAB6<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |     57855 | PA      | $57818.77     | 0.01%             | 2029-10-09      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1979000 | PA      | $2023331.58   | 0.25%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD                                 | Global Aircraft Leasing Co Ltd                                                   | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    469000 | PA      | $483595.28    | 0.06%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP APACHE CORP                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -668000 | PA      | $-668000.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust               | GoodLeap Home Improvement Solutions Trust 2025-1                                 | CUSIP: 38237EAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198760 | PA      | $203562.74    | 0.03%             | 2049-02-20      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| OVG Business Services LLC                               | OVG Business Services LLC 2024 Term Loan B                                       | CUSIP: 62955EAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     15865 | PA      | $15825.10     | 0.00%             | 2031-06-25      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP GNMA2 30YR                                                                   | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |   -159861 | PA      | $-159861.07   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                              | Grifols SA                                                                       | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    214000 | PA      | $247037.85    | 0.03%             | 2027-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2023-NQM3 Trust                                                              | CUSIP: 55286MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1145741 | PA      | $1156626.20   | 0.14%             | 2068-07-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Fortress Intermediate 3, Inc                            | Fortress Intermediate 3 Inc 2025 Term Loan B                                     | CUSIP: 34966LAD6<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | LON              | CORP              | US        |    148669 | PA      | $149040.71    | 0.02%             | 2031-06-27      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                                   | SS&C Technologies Inc                                                            | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    674000 | PA      | $696806.21    | 0.09%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S/BIDFAIR HLD                                   | Sotheby's/Bidfair Holdings Inc                                                   | CUSIP: 83600GAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    490000 | PA      | $446478.79    | 0.06%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RENAULT SA                                              | Renault SA                                                                       | CUSIP: 000000000<br>LEI: 969500F7JLTX36OUI695 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $117226.82    | 0.01%             | 2030-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $172987.27    | 0.02%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ELEMENT SOLUTIONS INC                                   | Element Solutions Inc                                                            | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |   2068000 | PA      | $2004164.56   | 0.25%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    978000 | PA      | $1012000.37   | 0.13%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP ALLIANT HOL                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -966108 | PA      | $-966107.50   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | LEVEL 3 FINANCING INC 2025 REPRICED TERM LOAN B4                                 | CUSIP: 000000000<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |    536000 | PA      | $536000.00    | 0.07%             | 2032-03-29      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                | Diversified Healthcare Trust                                                     | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              |  | US        |    182000 | PA      | $184971.98    | 0.02%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                              | Terex Corp                                                                       | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    253000 | PA      | $257730.09    | 0.03%             | 2032-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                             | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    141000 | PA      | $146214.60    | 0.02%             | 2031-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP SNAP INC 6.                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -492082 | PA      | $-492082.50   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| MIDCONTINENT COMMUNICATI                                | Midcontinent Communications                                                      | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |    311000 | PA      | $320424.23    | 0.04%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                 | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    229000 | PA      | $228613.35    | 0.03%             | 2032-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco US Inc                                    | Neptune Bidco US Inc 2022 USD Term Loan B                                        | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    567077 | PA      | $539221.99    | 0.07%             | 2029-04-11      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                   | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    266000 | PA      | $282305.00    | 0.04%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LIONS GATE CAPITAL HOL 1                                | Starz Capital Holdings 1 Inc                                                     | CUSIP: 535939AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    303000 | PA      | $287347.02    | 0.04%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                                    | SWAP/CDSWAP/SCDS: (VMED)                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | XX        |     20000 | OU      | $247.10       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP UNITED AIRL                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -339750 | PA      | $-339750.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |    604000 | PA      | $607393.88    | 0.08%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2023-DELC                                                               | CUSIP: 05610DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $140873.12    | 0.02%             | 2038-05-15      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     58000 | PA      | $56989.67     | 0.01%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REALPAGE INC                                            | RealPage Inc 2024 Incremental Term Loan                                          | CUSIP: 75605VAH5<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |    200990 | PA      | $201492.48    | 0.03%             | 2028-04-24      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                        | Deutsche Bank AG/New York NY                                                     | CUSIP: 251526CS6<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    815000 | PA      | $855863.33    | 0.11%             | 2029-01-18      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                                    | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |    343000 | PA      | $356159.54    | 0.04%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Clover Holdings SPV III LLC                             | Clover Holdings SPV III LLC 2024 USD Term Loan                                   | CUSIP: 000000000<br>LEI: 549300RFUWCPWS8FQ104 | Long             | LON              | CORP              | US        |     31156 | PA      | $31857.08     | 0.00%             | 2027-12-09      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| BOELS TOPHOLDING BV                                     | Boels Topholding BV                                                              | CUSIP: 000000000<br>LEI: 724500V913SEHSEW2O75 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $121765.16    | 0.02%             | 2030-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP BROADCOM IN                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -952500 | PA      | $-952500.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                             | Chemours Co/The                                                                  | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    435000 | PA      | $434640.57    | 0.05%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP CVS HEALTH                                                                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -1097512 | PA      | $-1097512.50  | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                  | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    412000 | PA      | $392116.10    | 0.05%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                                 | Windstream Services LLC                                                          | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |    533000 | PA      | $532856.09    | 0.07%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                                  | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1058480.00   | 0.13%             | 2031-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | SWAP/CDSWAP/SCDS: (ADLERR)                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              |  | XX        |      4416 | OU      | $291.29       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $20146.32     | 0.00%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ESSENDI SA                                              | Essendi SA                                                                       | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $120896.04    | 0.02%             | 2031-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ATLAS LUXCO 4 / ALL UNI                                 | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl     | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    900000 | PA      | $882150.75    | 0.11%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                  | Lumen Technologies Inc 2024 Extended Term Loan B1                                | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    265020 | PA      | $263069.91    | 0.03%             | 2029-04-16      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| LOXAM SAS                                               | Loxam SAS                                                                        | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |     90000 | PA      | $109444.05    | 0.01%             | 2029-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                   | CUSIP: 000000000<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $199602.00    | 0.02%             | 2028-08-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP ABBVIE INC                                                                   | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |  -1430625 | PA      | $-1430625.00  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1432000 | PA      | $1526035.14   | 0.19%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| LEVI STRAUSS & CO                                       | Levi Strauss & Co                                                                | CUSIP: 52736RBJ0<br>LEI: MB0UERO0RDFKU8258G77 | Long             | DBT              | CORP              | US        |     21000 | PA      | $19497.14     | 0.00%             | 2031-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                             | Viatris Inc                                                                      | CUSIP: 92556VAC0<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |    392000 | PA      | $377341.27    | 0.05%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0606A8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6000000 | PA      | $6129526.02   | 0.77%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hunter Douglas Inc.                                     | Hunter Douglas Inc 2025 USD Term Loan B                                          | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |    114394 | PA      | $114393.83    | 0.01%             | 2032-01-20      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| DREAM FINDERS HOMES INC                                 | Dream Finders Homes Inc                                                          | CUSIP: 26154DAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    151000 | PA      | $156655.71    | 0.02%             | 2028-08-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2024-INV1                                                 | CUSIP: 816939AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    878671 | PA      | $883395.21    | 0.11%             | 2054-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    332000 | PA      | $350241.08    | 0.04%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                | Snap Inc                                                                         | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    715000 | PA      | $723673.97    | 0.09%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WR Grace & Co-Conn                                      | WR Grace & Co-Conn 2025 Term Loan B                                              | CUSIP: 92943HAD1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | LON              | CORP              | US        |    194000 | PA      | $194323.98    | 0.02%             | 2032-08-19      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                                           | Cable One Inc                                                                    | CUSIP: 12685JAG0<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |   1148000 | PA      | $979818.00    | 0.12%             | 2028-03-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                                | New Enterprise Stone & Lime Co Inc                                               | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    103000 | PA      | $102049.45    | 0.01%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Gold Pool                                                            | CUSIP: 3128P8H20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2745348 | PA      | $2700617.07   | 0.34%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                | Amneal Pharmaceuticals LLC                                                       | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |    239000 | PA      | $247176.75    | 0.03%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO LLC                                 | RRP OLYMPUS WAT                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -300000 | PA      | $-300000.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                 | Global Partners LP / GLP Finance Corp                                            | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $174247.11    | 0.02%             | 2033-07-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                   | Vale Overseas Ltd                                                                | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     55000 | PA      | $56445.40     | 0.01%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $196900.00    | 0.02%             | 2032-05-29      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                            | Cloudera Inc 2021 Second Lien Term Loan                                          | CUSIP: 74339VAE8<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |    329577 | PA      | $299915.07    | 0.04%             | 2029-10-08      | Floating      | 10.26%                | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                           | Parkland Corp                                                                    | CUSIP: 70137WAN8<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    253000 | PA      | $259973.19    | 0.03%             | 2032-08-15      | Fixed         | 6.63%                 | 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        |    771000 | PA      | $726608.44    | 0.09%             | 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        |    162000 | PA      | $169348.61    | 0.02%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FEDRIGONI SPA                                           | Fedrigoni SpA                                                                    | CUSIP: 000000000<br>LEI: 8156004CE82074779D19 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $116702.21    | 0.01%             | 2031-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP PRIME SECUR                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -164378 | PA      | $-164377.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                                                | AT&T Inc                                                                         | CUSIP: 00206RBK7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   2656000 | PA      | $2244056.50   | 0.28%             | 2045-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| REGIONAL MGMT ISSUANCE                                  | REGIONAL MGMT ISSUANCE                                                           | CUSIP: 75907WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1110000 | PA      | $1075368.00   | 0.13%             | 2033-10-17      | Fixed         | 3.88%                 | No            |                  3 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                               | CUSIP: 3618NJDU0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    162678 | PA      | $165422.04    | 0.02%             | 2055-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR                                | Windstream Services LLC / Windstream Escrow Finance Corp                         | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2006000 | PA      | $2077968.04   | 0.26%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                   | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   3000000 | PA      | $3176676.00   | 0.40%             | 2029-08-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC                                        | Vail Resorts Inc                                                                 | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    479000 | PA      | $495262.05    | 0.06%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SCC POWER PLC                                           | SCC Power PLC                                                                    | CUSIP: 78397YAB8<br>LEI: 529900IYGYC6VSDSDF37 | Long             | DBT              | CORP              | GB        |     87992 | PA      | $53235.16     | 0.01%             | 2028-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CABLEVISION LIGHTPATH                                   | Cablevision Lightpath LLC                                                        | CUSIP: 12687GAB5<br>LEI: 5493002ZVBLRLGES1R71 | Long             | DBT              | CORP              | US        |    401000 | PA      | $394453.59    | 0.05%             | 2028-09-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| AIR COMM CORPORATION LLC                                | Air Comm Corporation LLC 2025 Term Loan                                          | CUSIP: 82670NAG1<br>LEI: 254900S9ONE06XB1T251 | Long             | LON              | CORP              | US        |    188673 | PA      | $188673.44    | 0.02%             | 2031-12-11      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                                | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              |  | US        |    371000 | PA      | $382089.19    | 0.05%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2653275.00   | 0.33%             | 2029-02-10      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                | Cloud Software Group Inc 2025 Term Loan B (2031)                                 | CUSIP: 88632NBK5<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    722927 | PA      | $725413.65    | 0.09%             | 2031-03-21      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                                   | Rio Tinto Finance USA PLC                                                        | CUSIP: 76720AAG1<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $347225.34    | 0.04%             | 2042-08-21      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                       | CDS: (CMBX.NA.7.BBB-)                                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | US        |   4034639 | OU      | $-496260.64   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1038000 | PA      | $1054162.70   | 0.13%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                 | VZ Secured Financing BV                                                          | CUSIP: 000000000<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $117399.76    | 0.01%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                 | Light & Wonder International Inc                                                 | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114395.38    | 0.01%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Delta Topco Inc                                         | Delta TopCo Inc 2024 2nd Lien Term Loan                                          | CUSIP: 24780DAH0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     78000 | PA      | $77536.68     | 0.01%             | 2030-11-29      | Floating      | 9.52%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    205000 | PA      | $217306.62    | 0.03%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                          | Whirlpool Corp                                                                   | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    222000 | PA      | $223738.76    | 0.03%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC             | BBCMS Mortgage Trust 2025-C35                                                    | CUSIP: 07337DAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    643000 | PA      | $653144.29    | 0.08%             | 2058-07-15      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| Gray Television Inc                                     | Gray Television Inc 2021 Term Loan D                                             | CUSIP: 389376AZ7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |    145344 | PA      | $145237.80    | 0.02%             | 2028-12-01      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| AETHON UN/AETHIN UN FIN                                 | Aethon United BR LP / Aethon United Finance Corp                                 | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    504000 | PA      | $525619.58    | 0.07%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                  | Rockford Tower CLO 2021-3 Ltd                                                    | CUSIP: 77341NAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1914000 | PA      | $1922095.45   | 0.24%             | 2038-01-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                            | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    432000 | PA      | $449147.68    | 0.06%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                   | Directv Financing LLC                                                            | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    663000 | PA      | $654859.23    | 0.08%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                                        | Allied Universal Holdco LLC / Allied Universal Finance Corp                      | CUSIP: 019576AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1147000 | PA      | $1178921.01   | 0.15%             | 2030-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JP MORGAN SECURITIES LLC                                | RRP SURGERY CEN                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |   -658735 | PA      | $-658735.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| FABBRICA ITA SINTETICI                                  | FIS Fabbrica Italiana Sintetici SpA                                              | CUSIP: 000000000<br>LEI: 8156004D7056C63EC525 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $118293.17    | 0.01%             | 2027-08-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                        | Provident Funding Mortgage Trust 2024-1                                          | CUSIP: 74389BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1397472 | PA      | $1404077.68   | 0.18%             | 2054-12-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    296000 | PA      | $306931.90    | 0.04%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                  | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    225000 | PA      | $228298.33    | 0.03%             | 2030-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                                 | Zayo Group Holdings Inc                                                          | CUSIP: 98919VAC9<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |    889926 | PA      | $852103.92    | 0.11%             | 2030-03-09      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Atlas CC Acquisition Corp                               | Atlas CC Acquisition Corp Term Loan B                                            | CUSIP: 04921TAB0<br>LEI: 6HHLXIOGCDNZ4IRAIW26 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2028-05-25      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                  | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $190003.54    | 0.02%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                        | Bank of Montreal                                                                 | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3179127.00   | 0.40%             | 2084-05-26      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2021-NQM1 Trust                                                              | CUSIP: 55283FAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1697900.00   | 0.21%             | 2065-04-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                              | CUSIP: 715638DP4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    178000 | PA      | $146939.00    | 0.02%             | 2032-12-01      | Fixed         | 1.86%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                   | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    220000 | PA      | $231478.63    | 0.03%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority        | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                                       | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $732992.64    | 0.09%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                                 | Darling Ingredients Inc                                                          | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |     84000 | PA      | $84803.12     | 0.01%             | 2030-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                                | Prime Security Services Borrower LLC / Prime Finance Inc                         | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    217000 | PA      | $216809.97    | 0.03%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                    | LifePoint Health Inc                                                             | CUSIP: 53219LAY5<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    260000 | PA      | $277084.13    | 0.03%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Foundation Building Materials Holding Company LLC       | Foundation Building Materials Holding Company LLC 2024 Term Loan B2              | CUSIP: 35039KAD8<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |    650401 | PA      | $651213.91    | 0.08%             | 2031-01-29      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |   1753000 | PA      | $1866408.58   | 0.23%             | 2031-11-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| SOFI PERS LN TR 2024 1                                  | SOFI PERS LN TR 2024 1                                                           | CUSIP: 83407R105<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10000 | PA      | $158260.34    | 0.02%             | 2031-02-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    232000 | PA      | $235865.46    | 0.03%             | 2033-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                                    | Telefonica Europe BV                                                             | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $126653.12    | 0.02%             | 2030-02-03      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| HEATHROW FINANCE PLC                                    | Heathrow Finance PLC                                                             | CUSIP: 000000000<br>LEI: 549300F740QSGMPHQJ60 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $125038.64    | 0.02%             | 2029-09-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    403000 | PA      | $421208.74    | 0.05%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSUER LLC                                   | AAR Escrow Issuer LLC                                                            | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    442000 | PA      | $455005.69    | 0.06%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                              | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    145781 | PA      | $157334.14    | 0.02%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM2                                                                   | CUSIP: 12662EAD5<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1160479.50   | 0.14%             | 2066-02-25      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY                                 | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                          | CUSIP: 75606DAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    535000 | PA      | $583863.16    | 0.07%             | 2030-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Tenneco Inc                                             | Tenneco Inc 2022 Term Loan A                                                     | CUSIP: 88037HAN4<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |     39284 | PA      | $38342.78     | 0.00%             | 2028-11-17      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAB6<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |    319000 | PA      | $322752.40    | 0.04%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                     | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   1356000 | PA      | $1363018.34   | 0.17%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                                    | Kaiser Aluminum Corp                                                             | CUSIP: 483007AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    351000 | PA      | $347069.38    | 0.04%             | 2028-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                        | UWM Holdings LLC                                                                 | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    241000 | PA      | $239852.21    | 0.03%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                     | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1169000 | PA      | $1065763.39   | 0.13%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                   | HUB International Ltd                                                            | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   4105000 | PA      | $4281125.52   | 0.53%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LUNA 1.5 SARL                                           | Luna 1.5 Sarl                                                                    | CUSIP: 000000000<br>LEI: 64884UZ60Y77J5XK5C41 | Long             | DBT              | CORP              | LU        |    145000 | PA      | $176412.71    | 0.02%             | 2032-07-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                              | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    983000 | PA      | $978279.73    | 0.12%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                                     | Kinetik Holdings LP                                                              | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     76000 | PA      | $78008.07     | 0.01%             | 2028-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 48123KAE6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    358000 | PA      | $332931.62    | 0.04%             | 2037-02-02      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FHLMC 30YR                                                                   | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |  -4301286 | PA      | $-4301286.21  | -0.54%            |  |  |  | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                 | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1062000 | PA      | $1097992.24   | 0.14%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    168000 | PA      | $168147.54    | 0.02%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION                                     | Insulet Corp                                                                     | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |    187000 | PA      | $194411.18    | 0.02%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Crash Champions LLC                                     | Crash Champions LLC 2024 Term Loan B                                             | CUSIP: 15870MAC0<br>LEI: 391200ZDD75EGEUJ7625 | Long             | LON              | CORP              | US        |    453420 | PA      | $423947.70    | 0.05%             | 2029-02-23      | Floating      | 8.95%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2021-LBA                                                                | CUSIP: 05609BCD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $1649484.38   | 0.21%             | 2036-02-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| CARNIVAL PLC                                            | Carnival PLC                                                                     | CUSIP: 000000000<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | GB        |    535000 | PA      | $635851.36    | 0.08%             | 2031-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | CDS: (CMBX.NA.7.BBB-)                                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              |  | US        |  10086598 | OU      | $1240651.58   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                                     | Century Communities Inc                                                          | CUSIP: 156504AN2<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    237000 | PA      | $239075.94    | 0.03%             | 2033-09-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2023-AFC2 Trust                                                            | CUSIP: 693964AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    849321 | PA      | $851865.32    | 0.11%             | 2058-06-25      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK GREECE SA                                 | National Bank of Greece SA                                                       | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | DBT              | CORP              | GR        |    100000 | PA      | $126301.56    | 0.02%             | 2035-06-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2025-B                                                 | CUSIP: 64032BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    471000 | PA      | $474294.22    | 0.06%             | 2055-05-17      | Fixed         | 6.04%                 | 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        |    250000 | PA      | $251823.44    | 0.03%             | 2043-07-15      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    731000 | PA      | $744636.81    | 0.09%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORTRESS INTERMEDIATE                                   | Fortress Intermediate 3 Inc                                                      | CUSIP: 34966MAA0<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | DBT              | CORP              | US        |    887000 | PA      | $928725.37    | 0.12%             | 2031-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                        | MGM Resorts International                                                        | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    428000 | PA      | $435617.29    | 0.05%             | 2029-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP QUALCOMM IN                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -582750 | PA      | $-582750.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                               | CUSIP: 3618NJDW6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    170468 | PA      | $176761.77    | 0.02%             | 2055-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                  | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    436000 | PA      | $435287.84    | 0.05%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                  | Lumen Technologies Inc 2024 Term Loan A                                          | CUSIP: 55024EAD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |     82343 | PA      | $83629.85     | 0.01%             | 2028-06-01      | Floating      | 10.16%                | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                        | UWM Holdings LLC                                                                 | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $559505.74    | 0.07%             | 2030-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                                            | ADT Security Corp/The                                                            | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    117000 | PA      | $113308.25    | 0.01%             | 2032-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                 | CUSIP: 3132D55W8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5900091 | PA      | $5455342.65   | 0.68%             | 2035-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                         | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1266249.41   | 0.16%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    178000 | PA      | $177094.46    | 0.02%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| USI INC/NY                                              | USI Inc/NY                                                                       | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |    611000 | PA      | $640742.48    | 0.08%             | 2032-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                  | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    400000 | PA      | $399903.52    | 0.05%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1795000 | PA      | $1815181.06   | 0.23%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Equity Loan Trust                      | CWHEQ Revolving Home Equity Loan Trust Series 2006-I                             | CUSIP: 12668FAA2<br>LEI: 254900WKCCG7QRE77W83 | Long             | ABS-O            | CORP              | US        |    265407 | PA      | $255516.13    | 0.03%             | 2037-01-15      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | SUNOCO LP                                                                        | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    346000 | PA      | $352173.41    | 0.04%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| H.B. FULLER CO                                          | HB Fuller Co                                                                     | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87514.08     | 0.01%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                                | BHP Billiton Finance USA Ltd                                                     | CUSIP: 055451AV0<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $241024.35    | 0.03%             | 2043-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   2571000 | PA      | $2325840.19   | 0.29%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                            | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   3410000 | PA      | $3469024.00   | 0.43%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                | Standard Industries Inc/NY                                                       | CUSIP: 000000000<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     96011 | PA      | $111929.99    | 0.01%             | 2026-11-21      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751BX8<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    683000 | PA      | $684726.62    | 0.09%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PINEWOOD FINCO PLC                                      | Pinewood Finco PLC                                                               | CUSIP: 000000000<br>LEI: 984500EF3F7CA63ND769 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $135265.36    | 0.02%             | 2030-03-27      | Fixed         | 6.00%                 | 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        |    172000 | PA      | $161410.45    | 0.02%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ILIAD SA                                                | iliad SA                                                                         | CUSIP: 000000000<br>LEI: 969500FZ9BTRZS3JNB97 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $118042.41    | 0.01%             | 2032-01-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                                | Jones Deslauriers Insurance Management Inc                                       | CUSIP: 48020RAE5<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    819000 | PA      | $814706.88    | 0.10%             | 2033-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                          | Transocean International Ltd                                                     | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    311000 | PA      | $304789.54    | 0.04%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                              | Carvana Co                                                                       | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |   1889604 | PA      | $2139462.56   | 0.27%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc                                         | Star Parent Inc Term Loan B                                                      | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |    756697 | PA      | $756379.27    | 0.09%             | 2030-09-27      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                                      | Crown Americas LLC                                                               | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |    743000 | PA      | $750512.61    | 0.09%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                          | OPAL BIDCO SAS                                                                   | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $121512.61    | 0.02%             | 2032-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | J.P. Morgan Mortgage Trust 2022-DSC1                                             | CUSIP: 46656AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    416901 | PA      | $411891.38    | 0.05%             | 2063-01-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                   | Civitas Resources Inc                                                            | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    300000 | PA      | $310964.70    | 0.04%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC                                        | Vail Resorts Inc                                                                 | CUSIP: 91879QAQ2<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    278000 | PA      | $279737.50    | 0.03%             | 2030-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2006-J8                                                   | CUSIP: 23245LAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1729872 | PA      | $652046.16    | 0.08%             | 2037-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                  | CUSIP: 3140J9V73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5318657 | PA      | $5303042.53   | 0.66%             | 2044-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BHMS Mortgage Trust                                     | BHMS Commercial Mortgage Trust 2025-ATLS                                         | CUSIP: 088928AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    435000 | PA      | $436226.05    | 0.05%             | 2042-08-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                        | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    466000 | PA      | $472140.95    | 0.06%             | 2030-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| IPD 3 BV                                                | IPD 3 BV                                                                         | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $119227.74    | 0.01%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     41000 | PA      | $37915.23     | 0.00%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                             | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    431000 | PA      | $438982.55    | 0.05%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Apache Corp                                             | Apache Corp                                                                      | CUSIP: 037411AY1<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | DBT              | CORP              | US        |    800000 | PA      | $692576.20    | 0.09%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                             | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    251000 | PA      | $248154.34    | 0.03%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                                | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC    | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2200000 | PA      | $2265056.20   | 0.28%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                     | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    593000 | PA      | $609859.93    | 0.08%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR MIDCO GMBH                                  | TK Elevator Midco GmbH                                                           | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | DBT              | CORP              | DE        |    372000 | PA      | $437236.94    | 0.05%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    647000 | PA      | $659949.71    | 0.08%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2006-OA6                                                  | CUSIP: 12668BD91<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2579757 | PA      | $2360735.50   | 0.29%             | 2046-07-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2111000 | PA      | $2075951.11   | 0.26%             | 2027-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 24 Ltd                                                                        | CUSIP: 75000HBE3<br>LEI: 2549005CH9FMTJFP8I04 | Long             | ABS-CBDO         | CORP              | BM        |   1000000 | PA      | $1003539.90   | 0.13%             | 2037-01-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                                | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    257000 | PA      | $251796.44    | 0.03%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                  | Match Group Holdings II LLC                                                      | CUSIP: 57667JAA0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     64000 | PA      | $58004.72     | 0.01%             | 2031-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD AB                                    | Heimstaden Bostad AB                                                             | CUSIP: 000000000<br>LEI: 549300TJR3PR8EXILG79 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $112988.64    | 0.01%             | 2027-02-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2023-1                                                | CUSIP: 92539BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    221459 | PA      | $221273.95    | 0.03%             | 2067-12-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                    | CUSIP: 29278GAA6<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   1250000 | PA      | $1239075.11   | 0.15%             | 2027-05-25      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                     | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $211709.34    | 0.03%             | 2029-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HEALTHEQUITY INC                                        | HealthEquity Inc                                                                 | CUSIP: 42226AAA5<br>LEI: 529900LRJU1RAFQHM467 | Long             | DBT              | CORP              | US        |    559000 | PA      | $542020.49    | 0.07%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2006-OA16                                                 | CUSIP: 23242GAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2329862 | PA      | $2180962.38   | 0.27%             | 2046-10-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| LABL INC                                                | LABL Inc                                                                         | CUSIP: 50168QAE5<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    632000 | PA      | $536908.02    | 0.07%             | 2028-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Foundation Building Materials Holding Company LLC       | Foundation Building Materials Holding Company LLC 2021 Term Loan                 | CUSIP: 35039KAB2<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |    200138 | PA      | $200233.61    | 0.03%             | 2028-01-31      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Central Parent Inc                                      | Central Parent Inc 2024 Term Loan B                                              | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     93787 | PA      | $80916.65     | 0.01%             | 2029-07-06      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| GRAFTECH GLOBAL ENTERPRI                                | GrafTech Global Enterprises Inc                                                  | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $144925.00    | 0.02%             | 2029-12-23      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                             | Avient Corp                                                                      | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    227000 | PA      | $230523.82    | 0.03%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                                  | AthenaHealth Group Inc                                                           | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   4903000 | PA      | $4862883.51   | 0.61%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2023-NQM4                                        | CUSIP: 10569YAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    946455 | PA      | $952602.43    | 0.12%             | 2063-05-25      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                     | Avantor Funding Inc                                                              | CUSIP: 000000000<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    115385 | PA      | $135406.43    | 0.02%             | 2025-11-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                              | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    309000 | PA      | $339683.58    | 0.04%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Brand Industrial Services Inc                           | Brand Industrial Services Inc 2024 Term Loan B                                   | CUSIP: 10524MAS6<br>LEI: 549300B658W2BPDQMW42 | Long             | LON              | CORP              | US        |   1119310 | PA      | $1011856.53   | 0.13%             | 2030-08-01      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| STAR ENERGY GEOTHERMAL                                  | Star Energy Geothermal Wayang Windu Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    136900 | PA      | $141434.81    | 0.02%             | 2033-04-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | Ellington Financial Mortgage Trust 2021-2                                        | CUSIP: 31572LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    164108 | PA      | $138013.82    | 0.02%             | 2066-06-25      | Variable      | 0.93%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                                      | CP Atlas Buyer Inc                                                               | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |     92000 | PA      | $96351.60     | 0.01%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                          | Sabre GLBL Inc 2024 Term Loan B2                                                 | CUSIP: 78571YBL3<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |     34736 | PA      | $32651.51     | 0.00%             | 2029-11-15      | Floating      | 10.26%                | No            |                  3 | On Loan: No      |
| SK INVICTUS INTERMEDIATE                                | SK Invictus Intermediate II Sarl                                                 | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    586000 | PA      | $573551.95    | 0.07%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR ULTRA FUT DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -200 | NC      | $-325334.00   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP HUSKY IMS C                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -689368 | PA      | $-689367.50   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Momentive Performance Materials Inc                     | Momentive Performance Materials Inc 2023 Term Loan                               | CUSIP: 60877JAG7<br>LEI: H2OFQI2FJX0T8IHKL414 | Long             | LON              | CORP              | US        |     90152 | PA      | $90422.63     | 0.01%             | 2028-03-29      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $1708000.00   | 0.21%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| PREMIER FOODS FINANCE                                   | Premier Foods Finance PLC                                                        | CUSIP: 000000000<br>LEI: 2138003G41QDLK9DB177 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $133241.97    | 0.02%             | 2026-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                | British Telecommunications PLC                                                   | CUSIP: 000000000<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $144309.72    | 0.02%             | 2083-12-20      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   1606000 | PA      | $1703795.76   | 0.21%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273RBJ7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503388.37    | 0.06%             | 2045-12-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MAYA SAS/FRANCE                                         | Maya SAS/Paris France                                                            | CUSIP: 000000000<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $119912.69    | 0.01%             | 2030-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                            | CUSIP: 445545AP1<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $204150.00    | 0.03%             | 2029-06-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $119252.90    | 0.01%             | 2030-06-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ATLAS LUXCO 4 / ALL UNI                                 | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $131478.69    | 0.02%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                 | CUSIP: 3132DTZH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7011043 | PA      | $6630220.01   | 0.83%             | 2042-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Gryphon Acquire Newco, LLC                              | GRYPHON ACQUIRE NEWCO LLC TERM LOAN B                                            | CUSIP: 40054QAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    400000 | PA      | $400876.00    | 0.05%             | 2032-09-13      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                  | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   4156000 | PA      | $4264475.76   | 0.53%             | 2030-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | Colt 2024-7 Mortgage Loan Trust                                                  | CUSIP: 19688YAA2<br>LEI: 213800EA95GXXC9AJO50 | Long             | ABS-MBS          | CORP              | US        |   1312193 | PA      | $1322115.40   | 0.17%             | 2069-12-26      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL/FINANC                                | Pebblebrook Hotel LP / PEB Finance Corp                                          | CUSIP: 70510LAA7<br>LEI: N/A                  | Long             | DBT              |  | US        |    158000 | PA      | $160355.62    | 0.02%             | 2029-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                | Live Nation Entertainment Inc                                                    | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    412000 | PA      | $409273.88    | 0.05%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                     | Benin Government International Bond                                              | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    200000 | PA      | $204282.00    | 0.03%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                        | GGAM Finance Ltd                                                                 | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    281000 | PA      | $284863.75    | 0.04%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                              | BFLD Commercial Mortgage Trust 2025-5MW                                          | CUSIP: 088921AD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    968000 | PA      | $966765.41    | 0.12%             | 2042-10-10      | Variable      | 6.37%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2024-BIO                                                                | CUSIP: 05612AAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $239175.00    | 0.03%             | 2041-02-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $101.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                    | WR Grace Holdings LLC                                                            | CUSIP: 92943GAF8<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    659000 | PA      | $651606.02    | 0.08%             | 2032-08-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                                | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    632000 | PA      | $646062.63    | 0.08%             | 2030-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                             | Asurion LLC 2025 Term Loan B13                                                   | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    286226 | PA      | $284199.99    | 0.04%             | 2030-09-19      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    195000 | PA      | $200466.05    | 0.03%             | 2032-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FGOLD 20YR                                                                   | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |  -2526075 | PA      | $-2526075.21  | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                     | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2835000 | PA      | $2719704.86   | 0.34%             | 2028-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                 | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    937000 | PA      | $995700.24    | 0.12%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MAYA SAS/FRANCE                                         | Maya SAS/Paris France                                                            | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    385000 | PA      | $392624.54    | 0.05%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STONEPEAK NILE PARENT                                   | Stonepeak Nile Parent LLC                                                        | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |    155000 | PA      | $163219.96    | 0.02%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FHLMC 15YR                                                                   | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        |   -302759 | PA      | $-302759.33   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                               | Anchorage Capital CLO 7 Ltd                                                      | CUSIP: 03328TBY0<br>LEI: 54930014PVHLSZJQK139 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251668.28    | 0.03%             | 2037-04-28      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| MANITOWOC COMPANY INC                                   | Manitowoc Co Inc/The                                                             | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |    175000 | PA      | $183612.21    | 0.02%             | 2031-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                   | Qnity Electronics Inc                                                            | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    378000 | PA      | $380882.92    | 0.05%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   2514000 | PA      | $2628560.47   | 0.33%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                              | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41779.72     | 0.01%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                         | Lamb Weston Holdings Inc                                                         | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    516000 | PA      | $487682.68    | 0.06%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BSTN Commercial Mortgage Trust                          | BSTN Commercial Mortgage Trust 2025-HUB                                          | CUSIP: 05594GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    265000 | PA      | $265000.00    | 0.03%             | 2041-04-13      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2024-R1                                               | CUSIP: 924926AA6<br>LEI: 213800A8V9BALJ9WKP38 | Long             | ABS-MBS          | CORP              | US        |   1508507 | PA      | $1509042.32   | 0.19%             | 2069-09-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                  | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAD1<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |    269000 | PA      | $271367.20    | 0.03%             | 2030-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2018-I Ltd                                                          | CUSIP: 17181NAG9<br>LEI: 635400VBVF8AYJQBI411 | Long             | ABS-CBDO         | CORP              | KY        |   1450000 | PA      | $1456003.15   | 0.18%             | 2038-01-18      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| VALLOUREC SACA                                          | Vallourec SACA                                                                   | CUSIP: 92023RAA8<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |    555000 | PA      | $591333.08    | 0.07%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                          | PMT Loan Trust 2024-INV1                                                         | CUSIP: 73015BAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1761794 | PA      | $1773380.83   | 0.22%             | 2059-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                       | Service Corp International/US                                                    | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   1065000 | PA      | $1078928.07   | 0.13%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CLOVER HOLDINGS 2 LLC                                   | Clover Holdings 2 LLC Fixed Term Loan B                                          | CUSIP: 18914DAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2333152 | PA      | $2346288.15   | 0.29%             | 2031-12-09      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2724000 | PA      | $2860119.12   | 0.36%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $119331.99    | 0.01%             | 2032-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                                | Albion Financing 1 SARL / Aggreko Holdings Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    100000 | PA      | $121792.27    | 0.02%             | 2030-05-21      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    618000 | PA      | $595544.97    | 0.07%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO LLC                                 | RRP TRANSOCEAN                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -418600 | PA      | $-418599.65   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC                                     | White Cap Buyer LLC                                                              | CUSIP: 96350RAA2<br>LEI: 254900L2N0T6GULCL366 | Long             | DBT              | CORP              | US        |   2336000 | PA      | $2329060.91   | 0.29%             | 2028-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WOM CHILE HOLDCO SPA                                    | WOM Chile Holdco SpA                                                             | CUSIP: 97810KAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |    255497 | PA      | $227392.33    | 0.03%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust 2019-ATR1                                      | CUSIP: 16158RAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    295034 | PA      | $298313.14    | 0.04%             | 2049-04-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                                  | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAD2<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    252000 | PA      | $264760.78    | 0.03%             | 2032-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2022-NQM3 Trust                                                             | CUSIP: 36168MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    824430 | PA      | $821507.37    | 0.10%             | 2067-04-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    493000 | PA      | $492103.53    | 0.06%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Advisor Group Inc                                       | Advisor Group Inc 2025 Term Loan                                                 | CUSIP: 68773JAG5<br>LEI: 549300XL60BDV6UW5C86 | Long             | LON              | CORP              | US        |    356529 | PA      | $356265.17    | 0.04%             | 2032-07-30      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    185000 | PA      | $187469.75    | 0.02%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2007-OA2                                                  | CUSIP: 02149LAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1261556 | PA      | $1092974.44   | 0.14%             | 2047-03-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                | Mill City Mortgage Loan Trust 2023-NQM2                                          | CUSIP: 59981CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1280685 | PA      | $1283055.69   | 0.16%             | 2067-12-25      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2025-VIS3                                               | CUSIP: 46594EAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1999989.20   | 0.25%             | 2066-02-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                | Apollo Debt Solutions BDC                                                        | CUSIP: 03770DAD5<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    250000 | PA      | $264952.88    | 0.03%             | 2031-07-29      | Fixed         | 6.70%                 | 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      | $47095.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                        | CSC Holdings LLC 2022 Term Loan B6                                               | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    547828 | PA      | $543954.82    | 0.07%             | 2028-01-18      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES LLC                              | RRP FNMA 30YR U                                                                  | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | Short            | RA               | CORP              | US        | -22556385 | PA      | $-22556385.13 | -2.82%            |  |  |  | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                   | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    991000 | PA      | $974099.69    | 0.12%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     28000 | PA      | $27516.92     | 0.00%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     76000 | PA      | $75493.20     | 0.01%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                            | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    155000 | PA      | $135329.49    | 0.02%             | 2030-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                         | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2535000 | PA      | $2557866.49   | 0.32%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust                          | Long Beach Mortgage Loan Trust 2006-7                                            | CUSIP: 54251TAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4660506 | PA      | $1847601.82   | 0.23%             | 2036-08-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| MOBICO GROUP PLC                                        | Mobico Group PLC                                                                 | CUSIP: 000000000<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $113565.89    | 0.01%             | 2028-11-20      | Fixed         | 3.63%                 | 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        |    850000 | PA      | $854448.25    | 0.11%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                      | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    292000 | PA      | $302028.26    | 0.04%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                                    | RRP ANHEUSER BU                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |  -1758140 | PA      | $-1758140.00  | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                          | Sabre GLBL Inc 2024 Term Loan B1                                                 | CUSIP: 78571YBK5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |     71369 | PA      | $67086.66     | 0.01%             | 2029-11-15      | Floating      | 10.26%                | No            |                  3 | On Loan: No      |
| HOMES Trust                                             | HOMES 2025-NQM3 Trust                                                            | CUSIP: 40446GAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1239064 | PA      | $1249870.90   | 0.16%             | 2070-02-25      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                    | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    366000 | PA      | $375055.94    | 0.05%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                             | Visio 2023-2 Trust                                                               | CUSIP: 92839CAA5<br>LEI: 549300ZCGJ6T8YDJ4M34 | Long             | ABS-MBS          | CORP              | US        |   1196256 | PA      | $1206270.06   | 0.15%             | 2058-10-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2593000.59   | 0.32%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                | Builders FirstSource Inc                                                         | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    234000 | PA      | $244327.01    | 0.03%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP                                  | Harvest Midstream I LP                                                           | CUSIP: 417558AB9<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    147000 | PA      | $150161.24    | 0.02%             | 2032-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Navient Education Loan Trust                            | Navient Education Loan Trust 2025-A                                              | CUSIP: 63943EAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    667000 | PA      | $672733.33    | 0.08%             | 2055-07-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                                   | CMG Media Corp                                                                   | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    245000 | PA      | $225012.90    | 0.03%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2006-FX1                                           | CUSIP: 17309YAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    291545 | PA      | $168058.01    | 0.02%             | 2036-10-25      | Variable      | 7.28%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    558000 | PA      | $564356.18    | 0.07%             | 2029-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                             | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    231000 | PA      | $214727.47    | 0.03%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    635000 | PA      | $655469.23    | 0.08%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 37 Senior Loan Fund                                                       | CUSIP: 26249MAN7<br>LEI: 254900I0IPNA482LDS44 | Long             | ABS-CBDO         | CORP              | KY        |     77465 | PA      | $77621.39     | 0.01%             | 2031-01-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    529000 | PA      | $549486.05    | 0.07%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $295995.08    | 0.04%             | 2031-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ARDONAGH MIDCO 3 PLC                                    | Ardonagh Midco 3 PLC 2024 USD Term Loan B                                        | CUSIP: 000000000<br>LEI: 254900YP2E642AGM4G32 | Long             | LON              | CORP              | AU        |    292918 | PA      | $291210.70    | 0.04%             | 2031-02-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1044000 | PA      | $1047993.52   | 0.13%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                     | Buckeye Partners LP                                                              | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    118000 | PA      | $122560.58    | 0.02%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CD&R FIREFLY BIDCO LTD                                  | CD&R Firefly Bidco PLC                                                           | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $141299.52    | 0.02%             | 2029-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                  | CUSIP: 3140XQWJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1598459 | PA      | $1634901.80   | 0.20%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2007-12T1                                                 | CUSIP: 02150LAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1552040 | PA      | $680468.41    | 0.08%             | 2037-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                                               | Pike Corp                                                                        | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    117000 | PA      | $125511.40    | 0.02%             | 2031-01-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS                                  | Methanex US Operations Inc                                                       | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    209000 | PA      | $212650.81    | 0.03%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority           | MASSACHUSETTS ST EDUCTNL FING AUTH                                               | CUSIP: 57563RTX7<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    680000 | PA      | $711352.73    | 0.09%             | 2049-07-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                          | Sabre GLBL Inc                                                                   | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    232000 | PA      | $235322.29    | 0.03%             | 2027-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| UNIQUE PUB FINANCE CO                                   | Unique Pub Finance Co PLC/The                                                    | CUSIP: 000000000<br>LEI: 213800FOMWLKHQTI5562 | Long             | ABS-O            | CORP              | GB        |     34787 | PA      | $48831.87     | 0.01%             | 2032-03-30      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                                    | Shell Finance US Inc                                                             | CUSIP: 822905AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $370360.55    | 0.05%             | 2046-05-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    531000 | PA      | $572626.15    | 0.07%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                  | Match Group Holdings II LLC                                                      | CUSIP: 57667JAC6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    468000 | PA      | $472111.38    | 0.06%             | 2033-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                       | CUSIP: 00287YDV8<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1504828.14   | 0.19%             | 2044-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| RCI BANQUE SA                                           | RCI Banque SA                                                                    | CUSIP: 000000000<br>LEI: 96950001WI712W7PQG45 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $123496.39    | 0.02%             | 2034-10-09      | Fixed         | 5.50%                 | 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        |    238000 | PA      | $209738.95    | 0.03%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                                       | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp                  | CUSIP: 76883NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $228000.15    | 0.03%             | 2033-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                                              | FedEx Corp                                                                       | CUSIP: 31428XBA3<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |    500000 | PA      | $455584.47    | 0.06%             | 2035-02-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP                                | Chobani LLC / Chobani Finance Corp Inc                                           | CUSIP: 17027NAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1198000 | PA      | $1184620.38   | 0.15%             | 2028-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Quorum Health Corporation                               | Quorum Health Corporation 2020 Term Loan                                         | CUSIP: 74909HAE9<br>LEI: 549300PO3E4YREFT1I57 | Long             | LON              | CORP              | US        |    334509 | PA      | $239173.80    | 0.03%             | 2028-01-28      | Floating      | 10.60%                | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY                                          | Ryan Specialty LLC                                                               | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |    445000 | PA      | $449977.77    | 0.06%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bulgaria Government International Bonds                 | Bulgaria Government International Bonds                                          | CUSIP: 000000000<br>LEI: 529900PG0XCL4LICL838 | Long             | DBT              | NUSS              | BG        |     72000 | PA      | $72072.00     | 0.01%             | 2037-03-05      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AFFLELOU SAS                                            | Afflelou SAS                                                                     | CUSIP: 000000000<br>LEI: 969500I7CS80FNB7CZ43 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $122465.85    | 0.02%             | 2029-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    616000 | PA      | $678532.62    | 0.08%             | 2028-11-13      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NEW IMMO HOLDING SA                                     | New Immo Holding SA                                                              | CUSIP: 000000000<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $115686.36    | 0.01%             | 2027-07-23      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp                                   | Northrop Grumman Corp                                                            | CUSIP: 666807BH4<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    680000 | PA      | $629454.27    | 0.08%             | 2043-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              |  | US        |    355000 | PA      | $435512.46    | 0.05%             | 2032-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CATURUS ENERGY LLC                                      | Caturus Energy LLC                                                               | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1275431.46   | 0.16%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                    | Chart Industries Inc                                                             | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    742000 | PA      | $772225.37    | 0.10%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    380000 | PA      | $454545.60    | 0.06%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAA8<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |    241056 | PA      | $243592.58    | 0.03%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                   | Civitas Resources Inc                                                            | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    252000 | PA      | $258176.78    | 0.03%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                                | MajorDrive Holdings IV LLC                                                       | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |    352000 | PA      | $288454.67    | 0.04%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                             | Staples Inc                                                                      | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    243000 | PA      | $240270.99    | 0.03%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   2624905 | PA      | $2706145.81   | 0.34%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                    | LifePoint Health Inc 2024 1st Lien Term Loan B                                   | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    440326 | PA      | $439180.68    | 0.05%             | 2031-05-19      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                                 | Surgery Center Holdings Inc                                                      | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |   1324000 | PA      | $1360073.70   | 0.17%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CONCENTRA HEALTH SERVICE                                | Concentra Health Services Inc                                                    | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |    522000 | PA      | $542035.40    | 0.07%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES INC                                     | RRP CRESCENT EN                                                                  | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Short            | RA               | CORP              | US        |   -358440 | PA      | $-358440.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| SUNRISE FINCO I BV                                      | Sunrise FinCo I BV                                                               | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    794000 | PA      | $756404.10    | 0.09%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                 | RRP AT+T INC 4.                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -2184560 | PA      | $-2184560.00  | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                    | WR Grace Holdings LLC                                                            | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168945.73    | 0.02%             | 2027-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                              | Terex Corp                                                                       | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41361.79     | 0.01%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** BlackRock Multi-Sector Income Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer