# EDGAR Filing Document

**Accession Number:** 0000837274
**File Stem:** 0002071691-26-012244
**Filing Date:** 2026-5
**Character Count:** 142911
**Document Hash:** bf7b2ec5630dabae0d3b56201c2c7f1e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012244.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012244

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0000837274

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05583
- **FILM NUMBER:** 261024619

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN VALUEMARK FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN VALUEMARK ANNUITY FUNDS
- **DATE OF NAME CHANGE:** 19881129

## Series and Classes Contracts Data

### FRANKLIN INCOME VIP FUND (Series ID: S000007329)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020129 | Class 1      |  |
| C000020130 | Class 2      |  |
| C000061791 | Class 4      |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Franklin Templeton Variable Insurance Products Trust

- **b. Investment Company Act file number:** 811-05583

- **c. CIK number of Registrant:** 0000837274

- **d. LEI of Registrant:** 549300PIBKZH7YTTWU55

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

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

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

- **a. Name of Series:** Franklin Income VIP Fund

- **b. EDGAR series identifier (if any):** S000007329

- **c. LEI of Series:** EC5RL2TXCF76ZEXHFH77

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3300622811.46

**Total Liabilities:** $14949593.83

**Net Assets:** $3285673217.63

**Delayed Delivery Securities:** $12900000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -319.00000000 | **1-Year:** -13838.28000000 | **5-Year:** -143096.67000000 | **10-Year:** -108253.13000000 | **30-Year:** -217434.96000000

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

- **3-Month:** -6.49000000 | **1-Year:** -24781.13000000 | **5-Year:** -128548.89000000 | **10-Year:** -50313.45000000 | **30-Year:** -6879.26000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020129 | 3.43%                | 2.60%                | -2.00%               |
| Class ID C000061791 | 3.44%                | 2.52%                | -1.98%               |
| Class ID C000020130 | 3.43%                | 2.55%                | -1.99%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $60225680.95             | $41373338.96                               |
| Month 2  | $56354438.41             | $18802033.59                               |
| Month 3  | $4918096.85              | $-81341937.94                              |

**Designated Index Information**

- **Index Name:** 50% US High Div Yield + 25% High Yield Very Liquid + 25% US Agg Index

- **Index Identifier:** HB10288

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bombardier, Inc.                                                                   | Bombardier, Inc.                                                                                  | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   4250000 | PA      | $4458959.75   | 0.14%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3142J6BU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4248258 | PA      | $4333836.14   | 0.13%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Shell plc                                                                          | Shell plc                                                                                         | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    220000 | NS      | $20460000.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch BV into Comcast Corp.                                                | Merrill Lynch BV into Comcast Corp.                                                               | CUSIP: N/A<br>LEI: 549300RQ1D1WIE085245       | Long             | SN               | CORP              | NL        |    255000 | NS      | $7384701.37   | 0.22%             | 2026-06-22      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                 | CHS/Community Health Systems, Inc.                                                                | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  24798000 | PA      | $26635804.58  | 0.81%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| BlackRock, Inc.                                                                    | BlackRock, Inc.                                                                                   | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     15000 | NS      | $14425650.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Calumet Specialty Products Partners LP / Calumet Finance Corp.                     | Calumet Specialty Products Partners LP / Calumet Finance Corp.                                    | CUSIP: 131477BA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7440726.58   | 0.23%             | 2031-02-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                                  | Exxon Mobil Corp.                                                                                 | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    450000 | NS      | $76347000.00  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese US Holdings LLC                                                           | Celanese US Holdings LLC                                                                          | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12255588.00  | 0.37%             | 2027-07-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWMY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  14156368 | PA      | $14236963.27  | 0.43%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Calumet Specialty Products Partners LP / Calumet Finance Corp.                     | Calumet Specialty Products Partners LP / Calumet Finance Corp.                                    | CUSIP: 131477AX9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5603125.00   | 0.17%             | 2029-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC                           | Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC                                          | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2917425.90   | 0.09%             | 2031-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                   | Amazon.com, Inc.                                                                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     49827 | NS      | $10377469.29  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global LNG, Inc.                                                           | Venture Global LNG, Inc.                                                                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4297912.00   | 0.13%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                       | Oracle Corp.                                                                                      | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2346248.13   | 0.07%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                       | Oracle Corp., Series D                                                                            | CUSIP: 68389X204<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EP               | CORP              | US        |    350000 | NS      | $15753500.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Markets Cayman LP into Exxon Mobil Corp.                                    | Mizuho Markets Cayman LP into Exxon Mobil Corp.                                                   | CUSIP: 60701E246<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |    159000 | NS      | $20069190.40  | 0.61%             | 2026-04-07      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                   | NRG Energy, Inc.                                                                                  | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $19979800.00  | 0.61%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ardagh Group SA                                                                    | Ardagh Group SA                                                                                   | CUSIP: 039959AA9<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |   8402000 | PA      | $8816336.23   | 0.27%             | 2030-12-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                           | Bristol-Myers Squibb Co.                                                                          | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    179919 | NS      | $10912087.35  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                                                                 | General Motors Co.                                                                                | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5121274.90   | 0.16%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch BV into UnitedHealth Group, Inc.                                     | Merrill Lynch BV into UnitedHealth Group, Inc.                                                    | CUSIP: 59028A119<br>LEI: 549300RQ1D1WIE085245 | Long             | SN               | CORP              | NL        |     25000 | NS      | $6936065.38   | 0.21%             | 2026-09-25      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA into Texas Instruments, Inc.                                        | BNP Paribas SA into Texas Instruments, Inc.                                                       | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | SN               | CORP              | FR        |    113500 | NS      | $22032567.73  | 0.67%             | 2026-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                                                         | Cloud Software Group, Inc.                                                                        | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4882776.50   | 0.15%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5PJ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5665659 | PA      | $5712526.51   | 0.17%             | 2055-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Organon & Co. / Organon Foreign Debt Co-Issuer BV                                  | Organon & Co. / Organon Foreign Debt Co-Issuer BV                                                 | CUSIP: 68622FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2473657.50   | 0.08%             | 2034-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                              | International Business Machines Corp.                                                             | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     65000 | NS      | $15755350.00  | 0.48%             |  |  |  | No            |                  1 | 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        |   2500000 | PA      | $2373760.43   | 0.07%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                   | CVS Health Corp.                                                                                  | CUSIP: 126650DU1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5059337.10   | 0.15%             | 2033-02-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UBS AG into Marvell Technology, Inc.                                               | UBS AG into Marvell Technology, Inc.                                                              | CUSIP: N/A<br>LEI: BFM8T61CT2L1QCEMIK50       | Long             | SN               | CORP              | CH        |    110000 | NS      | $8736708.04   | 0.27%             | 2026-05-14      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                                                 | Venture Global Plaquemines LNG LLC                                                                | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1874847.60   | 0.06%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWHT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6962159 | PA      | $7023211.68   | 0.21%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Asurion LLC/ Asurion Co-Issuer, Inc.                                               | Asurion LLC and Asurion Co-Issuer, Inc.                                                           | CUSIP: 045941AB7<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2428931.05   | 0.07%             | 2034-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Asurion LLC/ Asurion Co-Issuer, Inc.                                               | Asurion LLC and Asurion Co-Issuer, Inc.                                                           | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4672295.96   | 0.14%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Notes                                                                               | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $28063476.60  | 0.85%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                                            | Quikrete Holdings, Inc.                                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6595894.50   | 0.20%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                          | Ford Motor Credit Co. LLC                                                                         | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1583047.05   | 0.05%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                                                               | NextEra Energy, Inc.                                                                              | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     50000 | NS      | $4644000.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrim's Pride Corp.                                                              | Pilgrim's Pride Corp.                                                                             | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4193720.00   | 0.13%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                    | Goldman Sachs Group, Inc. (The)                                                                   | CUSIP: 38141GA53<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  17000000 | PA      | $18489368.47  | 0.56%             | 2034-10-24      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp.                                      | CCO Holdings LLC / CCO Holdings Capital Corp.                                                     | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8029994.40   | 0.24%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub, Inc.                                                      | Dornoch Debt Merger Sub, Inc.                                                                     | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11945000 | PA      | $10675579.77  | 0.32%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Keenova Therapeutics plc                                                           | Keenova Therapeutics plc                                                                          | CUSIP: N/A<br>LEI: 549300LMDE3RUP8Z3L60       | Long             | EC               | CORP              | IE        |     48391 | NS      | $4258408.00   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Treasury Pty. Ltd.                                                       | Fortescue Treasury Pty. Ltd.                                                                      | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   5000000 | PA      | $5064493.05   | 0.15%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc into Freeport-McMoRan, Inc.                                      | Barclays Bank plc into Freeport-McMoRan, Inc.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    250000 | NS      | $13424722.44  | 0.41%             | 2027-01-27      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                           | Venture Global LNG, Inc.                                                                          | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   5161000 | PA      | $5272260.84   | 0.16%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| McAfee Corp.                                                                       | McAfee Corp.                                                                                      | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4136431.50   | 0.13%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                         | Occidental Petroleum Corp.                                                                        | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6454957.86   | 0.20%             | 2030-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Ardagh Group SA                                                                    | Ardagh Group SA                                                                                   | CUSIP: 03969UAA4<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |  11000000 | PA      | $9285100.00   | 0.28%             | 2030-12-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Delta Air Lines, Inc. / SkyMiles IP Ltd.                                           | Delta Air Lines, Inc. / SkyMiles IP Ltd.                                                          | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4583333 | PA      | $4578355.97   | 0.14%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                  | Johnson & Johnson                                                                                 | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    150000 | NS      | $36666000.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                                                                  | Merck & Co., Inc.                                                                                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    200000 | NS      | $24058000.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                     | Morgan Stanley                                                                                    | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   8650000 | PA      | $9259024.10   | 0.28%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| JBS NV / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. Holdings            | JBS NV / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. Holdings                           | CUSIP: 46590XAY2<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |   8000000 | PA      | $8262922.32   | 0.25%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pfizer, Inc.                                                                       | Pfizer, Inc.                                                                                      | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   1059816 | NS      | $29759633.28  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                           | PNC Financial Services Group, Inc. (The)                                                          | CUSIP: 693475BJ3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8465221.04   | 0.26%             | 2033-10-28      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| UBS AG into Oracle Corp.                                                           | UBS AG into Oracle Corp.                                                                          | CUSIP: 90304M386<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | SN               | CORP              | CH        |     33000 | NS      | $5176012.20   | 0.16%             | 2027-01-11      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                             | Tenet Healthcare Corp.                                                                            | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  13580000 | PA      | $13619374.53  | 0.41%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                                                 | United Airlines Pass-Through Trust, Series 2023-1, Class A                                        | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5736956 | PA      | $5924958.82   | 0.18%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Ford Motor Co.                                                                     | Ford Motor Co.                                                                                    | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7061680.57   | 0.21%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Rain Carbon, Inc.                                                                  | Rain Carbon, Inc.                                                                                 | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   7300000 | PA      | $7519722.70   | 0.23%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| BNP Paribas Issuance BV into Freeport-McMoRan, Inc.                                | BNP Paribas Issuance BV into Freeport-McMoRan, Inc.                                               | CUSIP: N/A<br>LEI: 7245009UXRIGIRYOBR48       | Long             | SN               | CORP              | NL        |    400000 | NS      | $18494839.95  | 0.56%             | 2026-08-28      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                                    | Citigroup, Inc.                                                                                   | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  24500000 | PA      | $26197411.94  | 0.80%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                                | Medline Borrower LP                                                                               | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9679218.00   | 0.29%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                        | United Parcel Service, Inc., Class B                                                              | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |    139000 | NS      | $13674820.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.                                  | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.                                                 | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5981655.00   | 0.18%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp.                                                                | Regal Rexnord Corp.                                                                               | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5287274.35   | 0.16%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| UBS AG into Texas Instruments, Inc.                                                | UBS AG into Texas Instruments, Inc.                                                               | CUSIP: 90304M477<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | SN               | CORP              | CH        |     50000 | NS      | $10073914.30  | 0.31%             | 2027-02-24      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Merrill Lynch BV into UnitedHealth Group, Inc.                                     | Merrill Lynch BV into UnitedHealth Group, Inc.                                                    | CUSIP: N/A<br>LEI: 549300RQ1D1WIE085245       | Long             | SN               | CORP              | NL        |     25000 | NS      | $6883922.80   | 0.21%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| RR Donnelley & Sons Co.                                                            | RR Donnelley & Sons Co.                                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4558563.00   | 0.14%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                                               | American Tower Corp.                                                                              | CUSIP: 03027XBZ2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5169460.50   | 0.16%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                 | CHS/Community Health Systems, Inc.                                                                | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  19930000 | PA      | $17350551.78  | 0.53%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                               | JPMorgan Chase & Co.                                                                              | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3226616.22   | 0.10%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5MQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5405029 | PA      | $5447540.70   | 0.17%             | 2055-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                 | CHS/Community Health Systems, Inc.                                                                | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  23820000 | PA      | $22930747.00  | 0.70%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                                         | US Bancorp                                                                                        | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10521337.30  | 0.32%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                                             | Home Depot, Inc. (The)                                                                            | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |    100000 | NS      | $32889000.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG into Bank of America Corp.                                                  | UBS AG into Bank of America Corp.                                                                 | CUSIP: 90304M485<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | SN               | CORP              | CH        |    125000 | NS      | $6233726.45   | 0.19%             | 2027-03-03      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Structured Products BV into Home Depot, Inc. (The)                     | J.P. Morgan Structured Products BV into Home Depot, Inc. (The)                                    | CUSIP: N/A<br>LEI: XZYUUT6IYN31D9K77X08       | Long             | SN               | CORP              | NL        |     52700 | NS      | $17852344.65  | 0.54%             | 2026-10-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UBS AG into Accenture plc                                                          | UBS AG into Accenture plc                                                                         | CUSIP: 90304M253<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | SN               | CORP              | CH        |     31000 | NS      | $6285307.26   | 0.19%             | 2026-07-13      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| KKR & Co., Inc.                                                                    | KKR & Co., Inc., Series D                                                                         | CUSIP: 48251W500<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |     25000 | NS      | $1005500.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines, Inc.                                                              | United Airlines, Inc.                                                                             | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   8750000 | PA      | $8590565.38   | 0.26%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                  | Wells Fargo & Co., Series GG                                                                      | CUSIP: 95002YAE3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3012086.07   | 0.09%             | 2031-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.              | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.                             | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3347092.70   | 0.10%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                                    | CoreWeave, Inc.                                                                                   | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2381922.25   | 0.07%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                          | Vistra Operations Co. LLC                                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   4700000 | PA      | $4925419.71   | 0.15%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                    | TransDigm, Inc.                                                                                   | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   5750000 | PA      | $5829666.25   | 0.18%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc into Micron Technology, Inc.                                     | Barclays Bank plc into Micron Technology, Inc.                                                    | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | Long             | SN               | CORP              | GB        |     90000 | NS      | $13395747.82  | 0.41%             | 2026-09-08      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                             | Cleveland-Cliffs, Inc.                                                                            | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3916360.32   | 0.12%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                                                 | General Motors Co.                                                                                | CUSIP: 37045VAP5<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |  13500000 | PA      | $12671506.22  | 0.39%             | 2038-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                  | Wells Fargo & Co.                                                                                 | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10251837.60  | 0.31%             | 2034-07-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                           | Venture Global LNG, Inc.                                                                          | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |  12250000 | PA      | $12211181.83  | 0.37%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Notes                                                                               | CUSIP: 91282CHW4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $30235546.80  | 0.92%             | 2030-08-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                                             | Freeport-McMoRan, Inc.                                                                            | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    100000 | NS      | $5878000.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp.                                                                    | Albemarle Corp.                                                                                   | CUSIP: 012653200<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EP               | CORP              | US        |    135000 | NS      | $9699750.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                                                                 | Southern Co. (The)                                                                                | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    450000 | NS      | $43434000.00  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                                               | FNMA, 30 Year                                                                                     | CUSIP: 31418FED5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5750368 | PA      | $5782813.09   | 0.18%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                                    | Citigroup, Inc.                                                                                   | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     50000 | NS      | $5670500.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Treasury Pty. Ltd.                                                       | Fortescue Treasury Pty. Ltd.                                                                      | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   3442000 | PA      | $3520228.54   | 0.11%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                        | Capital One Financial Corp.                                                                       | CUSIP: 14040HCV5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   6070000 | PA      | $6154387.93   | 0.19%             | 2030-07-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                                     | Broadcom, Inc.                                                                                    | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9679909.60   | 0.29%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Vistra Corp.                                                                       | Vistra Corp.                                                                                      | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   7800000 | PA      | $7815459.29   | 0.24%             | 2026-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Bank of America NA into Microchip Technology, Inc.                                 | Bank of America NA into Microchip Technology, Inc.                                                | CUSIP: 59027W401<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | SN               | CORP              | US        |    200000 | NS      | $12634846.23  | 0.38%             | 2026-09-03      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                                                   | TotalEnergies SE                                                                                  | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |    250000 | NS      | $22745000.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5RF8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3836096 | PA      | $3866140.70   | 0.12%             | 2055-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV                                                       | LyondellBasell Industries NV, Class A                                                             | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | NL        |    110000 | NS      | $8861600.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Opal Bidco SAS                                                                     | Opal Bidco SAS                                                                                    | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |   2750000 | PA      | $2754314.75   | 0.08%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                                                   | ArcelorMittal SA                                                                                  | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |  12000000 | PA      | $13252570.92  | 0.40%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| SCIH Salt Holdings, Inc.                                                           | SCIH Salt Holdings, Inc.                                                                          | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5477120.00   | 0.17%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.                              | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.                                             | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14859216.00  | 0.45%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Qnity Electronics, Inc.                                                            | Qnity Electronics, Inc.                                                                           | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1670438.55   | 0.05%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                 | CHS/Community Health Systems, Inc.                                                                | CUSIP: N/A<br>LEI: 5493007X5NC5XI1BB106       | Long             | DBT              | CORP              | US        |  20000000 | PA      | $21331300.00  | 0.65%             | 2033-06-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                             | Truist Financial Corp.                                                                            | CUSIP: 89788NAA8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3924607.44   | 0.12%             | 2033-07-28      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                              | Clydesdale Acquisition Holdings, Inc., First Lien, 2025 Incremental Closing Date CME Term Loan, B | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |   3958773 | PA      | $3707885.82   | 0.11%             | 2032-04-01      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                          | Williams Cos., Inc. (The)                                                                         | CUSIP: 969457CJ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5165506.65   | 0.16%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                    | TransDigm, Inc.                                                                                   | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5066950.00   | 0.15%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                               | FNMA                                                                                              | CUSIP: 313586810<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EP               | CORP              | US        |       475 | NS      | $19000000.00  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Treasury Pty. Ltd.                                                       | Fortescue Treasury Pty. Ltd.                                                                      | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   6000000 | PA      | $5674467.00   | 0.17%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BofA Finance LLC into Albemarle Corp.                                              | BofA Finance LLC into Albemarle Corp.                                                             | CUSIP: N/A<br>LEI: 549300CGZYSEY3ZSIW16       | Long             | SN               | CORP              | US        |    255000 | NS      | $26565721.58  | 0.81%             | 2026-08-28      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC into International Business Machines Corp.              | Morgan Stanley Finance LLC into International Business Machines Corp.                             | CUSIP: 61772E198<br>LEI: 5493003FCPSE9RKT4B56 | Long             | SN               | CORP              | US        |     40000 | NS      | $9882019.92   | 0.30%             | 2027-04-08      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Univision Communications, Inc.                                                     | Univision Communications, Inc.                                                                    | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3094080.48   | 0.09%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWG80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  14526619 | PA      | $14403685.67  | 0.44%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tronox, Inc.                                                                       | Tronox, Inc.                                                                                      | CUSIP: 897051AD0<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $10996802.30  | 0.33%             | 2030-09-30      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                | Abbott Laboratories                                                                               | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    300000 | NS      | $30801000.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                    | Goldman Sachs Group, Inc. (The)                                                                   | CUSIP: 38145GAU4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2416292.35   | 0.07%             | 2041-02-02      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| International Paper Co.                                                            | International Paper Co.                                                                           | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    125000 | NS      | $4462500.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                                                      | Medtronic plc                                                                                     | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |    120000 | NS      | $10398000.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals, Inc.                                                   | Air Products and Chemicals, Inc.                                                                  | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |    115000 | NS      | $33406350.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                                                        | Capital One Financial Corp.                                                                       | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     65000 | NS      | $11857950.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OPAL US LLC                                                                        | OPAL US LLC, First Lien, CME Term Loan, B4                                                        | CUSIP: F7000QAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5721250 | PA      | $5724825.78   | 0.17%             | 2032-04-28      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| GE HealthCare Technologies, Inc.                                                   | GE HealthCare Technologies, Inc.                                                                  | CUSIP: 36267VAK9<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4221135.48   | 0.13%             | 2032-11-22      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Beach Acquisition Bidco LLC                                                        | Beach Acquisition Bidco LLC                                                                       | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |  10540486 | PA      | $11233441.90  | 0.34%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BX Frontier Member I LLC                                                           | BX Frontier Member II LLC                                                                         | CUSIP: N/A<br>LEI: 254900BBMW3BLRP8ZL27       | Long             | DBT              | CORP              | US        |   4231308 | PA      | $4231308.00   | 0.13%             | 2060-12-31      | Fixed         | 6.10%                 | Yes           |                  3 | On Loan: No      |
| Philip Morris International, Inc.                                                  | Philip Morris International, Inc.                                                                 | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    130000 | NS      | $21494200.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd.                               | American Airlines, Inc. / AAdvantage Loyalty IP Ltd.                                              | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1251725.01   | 0.04%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                     | Morgan Stanley                                                                                    | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   5700000 | PA      | $5719834.97   | 0.17%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA into Salesforce, Inc.                                          | Wells Fargo Bank NA into Salesforce, Inc.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     35000 | NS      | $6671886.55   | 0.20%             | 2026-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                      | Comcast Corp., Class A                                                                            | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    400000 | NS      | $11484000.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy, Inc.                                                                  | Xcel Energy, Inc.                                                                                 | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    130000 | NS      | $10327200.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank plc into Microchip Technology, Inc.                                  | Barclays Bank plc into Microchip Technology, Inc.                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | GB        |    200000 | NS      | $12573060.42  | 0.38%             | 2026-10-05      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                                                 | United Rentals North America, Inc.                                                                | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8138848.00   | 0.25%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N56K0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   8662334 | PA      | $8836967.56   | 0.27%             | 2056-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Bonds                                                                               | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9344531.20   | 0.28%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                                                         | Cloud Software Group, Inc.                                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4828143.00   | 0.15%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Millrose Properties, Inc.                                                          | Millrose Properties, Inc.                                                                         | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4001455.60   | 0.12%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5007127 | PA      | $5035097.34   | 0.15%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Qnity Electronics, Inc.                                                            | Qnity Electronics, Inc.                                                                           | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2004882.00   | 0.06%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                                                  | BAT Capital Corp.                                                                                 | CUSIP: 054989AB4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6509731.50   | 0.20%             | 2033-08-02      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| Salesforce, Inc.                                                                   | Salesforce, Inc.                                                                                  | CUSIP: 79466LAU8<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8476766.02   | 0.26%             | 2036-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                                | Newell Brands, Inc.                                                                               | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2581875.00   | 0.08%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                          | Ford Motor Credit Co. LLC                                                                         | CUSIP: 345397G98<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   7654000 | PA      | $7858470.95   | 0.24%             | 2032-03-19      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                | Cisco Systems, Inc.                                                                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    500000 | NS      | $38795000.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                       | Oracle Corp.                                                                                      | CUSIP: 68389XDZ5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4809608.55   | 0.15%             | 2036-02-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                    | Starbucks Corp.                                                                                   | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     50000 | NS      | $4479500.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO, Inc.                                                                          | QXO, Inc., Series C                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       725 | NS      | $7250000.00   | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PepsiCo, Inc.                                                                      | PepsiCo, Inc.                                                                                     | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    350000 | NS      | $54351500.00  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                                                | Fifth Third Bancorp                                                                               | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |    200000 | NS      | $9292000.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                               | JPMorgan Chase & Co.                                                                              | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     80000 | NS      | $23532800.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                                                         | Occidental Petroleum Corp.                                                                        | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3052893.00   | 0.09%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA into NextEra Energy, Inc.                                      | Wells Fargo Bank NA into NextEra Energy, Inc.                                                     | CUSIP: 95004P449<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | SN               | CORP              | US        |    100000 | NS      | $8787918.09   | 0.27%             | 2026-10-22      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                               | FNMA, 30 Year                                                                                     | CUSIP: 31418ER77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14424786 | PA      | $14301974.26  | 0.44%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                                            | Micron Technology, Inc.                                                                           | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4279649.00   | 0.13%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA into Amazon.com, Inc.                                          | Wells Fargo Bank NA into Amazon.com, Inc.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     75000 | NS      | $15183704.51  | 0.46%             | 2027-02-26      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWNX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7121093 | PA      | $7160872.63   | 0.22%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5TP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  14508639 | PA      | $14765910.56  | 0.45%             | 2055-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc. into International Business Machines Corp. | Citigroup Global Markets Holdings, Inc. into International Business Machines Corp.                | CUSIP: N/A<br>LEI: 82VOJDD5PTRDMVVMGV31       | Long             | SN               | CORP              | US        |     35000 | NS      | $8325250.68   | 0.25%             | 2026-08-21      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Genmab A/S / Genmab Finance LLC                                                    | Genmab A/S / Genmab Finance LLC                                                                   | CUSIP: 37230JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |   4000000 | PA      | $4103828.00   | 0.12%             | 2032-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas Issuance BV into NextEra Energy, Inc.                                  | BNP Paribas Issuance BV into NextEra Energy, Inc.                                                 | CUSIP: N/A<br>LEI: 7245009UXRIGIRYOBR48       | Long             | SN               | CORP              | NL        |    300000 | NS      | $26687970.41  | 0.81%             | 2027-02-10      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Weatherford International Ltd.                                                     | Weatherford International Ltd.                                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   5316000 | PA      | $5421113.27   | 0.16%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SLB Ltd.                                                                           | SLB Ltd.                                                                                          