# EDGAR Filing Document

**Accession Number:** 0000896435
**File Stem:** 0000896435-25-000175
**Filing Date:** 2025-12
**Character Count:** 631257
**Document Hash:** 1eca6ac3705370c68bdbc1a9570b879a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000896435-25-000175.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000896435-25-000175

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
- **CENTRAL INDEX KEY:** 0000896435

**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:** 811-07452
- **FILM NUMBER:** 251538094

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7136261919

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM VARIABLE INSURANCE FUNDS
- **DATE OF NAME CHANGE:** 20000719

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM VARIABLE INSURANCE FUNDS INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### Invesco V.I. Global Strategic Income Fund (Series ID: S000064661)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209369 | Series II    |  |
| C000209370 | Series I     |  |

## Nport-Ex

**Consolidated Schedule of Investments** 

*September 30, 2025*

*(Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–31.71%** | **U.S. Dollar Denominated Bonds & Notes–31.71%** | **U.S. Dollar Denominated Bonds & Notes–31.71%** | **U.S. Dollar Denominated Bonds & Notes–31.71%** |
| **Argentina–0.41%** | **Argentina–0.41%** | **Argentina–0.41%** | **Argentina–0.41%** |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government <br> International Bond, | &nbsp;&nbsp;&nbsp; Argentine Republic Government <br> International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 07/09/2030<sup>(a)</sup> <br>|  | $1411200 | &nbsp;&nbsp; $954677 |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/09/2041<sup>(a)</sup> <br>|  | 2100000 | &nbsp;&nbsp; 1018605 |
| &nbsp;&nbsp;&nbsp; Vista Energy Argentina S.A.U., <br> 7.63%, 12/10/2035<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 680750 |
|  |  |  | &nbsp;&nbsp; 2654032 |
| **Belgium–0.25%** | **Belgium–0.25%** | **Belgium–0.25%** | **Belgium–0.25%** |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg <br> Notes S.a.r.l., 5.50%, <br> 03/01/2028<sup>(b)</sup> <br>|  | 1600000 | &nbsp;&nbsp; 1594071 |
| **Brazil–0.86%** | **Brazil–0.86%** | **Brazil–0.86%** | **Brazil–0.86%** |
| &nbsp;&nbsp;&nbsp; Arcos Dorados B.V., 6.38%, <br> 01/29/2032<sup>(b)</sup> <br>|  | 1410000 | &nbsp;&nbsp; 1488960 |
| &nbsp;&nbsp;&nbsp; MARB BondCo PLC, 3.95%, <br> 01/29/2031<sup>(b)(c)</sup> <br>|  | 1400000 | &nbsp;&nbsp; 1283616 |
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance B.V., <br> 6.50%, 07/03/2033<br>|  | 700000 | &nbsp;&nbsp; 726828 |
| &nbsp;&nbsp;&nbsp; Sitios Latinoamerica S.A.B. de <br> C.V., 5.38%, 04/04/2032<sup>(b)</sup> <br>|  | 2024000 | &nbsp;&nbsp; 2025666 |
|  |  |  | &nbsp;&nbsp; 5525070 |
| **Canada–2.31%** | **Canada–2.31%** | **Canada–2.31%** | **Canada–2.31%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC/New Red <br> Finance, Inc., 4.00%, <br> 10/15/2030<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 353801 |
| &nbsp;&nbsp;&nbsp; Bell Canada, 6.88%, <br> 09/15/2055<sup>(d)</sup> <br>|  | 893000 | &nbsp;&nbsp; 927631 |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Finance <br> ULC, 6.75%, 03/15/2055<sup>(d)</sup> <br>|  | 769000 | &nbsp;&nbsp; 788849 |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc., <br> 5.16%, 02/16/2029<sup>(b)(c)</sup> <br>|  | 526000 | &nbsp;&nbsp; 537286 |
| Element Fleet Management Corp., | Element Fleet Management Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.64%, 03/13/2027<sup>(b)</sup> <br>|  | 2738000 | &nbsp;&nbsp; 2790680 |
| &nbsp;&nbsp;&nbsp; 6.32%, 12/04/2028<sup>(b)(c)</sup> <br>|  | 1426000 | &nbsp;&nbsp; 1510920 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc., 7.38%, <br> 01/15/2083<sup>(c)(d)</sup> <br>|  | 2857000 | &nbsp;&nbsp; 2975925 |
| &nbsp;&nbsp;&nbsp; New Gold, Inc., 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 477000 | &nbsp;&nbsp; 500010 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance <br> L.P., 6.75%, 07/15/2032<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 237400 |
| RB Global Holdings, Inc., | RB Global Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 343000 | &nbsp;&nbsp; 351093 |
| &nbsp;&nbsp;&nbsp; 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 103000 | &nbsp;&nbsp; 107857 |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc., <br> 7.00%, 04/15/2055<sup>(d)</sup> <br>|  | 852000 | &nbsp;&nbsp; 889489 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian <br> infrastructure Holdings Ltd., <br> 7.63%, 03/01/2055<sup>(d)</sup> <br>|  | 1481000 | &nbsp;&nbsp; 1548482 |
| &nbsp;&nbsp;&nbsp; Transcanada Trust, Series 16-A, <br> 5.88%, 08/15/2076<sup>(d)</sup> <br>|  | 1391000 | &nbsp;&nbsp; 1397034 |
|  |  |  | &nbsp;&nbsp; 14916457 |
| **Cayman Islands–0.05%** | **Cayman Islands–0.05%** | **Cayman Islands–0.05%** | **Cayman Islands–0.05%** |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd., <br> 8.75%, 09/01/2027<sup>(b)</sup> <br>|  | 331000 | &nbsp;&nbsp; 342382 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Chile–0.61%** | **Chile–0.61%** | **Chile–0.61%** | **Chile–0.61%** |
| &nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones <br> S.A., 8.75%<sup>(b)(d)(e)</sup> <br>|  | $775000 | &nbsp;&nbsp; $839647 |
| &nbsp;&nbsp;&nbsp; Banco del Estado de Chile, <br> 7.95%<sup>(b)(d)(e)</sup> <br>|  | 426000 | &nbsp;&nbsp; 455659 |
| &nbsp;&nbsp;&nbsp; Chile Electricity Lux MPC II S.a.r.l., <br> 5.58%, 10/20/2035<sup>(b)</sup> <br>|  | 659816 | &nbsp;&nbsp; 682433 |
| &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de <br> Chile S.A., 5.50%, <br> 09/10/2034<sup>(b)</sup> <br>|  | 1905000 | &nbsp;&nbsp; 1926431 |
|  |  |  | &nbsp;&nbsp; 3904170 |
| **China–0.10%** | **China–0.10%** | **China–0.10%** | **China–0.10%** |
| &nbsp;&nbsp;&nbsp; Prosus N.V., 3.68%, <br> 01/21/2030<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 672665 |
| **Colombia–0.36%** | **Colombia–0.36%** | **Colombia–0.36%** | **Colombia–0.36%** |
| Ecopetrol S.A., | Ecopetrol S.A., |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 01/19/2029 |  | 1400000 | &nbsp;&nbsp; 1521386 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/2032 |  | 750000 | &nbsp;&nbsp; 776579 |
|  |  |  | &nbsp;&nbsp; 2297965 |
| **Dominican Republic–0.27%** | **Dominican Republic–0.27%** | **Dominican Republic–0.27%** | **Dominican Republic–0.27%** |
| &nbsp;&nbsp;&nbsp; Aeropuertos Dominicanos Siglo <br> XXI S.A., 7.00%, <br> 06/30/2034<sup>(b)(c)</sup> <br>|  | 925000 | &nbsp;&nbsp; 971828 |
| Dominican Republic International Bond, | Dominican Republic International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/30/2030<sup>(b)</sup> <br>|  | 305000 | &nbsp;&nbsp; 299541 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/23/2032<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 478900 |
|  |  |  | &nbsp;&nbsp; 1750269 |
| **Egypt–0.18%** | **Egypt–0.18%** | **Egypt–0.18%** | **Egypt–0.18%** |
| &nbsp;&nbsp;&nbsp; Egypt Government International <br> Bond, 8.63%, 02/04/2030<sup>(b)</sup> <br>|  | 1095000 | &nbsp;&nbsp; 1164356 |
| **France–0.36%** | **France–0.36%** | **France–0.36%** | **France–0.36%** |
| &nbsp;&nbsp;&nbsp; Electricite de France S.A., <br> 9.13%<sup>(b)(d)(e)</sup> <br>|  | 1001000 | &nbsp;&nbsp; 1161383 |
| &nbsp;&nbsp;&nbsp; Forvia SE, 8.00%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 212000 | &nbsp;&nbsp; 224579 |
| Maya S.A.S., | Maya S.A.S., |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17287 |
| &nbsp;&nbsp;&nbsp; 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 550000 | &nbsp;&nbsp; 590327 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/2032<sup>(b)</sup> <br>|  | 33000 | &nbsp;&nbsp; 33695 |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS, 6.50%, <br> 03/31/2032<sup>(b)</sup> <br>|  | 280000 | &nbsp;&nbsp; 287175 |
|  |  |  | &nbsp;&nbsp; 2314446 |
| **Germany–0.32%** | **Germany–0.32%** | **Germany–0.32%** | **Germany–0.32%** |
| &nbsp;&nbsp;&nbsp; Bayer US Finance LLC, 6.13%, <br> 11/21/2026<sup>(b)</sup> <br>|  | 1745000 | &nbsp;&nbsp; 1775766 |
| &nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, 9.38%, <br> 10/03/2031<sup>(b)</sup> <br>|  | 246000 | &nbsp;&nbsp; 261068 |
|  |  |  | &nbsp;&nbsp; 2036834 |
| **Guatemala–0.09%** | **Guatemala–0.09%** | **Guatemala–0.09%** | **Guatemala–0.09%** |
| &nbsp;&nbsp;&nbsp; Energuate Trust 2 0, 6.35%, <br> 09/15/2035<sup>(b)</sup> <br>|  | 560000 | &nbsp;&nbsp; 564206 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Hong Kong–0.03%** | **Hong Kong–0.03%** | **Hong Kong–0.03%** | **Hong Kong–0.03%** |
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., <br> 6.50%, 09/24/2033<sup>(b)</sup> <br>|  | $200000 | &nbsp;&nbsp; $200658 |
| **India–0.93%** | **India–0.93%** | **India–0.93%** | **India–0.93%** |
| &nbsp;&nbsp;&nbsp; GMR Hyderabad International <br> Airport Ltd., 4.25%, <br> 10/27/2027<sup>(b)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1776865 |
| Muthoot Finance Ltd., | Muthoot Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/14/2028<sup>(b)</sup> <br>|  | 1350000 | &nbsp;&nbsp; 1392111 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/23/2029<sup>(b)</sup> <br>|  | 2800000 | &nbsp;&nbsp; 2840798 |
|  |  |  | &nbsp;&nbsp; 6009774 |
| **Ireland–0.30%** | **Ireland–0.30%** | **Ireland–0.30%** | **Ireland–0.30%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust, 6.95%, 03/10/2055<sup>(d)</sup> <br>|  | 450000 | &nbsp;&nbsp; 471259 |
| &nbsp;&nbsp;&nbsp; BB Blue Financing DAC, Series A1, <br> 4.40%, 09/20/2037<br>|  | 750000 | &nbsp;&nbsp; 737701 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd., 6.88%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 471000 | &nbsp;&nbsp; 489610 |
| &nbsp;&nbsp;&nbsp; TrueNoord Capital DAC, 8.75%, <br> 03/01/2030<sup>(b)</sup> <br>|  | 220000 | &nbsp;&nbsp; 233965 |
|  |  |  | &nbsp;&nbsp; 1932535 |
| **Italy–0.12%** | **Italy–0.12%** | **Italy–0.12%** | **Italy–0.12%** |
| FIBERCOP S.p.A., | FIBERCOP S.p.A., |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/30/2034<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 287449 |
| &nbsp;&nbsp;&nbsp; 7.20%, 07/18/2036<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 278404 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital S.A., <br> 6.38%, 11/15/2033<br>|  | 229000 | &nbsp;&nbsp; 240920 |
|  |  |  | &nbsp;&nbsp; 806773 |
| **Macau–0.36%** | **Macau–0.36%** | **Macau–0.36%** | **Macau–0.36%** |
| MGM China Holdings Ltd., | MGM China Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/15/2026<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250472 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2027<sup>(b)</sup> <br>|  | 1240000 | &nbsp;&nbsp; 1237976 |
| &nbsp;&nbsp;&nbsp; Studio City Finance Ltd., 5.00%, <br> 01/15/2029<sup>(b)(c)</sup> <br>|  | 323000 | &nbsp;&nbsp; 311461 |
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., 6.75%, <br> 02/15/2034<sup>(b)</sup> <br>|  | 490000 | &nbsp;&nbsp; 497067 |
|  |  |  | &nbsp;&nbsp; 2296976 |
| **Mexico–1.43%** | **Mexico–1.43%** | **Mexico–1.43%** | **Mexico–1.43%** |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte S.A., <br> 8.38%<sup>(b)(c)(d)(e)</sup> <br>|  | 650000 | &nbsp;&nbsp; 695525 |
| &nbsp;&nbsp;&nbsp; BBVA Bancomer S.A., 7.63%, <br> 02/11/2035<sup>(b)(d)</sup> <br>|  | 750000 | &nbsp;&nbsp; 790875 |
| &nbsp;&nbsp;&nbsp; CEMEX S.A.B. de C.V., <br> 5.13%<sup>(b)(d)(e)</sup> <br>|  | 965000 | &nbsp;&nbsp; 961685 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver <br> S.A. Institucion de Banca <br> Multiple, 7.25%, <br> 01/31/2041<sup>(b)</sup> <br>|  | 940982 | &nbsp;&nbsp; 1006286 |
| &nbsp;&nbsp;&nbsp; Mexico Government International <br> Bond, Series 10, 5.63%, <br> 09/22/2035<br>|  | 200000 | &nbsp;&nbsp; 199312 |
| &nbsp;&nbsp;&nbsp; Nemak S.A.B. de C.V., 3.63%, <br> 06/28/2031<sup>(b)</sup> <br>|  | 1195000 | &nbsp;&nbsp; 1045438 |
| Petroleos Mexicanos, | Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/04/2026<sup>(c)</sup> <br>|  | 700000 | &nbsp;&nbsp; 709696 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/13/2027 |  | 1400000 | &nbsp;&nbsp; 1418438 |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/02/2029 |  | 2100000 | &nbsp;&nbsp; 2263512 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/2035 |  | 120000 | &nbsp;&nbsp; 114501 |
|  |  |  | &nbsp;&nbsp; 9205268 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Nigeria–0.25%** | **Nigeria–0.25%** | **Nigeria–0.25%** | **Nigeria–0.25%** |
| &nbsp;&nbsp;&nbsp; IHS Holding Ltd., 8.25%, <br> 11/29/2031<sup>(b)</sup> <br>|  | $1550000 | &nbsp;&nbsp; $1634057 |
| **Panama–0.11%** | **Panama–0.11%** | **Panama–0.11%** | **Panama–0.11%** |
| &nbsp;&nbsp;&nbsp; Telecomunicaciones Digitales <br> S.A., 4.50%, 01/30/2030<sup>(b)</sup> <br>|  | 750000 | &nbsp;&nbsp; 716604 |
| **Peru–0.22%** | **Peru–0.22%** | **Peru–0.22%** | **Peru–0.22%** |
| &nbsp;&nbsp;&nbsp; Compania de Minas Buenaventura <br> S.A.A., 6.80%, <br> 02/04/2032<sup>(b)</sup> <br>|  | 895000 | &nbsp;&nbsp; 922656 |
| &nbsp;&nbsp;&nbsp; Orazul Energy Peru S.A., 6.25%, <br> 09/17/2032<sup>(b)</sup> <br>|  | 512000 | &nbsp;&nbsp; 520546 |
|  |  |  | &nbsp;&nbsp; 1443202 |
| **Serbia–0.12%** | **Serbia–0.12%** | **Serbia–0.12%** | **Serbia–0.12%** |
| &nbsp;&nbsp;&nbsp; Telecommunications Co. Telekom <br> Srbija Akcionarsko drustvo, <br> Belgrade, 7.00%, <br> 10/28/2029<sup>(b)</sup> <br>|  | 730000 | &nbsp;&nbsp; 742740 |
| **Spain–0.22%** | **Spain–0.22%** | **Spain–0.22%** | **Spain–0.22%** |
| Repsol E&P Capital Markets US LLC, | Repsol E&P Capital Markets US LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.81%, 09/16/2028<sup>(b)</sup> <br>|  | 525000 | &nbsp;&nbsp; 527446 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/16/2030<sup>(b)</sup> <br>|  | 541000 | &nbsp;&nbsp; 545160 |
| &nbsp;&nbsp;&nbsp; 5.98%, 09/16/2035<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 356749 |
|  |  |  | &nbsp;&nbsp; 1429355 |
| **Switzerland–0.94%** | **Switzerland–0.94%** | **Switzerland–0.94%** | **Switzerland–0.94%** |
| &nbsp;&nbsp;&nbsp; Argentum Netherlands B.V. for <br> Swiss Re Ltd., 5.63%, <br> 08/15/2052<sup>(b)(d)</sup> <br>|  | 207000 | &nbsp;&nbsp; 209551 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Group AG, <br> 6.25%<sup>(b)(d)(e)(f)(g)</sup> <br>|  | 3015000 | &nbsp;&nbsp; 180900 |
| UBS Group AG, 9.25%<sup>(b)(d)(e)</sup> <br>|  | 1350000 | &nbsp;&nbsp; 1492687 |
| &nbsp;&nbsp;&nbsp; Willow No 2 Ireland PLC for Zurich <br> Insurance Co. Ltd., 4.25% (3 <br> mo. USD LIBOR + 3.18%), <br> 10/01/2045<sup>(b)(h)</sup> <br>|  | 4200000 | &nbsp;&nbsp; 4200000 |
|  |  |  | &nbsp;&nbsp; 6083138 |
| **Thailand–0.09%** | **Thailand–0.09%** | **Thailand–0.09%** | **Thailand–0.09%** |
| &nbsp;&nbsp;&nbsp; GC Treasury Center Co. Ltd., <br> 6.50%<sup>(b)(d)(e)</sup> <br>|  | 569000 | &nbsp;&nbsp; 577426 |
| **Turkey–0.22%** | **Turkey–0.22%** | **Turkey–0.22%** | **Turkey–0.22%** |
| &nbsp;&nbsp;&nbsp; Turkiye Is Bankasi A.S., 7.38%, <br> 04/02/2036<sup>(b)(d)</sup> <br>|  | 1400000 | &nbsp;&nbsp; 1393336 |
| **United Kingdom–2.15%** | **United Kingdom–2.15%** | **United Kingdom–2.15%** | **United Kingdom–2.15%** |
| &nbsp;&nbsp;&nbsp; Aberdeen Group PLC, 4.25%, <br> 06/30/2028<sup>(b)</sup> <br>|  | 675000 | &nbsp;&nbsp; 666139 |
| &nbsp;&nbsp;&nbsp; B.A.T. Capital Corp., 6.00%, <br> 02/20/2034<br>|  | 1048000 | &nbsp;&nbsp; 1120025 |
| Barclays Bank PLC, 6.28%<sup>(d)(e)</sup> <br>|  | 3470000 | &nbsp;&nbsp; 3674210 |
| &nbsp;&nbsp;&nbsp; Beazley Insurance DAC, 5.50%, <br> 09/10/2029<sup>(b)</sup> <br>|  | 1120000 | &nbsp;&nbsp; 1139415 |
| &nbsp;&nbsp;&nbsp; British Telecommunications PLC, <br> 4.25%, 11/23/2081<sup>(b)(c)(d)</sup> <br>|  | 4150000 | &nbsp;&nbsp; 4118779 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC, <br> 6.38%, 02/15/2032<sup>(b)</sup> <br>|  | 280000 | &nbsp;&nbsp; 287182 |
| &nbsp;&nbsp;&nbsp; Hiscox Ltd., 7.00%, <br> 06/11/2036<sup>(b)(d)</sup> <br>|  | 700000 | &nbsp;&nbsp; 754129 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** |
| &nbsp;&nbsp;&nbsp; M&G PLC, 6.50%, <br> 10/20/2048<sup>(b)(d)</sup> <br>|  | $375000 | &nbsp;&nbsp; $391251 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance PLC, <br> 5.50%, 05/15/2029<sup>(b)</sup> <br>|  | 630000 | &nbsp;&nbsp; 623335 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC, 4.13%, <br> 06/04/2081<sup>(d)</sup> <br>|  | 539000 | &nbsp;&nbsp; 505099 |
| &nbsp;&nbsp;&nbsp; Weir Group, Inc., 5.35%, <br> 05/06/2030<sup>(b)</sup> <br>|  | 569000 | &nbsp;&nbsp; 585519 |
|  |  |  | &nbsp;&nbsp; 13865083 |
| **United States–17.80%** | **United States–17.80%** | **United States–17.80%** | **United States–17.80%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205168 |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, <br> Inc., 7.50%, 11/06/2030<sup>(b)</sup> <br>|  | 342000 | &nbsp;&nbsp; 356545 |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> <br>|  | 234000 | &nbsp;&nbsp; 239431 |
| &nbsp;&nbsp;&nbsp; AES Corp. (The), 7.60%, <br> 01/15/2055<sup>(c)(d)</sup> <br>|  | 2003000 | &nbsp;&nbsp; 2079276 |
| &nbsp;&nbsp;&nbsp; Aethon United BR L.P./Aethon <br> United Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 220000 | &nbsp;&nbsp; 229601 |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Series B, <br> 4.65%<sup>(d)(e)</sup> <br>|  | 368000 | &nbsp;&nbsp; 363758 |
| Aircastle Ltd., 5.25%<sup>(b)(c)(d)(e)</sup> <br>|  | 465000 | &nbsp;&nbsp; 463019 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/<br> Alliant Holdings Co-Issuer, <br> 7.00%, 01/15/2031<sup>(b)</sup> <br>|  | 362000 | &nbsp;&nbsp; 374315 |
| Allison Transmission, Inc., | Allison Transmission, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/01/2027<sup>(b)</sup> <br>|  | 117000 | &nbsp;&nbsp; 116292 |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/30/2031<sup>(b)</sup> <br>|  | 733000 | &nbsp;&nbsp; 677766 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., | &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/20/2026<sup>(b)</sup> <br>|  | 702500 | &nbsp;&nbsp; 703407 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(b)</sup> <br>|  | 449000 | &nbsp;&nbsp; 451054 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, <br> Inc., 7.75%, 10/15/2033<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 246055 |
| &nbsp;&nbsp;&nbsp; American Express Co., 6.34%, <br> 10/30/2026<sup>(d)</sup> <br>|  | 2007000 | &nbsp;&nbsp; 2010451 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, <br> 6.88%, 08/01/2032<sup>(b)(c)</sup> <br>|  | 257000 | &nbsp;&nbsp; 266114 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners <br> L.P./Antero Midstream Finance <br> Corp., 6.63%, 02/01/2032<sup>(b)</sup> <br>|  | 233000 | &nbsp;&nbsp; 240176 |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal <br> Packaging Finance PLC, <br> 6.00%, 06/15/2027<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 275166 |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., 5.88%, <br> 03/01/2029<sup>(c)</sup> <br>|  | 1915000 | &nbsp;&nbsp; 1970870 |
| &nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance, <br> Inc., 5.95%, 03/15/2030<sup>(c)</sup> <br>|  | 370000 | &nbsp;&nbsp; 372069 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc., 6.63%, <br> 10/01/2030<sup>(b)</sup> <br>|  | 229000 | &nbsp;&nbsp; 234433 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., <br> 11.00%, 09/30/2028<sup>(b)</sup> <br>|  | 73000 | &nbsp;&nbsp; 75989 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc., 5.65%, <br> 01/15/2034<sup>(c)</sup> <br>|  | 767000 | &nbsp;&nbsp; 799648 |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, <br> 7.50%, 01/15/2031<sup>(b)</sup> <br>|  | 257000 | &nbsp;&nbsp; 272841 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC, <br> 4.88%<sup>(c)(d)(e)</sup> <br>|  | 435000 | &nbsp;&nbsp; 432600 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The), 6.75%, <br> 06/15/2032<sup>(b)(c)</sup> <br>|  | 245000 | &nbsp;&nbsp; 255051 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| &nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc., 7.50%, <br> 02/01/2032<sup>(b)</sup> <br>|  | $239000 | &nbsp;&nbsp; $241678 |
| &nbsp;&nbsp;&nbsp; Calpine Corp., 5.13%, <br> 03/15/2028<sup>(b)</sup> <br>|  | 355000 | &nbsp;&nbsp; 355444 |
| &nbsp;&nbsp;&nbsp; Carnival Corp., 6.13%, <br> 02/15/2033<sup>(b)</sup> <br>|  | 235000 | &nbsp;&nbsp; 241032 |
| &nbsp;&nbsp;&nbsp; Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)(c)</sup> <br>|  | 387000 | &nbsp;&nbsp; 366984 |
| &nbsp;&nbsp;&nbsp; Carvana Co., 14.00% PIK Rate, <br> 9.00% Cash Rate, <br> 06/01/2031<sup>(b)(c)(i)</sup> <br>|  | 230850 | &nbsp;&nbsp; 261546 |
| &nbsp;&nbsp;&nbsp; Caturus Energy LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 245905 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp., | &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(b)</sup> <br>|  | 152000 | &nbsp;&nbsp; 151101 |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(b)(c)</sup> <br>|  | 1440000 | &nbsp;&nbsp; 1382900 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030<sup>(b)(c)</sup> <br>|  | 1440000 | &nbsp;&nbsp; 1360936 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(b)(c)</sup> <br>|  | 263000 | &nbsp;&nbsp; 243437 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 |  | 291000 | &nbsp;&nbsp; 265011 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 244664 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034<sup>(b)</sup> <br>|  | 305000 | &nbsp;&nbsp; 263882 |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc./Radio <br> Systems Corp., 9.50%, <br> 10/15/2029<sup>(b)</sup> <br>|  | 27000 | &nbsp;&nbsp; 21150 |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, <br> 7.20%, 11/15/2033<br>|  | 225000 | &nbsp;&nbsp; 234057 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., 6.70%, <br> 05/15/2055<sup>(d)</sup> <br>|  | 3029000 | &nbsp;&nbsp; 3133582 |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc./CDK Global, <br> Inc., 7.25%, 06/15/2029<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 24215 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), <br> 6.20%, 11/17/2029<sup>(d)</sup> <br>|  | 1543000 | &nbsp;&nbsp; 1638869 |
| &nbsp;&nbsp;&nbsp; CHC Group LLC, 11.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 112000 | &nbsp;&nbsp; 110541 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., 5.65%, <br> 04/15/2034<br>|  | 773000 | &nbsp;&nbsp; 797201 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc., Series Y, <br> 4.15%<sup>(d)(e)</sup> <br>|  | 224000 | &nbsp;&nbsp; 219534 |
| &nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios US Finance <br> Co., | &nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios US Finance <br> Co., |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030<sup>(b)</sup> <br>|  | 79000 | &nbsp;&nbsp; 81671 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2032<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51139 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., <br> 4.88%, 07/01/2029<sup>(b)</sup> <br>|  | 258000 | &nbsp;&nbsp; 244053 |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 52016 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/2032<sup>(b)</sup> <br>|  | 185000 | &nbsp;&nbsp; 187075 |
| Cloud Software Group, Inc., | Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(b)</sup> <br>|  | 130000 | &nbsp;&nbsp; 134984 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/2032<sup>(b)</sup> <br>|  | 86000 | &nbsp;&nbsp; 91320 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp., 6.50%, <br> 06/01/2055<sup>(d)</sup> <br>|  | 2629000 | &nbsp;&nbsp; 2724640 |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030<sup>(b)</sup> <br>|  | 145000 | &nbsp;&nbsp; 131305 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2031<sup>(b)</sup> <br>|  | 135000 | &nbsp;&nbsp; 116837 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc., <br> 6.75%, 03/01/2029<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 243771 |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/2030<sup>(b)</sup> <br>|  | 46000 | &nbsp;&nbsp; 47564 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 80038 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| &nbsp;&nbsp;&nbsp; Cougar JV Subsidiary LLC, <br> 8.00%, 05/15/2032<sup>(b)(c)</sup> <br>|  | $236000 | &nbsp;&nbsp; $251255 |
| &nbsp;&nbsp;&nbsp; Cousins Properties L.P., 5.25%, <br> 07/15/2030<br>|  | 1184000 | &nbsp;&nbsp; 1212984 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., 6.75%, <br> 12/10/2054<sup>(c)(d)</sup> <br>|  | 425000 | &nbsp;&nbsp; 439384 |
| DaVita, Inc., | DaVita, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 116822 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/2033<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 121780 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners <br> L.P./Delek Logistics Finance <br> Corp., 7.38%, 06/30/2033<sup>(b)</sup> <br>|  | 134000 | &nbsp;&nbsp; 136366 |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., <br> 6.20%, 07/15/2030<br>|  | 2485000 | &nbsp;&nbsp; 2666447 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC, 8.88%, <br> 02/01/2030<sup>(b)</sup> <br>|  | 61000 | &nbsp;&nbsp; 60327 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., | &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/15/2027<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 48982 |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(b)</sup> <br>|  | 31000 | &nbsp;&nbsp; 30978 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC, <br> 4.13%, 05/15/2029<br>|  | 253000 | &nbsp;&nbsp; 243747 |
| Diversified Healthcare Trust, | Diversified Healthcare Trust, |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/15/2026<sup>(b)(j)</sup> <br>|  | 126000 | &nbsp;&nbsp; 124716 |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/15/2030<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101758 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., 6.45%, <br> 09/01/2054<sup>(d)</sup> <br>|  | 251000 | &nbsp;&nbsp; 265495 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., <br> 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 231000 | &nbsp;&nbsp; 248122 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2054<sup>(c)(d)</sup> <br>|  | 802000 | &nbsp;&nbsp; 857624 |
| &nbsp;&nbsp;&nbsp; 7.13%, 10/01/2054<sup>(d)</sup> <br>|  | 4148000 | &nbsp;&nbsp; 4309117 |
| EnerSys, | EnerSys, |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 245000 | &nbsp;&nbsp; 241754 |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 116427 |
| &nbsp;&nbsp;&nbsp; Enpro, Inc., 6.13%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 468000 | &nbsp;&nbsp; 479486 |
| &nbsp;&nbsp;&nbsp; Entergy Corp., 7.13%, <br> 12/01/2054<sup>(d)</sup> <br>|  | 2010000 | &nbsp;&nbsp; 2103875 |
| &nbsp;&nbsp;&nbsp; ESAB Corp., 6.25%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 344000 | &nbsp;&nbsp; 353822 |
| &nbsp;&nbsp;&nbsp; Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 226000 | &nbsp;&nbsp; 240745 |
| &nbsp;&nbsp;&nbsp; EZCORP, Inc., 7.38%, <br> 04/01/2032<sup>(b)(c)</sup> <br>|  | 449000 | &nbsp;&nbsp; 479524 |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc., 6.88%, <br> 03/01/2032<sup>(b)(c)</sup> <br>|  | 334000 | &nbsp;&nbsp; 345643 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 8.38%, 04/01/2032<sup>(b)</sup> <br>|  | 121000 | &nbsp;&nbsp; 126927 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc., 4.63%, <br> 08/01/2030<br>|  | 2590000 | &nbsp;&nbsp; 2566221 |
| &nbsp;&nbsp;&nbsp; General Motors Co., 6.80%, <br> 10/01/2027<br>|  | 2867000 | &nbsp;&nbsp; 2991716 |
| &nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp., | &nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/15/2030 |  | 59000 | &nbsp;&nbsp; 62506 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/2032 |  | 106000 | &nbsp;&nbsp; 110638 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2033 |  | 171000 | &nbsp;&nbsp; 178991 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc., 4.00%, <br> 08/01/2028<sup>(b)(c)</sup> <br>|  | 497000 | &nbsp;&nbsp; 485691 |
| &nbsp;&nbsp;&nbsp; Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(b)(d)</sup> <br>|  | 267000 | &nbsp;&nbsp; 263065 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| &nbsp;&nbsp;&nbsp; Global Partners L.P./GLP Finance <br> Corp., 7.13%, 07/01/2033<sup>(b)</sup> <br>|  | $240000 | &nbsp;&nbsp; $246182 |
| &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund, <br> 5.80%, 09/12/2029<br>|  | 1347000 | &nbsp;&nbsp; 1365416 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc., 9.63%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 65000 | &nbsp;&nbsp; 66463 |
| &nbsp;&nbsp;&nbsp; Greystar Real Estate Partners LLC, <br> 7.75%, 09/01/2030<sup>(b)</sup> <br>|  | 107000 | &nbsp;&nbsp; 113196 |
| Group 1 Automotive, Inc., | Group 1 Automotive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2028<sup>(b)</sup> <br>|  | 254000 | &nbsp;&nbsp; 247051 |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/15/2030<sup>(b)</sup> <br>|  | 238000 | &nbsp;&nbsp; 243928 |
| &nbsp;&nbsp;&nbsp; Hawaiian Electric Co., Inc., <br> 6.00%, 10/01/2033<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 246273 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp <br> Finance Co., 8.38%, <br> 11/01/2033<sup>(b)</sup> <br>|  | 221000 | &nbsp;&nbsp; 232263 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., <br> Inc., 5.88%, 03/15/2033<sup>(b)</sup> <br>|  | 473000 | &nbsp;&nbsp; 483175 |
| &nbsp;&nbsp;&nbsp; HLF Financing S.a.r.l. <br> LLC/Herbalife International, <br> Inc., 4.88%, 06/01/2029<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 24759 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc., 3.25%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 280000 | &nbsp;&nbsp; 270619 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 7.25%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 344000 | &nbsp;&nbsp; 359023 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, 4.90%, <br> 06/23/2028<sup>(b)</sup> <br>|  | 2867000 | &nbsp;&nbsp; 2908535 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information <br> Management Services, Inc., <br> 5.00%, 07/15/2032<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 111872 |
| Iron Mountain, Inc., | Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(b)</sup> <br>|  | 211000 | &nbsp;&nbsp; 217603 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031<sup>(b)</sup> <br>|  | 262000 | &nbsp;&nbsp; 250339 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The), 5.90%, <br> 11/15/2028<br>|  | 1352000 | &nbsp;&nbsp; 1420623 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/01/2032<sup>(b)(c)</sup> <br>|  | 357000 | &nbsp;&nbsp; 362108 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 228000 | &nbsp;&nbsp; 236986 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., 4.35%, <br> 05/15/2028<br>|  | 667000 | &nbsp;&nbsp; 666915 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., <br> 5.40%, 01/15/2027<br>|  | 1195000 | &nbsp;&nbsp; 1214998 |
| &nbsp;&nbsp;&nbsp; LABL, Inc., 8.63%, <br> 10/01/2031<sup>(b)</sup> <br>|  | 27000 | &nbsp;&nbsp; 19856 |
| Lamar Media Corp., | Lamar Media Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/15/2029 |  | 735000 | &nbsp;&nbsp; 729037 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/01/2033<sup>(b)</sup> <br>|  | 225000 | &nbsp;&nbsp; 223626 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., <br> 4.38%, 01/31/2032<sup>(b)</sup> <br>|  | 264000 | &nbsp;&nbsp; 249730 |
| LCM Investments Holdings II LLC, | LCM Investments Holdings II LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029<sup>(b)</sup> <br>|  | 124000 | &nbsp;&nbsp; 121582 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/2031<sup>(b)</sup> <br>|  | 229000 | &nbsp;&nbsp; 242368 |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | 299000 | &nbsp;&nbsp; 304985 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/31/2034<sup>(b)</sup> <br>|  | 273500 | &nbsp;&nbsp; 278445 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc., 4.38%, <br> 01/15/2031<sup>(b)(c)</sup> <br>|  | 263000 | &nbsp;&nbsp; 249949 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., <br> 10.00%, 10/15/2032<sup>(b)</sup> <br>|  | 46000 | &nbsp;&nbsp; 46594 |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC, <br> 6.70%, 07/15/2034<sup>(b)</sup> <br>|  | 278000 | &nbsp;&nbsp; 255454 |
| &nbsp;&nbsp;&nbsp; Mars, Inc., 4.80%, <br> 03/01/2030<sup>(b)</sup> <br>|  | 511000 | &nbsp;&nbsp; 520782 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| &nbsp;&nbsp;&nbsp; Mattel, Inc., 6.20%, <br> 10/01/2040<sup>(c)</sup> <br>|  | $693000 | &nbsp;&nbsp; $698101 |
| Medline Borrower L.P., | Medline Borrower L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/2029<sup>(b)</sup> <br>|  | 249000 | &nbsp;&nbsp; 240330 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 234134 |
| &nbsp;&nbsp;&nbsp; Mirion Technologies, Inc., Conv., <br> 0.00%, 10/01/2031<sup>(b)(j)</sup> <br>|  | 18000 | &nbsp;&nbsp; 19404 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership <br> L.P./MPT Finance Corp., <br> 8.50%, 02/15/2032<sup>(b)</sup> <br>|  | 44000 | &nbsp;&nbsp; 46786 |
| Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/2029<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 221284 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/2032<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 242839 |
| Navient Corp., | Navient Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 |  | 182000 | &nbsp;&nbsp; 181326 |
| &nbsp;&nbsp;&nbsp; 9.38%, 07/25/2030 |  | 81000 | &nbsp;&nbsp; 89592 |
| NCL Corp. Ltd., | NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2031<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100068 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/2033<sup>(b)</sup> <br>|  | 144000 | &nbsp;&nbsp; 144835 |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 239137 |
| &nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime Co., <br> Inc., 5.25%, 07/15/2028<sup>(b)</sup> <br>|  | 235000 | &nbsp;&nbsp; 233029 |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/15/2029 |  | 110000 | &nbsp;&nbsp; 110834 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/2030 |  | 250000 | &nbsp;&nbsp; 248324 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, <br> Inc., 6.75%, 06/15/2054<sup>(c)(d)</sup> <br>|  | 1796000 | &nbsp;&nbsp; 1936305 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, <br> 7.05%, 09/15/2028<sup>(b)</sup> <br>|  | 360000 | &nbsp;&nbsp; 375065 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc., 6.00%, <br> 01/15/2036<sup>(b)</sup> <br>|  | 367000 | &nbsp;&nbsp; 367282 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2029 |  | 109000 | &nbsp;&nbsp; 112174 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2030 |  | 108000 | &nbsp;&nbsp; 100482 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2032 |  | 109000 | &nbsp;&nbsp; 111155 |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/2032 |  | 148000 | &nbsp;&nbsp; 153075 |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/01/2026 |  | 1185000 | &nbsp;&nbsp; 1200383 |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2053 |  | 1487000 | &nbsp;&nbsp; 1582883 |
| &nbsp;&nbsp;&nbsp; Paramount Global, 2.90%, <br> 01/15/2027<br>|  | 1548000 | &nbsp;&nbsp; 1516779 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., <br> 4.25%, 02/15/2029<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 112365 |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., 6.05%, <br> 08/01/2028<sup>(b)</sup> <br>|  | 2867000 | &nbsp;&nbsp; 2994376 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart Finance <br> Corp., 7.50%, 09/15/2032<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 276096 |
| PHINIA, Inc., | PHINIA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | 105000 | &nbsp;&nbsp; 108301 |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(b)</sup> <br>|  | 129000 | &nbsp;&nbsp; 133066 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. <br> (The), 6.62%, 10/20/2027<sup>(d)</sup> <br>|  | 2128000 | &nbsp;&nbsp; 2180295 |
| &nbsp;&nbsp;&nbsp; Provident Funding Associates <br> L.P./PFG Finance Corp., <br> 9.75%, 09/15/2029<sup>(b)</sup> <br>|  | 331000 | &nbsp;&nbsp; 350027 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, <br> Inc., 6.65%, 09/15/2055<sup>(d)</sup> <br>|  | 305000 | &nbsp;&nbsp; 320423 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP <br> Finance Corp., 6.50%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 239091 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/<br> Rivers Enterprise Lender Corp., <br> 6.25%, 10/15/2030<sup>(b)</sup> <br>|  | $74000 | &nbsp;&nbsp; $74706 |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)(c)</sup> <br>|  | 255000 | &nbsp;&nbsp; 241008 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc., 6.13%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 235000 | &nbsp;&nbsp; 241358 |
| &nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, <br> Inc., 4.38%, 10/15/2029<sup>(b)</sup> <br>|  | 257000 | &nbsp;&nbsp; 249931 |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, <br> 11.00%, 12/15/2029<sup>(b)</sup> <br>|  | 156450 | &nbsp;&nbsp; 80474 |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd., | &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/15/2031<sup>(b)</sup> <br>|  | 376000 | &nbsp;&nbsp; 348998 |
| &nbsp;&nbsp;&nbsp; 9.63%, 12/01/2032<sup>(b)</sup> <br>|  | 531200 | &nbsp;&nbsp; 602144 |
| Sealed Air Corp., | Sealed Air Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2029<sup>(b)</sup> <br>|  | 120000 | &nbsp;&nbsp; 119428 |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/15/2033<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 119554 |
| &nbsp;&nbsp;&nbsp; Select Medical Corp., 6.25%, <br> 12/01/2032<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 232313 |
| Sempra, | Sempra, |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/01/2052<sup>(d)</sup> <br>|  | 4158000 | &nbsp;&nbsp; 4056016 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/01/2056<sup>(d)</sup> <br>|  | 812000 | &nbsp;&nbsp; 833806 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc., <br> 3.75%, 02/15/2031<sup>(b)</sup> <br>|  | 262000 | &nbsp;&nbsp; 242031 |
| &nbsp;&nbsp;&nbsp; SGUS LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup> <br>|  | 59550 | &nbsp;&nbsp; 56732 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., <br> 8.13%, 02/15/2033<sup>(b)</sup> <br>|  | 46000 | &nbsp;&nbsp; 47245 |
| Sixth Street Lending Partners, | Sixth Street Lending Partners, |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/11/2029 |  | 233000 | &nbsp;&nbsp; 242282 |
| &nbsp;&nbsp;&nbsp; 6.13%, 07/15/2030<sup>(b)(c)</sup> <br>|  | 667000 | &nbsp;&nbsp; 689897 |
| &nbsp;&nbsp;&nbsp; Solventum Corp., 5.45%, <br> 02/25/2027<sup>(c)</sup> <br>|  | 656000 | &nbsp;&nbsp; 666924 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, <br> 01/15/2051<sup>(d)</sup> <br>|  | 3126000 | &nbsp;&nbsp; 3118228 |
| &nbsp;&nbsp;&nbsp; Series 21-A, 3.75%, <br> 09/15/2051<sup>(d)</sup> <br>|  | 2020000 | &nbsp;&nbsp; 1995678 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., 5.50%, <br> 09/30/2027<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 274814 |
| &nbsp;&nbsp;&nbsp; Starz Capital Holdings 1, Inc., <br> 6.00%, 04/15/2030<sup>(b)(c)</sup> <br>|  | 323000 | &nbsp;&nbsp; 307525 |
| State Street Corp., | State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp; Series I, 6.70%<sup>(c)(d)(e)</sup> <br>|  | 1270000 | &nbsp;&nbsp; 1322653 |
| &nbsp;&nbsp;&nbsp; 6.45%<sup>(c)(d)(e)</sup> <br>|  | 2867000 | &nbsp;&nbsp; 2961158 |
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, <br> 8.63%, 10/31/2029<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 233325 |
| Sunoco L.P., | Sunoco L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2031<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 36750 |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033<sup>(b)</sup> <br>|  | 164000 | &nbsp;&nbsp; 167045 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034<sup>(b)</sup> <br>|  | 106000 | &nbsp;&nbsp; 105149 |
| &nbsp;&nbsp;&nbsp; 7.88%<sup>(b)(d)(e)</sup> <br>|  | 52000 | &nbsp;&nbsp; 52850 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance <br> Corp., 7.38%, 02/15/2029<sup>(b)</sup> <br>|  | 245000 | &nbsp;&nbsp; 252494 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, <br> Inc., 5.13%, <br> 08/01/2030<sup>(b)(c)</sup> <br>|  | 252000 | &nbsp;&nbsp; 251419 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., 6.75%, <br> 05/15/2031<sup>(c)</sup> <br>|  | 337000 | &nbsp;&nbsp; 349157 |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc., 9.13%, <br> 07/15/2030<sup>(b)(c)</sup> <br>|  | 315000 | &nbsp;&nbsp; 338036 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | $1593000 | &nbsp;&nbsp; $1625352 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 421000 | &nbsp;&nbsp; 430957 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(b)</sup> <br>|  | 306000 | &nbsp;&nbsp; 309661 |
| Transocean International Ltd., | Transocean International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 02/15/2030<sup>(b)</sup> <br>|  | 139500 | &nbsp;&nbsp; 146885 |
| &nbsp;&nbsp;&nbsp; 7.88%, 10/15/2032<sup>(b)</sup> <br>|  | 47000 | &nbsp;&nbsp; 47000 |
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., <br> 8.38%, 02/01/2028<sup>(b)</sup> <br>|  | 74476 | &nbsp;&nbsp; 76510 |
| &nbsp;&nbsp;&nbsp; U.S. International Development <br> Finance Corp., Series 4, <br> 3.13%, 04/15/2028<br>|  | 480000 | &nbsp;&nbsp; 471387 |
| &nbsp;&nbsp;&nbsp; United AirLines, Inc., 4.38%, <br> 04/15/2026<sup>(b)</sup> <br>|  | 1391000 | &nbsp;&nbsp; 1390060 |
| &nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group <br> Finance 2019, Inc./CSL <br> Capital LLC, 8.63%, <br> 06/15/2032<sup>(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 38239 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028<sup>(b)</sup> <br>|  | 127000 | &nbsp;&nbsp; 131700 |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 97000 | &nbsp;&nbsp; 103451 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 237623 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(b)(c)</sup> <br>|  | 329000 | &nbsp;&nbsp; 358396 |
| &nbsp;&nbsp;&nbsp; 9.00%<sup>(b)(c)(d)(e)</sup> <br>|  | 230000 | &nbsp;&nbsp; 228109 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 611000 | &nbsp;&nbsp; 643556 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 251000 | &nbsp;&nbsp; 266763 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc., 3.85%, <br> 06/22/2040<br>|  | 746000 | &nbsp;&nbsp; 569185 |
| Vistra Corp., | Vistra Corp., |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 8.88%<sup>(b)(d)(e)</sup> <br>|  | 124000 | &nbsp;&nbsp; 136450 |
| &nbsp;&nbsp;&nbsp; 8.00%<sup>(b)(d)(e)</sup> <br>|  | 119000 | &nbsp;&nbsp; 121810 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | 315000 | &nbsp;&nbsp; 315427 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 77800 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 264729 |
| &nbsp;&nbsp;&nbsp; Voyager Parent LLC, 9.25%, <br> 07/01/2032<sup>(b)</sup> <br>|  | 219000 | &nbsp;&nbsp; 231737 |
| &nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 237447 |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032 |  | 225000 | &nbsp;&nbsp; 206438 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 |  | 304000 | &nbsp;&nbsp; 242879 |
| &nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052 |  | 74000 | &nbsp;&nbsp; 55223 |
| &nbsp;&nbsp;&nbsp; Wayfair LLC, 7.25%, <br> 10/31/2029<sup>(b)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21704 |
| &nbsp;&nbsp;&nbsp; WBI Operating LLC, 6.25%, <br> 10/15/2030<sup>(b)</sup> <br>|  | 69000 | &nbsp;&nbsp; 69000 |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp., 4.75%, <br> 02/26/2029<br>|  | 236000 | &nbsp;&nbsp; 232991 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC, 7.50%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 204000 | &nbsp;&nbsp; 204072 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC/<br> Windstream Escrow Finance <br> Corp., 8.25%, 10/01/2031<sup>(b)</sup> <br>|  | 227000 | &nbsp;&nbsp; 235320 |
| &nbsp;&nbsp;&nbsp; WMG Acquisition Corp., 3.75%, <br> 12/01/2029<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 232926 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Xerox Holdings Corp., | Xerox Holdings Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028<sup>(b)</sup> <br>|  | $31000 | &nbsp;&nbsp; $18291 |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/30/2029<sup>(b)</sup> <br>|  | 34000 | &nbsp;&nbsp; 18539 |
|  |  |  | &nbsp;&nbsp; 114743238 |
| **Uzbekistan–0.25%** | **Uzbekistan–0.25%** | **Uzbekistan–0.25%** | **Uzbekistan–0.25%** |
| Navoi Mining & Metallurgical Combinat, | Navoi Mining & Metallurgical Combinat, |  |  |
| &nbsp;&nbsp;&nbsp; 6.70%, 10/17/2028<sup>(b)</sup> <br>|  | 620000 | &nbsp;&nbsp; 645866 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/14/2030<sup>(b)</sup> <br>|  | 938000 | &nbsp;&nbsp; 987168 |
|  |  |  | &nbsp;&nbsp; 1633034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $204,104,396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $204,104,396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $204,104,396) | &nbsp;&nbsp; 204450120 |
| **Non-U.S. Dollar Denominated Bonds & Notes–23.68%**<sup>(k)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–23.68%**<sup>(k)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–23.68%**<sup>(k)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–23.68%**<sup>(k)</sup>  |
| **Argentina–0.40%** | **Argentina–0.40%** | **Argentina–0.40%** | **Argentina–0.40%** |
| &nbsp;&nbsp;&nbsp; Argentina Treasury Bond, <br> 29.50%, 04/27/2027<sup>(l)</sup> <br>| ARS | 4015000000 | &nbsp;&nbsp; 2553484 |
| **Australia–1.26%** | **Australia–1.26%** | **Australia–1.26%** | **Australia–1.26%** |
| &nbsp;&nbsp;&nbsp; Queensland Treasury Corp., <br> 5.25%, 08/13/2038<sup>(b)</sup> <br>| AUD | 4700000 | &nbsp;&nbsp; 3094253 |
| &nbsp;&nbsp;&nbsp; Treasury Corporation of Victoria, <br> 5.50%, 11/17/2026<br>| AUD | 7395000 | &nbsp;&nbsp; 4996666 |
|  |  |  | &nbsp;&nbsp; 8090919 |
| **Austria–0.47%** | **Austria–0.47%** | **Austria–0.47%** | **Austria–0.47%** |
| BAWAG Group AG, 5.13%<sup>(b)(d)(e)</sup> <br>| EUR | 2600000 | &nbsp;&nbsp; 3055527 |
| **Brazil–8.01%** | **Brazil–8.01%** | **Brazil–8.01%** | **Brazil–8.01%** |
| Brazil Notas do Tesouro Nacional, | Brazil Notas do Tesouro Nacional, |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 6.00%, <br> 05/15/2055<br>| BRL | 7300000 | &nbsp;&nbsp; 5492117 |
| &nbsp;&nbsp;&nbsp; Series F, 10.00%, <br> 01/01/2027<br>| BRL | 205000000 | &nbsp;&nbsp; 37839539 |
| &nbsp;&nbsp;&nbsp; Series F, 10.00%, <br> 01/01/2029<br>| BRL | 47000000 | &nbsp;&nbsp; 8338982 |
|  |  |  | &nbsp;&nbsp; 51670638 |
| **Canada–0.80%** | **Canada–0.80%** | **Canada–0.80%** | **Canada–0.80%** |
| &nbsp;&nbsp;&nbsp; Province of Ontario, 5.85%, <br> 03/08/2033<br>| CAD | 6200000 | &nbsp;&nbsp; 5176156 |
| **Czech Republic–0.23%** | **Czech Republic–0.23%** | **Czech Republic–0.23%** | **Czech Republic–0.23%** |
| &nbsp;&nbsp;&nbsp; CPI Property Group S.A., <br> 4.88%<sup>(b)(d)(e)</sup> <br>| EUR | 1300000 | &nbsp;&nbsp; 1485209 |
| **France–1.31%** | **France–1.31%** | **France–1.31%** | **France–1.31%** |
| &nbsp;&nbsp;&nbsp; BPCE S.A., 5.13%, <br> 01/25/2035<sup>(b)(d)</sup> <br>| EUR | 3300000 | &nbsp;&nbsp; 4103083 |
| Electricite de France S.A., | Electricite de France S.A., |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%<sup>(b)(d)(e)</sup> <br>| EUR | 2000000 | &nbsp;&nbsp; 2582154 |
| &nbsp;&nbsp;&nbsp; 7.38%<sup>(b)(d)(e)</sup> <br>| GBP | 1300000 | &nbsp;&nbsp; 1785103 |
|  |  |  | &nbsp;&nbsp; 8470340 |
| **Germany–0.10%** | **Germany–0.10%** | **Germany–0.10%** | **Germany–0.10%** |
| &nbsp;&nbsp;&nbsp; Volkswagen International Finance <br> N.V., 4.63%<sup>(b)(d)(e)</sup> <br>| EUR | 560000 | &nbsp;&nbsp; 660822 |
| **Greece–0.13%** | **Greece–0.13%** | **Greece–0.13%** | **Greece–0.13%** |
| &nbsp;&nbsp;&nbsp; Eurobank S.A., 5.88%, <br> 11/28/2029<sup>(b)(d)</sup> <br>| EUR | 675000 | &nbsp;&nbsp; 861489 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **India–0.47%** | **India–0.47%** | **India–0.47%** | **India–0.47%** |
| &nbsp;&nbsp;&nbsp; India Government Bond, 7.09%, <br> 08/05/2054<br>| INR | 275000000 | &nbsp;&nbsp; $3060072 |
| **Ivory Coast–0.18%** | **Ivory Coast–0.18%** | **Ivory Coast–0.18%** | **Ivory Coast–0.18%** |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government <br> International Bond, 5.25%, <br> 03/22/2030<sup>(b)</sup> <br>| EUR | 1000000 | &nbsp;&nbsp; 1175325 |
| **Luxembourg–0.02%** | **Luxembourg–0.02%** | **Luxembourg–0.02%** | **Luxembourg–0.02%** |
| &nbsp;&nbsp;&nbsp; ION Platform Finance S.a.r.l., <br> 6.88%, 09/30/2032<sup>(b)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 117405 |
| **Mexico–5.68%** | **Mexico–5.68%** | **Mexico–5.68%** | **Mexico–5.68%** |
| &nbsp;&nbsp;&nbsp; Mexican Bonos, Series M, 8.50%, <br> 02/28/2030<br>| MXN | 514000000 | &nbsp;&nbsp; 28369310 |
| &nbsp;&nbsp;&nbsp; Mexican Udibonos, Series S, <br> 4.00%, 08/30/2029<br>| MXN | 153912024 | &nbsp;&nbsp; 8244005 |
|  |  |  | &nbsp;&nbsp; 36613315 |
| **Netherlands–0.05%** | **Netherlands–0.05%** | **Netherlands–0.05%** | **Netherlands–0.05%** |
| &nbsp;&nbsp;&nbsp; Sunrise FinCo I B.V., 4.63%, <br> 05/15/2032<sup>(b)</sup> <br>| EUR | 250000 | &nbsp;&nbsp; 298038 |
| **South Africa–2.72%** | **South Africa–2.72%** | **South Africa–2.72%** | **South Africa–2.72%** |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government <br> Bond, | &nbsp;&nbsp;&nbsp; Republic of South Africa Government <br> Bond, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2032, 8.25%, <br> 03/31/2032<br>| ZAR | 181200000 | &nbsp;&nbsp; 10360866 |
| &nbsp;&nbsp;&nbsp; Series 2040, 9.00%, <br> 01/31/2040<br>| ZAR | 135000000 | &nbsp;&nbsp; 7163166 |
|  |  |  | &nbsp;&nbsp; 17524032 |
| **Spain–0.90%** | **Spain–0.90%** | **Spain–0.90%** | **Spain–0.90%** |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria <br> S.A., 6.00%<sup>(b)(d)(e)</sup> <br>| EUR | 1800000 | &nbsp;&nbsp; 2131942 |
| Telefonica Europe, B.V., | Telefonica Europe, B.V., |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%<sup>(b)(d)(e)</sup> <br>| EUR | 1400000 | &nbsp;&nbsp; 1805523 |
| &nbsp;&nbsp;&nbsp; 6.75%<sup>(b)(d)(e)</sup> <br>| EUR | 1400000 | &nbsp;&nbsp; 1839473 |
|  |  |  | &nbsp;&nbsp; 5776938 |
| **Supranational–0.07%** | **Supranational–0.07%** | **Supranational–0.07%** | **Supranational–0.07%** |
| &nbsp;&nbsp;&nbsp; African Development Bank, <br> 0.00%, 01/17/2050<sup>(j)</sup> <br>| ZAR | 78000000 | &nbsp;&nbsp; 395977 |
| &nbsp;&nbsp;&nbsp; International Finance Corp., <br> 0.00%, 02/15/2029<sup>(b)(j)</sup> <br>| TRY | 3700000 | &nbsp;&nbsp; 34118 |
|  |  |  | &nbsp;&nbsp; 430095 |
| **United Kingdom–0.29%** | **United Kingdom–0.29%** | **United Kingdom–0.29%** | **United Kingdom–0.29%** |
| &nbsp;&nbsp;&nbsp; M&G PLC, 5.63%, <br> 10/20/2051<sup>(b)(d)</sup> <br>| GBP | 1400000 | &nbsp;&nbsp; 1862394 |
| **United States–0.59%** | **United States–0.59%** | **United States–0.59%** | **United States–0.59%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, <br> 6.86%, 06/05/2026<br>| GBP | 2800000 | &nbsp;&nbsp; 3818454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $149,198,586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $149,198,586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $149,198,586) | &nbsp;&nbsp; 152700652 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset-Backed Securities–14.67%** | **Asset-Backed Securities–14.67%** | **Asset-Backed Securities–14.67%** | **Asset-Backed Securities–14.67%** |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A3, <br> 5.75%, 05/27/2069<sup>(b)</sup> <br>|  | $1000796 | &nbsp;&nbsp; $1005574 |
| &nbsp;&nbsp;&nbsp; Series 2024-12, Class A2, <br> 5.86%, 10/25/2069<sup>(b)</sup> <br>|  | 322659 | &nbsp;&nbsp; 325516 |
| &nbsp;&nbsp;&nbsp; Series 2024-12, Class A3, <br> 6.01%, 10/25/2069<sup>(b)</sup> <br>|  | 519607 | &nbsp;&nbsp; 523598 |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A3, <br> 5.92%, 04/25/2070<sup>(b)</sup> <br>|  | 1149546 | &nbsp;&nbsp; 1158565 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Adjustable Rate <br> Mortgage Trust, <br> Series 2006-1, Class A1, <br> 0.65% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.25%), <br> 02/25/2036<sup>(h)</sup> <br>|  | 6524 | &nbsp;&nbsp; 6296 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, IO, <br> 0.67%, 01/15/2051<sup>(m)</sup> <br>|  | 3600367 | &nbsp;&nbsp; 34048 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, <br> Series 2023-NQM7, Class A2, <br> 7.38%, 09/25/2063<sup>(b)</sup> <br>|  | 1479372 | &nbsp;&nbsp; 1502586 |
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, <br> Series 2017-CD6, Class XA, IO, <br> 1.06%, 11/13/2050<sup>(m)</sup> <br>|  | 1709790 | &nbsp;&nbsp; 21904 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.85%, 01/25/2036<sup>(n)</sup> <br>|  | 2986 | &nbsp;&nbsp; 2774 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage <br> Trust, Series 2017-C4, <br> Class XA, IO, 1.12%, <br> 10/12/2050<sup>(m)</sup> <br>|  | 4569179 | &nbsp;&nbsp; 73885 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, <br> 6.56% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.40%), <br> 10/25/2035<sup>(h)</sup> <br>|  | 24302 | &nbsp;&nbsp; 23462 |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A10, <br> 6.00%, 02/25/2055<sup>(b)(n)</sup> <br>|  | 820466 | &nbsp;&nbsp; 832049 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, <br> Inc., Series 2005-2, <br> Class 1A3, 2.82%, <br> 05/25/2035<sup>(n)</sup> <br>|  | 111812 | &nbsp;&nbsp; 109460 |
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, <br> Series 2024-INV1, Class A3, <br> 6.48%, 12/25/2068<sup>(b)</sup> <br>|  | 357571 | &nbsp;&nbsp; 361043 |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust, <br> Series 2019-GC44, Class AM, <br> 3.26%, 08/15/2057<br>|  | 1000000 | &nbsp;&nbsp; 931260 |
| &nbsp;&nbsp;&nbsp; Countrywide Home Loans Mortgage <br> Pass-Through Trust, | &nbsp;&nbsp;&nbsp; Countrywide Home Loans Mortgage <br> Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-17, Class 1A8, <br> 5.50%, 09/25/2035<br>|  | 83776 | &nbsp;&nbsp; 83846 |
| &nbsp;&nbsp;&nbsp; Series 2005-J4, Class A7, <br> 5.50%, 11/25/2035<br>|  | 149946 | &nbsp;&nbsp; 123608 |
| &nbsp;&nbsp;&nbsp; CWHEQ Revolving Home Equity <br> Loan Trust, Series 2006-H, <br> Class 2A1A, 3.34% (1 mo. <br> Term SOFR + 0.26%), <br> 11/15/2036<sup>(h)</sup> <br>|  | 6282 | &nbsp;&nbsp; 5659 |
| &nbsp;&nbsp;&nbsp; Deutsche Alt-B Securities, Inc. <br> Mortgage Loan Trust, <br> Series 2006-AB2, Class A1, <br> 5.89%, 06/25/2036<sup>(n)</sup> <br>|  | 17589 | &nbsp;&nbsp; 16338 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| FREMF Mortgage Trust, | FREMF Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-K62, Class B, <br> 4.01%, 01/25/2050<sup>(b)(n)</sup> <br>|  | $280000 | &nbsp;&nbsp; $277471 |
| &nbsp;&nbsp;&nbsp; Series 2016-K54, Class C, <br> 4.23%, 04/25/2048<sup>(b)(n)</sup> <br>|  | 1810000 | &nbsp;&nbsp; 1798695 |
| &nbsp;&nbsp;&nbsp; Frontier Issuer LLC, <br> Series 2023-1, Class A2, <br> 6.60%, 08/20/2053<sup>(b)</sup> <br>|  | 325500 | &nbsp;&nbsp; 330719 |
| &nbsp;&nbsp;&nbsp; GCAT Trust, Series 2024-INV3, <br> Class A17, 6.50%, <br> 09/25/2054<sup>(b)(n)</sup> <br>|  | 167874 | &nbsp;&nbsp; 171512 |
| GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, <br> 5.91% (30 Day Average SOFR <br> + 1.55%), 10/25/2055<sup>(b)(h)</sup> <br>|  | 532109 | &nbsp;&nbsp; 534006 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class M1, <br> 6.41% (30 Day Average SOFR <br> + 2.05%), 10/25/2055<sup>(b)(h)</sup> <br>|  | 290000 | &nbsp;&nbsp; 290919 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, <br> 5.14%, 11/25/2065<sup>(b)</sup> <br>|  | 2162899 | &nbsp;&nbsp; 2166836 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A2, <br> 5.31%, 10/25/2065<sup>(b)</sup> <br>|  | 840000 | &nbsp;&nbsp; 841688 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A3, <br> 5.46%, 10/25/2065<sup>(b)</sup> <br>|  | 840000 | &nbsp;&nbsp; 842670 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A2, <br> 5.34%, 11/25/2065<sup>(b)</sup> <br>|  | 540725 | &nbsp;&nbsp; 541706 |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 5.01%, 07/25/2035<sup>(n)</sup> <br>|  | 843 | &nbsp;&nbsp; 805 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, <br> Series 2025-2A, Class A, <br> 4.54%, 05/25/2044<sup>(b)</sup> <br>|  | 530729 | &nbsp;&nbsp; 532652 |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, <br> Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(n)</sup> <br>|  | 5817 | &nbsp;&nbsp; 5801 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage <br> Securities Trust, <br> Series 2014-C24, Class B, <br> 4.12%, 11/15/2047<sup>(n)</sup> <br>|  | 680000 | &nbsp;&nbsp; 626855 |
| &nbsp;&nbsp;&nbsp; MASTR Asset Backed Securities <br> Trust, Series 2006-WMC3, <br> Class A3, 4.47% (1 mo. Term <br> SOFR + 0.31%), <br> 08/25/2036<sup>(h)</sup> <br>|  | 636348 | &nbsp;&nbsp; 217172 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, <br> Series 2017-HR2, Class XA, IO, <br> 0.99%, 12/15/2050<sup>(m)</sup> <br>|  | 1575581 | &nbsp;&nbsp; 24100 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage <br> Loan Trust, | &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage <br> Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A3, <br> 6.00%, 10/25/2069<sup>(b)</sup> <br>|  | 806306 | &nbsp;&nbsp; 813288 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A3, <br> 6.14%, 11/25/2069<sup>(b)</sup> <br>|  | 1105676 | &nbsp;&nbsp; 1117989 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A2, <br> 6.41%, 12/25/2068<sup>(b)</sup> <br>|  | 804468 | &nbsp;&nbsp; 814416 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, Class A3, <br> 6.79%, 05/25/2069<sup>(b)</sup> <br>|  | 1353860 | &nbsp;&nbsp; 1373756 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| OBX Trust, | OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM7, Class A3, <br> 5.70%, 08/25/2062<sup>(b)</sup> <br>|  | $280322 | &nbsp;&nbsp; $280293 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM7, Class A2, <br> 5.70%, 08/25/2062<sup>(b)</sup> <br>|  | 539080 | &nbsp;&nbsp; 539459 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM12, <br> Class A1, 5.48%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 219442 | &nbsp;&nbsp; 221040 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM12, <br> Class A2, 5.78%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 496631 | &nbsp;&nbsp; 499551 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM12, <br> Class A3, 5.83%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 250240 | &nbsp;&nbsp; 251446 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM12, <br> Class M1, 5.93%, <br> 07/25/2064<sup>(b)(n)</sup> <br>|  | 310000 | &nbsp;&nbsp; 310571 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM18, <br> Class A3, 5.87%, <br> 10/25/2064<sup>(b)</sup> <br>|  | 1011068 | &nbsp;&nbsp; 1019675 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE2, Class A1, <br> 5.81% (30 Day Average SOFR <br> + 1.45%), 08/25/2055<sup>(b)(h)</sup> <br>|  | 1760206 | &nbsp;&nbsp; 1768241 |
| PMT Loan Trust, | PMT Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-INV1, Class A7, <br> 6.00%, 01/25/2060<sup>(b)(n)</sup> <br>|  | 403090 | &nbsp;&nbsp; 409540 |
| &nbsp;&nbsp;&nbsp; Series 2025-INV6, Class A8, <br> 6.00%, 06/25/2056<sup>(b)(n)</sup> <br>|  | 238305 | &nbsp;&nbsp; 241929 |
| Rate Mortgage Trust, | Rate Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-J3, Class A2, <br> 5.50%, 10/25/2054<sup>(b)(n)</sup> <br>|  | 444147 | &nbsp;&nbsp; 446291 |
| &nbsp;&nbsp;&nbsp; Series 2025-J2, Class A5, <br> 5.50%, 07/25/2055<sup>(b)(n)</sup> <br>|  | 2020060 | &nbsp;&nbsp; 2035434 |
| RCKT Mortgage Trust, | RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES5, Class A1A, <br> 5.69%, 05/25/2055<sup>(b)</sup> <br>|  | 327826 | &nbsp;&nbsp; 332598 |
| &nbsp;&nbsp;&nbsp; Series 2025-CES5, Class A1B, <br> 5.84%, 05/25/2055<sup>(b)</sup> <br>|  | 855199 | &nbsp;&nbsp; 866775 |
| &nbsp;&nbsp;&nbsp; Series 2025-CES6, Class A1A, <br> 5.47%, 06/25/2055<sup>(b)</sup> <br>|  | 478993 | &nbsp;&nbsp; 484147 |
| &nbsp;&nbsp;&nbsp; Residential Accredit Loans, Inc. <br> Trust, Series 2006-QS13, <br> Class 1A8, 6.00%, <br> 09/25/2036<br>|  | 4146 | &nbsp;&nbsp; 3329 |
| SBNA Auto Receivables Trust, | SBNA Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-SF1, Class B, <br> 5.12%, 03/17/2031<sup>(b)</sup> <br>|  | 183550 | &nbsp;&nbsp; 183781 |
| &nbsp;&nbsp;&nbsp; Series 2025-SF1, Class C, <br> 5.14%, 04/15/2031<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 301347 |
| &nbsp;&nbsp;&nbsp; Series 2025-SF1, Class D, <br> 5.34%, 09/15/2031<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 302361 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, <br> Series 2025-8, Class A4, <br> 5.50%, 09/25/2055<sup>(b)(n)</sup> <br>|  | 1742171 | &nbsp;&nbsp; 1755305 |
| &nbsp;&nbsp;&nbsp; Sonic Capital LLC, Series 2020-<br> 1A, Class A2I, 3.85%, <br> 01/20/2050<sup>(b)</sup> <br>|  | 877979 | &nbsp;&nbsp; 865890 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C5, Class XA, IO, <br> 1.24%, 11/15/2050<sup>(m)</sup> <br>|  | 2184312 | &nbsp;&nbsp; 35176 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Ctfs. <br> Trust, | &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Ctfs. <br> Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR16, Class 1A1, <br> 4.64%, 12/25/2035<sup>(n)</sup> <br>|  | 2032 | &nbsp;&nbsp; 1869 |
| &nbsp;&nbsp;&nbsp; Series 2003-AR10, Class A7, <br> 6.20%, 10/25/2033<sup>(n)</sup> <br>|  | 10759 | &nbsp;&nbsp; 10402 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, <br> Class XA, IO, 0.98%, <br> 12/15/2050<sup>(m)</sup> <br>|  | $2424939 | &nbsp;&nbsp; $38608 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables <br> Trust, Series 2024-3A, <br> Class D, 5.21%, <br> 04/15/2030<sup>(b)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1520428 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage <br> Trust, Series 2013-C14, <br> Class AS, 3.49%, <br> 06/15/2046<br>|  | 79960 | &nbsp;&nbsp; 78211 |
| Alba PLC, | Alba PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class F, <br> 7.36% (SONIA + 3.37%), <br> 03/17/2039<sup>(b)(h)(k)</sup> <br>| GBP | 557475 | &nbsp;&nbsp; 695715 |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class F, <br> 7.36% (SONIA + 3.37%), <br> 12/15/2038<sup>(b)(h)(k)</sup> <br>| GBP | 384352 | &nbsp;&nbsp; 475001 |
| Auburn 15 PLC, | Auburn 15 PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series E, 5.97% (SONIA + <br> 2.00%), 07/20/2045<sup>(b)(h)(k)</sup> <br>| GBP | 629000 | &nbsp;&nbsp; 832067 |
| &nbsp;&nbsp;&nbsp; Series F, 6.47% (SONIA + <br> 2.50%), 07/20/2045<sup>(b)(h)(k)</sup> <br>| GBP | 749000 | &nbsp;&nbsp; 991649 |
| Eurosail PLC, | Eurosail PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-2X, Class E1C, <br> 7.36% (SONIA + 3.37%), <br> 12/15/2044<sup>(b)(h)(k)</sup> <br>| GBP | 1830000 | &nbsp;&nbsp; 2223031 |
| &nbsp;&nbsp;&nbsp; Series 2006-4X, Class E1C, <br> 7.11% (SONIA + 3.12%), <br> 12/10/2044<sup>(b)(h)(k)</sup> <br>| GBP | 1608337 | &nbsp;&nbsp; 1912591 |
| &nbsp;&nbsp;&nbsp; Series 2006-2X, Class D1A, <br> 2.81% (3 mo. EURIBOR + <br> 0.80%), 12/15/2044<sup>(b)(h)(k)</sup> <br>| EUR | 2700000 | &nbsp;&nbsp; 2957056 |
| Eurosail-UK NC PLC, | Eurosail-UK NC PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1X, Class D1C, <br> 5.00% (SONIA + 1.01%), <br> 03/13/2045<sup>(b)(h)(k)</sup> <br>| GBP | 750000 | &nbsp;&nbsp; 881430 |
| &nbsp;&nbsp;&nbsp; Series 2007-1X, Class D1A, <br> 2.85% (3 mo. EURIBOR + <br> 0.84%), 03/13/2045<sup>(b)(h)(k)</sup> <br>| EUR | 1166000 | &nbsp;&nbsp; 1171754 |
| &nbsp;&nbsp;&nbsp; Eurosail-UK NP PLC, <br> Series 2007-2X, Class D1A, <br> 2.81% (3 mo. EURIBOR + <br> 0.80%), 03/13/2045<sup>(b)(h)(k)</sup> <br>| EUR | 3600000 | &nbsp;&nbsp; 3742136 |
| &nbsp;&nbsp;&nbsp; Great Hall Mortgages No. 1 PLC, <br> Series 2007-2X, Class EB, <br> 5.77% (3 mo. EURIBOR + <br> 3.75%), 06/18/2039<sup>(b)(h)(k)</sup> <br>| EUR | 1780000 | &nbsp;&nbsp; 2095929 |
| Jupiter Mortgage No.1 PLC, | Jupiter Mortgage No.1 PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 1A, Class ER, 8.05% <br> (SONIA + 4.00%), <br> 07/20/2055<sup>(b)(h)(k)</sup> <br>| GBP | 1379000 | &nbsp;&nbsp; 1862456 |
| &nbsp;&nbsp;&nbsp; Series 1A, Class FR, 9.05% <br> (SONIA + 5.00%), <br> 07/20/2055<sup>(b)(h)(k)</sup> <br>| GBP | 852000 | &nbsp;&nbsp; 1150665 |
| Ludgate Funding PLC, | Ludgate Funding PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class MA, <br> 4.35% (SONIA + 0.36%), <br> 01/01/2061<sup>(b)(h)(k)</sup> <br>| GBP | 691844 | &nbsp;&nbsp; 883122 |
| &nbsp;&nbsp;&nbsp; Series 2006-1X, Class A2A, <br> 4.30% (SONIA + 0.31%), <br> 12/01/2060<sup>(b)(h)(k)</sup> <br>| GBP | 2175967 | &nbsp;&nbsp; 2895355 |
| &nbsp;&nbsp;&nbsp; Mortgage Funding PLC, <br> Series 2008-1, Class B2, <br> 7.31% (SONIA + 3.32%), <br> 03/13/2046<sup>(b)(h)(k)</sup> <br>| GBP | 6497463 | &nbsp;&nbsp; 8092717 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Newday Funding Master Issuer PLC, | Newday Funding Master Issuer PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1X, Class E, <br> 0.00% (SONIA + 3.30%), <br> 04/15/2033<sup>(b)(h)(j)(k)</sup> <br>| GBP | 1510000 | &nbsp;&nbsp; $2055834 |
| &nbsp;&nbsp;&nbsp; Series 2024-3X, Class E, <br> 7.72% (SONIA + 3.75%), <br> 11/15/2032<sup>(b)(h)(k)</sup> <br>| GBP | 1005000 | &nbsp;&nbsp; 1373792 |
| Newgate Funding PLC, | Newgate Funding PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class CB, <br> 2.37% (3 mo. EURIBOR + <br> 0.43%), 12/01/2050<sup>(b)(h)(k)</sup> <br>| EUR | 444007 | &nbsp;&nbsp; 481362 |
| &nbsp;&nbsp;&nbsp; Series 2007-3X, Class CB, <br> 3.51% (3 mo. EURIBOR + <br> 1.50%), 12/15/2050<sup>(b)(h)(k)</sup> <br>| EUR | 316605 | &nbsp;&nbsp; 355982 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Funding 2024 - <br> Granite 6 PLC, | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Funding 2024 - <br> Granite 6 PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-GR6X, Class F, <br> 8.55% (SONIA + 4.50%), <br> 07/20/2053<sup>(b)(h)(k)</sup> <br>| GBP | 620000 | &nbsp;&nbsp; 835981 |
| &nbsp;&nbsp;&nbsp; Series 2024-GR6A, Class F, <br> 8.55% (SONIA + 4.50%), <br> 07/20/2053<sup>(b)(h)(k)</sup> <br>| GBP | 950000 | &nbsp;&nbsp; 1280938 |
| &nbsp;&nbsp;&nbsp; Series 2024-GR6X, Class E, <br> 7.55% (SONIA + 3.50%), <br> 07/20/2053<sup>(b)(h)(k)</sup> <br>| GBP | 885000 | &nbsp;&nbsp; 1193321 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Funding <br> 2024 - Granite 7 PLC, <br> Series 2024-GR7X, Class E, <br> 7.22% (SONIA + 3.25%), <br> 04/20/2051<sup>(b)(h)(k)</sup> <br>| GBP | 690000 | &nbsp;&nbsp; 930521 |
| &nbsp;&nbsp;&nbsp; Prosil Acquisition S.A., <br> Series 2019-1, Class A, <br> 4.03% (3 mo. EURIBOR + <br> 2.00%), 10/31/2039<sup>(b)(h)(k)</sup> <br>| EUR | 939764 | &nbsp;&nbsp; 891440 |
| &nbsp;&nbsp;&nbsp; SC Germany S.A. Compartment <br> Consumer, Series 2021-1, <br> Class E, 4.68% (1 mo. <br> EURIBOR + 2.80%), <br> 11/14/2035<sup>(b)(h)(k)</sup> <br>| EUR | 2913710 | &nbsp;&nbsp; 3406859 |
| &nbsp;&nbsp;&nbsp; Alhambra SME Funding DAC, <br> Series 2019-1, Class D, <br> 11.16% (1 mo. EURIBOR + <br> 9.25%), 11/30/2028<sup>(b)(h)(k)</sup> <br>| EUR | 50032 | &nbsp;&nbsp; 55229 |
| Hera Financing DAC, | Hera Financing DAC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, <br> 6.94% (SONIA + 2.95%), <br> 11/17/2034<sup>(b)(h)(k)</sup> <br>| GBP | 1445470 | &nbsp;&nbsp; 1948910 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, <br> 7.74% (SONIA + 3.75%), <br> 11/17/2034<sup>(b)(h)(k)</sup> <br>| GBP | 826125 | &nbsp;&nbsp; 1111451 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, <br> 5.89% (SONIA + 1.90%), <br> 11/17/2034<sup>(b)(h)(k)</sup> <br>| GBP | 1031907 | &nbsp;&nbsp; 1391720 |
| &nbsp;&nbsp;&nbsp; Last Mile Logistics Pan Euro <br> Finance DAC, Series E, 4.73% <br> (3 mo. EURIBOR + 2.70%), <br> 08/17/2033<sup>(b)(h)(k)</sup> <br>| EUR | 2420276 | &nbsp;&nbsp; 2845612 |
| &nbsp;&nbsp;&nbsp; IM Pastor 4, FTA, Series B, 2.22% <br> (3 mo. EURIBOR + 0.19%), <br> 03/22/2044<sup>(b)(h)(k)</sup> <br>| EUR | 1000000 | &nbsp;&nbsp; 819348 |
| &nbsp;&nbsp;&nbsp; Santander Consumo 8 Fondo de <br> Titulizacion, Series 8E, 6.59% <br> (3 mo. EURIBOR + 4.50%), <br> 01/21/2040<sup>(b)(h)(k)</sup> <br>| EUR | 1500000 | &nbsp;&nbsp; 1771350 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Fideicomiso Dorrego Y Libertador, | Fideicomiso Dorrego Y Libertador, |  |  |
| &nbsp;&nbsp;&nbsp; Serie 1A, 2.00%, <br> 12/31/2043<sup>(g)</sup> <br>|  | $3144648 | &nbsp;&nbsp; $2987416 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/31/2043<sup>(g)(j)(k)</sup> <br>| ARS | 33994486 | &nbsp;&nbsp; 23406 |
| &nbsp;&nbsp;&nbsp; Fideicomiso Financiero Invernea <br> Proteina 2, Serie II, 0.00%, <br> 08/25/2032<sup>(g)(j)(k)(n)</sup> <br>| ARS | 133500000 | &nbsp;&nbsp; 658527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $94,590,494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $94,590,494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $94,590,494) | &nbsp;&nbsp; 94549897 |
| **U.S. Treasury Securities–9.44%** | **U.S. Treasury Securities–9.44%** | **U.S. Treasury Securities–9.44%** | **U.S. Treasury Securities–9.44%** |
| **U.S. Treasury Bills–4.63%** | **U.S. Treasury Bills–4.63%** | **U.S. Treasury Bills–4.63%** | **U.S. Treasury Bills–4.63%** |
| &nbsp;&nbsp;&nbsp; 3.70 - 4.11%, <br> 05/14/2026<sup>(o)(p)(q)</sup> <br>|  | $29790567 | &nbsp;&nbsp; 29862098 |
| **U.S. Treasury Bonds–4.81%** | **U.S. Treasury Bonds–4.81%** | **U.S. Treasury Bonds–4.81%** | **U.S. Treasury Bonds–4.81%** |
| 5.50%, 08/15/2028 |  | 31086935 | &nbsp;&nbsp; 30989388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $60,877,502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $60,877,502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $60,877,502) | &nbsp;&nbsp; 60851486 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–6.58%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–6.58%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–6.58%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–6.58%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>6.50%, 04/25/2029 - <br> 07/25/2032<sup>(r)</sup> <br>|  | 109488 | &nbsp;&nbsp; 11729 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/25/2032 - <br> 08/25/2035<sup>(m)(r)</sup> <br>|  | 329298 | &nbsp;&nbsp; 41708 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/25/2034 - <br> 06/25/2035<sup>(r)</sup> <br>|  | 111639 | &nbsp;&nbsp; 15024 |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>2.23% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2031 - <br> 05/25/2035<sup>(h)(r)</sup> <br>|  | 79858 | &nbsp;&nbsp; 6929 |
| &nbsp;&nbsp;&nbsp; 3.40% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/18/2031 - <br> 12/18/2031<sup>(h)(r)</sup> <br>|  | 10191 | &nbsp;&nbsp; 928 |
| &nbsp;&nbsp;&nbsp; 3.43% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2031<sup>(h)(r)</sup> <br>|  | 1623 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp; 3.48% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032<sup>(h)(r)</sup> <br>|  | 1719 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp; 3.63% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2032<sup>(h)(r)</sup> <br>|  | 2658 | &nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp; 2.53% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(h)(r)</sup> <br>|  | 9753 | &nbsp;&nbsp; 783 |
| &nbsp;&nbsp;&nbsp; 3.33% (7.80% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(h)(r)</sup> <br>|  | 1304 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; 3.53% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/25/2032 - <br> 09/25/2032<sup>(h)(r)</sup> <br>|  | 5441 | &nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp; 3.60% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(h)(r)</sup> <br>|  | 18191 | &nbsp;&nbsp; 1711 |
| &nbsp;&nbsp;&nbsp; 3.78% (8.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2033 - <br> 05/25/2033<sup>(h)(r)</sup> <br>|  | 19003 | &nbsp;&nbsp; 2871 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/25/2033 - <br> 04/25/2033<sup>(r)</sup> <br>|  | 56702 | &nbsp;&nbsp; 7847 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; 3.08% (7.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2033<sup>(h)(r)</sup> <br>|  | $77760 | &nbsp;&nbsp; $8971 |
| &nbsp;&nbsp;&nbsp; 1.58% (6.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 - <br> 07/25/2038<sup>(h)(r)</sup> <br>|  | 97495 | &nbsp;&nbsp; 8274 |
| &nbsp;&nbsp;&nbsp; 2.28% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 - <br> 05/25/2035<sup>(h)(r)</sup> <br>|  | 60230 | &nbsp;&nbsp; 2354 |
| &nbsp;&nbsp;&nbsp; 2.13% (6.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(h)(r)</sup> <br>|  | 43768 | &nbsp;&nbsp; 2103 |
| &nbsp;&nbsp;&nbsp; 2.76% (7.23% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/25/2036<sup>(h)(r)</sup> <br>|  | 81850 | &nbsp;&nbsp; 4330 |
| &nbsp;&nbsp;&nbsp; 2.07% (6.54% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2037<sup>(h)(r)</sup> <br>|  | 101155 | &nbsp;&nbsp; 8225 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/25/2041<sup>(r)</sup> <br>|  | 130139 | &nbsp;&nbsp; 10226 |
| &nbsp;&nbsp;&nbsp; 2.08% (6.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2041<sup>(h)(r)</sup> <br>|  | 34677 | &nbsp;&nbsp; 2980 |
| &nbsp;&nbsp;&nbsp; 1.68% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/25/2042<sup>(h)(r)</sup> <br>|  | 124152 | &nbsp;&nbsp; 15384 |
| &nbsp;&nbsp;&nbsp; 1.14% (30 Day Average SOFR <br> + 5.50%), 09/25/2054<sup>(h)(r)</sup> <br>|  | 23695812 | &nbsp;&nbsp; 995297 |
| &nbsp;&nbsp;&nbsp; 1.44% (30 Day Average SOFR <br> + 5.80%), 01/25/2055<sup>(h)(r)</sup> <br>|  | 15439448 | &nbsp;&nbsp; 860158 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/25/2032 |  | 8527 | &nbsp;&nbsp; 8756 |
| &nbsp;&nbsp;&nbsp; 5.47% (30 Day Average SOFR <br> + 1.11%), 04/25/2032 - <br> 12/25/2032<sup>(h)</sup> <br>|  | 74874 | &nbsp;&nbsp; 75625 |
| &nbsp;&nbsp;&nbsp; 4.97% (30 Day Average SOFR <br> + 0.61%), 09/25/2032<sup>(h)</sup> <br>|  | 18287 | &nbsp;&nbsp; 18224 |
| &nbsp;&nbsp;&nbsp; 5.00% (30 Day Average SOFR <br> + 0.61%), 10/18/2032<sup>(h)</sup> <br>|  | 5510 | &nbsp;&nbsp; 5495 |
| &nbsp;&nbsp;&nbsp; 4.87% (30 Day Average SOFR <br> + 0.51%), 11/25/2033<sup>(h)</sup> <br>|  | 3121 | &nbsp;&nbsp; 3116 |
| &nbsp;&nbsp;&nbsp; 8.17% (24.57% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 03/25/2036<sup>(h)</sup> <br>|  | 23255 | &nbsp;&nbsp; 27722 |
| &nbsp;&nbsp;&nbsp; 7.81% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(h)</sup> <br>|  | 26289 | &nbsp;&nbsp; 29069 |
| &nbsp;&nbsp;&nbsp; 5.41% (30 Day Average SOFR <br> + 1.05%), 06/25/2037<sup>(h)</sup> <br>|  | 5539 | &nbsp;&nbsp; 5598 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/25/2041 |  | 16631 | &nbsp;&nbsp; 15970 |
| Federal Home Loan Mortgage Corp., | Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/2031 |  | 14539 | &nbsp;&nbsp; 15117 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 - <br> 03/01/2053<br>|  | 12376289 | &nbsp;&nbsp; 12348986 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/2037 |  | 4767 | &nbsp;&nbsp; 4985 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2052 |  | 6015127 | &nbsp;&nbsp; 5904518 |
| Federal National Mortgage Association, | Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 10/01/2029 - <br> 03/01/2033<br>|  | 58661 | &nbsp;&nbsp; 60523 |
| &nbsp;&nbsp;&nbsp; 7.00%, 07/01/2032 - <br> 04/01/2033<br>|  | 8830 | &nbsp;&nbsp; 9225 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 |  | 49820 | &nbsp;&nbsp; 50388 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2035 - <br> 03/01/2053<br>|  | 8756882 | &nbsp;&nbsp; 8889052 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/2052 |  | 6541477 | &nbsp;&nbsp; 6399920 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| &nbsp;&nbsp;&nbsp; Series K734, Class X1, IO, <br> 0.78%, 02/25/2026<sup>(m)</sup> <br>|  | $1014144 | &nbsp;&nbsp; $953 |
| &nbsp;&nbsp;&nbsp; Series K735, Class X1, IO, <br> 1.10%, 05/25/2026<sup>(m)</sup> <br>|  | 2777398 | &nbsp;&nbsp; 10319 |
| &nbsp;&nbsp;&nbsp; Series K093, Class X1, IO, <br> 1.08%, 05/25/2029<sup>(m)</sup> <br>|  | 18412291 | &nbsp;&nbsp; 525993 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/15/2026 |  | 2101 | &nbsp;&nbsp; 2099 |
| &nbsp;&nbsp;&nbsp; 4.94% (30 Day Average SOFR <br> + 0.56%), 12/15/2028 - <br> 02/15/2029<sup>(h)</sup> <br>|  | 33356 | &nbsp;&nbsp; 33280 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2029 |  | 15637 | &nbsp;&nbsp; 15894 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/2029 - <br> 06/15/2032<br>|  | 61776 | &nbsp;&nbsp; 64003 |
| &nbsp;&nbsp;&nbsp; 5.04% (30 Day Average SOFR <br> + 0.66%), 06/15/2031 - <br> 01/15/2032<sup>(h)</sup> <br>|  | 40040 | &nbsp;&nbsp; 39968 |
| &nbsp;&nbsp;&nbsp; 5.49% (30 Day Average SOFR <br> + 1.11%), 02/15/2032 - <br> 03/15/2032<sup>(h)</sup> <br>|  | 27440 | &nbsp;&nbsp; 27592 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/15/2032 |  | 7593 | &nbsp;&nbsp; 7467 |
| &nbsp;&nbsp;&nbsp; 8.30% (24.75% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 08/15/2035<sup>(h)</sup> <br>|  | 19068 | &nbsp;&nbsp; 22684 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2038 |  | 10286 | &nbsp;&nbsp; 9895 |
| &nbsp;&nbsp;&nbsp; IO, <br>3.46% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2026<sup>(h)(r)</sup> <br>|  | 3351 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; 3.16% (7.65% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/15/2029<sup>(h)(r)</sup> <br>|  | 27094 | &nbsp;&nbsp; 1072 |
| &nbsp;&nbsp;&nbsp; 3.61% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/15/2029<sup>(h)(r)</sup> <br>|  | 1805 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; 3.51% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2032<sup>(h)(r)</sup> <br>|  | 51504 | &nbsp;&nbsp; 1951 |
| &nbsp;&nbsp;&nbsp; 2.56% (7.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/15/2033<sup>(h)(r)</sup> <br>|  | 30372 | &nbsp;&nbsp; 2102 |
| &nbsp;&nbsp;&nbsp; 2.21% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2035<sup>(h)(r)</sup> <br>|  | 31533 | &nbsp;&nbsp; 2043 |
| &nbsp;&nbsp;&nbsp; 2.26% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2035<sup>(h)(r)</sup> <br>|  | 4688 | &nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp; 2.23% (6.72% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2035<sup>(h)(r)</sup> <br>|  | 95833 | &nbsp;&nbsp; 7455 |
| &nbsp;&nbsp;&nbsp; 2.51% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2037<sup>(h)(r)</sup> <br>|  | 19249 | &nbsp;&nbsp; 2064 |
| &nbsp;&nbsp;&nbsp; 1.51% (6.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2038<sup>(h)(r)</sup> <br>|  | 10721 | &nbsp;&nbsp; 972 |
| &nbsp;&nbsp;&nbsp; 1.58% (6.07% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2038<sup>(h)(r)</sup> <br>|  | 43446 | &nbsp;&nbsp; 3614 |
| &nbsp;&nbsp;&nbsp; 1.76% (6.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2039<sup>(h)(r)</sup> <br>|  | 10744 | &nbsp;&nbsp; 1018 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; 1.44% (30 Day Average SOFR <br> + 5.80%), 02/25/2055 - <br> 08/25/2055<sup>(h)(r)</sup> <br>|  | $36274518 | &nbsp;&nbsp; $2023864 |
| &nbsp;&nbsp;&nbsp; 0.76% (30 Day Average SOFR <br> + 5.12%), 03/25/2055<sup>(h)(r)</sup> <br>|  | 25415047 | &nbsp;&nbsp; 837078 |
| &nbsp;&nbsp;&nbsp; 1.59% (30 Day Average SOFR <br> + 5.95%), 04/25/2055<sup>(h)(r)</sup> <br>|  | 31455671 | &nbsp;&nbsp; 1661039 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>6.50%, 02/01/2028<sup>(r)</sup> <br>|  | 380 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/01/2029<sup>(r)</sup> <br>|  | 3737 | &nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/15/2032<sup>(r)</sup> <br>|  | 11426 | &nbsp;&nbsp; 1234 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, | &nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, |  |  |
| &nbsp;&nbsp;&nbsp; ARM, 4.75% (1 yr. <br> U.S. Treasury Yield Curve Rate <br> + 1.50%), 11/20/2025<sup>(h)</sup> <br>|  | 8 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2026 |  | 840 | &nbsp;&nbsp; 842 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/2028 - <br> 07/15/2028<br>|  | 7953 | &nbsp;&nbsp; 8052 |
| &nbsp;&nbsp;&nbsp; IO, <br>2.29% (6.55% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2037<sup>(h)(r)</sup> <br>|  | 48286 | &nbsp;&nbsp; 2703 |
| &nbsp;&nbsp;&nbsp; 2.39% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(h)(r)</sup> <br>|  | 67838 | &nbsp;&nbsp; 4626 |
| &nbsp;&nbsp;&nbsp; 0.51% (30 Day Average SOFR <br> + 4.90%), 10/20/2054<sup>(h)(r)</sup> <br>|  | 11791444 | &nbsp;&nbsp; 291987 |
| &nbsp;&nbsp;&nbsp; 0.00% (30 Day Average SOFR <br> + 4.35%), 04/20/2055<sup>(h)(j)(r)</sup> <br>|  | 47583620 | &nbsp;&nbsp; 574677 |
| &nbsp;&nbsp;&nbsp; 0.06% (30 Day Average SOFR <br> + 4.45%), 07/20/2055<sup>(h)(r)</sup> <br>|  | 27816656 | &nbsp;&nbsp; 373322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $43,877,885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $43,877,885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $43,877,885) | &nbsp;&nbsp; 42444074 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agency Credit Risk Transfer Notes–5.04%** | **Agency Credit Risk Transfer Notes–5.04%** | **Agency Credit Risk Transfer Notes–5.04%** | **Agency Credit Risk Transfer Notes–5.04%** |
| **United States–5.04%** | **United States–5.04%** | **United States–5.04%** | **United States–5.04%** |
| &nbsp;&nbsp;&nbsp; Fannie Mae Connecticut Avenue <br> Securities, | &nbsp;&nbsp;&nbsp; Fannie Mae Connecticut Avenue <br> Securities, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, <br> 7.46% (30 Day Average SOFR <br> + 3.10%), 03/25/2042<sup>(b)(h)</sup> <br>|  | $770000 | &nbsp;&nbsp; $791563 |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, <br> 7.96% (30 Day Average SOFR <br> + 3.60%), 07/25/2042<sup>(b)(h)</sup> <br>|  | 1350000 | &nbsp;&nbsp; 1405193 |
| &nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, <br> 6.66% (30 Day Average SOFR <br> + 2.30%), 01/25/2043<sup>(b)(h)</sup> <br>|  | 354972 | &nbsp;&nbsp; 361585 |
| &nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M1, <br> 6.66% (30 Day Average SOFR <br> + 2.30%), 05/25/2043<sup>(b)(h)</sup> <br>|  | 728416 | &nbsp;&nbsp; 743772 |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M1, <br> 6.06% (30 Day Average SOFR <br> + 1.70%), 07/25/2043<sup>(b)(h)</sup> <br>|  | 286879 | &nbsp;&nbsp; 287861 |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, <br> 7.06% (30 Day Average SOFR <br> + 2.70%), 07/25/2043<sup>(b)(h)</sup> <br>|  | 490000 | &nbsp;&nbsp; 506816 |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1B1, <br> 8.26% (30 Day Average SOFR <br> + 3.90%), 07/25/2043<sup>(b)(h)</sup> <br>|  | 565000 | &nbsp;&nbsp; 595381 |
| &nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M2, <br> 6.86% (30 Day Average SOFR <br> + 2.50%), 10/25/2043<sup>(b)(h)</sup> <br>|  | 280000 | &nbsp;&nbsp; 287659 |
| &nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, <br> 5.86% (30 Day Average SOFR <br> + 1.50%), 10/25/2043<sup>(b)(h)</sup> <br>|  | 217377 | &nbsp;&nbsp; 217660 |
| &nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M2, <br> 6.16% (30 Day Average SOFR <br> + 1.80%), 02/25/2044<sup>(b)(h)</sup> <br>|  | 3100000 | &nbsp;&nbsp; 3129893 |
| &nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M2, <br> 6.31% (30 Day Average SOFR <br> + 1.95%), 03/25/2044<sup>(b)(h)</sup> <br>|  | 3180000 | &nbsp;&nbsp; 3208695 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Freddie Mac, | Freddie Mac, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, <br> STACR<sup>®</sup>, 7.26% (30 Day <br> Average SOFR + 2.90%), <br> 04/25/2042<sup>(b)(h)</sup> <br>|  | $3000000 | &nbsp;&nbsp; $3088021 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M1, <br> STACR<sup>®</sup>, 8.36% (30 Day <br> Average SOFR + 4.00%), <br> 07/25/2042<sup>(b)(h)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1580167 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1, <br> STACR<sup>®</sup>, 7.91% (30 Day <br> Average SOFR + 3.55%), <br> 08/25/2042<sup>(b)(h)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1571328 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M2, <br> STACR<sup>®</sup>, 9.71% (30 Day <br> Average SOFR + 5.35%), <br> 08/25/2042<sup>(b)(h)</sup> <br>|  | 1605000 | &nbsp;&nbsp; 1724156 |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1, <br> STACR<sup>®</sup>, 7.86% (30 Day <br> Average SOFR + 3.50%), <br> 05/25/2043<sup>(b)(h)</sup> <br>|  | 2885325 | &nbsp;&nbsp; 3044655 |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA2, Class M1, <br> STACR<sup>®</sup>, 7.71% (30 Day <br> Average SOFR + 3.35%), <br> 06/25/2043<sup>(b)(h)</sup> <br>|  | 900000 | &nbsp;&nbsp; 934913 |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA3, Class M2, <br> STACR<sup>®</sup>, 7.71% (30 Day <br> Average SOFR + 3.35%), <br> 11/25/2043<sup>(b)(h)</sup> <br>|  | 3100000 | &nbsp;&nbsp; 3272830 |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M2, <br> STACR<sup>®</sup>, 6.31% (30 Day <br> Average SOFR + 1.95%), <br> 02/25/2044<sup>(b)(h)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1568502 |
| &nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M2, <br> STACR<sup>®</sup>, 6.36% (30 Day <br> Average SOFR + 2.00%), <br> 03/25/2044<sup>(b)(h)</sup> <br>|  | 1670900 | &nbsp;&nbsp; 1690075 |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA2, Class M2, <br> STACR<sup>®</sup>, 6.06% (30 Day <br> Average SOFR + 1.70%), <br> 05/25/2044<sup>(b)(h)</sup> <br>|  | 387500 | &nbsp;&nbsp; 390027 |
| &nbsp;&nbsp;&nbsp; Series 2024-HQA2, Class M2, <br> STACR<sup>®</sup>, 6.16% (30 Day <br> Average SOFR + 1.80%), <br> 08/25/2044<sup>(b)(h)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1559578 |
| &nbsp;&nbsp;&nbsp; Series 2025-DNA2, Class A1, <br> STACR<sup>®</sup>, 5.46% (30 Day <br> Average SOFR + 1.10%), <br> 05/25/2045<sup>(b)(h)</sup> <br>|  | 552500 | &nbsp;&nbsp; 554175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $31,913,990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $31,913,990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $31,913,990) | &nbsp;&nbsp; 32514505 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** |  |
| **Common Stocks & Other Equity Interests–1.34%** | **Common Stocks & Other Equity Interests–1.34%** | **Common Stocks & Other Equity Interests–1.34%** | **Common Stocks & Other Equity Interests–1.34%** |
| **Argentina–1.33%** | **Argentina–1.33%** | **Argentina–1.33%** | **Argentina–1.33%** |
| Banco BBVA Argentina S.A. | Banco BBVA Argentina S.A. | 80000 | &nbsp;&nbsp; 245842 |
| Banco Macro S.A., Class B | Banco Macro S.A., Class B | 170000 | &nbsp;&nbsp; 791630 |
| Grupo Financiero Galicia S.A., Class B | Grupo Financiero Galicia S.A., Class B | 535000 | &nbsp;&nbsp; 1647947 |
| Pampa Energia S.A.<sup>(s)</sup>  | Pampa Energia S.A.<sup>(s)</sup>  | 400000 | &nbsp;&nbsp; 1067587 |
| YPF S.A., ADR<sup>(c)(s)</sup>  | YPF S.A., ADR<sup>(c)(s)</sup>  | 22500 | &nbsp;&nbsp; 546525 |
| YPF S.A., Class D<sup>(s)</sup>  | YPF S.A., Class D<sup>(s)</sup>  | 157100 | &nbsp;&nbsp; 4256141 |
|  |  |  | &nbsp;&nbsp; 8555672 |
| **United States–0.01%** | **United States–0.01%** | **United States–0.01%** | **United States–0.01%** |
| ACNR Holdings, Inc. | ACNR Holdings, Inc. | 478 | &nbsp;&nbsp; 38479 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Claire's Holdings LLC, Class S | Claire's Holdings LLC, Class S | 235 | &nbsp;&nbsp; $24 |
| McDermott International Ltd.<sup>(s)</sup>  | McDermott International Ltd.<sup>(s)</sup>  | 312 | &nbsp;&nbsp; 6213 |
| &nbsp;&nbsp;&nbsp; McDermott International Ltd., Series A, <br> Wts., expiring 06/30/2027<sup>(g)(s)</sup>  | &nbsp;&nbsp;&nbsp; McDermott International Ltd., Series A, <br> Wts., expiring 06/30/2027<sup>(g)(s)</sup>  | 31946 | &nbsp;&nbsp; 958 |
| &nbsp;&nbsp;&nbsp; McDermott International Ltd., Series B, <br> Wts., expiring 06/30/2027<sup>(g)(s)</sup>  | &nbsp;&nbsp;&nbsp; McDermott International Ltd., Series B, <br> Wts., expiring 06/30/2027<sup>(g)(s)</sup>  | 35496 | &nbsp;&nbsp; 1065 |
| Sabine Oil & Gas Holdings, Inc.<sup>(g)(s)</sup>  | Sabine Oil & Gas Holdings, Inc.<sup>(g)(s)</sup>  | 837 | &nbsp;&nbsp; 59 |
| Windstream Services LLC, Wts. | Windstream Services LLC, Wts. | 176 | &nbsp;&nbsp; 3652 |
|  |  |  | &nbsp;&nbsp; 50450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br> (Cost $9,545,998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br> (Cost $9,545,998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br> (Cost $9,545,998) | &nbsp;&nbsp; 8606122 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Variable Rate Senior Loan Interests–0.43%**<sup>(t)(u)</sup>  | **Variable Rate Senior Loan Interests–0.43%**<sup>(t)(u)</sup>  | **Variable Rate Senior Loan Interests–0.43%**<sup>(t)(u)</sup>  | **Variable Rate Senior Loan Interests–0.43%**<sup>(t)(u)</sup>  |
| **United States–0.43%** | **United States–0.43%** | **United States–0.43%** | **United States–0.43%** |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyality IP Ltd. <br> (American Airlines, Inc.), Term <br> Loan B, 7.58% (3 mo. Term <br> SOFR + 3.25%), 05/07/2032<br>|  | $172069 | &nbsp;&nbsp; 173037 |
| &nbsp;&nbsp;&nbsp; ACNR Holdings, Inc., Term Loan, <br> 13.00%, 12/11/2029<br>|  | 26720 | &nbsp;&nbsp; 26531 |
| &nbsp;&nbsp;&nbsp; Bausch and Lomb, Inc., Term Loan <br> B, 8.41% (1 mo. Term SOFR + <br> 4.25%), 01/30/2031<br>|  | 274312 | &nbsp;&nbsp; 274827 |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc., Term Loan, <br> 10.73% (6 mo. Term SOFR <br> +6.50%), 12/18/2026<br>|  | 71011 | &nbsp;&nbsp; 5095 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, <br> Inc., Term Loan B, 8.28% (1 <br> mo. Term SOFR +4.00%), <br> 08/23/2028<br>|  | 285646 | &nbsp;&nbsp; 286503 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield <br> U.S. Borrower LLC, Term Loan, <br> 7.41% (1 mo. Term SOFR <br> +3.25%), 01/31/2030<br>|  | 287092 | &nbsp;&nbsp; 288170 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower L.P. (Copeland), <br> Incremental Term Loan B, <br> 6.12% (6 mo. Term SOFR <br> +2.25%), 08/04/2031<br>|  | 426775 | &nbsp;&nbsp; 425388 |
| &nbsp;&nbsp;&nbsp; Greystar Real Estate Partners LLC, <br> Term Loan B, 6.81% (3 mo. <br> Term SOFR + 2.50%), <br> 08/21/2030<sup>(g)</sup> <br>|  | 154077 | &nbsp;&nbsp; 154462 |
| &nbsp;&nbsp;&nbsp; Panther BF Aggregator 2 L.P. <br> (Power Solutions, Clarios <br> POWSOL), Term Loan B, 6.91% <br> (1 mo. Term SOFR +2.75%), <br> 01/15/2032<br>|  | 270000 | &nbsp;&nbsp; 270506 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror L.P., Term Loan <br> B, 7.91% (1 mo. Term SOFR <br> +3.75%), 08/01/2029<br>|  | 315222 | &nbsp;&nbsp; 318144 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., Term Loan L, <br> 6.50% (3 mo. Term SOFR + <br> 2.25%), 01/19/2032<br>|  | 535592 | &nbsp;&nbsp; 535935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br> (Cost $2,817,166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br> (Cost $2,817,166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br> (Cost $2,817,166) | &nbsp;&nbsp; 2758598 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Commercial Paper–0.06%**<sup>(o)</sup>  | **Commercial Paper–0.06%**<sup>(o)</sup>  | **Commercial Paper–0.06%**<sup>(o)</sup>  | **Commercial Paper–0.06%**<sup>(o)</sup>  |
| **Argentina–0.06%** | **Argentina–0.06%** | **Argentina–0.06%** | **Argentina–0.06%** |
| &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/08/2026<sup>(g)</sup>  | &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/08/2026<sup>(g)</sup>  | 86607 | &nbsp;&nbsp; $86760 |
| &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(g)</sup>  | &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(g)</sup>  | 101744 | &nbsp;&nbsp; 102484 |
| &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(g)</sup>  | &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(g)</sup>  | 140150 | &nbsp;&nbsp; 141863 |
| &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(g)</sup>  | &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(g)</sup>  | 62080 | &nbsp;&nbsp; 63045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper (Cost $390,581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper (Cost $390,581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper (Cost $390,581) | &nbsp;&nbsp; 394152 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** |  |
| **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** |
| **United States–0.00%** | **United States–0.00%** | **United States–0.00%** | **United States–0.00%** |
| &nbsp;&nbsp;&nbsp; Claire's Holdings LLC, Series A, Pfd.<sup>(g)</sup> <br>(Cost $36,875) | &nbsp;&nbsp;&nbsp; Claire's Holdings LLC, Series A, Pfd.<sup>(g)</sup> <br>(Cost $36,875) | 71 | &nbsp;&nbsp; 36 |
| **Money Market Funds–1.95%** | **Money Market Funds–1.95%** | **Money Market Funds–1.95%** | **Money Market Funds–1.95%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.05%<sup>(v)(w)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.05%<sup>(v)(w)</sup>  | 4398120 | &nbsp;&nbsp; 4398120 |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class, 3.99%<sup>(v)(w)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class, 3.99%<sup>(v)(w)</sup>  | 8167938 | &nbsp;&nbsp; 8167938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $12,566,058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $12,566,058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $12,566,058) | &nbsp;&nbsp; 12566058 |
| **Options Purchased–5.02%** | **Options Purchased–5.02%** | **Options Purchased–5.02%** | **Options Purchased–5.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $33,063,036)<sup>(x)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $33,063,036)<sup>(x)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $33,063,036)<sup>(x)</sup>  | &nbsp;&nbsp; 32392550 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> Investments purchased with <br> cash collateral from securities <br> on loan)-99.92% <br> (Cost $642,982,567)<br>|  |  | &nbsp;&nbsp; 644228250 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–3.87%** | **Money Market Funds–3.87%** | **Money Market Funds–3.87%** | **Money Market Funds–3.87%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.14%<sup>(v)(w)(y)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.14%<sup>(v)(w)(y)</sup>  | 6925434 | &nbsp;&nbsp; 6925434 |
| &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 4.26%<sup>(v)(w)(y)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 4.26%<sup>(v)(w)(y)</sup>  | 17995178 | &nbsp;&nbsp; 18000577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $24,924,978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $24,924,978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $24,924,978) | &nbsp;&nbsp; 24926011 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES—103.79% <br> (Cost $667,907,545) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES—103.79% <br> (Cost $667,907,545) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES—103.79% <br> (Cost $667,907,545) | &nbsp;&nbsp; 669154261 |
| OTHER ASSETS LESS LIABILITIES–(3.79)% | OTHER ASSETS LESS LIABILITIES–(3.79)% | OTHER ASSETS LESS LIABILITIES–(3.79)% | &nbsp;&nbsp; (24414100)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $644740161 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| ADR | – American Depositary Receipt |
| ARM | – Adjustable Rate Mortgage |
| ARS | – Argentina Peso |
| AUD | – Australian Dollar |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| Conv. | – Convertible |
| Ctfs. | – Certificates |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| GBP | – British Pound Sterling |
| INR | – Indian Rupee |
| IO | – Interest Only |
| LIBOR | – London Interbank Offered Rate |
| MXN | – Mexican Peso |
| Pfd. | – Preferred |
| PIK | – Pay-in-Kind |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Index Average |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |
| TRY | – Turkish Lira |
| USD | – U.S. Dollar |
| Wts. | – Warrants |
| ZAR | – South African Rand |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at September 30, 2025 was $258,968,569, which represented 40.17% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at September 30, 2025.

<sup>(d)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(e)</sup> Perpetual bond with no specified maturity date.

<sup>(f)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at September 30, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(g)</sup> Security valued using significant unobservable inputs (Level 3). See Note 1.

<sup>(h)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on September 30, 2025.

<sup>(i)</sup> All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

<sup>(j)</sup> Zero coupon bond issued at a discount.

<sup>(k)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(l)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(m)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on September 30, 2025. 

<sup>(n)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on September 30, 2025. 

<sup>(o)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(p)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. 

<sup>(q)</sup> All or a portion of the value was designated as collateral to cover margin requirements for swap agreements. 

<sup>(r)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

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

<sup>(t)</sup> Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. 

<sup>(u)</sup> Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund's portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. 

<sup>(v)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the nine months ended September 30, 2025. 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**September 30, 2025**<br>| **Dividend Income** |
| Invesco Senior Loan ETF | $15465380 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(14779002) | &nbsp;&nbsp; $51350 | &nbsp;&nbsp; $(737728) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $251828 |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; 22992662 | &nbsp;&nbsp; 110437607 | &nbsp;&nbsp; (129032149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4398120 | &nbsp;&nbsp;&nbsp;&nbsp; 349761 |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp;&nbsp; 42700657 | &nbsp;&nbsp; 205098414 | &nbsp;&nbsp; (239631133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8167938 | &nbsp;&nbsp;&nbsp;&nbsp; 644768 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | &nbsp;&nbsp;&nbsp; 11793470 | &nbsp;&nbsp;&nbsp; 87390032 | &nbsp;&nbsp;&nbsp; (92258068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6925434 | &nbsp;&nbsp;&nbsp; 339,190\* |
| Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 30646279 | &nbsp;&nbsp; 160296789 | &nbsp;&nbsp; (172944026) | &nbsp;&nbsp;&nbsp; 1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp; 18000577 | &nbsp;&nbsp;&nbsp; 906,431\* |
| Total | $123598448 | &nbsp;&nbsp; $563222842 | &nbsp;&nbsp; $(648644378) | &nbsp;&nbsp; $52383 | &nbsp;&nbsp; $(737226) | &nbsp;&nbsp; $37492069 | &nbsp;&nbsp; $2491978 |

---

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

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

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

<sup>(w)</sup> The rate shown is the 7-day SEC standardized yield as of September 30, 2025.

<sup>(x)</sup> The table below details options purchased.

<sup>(y)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. 

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

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value**<sup>(a)</sup>  | **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |
| S&P 500<sup>®</sup> Index | Put | &nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; USD | 5975.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3585000 | $2460 |
| S&P 500<sup>®</sup> Index | Put | &nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; USD | 5750.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2875000 | 7250 |
| S&P 500<sup>®</sup> Index | Put | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; USD | 5650.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3390000 | 15450 |
| S&P 500<sup>®</sup> Index | Put | &nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; USD | 6200.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5580000 | 32670 |
| S&P 500<sup>®</sup> Index | Put | &nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; USD | 6290.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6290000 | 44650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Index Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Index Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Index Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Index Options Purchased |  |  |  |  | $102480 |

---

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

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 12/01/2025 | USD | 0.68 | AUD | 2800000 | &nbsp;&nbsp;&nbsp; $265914 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 12/16/2025 | USD | 0.67 | AUD | 21010000 | &nbsp;&nbsp;&nbsp; 31461 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 03/12/2026 | USD | 0.68 | AUD | 14000000 | &nbsp;&nbsp;&nbsp; 123662 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 04/07/2026 | USD | 0.75 | AUD | 4593000 | &nbsp;&nbsp;&nbsp; 84204 |
| AUD versus USD | Call | UBS AG | &nbsp;&nbsp;&nbsp; 08/21/2026 | USD | 0.69 | AUD | 13990000 | &nbsp;&nbsp;&nbsp; 182885 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 11/12/2025 | USD | 1.22 | EUR | 2800000 | &nbsp;&nbsp;&nbsp; 226777 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 02/04/2026 | USD | 1.24 | EUR | 2100000 | &nbsp;&nbsp;&nbsp; 260153 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 11/10/2025 | USD | 1.19 | EUR | 2940000 | &nbsp;&nbsp;&nbsp; 553440 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 03/05/2026 | USD | 1.25 | EUR | 3501130 | &nbsp;&nbsp;&nbsp; 460109 |
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 01/21/2026 | USD | 1.24 | EUR | 7075000 | &nbsp;&nbsp;&nbsp; 775486 |
| EUR versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 10/28/2025 | USD | 1.20 | EUR | 3000000 | &nbsp;&nbsp;&nbsp; 306255 |
| EUR versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/08/2026 | USD | 1.35 | EUR | 10100000 | &nbsp;&nbsp;&nbsp; 301725 |
| EUR versus USD | Call | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 05/11/2026 | USD | 1.30 | EUR | 6060000 | &nbsp;&nbsp;&nbsp; 438489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp; 4010560 |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| CHF versus JPY | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/27/2026 | JPY | 160.00 | CHF | 3670000 | &nbsp;&nbsp;&nbsp; 128013 |
| CHF versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/21/2027 | JPY | 147.00 | CHF | 5870000 | &nbsp;&nbsp;&nbsp; 174327 |
| CHF versus JPY | Put | UBS AG | &nbsp;&nbsp;&nbsp; 09/17/2026 | JPY | 161.00 | CHF | 2100000 | &nbsp;&nbsp;&nbsp; 102284 |
| EUR versus INR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 03/16/2026 | INR | 100.00 | EUR | 1400000 | &nbsp;&nbsp;&nbsp; 126360 |
| EUR versus INR | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 03/16/2026 | INR | 99.50 | EUR | 1400000 | &nbsp;&nbsp;&nbsp; 103596 |
| EUR versus NOK | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 01/08/2026 | NOK | 11.40 | EUR | 1400000 | &nbsp;&nbsp;&nbsp; 103934 |
| EUR versus NOK | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12/10/2025 | NOK | 11.50 | EUR | 2100000 | &nbsp;&nbsp;&nbsp; 238205 |
| EUR versus NOK | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 11/05/2025 | NOK | 11.55 | EUR | 1500000 | &nbsp;&nbsp;&nbsp; 273113 |
| USD versus BRL | Put | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 01/14/2026 | BRL | 5.25 | USD | 700000 | &nbsp;&nbsp;&nbsp; 76330 |
| USD versus BRL | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 12/16/2025 | BRL | 5.35 | USD | 14000000 | &nbsp;&nbsp;&nbsp; 204176 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12/11/2025 | BRL | 5.33 | USD | 1750000 | &nbsp;&nbsp;&nbsp; 177986 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12/15/2025 | BRL | 5.28 | USD | 3500000 | &nbsp;&nbsp;&nbsp; 370202 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 06/18/2026 | BRL | 5.75 | USD | 20970000 | &nbsp;&nbsp;&nbsp; 1124495 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/06/2027 | BRL | 6.00 | USD | 22050000 | &nbsp;&nbsp;&nbsp; 1448972 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 12/18/2025 | BRL | 5.10 | USD | 2100000 | &nbsp;&nbsp;&nbsp; 91132 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/25/2026 | BRL | 5.40 | USD | 14000000 | &nbsp;&nbsp;&nbsp; 315070 |
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 03/24/2026 | BRL | 5.40 | USD | 14000000 | &nbsp;&nbsp;&nbsp; 296800 |
| USD versus BRL | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 11/07/2025 | BRL | 5.30 | USD | 1500000 | &nbsp;&nbsp;&nbsp; 429941 |
| USD versus CAD | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/06/2026 | CAD | 1.20 | USD | 3790000 | &nbsp;&nbsp;&nbsp; 15452 |
| USD versus CAD | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 11/05/2025 | CAD | 1.28 | USD | 3790000 | &nbsp;&nbsp;&nbsp; 731 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value** | **Value** |
| USD versus CLP | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 12/18/2025 | CLP | 945.00 | USD | 6990000 | &nbsp;&nbsp;&nbsp; $108051 |
| USD versus INR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/22/2026 | INR | 82.00 | USD | 3000000 | &nbsp;&nbsp;&nbsp; 17142 |
| USD versus JPY | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 10/29/2025 | JPY | 144.00 | USD | 2940000 | &nbsp;&nbsp;&nbsp; 284821 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/06/2026 | JPY | 110.00 | USD | 15140000 | &nbsp;&nbsp;&nbsp; 61468 |
| USD versus JPY | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/03/2026 | JPY | 120.00 | USD | 3670000 | &nbsp;&nbsp;&nbsp; 88517 |
| USD versus KRW | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/20/2026 | KRW | 1200.00 | USD | 1500000 | &nbsp;&nbsp;&nbsp; 22983 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 11/28/2025 | KRW | 1200.00 | USD | 11980000 | &nbsp;&nbsp;&nbsp; 2240 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/15/2026 | KRW | 1300.00 | USD | 69900000 | &nbsp;&nbsp;&nbsp; 162587 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 11/28/2025 | MXN | 18.30 | USD | 1820000 | &nbsp;&nbsp;&nbsp; 252454 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12/16/2025 | MXN | 17.50 | USD | 2800000 | &nbsp;&nbsp;&nbsp; 188580 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 12/16/2025 | MXN | 17.50 | USD | 1500000 | &nbsp;&nbsp;&nbsp; 101025 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 10/22/2025 | MXN | 18.50 | USD | 36720000 | &nbsp;&nbsp;&nbsp; 177431 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/27/2026 | MXN | 17.90 | USD | 2940000 | &nbsp;&nbsp;&nbsp; 559691 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 11/10/2025 | ZAR | 17.40 | USD | 1500000 | &nbsp;&nbsp;&nbsp; 343787 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12/12/2025 | ZAR | 17.00 | USD | 2100000 | &nbsp;&nbsp;&nbsp; 292454 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 03/26/2026 | ZAR | 17.25 | USD | 13890000 | &nbsp;&nbsp;&nbsp; 324248 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 12/02/2025 | ZAR | 17.70 | USD | 1500000 | &nbsp;&nbsp;&nbsp; 237893 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 01/16/2026 | ZAR | 17.15 | USD | 1400000 | &nbsp;&nbsp;&nbsp; 185223 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 01/28/2026 | ZAR | 17.10 | USD | 1390000 | &nbsp;&nbsp;&nbsp; 163743 |
| USD versus ZAR | Put | UBS AG | &nbsp;&nbsp;&nbsp; 12/16/2025 | ZAR | 17.10 | USD | 28010000 | &nbsp;&nbsp;&nbsp; 100052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp; 9475509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp; $13486069 |

---

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

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,250,000.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  |
| **Description** | **Counterparty** | **Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Floating Rate** <br>**Index**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| &nbsp;&nbsp;&nbsp; 10 Year Interest Rate <br> Swap<br>Call | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 2.79% | Receive | 6 Month EURIBOR | Semi-Annually | 02/16/2026 | &nbsp;&nbsp; EUR | 21450000 | &nbsp;&nbsp; $393393 |
| &nbsp;&nbsp;&nbsp; 10 Year Interest Rate <br> Swap<br>Call | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 2.70 | Receive | 6 Month EURIBOR | Semi-Annually | 08/07/2026 | &nbsp;&nbsp; EUR | 10270000 | &nbsp;&nbsp; 190880 |
| &nbsp;&nbsp;&nbsp; 10 Year Interest Rate <br> Swap<br>Call | Merrill Lynch International | 2.69 | Receive | 6 Month EURIBOR | Semi-Annually | 08/18/2026 | &nbsp;&nbsp; EUR | 21080000 | &nbsp;&nbsp; 384760 |
| &nbsp;&nbsp;&nbsp; 10 Year Interest Rate <br> Swap<br>Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.78 | Receive | 6 Month EURIBOR | Semi-Annually | 09/14/2026 | &nbsp;&nbsp; EUR | 19920000 | &nbsp;&nbsp; 466366 |
| &nbsp;&nbsp;&nbsp; 10 Year Interest Rate <br> Swap<br>Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 3.70 | Receive | SOFR | Annually | 09/24/2035 | &nbsp;&nbsp; USD | 18666667 | &nbsp;&nbsp; 957322 |
| 2 Year Interest Rate Swap<br> Call | Barclays Bank PLC | 3.25 | Receive | SOFR | Annually | 05/21/2026 | &nbsp;&nbsp; USD | 373050000 | &nbsp;&nbsp; 2020222 |
| 2 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.32 | Receive | SOFR | Annually | 11/06/2025 | &nbsp;&nbsp; USD | 101870000 | &nbsp;&nbsp; 184643 |
| 2 Year Interest Rate Swap<br> Call | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 2.85 | Receive | 6 Month EURIBOR | Semi-Annually | 09/12/2030 | &nbsp;&nbsp; EUR | 109540000 | &nbsp;&nbsp; 1271620 |
| 2 Year Interest Rate Swap<br> Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 3.33 | Receive | SOFR | Annually | 11/05/2025 | &nbsp;&nbsp; USD | 112640000 | &nbsp;&nbsp; 202486 |
| 5 Year Interest Rate Swap<br> Call | Merrill Lynch International | 3.15 | Receive | SOFR | Annually | 10/16/2025 | &nbsp;&nbsp; USD | 127910000 | &nbsp;&nbsp; 52689 |
| 5 Year Interest Rate Swap<br> Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.36 | Receive | 6 Month EURIBOR | Semi-Annually | 02/06/2026 | &nbsp;&nbsp; EUR | 54850000 | &nbsp;&nbsp; 264222 |
| 5 Year Interest Rate Swap<br> Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.38 | Receive | 6 Month EURIBOR | Semi-Annually | 06/24/2026 | &nbsp;&nbsp; EUR | 58910000 | &nbsp;&nbsp; 430719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Interest Rate Call Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Interest Rate Call Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 6819322 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>**—(continued)** |
| **Description** | &nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Counterparty** | **Exercise**<br> **Rate**<br>| &nbsp;&nbsp; **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate**<br>| &nbsp;&nbsp; **Floating Rate**<br> **Index**<br>| &nbsp;&nbsp; **Payment**<br> **Frequency**<br>| &nbsp;&nbsp; **Expiration**<br> **Date**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| &nbsp;&nbsp;&nbsp; 10 Year Interest Rate <br> Swap<br>| Put | Merrill Lynch International | 3.67% | Pay | SOFR | Annually | 12/10/2025 | &nbsp;&nbsp; USD | 23900000 | &nbsp;&nbsp; $263419 |
| &nbsp;&nbsp;&nbsp; 10 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 5.20 | Pay | SOFR | Annually | 09/24/2035 | &nbsp;&nbsp; USD | 18666667 | &nbsp;&nbsp; 1131414 |
| &nbsp;&nbsp;&nbsp; 15 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 1.76 | Pay | 6 Month EURIBOR | Semi-Annually | 03/15/2039 | &nbsp;&nbsp; EUR | 46500000 | &nbsp;&nbsp; 9831712 |
| &nbsp;&nbsp;&nbsp; 30 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 2.92 | Pay | 6 Month EURIBOR | Semi-Annually | 02/09/2026 | &nbsp;&nbsp; EUR | 19600000 | &nbsp;&nbsp; 758134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Interest Rate Put Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Interest Rate Put Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Interest Rate Put Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 11984679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; $18804001 |

---

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

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,250,000.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swaptions Written**<sup>(a)</sup>  |
| **Counterparty** | **Type of** <br>**Contract**<br>| **Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Reference** <br>**Entity**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Credit Risk** |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Put | 102.00<br> %<br>| &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 44, Version 1<br>| (5.00)%<br>| Quarterly | 11/19/2025 | 3.019<br> %<br>| USD | 30800000 | $(24667)<br>|
| BNP Paribas S.A. | Put | 103.00 | &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 44, Version 1<br>| (5.00)<br>| Quarterly | 12/17/2025 | 3.019 | USD | 37330000 | (75781)<br>|
| Goldman Sachs International | Put | 105.00 | &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 44, Version 1<br>| (5.00)<br>| Quarterly | 01/21/2026 | 3.019 | USD | 36400000 | (211342)<br>|
| Goldman Sachs International | Put | 70.00 | &nbsp;&nbsp; Markit CDX North America Index, <br> Series 45, Version 1<br>| (1.00)<br>| Quarterly | 01/21/2026 | 0.525 | USD | 56000000 | (56851)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 350.00 | &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 43, Version 2<br>| (5.00)<br>| Quarterly | 12/17/2025 | 2.406 | EUR | 28000000 | (56030)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 105.00 | &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 44, Version 1<br>| (5.00)<br>| Quarterly | 12/17/2025 | 3.019 | USD | 33600000 | (118419)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 325.00 | &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 43, Version 2<br>| (5.00)<br>| Quarterly | 01/21/2026 | 2.406 | EUR | 28000000 | (123753)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Credit Default Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Credit Default Swaptions Written |  |  |  |  |  |  |  |  | $(666843)<br>|

---

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

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,250,000.

<sup>(b)</sup> Implied credit spreads represent the current level, as of September 30, 2025, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  |
| **Description** | **Counterparty** | **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD<br> Call | Merrill Lynch International | &nbsp;&nbsp; 03/12/2026 | USD | 0.71 | AUD | 14000000 | &nbsp;&nbsp; $(31756)<br>|
| USD versus BRL<br> Call | Deutsche Bank AG | &nbsp;&nbsp; 12/16/2025 | BRL | 5.65 | USD | 14000000 | &nbsp;&nbsp; (125720)<br>|
| USD versus BRL<br> Call | Goldman Sachs International | &nbsp;&nbsp; 06/18/2026 | BRL | 6.60 | USD | 20970000 | &nbsp;&nbsp; (207561)<br>|
| USD versus BRL<br> Call | Goldman Sachs International | &nbsp;&nbsp; 07/06/2027 | BRL | 7.50 | USD | 22050000 | &nbsp;&nbsp; (589286)<br>|
| USD versus BRL<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/25/2026 | BRL | 6.00 | USD | 7000000 | &nbsp;&nbsp; (182315)<br>|
| USD versus BRL<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/10/2026 | BRL | 7.00 | USD | 9804000 | &nbsp;&nbsp; (69922)<br>|
| USD versus BRL<br> Call | Merrill Lynch International | &nbsp;&nbsp; 03/24/2026 | BRL | 5.90 | USD | 14000000 | &nbsp;&nbsp; (223188)<br>|
| USD versus BRL<br> Call | Merrill Lynch International | &nbsp;&nbsp; 07/03/2026 | BRL | 6.40 | USD | 22050000 | &nbsp;&nbsp; (329802)<br>|
| USD versus CLP<br> Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 12/18/2025 | CLP | 1025.00 | USD | 6990000 | &nbsp;&nbsp; (46127)<br>|
| USD versus IDR<br> Call | Goldman Sachs International | &nbsp;&nbsp; 08/13/2026 | IDR | 17000.00 | USD | 13990000 | &nbsp;&nbsp; (348519)<br>|

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>**—(continued)** |
| **Description** | &nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Counterparty** | **Expiration**<br> **Date**<br>| &nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp; **Notional**<br> **Value** | &nbsp;&nbsp; **Notional**<br> **Value** | **Value** |
| USD versus KRW | Call | Merrill Lynch International | &nbsp;&nbsp; 05/15/2026 | KRW | 1455.00 | USD | 19970000 | &nbsp;&nbsp; $(190694)<br>|
| USD versus MXN | Call | Merrill Lynch International | &nbsp;&nbsp; 07/27/2026 | MXN | 22.00 | USD | 11020000 | &nbsp;&nbsp; (90022)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 07/27/2026 | TRY | 54.45 | USD | 7750000 | &nbsp;&nbsp; (464706)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 08/27/2026 | TRY | 54.65 | USD | 17540000 | &nbsp;&nbsp; (1219153)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 03/26/2026 | ZAR | 18.75 | USD | 13890000 | &nbsp;&nbsp; (152443)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 08/14/2026 | ZAR | 19.50 | USD | 7000000 | &nbsp;&nbsp; (117726)<br>|
| USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/01/2026 | ZAR | 20.00 | USD | 3740000 | &nbsp;&nbsp; (29849)<br>|
| USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/01/2026 | ZAR | 21.50 | USD | 7490000 | &nbsp;&nbsp; (25548)<br>|
| USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/18/2026 | ZAR | 20.50 | USD | 11230000 | &nbsp;&nbsp; (75724)<br>|
| USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 09/14/2026 | ZAR | 20.50 | USD | 14000000 | &nbsp;&nbsp; (164570)<br>|
| &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Written | &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Written | &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Written | &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Written |  |  |  |  | &nbsp;&nbsp; (4684631)<br>|
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 12/01/2025 | USD | 0.60 | AUD | 19970000 | &nbsp;&nbsp; (3515)<br>|
| AUD versus USD | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 02/25/2026 | USD | 0.62 | AUD | 17490000 | &nbsp;&nbsp; (51825)<br>|
| AUD versus USD | Put | Merrill Lynch International | &nbsp;&nbsp; 12/16/2025 | USD | 0.65 | AUD | 21010000 | &nbsp;&nbsp; (85902)<br>|
| AUD versus USD | Put | Merrill Lynch International | &nbsp;&nbsp; 03/12/2026 | USD | 0.64 | AUD | 14000000 | &nbsp;&nbsp; (98836)<br>|
| AUD versus USD | Put | UBS AG | &nbsp;&nbsp; 08/21/2026 | USD | 0.61 | AUD | 13990000 | &nbsp;&nbsp; (82213)<br>|
| USD versus BRL | Put | Deutsche Bank AG | &nbsp;&nbsp; 12/16/2025 | BRL | 5.15 | USD | 14000000 | &nbsp;&nbsp; (46298)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 06/18/2026 | BRL | 5.35 | USD | 20970000 | &nbsp;&nbsp; (403316)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 07/06/2027 | BRL | 5.30 | USD | 22050000 | &nbsp;&nbsp; (484747)<br>|
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/25/2026 | BRL | 5.05 | USD | 14000000 | &nbsp;&nbsp; (93282)<br>|
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp; 03/24/2026 | BRL | 5.05 | USD | 14000000 | &nbsp;&nbsp; (60186)<br>|
| USD versus CLP | Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 12/18/2025 | CLP | 890.00 | USD | 6990000 | &nbsp;&nbsp; (18181)<br>|
| USD versus NOK | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 10/02/2025 | NOK | 9.65 | USD | 420000 | &nbsp;&nbsp; (37)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | ZAR | 17.50 | USD | 7675000 | &nbsp;&nbsp; (226865)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 03/26/2026 | ZAR | 16.50 | USD | 13890000 | &nbsp;&nbsp; (121079)<br>|
| &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Written | &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Written | &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Written | &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Written |  |  |  |  | &nbsp;&nbsp; (1776282)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Written |  |  |  |  | &nbsp;&nbsp; $(6460913)<br>|

---

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

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,250,000.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  |
| **Description** | **Counterparty** | **Exercise** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 2 Year Interest Rate Swap<br> Call | Barclays Bank PLC | 2.73% | SOFR | Receive | Annually | 05/21/2026 | USD | 373050000 | $(745902)<br>|
| 5 Year Interest Rate Swap<br> Call | Barclays Bank PLC | 3.25 | SOFR | Receive | Annually | 05/21/2026 | USD | 119380000 | (1151267)<br>|
| 30 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.75 | SOFR | Receive | Annually | 12/26/2025 | USD | 18320000 | (238286)<br>|
| 5 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.10 | SOFR | Receive | Annually | 03/03/2026 | USD | 56020000 | (288539)<br>|
| 2 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 2.97 | SOFR | Receive | Annually | 11/06/2025 | USD | 101870000 | (29962)<br>|
| 10 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.51 | SOFR | Receive | Annually | 11/06/2025 | USD | 21550000 | (81969)<br>|
| 30 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 2.80 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/11/2026 | EUR | 11760000 | (560895)<br>|
| 10 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.50 | SOFR | Receive | Annually | 04/07/2026 | USD | 127875000 | (1649464)<br>|
| 10 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.40 | SOFR | Receive | Annually | 03/09/2026 | USD | 47450000 | (418514)<br>|
| 30 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.02 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/12/2030 | EUR | 9950000 | (1252052)<br>|
| 30 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 2.96 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 02/16/2026 | EUR | 9330000 | (428679)<br>|

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** |
| **Description** | **Type of**<br> **Contract**<br>| **Counterparty** | **Exercise**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.42% | SOFR | Receive | Annually | 07/11/2029 | USD | 18635000 | $(453828)<br>|
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.65 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 07/30/2026 | EUR | 30700000 | (966032)<br>|
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.77 | SOFR | Receive | Annually | 01/09/2026 | USD | 29400000 | (480557)<br>|
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.60 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 08/07/2026 | EUR | 6660000 | (189886)<br>|
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.85 | SOFR | Receive | Annually | 02/23/2026 | USD | 22380000 | (611863)<br>|
| 10 Year Interest Rate Swap | Call | Merrill Lynch International | 3.50 | SOFR | Receive | Annually | 11/05/2025 | USD | 50480000 | (174446)<br>|
| 30 Year Interest Rate Swap | Call | Merrill Lynch International | 2.79 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 08/18/2026 | EUR | 9140000 | (406160)<br>|
| 5 Year Interest Rate Swap | Call | Merrill Lynch International | 2.50 | CORRA | Receive | Semi-Annually | 12/02/2025 | CAD | 28060000 | (107810)<br>|
| 10 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.50 | SOFR | Receive | Annually | 12/08/2025 | USD | 77020000 | (477835)<br>|
| 50 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.60 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 06/24/2026 | EUR | 9980000 | (436446)<br>|
| 50 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.58 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 05/21/2026 | EUR | 8990000 | (340852)<br>|
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.78 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 02/06/2026 | EUR | 13130000 | (333378)<br>|
| 2 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.03 | SOFR | Receive | Annually | 11/05/2025 | USD | 112640000 | (42085)<br>|
| 10 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.42 | SOFR | Receive | Annually | 11/05/2025 | USD | 22040000 | (46832)<br>|
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.75 | SOFR | Receive | Annually | 06/22/2026 | USD | 11200000 | (361020)<br>|
| 50 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.74 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/14/2026 | EUR | 7100000 | (494920)<br>|
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.90 | SOFR | Receive | Annually | 11/21/2025 | USD | 55960000 | (985912)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Call Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Call Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Call Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Call Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Call Swaptions Written |  |  |  |  |  | (13755391)<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 30 Year Interest Rate Swap | Put | Barclays Bank PLC | 5.55 | SONIA | Pay | Annually | 05/10/2027 | GBP | 20190000 | (716853)<br>|
| 5 Year Interest Rate Swap | Put | BNP Paribas S.A. | 2.73 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 05/24/2027 | EUR | 32200000 | (426528)<br>|
| 5 Year Interest Rate Swap | Put | BNP Paribas S.A. | 3.65 | SOFR | Pay | Annually | 03/03/2026 | USD | 56020000 | (239077)<br>|
| 30 Year Interest Rate Swap | Put | Goldman Sachs <br> International<br>| 3.32 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 02/09/2026 | EUR | 39200000 | (415477)<br>|
| 1 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.60 | SOFR | Pay | At Maturity | 06/21/2027 | USD | 399370000 | (1016025)<br>|
| 5 Year Interest Rate Swap | Put | Merrill Lynch International | 3.00 | CORRA | Pay | Semi-Annually | 12/02/2025 | CAD | 28060000 | (11582)<br>|
| 10 Year Interest Rate Swap | Put | Merrill Lynch International | 4.34 | 6 Month <br> BBSW<br>| Pay | Semi-Annually | 12/11/2025 | AUD | 37350000 | (239072)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.25 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 07/16/2026 | EUR | 19390000 | (564586)<br>|
| 2 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.19 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 01/29/2026 | EUR | 195900000 | (393432)<br>|
| 10 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.86 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 09/11/2026 | EUR | 38280000 | (795406)<br>|
| 1 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.10 | SOFR | Pay | At Maturity | 09/21/2026 | USD | 326780000 | (1058650)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Put Swaptions Written |  |  |  |  |  | (5876688)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Written |  |  |  |  |  | $(19632079)<br>|

---

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

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,250,000.

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

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 1076 | December-2025 | &nbsp;&nbsp;&nbsp; $224236719 | &nbsp;&nbsp;&nbsp; $359834 | &nbsp;&nbsp;&nbsp; $359834 |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 419 | December-2025 | &nbsp;&nbsp;&nbsp; 45752836 | &nbsp;&nbsp;&nbsp; (98840)<br>| &nbsp;&nbsp;&nbsp; (98840)<br>|
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 1421 | December-2025 | &nbsp;&nbsp;&nbsp; 159862500 | &nbsp;&nbsp;&nbsp; 150158 | &nbsp;&nbsp;&nbsp; 150158 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 172 | December-2025 | &nbsp;&nbsp;&nbsp; 20054125 | &nbsp;&nbsp;&nbsp; 413576 | &nbsp;&nbsp;&nbsp; 413576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 824728 | &nbsp;&nbsp;&nbsp; 824728 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 8 | December-2025 | &nbsp;&nbsp;&nbsp; (920625)<br>| &nbsp;&nbsp;&nbsp; (7763)<br>| &nbsp;&nbsp;&nbsp; (7763)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 10 | December-2025 | &nbsp;&nbsp;&nbsp; (1200625)<br>| &nbsp;&nbsp;&nbsp; (28300)<br>| &nbsp;&nbsp;&nbsp; (28300)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (36063)<br>| &nbsp;&nbsp;&nbsp; (36063)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; $788665 | &nbsp;&nbsp;&nbsp; $788665 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 11/14/2025 | Deutsche Bank AG | USD | 4440653 | EUR | 3780000 | &nbsp;&nbsp;&nbsp; $8581 |
| 11/18/2025 | Deutsche Bank AG | USD | 23570232 | EUR | 21490000 | &nbsp;&nbsp;&nbsp; 1730047 |
| 12/17/2025 | Deutsche Bank AG | EUR | 6860000 | USD | 8093085 | &nbsp;&nbsp;&nbsp; 3781 |
| 12/17/2025 | Deutsche Bank AG | INR | 646990350 | USD | 7310956 | &nbsp;&nbsp;&nbsp; 61001 |
| 12/17/2025 | Deutsche Bank AG | PLN | 2402185 | USD | 661467 | &nbsp;&nbsp;&nbsp; 1387 |
| 12/17/2025 | Deutsche Bank AG | THB | 189733623 | USD | 6016986 | &nbsp;&nbsp;&nbsp; 126041 |
| 12/17/2025 | Deutsche Bank AG | USD | 233733 | CZK | 4860000 | &nbsp;&nbsp;&nbsp; 1086 |
| 11/06/2025 | Goldman Sachs International | USD | 3675000 | BRL | 20690250 | &nbsp;&nbsp;&nbsp; 179594 |
| 12/17/2025 | Goldman Sachs International | CNY | 24860000 | USD | 3513949 | &nbsp;&nbsp;&nbsp; 2875 |
| 12/17/2025 | Goldman Sachs International | EUR | 10915517 | USD | 12915000 | &nbsp;&nbsp;&nbsp; 43435 |
| 12/17/2025 | Goldman Sachs International | INR | 479209646 | USD | 5390000 | &nbsp;&nbsp;&nbsp; 20139 |
| 12/17/2025 | Goldman Sachs International | USD | 8095098 | MXN | 150123290 | &nbsp;&nbsp;&nbsp; 36205 |
| 05/08/2026 | Goldman Sachs International | JPY | 673907500 | USD | 4850000 | &nbsp;&nbsp;&nbsp; 201035 |
| 03/19/2027 | Goldman Sachs International | INR | 6778237500 | USD | 76250000 | &nbsp;&nbsp;&nbsp; 2702856 |
| 10/02/2025 | J.P. Morgan Chase Bank, N.A. | USD | 23100701 | EUR | 20170000 | &nbsp;&nbsp;&nbsp; 579901 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 43825978 | USD | 51850046 | &nbsp;&nbsp;&nbsp; 170506 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | GBP | 36421305 | USD | 49307647 | &nbsp;&nbsp;&nbsp; 319695 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | JPY | 2141524883 | USD | 14669154 | &nbsp;&nbsp;&nbsp; 76842 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | NOK | 1738064 | USD | 176264 | &nbsp;&nbsp;&nbsp; 2063 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | NZD | 603000 | USD | 360541 | &nbsp;&nbsp;&nbsp; 9931 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | SEK | 110000 | USD | 11863 | &nbsp;&nbsp;&nbsp; 123 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 9599465 | AUD | 14521685 | &nbsp;&nbsp;&nbsp; 18192 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 67420413 | EUR | 57220921 | &nbsp;&nbsp;&nbsp; 54429 |
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 12074387 | JPY | 1790944948 | &nbsp;&nbsp;&nbsp; 129080 |
| 12/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 5020000 | MXN | 96752970 | &nbsp;&nbsp;&nbsp; 219999 |
| 07/07/2026 | J.P. Morgan Chase Bank, N.A. | JPY | 462638700 | USD | 3310000 | &nbsp;&nbsp;&nbsp; 103331 |
| 10/30/2025 | Merrill Lynch International | USD | 19023616 | EUR | 16315000 | &nbsp;&nbsp;&nbsp; 163648 |
| 12/02/2025 | Merrill Lynch International | KRW | 19444636000 | USD | 14380000 | &nbsp;&nbsp;&nbsp; 494941 |
| 12/17/2025 | Merrill Lynch International | CAD | 7380000 | USD | 5349258 | &nbsp;&nbsp;&nbsp; 27319 |
| 12/17/2025 | Merrill Lynch International | COP | 20726169750 | USD | 5245007 | &nbsp;&nbsp;&nbsp; 12152 |
| 12/17/2025 | Merrill Lynch International | IDR | 5764986100 | USD | 349192 | &nbsp;&nbsp;&nbsp; 4400 |
| 12/17/2025 | Merrill Lynch International | INR | 368507070 | USD | 4170000 | &nbsp;&nbsp;&nbsp; 40635 |

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 10/02/2025 | Morgan Stanley and Co. International PLC | BRL | 8840000 | USD | 1662092 | &nbsp;&nbsp;&nbsp; $1140 |
| 10/02/2025 | Morgan Stanley and Co. International PLC | USD | 1620442 | BRL | 8840000 | &nbsp;&nbsp;&nbsp; 40509 |
| 10/06/2025 | Morgan Stanley and Co. International PLC | JPY | 720692000 | USD | 4900000 | &nbsp;&nbsp;&nbsp; 24606 |
| 11/12/2025 | Morgan Stanley and Co. International PLC | USD | 19100000 | BRL | 105861750 | &nbsp;&nbsp;&nbsp; 595361 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 16080000 | CNY | 114057048 | &nbsp;&nbsp;&nbsp; 28718 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 197643 | HUF | 66412962 | &nbsp;&nbsp;&nbsp; 1369 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 13890000 | JPY | 2063915100 | &nbsp;&nbsp;&nbsp; 173481 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 446281 | PEN | 1563000 | &nbsp;&nbsp;&nbsp; 3014 |
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 4436226 | ZAR | 77662796 | &nbsp;&nbsp;&nbsp; 36402 |
| 10/02/2025 | Royal Bank of Canada | EUR | 20170000 | USD | 23803464 | &nbsp;&nbsp;&nbsp; 122862 |
| 12/17/2025 | Royal Bank of Canada | EUR | 27367730 | USD | 32285000 | &nbsp;&nbsp;&nbsp; 13005 |
| 10/02/2025 | UBS AG | BRL | 340354863 | USD | 63995697 | &nbsp;&nbsp;&nbsp; 46265 |
| 11/04/2025 | UBS AG | BRL | 331514863 | USD | 61938767 | &nbsp;&nbsp;&nbsp; 149640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 8781622 |
| **Currency Risk** |  |  |  |  |  |  |
| 10/22/2025 | Deutsche Bank AG | EUR | 11480000 | NOK | 133592760 | &nbsp;&nbsp;&nbsp; (106062)<br>|
| 10/31/2025 | Deutsche Bank AG | JPY | 87044470 | USD | 590000 | &nbsp;&nbsp;&nbsp; (394)<br>|
| 11/18/2025 | Deutsche Bank AG | EUR | 10025000 | USD | 10616475 | &nbsp;&nbsp;&nbsp; (1186005)<br>|
| 12/17/2025 | Deutsche Bank AG | CZK | 3166371 | USD | 152281 | &nbsp;&nbsp;&nbsp; (707)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 6455000 | AUD | 9662173 | &nbsp;&nbsp;&nbsp; (55779)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 41930000 | EUR | 35267357 | &nbsp;&nbsp;&nbsp; (342774)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 3921458 | INR | 347033343 | &nbsp;&nbsp;&nbsp; (32720)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 194405 | PLN | 706000 | &nbsp;&nbsp;&nbsp; (408)<br>|
| 12/17/2025 | Deutsche Bank AG | USD | 16080000 | SGD | 20615364 | &nbsp;&nbsp;&nbsp; (7671)<br>|
| 12/17/2025 | Goldman Sachs International | MXN | 614169361 | USD | 32672754 | &nbsp;&nbsp;&nbsp; (593218)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 3474081 | CNY | 24577944 | &nbsp;&nbsp;&nbsp; (2843)<br>|
| 12/17/2025 | Goldman Sachs International | USD | 5391750 | EUR | 4550000 | &nbsp;&nbsp;&nbsp; (26395)<br>|
| 12/29/2025 | Goldman Sachs International | EUR | 3265000 | USD | 3825274 | &nbsp;&nbsp;&nbsp; (27395)<br>|
| 03/19/2027 | Goldman Sachs International | USD | 76250000 | INR | 6778237500 | &nbsp;&nbsp;&nbsp; (2702856)<br>|
| 10/14/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 12340000 | USD | 13771440 | &nbsp;&nbsp;&nbsp; (726965)<br>|
| 10/14/2025 | J.P. Morgan Chase Bank, N.A. | USD | 45204294 | EUR | 38390000 | &nbsp;&nbsp;&nbsp; (99452)<br>|
| 10/29/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 2120000 | USD | 2439060 | &nbsp;&nbsp;&nbsp; (54016)<br>|
| 11/04/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 44302000 | USD | 8180668 | &nbsp;&nbsp;&nbsp; (76524)<br>|
| 11/12/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 32665752 | USD | 5880000 | &nbsp;&nbsp;&nbsp; (197396)<br>|
| 12/03/2025 | J.P. Morgan Chase Bank, N.A. | AUD | 13980000 | USD | 9028284 | &nbsp;&nbsp;&nbsp; (229557)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | AUD | 9745715 | USD | 6442341 | &nbsp;&nbsp;&nbsp; (12209)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 42041275 | USD | 49496832 | &nbsp;&nbsp;&nbsp; (78188)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | TRY | 9135000 | USD | 203570 | &nbsp;&nbsp;&nbsp; (2970)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 867794 | GBP | 641000 | &nbsp;&nbsp;&nbsp; (5626)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 12915000 | IDR | 211790760300 | &nbsp;&nbsp;&nbsp; (248235)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 16140000 | INR | 1429229280 | &nbsp;&nbsp;&nbsp; (124541)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 22860973 | JPY | 3337434590 | &nbsp;&nbsp;&nbsp; (119753)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 16140000 | KRW | 22244632200 | &nbsp;&nbsp;&nbsp; (242332)<br>|
| 12/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 1516211 | NZD | 2535842 | &nbsp;&nbsp;&nbsp; (41766)<br>|
| 06/22/2026 | J.P. Morgan Chase Bank, N.A. | ZAR | 41692500 | USD | 2250000 | &nbsp;&nbsp;&nbsp; (114811)<br>|
| 07/14/2026 | J.P. Morgan Chase Bank, N.A. | BRL | 8864100 | USD | 1470000 | &nbsp;&nbsp;&nbsp; (87548)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 10258 | CAD | 14152 | &nbsp;&nbsp;&nbsp; (52)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 256187 | CLP | 243736483 | &nbsp;&nbsp;&nbsp; (2684)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 3502900 | COP | 13842059000 | &nbsp;&nbsp;&nbsp; (8116)<br>|
| 12/17/2025 | Merrill Lynch International | USD | 4172770 | EUR | 3500000 | &nbsp;&nbsp;&nbsp; (45574)<br>|

---

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 12/17/2025 | Merrill Lynch International | USD | 13822849 | KRW | 19071039697 | &nbsp;&nbsp;&nbsp; $(193267)<br>|
| 02/09/2026 | Merrill Lynch International | BRL | 6331500 | USD | 1005000 | &nbsp;&nbsp;&nbsp; (148365)<br>|
| 04/09/2026 | Merrill Lynch International | AUD | 2755000 | USD | 1671458 | &nbsp;&nbsp;&nbsp; (154318)<br>|
| 05/12/2026 | Merrill Lynch International | EUR | 7270000 | USD | 8393215 | &nbsp;&nbsp;&nbsp; (240231)<br>|
| 10/02/2025 | Morgan Stanley and Co. International PLC | BRL | 331514863 | USD | 60769318 | &nbsp;&nbsp;&nbsp; (1519162)<br>|
| 10/02/2025 | Morgan Stanley and Co. International PLC | USD | 62331227 | BRL | 331514863 | &nbsp;&nbsp;&nbsp; (42747)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | IDR | 216067950000 | USD | 12915000 | &nbsp;&nbsp;&nbsp; (7575)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | PEN | 3126000 | USD | 896563 | &nbsp;&nbsp;&nbsp; (2027)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 12915000 | CAD | 17710599 | &nbsp;&nbsp;&nbsp; (143355)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 896150 | EUR | 759640 | &nbsp;&nbsp;&nbsp; (384)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | USD | 6430000 | INR | 573633160 | &nbsp;&nbsp;&nbsp; (2061)<br>|
| 12/17/2025 | Morgan Stanley and Co. International PLC | ZAR | 274318000 | USD | 15669495 | &nbsp;&nbsp;&nbsp; (128580)<br>|
| 05/13/2026 | Morgan Stanley and Co. International PLC | EUR | 7570000 | USD | 8720640 | &nbsp;&nbsp;&nbsp; (269474)<br>|
| 12/17/2025 | Royal Bank of Canada | USD | 23906876 | EUR | 20170000 | &nbsp;&nbsp;&nbsp; (122436)<br>|
| 12/17/2025 | Standard Chartered Bank PLC | MXN | 152674000 | USD | 8237774 | &nbsp;&nbsp;&nbsp; (31686)<br>|
| 12/17/2025 | Standard Chartered Bank PLC | USD | 3726402 | GBP | 2746906 | &nbsp;&nbsp;&nbsp; (31716)<br>|
| 10/02/2025 | UBS AG | USD | 64082514 | BRL | 340354863 | &nbsp;&nbsp;&nbsp; (133083)<br>|
| 11/04/2025 | UBS AG | USD | 1651626 | BRL | 8840000 | &nbsp;&nbsp;&nbsp; (3990)<br>|
| 12/17/2025 | UBS AG | USD | 1334233 | EUR | 1124063 | &nbsp;&nbsp;&nbsp; (8740)<br>|
| 12/17/2025 | UBS AG | USD | 124742 | JPY | 18253925 | &nbsp;&nbsp;&nbsp; (360)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (10787099)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(2005477)<br>|

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  |
| **Reference Entity** | &nbsp;&nbsp; **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity Date** | **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| UBS AG | Sell | 1.00% | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.310% | EUR | 2330000 | &nbsp;&nbsp; $23249 | &nbsp;&nbsp; $58423 | &nbsp;&nbsp; $35174 |
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| &nbsp;&nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 45, Version 1<br>| Buy | &nbsp;&nbsp; (5.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 3.225  | USD | 46200000 | &nbsp;&nbsp; (3516285)<br>| &nbsp;&nbsp; (3563776)<br>| &nbsp;&nbsp; (47491)<br>|
| Brazil Government International Bonds | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2026 | 0.466  | USD | 3720000 | &nbsp;&nbsp; (871)<br>| &nbsp;&nbsp; (24254)<br>| &nbsp;&nbsp; (23383)<br>|
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.234  | EUR | 2330000 | &nbsp;&nbsp; (16338)<br>| &nbsp;&nbsp; (65286)<br>| &nbsp;&nbsp; (48948)<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2029 | 0.721  | USD | 1705000 | &nbsp;&nbsp; 12707 | &nbsp;&nbsp; (18479)<br>| &nbsp;&nbsp; (31186)<br>|
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 0.380  | EUR | 3500000 | &nbsp;&nbsp; (123363)<br>| &nbsp;&nbsp; (126163)<br>| &nbsp;&nbsp; (2800)<br>|
| &nbsp;&nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Series 44, Version 1<br>| Buy | &nbsp;&nbsp; (5.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 2.626  | EUR | 36400000 | &nbsp;&nbsp; (4505012)<br>| &nbsp;&nbsp; (4537906)<br>| &nbsp;&nbsp; (32894)<br>|
| BNP Paribas S.A. | Sell | 1.00 | Quarterly | &nbsp;&nbsp; 12/20/2030 | 0.462  | EUR | 3500000 | &nbsp;&nbsp; 116051 | &nbsp;&nbsp; 109038 | &nbsp;&nbsp; (7013)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Depreciation |  |  |  |  |  | &nbsp;&nbsp; (8033111)<br>| &nbsp;&nbsp; (8226826)<br>| &nbsp;&nbsp; (193715)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements |  |  |  | &nbsp;&nbsp; $(8009862)<br>| &nbsp;&nbsp; $(8168403)<br>| &nbsp;&nbsp; $(158541)<br>|

---

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

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $331,913 cash held with Counterparties.

<sup>(b)</sup> Implied credit spreads represent the current level, as of September 30, 2025, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

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

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  |
| **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| **Floating Rate Index** | &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.93)% | Annually | &nbsp;&nbsp; 12/23/2055 | USD | 4670000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1628 | &nbsp;&nbsp; $1628 |
| Pay | COOVIBR | Quarterly | &nbsp;&nbsp; 9.44 | Quarterly | &nbsp;&nbsp; 10/24/2026 | COP | 15000000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37598 | &nbsp;&nbsp; 37598 |
| Pay | BZDIOVRA | At Maturity | 13.35 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 77210650 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48965 | &nbsp;&nbsp; 48965 |
| Receive | COOVIBR | Quarterly | &nbsp;&nbsp; (8.38) | Quarterly | &nbsp;&nbsp; 03/19/2035 | COP | 6200000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72078 | &nbsp;&nbsp; 72078 |
| Pay | BZDIOVRA | At Maturity | 13.58 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 52246819 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107908 | &nbsp;&nbsp; 107908 |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.52) | Annually | &nbsp;&nbsp; 12/10/2035 | USD | 15500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 174471 | &nbsp;&nbsp; 174471 |
| Receive | TONAR | Annually | &nbsp;&nbsp; (1.09) | Annually | &nbsp;&nbsp; 05/12/2035 | JPY | 799540000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 184506 | &nbsp;&nbsp; 184506 |
| Pay | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; 2.62 | Annually | &nbsp;&nbsp; 01/15/2029 | EUR | 15004000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 202986 | &nbsp;&nbsp; 202986 |
| Receive | TONAR | Annually | &nbsp;&nbsp; (1.25) | Annually | &nbsp;&nbsp; 05/19/2035 | JPY | 1574850000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 214637 | &nbsp;&nbsp; 214637 |
| Pay | 28 Day MXN TIIE | 28 days | &nbsp;&nbsp; 7.42 | 28 days | &nbsp;&nbsp; 06/16/2027 | MXN | 644000000 | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 233248 | &nbsp;&nbsp; 232785 |
| Pay | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; 2.57 | Annually | &nbsp;&nbsp; 06/10/2030 | EUR | 25381459 | &nbsp;&nbsp; — | &nbsp;&nbsp; 279284 | &nbsp;&nbsp; 279284 |
| Pay | BZDIOVRA | At Maturity | 14.98 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 38030574 | &nbsp;&nbsp; — | &nbsp;&nbsp; 497100 | &nbsp;&nbsp; 497100 |
| Pay | BZDIOVRA | At Maturity | 15.42 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 38196486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 633966 | &nbsp;&nbsp; 633966 |
| Pay | BZDIOVRA | At Maturity | 14.57 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 69346146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 690994 | &nbsp;&nbsp; 690994 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.38) | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 8940000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1095259 | &nbsp;&nbsp; 1095259 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (1.98) | Annually | &nbsp;&nbsp; 01/24/2075 | EUR | 5450000 | &nbsp;&nbsp; 39316 | &nbsp;&nbsp; 1416204 | &nbsp;&nbsp; 1376888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Appreciation |  |  |  | &nbsp;&nbsp; 39779 | &nbsp;&nbsp; 5890832 | &nbsp;&nbsp; 5851053 |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Pay | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; 2.38 | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 8940000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1100480)<br>| &nbsp;&nbsp; (1100480)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; 2.12 | Annually | &nbsp;&nbsp; 12/06/2034 | EUR | 10615385 | &nbsp;&nbsp; — | &nbsp;&nbsp; (524383)<br>| &nbsp;&nbsp; (524383)<br>|
| Pay | 6 Month BBSW | Semi-Annually | &nbsp;&nbsp; 4.15 | Semi-Annually | &nbsp;&nbsp; 08/11/2035 | AUD | 63020000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (428647)<br>| &nbsp;&nbsp; (428647)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.86) | Annually | &nbsp;&nbsp; 07/15/2035 | USD | 23560000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (417940)<br>| &nbsp;&nbsp; (417940)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; 2.18 | Annually | &nbsp;&nbsp; 05/08/2030 | EUR | 43950000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (394215)<br>| &nbsp;&nbsp; (394215)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.83) | Annually | &nbsp;&nbsp; 08/04/2035 | USD | 17635000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (260184)<br>| &nbsp;&nbsp; (260184)<br>|
| Pay | TONAR | Annually | &nbsp;&nbsp; 2.40 | Annually | &nbsp;&nbsp; 09/30/2055 | JPY | 1695090000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (162792)<br>| &nbsp;&nbsp; (162792)<br>|
| Pay | 6 Month BBSW | Semi-Annually | &nbsp;&nbsp; 4.21 | Semi-Annually | &nbsp;&nbsp; 07/30/2035 | AUD | 27155000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (89136)<br>| &nbsp;&nbsp; (89136)<br>|
| Pay | 6 Month BBSW | Semi-Annually | &nbsp;&nbsp; 4.23 | Semi-Annually | &nbsp;&nbsp; 07/10/2035 | AUD | 18035000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (42291)<br>| &nbsp;&nbsp; (42291)<br>|
| Pay | COOVIBR | Quarterly | &nbsp;&nbsp; 8.83 | Quarterly | &nbsp;&nbsp; 06/18/2035 | COP | 6200000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (29954)<br>| &nbsp;&nbsp; (29954)<br>|
| Pay | 6 Month BBSW | Semi-Annually | &nbsp;&nbsp; 4.24 | Semi-Annually | &nbsp;&nbsp; 07/10/2035 | AUD | 18030000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25422)<br>| &nbsp;&nbsp; (25422)<br>|
| Pay | 6 Month BBSW | Semi-Annually | &nbsp;&nbsp; 4.19 | Semi-Annually | &nbsp;&nbsp; 08/29/2035 | AUD | 5165000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (23889)<br>| &nbsp;&nbsp; (23889)<br>|
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.93) | Annually | &nbsp;&nbsp; 05/25/2056 | EUR | 5600000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9866)<br>| &nbsp;&nbsp; (9866)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.69) | Annually | &nbsp;&nbsp; 09/04/2035 | USD | 3330000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9494)<br>| &nbsp;&nbsp; (9494)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (4.45) | Annually | &nbsp;&nbsp; 09/26/2045 | USD | 4666667 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4844)<br>| &nbsp;&nbsp; (4844)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Depreciation |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3523537)<br>| &nbsp;&nbsp; (3523537)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Interest Rate Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Interest Rate Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Interest Rate Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Interest Rate Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Interest Rate Swap Agreements |  |  |  | &nbsp;&nbsp; $39779 | &nbsp;&nbsp; $2367295 | &nbsp;&nbsp; $2327516 |

---

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

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $331,913 cash held with Counterparties.

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

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  |
| **Counterparty** | **Reference Entity** | **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 3<br>| Sell | 5.00% | Quarterly | 12/20/2029 | 1.555% | EUR | 9800000 | $1005275 | $1593735 | $588460 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 3<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 0.506  | EUR | 18129761 | 3119060 | 3729773 | 610713 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 3<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 1.555  | EUR | 5600000 | 588745 | 910706 | 321961 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 3<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 1.555  | EUR | 600000 | 93844 | 97576 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation |  |  |  |  | 4806924 | 6331790 | 1524866 |
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit CDX North America High <br> Yield Index, Series 39, <br> Version 1<br>| Buy | (5.00) | Quarterly | 12/20/2027 | 0.121  | USD | 8351215 | (682397)<br>| (867342)<br>| (184945)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Over-The-Counter Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Over-The-Counter Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Over-The-Counter Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Over-The-Counter Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Over-The-Counter Credit Default Swap Agreements |  |  |  |  | $4124527 | $5464448 | $1339921 |

---

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

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $9,250,000.

<sup>(b)</sup> Implied credit spreads represent the current level, as of September 30, 2025, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | —Australian Dollar |
| BBSW | —Bank Bill Swap Rate |
| BRL | —Brazilian Real |
| BZDIOVRA | —Brazil Ceptip DI Interbank Deposit Rate |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chile Peso |
| CNY | —Chinese Yuan Renminbi |
| COOVIBR | —Colombia IBR Overnight Nominal Interbank Reference Rate |
| COP | —Colombia Peso |
| CORRA | —Canadian Overnight Repo Rate Average |
| CZK | —Czech Koruna |
| EUR | —Euro |
| EURIBOR | —Euro Interbank Offered Rate |
| GBP | —British Pound Sterling |
| HUF | —Hungarian Forint |
| IDR | —Indonesian Rupiah |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PEN | —Peruvian Sol |
| PLN | —Polish Zloty |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| SOFR | —Secured Overnight Financing Rate |
| SONIA | —Sterling Overnight Index Average |
| THB | —Thai Baht |
| TIIE | —Interbank Equilibrium Interest Rate |
| TONAR | —Tokyo Overnight Average Rate |
| TRY | —Turkish Lira |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this consolidated schedule.

**Invesco V.I. Global Strategic Income Fund**

------

**Notes to Quarterly Consolidated Schedule of Portfolio Holdings**

*September 30, 2025*

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.'s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of September 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $204269220 | &nbsp;&nbsp;&nbsp;&nbsp; $180900 | &nbsp;&nbsp;&nbsp;&nbsp; $204450120 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 152700652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 152700652 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90880548 | &nbsp;&nbsp;&nbsp;&nbsp; 3669349 | &nbsp;&nbsp;&nbsp;&nbsp; 94549897 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60851486 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60851486 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42444074 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42444074 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32514505 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32514505 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 8561885 | &nbsp;&nbsp;&nbsp;&nbsp; 42155 | &nbsp;&nbsp;&nbsp;&nbsp; 2082 | &nbsp;&nbsp;&nbsp;&nbsp; 8606122 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2604136 | &nbsp;&nbsp;&nbsp;&nbsp; 154462 | &nbsp;&nbsp;&nbsp;&nbsp; 2758598 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 394152 | &nbsp;&nbsp;&nbsp;&nbsp; 394152 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 12566058 | &nbsp;&nbsp;&nbsp;&nbsp; 24926011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37492069 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 102480 | &nbsp;&nbsp;&nbsp;&nbsp; 32290070 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32392550 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 21230423 | &nbsp;&nbsp;&nbsp;&nbsp; 643522857 | &nbsp;&nbsp;&nbsp;&nbsp; 4400981 | &nbsp;&nbsp;&nbsp;&nbsp; 669154261 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 923568 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 923568 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8781622 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8781622 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7411091 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7411091 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 923568 | &nbsp;&nbsp;&nbsp;&nbsp; 16192713 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17116281 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (134903)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (134903)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10787098)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10787098)<br>|
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26759835)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26759835)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3902196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3902196)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (134903)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41449129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41584032)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 788665 | &nbsp;&nbsp;&nbsp;&nbsp; (25256416)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24467751)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $22019088 | &nbsp;&nbsp;&nbsp;&nbsp; $618266441 | &nbsp;&nbsp;&nbsp;&nbsp; $4400981 | &nbsp;&nbsp;&nbsp;&nbsp; $644686510 |

---

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

\* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

**Invesco V.I. Global Strategic Income Fund**

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

- **b. Investment Company Act file number:** 811-07452

- **c. CIK number of Registrant:** 0000896435

- **d. LEI of Registrant:** FC4UULIMJMGKBDUARB13

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

  - **Street Address 1:** 11 Greenway Plaza

  - **City:** Houston

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 77046-1173

  - **Telephone number:** 800-959-4246

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

- **a. Name of Series:** Invesco V.I. Global Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000064661

- **c. LEI of Series:** 549300NCC31DI84NL880

**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:** $716561502.53

**Total Liabilities:** $73194249.05

**Net Assets:** $643367253.48

**Amount of Assets Invested in Other Investment Companies:** $7401538.79

**Delayed Delivery Securities:** $343752.50

**Cash Not Reported:** $30415924.24

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1533.48527314 | **1-Year:** -14096.60656883 | **5-Year:** 25290.28204608 | **10-Year:** -35135.45774564 | **30-Year:** -13595.43974213

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

- **3-Month:** -4258.94651496 | **1-Year:** -5787.43627779 | **5-Year:** -22189.67847028 | **10-Year:** -8977.10623631 | **30-Year:** -492.33801179

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000209370 | -1.30%               | 2.84%                | 0.00%                |
| Class ID C000209369 | -1.47%               | 2.98%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-79689.71               | $-7887501.46                               |
| Month 2  | $399956.99               | $4975700.78                                |
| Month 3  | $-506435.69              | $1532001.60                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PetSmart LLC / PetSmart Finance Corp.                                       | PetSmart LLC / PetSmart Finance Corp.                                                | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     275000 | PA      | $276096.23    | 0.04%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -29400000 | NC      | $-480556.52   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -56020000 | NC      | $-239077.11   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Funding 2024 - Granite 6 PLC                            | Towd Point Mortgage Funding 2024 - Granite 6 PLC, Series 2024-GR6X, Class E          | CUSIP: BCC3FHZV4<br>LEI: 635400ZB5U3EBVBSFK52 | Long             | ABS-MBS          | CORP              | GB        |     885000 | PA      | $1193321.12   | 0.19%             | 2053-07-20      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| J. M. Smucker Co. (The)                                                     | J. M. Smucker Co. (The)                                                              | CUSIP: 832696AW8<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |    1352000 | PA      | $1420622.88   | 0.22%             | 2028-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| EnerSys                                                                     | EnerSys                                                                              | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |     113000 | PA      | $116426.95    | 0.02%             | 2032-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392BJ98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       2658 | PA      | $266.38       | 0.00%             | 2032-03-25      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | Government National Mortgage Association                                             | CUSIP: 38384XRJ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |   11791444 | PA      | $291986.81    | 0.05%             | 2054-10-20      | Floating      | 0.51%                 | No            |                  2 | On Loan: No      |
| Uniti Group L.P./ Uniti Group Finance 2019 Inc / CSL Capital LLC            | Uniti Group L.P./ Uniti Group Finance 2019 Inc / CSL Capital LLC                     | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      40000 | PA      | $38239.09     | 0.01%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $25512.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Airlines Inc./AAdvantage Loyalty IP Ltd.                           | American Airlines Inc./AAdvantage Loyalty IP Ltd.                                    | CUSIP: 00253XAA9<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     702500 | PA      | $703406.93    | 0.11%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -22050000 | NC      | $-484747.20   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -6990000 | NC      | $-18180.99    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Province of Ontario                                                         | Province of Ontario                                                                  | CUSIP: 683234SL3<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |    6200000 | PA      | $5176155.78   | 0.80%             | 2033-03-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   18666667 | NC      | $1131414.31   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                          | CHS/Community Health Systems, Inc.                                                   | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     145000 | PA      | $131304.63    | 0.02%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-189175.01   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp.               | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp.                        | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      74000 | PA      | $74706.07     | 0.01%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Newgate Funding PLC                                                         | Newgate Funding PLC, Series 2006-2, Class CB                                         | CUSIP: N/A<br>LEI: 2138006KF4KS6D5P1697       | Long             | ABS-MBS          | CORP              | GB        |     444007 | PA      | $481361.73    | 0.07%             | 2050-12-01      | Floating      | 2.37%                 | No            |                  2 | On Loan: No      |
| Brazil Notas do Tesouro Nacional                                            | Brazil Notas do Tesouro Nacional, Series F                                           | CUSIP: AQ6084745<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   47000000 | PA      | $8338982.10   | 1.30%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                         | American Axle & Manufacturing, Inc.                                                  | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     244000 | PA      | $246054.64    | 0.04%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Eurosail-UK NC PLC                                                          | Eurosail-UK NC PLC, Series 2007-1X, Class D1A                                        | CUSIP: BCC0VXRD6<br>LEI: 213800HEU63KH3XHB844 | Long             | ABS-MBS          | CORP              | GB        |    1166000 | PA      | $1171753.67   | 0.18%             | 2045-03-13      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| YPF S.A.                                                                    | YPF S.A., ADR                                                                        | CUSIP: 984245100<br>LEI: 5493003N7447U18U5U53 | Long             | EC               | CORP              | AR        |      22500 | NS      | $546525.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                                         | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-29954.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Aircastle Ltd.                                                              | Aircastle Ltd.                                                                       | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |     465000 | PA      | $463018.77    | 0.07%             | N/A             | Variable      | 5.25%                 | No            |                  2 | On Loan: —       |
| Allison Transmission, Inc.                                                  | Allison Transmission, Inc.                                                           | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     733000 | PA      | $677766.33    | 0.11%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Starz Capital Holdings 1, Inc.                                              | Starz Capital Holdings 1, Inc.                                                       | CUSIP: 535939AA0<br>LEI: 549300MWJHNLR35C0837 | Long             | DBT              | CORP              | US        |     323000 | PA      | $307525.07    | 0.05%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $126040.62    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1500000 | NC      | $429940.50    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FAAB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      57872 | PA      | $5634.04      | 0.00%             | 2031-06-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                                      | GFL Environmental Inc.                                                               | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |     497000 | PA      | $485691.01    | 0.08%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| WFRBS Commercial Mortgage Trust                                             | WFRBS Commercial Mortgage Trust, Series 2013-C14, Class AS                           | CUSIP: 92890PAG9<br>LEI: 549300GADFYEKC4OLM57 | Long             | ABS-MBS          | CORP              | US        |      79960 | PA      | $78211.28     | 0.01%             | 2046-06-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | Government National Mortgage Association                                             | CUSIP: 36208T6S4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       5667 | PA      | $5753.45      | 0.00%             | 2028-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ACNR Holdings, Inc.                                                         | ACNR Holdings, Inc., Term Loan                                                       | CUSIP: 02522YAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      26720 | PA      | $26531.01     | 0.00%             | 2029-12-11      | Floating      | 13.00%                | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    4593000 | NC      | $84203.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Macy's Retail Holdings, LLC                                                 | Macy's Retail Holdings, LLC                                                          | CUSIP: 55617LAL6<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |     278000 | PA      | $255454.20    | 0.04%             | 2034-07-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3000000 | NC      | $306254.64    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -50480000 | NC      | $-174446.26   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 3133T7ZF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       2101 | PA      | $2098.96      | 0.00%             | 2026-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $40509.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                       | NextEra Energy Capital Holdings, Inc.                                                | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    1796000 | PA      | $1936305.32   | 0.30%             | 2054-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                                                 | Freddie Mac, Series 2024-HQA1, Class M2                                              | CUSIP: 35564NCA9<br>LEI: 529900PGKDI4ZEXFQ523 | Long             | ABS-MBS          | USGSE             | US        |    1670900 | PA      | $1690074.91   | 0.26%             | 2044-03-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Navient Corp.                                                               | Navient Corp.                                                                        | CUSIP: 63938CAN8<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |      81000 | PA      | $89592.40     | 0.01%             | 2030-07-25      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | UBS AG                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   28010000 | NC      | $100051.72    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonic Capital LLC                                                           | Sonic Capital LLC, Series 2020-1A, Class A2I                                         | CUSIP: 83546DAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     877979 | PA      | $865889.75    | 0.13%             | 2050-01-20      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $97575.62     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM2                    | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM2, Series 2024-NQM2, Class A3 | CUSIP: 61776HAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1353860 | PA      | $1373756.41   | 0.21%             | 2069-05-25      | Variable      | 6.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FCQE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      22925 | PA      | $3106.59      | 0.00%             | 2035-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                             | TransDigm, Inc.                                                                      | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     306000 | PA      | $309660.68    | 0.05%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Endo Finance Holdings, Inc.                                                 | Endo Finance Holdings, Inc.                                                          | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     231000 | PA      | $248121.49    | 0.04%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-3563775.60  | -0.55%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $48964.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -6990000 | NC      | $-46127.01    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | U.S. Treasury 2 Year Notes Future                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |       1076 | NC      | $359833.77    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-726964.61   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |  -37330000 | NC      | $-75780.65    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -28060000 | NC      | $-11581.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3670000 | NC      | $128013.18    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31396KV58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      81850 | PA      | $4330.15      | 0.00%             | 2036-09-25      | Floating      | 2.76%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CCO Holdings, LLC/CCO Holdings Capital Corp.                                         | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     152000 | PA      | $151101.16    | 0.02%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM12 Trust                                                        | OBX 2024-NQM12 Trust, Series 2024-NQM12, Class A2                                    | CUSIP: 67448PAB9<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |     496631 | PA      | $499550.61    | 0.08%             | 2064-07-25      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| Argentine Republic Government International Bond                            | Argentine Republic Government International Bond                                     | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    1411200 | PA      | $954676.80    | 0.15%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | Federal National Mortgage Association                                                | CUSIP: 3140QPRW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    6541476 | PA      | $6399919.57   | 0.99%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 31393VKX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       7593 | PA      | $7466.66      | 0.00%             | 2032-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ludgate Funding PLC                                                         | Ludgate Funding PLC, Series 2007-1, Class MA                                         | CUSIP: BCC0YN9Q6<br>LEI: 213800LADM2GPWI3P269 | Long             | ABS-MBS          | CORP              | GB        |     691844 | PA      | $883121.97    | 0.14%             | 2061-01-01      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-9493.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-360.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-89135.61    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                                                  | Sensata Technologies, Inc.                                                           | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     262000 | PA      | $242031.33    | 0.04%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Golub Capital Private Credit Fund                                           | Golub Capital Private Credit Fund                                                    | CUSIP: 38179RAB1<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |    1347000 | PA      | $1365415.83   | 0.21%             | 2029-09-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| IM Pastor 4, FTA                                                            | IM Pastor 4, FTA, Series B                                                           | CUSIP: BCC0QWGY0<br>LEI: 95980020140005262912 | Long             | ABS-MBS          | CORP              | ES        |    1000000 | PA      | $819347.65    | 0.13%             | 2044-03-22      | Floating      | 2.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac, Series 2025-DNA2, Class A1                                              | CUSIP: 35564NHY2<br>LEI: 529900XX8WXEM4FBIH80 | Long             | ABS-MBS          | USGSE             | US        |     552500 | PA      | $554174.96    | 0.09%             | 2045-05-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                        | FREMF Mortgage Trust, Series 2017-K62, Class B                                       | CUSIP: 302949AQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     280000 | PA      | $277470.87    | 0.04%             | 2050-01-25      | Variable      | 4.01%                 | No            |                  2 | On Loan: No      |
| Aberdeen Group PLC                                                          | Aberdeen Group PLC                                                                   | CUSIP: AP5373554<br>LEI: 0TMBS544NMO7GLCE7H90 | Long             | DBT              | CORP              | GB        |     675000 | PA      | $666139.04    | 0.10%             | 2028-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                       | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K093, Class X1, IO     | CUSIP: 3137FMCT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   18412291 | PA      | $525993.12    | 0.08%             | 2029-05-25      | Variable      | 1.08%                 | No            |                  2 | On Loan: No      |
| Berry Global, Inc.                                                          | Berry Global, Inc.                                                                   | CUSIP: 08576PAQ4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     767000 | PA      | $799647.81    | 0.12%             | 2034-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: —       |
| Cougar JV Subsidiary, LLC                                                   | Cougar JV Subsidiary, LLC                                                            | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     236000 | PA      | $251254.56    | 0.04%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| Sociedad Quimica y Minera de Chile S.A.                                     | Sociedad Quimica y Minera de Chile S.A.                                              | CUSIP: 833636AP8<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | DBT              | CORP              | CL        |    1905000 | PA      | $1926431.25   | 0.30%             | 2034-09-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| M&G PLC                                                                     | M&G PLC                                                                              | CUSIP: AU5739852<br>LEI: 254900TWUJUQ44TQJY84 | Long             | DBT              | CORP              | GB        |    1400000 | PA      | $1862393.65   | 0.29%             | 2051-10-20      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets PLC                                                      | BP Capital Markets PLC                                                               | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     435000 | PA      | $432599.67    | 0.07%             | N/A             | Variable      | 4.88%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-180003.41   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   21010000 | NC      | $31460.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust, Series 2005-2, Class 1A3                              | CUSIP: 17307GRB6<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |     111812 | PA      | $109459.71    | 0.02%             | 2035-05-25      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $1705.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                                                     | Bath & Body Works, Inc.                                                              | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     229000 | PA      | $234433.48    | 0.04%             | 2030-10-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust 2025-SF1                                        | SBNA Auto Receivables Trust 2025-SF1, Series 2025-SF1, Class C                       | CUSIP: 78437XAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     300000 | PA      | $301346.55    | 0.05%             | 2031-04-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Banco Macro S.A.                                                            | Banco Macro S.A., Class B                                                            | CUSIP: N/A<br>LEI: 579100KKDKKIFEBKK040       | Long             | EC               | CORP              | AR        |     170000 | NS      | $791630.58    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Saks Global Enterprises LLC                                                 | Saks Global Enterprises LLC                                                          | CUSIP: 79380MAB1<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     156450 | PA      | $80473.97     | 0.01%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-32719.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-45574.16    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | U.S. Treasury 10 Year Ultra Future                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |         -8 | NC      | $-7763.36     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Holdings Inc.                                                     | RB Global Holdings Inc.                                                              | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     343000 | PA      | $351093.45    | 0.05%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Newday Funding Master Issuer PLC - Series 2025-1                            | Newday Funding Master Issuer PLC - Series 2025-1, Series 2025-1X, Class E            | CUSIP: BCC3LFVV5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |    1510000 | PA      | $2055833.88   | 0.32%             | 2033-04-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                           | Barclays Bank PLC                                                                    | CUSIP: 06738C828<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |    3470000 | PA      | $3674209.50   | 0.57%             | N/A             | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   -9330000 | NC      | $-428679.05   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | Government National Mortgage Association, IO                                         | CUSIP: 38377VGZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |      67838 | PA      | $4625.65      | 0.00%             | 2041-04-16      | Floating      | 2.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31394CXB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      90670 | PA      | $7920.87      | 0.00%             | 2035-03-25      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                             | TransDigm, Inc.                                                                      | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    1593000 | PA      | $1625352.24   | 0.25%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $9931.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                       | OneMain Finance Corp.                                                                | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     109000 | PA      | $112174.19    | 0.02%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                       | Westlake Automobile Receivables Trust, Series 2024-3A, Class D                       | CUSIP: 96043CAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1500000 | PA      | $1520427.60   | 0.24%             | 2030-04-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31394DQD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      58339 | PA      | $2255.55      | 0.00%             | 2035-05-25      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    -420000 | NC      | $-37.38       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Claire's Holdings LLC                                                       | Claire's Holdings LLC, Class S                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        235 | NS      | $24.09        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $633966.14    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   23900000 | NC      | $263419.35    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1500000 | NC      | $101025.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                                 | Telecom Italia Capital S.A.                                                          | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     229000 | PA      | $240920.14    | 0.04%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Sunrise FinCo I B.V.                                                        | Sunrise FinCo I B.V.                                                                 | CUSIP: N/A<br>LEI: 213800MNFBDEQRS6HZ22       | Long             | DBT              | CORP              | NL        |     250000 | PA      | $298037.48    | 0.05%             | 2032-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1500000 | NC      | $273112.95    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Voyager Parent, LLC                                                         | Voyager Parent, LLC                                                                  | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |     219000 | PA      | $231737.07    | 0.04%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-193266.67   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                             | Sinclair Television Group, Inc.                                                      | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |      46000 | PA      | $47245.45     | 0.01%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                            | Paramount Global                                                                     | CUSIP: 124857AR4<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    1548000 | PA      | $1516779.36   | 0.24%             | 2027-01-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Ctfs. Trust                                      | WaMu Mortgage Pass-Through Ctfs. Trust, Series 2005-AR16, Class 1A1                  | CUSIP: 92922F6W3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       2032 | PA      | $1868.74      | 0.00%             | 2035-12-25      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                  | Allison Transmission, Inc.                                                           | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     117000 | PA      | $116292.02    | 0.02%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Hera Financing 2024-1 DAC                                                   | Hera Financing 2024-1 DAC, Series 2024-1A, Class A                                   | CUSIP: BCC3H4L87<br>LEI: 635400VJTRWYKL9GM761 | Long             | ABS-MBS          | CORP              | IE        |    1031907 | PA      | $1391719.79   | 0.22%             | 2034-11-17      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                       | OneMain Finance Corp.                                                                | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     148000 | PA      | $153074.59    | 0.02%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -14000000 | NC      | $-125720.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Sempra                                                                      | Sempra                                                                               | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     812000 | PA      | $833806.45    | 0.13%             | 2056-04-01      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Ltd.                                                    | Studio City Finance Ltd.                                                             | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |     323000 | PA      | $311460.94    | 0.05%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Banco BBVA Argentina S.A.                                                   | Banco BBVA Argentina S.A.                                                            | CUSIP: N/A<br>LEI: 579100KKDBKJFDKKD024       | Long             | EC               | CORP              | AR        |      80000 | NS      | $245842.15    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                   | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                            | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     450000 | PA      | $471259.20    | 0.07%             | 2055-03-10      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Pampa Energia S.A.                                                          | Pampa Energia S.A.                                                                   | CUSIP: N/A<br>LEI: 254900QNIK0CVURGML24       | Long             | EC               | CORP              | AR        |     400000 | NS      | $1067586.95   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Univision Communications Inc.                                               | Univision Communications Inc.                                                        | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      97000 | PA      | $103451.18    | 0.02%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  112640000 | NC      | $202486.17    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac, Series 2023-HQA3, Class M2                                              | CUSIP: 35564NAA1<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | USGSE             | US        |    3100000 | PA      | $3272829.96   | 0.51%             | 2043-11-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   19600000 | NC      | $758133.81    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $690993.54    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Sealed Air Corp.                                                            | Sealed Air Corp.                                                                     | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     120000 | PA      | $119428.27    | 0.02%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mexican Bonos                                                               | Mexican Bonos, Series M                                                              | CUSIP: YR0988158<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  514000000 | PA      | $28369309.62  | 4.41%             | 2030-02-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-394.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FCWD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      12887 | PA      | $1770.21      | 0.00%             | 2035-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Claire's Stores, Inc.                                                       | Claire's Stores, Inc., Term Loan                                                     | CUSIP: 17958DAL1<br>LEI: 549300N5HNYXI6JY7625 | Long             | LON              | CORP              | US        |      71011 | PA      | $5095.01      | 0.00%             | 2026-12-18      | Floating      | 10.73%                | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 31395U5F4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      70155 | PA      | $5818.97      | 0.00%             | 2035-05-15      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                                           | Rocket Cos., Inc.                                                                    | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     235000 | PA      | $241357.93    | 0.04%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Jupiter Mortgage No.1 PLC                                                   | Jupiter Mortgage No.1 PLC, Series 1A, Class ER                                       | CUSIP: BCC3D7YQ0<br>LEI: 6354009QIELPOGEAFS09 | Long             | ABS-MBS          | CORP              | GB        |    1379000 | PA      | $1862455.83   | 0.29%             | 2055-07-20      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac, Series 2023-HQA2, Class M1                                              | CUSIP: 35564K2G3<br>LEI: 5493000KIGZAWUOW4E32 | Long             | ABS-MBS          | USGSE             | US        |     900000 | PA      | $934912.98    | 0.15%             | 2043-06-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                          | Newell Brands Inc.                                                                   | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     110000 | PA      | $110834.35    | 0.02%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Argentum Netherlands BV for Swiss Re Ltd.                                   | Argentum Netherlands BV for Swiss Re Ltd.                                            | CUSIP: LW2260898<br>LEI: 724500RPEZI5VVQQWE89 | Long             | DBT              | CORP              | NL        |     207000 | PA      | $209550.89    | 0.03%             | 2052-08-15      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Funding 2024 - Granite 6 PLC                            | Towd Point Mortgage Funding 2024 - Granite 6 PLC, Series 2024-GR6A, Class F          | CUSIP: BCC3FJ063<br>LEI: 635400ZB5U3EBVBSFK52 | Long             | ABS-MBS          | CORP              | GB        |     950000 | PA      | $1280938.07   | 0.20%             | 2053-07-20      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CCO Holdings, LLC/CCO Holdings Capital Corp.                                         | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     275000 | PA      | $244663.58    | 0.04%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-54015.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CMS Energy Corp.                                                            | CMS Energy Corp.                                                                     | CUSIP: 125896BY5<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    2629000 | PA      | $2724640.42   | 0.42%             | 2055-06-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |  -36400000 | NC      | $-211341.68   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Europe, B.V.                                                     | Telefonica Europe, B.V.                                                              | CUSIP: ZN3747385<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    1400000 | PA      | $1805522.97   | 0.28%             | N/A             | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Grupo Financiero Galicia S.A.                                               | Grupo Financiero Galicia S.A., Class B                                               | CUSIP: N/A<br>LEI: 5299008H3AXIXV5G3C23       | Long             | EC               | CORP              | AR        |     535000 | NS      | $1647946.93   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio                                                  | Invesco Treasury Portfolio, Institutional Class                                      | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |    8167938 | NS      | $8167937.95   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Midstream Holdings, LLC                                              | Summit Midstream Holdings, LLC                                                       | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     232000 | PA      | $233325.18    | 0.04%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Transocean Titan Financing Ltd.                                             | Transocean Titan Financing Ltd.                                                      | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      74476 | PA      | $76509.55     | 0.01%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-124540.86   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                | Diversified Healthcare Trust                                                         | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $101757.95    | 0.02%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31393Y5U5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      77760 | PA      | $8971.51      | 0.00%             | 2033-10-25      | Floating      | 3.08%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $13004.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Jane Street Group / JSG Finance Inc.                                        | Jane Street Group / JSG Finance Inc.                                                 | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     357000 | PA      | $362108.37    | 0.06%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   18666667 | NC      | $957321.70    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2100000 | NC      | $260152.84    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                   | Seagate Data Storage Technology Pte. Ltd.                                            | CUSIP: 81180LAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     376000 | PA      | $348997.79    | 0.05%             | 2031-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Central Parent Inc / CDK Global Inc.                                        | Central Parent Inc / CDK Global Inc.                                                 | CUSIP: 15477CAA3<br>LEI: 5493000L10CYRTHIJ385 | Long             | DBT              | CORP              | US        |      28000 | PA      | $24214.54     | 0.00%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Hologic, Inc.                                                               | Hologic, Inc.                                                                        | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     280000 | PA      | $270619.05    | 0.04%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GCAT 2024-INV3 Trust                                                        | GCAT 2024-INV3 Trust, Series 2024-INV3, Class A17                                    | CUSIP: 36830FAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     167874 | PA      | $171511.59    | 0.03%             | 2054-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1400000 | NC      | $103595.65    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Muthoot Finance Ltd.                                                        | Muthoot Finance Ltd.                                                                 | CUSIP: 62828M2C4<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |    1350000 | PA      | $1392110.62   | 0.22%             | 2028-02-14      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-148364.59   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| GMR Hyderabad International Airport Ltd.                                    | GMR Hyderabad International Airport Ltd.                                             | CUSIP: AP5111855<br>LEI: 335800NSPGIN89SVOU83 | Long             | DBT              | CORP              | IN        |    1800000 | PA      | $1776864.76   | 0.28%             | 2027-10-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LCM Investments Holdings II, LLC                                            | LCM Investments Holdings II, LLC                                                     | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     229000 | PA      | $242367.65    | 0.04%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-248235.13   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| OBX 2024-NQM12 Trust                                                        | OBX 2024-NQM12 Trust, Series 2024-NQM12, Class M1                                    | CUSIP: 67448PAD5<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |     310000 | PA      | $310570.99    | 0.05%             | 2064-07-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -14000000 | NC      | $-31756.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3000000 | NC      | $17142.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FAKM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       8575 | PA      | $943.36       | 0.00%             | 2032-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Caturus Energy, LLC                                                         | Caturus Energy, LLC                                                                  | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |     236000 | PA      | $245904.58    | 0.04%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Eurosail PLC                                                                | Eurosail PLC, Series 2006-2X, Class E1C                                              | CUSIP: BCC0T5HQ2<br>LEI: 213800PBNX9J895VX562 | Long             | ABS-MBS          | CORP              | GB        |    1830000 | PA      | $2223030.99   | 0.35%             | 2044-12-15      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-229556.70   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| British Telecommunications PLC                                              | British Telecommunications PLC                                                       | CUSIP: 11102AAF8<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    4150000 | PA      | $4118779.14   | 0.64%             | 2081-11-23      | Variable      | 4.25%                 | No            |                  2 | On Loan: —       |
| Iron Mountain Information Management Services, Inc.                         | Iron Mountain Information Management Services, Inc.                                  | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     116000 | PA      | $111872.24    | 0.02%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -14000000 | NC      | $-98835.47    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                | UBS Group AG                                                                         | CUSIP: ZG0292620<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    1350000 | PA      | $1492686.90   | 0.23%             | N/A             | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3500000 | NC      | $370202.00    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                                                  | Cloud Software Group, Inc.                                                           | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |      86000 | PA      | $91319.82     | 0.01%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392F7G6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      16616 | PA      | $1619.25      | 0.00%             | 2032-12-18      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                            | CVS Health Corp.                                                                     | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     425000 | PA      | $439384.13    | 0.07%             | 2054-12-10      | Variable      | 6.75%                 | No            |                  2 | On Loan: —       |
| AES Corp. (The)                                                             | AES Corp. (The)                                                                      | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    2003000 | PA      | $2079276.24   | 0.32%             | 2055-01-15      | Variable      | 7.60%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -11020000 | NC      | $-90022.38    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392HRF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       3940 | PA      | $510.92       | 0.00%             | 2033-02-25      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-484865.30   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Alba PLC                                                                    | Alba PLC, Series 2007-1, Class F                                                     | CUSIP: BCC0XU0N7<br>LEI: 2138008XOOHJFP498784 | Long             | ABS-MBS          | CORP              | GB        |     557475 | PA      | $695715.26    | 0.11%             | 2039-03-17      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   36720000 | NC      | $177431.04    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1820000 | NC      | $252454.02    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                    | Fannie Mae Connecticut Avenue Securities, Series 2022-R04, Class 1M2                 | CUSIP: 20753YCK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     770000 | PA      | $791563.08    | 0.12%             | 2042-03-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Vista Energy Argentina S.A.U                                                | Vista Energy Argentina S.A.U                                                         | CUSIP: 92841RAA8<br>LEI: 549300FE4UJNCG1DB123 | Long             | DBT              | CORP              | AR        |     700000 | PA      | $680750.00    | 0.11%             | 2035-12-10      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-23618.61    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -19390000 | NC      | $-564585.84   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1500000 | NC      | $237892.50    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                                        | Xerox Holdings Corp.                                                                 | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |      31000 | PA      | $18290.52     | 0.00%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM12 Trust                                                        | OBX 2024-NQM12 Trust, Series 2024-NQM12, Class A3                                    | CUSIP: 67448PAC7<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |     250240 | PA      | $251445.97    | 0.04%             | 2064-07-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Bain Capital Specialty Finance, Inc.                                        | Bain Capital Specialty Finance, Inc.                                                 | CUSIP: 05684BAD9<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |     370000 | PA      | $372069.04    | 0.06%             | 2030-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: —       |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392EHB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1310 | PA      | $125.08       | 0.00%             | 2032-09-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans Mortgage Pass-Through Trust                          | Countrywide Home Loans Mortgage Pass-Through Trust, Series 2005-J4, Class A7         | CUSIP: 126694RQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     149946 | PA      | $123608.20    | 0.02%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Argentine Republic Government International Bond                            | Argentine Republic Government International Bond                                     | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    2100000 | PA      | $1018605.00   | 0.16%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Viatris Inc.                                                                | Viatris Inc.                                                                         | CUSIP: 92556VAE6<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |     746000 | PA      | $569185.31    | 0.09%             | 2040-06-22      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392ERQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       2391 | PA      | $256.18       | 0.00%             | 2032-07-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CCO Holdings, LLC/CCO Holdings Capital Corp.                                         | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1440000 | PA      | $1360936.37   | 0.21%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13990000 | NC      | $-348518.88   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Greystar Real Estate Partners LLC                                           | Greystar Real Estate Partners LLC, Term Loan B                                       | CUSIP: 39806LAD9<br>LEI: 254900HGC806SXAS4M46 | Long             | LON              | CORP              | US        |     154463 | PA      | $154848.89    | 0.02%             | 2030-08-21      | Floating      | 6.90%                 | No            |                  3 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $47026.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31393AHE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      30106 | PA      | $4930.56      | 0.00%             | 2033-04-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $579900.87    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -195900000 | NC      | $-393432.06   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-707.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                               | Enbridge Inc.                                                                        | CUSIP: 29250NBN4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    2857000 | PA      | $2975925.48   | 0.46%             | 2083-01-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-2842.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Is Bankasi A.S.                                                     | Turkiye Is Bankasi A.S.                                                              | CUSIP: 900151AN1<br>LEI: 789000FIRX9MDN0KTM91 | Long             | DBT              | CORP              | TR        |    1400000 | PA      | $1393335.73   | 0.22%             | 2036-04-02      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                             | Whirlpool Corp.                                                                      | CUSIP: 963320AW6<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     236000 | PA      | $232990.50    | 0.04%             | 2029-02-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Barclays Bank PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -373050000 | NC      | $-745902.28   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                                        | Xerox Holdings Corp.                                                                 | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |      34000 | PA      | $18538.54     | 0.00%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                | Diversified Healthcare Trust                                                         | CUSIP: 25525PAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     126000 | PA      | $124716.21    | 0.02%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | U.S. Treasury Ultra Bonds Future                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        -10 | NC      | $-28299.45    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Fideicomiso Financiero Invernea Proteina 2                                  | Fideicomiso Financiero Invernea Proteina 2, Serie II                                 | CUSIP: BCC37HGV4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AR        |  133500000 | PA      | $658527.20    | 0.10%             | 2032-08-25      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Volkswagen International Finance N.V.                                       | Volkswagen International Finance N.V.                                                | CUSIP: EK1313726<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |     560000 | PA      | $660821.96    | 0.10%             | N/A             | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FASW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      16397 | PA      | $1870.92      | 0.00%             | 2032-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2940000 | NC      | $284821.32    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -32200000 | NC      | $-426528.12   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -7750000 | NC      | $-464705.50   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5                    | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5, Series 2024-NQM5, Class A3 | CUSIP: 61777QAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     806306 | PA      | $813287.67    | 0.13%             | 2069-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc.                                                       | Keurig Dr Pepper Inc.                                                                | CUSIP: 49271VAZ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     667000 | PA      | $666914.82    | 0.10%             | 2028-05-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                                                 | ONEOK, Inc.                                                                          | CUSIP: 682680BN2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    1487000 | PA      | $1582883.43   | 0.25%             | 2053-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 31392X3Q9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       6294 | PA      | $6339.64      | 0.00%             | 2032-02-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                        | Clear Channel Outdoor Holdings, Inc., Term Loan B                                    | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |     285646 | PA      | $286502.58    | 0.04%             | 2028-08-23      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| Jane Street Group / JSG Finance Inc.                                        | Jane Street Group / JSG Finance Inc.                                                 | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     228000 | PA      | $236986.46    | 0.04%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC                                         | Venture Global Plaquemines LNG, LLC                                                  | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     251000 | PA      | $266763.30    | 0.04%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | J.P. Morgan Securities PLC                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -22380000 | NC      | $-611863.38   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                         | Petroleos Mexicanos                                                                  | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     700000 | PA      | $709695.70    | 0.11%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 31398LPG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      10744 | PA      | $1017.88      | 0.00%             | 2039-12-15      | Floating      | 1.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                    | Fannie Mae Connecticut Avenue Securities, Series 2023-R08, Class 1M1                 | CUSIP: 20755CAA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     217377 | PA      | $217659.57    | 0.03%             | 2043-10-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Treasury Corp. of Victoria                                                  | Treasury Corp. of Victoria                                                           | CUSIP: N/A<br>LEI: 549300ZJM7BQW1P9UV75       | Long             | DBT              | NUSS              | AU        |    7395000 | PA      | $4996665.93   | 0.78%             | 2026-11-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hawaiian Electric Co., Inc.                                                 | Hawaiian Electric Co., Inc.                                                          | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |     244000 | PA      | $246273.41    | 0.04%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   -9140000 | NC      | $-406159.61   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1027342.54  | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $109037.81    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 31392BKZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       8527 | PA      | $8756.01      | 0.00%             | 2032-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-9865.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alba PLC                                                                    | Alba PLC, Series 2006-2, Class F                                                     | CUSIP: BCC0TR7H5<br>LEI: 2138004SAGUH3UKKW934 | Long             | ABS-MBS          | CORP              | GB        |     384352 | PA      | $475001.28    | 0.07%             | 2038-12-15      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| Eurobank S.A.                                                               | Eurobank S.A.                                                                        | CUSIP: ZG2610597<br>LEI: 213800KGF4EFNUQKAT69 | Long             | DBT              | CORP              | GR        |     675000 | PA      | $861488.86    | 0.13%             | 2029-11-28      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -127875000 | NC      | $-1649463.46  | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                                                    | Group 1 Automotive, Inc.                                                             | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     238000 | PA      | $243928.34    | 0.04%             | 2030-01-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac, Series 2024-DNA1, Class M2                                              | CUSIP: 35564NBA0<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | USGSE             | US        |    1550000 | PA      | $1568502.35   | 0.24%             | 2044-02-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                              | Citigroup Inc., Series Y                                                             | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     224000 | PA      | $219534.38    | 0.03%             | N/A             | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-8739.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | Federal Home Loan Mortgage Corp.                                                     | CUSIP: 3133KQWZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    6333166 | PA      | $6311630.57   | 0.98%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                         | GS Mortgage-Backed Securities Trust, Series 2025-NQM3, Class A2                      | CUSIP: 36274TAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     540725 | PA      | $541705.62    | 0.08%             | 2065-11-25      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners L.P./ Antero Midstream Finance Corp.              | Antero Midstream Partners L.P./ Antero Midstream Finance Corp.                       | CUSIP: 03690AAK2<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |     233000 | PA      | $240175.70    | 0.04%             | 2032-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -21550000 | NC      | $-81969.30    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-99946.72    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $173480.94    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $3729773.33   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                                                  | WarnerMedia Holdings, Inc.                                                           | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     225000 | PA      | $206437.50    | 0.03%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                           | CD Mortgage Trust, Series 2017-CD6, Class XA                                         | CUSIP: 125039AG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1709790 | PA      | $21903.95     | 0.00%             | 2050-11-13      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                         | Petroleos Mexicanos                                                                  | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    1400000 | PA      | $1418438.00   | 0.22%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-5626.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -14000000 | NC      | $-46298.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $101194.58    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Orazul Energy Peru S.A.                                                     | Orazul Energy Peru S.A.                                                              | CUSIP: 685948AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     512000 | PA      | $520546.14    | 0.08%             | 2032-09-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bond                                         | Egypt Government International Bond                                                  | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    1095000 | PA      | $1164355.92   | 0.18%             | 2030-02-04      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Calpine Corp.                                                               | Calpine Corp.                                                                        | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     355000 | PA      | $355443.75    | 0.06%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31397L5D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       6825 | PA      | $352.66       | 0.00%             | 2038-07-25      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $98196.21     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13890000 | NC      | $-121079.13   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-42290.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   22050000 | NC      | $1448971.65   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| AECOM                                                                       | AECOM                                                                                | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |     234000 | PA      | $239431.14    | 0.04%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Global Atlantic (Fin) Co.                                                   | Global Atlantic (Fin) Co.                                                            | CUSIP: 37959GAC1<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     267000 | PA      | $263064.60    | 0.04%             | 2051-10-15      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Directv Financing, LLC                                                      | Directv Financing, LLC                                                               | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      61000 | PA      | $60327.25     | 0.01%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $61001.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MARB Bondco PLC                                                             | MARB Bondco PLC                                                                      | CUSIP: 566007AC4<br>LEI: 254900PVA1EU6QM1JN57 | Long             | DBT              | CORP              | GB        |    1400000 | PA      | $1283616.46   | 0.20%             | 2031-01-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: —       |
| Telenet Finance Luxembourg Notes S.a.r.l.                                   | Telenet Finance Luxembourg Notes S.a.r.l.                                            | CUSIP: AQ2322842<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |    1600000 | PA      | $1594071.15   | 0.25%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United Airlines, Inc.                                                       | United Airlines, Inc.                                                                | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    1391000 | PA      | $1390059.84   | 0.22%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   11980000 | NC      | $2240.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EnerSys                                                                     | EnerSys                                                                              | CUSIP: 29275YAC6<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |     245000 | PA      | $241753.63    | 0.04%             | 2027-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $2021.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust                                                         | RCKT Mortgage Trust, Series 2025-CES6, Class A1A                                     | CUSIP: 748949AA2<br>LEI: 2549002LEW4WNQBOMB89 | Long             | ABS-MBS          | CORP              | US        |     478993 | PA      | $484146.70    | 0.08%             | 2055-06-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 313921R34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       8983 | PA      | $863.06       | 0.00%             | 2031-11-18      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -19970000 | NC      | $-3514.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392JDD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      26596 | PA      | $2916.32      | 0.00%             | 2033-03-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                  | Rogers Communications Inc.                                                           | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     852000 | PA      | $889488.85    | 0.14%             | 2055-04-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                                                  | Amneal Pharmaceuticals LLC                                                           | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     257000 | PA      | $266113.83    | 0.04%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2800000 | NC      | $265913.65    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-269474.52   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-119752.84   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FIEMEX Energia - Banco Actinver S.A. Institucion de Banca Multiple          | FIEMEX Energia - Banco Actinver S.A. Institucion de Banca Multiple                   | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     940982 | PA      | $1006286.16   | 0.16%             | 2041-01-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                                                  | Lamb Weston Holdings, Inc.                                                           | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     264000 | PA      | $249729.87    | 0.04%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-2683.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RHP Hotel Properties L.P./ RHP Finance Corp.                                | RHP Hotel Properties L.P./ RHP Finance Corp.                                         | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     232000 | PA      | $239091.08    | 0.04%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                                                 | ONEOK, Inc.                                                                          | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    1185000 | PA      | $1200383.12   | 0.19%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| COLT 2024-INV1 Mortgage Loan Trust                                          | COLT 2024-INV1 Mortgage Loan Trust, Series 2024-INV1, Class A3                       | CUSIP: 12672RAC6<br>LEI: 213800D3JCL6LSBI3544 | Long             | ABS-MBS          | CORP              | US        |     357571 | PA      | $361043.07    | 0.06%             | 2068-12-25      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| Clarios Global L.P./ Clarios US Finance Co.                                 | Clarios Global L.P./ Clarios US Finance Co.                                          | CUSIP: 18060TAD7<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | US        |      79000 | PA      | $81670.60     | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 31392KGA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       6833 | PA      | $6817.29      | 0.00%             | 2032-03-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| CPI Property Group S.A.                                                     | CPI Property Group S.A.                                                              | CUSIP: N/A<br>LEI: 222100CO2ZOTEPGJO223       | Long             | DBT              | CORP              | LU        |    1300000 | PA      | $1485209.16   | 0.23%             | N/A             | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Murray Energy Corp.                                                         | Murray Energy Corp.                                                                  | CUSIP: N/A<br>LEI: 549300WM5IIFYHZYTT63       | Long             | EC               | CORP              | US        |        478 | NS      | $38479.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-15608.73    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Ctfs. Trust                                      | WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7                   | CUSIP: 92922FEB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10759 | PA      | $10401.72     | 0.00%             | 2033-10-25      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| Newgate Funding PLC                                                         | Newgate Funding PLC, Series 2007-3X, Class CB                                        | CUSIP: BCC11HRV2<br>LEI: 2138006KF4KS6D5P1697 | Long             | ABS-MBS          | CORP              | GB        |     316605 | PA      | $355981.58    | 0.06%             | 2050-12-15      | Floating      | 3.51%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $7173.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $201034.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley & Co. International PLC                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   54850000 | NC      | $264221.51    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-7574.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -17540000 | NC      | $-1219152.78  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust                                                         | Rate Mortgage Trust, Series 2024-J3, Class A2                                        | CUSIP: 75409UAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     444147 | PA      | $446291.10    | 0.07%             | 2054-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| WMG Acquisition Corp.                                                       | WMG Acquisition Corp.                                                                | CUSIP: 92933BAT1<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |     244000 | PA      | $232925.82    | 0.04%             | 2029-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Mirion Technologies, Inc.                                                   | Mirion Technologies, Inc., Conv.                                                     | CUSIP: 60471AAC5<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | DBT              | CORP              | US        |      18000 | PA      | $19404.38     | 0.00%             | 2031-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-2026.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac, Series 2022-DNA3, Class M1                                              | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | USGSE             | US        |    3000000 | PA      | $3088020.60   | 0.48%             | 2042-04-25      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-10374.09    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Funding 2024 - Granite 6 PLC                            | Towd Point Mortgage Funding 2024 - Granite 6 PLC, Series 2024-GR6X, Class F          | CUSIP: BCC3FHZW2<br>LEI: 635400ZB5U3EBVBSFK52 | Long             | ABS-MBS          | CORP              | GB        |     620000 | PA      | $835980.63    | 0.13%             | 2053-07-20      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| SC Germany S.A. Compartment Consumer Trust                                  | SC Germany S.A. Compartment Consumer Trust, Series 2021-1, Class E                   | CUSIP: BCC32SYK9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    2913710 | PA      | $3406858.86   | 0.53%             | 2035-11-14      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -14000000 | NC      | $-164570.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| NESCO Holdings II, Inc.                                                     | NESCO Holdings II, Inc.                                                              | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |     244000 | PA      | $239137.08    | 0.04%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Argentina Treasury Bond BONTE                                               | Argentina Treasury Bond BONTE                                                        | CUSIP: N/A<br>LEI: 549300KPBYGYF7HCHO27       | Long             | DBT              | NUSS              | AR        | 4015000000 | PA      | $2553484.26   | 0.40%             | 2027-04-27      | Fixed         | 29.50%                | No            |                  2 | On Loan: No      |
| Repsol E&P Capital Markets US LLC                                           | Repsol E&P Capital Markets US LLC                                                    | CUSIP: 76026AAB3<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |     541000 | PA      | $545160.16    | 0.08%             | 2030-09-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| African Development Bank                                                    | African Development Bank                                                             | CUSIP: ZP3697759<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | CORP              | CI        |   78000000 | PA      | $395977.18    | 0.06%             | 2050-01-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Banco de Credito e Inversiones S.A.                                         | Banco de Credito e Inversiones S.A.                                                  | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     775000 | PA      | $839646.63    | 0.13%             | N/A             | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria S.A.                                        | Banco Bilbao Vizcaya Argentaria S.A.                                                 | CUSIP: BK4220673<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    1800000 | PA      | $2131942.04   | 0.33%             | N/A             | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -11230000 | NC      | $-75723.89    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $1368.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Acrisure LLC / Acrisure Finance Inc.                                        | Acrisure LLC / Acrisure Finance Inc.                                                 | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     342000 | PA      | $356545.26    | 0.06%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Weir Group Inc.                                                             | Weir Group Inc.                                                                      | CUSIP: 94877DAA2<br>LEI: 2138009WEPEV2V98AV65 | Long             | DBT              | CORP              | US        |     569000 | PA      | $585519.36    | 0.09%             | 2030-05-06      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp.                                                            | Sealed Air Corp.                                                                     | CUSIP: 81211KAK6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     110000 | PA      | $119553.78    | 0.02%             | 2033-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-197396.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                             | Solventum Corp.                                                                      | CUSIP: 83444MAN1<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     656000 | PA      | $666923.78    | 0.10%             | 2027-02-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| Fideicomiso Dorrego y Libertador                                            | Fideicomiso Dorrego y Libertador                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | AR        |   33994486 | PA      | $23406.29     | 0.00%             | 2043-12-31      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                    | Fannie Mae Connecticut Avenue Securities, Series 2023-R06, Class 1M1                 | CUSIP: 20754EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     286879 | PA      | $287861.19    | 0.04%             | 2043-07-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                               | UBS Commercial Mortgage Trust, Series 2017-C5, Class XA                              | CUSIP: 90276TAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2184312 | PA      | $35175.72     | 0.01%             | 2050-11-15      | Variable      | 1.24%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 31339WXH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      51503 | PA      | $1951.52      | 0.00%             | 2032-04-15      | Floating      | 3.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 31395LMA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      31533 | PA      | $2043.53      | 0.00%             | 2035-01-15      | Floating      | 2.21%                 | No            |                  2 | On Loan: No      |
| PHINIA Inc.                                                                 | PHINIA Inc.                                                                          | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |     105000 | PA      | $108301.26    | 0.02%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CCO Holdings, LLC/CCO Holdings Capital Corp.                                         | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1440000 | PA      | $1382899.68   | 0.21%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| IHS Holding Ltd.                                                            | IHS Holding Ltd.                                                                     | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    1550000 | PA      | $1634057.00   | 0.25%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Medline Borrower, L.P.                                                      | Medline Borrower, L.P.                                                               | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     249000 | PA      | $240329.57    | 0.04%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                    | Celanese US Holdings LLC                                                             | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     225000 | PA      | $234056.86    | 0.04%             | 2033-11-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -21010000 | NC      | $-85902.41    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                         | Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA                        | CUSIP: 17326FAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4569179 | PA      | $73884.99     | 0.01%             | 2050-10-12      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| Roller Bearing Co. of America, Inc.                                         | Roller Bearing Co. of America, Inc.                                                  | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |     257000 | PA      | $249931.32    | 0.04%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                                        | CEMEX S.A.B. de C.V.                                                                 | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     965000 | PA      | $961684.84    | 0.15%             | N/A             | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FA2H2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      85514 | PA      | $12139.23     | 0.00%             | 2033-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | S&P 500 Index Option                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |          5 | NC      | $7250.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy, Inc.                                                       | Cheniere Energy, Inc.                                                                | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     773000 | PA      | $797200.90    | 0.12%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                         | COMM Mortgage Trust, Series 2019-GC44, Class AM                                      | CUSIP: 12655TBP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $931260.50    | 0.14%             | 2057-08-15      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                          | Iron Mountain Inc.                                                                   | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     262000 | PA      | $250338.62    | 0.04%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Auburn 15 PLC                                                               | Auburn 15 PLC, Series F                                                              | CUSIP: BCC3FPT01<br>LEI: 635400AVCSC2I7SWKL40 | Long             | ABS-MBS          | CORP              | GB        |     749000 | PA      | $991648.60    | 0.15%             | 2045-07-20      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bond                                   | Ivory Coast Government International Bond                                            | CUSIP: AR6697171<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    1000000 | PA      | $1175324.73   | 0.18%             | 2030-03-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                                    | Comstock Resources, Inc.                                                             | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     244000 | PA      | $243771.03    | 0.04%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-407.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | Government National Mortgage Association                                             | CUSIP: 36208LLZ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       2286 | PA      | $2298.85      | 0.00%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Ltd.                                                  | Melco Resorts Finance Ltd.                                                           | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $200658.00    | 0.03%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1400000 | NC      | $185222.80    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   21080000 | NC      | $384760.39    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-4537905.87  | -0.71%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 31392HMC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      32686 | PA      | $33017.15     | 0.01%             | 2032-09-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -20970000 | NC      | $-207561.06   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  109540000 | NC      | $1271620.41   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Sitios Latinoamerica, S.A.B. de C.V.                                        | Sitios Latinoamerica, S.A.B. de C.V.                                                 | CUSIP: 03217KAB4<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | MX        |    2024000 | PA      | $2025665.75   | 0.31%             | 2032-04-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                   | Vistra Operations Co. LLC                                                            | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     250000 | PA      | $264729.25    | 0.04%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Aethon United BR L.P./ Aethon United Finance Corp.                          | Aethon United BR L.P./ Aethon United Finance Corp.                                   | CUSIP: 00810GAD6<br>LEI: 5493007HPG2M9K9X5V41 | Long             | DBT              | CORP              | US        |     220000 | PA      | $229601.02    | 0.04%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $1375650.37   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -14000000 | NC      | $-223188.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                   | Ford Motor Credit Co. LLC                                                            | CUSIP: 345397C84<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    2800000 | PA      | $3818453.53   | 0.59%             | 2026-06-05      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| Brazil Notas do Tesouro Nacional                                            | Brazil Notas do Tesouro Nacional, Series B                                           | CUSIP: EK6971114<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    7300000 | PA      | $5492116.75   | 0.85%             | 2055-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                       | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K735, Class X1, IO     | CUSIP: 3137FMU83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |    2777398 | PA      | $10318.59     | 0.00%             | 2026-05-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   -9950000 | NC      | $-1252052.15  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 3136AAQJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     124152 | PA      | $15383.90     | 0.00%             | 2042-12-25      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                                            | Clarivate Science Holdings Corp.                                                     | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     258000 | PA      | $244053.47    | 0.04%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Corp.                                               | Nissan Motor Acceptance Corp.                                                        | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     360000 | PA      | $375065.23    | 0.06%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                              | Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA                            | CUSIP: 61691NAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1575581 | PA      | $24099.93     | 0.00%             | 2050-12-15      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Cushman & Wakefield U.S. Borrower LLC                                       | Cushman & Wakefield U.S. Borrower LLC, Term Loan                                     | CUSIP: 23340DAU6<br>LEI: 549300870CMN3WI5IF97 | Long             | LON              | CORP              | US        |     287092 | PA      | $288170.53    | 0.04%             | 2030-01-31      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                          | State Street Corp., Series I                                                         | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    1270000 | PA      | $1322652.93   | 0.21%             | N/A             | Variable      | 6.70%                 | No            |                  2 | On Loan: —       |
| Lamar Media Corp.                                                           | Lamar Media Corp.                                                                    | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     735000 | PA      | $729037.02    | 0.11%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $1416203.51   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $27318.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Discovery Communications, LLC                                               | Discovery Communications, LLC                                                        | CUSIP: 25470DCA5<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     253000 | PA      | $243746.53    | 0.04%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MASTR Asset Backed Securities Trust                                         | MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3                      | CUSIP: 55291KAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     636348 | PA      | $217172.43    | 0.03%             | 2036-08-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | Government National Mortgage Association                                             | CUSIP: 38385ES39<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |   47583620 | PA      | $574676.89    | 0.09%             | 2055-04-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $3518.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Frontier Issuer LLC                                                         | Frontier Issuer LLC, Series 2023-1, Class A2                                         | CUSIP: 35910EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     325500 | PA      | $330718.71    | 0.05%             | 2053-08-20      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-55779.47    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Brundage-Bone Concrete Pumping Holdings, Inc.                               | Brundage-Bone Concrete Pumping Holdings, Inc.                                        | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     162000 | PA      | $163815.37    | 0.03%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-41765.70    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   46500000 | NC      | $9831711.99   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| EnPro Inc.                                                                  | EnPro Inc.                                                                           | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |     468000 | PA      | $479486.29    | 0.07%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $104218.44    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Corp.                                                          | State Street Corp.                                                                   | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    2867000 | PA      | $2961158.01   | 0.46%             | N/A             | Variable      | 6.45%                 | No            |                  2 | On Loan: —       |
| Navoiy Kon-Metallurgiya Kombinati Aksiyadorlik Jamiyati                     | Navoiy Kon-Metallurgiya Kombinati Aksiyadorlik Jamiyati                              | CUSIP: 63890CAA2<br>LEI: 213800YLNAGERZ4C3M60 | Long             | DBT              | CORP              | UZ        |     620000 | PA      | $645866.45    | 0.10%             | 2028-10-17      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                            | Gray Media, Inc.                                                                     | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      65000 | PA      | $66463.35     | 0.01%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Genesis Energy L.P. / Genesis Energy Finance Corp.                          | Genesis Energy L.P. / Genesis Energy Finance Corp.                                   | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      59000 | PA      | $62505.78     | 0.01%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FAHB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      31802 | PA      | $3950.15      | 0.00%             | 2032-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-27395.05    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                              | Carnival Corp.                                                                       | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     235000 | PA      | $241031.51    | 0.04%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Navient Corp.                                                               | Navient Corp.                                                                        | CUSIP: 63938CAK4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     182000 | PA      | $181325.62    | 0.03%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer              | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                       | CUSIP: 01883LAF0<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |     362000 | PA      | $374314.61    | 0.06%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-524383.33   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | Federal National Mortgage Association                                                | CUSIP: 31385JK49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       8442 | PA      | $8819.83      | 0.00%             | 2032-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -37350000 | NC      | $-239072.19   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc.                                                 | Constellation Software Inc.                                                          | CUSIP: 21037XAC4<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |     526000 | PA      | $537286.03    | 0.08%             | 2029-02-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | McDermott International Inc., Wrts. 2027-06-30                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      35496 | NS      | $1064.88      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-2970.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $72078.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 31392GDP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      18287 | PA      | $18223.80     | 0.00%             | 2032-09-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | Federal National Mortgage Association                                                | CUSIP: 31401NXS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        388 | PA      | $405.05       | 0.00%             | 2033-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | McDermott International Inc., Wrts. 2027-06-30                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      31946 | NS      | $958.38       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $184506.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Prairie ECI Acquiror L.P.                                                   | Prairie ECI Acquiror L.P., Term Loan                                                 | CUSIP: 73955HAF1<br>LEI: 254900Q6KU2LVSIISH22 | Long             | LON              | CORP              | US        |     315222 | PA      | $318144.08    | 0.05%             | 2029-08-01      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -77020000 | NC      | $-477835.16   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31396XUE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     101155 | PA      | $8225.25      | 0.00%             | 2037-06-25      | Floating      | 2.07%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust, Series 2024-12, Class A3                                   | CUSIP: 034932AC7<br>LEI: 254900S8TF74AZOT0548 | Long             | ABS-MBS          | CORP              | US        |     519607 | PA      | $523598.11    | 0.08%             | 2069-10-25      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392DW40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1740 | PA      | $186.43       | 0.00%             | 2032-07-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   20970000 | NC      | $1124495.28   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 3137HK5T7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   25415047 | PA      | $837077.61    | 0.13%             | 2055-03-25      | Floating      | 0.76%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust, Series 2025-2, Class A10                              | CUSIP: 17292BAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     820466 | PA      | $832049.10    | 0.13%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Barclays Bank PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -20190000 | NC      | $-716852.94   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Chile Electricity Lux MPC II S.a.r.l.                                       | Chile Electricity Lux MPC II S.a.r.l.                                                | CUSIP: 16882LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     659816 | PA      | $682433.31    | 0.11%             | 2035-10-20      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   14000000 | NC      | $123662.46    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $494941.45    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                  | Mars, Inc.                                                                           | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     511000 | PA      | $520782.25    | 0.08%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                             | TransDigm, Inc., Term Loan L                                                         | CUSIP: 89364MCD4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     535592 | PA      | $535935.26    | 0.08%             | 2032-01-19      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    7075000 | NC      | $775486.29    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                    | Fannie Mae Connecticut Avenue Securities, Series 2023-R06, Class 1M2                 | CUSIP: 20754EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     490000 | PA      | $506815.72    | 0.08%             | 2043-07-25      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                                        | Mexico Government International Bond                                                 | CUSIP: 91087BBL3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     200000 | PA      | $199312.00    | 0.03%             | 2035-09-22      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                                         | Lithia Motors, Inc.                                                                  | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     263000 | PA      | $249949.26    | 0.04%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| PMT Loan Trust 2025-INV6                                                    | PMT Loan Trust 2025-INV6, Series 2025-INV6, Class A8                                 | CUSIP: 69382MAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     238304 | PA      | $241929.16    | 0.04%             | 2056-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Windstream Services, LLC                                                    | Windstream Services, LLC                                                             | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |     204000 | PA      | $204072.42    | 0.03%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -22050000 | NC      | $-589286.25   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 3137HJXV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   12553859 | PA      | $693148.77    | 0.11%             | 2055-02-25      | Floating      | 1.44%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1375650.37  | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| Walker & Dunlop, Inc.                                                       | Walker & Dunlop, Inc.                                                                | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     232000 | PA      | $237446.59    | 0.04%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                     | Level 3 Financing, Inc.                                                              | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     273500 | PA      | $278444.63    | 0.04%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                 | Sunoco L.P.                                                                          | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     106000 | PA      | $105148.49    | 0.02%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-212620.17   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $43434.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                    | Fannie Mae Connecticut Avenue Securities, Series 2023-R04, Class 1M1                 | CUSIP: 20754QAA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     728416 | PA      | $743771.67    | 0.12%             | 2043-05-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   13890000 | NC      | $324248.16    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 31395XLV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      19068 | PA      | $22684.31     | 0.00%             | 2035-08-15      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                                                  | Charles Schwab Corp. (The)                                                           | CUSIP: 808513CJ2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    1543000 | PA      | $1638868.97   | 0.25%             | 2029-11-17      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -11200000 | NC      | $-361020.35   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac, Series 2022-HQA2, Class M1                                              | CUSIP: 35564KB32<br>LEI: 5493000IRLADKYZNON28 | Long             | ABS-MBS          | USGSE             | US        |    1500000 | PA      | $1580167.05   | 0.25%             | 2042-07-25      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-18478.79    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $1095259.16   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                          | Dell International LLC / EMC Corp.                                                   | CUSIP: 24703TAH9<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    2485000 | PA      | $2666447.39   | 0.41%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $38633.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1390000 | NC      | $163743.39    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -22040000 | NC      | $-46831.69    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Claire's Holdings LLC                                                       | Claire's Holdings LLC, Pfd.                                                          | CUSIP: 179584917<br>LEI: N/A                  | Long             | EP               | CORP              | US        |         71 | NS      | $35.86        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac, Series 2022-HQA3, Class M1                                              | CUSIP: 35564KE47<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-MBS          | USGSE             | US        |    1500000 | PA      | $1571327.55   | 0.24%             | 2042-08-25      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   21450000 | NC      | $393392.70    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                             | BRAVO Residential Funding Trust, Series 2023-NQM7, Class A2                          | CUSIP: 10569HAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1479371 | PA      | $1502586.37   | 0.23%             | 2063-09-25      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FAXJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      34704 | PA      | $3862.45      | 0.00%             | 2033-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FCCL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      27826 | PA      | $3534.82      | 0.00%             | 2034-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                                                 | Wayfair LLC                                                                          | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |      21000 | PA      | $21704.35     | 0.00%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies, Inc.                                                 | L3Harris Technologies, Inc.                                                          | CUSIP: 502431AP4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    1195000 | PA      | $1214998.21   | 0.19%             | 2027-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $2875.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TMF Trust Co. (Argentina) S.A.                                              | TMF Trust Co. (Argentina) S.A.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | AR        |     161707 | PA      | $141863.20    | 0.02%             | 2027-01-07      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| Government National Mortgage Association                                    | Government National Mortgage Association                                             | CUSIP: 36206N4V4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        840 | PA      | $841.89       | 0.00%             | 2026-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $2092.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bausch Health Cos. Inc.                                                     | Bausch Health Cos. Inc.                                                              | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      73000 | PA      | $75988.56     | 0.01%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | Federal National Mortgage Association                                                | CUSIP: 3140QRR47<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2621279 | PA      | $2658631.74   | 0.41%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   14000000 | NC      | $204176.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 3133THBY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      32386 | PA      | $32312.46     | 0.01%             | 2028-12-15      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FANS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       7669 | PA      | $943.46       | 0.00%             | 2032-07-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                          | Freddie Mac STRIPS, IO                                                               | CUSIP: 31282YCE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |        380 | PA      | $19.37        | 0.00%             | 2028-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 31397QWP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      16631 | PA      | $15969.79     | 0.00%             | 2041-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 31395U5B3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      25678 | PA      | $1635.83      | 0.00%             | 2035-05-15      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FCHX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      32043 | PA      | $4371.92      | 0.00%             | 2034-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $64560.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | Federal Home Loan Mortgage Corp.                                                     | CUSIP: 3132DN2N2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    6015127 | PA      | $5904517.66   | 0.92%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Prosil Acquisition S.A.                                                     | Prosil Acquisition S.A., Series 2019-1, Class A                                      | CUSIP: N/A<br>LEI: 529900REZH4056FENJ94       | Long             | ABS-MBS          | CORP              | LU        |     939764 | PA      | $891440.48    | 0.14%             | 2039-10-31      | Floating      | 4.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac, Series 2023-HQA1, Class M1                                              | CUSIP: 35564KX87<br>LEI: 5493000IRHY5YZIPQD14 | Long             | ABS-MBS          | USGSE             | US        |    2885325 | PA      | $3044654.95   | 0.47%             | 2043-05-25      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                               | Freedom Mortgage Holdings LLC                                                        | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     121000 | PA      | $126926.58    | 0.02%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC            | California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC                     | CUSIP: 13005HAA8<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |     280000 | PA      | $287182.28    | 0.04%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Prosus N.V.                                                                 | Prosus N.V.                                                                          | CUSIP: ZP4820434<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     700000 | PA      | $672665.06    | 0.10%             | 2030-01-21      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $37598.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13890000 | NC      | $-152442.75   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| TMF Trust Co. (Argentina) S.A.                                              | TMF Trust Co. (Argentina) S.A.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | AR        |     111176 | PA      | $102484.01    | 0.02%             | 2026-07-08      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| Benchmark Mortgage Trust                                                    | Benchmark Mortgage Trust, Series 2018-B1, Class XA                                   | CUSIP: 08162PAY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3600367 | PA      | $34048.31     | 0.01%             | 2051-01-15      | Variable      | 0.67%                 | No            |                  2 | On Loan: No      |
| Repsol E&P Capital Markets US LLC                                           | Repsol E&P Capital Markets US LLC                                                    | CUSIP: 76026AAA5<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |     525000 | PA      | $527446.40    | 0.08%             | 2028-09-16      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 3133TJC27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |        970 | PA      | $967.78       | 0.00%             | 2029-02-15      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | Federal Home Loan Mortgage Corp.                                                     | CUSIP: 3133KPXJ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5995784 | PA      | $5989265.53   | 0.93%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   69900000 | NC      | $162587.40    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2100000 | NC      | $91131.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-42943.79    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                          | Iron Mountain Inc.                                                                   | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     211000 | PA      | $217603.46    | 0.03%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 31339MYP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       3351 | PA      | $31.73        | 0.00%             | 2026-12-15      | Floating      | 3.46%                 | No            |                  2 | On Loan: No      |
| Aeropuertos Dominicanos Siglo XXI, S.A.                                     | Aeropuertos Dominicanos Siglo XXI, S.A.                                              | CUSIP: 007866AE6<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |     925000 | PA      | $971828.13    | 0.15%             | 2034-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -14000000 | NC      | $-93282.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $219999.31    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc.                                                       | Cleveland-Cliffs Inc.                                                                | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      51000 | PA      | $52015.97     | 0.01%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 3136BUWY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |   23695811 | PA      | $995297.54    | 0.15%             | 2054-09-25      | Floating      | 1.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-260183.97   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-863.43      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Excelerate Energy L.P.                                                      | Excelerate Energy L.P.                                                               | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |     226000 | PA      | $240745.14    | 0.04%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Provident Funding Associates L.P./ PFG Finance Corp.                        | Provident Funding Associates L.P./ PFG Finance Corp.                                 | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     331000 | PA      | $350027.20    | 0.05%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Eurosail PLC                                                                | Eurosail PLC, Series 2006-4X, Class E1C                                              | CUSIP: BCC0UB5E7<br>LEI: 21380013477BR2UW8M54 | Long             | ABS-MBS          | CORP              | GB        |    1608336 | PA      | $1912591.18   | 0.30%             | 2044-12-10      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A1                            | CUSIP: 17307G2Z0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      24302 | PA      | $23461.77     | 0.00%             | 2035-10-25      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Mattel, Inc.                                                                | Mattel, Inc.                                                                         | CUSIP: 577081AU6<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |     693000 | PA      | $698101.03    | 0.11%             | 2040-10-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -18635000 | NC      | $-453828.03   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Alt-B Securities, Inc. Mortgage Loan Trust                         | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A1       | CUSIP: 251511AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      17589 | PA      | $16337.93     | 0.00%             | 2036-06-25      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| Willow No 2 Ireland PLC for Zurich Insurance Co. Ltd.                       | Willow No 2 Ireland PLC for Zurich Insurance Co. Ltd.                                | CUSIP: EK8618358<br>LEI: 549300B0B1XTFDS6V025 | Long             | DBT              | CORP              | IE        |    4200000 | PA      | $4200000.00   | 0.65%             | 2045-10-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| PHINIA Inc.                                                                 | PHINIA Inc.                                                                          | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |     129000 | PA      | $133065.82    | 0.02%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1                    | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1, Series 2025-NQM1, Class A3 | CUSIP: 617932AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1105676 | PA      | $1117989.49   | 0.17%             | 2069-11-25      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                    | Venture Global LNG, Inc.                                                             | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     230000 | PA      | $228109.31    | 0.04%             | N/A             | Variable      | 9.00%                 | No            |                  2 | On Loan: —       |
| HLF Financing S.a.r.l. LLC / Herbalife International Inc.                   | HLF Financing S.a.r.l. LLC / Herbalife International Inc.                            | CUSIP: 40390DAC9<br>LEI: 549300VKVJUV5OGV2R51 | Long             | DBT              | CORP              | US        |      28000 | PA      | $24758.76     | 0.00%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust                                 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1                 | CUSIP: 07387AGZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       6524 | PA      | $6296.47      | 0.00%             | 2036-02-25      | Floating      | 0.65%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                    | Lumen Technologies, Inc.                                                             | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |      46000 | PA      | $46593.78     | 0.01%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                            | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                     | CUSIP: 709599BW3<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |    2867000 | PA      | $2994376.14   | 0.47%             | 2028-08-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $233248.02    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | S&P 500 Index Option                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |         10 | NC      | $44650.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                         | UBS AG                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13990000 | NC      | $-82213.04    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc. Trust                                      | Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8                  | CUSIP: 75115DAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       4146 | PA      | $3329.08      | 0.00%             | 2036-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-21239.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-154318.42   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1500000 | NC      | $22983.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $1628.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GGAM Finance Ltd.                                                           | GGAM Finance Ltd.                                                                    | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     471000 | PA      | $489609.68    | 0.08%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1400000 | NC      | $126360.49    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 31392CE67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       7266 | PA      | $7337.64      | 0.00%             | 2032-04-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    6060000 | NC      | $438488.97    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-89077.71    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-23888.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   14000000 | NC      | $296800.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Hiscox Ltd.                                                                 | Hiscox Ltd.                                                                          | CUSIP: YN0550619<br>LEI: 5493007JXOLJ0QCY2D70 | Long             | DBT              | CORP              | BM        |     700000 | PA      | $754129.05    | 0.12%             | 2036-06-11      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $3014.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1186005.07  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| Tallgrass Energy Partners L.P./ Tallgrass Energy Finance Corp.              | Tallgrass Energy Partners L.P./ Tallgrass Energy Finance Corp.                       | CUSIP: 87470LAL5<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |     245000 | PA      | $252494.06    | 0.04%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BPCE S.A.                                                                   | BPCE S.A.                                                                            | CUSIP: ZM4787812<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    3300000 | PA      | $4103083.24   | 0.64%             | 2035-01-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | Federal National Mortgage Association                                                | CUSIP: 31385XQT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      40385 | PA      | $41699.42     | 0.01%             | 2033-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $1327205.62   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -39200000 | NC      | $-415477.15   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Banco del Estado de Chile                                                   | Banco del Estado de Chile                                                            | CUSIP: 05957AAC3<br>LEI: 5493004R4EJC0W0XVQ72 | Long             | DBT              | CORP              | CL        |     426000 | PA      | $455658.51    | 0.07%             | N/A             | Variable      | 7.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-3990.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -56020000 | NC      | $-288538.85   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1400000 | NC      | $103934.24    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 3137HMMH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   23720659 | PA      | $1330714.73   | 0.21%             | 2055-08-25      | Floating      | 1.44%                 | No            |                  2 | On Loan: No      |
| Northriver Midstream Finance L.P.                                           | Northriver Midstream Finance L.P.                                                    | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |     232000 | PA      | $237399.99    | 0.04%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 3133TKAQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      27094 | PA      | $1071.95      | 0.00%             | 2029-03-15      | Floating      | 3.16%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings Inc.                                           | Nationstar Mortgage Holdings Inc.                                                    | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     215000 | PA      | $221284.02    | 0.03%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -7490000 | NC      | $-25548.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | U.S. Treasury Long Bond Future                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        172 | NC      | $413575.72    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392DCP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       9753 | PA      | $782.62       | 0.00%             | 2032-04-25      | Floating      | 2.53%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -7000000 | NC      | $-117726.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                                              | Element Fleet Management Corp.                                                       | CUSIP: 286181AK8<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    1426000 | PA      | $1510919.83   | 0.23%             | 2028-12-04      | Fixed         | 6.32%                 | No            |                  2 | On Loan: —       |
| CoreWeave, Inc.                                                             | CoreWeave, Inc.                                                                      | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |      46000 | PA      | $47564.18     | 0.01%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                                     | GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1                                  | CUSIP: 362341FR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        843 | PA      | $804.84       | 0.00%             | 2035-07-25      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| FirstCash, Inc.                                                             | FirstCash, Inc.                                                                      | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     334000 | PA      | $345642.57    | 0.05%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-470579.25   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| B.A.T Capital Corp.                                                         | B.A.T Capital Corp.                                                                  | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    1048000 | PA      | $1120024.99   | 0.17%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                               | Petrobras Global Finance B.V.                                                        | CUSIP: 71647NBK4<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     700000 | PA      | $726827.50    | 0.11%             | 2033-07-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | S&P 500 Index Option                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |          9 | NC      | $32670.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac, Series 2024-DNA2, Class M2                                              | CUSIP: 35564NDA8<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | USGSE             | US        |     387500 | PA      | $390027.35    | 0.06%             | 2044-05-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1750000 | NC      | $177985.50    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                           | Duke Energy Corp.                                                                    | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     251000 | PA      | $265494.75    | 0.04%             | 2054-09-01      | Variable      | 6.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-24254.40    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                                                  | Cloud Software Group, Inc.                                                           | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     130000 | PA      | $134984.38    | 0.02%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LABL, Inc.                                                                  | LABL, Inc.                                                                           | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |      27000 | PA      | $19856.17     | 0.00%             | 2031-10-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Brazil Notas do Tesouro Nacional                                            | Brazil Notas do Tesouro Nacional, Series F                                           | CUSIP: JV5341526<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |  205000000 | PA      | $37839539.58  | 5.88%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Maya                                                                        | Maya                                                                                 | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |      17000 | PA      | $17286.71     | 0.00%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -17490000 | NC      | $-51824.49    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Greystar Real Estate Partners, LLC                                          | Greystar Real Estate Partners, LLC                                                   | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |     107000 | PA      | $113196.37    | 0.02%             | 2030-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-242332.19   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Maya                                                                        | Maya                                                                                 | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     550000 | PA      | $590327.65    | 0.09%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Invesco Private Prime Fund                                                  | Invesco Private Prime Fund                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   18000577 | NS      | $18000576.55  | 2.80%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-106062.06   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                          | Ares Capital Corp.                                                                   | CUSIP: 04010LBF9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    1915000 | PA      | $1970869.61   | 0.31%             | 2029-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| WarnerMedia Holdings, Inc.                                                  | WarnerMedia Holdings, Inc.                                                           | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     304000 | PA      | $242879.28    | 0.04%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-40870.77    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Boost Newco Borrower, LLC                                                   | Boost Newco Borrower, LLC                                                            | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |     257000 | PA      | $272841.22    | 0.04%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                         | GS Mortgage-Backed Securities Trust, Series 2025-NQM3, Class A1                      | CUSIP: 36274TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2162899 | PA      | $2166836.09   | 0.34%             | 2065-11-25      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-8115.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                          | Freddie Mac STRIPS, IO                                                               | CUSIP: 31282YW70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      11426 | PA      | $1234.35      | 0.00%             | 2032-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corp.                                                    | SBA Communications Corp.                                                             | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |     250000 | PA      | $234080.43    | 0.04%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Alhambra SME Funding DAC                                                    | Alhambra SME Funding DAC, Series 2019-1, Class D                                     | CUSIP: BCC2KKGU6<br>LEI: 635400YAJGI5TGJENW90 | Long             | ABS-CBDO         | CORP              | IE        |      50032 | PA      | $55229.12     | 0.01%             | 2028-11-30      | Floating      | 11.16%                | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                    | Venture Global LNG, Inc.                                                             | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     329000 | PA      | $358395.56    | 0.06%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: —       |
| Delek Logistics Partners L.P./ Delek Logistics Finance Corp.                | Delek Logistics Partners L.P./ Delek Logistics Finance Corp.                         | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     240000 | PA      | $244237.47    | 0.04%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Virgin Media Secured Finance PLC                                            | Virgin Media Secured Finance PLC                                                     | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |     630000 | PA      | $623334.42    | 0.10%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Entergy Corp.                                                               | Entergy Corp.                                                                        | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    2010000 | PA      | $2103875.04   | 0.33%             | 2054-12-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2940000 | NC      | $559690.74    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Co.                                                          | General Motors Co.                                                                   | CUSIP: 37045VAU4<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    2867000 | PA      | $2991716.02   | 0.47%             | 2027-10-01      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 31395MTC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       4688 | PA      | $294.41       | 0.00%             | 2035-02-15      | Floating      | 2.26%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-4844.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DaVita Inc.                                                                 | DaVita Inc.                                                                          | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     113000 | PA      | $116822.34    | 0.02%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                         | Petroleos Mexicanos                                                                  | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    2100000 | PA      | $2263512.30   | 0.35%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 31392EXR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       5510 | PA      | $5495.17      | 0.00%             | 2032-10-18      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust, Series 2025-6, Class A3                                    | CUSIP: 034937AC6<br>LEI: 254900GRN1I3WMM1H095 | Long             | ABS-MBS          | CORP              | US        |    1149546 | PA      | $1158564.65   | 0.18%             | 2070-04-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                 | Sunoco L.P.                                                                          | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     164000 | PA      | $167045.03    | 0.03%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DaVita Inc.                                                                 | DaVita Inc.                                                                          | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     118000 | PA      | $121780.48    | 0.02%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government Bond                                    | Republic of South Africa Government Bond, Series 2032                                | CUSIP: EJ7500097<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  181200000 | PA      | $10360865.86  | 1.61%             | 2032-03-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                          | Vodafone Group PLC                                                                   | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     539000 | PA      | $505098.87    | 0.08%             | 2081-06-04      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -20970000 | NC      | $-403316.01   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 31393FG91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       1805 | PA      | $108.78       | 0.00%             | 2029-06-15      | Floating      | 3.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31394EGT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       3747 | PA      | $311.52       | 0.00%             | 2031-10-25      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1844.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | Federal National Mortgage Association                                                | CUSIP: 3140XKNH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    6130469 | PA      | $6225140.91   | 0.97%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FAA83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      28332 | PA      | $3275.48      | 0.00%             | 2033-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $4295.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Telecommunications Co. Telekom Srbija Akcionarsko drustvo, Belgrade         | Telecommunications Co. Telekom Srbija Akcionarsko drustvo, Belgrade                  | CUSIP: 87945BAA8<br>LEI: 254900OVY0XI1DFYC092 | Long             | DBT              | CORP              | RS        |     730000 | PA      | $742740.38    | 0.12%             | 2029-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC / Directv Financing Co-Obligor Inc.                   | Directv Financing LLC / Directv Financing Co-Obligor Inc.                            | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      49000 | PA      | $48982.02     | 0.01%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Mexican Udibonos                                                            | Mexican Udibonos, Series S                                                           | CUSIP: YQ3788144<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  153912024 | PA      | $8244004.87   | 1.28%             | 2029-08-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                        | American Express Co.                                                                 | CUSIP: 025816DL0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    2007000 | PA      | $2010451.04   | 0.31%             | 2026-10-30      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| Auburn 15 PLC                                                               | Auburn 15 PLC, Series E                                                              | CUSIP: BCC3FPSY8<br>LEI: 635400AVCSC2I7SWKL40 | Long             | ABS-MBS          | CORP              | GB        |     629000 | PA      | $832067.47    | 0.13%             | 2045-07-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                        | FREMF Mortgage Trust, Series 2016-K54, Class C                                       | CUSIP: 30288RAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1810000 | PA      | $1798695.46   | 0.28%             | 2048-04-25      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392AZY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1623 | PA      | $165.08       | 0.00%             | 2031-11-25      | Floating      | 3.43%                 | No            |                  2 | On Loan: No      |
| Lamar Media Corp.                                                           | Lamar Media Corp.                                                                    | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     225000 | PA      | $223626.13    | 0.03%             | 2033-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | S&P 500 Index Option                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |          6 | NC      | $2460.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                   | Seagate Data Storage Technology Pte. Ltd.                                            | CUSIP: 81180LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     531200 | PA      | $602144.42    | 0.09%             | 2032-12-01      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FCHZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      17600 | PA      | $2403.99      | 0.00%             | 2034-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -101870000 | NC      | $-29962.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                                          | Vail Resorts, Inc.                                                                   | CUSIP: 91879QAQ2<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     236000 | PA      | $237622.50    | 0.04%             | 2030-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans Mortgage Pass-Through Trust                          | Countrywide Home Loans Mortgage Pass-Through Trust, Series 2005-17, Class 1A8        | CUSIP: 12669G5U1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      83776 | PA      | $83845.53     | 0.01%             | 2035-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1451.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                      | Sequoia Mortgage Trust, Series 2025-8, Class A4                                      | CUSIP: 81749WAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1742171 | PA      | $1755304.89   | 0.27%             | 2055-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                             | TransDigm, Inc.                                                                      | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     421000 | PA      | $430957.07    | 0.07%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Tidewater Inc.                                                              | Tidewater Inc.                                                                       | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |     315000 | PA      | $338035.86    | 0.05%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: —       |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 31394KL51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      30372 | PA      | $2101.96      | 0.00%             | 2033-10-15      | Floating      | 2.56%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Barclays Bank PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |     700000 | NC      | $76330.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                                                  | WarnerMedia Holdings, Inc.                                                           | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      74000 | PA      | $55222.50     | 0.01%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $214637.09    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Muthoot Finance Ltd.                                                        | Muthoot Finance Ltd.                                                                 | CUSIP: 62828L2D4<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |    2800000 | PA      | $2840798.21   | 0.44%             | 2029-04-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 31392MW99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       7074 | PA      | $7125.46      | 0.00%             | 2032-02-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Transocean International Ltd.                                               | Transocean International Ltd.                                                        | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     139500 | PA      | $146884.57    | 0.02%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CCO Holdings, LLC/CCO Holdings Capital Corp.                                         | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     305000 | PA      | $263882.32    | 0.04%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TMF Trust Co. (Argentina) S.A.                                              | TMF Trust Co. (Argentina) S.A.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | AR        |      89374 | PA      | $86759.53     | 0.01%             | 2026-01-08      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| Reinsurance Group of America, Inc.                                          | Reinsurance Group of America, Inc.                                                   | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |     305000 | PA      | $320422.63    | 0.05%             | 2055-09-15      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                       | Freeport-McMoRan Inc.                                                                | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    2590000 | PA      | $2566221.34   | 0.40%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MGM China Holdings Ltd.                                                     | MGM China Holdings Ltd.                                                              | CUSIP: 55300RAG6<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |    1240000 | PA      | $1237976.44   | 0.19%             | 2027-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $163647.61    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Europe, B.V.                                                     | Telefonica Europe, B.V.                                                              | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |    1400000 | PA      | $1839473.24   | 0.29%             | N/A             | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc.                                                       | Cleveland-Cliffs Inc.                                                                | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     185000 | PA      | $187074.78    | 0.03%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-26395.41    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Global Aircraft Leasing Co., Ltd.                                           | Global Aircraft Leasing Co., Ltd.                                                    | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     331000 | PA      | $342382.43    | 0.05%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $497100.21    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 31392EQ29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       2237 | PA      | $2253.68      | 0.00%             | 2032-04-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC                                         | Venture Global Plaquemines LNG, LLC                                                  | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     611000 | PA      | $643555.55    | 0.10%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | UBS AG                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2100000 | NC      | $102284.15    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BAWAG Group AG                                                              | BAWAG Group AG                                                                       | CUSIP: N/A<br>LEI: 529900S9YO2JHTIIDG38       | Long             | DBT              | CORP              | AT        |    2600000 | PA      | $3055527.02   | 0.47%             | N/A             | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 3136BUPP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |   15439448 | PA      | $860157.90    | 0.13%             | 2055-01-25      | Floating      | 1.44%                 | No            |                  2 | On Loan: No      |
| CD&R Smokey Buyer Inc / Radio Systems Corp.                                 | CD&R Smokey Buyer Inc / Radio Systems Corp.                                          | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      27000 | PA      | $21149.86     | 0.00%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-65286.35    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                   | Vistra Operations Co. LLC                                                            | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     315000 | PA      | $315427.36    | 0.05%             | 2027-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| New Enterprise Stone & Lime Co, Inc.                                        | New Enterprise Stone & Lime Co, Inc.                                                 | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |     235000 | PA      | $233028.68    | 0.04%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $46352.67     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| OBX Trust                                                                   | OBX Trust, Series 2022-NQM7, Class A2                                                | CUSIP: 67117DAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     539080 | PA      | $539458.89    | 0.08%             | 2062-08-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                         | GS Mortgage-Backed Securities Trust, Series 2025-HE1, Class M1                       | CUSIP: 36272NAB0<br>LEI: 254900RIVK2GCJ08H839 | Long             | ABS-MBS          | CORP              | US        |     290000 | PA      | $290919.18    | 0.05%             | 2055-10-25      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $1386.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   19920000 | NC      | $466366.16    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC          | CUSIP: 03969YAC2<br>LEI: 635400YUJMWFYRBL5293 | Long             | DBT              | CORP              | US        |     275000 | PA      | $275166.05    | 0.04%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $1085.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -30700000 | NC      | $-966032.21   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Directv Financing LLC / Directv Financing Co-Obligor Inc.                   | Directv Financing LLC / Directv Financing Co-Obligor Inc.                            | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      31000 | PA      | $30977.74     | 0.00%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Genesis Energy L.P./ Genesis Energy Finance Corp.                           | Genesis Energy L.P./ Genesis Energy Finance Corp.                                    | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     171000 | PA      | $178990.65    | 0.03%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -14000000 | NC      | $-60186.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                       | Dominican Republic International Bond                                                | CUSIP: ZP6620006<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     305000 | PA      | $299540.50    | 0.05%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-239472.03   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust                                                         | RCKT Mortgage Trust, Series 2025-CES5, Class A1A                                     | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |     327826 | PA      | $332597.68    | 0.05%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                         | Petroleos Mexicanos                                                                  | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     120000 | PA      | $114501.25    | 0.02%             | 2035-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $76841.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Windstream Services, LLC, Wrts.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |        176 | NS      | $3652.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Forvia SE                                                                   | Forvia SE                                                                            | CUSIP: 31209DAA3<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |     212000 | PA      | $224578.81    | 0.03%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| India Government Bond                                                       | India Government Bond                                                                | CUSIP: YW7593752<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |  275000000 | PA      | $3060072.36   | 0.48%             | 2054-08-05      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| Eurosail PLC                                                                | Eurosail PLC, Series 2006-2X, Class D1A                                              | CUSIP: BCC0T5HN9<br>LEI: 213800PBNX9J895VX562 | Long             | ABS-MBS          | CORP              | GB        |    2700000 | PA      | $2957056.51   | 0.46%             | 2044-12-15      | Floating      | 2.81%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                 | Sunoco L.P.                                                                          | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      37000 | PA      | $36750.18     | 0.01%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley & Co. LLC                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   58910000 | NC      | $430718.75    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Vistra Corp.                                                                | Vistra Corp.                                                                         | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |     119000 | PA      | $121809.95    | 0.02%             | N/A             | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Wynn Macau, Ltd.                                                            | Wynn Macau, Ltd.                                                                     | CUSIP: 98313RAL0<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     490000 | PA      | $497066.65    | 0.08%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co. Inc.                                          | Hilton Domestic Operating Co. Inc.                                                   | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     473000 | PA      | $483174.70    | 0.08%             | 2033-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3670000 | NC      | $88516.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $12151.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                    | Fannie Mae Connecticut Avenue Securities, Series 2023-R08, Class 1M2                 | CUSIP: 20755CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     280000 | PA      | $287658.95    | 0.04%             | 2043-10-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-52.38       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Select Medical Corp.                                                        | Select Medical Corp.                                                                 | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |     232000 | PA      | $232312.97    | 0.04%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 3133TTX30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       2268 | PA      | $2360.63      | 0.00%             | 2031-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Carvana Co.                                                                 | Carvana Co.                                                                          | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     230850 | PA      | $261545.66    | 0.04%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| International Finance Corp.                                                 | International Finance Corp.                                                          | CUSIP: AM4724424<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | CORP              | US        |    3700000 | PA      | $34118.13     | 0.01%             | 2029-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | Federal National Mortgage Association                                                | CUSIP: 31368HLS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      49820 | PA      | $50387.56     | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -28060000 | NC      | $-107810.12   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MGM China Holdings Ltd.                                                     | MGM China Holdings Ltd.                                                              | CUSIP: 55300RAB7<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |     250000 | PA      | $250472.00    | 0.04%             | 2026-05-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| M&G PLC                                                                     | M&G PLC                                                                              | CUSIP: AU5739902<br>LEI: 254900TWUJUQ44TQJY84 | Long             | DBT              | CORP              | GB        |     375000 | PA      | $391251.38    | 0.06%             | 2048-10-20      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | U.S. Treasury 10 Year Notes Future                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |       1421 | NC      | $150158.17    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB International Ltd.                                                      | HUB International Ltd.                                                               | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     344000 | PA      | $359022.52    | 0.06%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2940000 | NC      | $553440.11    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| MPT Operating Partnership L.P./ MPT Finance Corp.                           | MPT Operating Partnership L.P./ MPT Finance Corp.                                    | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      44000 | PA      | $46786.39     | 0.01%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    5870000 | NC      | $174326.57    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |  -33600000 | NC      | $-118419.17   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| TransCanada Trust                                                           | TransCanada Trust, Series 16-A                                                       | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    1391000 | PA      | $1397034.16   | 0.22%             | 2076-08-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                  | JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B                 | CUSIP: 46643GAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     680000 | PA      | $626854.74    | 0.10%             | 2047-11-15      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Global Partners L.P./ GLP Finance Corp.                                     | Global Partners L.P./ GLP Finance Corp.                                              | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     240000 | PA      | $246181.92    | 0.04%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                      | Sempra                                                                               | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    4158000 | PA      | $4056015.90   | 0.63%             | 2052-04-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Beazley Insurance DAC                                                       | Beazley Insurance DAC                                                                | CUSIP: ZR4409044<br>LEI: 549300WWULDAFCPEU084 | Long             | DBT              | CORP              | IE        |    1120000 | PA      | $1139415.29   | 0.18%             | 2029-09-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                          | Southern Co. (The), Series 21-A                                                      | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    2020000 | PA      | $1995677.99   | 0.31%             | 2051-09-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                                              | Element Fleet Management Corp.                                                       | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    2738000 | PA      | $2790680.11   | 0.43%             | 2027-03-13      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Taylor Morrison Communities, Inc.                                           | Taylor Morrison Communities, Inc.                                                    | CUSIP: 87724RAJ1<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     252000 | PA      | $251419.26    | 0.04%             | 2030-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-1100480.08  | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| Hera Financing 2024-1 DAC                                                   | Hera Financing 2024-1 DAC, Series 2024-1A, Class B                                   | CUSIP: BCC3H4L95<br>LEI: 635400VJTRWYKL9GM761 | Long             | ABS-MBS          | CORP              | IE        |    1445470 | PA      | $1948910.09   | 0.30%             | 2034-11-17      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $2063.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OBX Trust                                                                   | OBX Trust, Series 2025-HE2, Class A1                                                 | CUSIP: 67121YAA6<br>LEI: 2549004JS8G77DOXE933 | Long             | ABS-MBS          | CORP              | US        |    1760206 | PA      | $1768241.48   | 0.27%             | 2055-08-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                        | Energy Transfer L.P.                                                                 | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    4148000 | PA      | $4309116.62   | 0.67%             | 2054-10-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-31715.80    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mcdermott International, Ltd.                                               | Mcdermott International, Ltd.                                                        | CUSIP: N/A<br>LEI: 54930004RAXI4B3L4752       | Long             | EC               | CORP              | BM        |        312 | NS      | $6212.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Grand Vacations Trust                                                | Hilton Grand Vacations Trust, Series 2025-2A, Class A                                | CUSIP: 43285JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     530729 | PA      | $532652.17    | 0.08%             | 2044-05-25      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Nemak, S.A.B. de C.V.                                                       | Nemak, S.A.B. de C.V.                                                                | CUSIP: 64045DAC8<br>LEI: 5493000MY3DAIB0BP706 | Long             | DBT              | CORP              | MX        |    1195000 | PA      | $1045438.46   | 0.16%             | 2031-06-28      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1326.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust, Series 2024-8, Class A3                                    | CUSIP: 03465QAC8<br>LEI: 254900BM1HTLL3SKQ481 | Long             | ABS-MBS          | CORP              | US        |    1000796 | PA      | $1005574.23   | 0.16%             | 2069-05-27      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Navoiy Kon-Metallurgiya Kombinati Aksiyadorlik Jamiyati                     | Navoiy Kon-Metallurgiya Kombinati Aksiyadorlik Jamiyati                              | CUSIP: 63890CAC8<br>LEI: 213800YLNAGERZ4C3M60 | Long             | DBT              | CORP              | UZ        |     938000 | PA      | $987167.77    | 0.15%             | 2030-05-14      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 31364JZP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       3569 | PA      | $258.70       | 0.00%             | 2029-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -326780000 | NC      | $-1058649.56  | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 3137AEH57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      10286 | PA      | $9894.67      | 0.00%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $1730046.96   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| LCM Investments Holdings II, LLC                                            | LCM Investments Holdings II, LLC                                                     | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     124000 | PA      | $121582.33    | 0.02%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                                              | NCL Corp. Ltd.                                                                       | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     100000 | PA      | $100068.25    | 0.02%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 31397TEH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      43446 | PA      | $3613.62      | 0.00%             | 2038-05-15      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| Opal Bidco SAS                                                              | Opal Bidco SAS                                                                       | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |     280000 | PA      | $287175.28    | 0.04%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac, Series 2022-HQA3, Class M2                                              | CUSIP: 35564KE70<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-MBS          | USGSE             | US        |    1605000 | PA      | $1724156.32   | 0.27%             | 2042-08-25      | Floating      | 9.71%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $27208.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sabine Oil & Gas Holdings, Inc.                                             | Sabine Oil & Gas Holdings, Inc.                                                      | CUSIP: 78532M104<br>LEI: 2MNR4Q42DBL85U7RD221 | Long             | EC               | CORP              | US        |        837 | NS      | $58.59        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Univision Communications Inc.                                               | Univision Communications Inc.                                                        | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     127000 | PA      | $131699.64    | 0.02%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 31392RNB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       7239 | PA      | $7310.28      | 0.00%             | 2032-02-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| GC Treasury Center Co., Ltd.                                                | GC Treasury Center Co., Ltd.                                                         | CUSIP: 36830AAB3<br>LEI: 549300LUFQBC2EQNAR40 | Long             | DBT              | CORP              | TH        |     569000 | PA      | $577426.30    | 0.09%             | N/A             | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Barclays Bank PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -119380000 | NC      | $-1151267.29  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $174470.48    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -112640000 | NC      | $-42084.56    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                         | GS Mortgage-Backed Securities Trust, Series 2025-NQM4, Class A2                      | CUSIP: 36272UAB4<br>LEI: 25490076N7JFR2Y3CU63 | Long             | ABS-MBS          | CORP              | US        |     840000 | PA      | $841687.73    | 0.13%             | 2065-10-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                 | Sunoco L.P.                                                                          | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      52000 | PA      | $52850.46     | 0.01%             | N/A             | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                              | Ecopetrol S.A.                                                                       | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    1400000 | PA      | $1521386.38   | 0.24%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                       | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K734, Class X1, IO     | CUSIP: 3137FLN59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |    1014144 | PA      | $953.19       | 0.00%             | 2026-02-25      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government Bond                                    | Republic of South Africa Government Bond, Series 2040                                | CUSIP: EK7733067<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  135000000 | PA      | $7163166.52   | 1.11%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1327205.62  | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-12208.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Maya                                                                        | Maya                                                                                 | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |      33000 | PA      | $33694.78     | 0.01%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Repsol E&P Capital Markets US LLC                                           | Repsol E&P Capital Markets US LLC                                                    | CUSIP: 76026AAC1<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |     350000 | PA      | $356748.42    | 0.06%             | 2035-09-16      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 3133TKCT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      15637 | PA      | $15894.17     | 0.00%             | 2029-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   10100000 | NC      | $301724.56    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sixth Street Lending Partners                                               | Sixth Street Lending Partners                                                        | CUSIP: 829932AE2<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |     667000 | PA      | $689897.07    | 0.11%             | 2030-07-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $104.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | UBS AG                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   13990000 | NC      | $182884.89    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $107907.58    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Clarios Global L.P./ Clarios US Finance Co.                                 | Clarios Global L.P./ Clarios US Finance Co.                                          | CUSIP: 18060TAE5<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51139.25     | 0.01%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Barclays Bank PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  373050000 | NC      | $2020222.43   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | Federal National Mortgage Association                                                | CUSIP: 31371HYB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      18276 | PA      | $18824.14     | 0.00%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $58422.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2100000 | NC      | $292454.40    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust 2025-SF1                                        | SBNA Auto Receivables Trust 2025-SF1, Series 2025-SF1, Class D                       | CUSIP: 78437XAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     300000 | PA      | $302361.42    | 0.05%             | 2031-09-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |  -30800000 | NC      | $-24666.80    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| South Bow Canadian infrastructure Holdings Ltd.                             | South Bow Canadian infrastructure Holdings Ltd.                                      | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    1481000 | PA      | $1548481.77   | 0.24%             | 2055-03-01      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $24606.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                     | Hyundai Capital America                                                              | CUSIP: 44891ADV6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    2867000 | PA      | $2908535.38   | 0.45%             | 2028-06-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  101870000 | NC      | $184643.45    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-205320.10   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 31392FJ73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      32685 | PA      | $33016.52     | 0.01%             | 2032-12-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                   | OBX Trust, Series 2022-NQM7, Class A3                                                | CUSIP: 67117DAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     280322 | PA      | $280292.85    | 0.04%             | 2062-08-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| Santander Consumo 8 Fondo de Titulizacion                                   | Santander Consumo 8 Fondo de Titulizacion, Series 8E                                 | CUSIP: BCC3M1R32<br>LEI: 529900MNYVA8N0FZJK96 | Long             | ABS-O            | CORP              | ES        |    1500000 | PA      | $1771350.11   | 0.28%             | 2040-01-21      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                            | NRG Energy, Inc.                                                                     | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     367000 | PA      | $367282.09    | 0.06%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Invesco Government & Agency Portfolio                                       | Invesco Government & Agency Portfolio, Institutional Class                           | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    4398120 | NS      | $4398120.32   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| 1011778 BC ULC / New Red Finance Inc.                                       | 1011778 BC ULC / New Red Finance Inc.                                                | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     375000 | PA      | $353800.65    | 0.05%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                        | Energy Transfer L.P.                                                                 | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     802000 | PA      | $857624.31    | 0.13%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: —       |
| Credit Suisse Group AG                                                      | Credit Suisse Group AG                                                               | CUSIP: 225436AA2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    3015000 | PA      | $180900.00    | 0.03%             | N/A             | Fixed         | 6.25%                 | No            |                  3 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-7019.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   15140000 | NC      | $61468.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-383.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                  | J.P. Morgan Mortgage Trust, Series 2007-A1, Class 5A1                                | CUSIP: 46630GAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       5817 | PA      | $5801.49      | 0.00%             | 2035-07-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Sixth Street Lending Partners                                               | Sixth Street Lending Partners                                                        | CUSIP: 829932AB8<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |     233000 | PA      | $242282.31    | 0.04%             | 2029-03-11      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | Federal Home Loan Mortgage Corp.                                                     | CUSIP: 31292HYT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      47338 | PA      | $48089.70     | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $36402.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | Federal National Mortgage Association                                                | CUSIP: 31402QYV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       5133 | PA      | $5279.34      | 0.00%             | 2035-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-28633.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $122.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ESAB Corp.                                                                  | ESAB Corp.                                                                           | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     344000 | PA      | $353822.23    | 0.05%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EZCORP, Inc.                                                                | EZCORP, Inc.                                                                         | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     449000 | PA      | $479524.37    | 0.07%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| Genesis Energy L.P./ Genesis Energy Finance Corp.                           | Genesis Energy L.P./ Genesis Energy Finance Corp.                                    | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     106000 | PA      | $110637.90    | 0.02%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1                    | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1, Series 2024-NQM1, Class A2 | CUSIP: 61775UAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     804468 | PA      | $814415.77    | 0.13%             | 2068-12-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $60806.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CCO Holdings, LLC/CCO Holdings Capital Corp.                                         | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     263000 | PA      | $243437.22    | 0.04%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| N/A                                                                         | U.S. Treasury 5 Year Notes Future                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        419 | NC      | $-98839.79    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | Federal Home Loan Mortgage Corp.                                                     | CUSIP: 3128K7XS2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      14539 | PA      | $15117.07     | 0.00%             | 2031-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31394DXZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      43768 | PA      | $2103.26      | 0.00%             | 2035-05-25      | Floating      | 2.13%                 | No            |                  2 | On Loan: No      |
| FIBERCOP S.p.A.                                                             | FIBERCOP S.p.A.                                                                      | CUSIP: 683879AF7<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     275000 | PA      | $278403.91    | 0.04%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 31392PU94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      24246 | PA      | $24207.02     | 0.00%             | 2031-06-15      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Medline Borrower, L.P.                                                      | Medline Borrower, L.P.                                                               | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     236000 | PA      | $234134.00    | 0.04%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Electricite de France                                                       | Electricite de France                                                                | CUSIP: YV7034577<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    1300000 | PA      | $1785102.78   | 0.28%             | N/A             | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| New Gold Inc.                                                               | New Gold Inc.                                                                        | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |     477000 | PA      | $500009.53    | 0.08%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Vistra Corp.                                                                | Vistra Corp., Series C                                                               | CUSIP: 92840MAD4<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |     124000 | PA      | $136449.97    | 0.02%             | N/A             | Variable      | 8.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-162792.02   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3790000 | NC      | $731.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $103330.65    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    6990000 | NC      | $108051.42    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 3136A1QW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      34677 | PA      | $2979.63      | 0.00%             | 2041-10-25      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 31397PM49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      19249 | PA      | $2063.92      | 0.00%             | 2037-12-15      | Floating      | 2.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FAYU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     151463 | PA      | $18791.02     | 0.00%             | 2033-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Obx 2024-Nqm18 Trust                                                        | Obx 2024-Nqm18 Trust, Series 2024-NQM18, Class A3                                    | CUSIP: 673913AC3<br>LEI: 254900NK9PNLY9I00149 | Long             | ABS-MBS          | CORP              | US        |    1011068 | PA      | $1019675.09   | 0.16%             | 2064-10-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | Federal Home Loan Mortgage Corp.                                                     | CUSIP: 3128M5F54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       4767 | PA      | $4985.55      | 0.00%             | 2037-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                          | Newell Brands Inc.                                                                   | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     250000 | PA      | $248323.65    | 0.04%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs, IO                                                               | CUSIP: 31397T4E9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      10721 | PA      | $972.49       | 0.00%             | 2038-04-15      | Floating      | 1.51%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-161401.22   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 31339GRA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      10930 | PA      | $11407.85     | 0.00%             | 2031-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $129079.99    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                  | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FCQG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      11244 | PA      | $1606.14      | 0.00%             | 2035-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -7675000 | NC      | $-226865.33   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Ludgate Funding PLC                                                         | Ludgate Funding PLC, Series 2006-1X, Class A2A                                       | CUSIP: BCC0U5WJ9<br>LEI: 213800LADM2GPWI3P269 | Long             | ABS-MBS          | CORP              | GB        |    2175967 | PA      | $2895354.74   | 0.45%             | 2060-12-01      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Hera Financing 2024-1 DAC                                                   | Hera Financing 2024-1 DAC, Series 2024-1A, Class C                                   | CUSIP: BCC3H4LB0<br>LEI: 635400VJTRWYKL9GM761 | Long             | ABS-MBS          | CORP              | IE        |     826125 | PA      | $1111451.00   | 0.17%             | 2034-11-17      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley & Co. International PLC                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -13130000 | NC      | $-333377.90   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurosail-UK NC PLC                                                          | Eurosail-UK NC PLC, Series 2007-1X, Class D1C                                        | CUSIP: BCC0VXRF1<br>LEI: 213800HEU63KH3XHB844 | Long             | ABS-MBS          | CORP              | GB        |     750000 | PA      | $881430.30    | 0.14%             | 2045-03-13      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs Group, Inc. (The)                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3501130 | NC      | $460109.27    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                          | CHS/Community Health Systems, Inc.                                                   | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     135000 | PA      | $116836.86    | 0.02%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-89226.78    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1500000 | NC      | $343786.50    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-240231.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust                                                         | Rate Mortgage Trust, Series 2025-J2, Class A5                                        | CUSIP: 75409YAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2020060 | PA      | $2035433.75   | 0.32%             | 2055-07-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | Government National Mortgage Association, ARM                                        | CUSIP: 36202KWF8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |          8 | PA      | $7.58         | 0.00%             | 2025-11-20      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $179593.80    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco Private Government Fund                                             | Invesco Private Government Fund                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |    6925434 | NS      | $6925434.14   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -9804000 | NC      | $-69922.13    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $3781.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2100000 | NC      | $238204.90    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $18191.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 3136A5AX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     130139 | PA      | $10226.38     | 0.00%             | 2041-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Compania de Minas Buenaventura S.A.A.                                       | Compania de Minas Buenaventura S.A.A.                                                | CUSIP: 204448AB0<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | DBT              | CORP              | PE        |     895000 | PA      | $922655.50    | 0.14%             | 2032-02-04      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust, Series 2024-12, Class A2                                   | CUSIP: 034932AB9<br>LEI: 254900S8TF74AZOT0548 | Long             | ABS-MBS          | CORP              | US        |     322659 | PA      | $325515.59    | 0.05%             | 2069-10-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| RB Global Holdings Inc.                                                     | RB Global Holdings Inc.                                                              | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     103000 | PA      | $107856.76    | 0.02%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust 2025-SF1                                        | SBNA Auto Receivables Trust 2025-SF1, Series 2025-SF1, Class B                       | CUSIP: 78437XAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     183550 | PA      | $183781.39    | 0.03%             | 2031-03-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bills                                                         | U.S. Treasury Bills                                                                  | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   27552000 | PA      | $26929841.44  | 4.19%             | 2026-05-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $279284.19    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   -7100000 | NC      | $-494919.98   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| 1261229 B.C. Ltd.                                                           | 1261229 B.C. Ltd.                                                                    | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     200000 | PA      | $205168.41    | 0.03%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Electricite de France                                                       | Electricite de France                                                                | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    1001000 | PA      | $1161383.22   | 0.18%             | N/A             | Variable      | 9.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $122862.27    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TrueNoord Capital DAC                                                       | TrueNoord Capital DAC                                                                | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     220000 | PA      | $233965.38    | 0.04%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $40634.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                         | GS Mortgage-Backed Securities Trust, Series 2025-HE1, Class A1                       | CUSIP: 36272NAA2<br>LEI: 254900RIVK2GCJ08H839 | Long             | ABS-MBS          | CORP              | US        |     532109 | PA      | $534006.08    | 0.08%             | 2055-10-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -47450000 | NC      | $-418514.22   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $8581.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                          | Freddie Mac STRIPS, IO                                                               | CUSIP: 31282YCU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       3737 | PA      | $334.26       | 0.00%             | 2029-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CWHEQ Revolving Home Equity Loan Trust                                      | CWHEQ Revolving Home Equity Loan Trust, Series 2006-H, Class 2A1A                    | CUSIP: 126686AB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       6282 | PA      | $5659.37      | 0.00%             | 2036-11-15      | Floating      | 3.34%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                         | GS Mortgage-Backed Securities Trust, Series 2025-NQM4, Class A3                      | CUSIP: 36272UAC2<br>LEI: 25490076N7JFR2Y3CU63 | Long             | ABS-MBS          | CORP              | US        |     840000 | PA      | $842669.94    | 0.13%             | 2065-10-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Great Hall Mortgages No.1 PLC                                               | Great Hall Mortgages No.1 PLC, Series 2007-2X, Class EB                              | CUSIP: BCC0YMFK4<br>LEI: 213800TM9KICQKGTYR78 | Long             | ABS-MBS          | CORP              | GB        |    1780000 | PA      | $2095929.14   | 0.33%             | 2039-06-18      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| TMF Trust Co. (Argentina) S.A.                                              | TMF Trust Co. (Argentina) S.A.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | AR        |      73569 | PA      | $63045.21     | 0.01%             | 2027-04-07      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $22016.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                       | Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA                     | CUSIP: 95001GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2424939 | PA      | $38608.42     | 0.01%             | 2050-12-15      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392F6J1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1575 | PA      | $92.44        | 0.00%             | 2032-12-18      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Funding 2024 - Granite 7 PLC                            | Towd Point Mortgage Funding 2024 - Granite 7 PLC, Series 2024-GR7X, Class E          | CUSIP: BCC3JPGS0<br>LEI: 635400RLWW2GUXIMK345 | Long             | ABS-MBS          | CORP              | GB        |     690000 | PA      | $930521.44    | 0.14%             | 2051-04-20      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   -8990000 | NC      | $-340852.18   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| SGUS LLC                                                                    | SGUS LLC                                                                             | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      59550 | PA      | $56731.86     | 0.01%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| N/A                                                                         | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2800000 | NC      | $226777.28    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Hilcorp Energy I, L.P.                                                      | Hilcorp Energy I, L.P.                                                               | CUSIP: 431318BC7<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     221000 | PA      | $232262.82    | 0.04%             | 2033-11-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31394DQF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      76111 | PA      | $6617.60      | 0.00%             | 2035-05-25      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                              | Ecopetrol S.A.                                                                       | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     750000 | PA      | $776578.50    | 0.12%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Windstream Services LLC / Windstream Escrow Finance Corp.                   | Windstream Services LLC / Windstream Escrow Finance Corp.                            | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     227000 | PA      | $235319.87    | 0.04%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Mortgage Funding 2008-1 PLC                                                 | Mortgage Funding 2008-1 PLC, Series 2008-1, Class B2                                 | CUSIP: BCC1318Z7<br>LEI: 213800AHT9AB4TA6OJ88 | Long             | ABS-MBS          | CORP              | GB        |    6497463 | PA      | $8092716.87   | 1.26%             | 2046-03-13      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                   | U.S. Treasury Notes/Bonds                                                            | CUSIP: 912810FE3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   29460000 | PA      | $30989388.21  | 4.82%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | Government National Mortgage Association                                             | CUSIP: 38381NB49<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |   27816656 | PA      | $373321.78    | 0.06%             | 2055-07-20      | Floating      | 0.06%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3830000 | NC      | $3.83         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                    | PNC Financial Services Group, Inc. (The)                                             | CUSIP: 693475BT1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    2128000 | PA      | $2180294.56   | 0.34%             | 2027-10-20      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-76523.91    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-122435.73   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $29031.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Airlines Inc./AAdvantage Loyalty IP Ltd.                           | American Airlines Inc./AAdvantage Loyalty IP Ltd.                                    | CUSIP: 00253XAB7<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     449000 | PA      | $451054.34    | 0.07%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                             | CoreWeave, Inc.                                                                      | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |      78000 | PA      | $80038.06     | 0.01%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Bausch and Lomb, Inc.                                                       | Bausch and Lomb, Inc., Term Loan                                                     | CUSIP: C0787FAJ1<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |     274312 | PA      | $274826.84    | 0.04%             | 2031-01-30      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                       | OneMain Finance Corp.                                                                | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     108000 | PA      | $100481.70    | 0.02%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust                                                | Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3                              | CUSIP: 16162WPX1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       2986 | PA      | $2774.19      | 0.00%             | 2036-01-25      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |  -56000000 | NC      | $-56851.20    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   -9980000 | NC      | $-436446.43   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurosail PLC                                                                | Eurosail PLC, Series 2007-2X, Class D1A                                              | CUSIP: BCC0WM139<br>LEI: 213800NEJVUXH4MS6Y78 | Long             | ABS-MBS          | CORP              | GB        |    3600000 | PA      | $3742135.74   | 0.58%             | 2045-03-13      | Floating      | 2.81%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-92744.02    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Electricite de France                                                       | Electricite de France                                                                | CUSIP: ZN7006218<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    2000000 | PA      | $2582154.27   | 0.40%             | N/A             | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $1593735.14   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 31394V7G9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      23255 | PA      | $27721.97     | 0.00%             | 2036-03-25      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                                 | Telecom Italia Capital S.A.                                                          | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     106000 | PA      | $117605.64    | 0.02%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                                                    | Group 1 Automotive, Inc.                                                             | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     254000 | PA      | $247050.89    | 0.04%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -11760000 | NC      | $-560894.97   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                      | Tenet Healthcare Corp.                                                               | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     337000 | PA      | $349156.86    | 0.05%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Last Mile Logistics Pan Euro Finance DAC                                    | Last Mile Logistics Pan Euro Finance DAC, Series E                                   | CUSIP: BCC316NC8<br>LEI: 635400NOPX1IKIAX7N90 | Long             | ABS-MBS          | CORP              | IE        |    2420276 | PA      | $2845612.37   | 0.44%             | 2033-08-17      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| BB Blue Financing DAC                                                       | BB Blue Financing DAC, Series A1                                                     | CUSIP: BZ1196758<br>LEI: 635400ZEZBP91CFF7965 | Long             | DBT              | CORP              | IE        |     750000 | PA      | $737701.22    | 0.11%             | 2037-09-20      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Brookfield Infrastructure Finance ULC                                       | Brookfield Infrastructure Finance ULC                                                | CUSIP: 11276BAA7<br>LEI: 984500CDDWC47U7DBA74 | Long             | DBT              | CORP              | CA        |     769000 | PA      | $788849.43    | 0.12%             | 2055-03-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31394CKG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1891 | PA      | $97.55        | 0.00%             | 2035-03-25      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3790000 | NC      | $15451.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  127910000 | NC      | $52688.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 3133TMBG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      11885 | PA      | $12100.85     | 0.00%             | 2029-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings Inc.                                           | Nationstar Mortgage Holdings Inc.                                                    | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     232000 | PA      | $242838.58    | 0.04%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Energuate Trust 2 0                                                         | Energuate Trust 2 0                                                                  | CUSIP: 29277RAB1<br>LEI: 2549000ZL9MU01FZK194 | Long             | DBT              | CORP              | KY        |     560000 | PA      | $564206.27    | 0.09%             | 2035-09-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -19970000 | NC      | $-190693.53   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Jupiter Mortgage No.1 PLC                                                   | Jupiter Mortgage No.1 PLC, Series 1A, Class FR                                       | CUSIP: BCC3D7YR8<br>LEI: 6354009QIELPOGEAFS09 | Long             | ABS-MBS          | CORP              | GB        |     852000 | PA      | $1150664.65   | 0.18%             | 2055-07-20      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   10270000 | NC      | $190880.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-394214.71   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $910705.79    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                       | OneMain Finance Corp.                                                                | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     109000 | PA      | $111155.04    | 0.02%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 3137HKW67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   31455671 | PA      | $1661038.70   | 0.26%             | 2055-04-25      | Floating      | 1.59%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | Government National Mortgage Association, IO                                         | CUSIP: 38375JSQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |      48286 | PA      | $2703.00      | 0.00%             | 2037-04-16      | Floating      | 2.29%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                     | Level 3 Financing, Inc.                                                              | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     299000 | PA      | $304984.49    | 0.05%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AAdvantage Loyality IP Ltd. (American Airlines, Inc.)                       | AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B                   | CUSIP: 02376CBT1<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |     172069 | PA      | $173036.64    | 0.03%             | 2032-05-07      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                    | Fannie Mae Connecticut Avenue Securities, Series 2023-R06, Class 1B1                 | CUSIP: 20754EAF2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     565000 | PA      | $595381.35    | 0.09%             | 2043-07-25      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| Fideicomiso Dorrego y Libertador                                            | Fideicomiso Dorrego y Libertador                                                     | CUSIP: BCC39CJN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AR        |    3144648 | PA      | $2987415.60   | 0.46%             | 2043-12-31      | Fixed         | 2.00%                 | No            |                  3 | On Loan: No      |
| Air Lease Corp.                                                             | Air Lease Corp., Series B                                                            | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     368000 | PA      | $363757.68    | 0.06%             | N/A             | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2800000 | NC      | $188580.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. International Development Finance Corp.                                | U.S. International Development Finance Corp., Series 4                               | CUSIP: 90376PEX5<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | USGSE             | US        |     480000 | PA      | $471386.57    | 0.07%             | 2028-04-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CHC Group LLC                                                               | CHC Group LLC                                                                        | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     112000 | PA      | $110541.24    | 0.02%             | 2030-09-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -399370000 | NC      | $-1016025.24  | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust, Series 2025-INV1, Class A7                                           | CUSIP: 693967AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     403090 | PA      | $409540.03    | 0.06%             | 2060-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |  -28000000 | NC      | $-123752.97   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   -6660000 | NC      | $-189885.67   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |  -28000000 | NC      | $-56030.44    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 31397NP41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       5539 | PA      | $5597.80      | 0.00%             | 2037-06-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -18320000 | NC      | $-238285.68   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                                     | SS&C Technologies, Inc.                                                              | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     275000 | PA      | $274813.69    | 0.04%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PennyMac Financial Services, Inc.                                           | PennyMac Financial Services, Inc.                                                    | CUSIP: 70932MAB3<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     116000 | PA      | $112365.15    | 0.02%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   14000000 | NC      | $315070.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                    | Fannie Mae Connecticut Avenue Securities, Series 2023-R02, Class 1M1                 | CUSIP: 20755AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     354972 | PA      | $361584.98    | 0.06%             | 2043-01-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-87547.92    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac, Series 2024-HQA2, Class M2                                              | CUSIP: 35564NEC3<br>LEI: 5299002OYNAPMJKK2A73 | Long             | ABS-MBS          | USGSE             | US        |    1550000 | PA      | $1559578.07   | 0.24%             | 2044-08-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Cerdia Finanz GmbH                                                          | Cerdia Finanz GmbH                                                                   | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |     246000 | PA      | $261067.50    | 0.04%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-143355.49   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -38280000 | NC      | $-795405.97   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                                              | NCL Corp. Ltd.                                                                       | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     144000 | PA      | $144835.31    | 0.02%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                   | Vistra Operations Co. LLC                                                            | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      78000 | PA      | $77800.37     | 0.01%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-126162.59   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392DAG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1304 | PA      | $141.65       | 0.00%             | 2032-04-25      | Floating      | 3.33%                 | No            |                  2 | On Loan: No      |
| Panther BF Aggregator 2 L.P. (Power Solutions, Clarios POWSOL)              | Panther BF Aggregator 2 L.P. (Power Solutions, Clarios POWSOL), Term Loan B          | CUSIP: C8000CAP8<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |     270000 | PA      | $270506.25    | 0.04%             | 2032-01-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $50334.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Mercantil del Norte, S.A.                                             | Banco Mercantil del Norte, S.A.                                                      | CUSIP: 05971PAC2<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     650000 | PA      | $695524.70    | 0.11%             | N/A             | Variable      | 8.38%                 | No            |                  2 | On Loan: —       |
| Bell Canada                                                                 | Bell Canada                                                                          | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     893000 | PA      | $927630.54    | 0.14%             | 2055-09-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Brink's Co. (The)                                                           | Brink's Co. (The)                                                                    | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     245000 | PA      | $255051.13    | 0.04%             | 2032-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Newday Funding Master Issuer PLC - Series 2024-3                            | Newday Funding Master Issuer PLC - Series 2024-3, Series 2024-3X, Class E            | CUSIP: BCC3HZWF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |    1005000 | PA      | $1373791.96   | 0.21%             | 2032-11-15      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | S&P 500 Index Option                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |          6 | NC      | $15450.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 31392KST4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      15794 | PA      | $15760.65     | 0.00%             | 2032-01-15      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                          | Freddie Mac REMICs                                                                   | CUSIP: 31392MJE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      36693 | PA      | $38132.82     | 0.01%             | 2032-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST, L.P.                                                     | RLJ LODGING TRUST, L.P.                                                              | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |     255000 | PA      | $241008.00    | 0.04%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| Fannie Mae Connecticut Avenue Securities                                    | Fannie Mae Connecticut Avenue Securities, Series 2024-R03, Class 2M2                 | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3180000 | PA      | $3208694.73   | 0.50%             | 2044-03-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-867341.78   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-25422.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Carriage Services, Inc.                                                     | Carriage Services, Inc.                                                              | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     387000 | PA      | $366983.78    | 0.06%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Fannie Mae Connecticut Avenue Securities                                    | Fannie Mae Connecticut Avenue Securities, Series 2022-R08, Class 1M2                 | CUSIP: 20755DAB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1350000 | PA      | $1405193.13   | 0.22%             | 2042-07-25      | Floating      | 7.96%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $2389.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Telecomunicaciones Digitales, S.A.                                          | Telecomunicaciones Digitales, S.A.                                                   | CUSIP: ZQ3057432<br>LEI: 5299008Q5GONPYNF9J32 | Long             | DBT              | CORP              | PA        |     750000 | PA      | $716604.20    | 0.11%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy, Inc.                                                    | CenterPoint Energy, Inc.                                                             | CUSIP: 15189TBP1<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    3029000 | PA      | $3133582.28   | 0.49%             | 2055-05-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Cousins Properties L.P.                                                     | Cousins Properties L.P.                                                              | CUSIP: 222793AC5<br>LEI: 254900ZQIHJ5FQH4C329 | Long             | DBT              | CORP              | US        |    1184000 | PA      | $1212984.12   | 0.19%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FIBERCOP S.p.A.                                                             | FIBERCOP S.p.A.                                                                      | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     300000 | PA      | $287448.51    | 0.04%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $202986.07    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 31393T4V5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       3121 | PA      | $3115.90      | 0.00%             | 2033-11-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $20139.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                          | Southern Co. (The), Series B                                                         | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    3126000 | PA      | $3118228.45   | 0.48%             | 2051-01-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -55960000 | NC      | $-985911.67   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392ATX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1208 | PA      | $64.72        | 0.00%             | 2031-12-18      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-965.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| YPF S.A.                                                                    | YPF S.A., Class D                                                                    | CUSIP: N/A<br>LEI: 5493003N7447U18U5U53       | Long             | EC               | CORP              | AR        |     157100 | NS      | $4256140.85   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CCO Holdings, LLC/CCO Holdings Capital Corp.                                         | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     291000 | PA      | $265011.14    | 0.04%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arcos Dorados B.V.                                                          | Arcos Dorados B.V.                                                                   | CUSIP: 03965TAC7<br>LEI: 549300T91OYP6I7P8G39 | Long             | DBT              | CORP              | NL        |    1410000 | PA      | $1488960.00   | 0.23%             | 2032-01-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BBVA Bancomer S.A.                                                          | BBVA Bancomer S.A.                                                                   | CUSIP: YR2963183<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |     750000 | PA      | $790875.00    | 0.12%             | 2035-02-11      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -3740000 | NC      | $-29848.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -7000000 | NC      | $-182315.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-31686.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OBX 2024-NQM12 Trust                                                        | OBX 2024-NQM12 Trust, Series 2024-NQM12, Class A1                                    | CUSIP: 67448PAA1<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |     219441 | PA      | $221040.36    | 0.03%             | 2064-07-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-114811.34   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $595360.93    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31393BGX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      15063 | PA      | $2359.68      | 0.00%             | 2033-05-25      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -22050000 | NC      | $-329801.85   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs                                                                    | CUSIP: 31395D7F0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      26289 | PA      | $29068.88     | 0.00%             | 2036-06-25      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Queensland Treasury Corp.                                                   | Queensland Treasury Corp.                                                            | CUSIP: YL0100484<br>LEI: 98INKCEEHOU5YJS0HQ88 | Long             | DBT              | NUSS              | AU        |    4700000 | PA      | $3094253.20   | 0.48%             | 2038-08-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                           | Fannie Mae REMICs, IO                                                                | CUSIP: 31392BMY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1719 | PA      | $155.49       | 0.00%             | 2032-01-25      | Floating      | 3.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                    | Fannie Mae Connecticut Avenue Securities, Series 2024-R02, Class 1M2                 | CUSIP: 20754GAE0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3100000 | PA      | $3129892.99   | 0.49%             | 2044-02-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance LLC                                                        | Bayer US Finance LLC                                                                 | CUSIP: 07274EAH6<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    1745000 | PA      | $1775766.37   | 0.28%             | 2026-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust                                                         | RCKT Mortgage Trust, Series 2025-CES5, Class A1B                                     | CUSIP: 74942CAB5<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |     855199 | PA      | $866774.75    | 0.13%             | 2055-05-25      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower L.P.                                                         | EMRLD Borrower L.P., Incremental Term Loan B                                         | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     426775 | PA      | $425387.99    | 0.07%             | 2031-08-04      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                       | Dominican Republic International Bond                                                | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     500000 | PA      | $478900.00    | 0.07%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Principal Financial Officer and Treasurer