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    481415 | NS      | $24739916.85  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                                                                   | NRG Energy, Inc.                                                                                  | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7436265.75   | 0.23%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP into Amgen, Inc.                                          | Mizuho Markets Cayman LP into Amgen, Inc.                                                         | CUSIP: 60701E352<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |     60000 | NS      | $18466334.00  | 0.56%             | 2026-06-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Weatherford International Ltd.                                                     | Weatherford International Ltd.                                                                    | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3578466.50   | 0.11%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Endo Finance Holdings LP                                                           | Endo Finance Holdings LP                                                                          | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4191396.00   | 0.13%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp.                                      | CCO Holdings LLC / CCO Holdings Capital Corp.                                                     | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17500000 | PA      | $17564907.50  | 0.53%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Organon & Co. / Organon Foreign Debt Co-Issuer BV                                  | Organon & Co. / Organon Foreign Debt Co-Issuer BV                                                 | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2912800.38   | 0.09%             | 2028-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                                                               | NextEra Energy, Inc.                                                                              | CUSIP: 65339F119<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |     50000 | NS      | $2627000.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                                                      | Chevron Corp.                                                                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    350000 | NS      | $72415000.00  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global LNG, Inc.                                                           | Venture Global LNG, Inc.                                                                          | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10404953.40  | 0.32%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                   | Boeing Co. (The)                                                                                  | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15256493.70  | 0.46%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                        | Capital One Financial Corp.                                                                       | CUSIP: 14040HCN3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6741896.77   | 0.21%             | 2030-03-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Structured Products BV into Accenture plc                              | J.P. Morgan Structured Products BV into Accenture plc                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     22000 | NS      | $4332626.51   | 0.13%             | 2027-04-05      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP / Emerald Co-Issuer, Inc.                                        | EMRLD Borrower LP / Emerald Co-Issuer, Inc.                                                       | CUSIP: 29103CAA6<br>LEI: 5493000GJYE7GAQCUC61 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11201399.00  | 0.34%             | 2030-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Bonds                                                                               | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  21000000 | PA      | $18422578.02  | 0.56%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                                                       | Target Corp.                                                                                      | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     75000 | NS      | $9090000.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWMX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  24835977 | PA      | $24527656.85  | 0.75%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP / Hilcorp Finance Co.                                          | Hilcorp Energy I LP / Hilcorp Finance Co.                                                         | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3990898.00   | 0.12%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips                                                                     | ConocoPhillips                                                                                    | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    150000 | NS      | $19800000.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                     | Morgan Stanley                                                                                    | CUSIP: 61747YFJ9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6531130.68   | 0.20%             | 2034-11-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                                 | Southern Co. (The)                                                                                | CUSIP: 842587DL8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10470463.10  | 0.32%             | 2032-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BNP Paribas Issuance BV into Target Corp.                                          | BNP Paribas Issuance BV into Target Corp.                                                         | CUSIP: N/A<br>LEI: 7245009UXRIGIRYOBR48       | Long             | SN               | CORP              | NL        |     40000 | NS      | $4146738.80   | 0.13%             | 2026-10-07      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                                                | Herc Holdings, Inc.                                                                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2565210.00   | 0.08%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SCIH Salt Holdings, Inc.                                                           | SCIH Salt Holdings, Inc.                                                                          | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4388000 | PA      | $4340536.32   | 0.13%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                                                 | Venture Global Plaquemines LNG LLC                                                                | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2057952.00   | 0.06%             | 2030-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Hologic, Inc.                                                                      | Hologic, Inc., First Lien, CME Term Loan                                                          | CUSIP: 43644ABP3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   9000000 | PA      | $8898237.00   | 0.27%             | 2033-01-14      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Genmab A/S / Genmab Finance LLC                                                    | Genmab A/S / Genmab Finance LLC                                                                   | CUSIP: 37230JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |   2000000 | PA      | $2095292.00   | 0.06%             | 2033-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N53Y3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5954900 | PA      | $6001554.35   | 0.18%             | 2055-12-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co. (The)                                                                | Coca-Cola Co. (The)                                                                               | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    250000 | NS      | $19012500.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Pass-Through Trust                                                 | United Airlines Pass-Through Trust, Series 2020-1, Class A                                        | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3256063 | PA      | $3312628.78   | 0.10%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                                     | Carnival Corp.                                                                                    | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |  11750000 | PA      | $11760866.40  | 0.36%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co. (The)                                                         | Procter & Gamble Co. (The)                                                                        | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    425000 | NS      | $61387000.00  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank (The) into Starbucks Corp.                                   | Toronto-Dominion Bank (The) into Starbucks Corp.                                                  | CUSIP: 89112B244<br>LEI: PT3QB789TSUIDF371261 | Long             | SN               | CORP              | CA        |    200000 | NS      | $17970139.67  | 0.55%             | 2027-01-27      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA into CVS Health Corp.                                          | Wells Fargo Bank NA into CVS Health Corp.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    150000 | NS      | $10786703.42  | 0.33%             | 2026-04-09      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc. into Workday, Inc.                         | Citigroup Global Markets Holdings, Inc. into Workday, Inc.                                        | CUSIP: 17333Q310<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |     55000 | NS      | $7293705.28   | 0.22%             | 2027-02-24      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                              | Clydesdale Acquisition Holdings, Inc.                                                             | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5684001.66   | 0.17%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                       | Verizon Communications, Inc.                                                                      | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    250000 | NS      | $12550000.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch BV into Charles Schwab Corp. (The)                                   | Merrill Lynch BV into Charles Schwab Corp. (The)                                                  | CUSIP: 59028A267<br>LEI: 549300RQ1D1WIE085245 | Long             | SN               | CORP              | NL        |    135000 | NS      | $12692143.84  | 0.39%             | 2027-03-03      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                                                 | Venture Global Plaquemines LNG LLC                                                                | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $9531925.50   | 0.29%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWJR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6852688 | PA      | $6905484.38   | 0.21%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The) into QUALCOMM, Inc.                                    | Toronto-Dominion Bank (The) into QUALCOMM, Inc.                                                   | CUSIP: 89112B194<br>LEI: PT3QB789TSUIDF371261 | Long             | SN               | CORP              | CA        |     85000 | NS      | $11656025.00  | 0.35%             | 2026-11-25      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                                                        | Amgen, Inc.                                                                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     35000 | NS      | $12314750.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                                                    | Microsoft Corp.                                                                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     32655 | NS      | $12087901.35  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                          | Ford Motor Credit Co. LLC                                                                         | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14999658.30  | 0.46%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                                 | Southern Co. (The), Series A                                                                      | CUSIP: 842587842<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |    135000 | NS      | $6939000.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                                              | Bank of America Corp.                                                                             | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    200000 | NS      | $9750000.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co.                                                                     | Ford Motor Co.                                                                                    | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2606749.02   | 0.08%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP into Dell Technologies, Inc.                              | Mizuho Markets Cayman LP into Dell Technologies, Inc.                                             | CUSIP: 60701E485<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |    100000 | NS      | $15627937.21  | 0.48%             | 2026-11-09      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| NIKE, Inc.                                                                         | NIKE, Inc., Class B                                                                               | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    100000 | NS      | $5282000.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank (The) into Target Corp.                                      | Toronto-Dominion Bank (The) into Target Corp.                                                     | CUSIP: 89112B103<br>LEI: PT3QB789TSUIDF371261 | Long             | SN               | CORP              | CA        |     80000 | NS      | $8866144.43   | 0.27%             | 2026-06-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Connect Holding II LLC                                                             | Connect Holding II LLC                                                                            | CUSIP: 20753PAD3<br>LEI: 254900LCX7S2QHYUOI31 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6715157.72   | 0.20%             | 2031-04-03      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Matador Resources Co.                                                              | Matador Resources Co.                                                                             | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3505512.50   | 0.11%             | 2033-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC into JPMorgan Chase & Co.                               | Morgan Stanley Finance LLC into JPMorgan Chase & Co.                                              | CUSIP: 61772E222<br>LEI: 5493003FCPSE9RKT4B56 | Long             | SN               | CORP              | US        |     37000 | NS      | $10654701.29  | 0.32%             | 2027-03-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                                 | Southern Co. (The)                                                                                | CUSIP: 842587EJ2<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1508035.38   | 0.05%             | 2058-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP into Meta Platforms, Inc.                                 | Mizuho Markets Cayman LP into Meta Platforms, Inc.                                                | CUSIP: 60701B523<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |     26000 | NS      | $14985955.37  | 0.46%             | 2026-12-07      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                                 | General Motors Financial Co., Inc.                                                                | CUSIP: 37045XED4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5300741.45   | 0.16%             | 2033-01-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Bonds                                                                               | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  42500000 | PA      | $34087988.18  | 1.04%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                               | FNMA, 30 Year                                                                                     | CUSIP: 31418FNK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7835704 | PA      | $7991744.53   | 0.24%             | 2055-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Honeywell International, Inc.                                                      | Honeywell International, Inc.                                                                     | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     85000 | NS      | $19212550.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Notes                                                                               | CUSIP: 91282CNF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16000000 | PA      | $16044062.56  | 0.49%             | 2032-05-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Stagwell Global LLC                                                                | Stagwell Global LLC                                                                               | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4764537.00   | 0.15%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                   | Boeing Co. (The)                                                                                  | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |    240000 | NS      | $15571200.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                                               | FNMA, 30 Year                                                                                     | CUSIP: 3140XPBW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12268512 | PA      | $12145629.97  | 0.37%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                          | RTX Corp.                                                                                         | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     90000 | NS      | $17361000.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp.                                                             | Tenet Healthcare Corp.                                                                            | CUSIP: 88033GDV9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10126360.00  | 0.31%             | 2033-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                                 | Southern Co. (The), Series 2025                                                                   | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1028935.00   | 0.03%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                             | Mauser Packaging Solutions Holding Co.                                                            | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7005005.00   | 0.21%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                                                       | AbbVie, Inc.                                                                                      | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    100000 | NS      | $21749000.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global LNG, Inc.                                                           | Venture Global LNG, Inc.                                                                          | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $9208944.00   | 0.28%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                               | JPMorgan Chase & Co., Series OO                                                                   | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3080145.00   | 0.09%             | 2030-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III BV                                     | Teva Pharmaceutical Finance Netherlands III BV                                                    | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |  10000000 | PA      | $10254250.00  | 0.31%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                                                     | NCL Corp. Ltd.                                                                                    | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $1986285.40   | 0.06%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                                                | Union Pacific Corp.                                                                               | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    129993 | NS      | $31538901.66  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corp. / JetBlue Loyalty LP                                         | JetBlue Airways Corp. / JetBlue Loyalty LP                                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6624928.38   | 0.20%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                             | Cleveland-Cliffs, Inc.                                                                            | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4889588.20   | 0.15%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                             | Cleveland-Cliffs, Inc.                                                                            | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4844011.50   | 0.15%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                                                       | DaVita, Inc.                                                                                      | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8177851.70   | 0.25%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                                        | Caesars Entertainment, Inc.                                                                       | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $11515360.25  | 0.35%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sempra, Inc.                                                                       | Sempra, Inc.                                                                                      | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    180000 | NS      | $17490600.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                             | Mauser Packaging Solutions Holding Co.                                                            | CUSIP: 57763RAF4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |  12032000 | PA      | $11189492.89  | 0.34%             | 2030-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Notes                                                                               | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16000000 | PA      | $16056249.92  | 0.49%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                               | FNMA, 30 Year                                                                                     | CUSIP: 3140QBMZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1172920 | PA      | $1126117.01   | 0.03%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5XQ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  14795580 | PA      | $14904726.84  | 0.45%             | 2055-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PPL Corp.                                                                          | PPL Corp.                                                                                         | CUSIP: 69351T866<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EP               | CORP              | US        |     70000 | NS      | $3590300.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp.                                                                  | Duke Energy Corp.                                                                                 | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    200000 | NS      | $26188000.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                               | Clear Channel Outdoor Holdings, Inc.                                                              | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2815204.00   | 0.09%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital, Inc.                                                              | Ashtead Capital, Inc.                                                                             | CUSIP: 045054AL7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4412197.22   | 0.13%             | 2029-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                                                           | UnitedHealth Group, Inc.                                                                          | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     14994 | NS      | $4057226.46   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp.                                                             | Tenet Healthcare Corp.                                                                            | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12596900.00  | 0.38%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Structured Products BV into Amazon.com, Inc.                           | J.P. Morgan Structured Products BV into Amazon.com, Inc.                                          | CUSIP: N/A<br>LEI: XZYUUT6IYN31D9K77X08       | Long             | SN               | CORP              | NL        |     36000 | NS      | $7652736.75   | 0.23%             | 2027-01-11      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Alcoa Nederland Holding BV                                                         | Alcoa Nederland Holding BV                                                                        | CUSIP: 013822AG6<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |   8500000 | PA      | $8269858.85   | 0.25%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                                                 | United Rentals North America, Inc.                                                                | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |  12800000 | PA      | $12752938.24  | 0.39%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP into Microsoft Corp.                                      | Mizuho Markets Cayman LP into Microsoft Corp.                                                     | CUSIP: 60701B747<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |     47000 | NS      | $18380651.07  | 0.56%             | 2027-01-11      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                   | McDonald's Corp.                                                                                  | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     30000 | NS      | $9323700.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Institutional U.S. Government Money Market Fund                           | Franklin Institutional U.S. Government Money Market Fund                                          | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        |  19408770 | NS      | $19408770.24  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.              | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.                             | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4100000 | PA      | $3832751.34   | 0.12%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                          | Vistra Operations Co. LLC                                                                         | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |  10505000 | PA      | $10261579.51  | 0.31%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Tronox, Inc.                                                                       | Tronox, Inc.                                                                                      | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $8018401.00   | 0.24%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP into Analog Devices, Inc.                                 | Mizuho Markets Cayman LP into Analog Devices, Inc.                                                | CUSIP: 60701E345<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |     80000 | NS      | $18617418.06  | 0.57%             | 2026-05-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                             | Tenet Healthcare Corp.                                                                            | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10227280.00  | 0.31%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                               | JPMorgan Chase & Co., Series NN                                                                   | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5190625.00   | 0.16%             | 2029-06-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                              | Dominion Energy, Inc.                                                                             | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    250000 | NS      | $15455000.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                       | Oracle Corp.                                                                                      | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6929625.94   | 0.21%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARC Falcon I, Inc. / Arclin USA LLC / New Arclin US Holding Corp.                  | ARC Falcon I, Inc. / Arclin USA LLC / New Arclin US Holding Corp.                                 | CUSIP: 03881HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3854680.00   | 0.12%             | 2033-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| EURO                                                                               | EURO                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |       538 | OU      | $621.72       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada into Microsoft Corp.                                          | Royal Bank of Canada into Microsoft Corp.                                                         | CUSIP: 78017W320<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | SN               | CORP              | CA        |     18925 | NS      | $7142945.36   | 0.22%             | 2027-04-05      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Hologic, Inc.                                                                      | Hologic, Inc., First Lien, CME Term Loan, B                                                       | CUSIP: 43644ABL2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4000000 | PA      | $3957260.00   | 0.12%             | 2033-01-14      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                                       | Barclays plc                                                                                      | CUSIP: 06738ECA1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  15000000 | PA      | $15426759.90  | 0.47%             | 2033-08-09      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Bonds                                                                               | CUSIP: 912803HF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 115000000 | PA      | $27856550.05  | 0.85%             | 2054-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch BV into Halliburton Co.                                              | Merrill Lynch BV into Halliburton Co.                                                             | CUSIP: 59028A127<br>LEI: 549300RQ1D1WIE085245 | Long             | SN               | CORP              | NL        |    325000 | NS      | $8928992.39   | 0.27%             | 2026-09-21      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bills                                                                | U.S. Treasury Bills                                                                               | CUSIP: 912797TL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  35000000 | PA      | $34880496.35  | 1.06%             | 2026-05-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                              | Lockheed Martin Corp.                                                                             | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     30000 | NS      | $18131700.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Operations Co. LLC                                                          | Vistra Operations Co. LLC                                                                         | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2899504.64   | 0.09%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                                | Medline Borrower LP                                                                               | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3967193.20   | 0.12%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nestle SA                                                                          | Nestle SA                                                                                         | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    190000 | NS      | $18829000.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd.                               | American Airlines, Inc. / AAdvantage Loyalty IP Ltd.                                              | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4460000 | PA      | $4438459.54   | 0.14%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Instruments, Inc.                                                            | Texas Instruments, Inc.                                                                           | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    120000 | NS      | $23296800.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp.                                                              | Ares Management Corp., Series B                                                                   | CUSIP: 03990B309<br>LEI: 529900JUV61FH7B8VW38 | Long             | EP               | CORP              | US        |    200000 | NS      | $7236000.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co. / Organon Foreign Debt Co-Issuer BV                                  | Organon & Co. / Organon Foreign Debt Co-Issuer BV                                                 | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3263939.60   | 0.10%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc. into Halliburton Co.                       | Citigroup Global Markets Holdings, Inc. into Halliburton Co.                                      | CUSIP: N/A<br>LEI: 82VOJDD5PTRDMVVMGV31       | Long             | SN               | CORP              | US        |    222000 | NS      | $7468190.80   | 0.23%             | 2027-01-26      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                    | TransDigm, Inc.                                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15316800.00  | 0.47%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                      | Centene Corp.                                                                                     | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9499374.00   | 0.29%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                 | CHS/Community Health Systems, Inc.                                                                | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12469417.44  | 0.38%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                          | HCA, Inc.                                                                                         | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10203591.20  | 0.31%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                                        | Caesars Entertainment, Inc.                                                                       | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   6250000 | PA      | $6330218.75   | 0.19%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                                       | MPH Acquisition Holdings LLC, First Lien, Exchange First Out CME Term Loan                        | CUSIP: 55328HAP6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |   1576573 | PA      | $1576178.88   | 0.05%             | 2030-12-31      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                                       | Barclays plc                                                                                      | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  10000000 | PA      | $11186095.90  | 0.34%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Franklin Templeton Variable Insurance Products Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer