# EDGAR Filing Document

**Accession Number:** 0000896435
**File Stem:** 0000896435-26-000377
**Filing Date:** 2026-6
**Character Count:** 627473
**Document Hash:** cf6980a862427c9ba56872ba10307b0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000896435-26-000377.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000896435-26-000377

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07452
- **FILM NUMBER:** 261047174

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**Consolidated Schedule of Investments** 

*March 31, 2026*

*(Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–27.07%** | **U.S. Dollar Denominated Bonds & Notes–27.07%** | **U.S. Dollar Denominated Bonds & Notes–27.07%** | **U.S. Dollar Denominated Bonds & Notes–27.07%** |
| **Argentina–0.78%** | **Argentina–0.78%** | **Argentina–0.78%** | **Argentina–0.78%** |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government <br> International Bond, | &nbsp;&nbsp;&nbsp; Argentine Republic Government <br> International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 07/09/2030<sup>(a)</sup> <br>|  | $1270080 | &nbsp;&nbsp; $1064962 |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/09/2041<sup>(a)</sup> <br>|  | 2100000 | &nbsp;&nbsp; 1402800 |
| &nbsp;&nbsp;&nbsp; Vista Energy Argentina S.A.U., <br> 7.63%, 12/10/2035<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 709275 |
| YPF S.A., | YPF S.A., |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 07/21/2027<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200911 |
| &nbsp;&nbsp;&nbsp; 8.75%, 09/11/2031<sup>(b)</sup> <br>|  | 1274000 | &nbsp;&nbsp; 1330894 |
|  |  |  | &nbsp;&nbsp; 4708842 |
| **Belgium–0.26%** | **Belgium–0.26%** | **Belgium–0.26%** | **Belgium–0.26%** |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg <br> Notes S.a.r.l., 5.50%, <br> 03/01/2028<sup>(b)</sup> <br>|  | 1600000 | &nbsp;&nbsp; 1574319 |
| **Brazil–1.08%** | **Brazil–1.08%** | **Brazil–1.08%** | **Brazil–1.08%** |
| &nbsp;&nbsp;&nbsp; Arcos Dorados B.V., 6.38%, <br> 01/29/2032<sup>(b)</sup> <br>|  | 1410000 | &nbsp;&nbsp; 1451595 |
| &nbsp;&nbsp;&nbsp; Minerva (Luxembourg) S.A., <br> 8.88%, 09/13/2033<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 748506 |
| Petrobras Global Finance B.V., | Petrobras Global Finance B.V., |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/03/2033 |  | 700000 | &nbsp;&nbsp; 717658 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/10/2036 |  | 625000 | &nbsp;&nbsp; 611307 |
| &nbsp;&nbsp;&nbsp; Sitios Latinoamerica S.A.B. de <br> C.V., 5.38%, 04/04/2032<sup>(b)</sup> <br>|  | 2024000 | &nbsp;&nbsp; 1975429 |
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd., 6.00%, <br> 02/25/2056<sup>(b)(c)</sup> <br>|  | 980000 | &nbsp;&nbsp; 965300 |
|  |  |  | &nbsp;&nbsp; 6469795 |
| **Canada–1.87%** | **Canada–1.87%** | **Canada–1.87%** | **Canada–1.87%** |
| &nbsp;&nbsp;&nbsp; Bell Canada, 6.88%, <br> 09/15/2055<sup>(c)</sup> <br>|  | 893000 | &nbsp;&nbsp; 903780 |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Finance <br> ULC, 6.75%, <br> 03/15/2055<sup>(c)(d)</sup> <br>|  | 426000 | &nbsp;&nbsp; 421969 |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc., <br> 5.16%, 02/16/2029<sup>(b)(d)</sup> <br>|  | 526000 | &nbsp;&nbsp; 528471 |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp., <br> 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 1426000 | &nbsp;&nbsp; 1487442 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc., 7.38%, <br> 01/15/2083<sup>(c)(d)</sup> <br>|  | 2857000 | &nbsp;&nbsp; 2902369 |
| &nbsp;&nbsp;&nbsp; New Gold, Inc., 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 231000 | &nbsp;&nbsp; 238930 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance <br> L.P., 6.75%, 07/15/2032<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 113412 |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc., <br> 7.00%, 04/15/2055<sup>(c)</sup> <br>|  | 852000 | &nbsp;&nbsp; 855889 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian <br> Infrastructure Holdings Ltd., <br> 7.63%, 03/01/2055<sup>(c)</sup> <br>|  | 1481000 | &nbsp;&nbsp; 1525682 |
| &nbsp;&nbsp;&nbsp; TELUS Corp., 6.38%, <br> 06/09/2056<sup>(c)</sup> <br>|  | 806000 | &nbsp;&nbsp; 798188 |
| &nbsp;&nbsp;&nbsp; Transcanada Trust, Series 16-A, <br> 5.88%, 08/15/2076<sup>(c)</sup> <br>|  | 1391000 | &nbsp;&nbsp; 1393355 |
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp., 6.63%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 74000 | &nbsp;&nbsp; 76248 |
|  |  |  | &nbsp;&nbsp; 11245735 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cayman Islands–0.05%** | **Cayman Islands–0.05%** | **Cayman Islands–0.05%** | **Cayman Islands–0.05%** |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd., <br> 8.75%, 09/01/2027<sup>(b)</sup> <br>|  | $326000 | &nbsp;&nbsp; $331148 |
| **Chile–0.73%** | **Chile–0.73%** | **Chile–0.73%** | **Chile–0.73%** |
| &nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones <br> S.A., 8.75%<sup>(b)(c)(e)</sup> <br>|  | 775000 | &nbsp;&nbsp; 815350 |
| &nbsp;&nbsp;&nbsp; Banco del Estado de Chile, <br> 7.95%<sup>(b)(c)(e)</sup> <br>|  | 426000 | &nbsp;&nbsp; 448821 |
| &nbsp;&nbsp;&nbsp; Chile Electricity Lux MPC II S.a.r.l., <br> 5.58%, 10/20/2035<sup>(b)</sup> <br>|  | 659816 | &nbsp;&nbsp; 663638 |
| &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile <br> S.A., | &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile <br> S.A., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/10/2034<sup>(b)</sup> <br>|  | 1905000 | &nbsp;&nbsp; 1889093 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/22/2056<sup>(b)(c)</sup> <br>|  | 600000 | &nbsp;&nbsp; 585113 |
|  |  |  | &nbsp;&nbsp; 4402015 |
| **China–0.11%** | **China–0.11%** | **China–0.11%** | **China–0.11%** |
| &nbsp;&nbsp;&nbsp; Prosus N.V., 3.68%, <br> 01/21/2030<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 663227 |
| **Colombia–0.37%** | **Colombia–0.37%** | **Colombia–0.37%** | **Colombia–0.37%** |
| Ecopetrol S.A., | Ecopetrol S.A., |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 01/19/2029 |  | 1400000 | &nbsp;&nbsp; 1480619 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/2032 |  | 750000 | &nbsp;&nbsp; 758021 |
|  |  |  | &nbsp;&nbsp; 2238640 |
| **Dominican Republic–0.28%** | **Dominican Republic–0.28%** | **Dominican Republic–0.28%** | **Dominican Republic–0.28%** |
| &nbsp;&nbsp;&nbsp; Aeropuertos Dominicanos Siglo <br> XXI S.A., 7.00%, <br> 06/30/2034<sup>(b)</sup> <br>|  | 925000 | &nbsp;&nbsp; 943264 |
| Dominican Republic International Bond, | Dominican Republic International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/30/2030<sup>(b)</sup> <br>|  | 305000 | &nbsp;&nbsp; 290604 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/23/2032<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 461950 |
|  |  |  | &nbsp;&nbsp; 1695818 |
| **Egypt–0.19%** | **Egypt–0.19%** | **Egypt–0.19%** | **Egypt–0.19%** |
| &nbsp;&nbsp;&nbsp; Egypt Government International <br> Bond, 8.63%, 02/04/2030<sup>(b)</sup> <br>|  | 1095000 | &nbsp;&nbsp; 1133551 |
| **France–0.26%** | **France–0.26%** | **France–0.26%** | **France–0.26%** |
| &nbsp;&nbsp;&nbsp; Electricite de France S.A., <br> 9.13%<sup>(b)(c)(e)</sup> <br>|  | 1001000 | &nbsp;&nbsp; 1159454 |
| &nbsp;&nbsp;&nbsp; Forvia SE, 8.00%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12405 |
| Iliad Holding S.A.S., | Iliad Holding S.A.S., |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17123 |
| &nbsp;&nbsp;&nbsp; 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 267000 | &nbsp;&nbsp; 279590 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/2032<sup>(b)</sup> <br>|  | 33000 | &nbsp;&nbsp; 33081 |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS, 6.50%, <br> 03/31/2032<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 80125 |
|  |  |  | &nbsp;&nbsp; 1581778 |
| **Germany–0.29%** | **Germany–0.29%** | **Germany–0.29%** | **Germany–0.29%** |
| &nbsp;&nbsp;&nbsp; Bayer US Finance LLC, 6.13%, <br> 11/21/2026<sup>(b)</sup> <br>|  | 1745000 | &nbsp;&nbsp; 1761130 |
| **Greece–0.02%** | **Greece–0.02%** | **Greece–0.02%** | **Greece–0.02%** |
| &nbsp;&nbsp;&nbsp; Danaos Corp., 6.88%, <br> 10/15/2032<sup>(b)</sup> <br>|  | 130000 | &nbsp;&nbsp; 132204 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Guatemala–0.09%** | **Guatemala–0.09%** | **Guatemala–0.09%** | **Guatemala–0.09%** |
| &nbsp;&nbsp;&nbsp; Energuate Trust 2.0, 6.35%, <br> 09/15/2035<sup>(b)</sup> <br>|  | $560000 | &nbsp;&nbsp; $549279 |
| **India–0.98%** | **India–0.98%** | **India–0.98%** | **India–0.98%** |
| &nbsp;&nbsp;&nbsp; GMR Hyderabad International <br> Airport Ltd., 4.25%, <br> 10/27/2027<sup>(b)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1763312 |
| Muthoot Finance Ltd., | Muthoot Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/14/2028<sup>(b)</sup> <br>|  | 1350000 | &nbsp;&nbsp; 1358625 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/23/2029<sup>(b)</sup> <br>|  | 2800000 | &nbsp;&nbsp; 2785350 |
|  |  |  | &nbsp;&nbsp; 5907287 |
| **Ireland–0.19%** | **Ireland–0.19%** | **Ireland–0.19%** | **Ireland–0.19%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust, 6.95%, 03/10/2055<sup>(c)</sup> <br>|  | 80000 | &nbsp;&nbsp; 81923 |
| &nbsp;&nbsp;&nbsp; BB Blue Financing DAC, Series A1, <br> 4.40%, 09/20/2037<br>|  | 750000 | &nbsp;&nbsp; 729955 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd., 5.88%, <br> 03/15/2030<sup>(b)</sup> <br>|  | 165000 | &nbsp;&nbsp; 164810 |
| &nbsp;&nbsp;&nbsp; Phoenix Aviation Capital Ltd., <br> 9.25%, 07/15/2030<sup>(b)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31228 |
| &nbsp;&nbsp;&nbsp; TrueNoord Capital DAC, 8.75%, <br> 03/01/2030<sup>(b)</sup> <br>|  | 158000 | &nbsp;&nbsp; 161444 |
|  |  |  | &nbsp;&nbsp; 1169360 |
| **Israel–0.02%** | **Israel–0.02%** | **Israel–0.02%** | **Israel–0.02%** |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands III B.V., 4.10%, <br> 10/01/2046<br>|  | 151000 | &nbsp;&nbsp; 112117 |
| **Italy–0.05%** | **Italy–0.05%** | **Italy–0.05%** | **Italy–0.05%** |
| FiberCop S.p.A., | FiberCop S.p.A., |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/30/2034<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 95379 |
| &nbsp;&nbsp;&nbsp; 7.20%, 07/18/2036<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 74645 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital S.A., <br> 6.38%, 11/15/2033<br>|  | 111000 | &nbsp;&nbsp; 116063 |
|  |  |  | &nbsp;&nbsp; 286087 |
| **Japan–0.25%** | **Japan–0.25%** | **Japan–0.25%** | **Japan–0.25%** |
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp., 6.63%, <br> 07/24/2033<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51436 |
| &nbsp;&nbsp;&nbsp; RLGH Finance Bermuda Ltd., <br> 6.75%, 07/02/2035<sup>(b)</sup> <br>|  | 1400000 | &nbsp;&nbsp; 1441235 |
|  |  |  | &nbsp;&nbsp; 1492671 |
| **Macau–0.34%** | **Macau–0.34%** | **Macau–0.34%** | **Macau–0.34%** |
| MGM China Holdings Ltd., | MGM China Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/15/2026<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249004 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2027<sup>(b)</sup> <br>|  | 1240000 | &nbsp;&nbsp; 1226366 |
| &nbsp;&nbsp;&nbsp; Studio City Finance Ltd., 5.00%, <br> 01/15/2029<sup>(b)(d)</sup> <br>|  | 123000 | &nbsp;&nbsp; 115444 |
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., 6.75%, <br> 02/15/2034<sup>(b)</sup> <br>|  | 490000 | &nbsp;&nbsp; 478644 |
|  |  |  | &nbsp;&nbsp; 2069458 |
| **Mexico–0.95%** | **Mexico–0.95%** | **Mexico–0.95%** | **Mexico–0.95%** |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte S.A., <br> 8.38%<sup>(b)(c)(e)</sup> <br>|  | 650000 | &nbsp;&nbsp; 673241 |
| &nbsp;&nbsp;&nbsp; BBVA Bancomer S.A., 7.63%, <br> 02/11/2035<sup>(b)(c)</sup> <br>|  | 1680000 | &nbsp;&nbsp; 1738800 |
| &nbsp;&nbsp;&nbsp; CEMEX S.A.B. de C.V., <br> 5.13%<sup>(b)(c)(e)</sup> <br>|  | 965000 | &nbsp;&nbsp; 961589 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Mexico–(continued)** | **Mexico–(continued)** | **Mexico–(continued)** | **Mexico–(continued)** |
| Petroleos Mexicanos, | Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/02/2029 |  | $2100000 | &nbsp;&nbsp; $2208891 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/28/2031 |  | 65000 | &nbsp;&nbsp; 62195 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/2035 |  | 58000 | &nbsp;&nbsp; 54097 |
|  |  |  | &nbsp;&nbsp; 5698813 |
| **Panama–0.12%** | **Panama–0.12%** | **Panama–0.12%** | **Panama–0.12%** |
| &nbsp;&nbsp;&nbsp; Telecomunicaciones Digitales <br> S.A., 4.50%, 01/30/2030<sup>(b)</sup> <br>|  | 750000 | &nbsp;&nbsp; 706969 |
| **Peru–0.24%** | **Peru–0.24%** | **Peru–0.24%** | **Peru–0.24%** |
| &nbsp;&nbsp;&nbsp; Compania de Minas Buenaventura <br> S.A.A., 6.80%, <br> 02/04/2032<sup>(b)</sup> <br>|  | 895000 | &nbsp;&nbsp; 909839 |
| &nbsp;&nbsp;&nbsp; Orazul Energy Peru S.A., 6.25%, <br> 09/17/2032<sup>(b)</sup> <br>|  | 512000 | &nbsp;&nbsp; 512198 |
|  |  |  | &nbsp;&nbsp; 1422037 |
| **Serbia–0.12%** | **Serbia–0.12%** | **Serbia–0.12%** | **Serbia–0.12%** |
| &nbsp;&nbsp;&nbsp; Telecommunications Co. Telekom <br> Srbija AD Belgrade, 7.00%, <br> 10/28/2029<sup>(b)</sup> <br>|  | 730000 | &nbsp;&nbsp; 720584 |
| **Spain–0.24%** | **Spain–0.24%** | **Spain–0.24%** | **Spain–0.24%** |
| Repsol E&P Capital Markets US LLC, | Repsol E&P Capital Markets US LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.81%, 09/16/2028<sup>(b)</sup> <br>|  | 525000 | &nbsp;&nbsp; 527302 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/16/2030<sup>(b)(d)</sup> <br>|  | 541000 | &nbsp;&nbsp; 545784 |
| &nbsp;&nbsp;&nbsp; 5.98%, 09/16/2035<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 356434 |
|  |  |  | &nbsp;&nbsp; 1429520 |
| **Switzerland–0.80%** | **Switzerland–0.80%** | **Switzerland–0.80%** | **Switzerland–0.80%** |
| &nbsp;&nbsp;&nbsp; Argentum Netherlands B.V. for <br> Swiss Re Ltd., 5.63%, <br> 08/15/2052<sup>(b)(c)</sup> <br>|  | 207000 | &nbsp;&nbsp; 207609 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Group AG, <br> 6.25%<sup>(b)(c)(e)(f)(g)</sup> <br>|  | 3015000 | &nbsp;&nbsp; 858521 |
| UBS Group AG, 7.00%<sup>(b)(c)(e)</sup> <br>|  | 1250000 | &nbsp;&nbsp; 1238967 |
| &nbsp;&nbsp;&nbsp; Zurich Finance Ireland Designated <br> Activity Co., 3.00%, <br> 04/19/2051<sup>(b)(c)</sup> <br>|  | 2800000 | &nbsp;&nbsp; 2504008 |
|  |  |  | &nbsp;&nbsp; 4809105 |
| **Thailand–0.09%** | **Thailand–0.09%** | **Thailand–0.09%** | **Thailand–0.09%** |
| &nbsp;&nbsp;&nbsp; GC Treasury Center Co. Ltd., <br> 6.50%<sup>(b)(c)(e)</sup> <br>|  | 569000 | &nbsp;&nbsp; 553527 |
| **Turkey–0.12%** | **Turkey–0.12%** | **Turkey–0.12%** | **Turkey–0.12%** |
| &nbsp;&nbsp;&nbsp; Akbank Turk A.S., 7.88%, <br> 09/04/2035<sup>(b)(c)</sup> <br>|  | 700000 | &nbsp;&nbsp; 693866 |
| **United Kingdom–2.62%** | **United Kingdom–2.62%** | **United Kingdom–2.62%** | **United Kingdom–2.62%** |
| &nbsp;&nbsp;&nbsp; Aberdeen Group PLC, 4.25%, <br> 06/30/2028<sup>(b)</sup> <br>|  | 675000 | &nbsp;&nbsp; 660420 |
| &nbsp;&nbsp;&nbsp; B.A.T. Capital Corp., 6.00%, <br> 02/20/2034<br>|  | 1048000 | &nbsp;&nbsp; 1108104 |
| Barclays Bank PLC, 6.28%<sup>(c)(e)</sup> <br>|  | 3470000 | &nbsp;&nbsp; 3595787 |
| &nbsp;&nbsp;&nbsp; Beazley Insurance DAC, 5.50%, <br> 09/10/2029<sup>(b)</sup> <br>|  | 1120000 | &nbsp;&nbsp; 1126529 |
| &nbsp;&nbsp;&nbsp; British Telecommunications PLC, <br> 4.25%, 11/23/2081<sup>(b)(c)</sup> <br>|  | 4150000 | &nbsp;&nbsp; 4099181 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC, <br> 6.38%, 02/15/2032<sup>(b)</sup> <br>|  | 130000 | &nbsp;&nbsp; 127098 |
| &nbsp;&nbsp;&nbsp; Hiscox Ltd., 7.00%, <br> 06/11/2036<sup>(b)(c)</sup> <br>|  | 700000 | &nbsp;&nbsp; 733375 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** |
| &nbsp;&nbsp;&nbsp; Lancashire Holdings Ltd., 5.63%, <br> 09/18/2041<sup>(b)(c)</sup> <br>|  | $1300000 | &nbsp;&nbsp; $1275776 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, <br> 6.75%<sup>(c)(d)(e)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1816452 |
| &nbsp;&nbsp;&nbsp; M&G PLC, 6.50%, <br> 10/20/2048<sup>(b)(c)</sup> <br>|  | 375000 | &nbsp;&nbsp; 382384 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC, 4.13%, <br> 06/04/2081<sup>(c)</sup> <br>|  | 261000 | &nbsp;&nbsp; 238985 |
| &nbsp;&nbsp;&nbsp; Weir Group, Inc., 5.35%, <br> 05/06/2030<sup>(b)</sup> <br>|  | 569000 | &nbsp;&nbsp; 576915 |
|  |  |  | &nbsp;&nbsp; 15741006 |
| **United States–13.46%** | **United States–13.46%** | **United States–13.46%** | **United States–13.46%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., <br> 7.38%, 03/15/2033<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 59454 |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc., 7.00%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 230000 | &nbsp;&nbsp; 233154 |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 113980 |
| &nbsp;&nbsp;&nbsp; AES Corp. (The), 7.60%, <br> 01/15/2055<sup>(c)</sup> <br>|  | 2003000 | &nbsp;&nbsp; 1987864 |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Series B, <br> 4.65%<sup>(c)(e)</sup> <br>|  | 116000 | &nbsp;&nbsp; 115789 |
| Aircastle Ltd., 5.25%<sup>(b)(c)(e)</sup> <br>|  | 114000 | &nbsp;&nbsp; 113842 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/<br> Alliant Holdings Co-Issuer, <br> 7.00%, 01/15/2031<sup>(b)</sup> <br>|  | 176000 | &nbsp;&nbsp; 177588 |
| Allison Transmission, Inc., | Allison Transmission, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/30/2031<sup>(b)</sup> <br>|  | 253000 | &nbsp;&nbsp; 235672 |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/01/2033<sup>(b)</sup> <br>|  | 59000 | &nbsp;&nbsp; 58670 |
| &nbsp;&nbsp;&nbsp; American Airlines, <br> Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/2029<sup>(b)</sup> <br>|  | 172000 | &nbsp;&nbsp; 171169 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, <br> Inc., 7.75%, 10/15/2033<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 114945 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, <br> 6.88%, 08/01/2032<sup>(b)</sup> <br>|  | 125000 | &nbsp;&nbsp; 128837 |
| AP Grange Holdings LLC, | AP Grange Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/20/2045<sup>(b)</sup> <br>|  | 195000 | &nbsp;&nbsp; 205969 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/20/2045 |  | 16359 | &nbsp;&nbsp; 16359 |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo 2 LLC, 6.75%, <br> 03/15/2031<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 57614 |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, 9.25%, <br> 12/15/2030<sup>(b)</sup> <br>|  | 54000 | &nbsp;&nbsp; 55685 |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., 5.88%, <br> 03/01/2029<br>|  | 1915000 | &nbsp;&nbsp; 1928985 |
| Asurion LLC and Asurion Co-Issuer, Inc., | Asurion LLC and Asurion Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 12/31/2032<sup>(b)</sup> <br>|  | 117000 | &nbsp;&nbsp; 121480 |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/01/2034<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 49550 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc., 6.88%, <br> 11/01/2035<br>|  | 112000 | &nbsp;&nbsp; 110300 |
| &nbsp;&nbsp;&nbsp; Beignet Investor LLC, 6.58%, <br> 05/30/2049<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 113182 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc., 5.65%, <br> 01/15/2034<sup>(d)</sup> <br>|  | 767000 | &nbsp;&nbsp; 784720 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC, <br> 4.88%<sup>(c)(e)</sup> <br>|  | 435000 | &nbsp;&nbsp; 429723 |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership <br> L.P., 3.95%, 11/15/2027<br>|  | 8000 | &nbsp;&nbsp; 7680 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc., <br> 8.38%, 06/15/2035<sup>(b)(c)</sup> <br>|  | 54000 | &nbsp;&nbsp; 54638 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The), 6.75%, <br> 06/15/2032<sup>(b)(d)</sup> <br>|  | 222000 | &nbsp;&nbsp; 224920 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc., 6.75%, <br> 02/01/2033<sup>(b)</sup> <br>|  | $116000 | &nbsp;&nbsp; $117328 |
| &nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc., 7.50%, <br> 02/01/2032<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 117316 |
| &nbsp;&nbsp;&nbsp; Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)</sup> <br>|  | 187000 | &nbsp;&nbsp; 177809 |
| &nbsp;&nbsp;&nbsp; Carvana Co., 0.00% PIK Rate, <br> 9.00% Cash Rate, <br> 06/01/2031<sup>(b)(h)</sup> <br>|  | 111850 | &nbsp;&nbsp; 121022 |
| &nbsp;&nbsp;&nbsp; Caturus Energy LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 162000 | &nbsp;&nbsp; 168210 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp., | &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(b)</sup> <br>|  | 1440000 | &nbsp;&nbsp; 1367286 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030<sup>(b)(d)</sup> <br>|  | 1440000 | &nbsp;&nbsp; 1346542 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(b)</sup> <br>|  | 155000 | &nbsp;&nbsp; 140269 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 |  | 141000 | &nbsp;&nbsp; 126080 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(b)</sup> <br>|  | 133000 | &nbsp;&nbsp; 115887 |
| Celanese US Holdings LLC, | Celanese US Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 7.20%, 11/15/2033 |  | 79000 | &nbsp;&nbsp; 84347 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/2034 |  | 31000 | &nbsp;&nbsp; 31787 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., 6.70%, <br> 05/15/2055<sup>(c)</sup> <br>|  | 2800000 | &nbsp;&nbsp; 2844859 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), <br> 6.20%, 11/17/2029<sup>(c)</sup> <br>|  | 1543000 | &nbsp;&nbsp; 1613103 |
| &nbsp;&nbsp;&nbsp; CHC Group LLC, 11.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 111000 | &nbsp;&nbsp; 108151 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., 5.65%, <br> 04/15/2034<br>|  | 773000 | &nbsp;&nbsp; 796067 |
| &nbsp;&nbsp;&nbsp; Cipher Compute LLC, 7.13%, <br> 11/15/2030<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 118250 |
| Citigroup, Inc., 6.63%<sup>(c)(e)</sup> <br>|  | 117000 | &nbsp;&nbsp; 117167 |
| &nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios US <br> Finance Co., 6.75%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 165000 | &nbsp;&nbsp; 168829 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., <br> 4.88%, 07/01/2029<sup>(b)(d)</sup> <br>|  | 65000 | &nbsp;&nbsp; 56479 |
| Cloud Software Group, Inc., | Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(b)</sup> <br>|  | 63000 | &nbsp;&nbsp; 60835 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/2032<sup>(b)</sup> <br>|  | 102000 | &nbsp;&nbsp; 96822 |
| Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/2030<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 53235 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2032<sup>(b)</sup> <br>|  | 112000 | &nbsp;&nbsp; 106101 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp., 6.50%, <br> 06/01/2055<sup>(c)(d)</sup> <br>|  | 2629000 | &nbsp;&nbsp; 2677663 |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030<sup>(b)</sup> <br>|  | 62000 | &nbsp;&nbsp; 58474 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2031<sup>(b)</sup> <br>|  | 65000 | &nbsp;&nbsp; 59961 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc., <br> 6.75%, 03/01/2029<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 116564 |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/2030<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 22370 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 38000 | &nbsp;&nbsp; 36205 |
| &nbsp;&nbsp;&nbsp; Cougar JV Subsidiary LLC, <br> 8.00%, 05/15/2032<sup>(b)</sup> <br>|  | 115000 | &nbsp;&nbsp; 118993 |
| &nbsp;&nbsp;&nbsp; Cousins Properties L.P., 5.25%, <br> 07/15/2030<br>|  | 1184000 | &nbsp;&nbsp; 1200082 |
| CVR Energy, Inc., | CVR Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/15/2031<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 58482 |
| &nbsp;&nbsp;&nbsp; 7.88%, 02/15/2034<sup>(b)</sup> <br>|  | 59000 | &nbsp;&nbsp; 59247 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., 6.75%, <br> 12/10/2054<sup>(c)(d)</sup> <br>|  | 425000 | &nbsp;&nbsp; 430503 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| DaVita, Inc., | DaVita, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | $55000 | &nbsp;&nbsp; $56392 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/2033<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 58033 |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., <br> 6.20%, 07/15/2030<br>|  | 2485000 | &nbsp;&nbsp; 2626859 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC, 8.88%, <br> 02/01/2030<sup>(b)</sup> <br>|  | 119000 | &nbsp;&nbsp; 118884 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv <br> Financing Co-Obligor, Inc., <br> 10.00%, 02/15/2031<sup>(b)</sup> <br>|  | 117000 | &nbsp;&nbsp; 119529 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC, <br> 4.13%, 05/15/2029<br>|  | 123000 | &nbsp;&nbsp; 118870 |
| Discovery Global Holdings, Inc., | Discovery Global Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032 |  | 34000 | &nbsp;&nbsp; 30133 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 |  | 81000 | &nbsp;&nbsp; 53566 |
| &nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052 |  | 33000 | &nbsp;&nbsp; 20089 |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, <br> 7.25%, 10/15/2030<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 111083 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings L.P., <br> 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 112000 | &nbsp;&nbsp; 117359 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2054<sup>(c)</sup> <br>|  | 802000 | &nbsp;&nbsp; 840527 |
| &nbsp;&nbsp;&nbsp; 7.13%, 10/01/2054<sup>(c)</sup> <br>|  | 4148000 | &nbsp;&nbsp; 4215811 |
| EnerSys, | EnerSys, |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 119000 | &nbsp;&nbsp; 118152 |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 56261 |
| &nbsp;&nbsp;&nbsp; Enpro, Inc., 6.13%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 226000 | &nbsp;&nbsp; 229156 |
| &nbsp;&nbsp;&nbsp; Entergy Corp., 7.13%, <br> 12/01/2054<sup>(c)</sup> <br>|  | 1776000 | &nbsp;&nbsp; 1820832 |
| ESAB Corp., | ESAB Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2029<sup>(b)</sup> <br>|  | 131000 | &nbsp;&nbsp; 133116 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/01/2031<sup>(b)</sup> <br>|  | 92000 | &nbsp;&nbsp; 92875 |
| &nbsp;&nbsp;&nbsp; Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 115200 |
| &nbsp;&nbsp;&nbsp; EZCORP, Inc., 7.38%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 325000 | &nbsp;&nbsp; 340312 |
| Fedex Freight Holding Co., Inc., | Fedex Freight Holding Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/2031<sup>(b)</sup> <br>|  | 359000 | &nbsp;&nbsp; 353008 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2036<sup>(b)</sup> <br>|  | 189000 | &nbsp;&nbsp; 182927 |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc., 6.88%, <br> 03/01/2032<sup>(b)</sup> <br>|  | 109000 | &nbsp;&nbsp; 111231 |
| &nbsp;&nbsp;&nbsp; Flash Compute LLC, 7.25%, <br> 12/31/2030<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 56450 |
| FMC Corp., | FMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 10/01/2029 |  | 26000 | &nbsp;&nbsp; 23249 |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/18/2033 |  | 26000 | &nbsp;&nbsp; 23033 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/18/2053 |  | 15000 | &nbsp;&nbsp; 11321 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 8.38%, 04/01/2032<sup>(b)</sup> <br>|  | 59000 | &nbsp;&nbsp; 58099 |
| &nbsp;&nbsp;&nbsp; FS KKR Capital Corp., 6.13%, <br> 01/15/2030<br>|  | 50000 | &nbsp;&nbsp; 47626 |
| &nbsp;&nbsp;&nbsp; General Motors Co., 6.80%, <br> 10/01/2027<br>|  | 2867000 | &nbsp;&nbsp; 2949616 |
| &nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp., | &nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/2032 |  | 52000 | &nbsp;&nbsp; 53512 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2033 |  | 83000 | &nbsp;&nbsp; 85819 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 |  | 88000 | &nbsp;&nbsp; 87645 |
| &nbsp;&nbsp;&nbsp; Getty Images, Inc., 10.50%, <br> 11/15/2030<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 101449 |
| &nbsp;&nbsp;&nbsp; GFL Environmental Holdings (US), <br> Inc., 5.50%, 02/01/2034<sup>(b)</sup> <br>|  | 94000 | &nbsp;&nbsp; 92312 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| &nbsp;&nbsp;&nbsp; Global Partners L.P./GLP Finance <br> Corp., 7.13%, 07/01/2033<sup>(b)</sup> <br>|  | $117000 | &nbsp;&nbsp; $118029 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc., 9.63%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31027 |
| &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp., <br> 5.25%, 06/01/2029<sup>(b)</sup> <br>|  | 117000 | &nbsp;&nbsp; 117505 |
| &nbsp;&nbsp;&nbsp; Greystar Real Estate Partners LLC, <br> 7.75%, 09/01/2030<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 54124 |
| Group 1 Automotive, Inc., | Group 1 Automotive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2028<sup>(b)</sup> <br>|  | 229000 | &nbsp;&nbsp; 221746 |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/15/2030<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 116855 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc., | &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/01/2056<sup>(c)</sup> <br>|  | 115000 | &nbsp;&nbsp; 119032 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/2056<sup>(c)</sup> <br>|  | 51000 | &nbsp;&nbsp; 50774 |
| &nbsp;&nbsp;&nbsp; Hawaiian Electric Co., Inc., <br> 6.00%, 10/01/2033<sup>(b)</sup> <br>|  | 176000 | &nbsp;&nbsp; 175894 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co., | &nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co., |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/01/2033<sup>(b)</sup> <br>|  | 134000 | &nbsp;&nbsp; 139906 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2034<sup>(b)</sup> <br>|  | 24000 | &nbsp;&nbsp; 23495 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/2035<sup>(b)</sup> <br>|  | 33000 | &nbsp;&nbsp; 32925 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 7.25%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 166000 | &nbsp;&nbsp; 170147 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, 4.90%, <br> 06/23/2028<sup>(b)</sup> <br>|  | 2867000 | &nbsp;&nbsp; 2879928 |
| &nbsp;&nbsp;&nbsp; Infinity Natural Resources LLC, <br> 7.63%, 04/01/2031<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 118697 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information <br> Management Services, Inc., <br> 5.00%, 07/15/2032<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 52905 |
| Iron Mountain, Inc., | Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(b)</sup> <br>|  | 102000 | &nbsp;&nbsp; 104028 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031<sup>(b)</sup> <br>|  | 127000 | &nbsp;&nbsp; 119322 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The), 5.90%, <br> 11/15/2028<br>|  | 1352000 | &nbsp;&nbsp; 1398527 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 173000 | &nbsp;&nbsp; 171227 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 111000 | &nbsp;&nbsp; 112696 |
| &nbsp;&nbsp;&nbsp; Lamar Media Corp., 4.88%, <br> 01/15/2029<br>|  | 735000 | &nbsp;&nbsp; 726784 |
| &nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC, <br> 8.25%, 08/01/2031<sup>(b)</sup> <br>|  | 111000 | &nbsp;&nbsp; 115636 |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | 94000 | &nbsp;&nbsp; 95796 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/31/2034<sup>(b)</sup> <br>|  | 132500 | &nbsp;&nbsp; 135725 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/15/2036<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 53262 |
| Lithia Motors, Inc., | Lithia Motors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2030<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 53925 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2031<sup>(b)</sup> <br>|  | 127000 | &nbsp;&nbsp; 119444 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., <br> 6.50%, 10/01/2033<sup>(b)</sup> <br>|  | 115000 | &nbsp;&nbsp; 109453 |
| &nbsp;&nbsp;&nbsp; Mars, Inc., 4.80%, <br> 03/01/2030<sup>(b)</sup> <br>|  | 511000 | &nbsp;&nbsp; 516476 |
| &nbsp;&nbsp;&nbsp; Mattel, Inc., 6.20%, <br> 10/01/2040<br>|  | 693000 | &nbsp;&nbsp; 677415 |
| Michaels Cos., Inc. (The), | Michaels Cos., Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 03/15/2033<sup>(b)</sup> <br>|  | 98000 | &nbsp;&nbsp; 95506 |
| &nbsp;&nbsp;&nbsp; 11.00%, 03/15/2034<sup>(b)</sup> <br>|  | 20000 | &nbsp;&nbsp; 18647 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc., 6.25%, <br> 01/15/2033<sup>(b)</sup> <br>|  | 34000 | &nbsp;&nbsp; 32987 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership <br> L.P./MPT Finance Corp., <br> 8.50%, 02/15/2032<sup>(b)</sup> <br>|  | $44000 | &nbsp;&nbsp; $44642 |
| Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/2029<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 213925 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/2032<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 114695 |
| Navient Corp., | Navient Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/15/2028 |  | 17000 | &nbsp;&nbsp; 16058 |
| &nbsp;&nbsp;&nbsp; 9.38%, 07/25/2030 |  | 39000 | &nbsp;&nbsp; 38053 |
| &nbsp;&nbsp;&nbsp; 7.88%, 06/15/2032 |  | 123000 | &nbsp;&nbsp; 109814 |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 115511 |
| &nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime Co., <br> Inc., 5.25%, 07/15/2028<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 112402 |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/15/2029 |  | 54000 | &nbsp;&nbsp; 52761 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/2030 |  | 61000 | &nbsp;&nbsp; 58603 |
| Nexstar Media, Inc., | Nexstar Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/15/2033<sup>(b)</sup> <br>|  | 59000 | &nbsp;&nbsp; 59485 |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/15/2034<sup>(b)</sup> <br>|  | 36000 | &nbsp;&nbsp; 36145 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, <br> Inc., 6.75%, 06/15/2054<sup>(c)(d)</sup> <br>|  | 1796000 | &nbsp;&nbsp; 1860232 |
| Oak-Eagle AcquireCo, Inc., | Oak-Eagle AcquireCo, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/2033<sup>(b)</sup> <br>|  | 54000 | &nbsp;&nbsp; 55984 |
| &nbsp;&nbsp;&nbsp; 8.75%, 07/01/2034<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 123611 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2029 |  | 53000 | &nbsp;&nbsp; 53118 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2030 |  | 53000 | &nbsp;&nbsp; 47902 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/2031 |  | 105000 | &nbsp;&nbsp; 104126 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2032 |  | 53000 | &nbsp;&nbsp; 51489 |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/2032 |  | 71000 | &nbsp;&nbsp; 70014 |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/01/2026 |  | 1185000 | &nbsp;&nbsp; 1192055 |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2053 |  | 1487000 | &nbsp;&nbsp; 1527369 |
| &nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., 6.75%, <br> 08/01/2032<sup>(b)</sup> <br>|  | 109000 | &nbsp;&nbsp; 109094 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, <br> Inc., 7.25%, 05/15/2031<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 109309 |
| &nbsp;&nbsp;&nbsp; PacifiCorp, 7.13%, <br> 08/15/2056<sup>(c)</sup> <br>|  | 2061000 | &nbsp;&nbsp; 1947611 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., <br> 4.25%, 02/15/2029<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 53111 |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., 6.05%, <br> 08/01/2028<sup>(b)</sup> <br>|  | 2867000 | &nbsp;&nbsp; 2950968 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart Finance <br> Corp., 7.50%, 09/15/2032<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25140 |
| &nbsp;&nbsp;&nbsp; Phinia, Inc., 6.63%, <br> 10/15/2032<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 112040 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. <br> (The), 6.62%, 10/20/2027<sup>(c)</sup> <br>|  | 2128000 | &nbsp;&nbsp; 2152807 |
| &nbsp;&nbsp;&nbsp; Provident Funding Associates <br> L.P./PFG Finance Corp., <br> 9.75%, 09/15/2029<sup>(b)</sup> <br>|  | 160000 | &nbsp;&nbsp; 164414 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, <br> Inc., 6.65%, <br> 09/15/2055<sup>(c)(d)</sup> <br>|  | 305000 | &nbsp;&nbsp; 304794 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc., 6.13%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 115123 |
| &nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, <br> Inc., 4.38%, 10/15/2029<sup>(b)</sup> <br>|  | 177000 | &nbsp;&nbsp; 172192 |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, <br> 11.00%, 12/15/2029<sup>(b)(f)</sup> <br>|  | 156450 | &nbsp;&nbsp; 2933 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd., | &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/15/2031<sup>(b)</sup> <br>|  | $376000 | &nbsp;&nbsp; $353088 |
| &nbsp;&nbsp;&nbsp; 9.63%, 12/01/2032<sup>(b)</sup> <br>|  | 531200 | &nbsp;&nbsp; 590845 |
| Sempra, | Sempra, |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/01/2052<sup>(c)</sup> <br>|  | 4158000 | &nbsp;&nbsp; 4048206 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/01/2056<sup>(c)</sup> <br>|  | 812000 | &nbsp;&nbsp; 815892 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc., <br> 3.75%, 02/15/2031<sup>(b)</sup> <br>|  | 127000 | &nbsp;&nbsp; 117889 |
| &nbsp;&nbsp;&nbsp; SGUS LLC, 11.00%, <br> 12/15/2029<sup>(b)(f)</sup> <br>|  | 59550 | &nbsp;&nbsp; 6551 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., <br> 8.13%, 02/15/2033<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 23403 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Six <br> Flags Theme Parks, <br> Inc./Canada's Wonderland Co., <br> 6.63%, 05/01/2032<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 112836 |
| &nbsp;&nbsp;&nbsp; Solventum Corp., 5.45%, <br> 02/25/2027<br>|  | 656000 | &nbsp;&nbsp; 661131 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The), Series 21-A, <br> 3.75%, 09/15/2051<sup>(c)</sup> <br>|  | 2020000 | &nbsp;&nbsp; 2007171 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., 5.50%, <br> 09/30/2027<sup>(b)</sup> <br>|  | 133000 | &nbsp;&nbsp; 133189 |
| &nbsp;&nbsp;&nbsp; Starz Capital Holdings 1, Inc., <br> 6.00%, 04/15/2030<sup>(b)</sup> <br>|  | 156000 | &nbsp;&nbsp; 143715 |
| State Street Corp., | State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp; Series I, 6.70%<sup>(c)(d)(e)</sup> <br>|  | 1270000 | &nbsp;&nbsp; 1291135 |
| &nbsp;&nbsp;&nbsp; 6.45%<sup>(c)(d)(e)</sup> <br>|  | 2867000 | &nbsp;&nbsp; 2911083 |
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, <br> 8.63%, 10/31/2029<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 116289 |
| Sunoco L.P., | Sunoco L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 80412 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034<sup>(b)</sup> <br>|  | 97000 | &nbsp;&nbsp; 95997 |
| &nbsp;&nbsp;&nbsp; 7.88%<sup>(b)(c)(e)</sup> <br>|  | 55000 | &nbsp;&nbsp; 56198 |
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, <br> 5.88%, 03/01/2031<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 56378 |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc., 9.13%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 108000 | &nbsp;&nbsp; 115148 |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 1400000 | &nbsp;&nbsp; 1418746 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 405000 | &nbsp;&nbsp; 413065 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(b)</sup> <br>|  | 85000 | &nbsp;&nbsp; 85047 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/31/2034<sup>(b)</sup> <br>|  | 112000 | &nbsp;&nbsp; 113327 |
| &nbsp;&nbsp;&nbsp; Transocean International Ltd., <br> 7.88%, 10/15/2032<sup>(b)</sup> <br>|  | 118000 | &nbsp;&nbsp; 126164 |
| &nbsp;&nbsp;&nbsp; U.S. International Development <br> Finance Corp., Series 4, <br> 3.13%, 04/15/2028<br>|  | 480000 | &nbsp;&nbsp; 471904 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc., <br> 5.38%, 03/01/2031<br>|  | 275000 | &nbsp;&nbsp; 269656 |
| &nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group <br> Finance 2019, Inc./CSL <br> Capital LLC, 8.63%, <br> 06/15/2032<sup>(b)</sup> <br>|  | 20000 | &nbsp;&nbsp; 20384 |
| &nbsp;&nbsp;&nbsp; Uniti Services LLC, 7.50%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208073 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028<sup>(b)</sup> <br>|  | 62000 | &nbsp;&nbsp; 62964 |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 47000 | &nbsp;&nbsp; 48474 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 115000 | &nbsp;&nbsp; 114102 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital LLC, <br> 9.38%, 02/15/2031<sup>(b)</sup> <br>|  | 117000 | &nbsp;&nbsp; 117061 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029<sup>(b)</sup> <br>|  | $109000 | &nbsp;&nbsp; $117916 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(b)(d)</sup> <br>|  | 203000 | &nbsp;&nbsp; 218119 |
| &nbsp;&nbsp;&nbsp; 9.00%<sup>(b)(c)(e)</sup> <br>|  | 133000 | &nbsp;&nbsp; 132579 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/15/2030<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 59681 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 43000 | &nbsp;&nbsp; 44852 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 122000 | &nbsp;&nbsp; 129296 |
| &nbsp;&nbsp;&nbsp; Versant Media Group, Inc., <br> 7.25%, 01/30/2031<sup>(b)(d)</sup> <br>|  | 163000 | &nbsp;&nbsp; 166948 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc., 3.85%, <br> 06/22/2040<br>|  | 746000 | &nbsp;&nbsp; 566673 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., 5.88%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 111000 | &nbsp;&nbsp; 109671 |
| Vistra Corp., | Vistra Corp., |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 8.88%<sup>(b)(c)(e)</sup> <br>|  | 86000 | &nbsp;&nbsp; 92771 |
| &nbsp;&nbsp;&nbsp; 8.00%<sup>(b)(c)(e)</sup> <br>|  | 58000 | &nbsp;&nbsp; 58650 |
| &nbsp;&nbsp;&nbsp; VoltaGrid LLC, 7.38%, <br> 11/01/2030<sup>(b)</sup> <br>|  | 225000 | &nbsp;&nbsp; 232486 |
| &nbsp;&nbsp;&nbsp; Voyager Parent LLC, 9.25%, <br> 07/01/2032<sup>(b)</sup> <br>|  | 106000 | &nbsp;&nbsp; 110117 |
| &nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 110569 |
| &nbsp;&nbsp;&nbsp; WULF Compute LLC, 7.75%, <br> 10/15/2030<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 56038 |
|  |  |  | &nbsp;&nbsp; 80963694 |
| **Uzbekistan–0.10%** | **Uzbekistan–0.10%** | **Uzbekistan–0.10%** | **Uzbekistan–0.10%** |
| &nbsp;&nbsp;&nbsp; Navoi Mining and Metallurgical <br> Combinat, 6.70%, <br> 10/17/2028<sup>(b)</sup> <br>|  | 620000 | &nbsp;&nbsp; 632318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $165,032,729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $165,032,729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $165,032,729) | &nbsp;&nbsp; 162895900 |
| **Non-U.S. Dollar Denominated Bonds & Notes–23.36%**<sup>(i)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–23.36%**<sup>(i)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–23.36%**<sup>(i)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–23.36%**<sup>(i)</sup>  |
| **Argentina–0.57%** | **Argentina–0.57%** | **Argentina–0.57%** | **Argentina–0.57%** |
| &nbsp;&nbsp;&nbsp; Argentina Treasury Bond, <br> 29.50%, 04/27/2027<sup>(j)</sup> <br>| ARS | 4015000000 | &nbsp;&nbsp; 3425441 |
| **Australia–0.84%** | **Australia–0.84%** | **Australia–0.84%** | **Australia–0.84%** |
| &nbsp;&nbsp;&nbsp; Australia Government Bond, <br> 2.50%, 09/20/2030<sup>(b)</sup> <br>| AUD | 4750000 | &nbsp;&nbsp; 5081593 |
| **Brazil–7.30%** | **Brazil–7.30%** | **Brazil–7.30%** | **Brazil–7.30%** |
| Brazil Notas do Tesouro Nacional, | Brazil Notas do Tesouro Nacional, |  |  |
| &nbsp;&nbsp;&nbsp; Class NTNF, 10.00%, <br> 01/01/2031<br>| BRL | 206000000 | &nbsp;&nbsp; 35723714 |
| &nbsp;&nbsp;&nbsp; Series B, 6.00%, <br> 05/15/2055<br>| BRL | 10490000 | &nbsp;&nbsp; 8213230 |
|  |  |  | &nbsp;&nbsp; 43936944 |
| **Canada–0.84%** | **Canada–0.84%** | **Canada–0.84%** | **Canada–0.84%** |
| &nbsp;&nbsp;&nbsp; Province of Ontario, 5.85%, <br> 03/08/2033<br>| CAD | 6200000 | &nbsp;&nbsp; 5064113 |
| **Czech Republic–0.23%** | **Czech Republic–0.23%** | **Czech Republic–0.23%** | **Czech Republic–0.23%** |
| &nbsp;&nbsp;&nbsp; CPI Property Group S.A., <br> 4.88%<sup>(b)(c)(e)</sup> <br>| EUR | 1300000 | &nbsp;&nbsp; 1406597 |
| **France–2.15%** | **France–2.15%** | **France–2.15%** | **France–2.15%** |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A., 2.00%, <br> 05/24/2031<sup>(b)(c)</sup> <br>| GBP | 2700000 | &nbsp;&nbsp; 3556183 |
| &nbsp;&nbsp;&nbsp; BPCE S.A., 5.13%, <br> 01/25/2035<sup>(b)(c)</sup> <br>| EUR | 3300000 | &nbsp;&nbsp; 3922851 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **France–(continued)** | **France–(continued)** | **France–(continued)** | **France–(continued)** |
| &nbsp;&nbsp;&nbsp; CMA CGM S.A., 4.88%, <br> 01/15/2032<sup>(b)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; $217313 |
| Electricite de France S.A., | Electricite de France S.A., |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%<sup>(b)(c)(e)</sup> <br>| EUR | 800000 | &nbsp;&nbsp; 988953 |
| &nbsp;&nbsp;&nbsp; 7.38%<sup>(b)(c)(e)</sup> <br>| GBP | 1300000 | &nbsp;&nbsp; 1737075 |
| &nbsp;&nbsp;&nbsp; 4.38%<sup>(b)(c)(e)</sup> <br>| EUR | 1000000 | &nbsp;&nbsp; 1122231 |
| &nbsp;&nbsp;&nbsp; La Banque Postale S.A., <br> 3.88%<sup>(b)(c)(e)</sup> <br>| EUR | 1200000 | &nbsp;&nbsp; 1383152 |
|  |  |  | &nbsp;&nbsp; 12927758 |
| **Germany–0.50%** | **Germany–0.50%** | **Germany–0.50%** | **Germany–0.50%** |
| &nbsp;&nbsp;&nbsp; Hannover Rueck SE, 5.88%, <br> 08/26/2043<sup>(b)(c)</sup> <br>| EUR | 1300000 | &nbsp;&nbsp; 1640681 |
| &nbsp;&nbsp;&nbsp; Norddeutsche Landesbank - <br> Girozentrale, 4.38%, <br> 12/10/2035<sup>(b)(c)</sup> <br>| EUR | 1200000 | &nbsp;&nbsp; 1371009 |
|  |  |  | &nbsp;&nbsp; 3011690 |
| **Greece–0.14%** | **Greece–0.14%** | **Greece–0.14%** | **Greece–0.14%** |
| &nbsp;&nbsp;&nbsp; Eurobank S.A., 5.88%, <br> 11/28/2029<sup>(b)(c)</sup> <br>| EUR | 675000 | &nbsp;&nbsp; 825806 |
| **India–0.45%** | **India–0.45%** | **India–0.45%** | **India–0.45%** |
| &nbsp;&nbsp;&nbsp; India Government Bond, 7.09%, <br> 08/05/2054<br>| INR | 275000000 | &nbsp;&nbsp; 2701658 |
| **Ivory Coast–0.19%** | **Ivory Coast–0.19%** | **Ivory Coast–0.19%** | **Ivory Coast–0.19%** |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government <br> International Bond, 5.25%, <br> 03/22/2030<sup>(b)</sup> <br>| EUR | 1000000 | &nbsp;&nbsp; 1142856 |
| **Mexico–6.18%** | **Mexico–6.18%** | **Mexico–6.18%** | **Mexico–6.18%** |
| &nbsp;&nbsp;&nbsp; Mexican Bonos, Series M, 8.50%, <br> 02/28/2030<br>| MXN | 514000000 | &nbsp;&nbsp; 28497128 |
| &nbsp;&nbsp;&nbsp; Mexican Udibonos, Series S, <br> 4.00%, 08/30/2029<br>| MXN | 158135598 | &nbsp;&nbsp; 8690168 |
|  |  |  | &nbsp;&nbsp; 37187296 |
| **South Africa–2.48%** | **South Africa–2.48%** | **South Africa–2.48%** | **South Africa–2.48%** |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government <br> Bond, | &nbsp;&nbsp;&nbsp; Republic of South Africa Government <br> Bond, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2040, 9.00%, <br> 01/31/2040<br>| ZAR | 135000000 | &nbsp;&nbsp; 7500526 |
| &nbsp;&nbsp;&nbsp; Series 2048, 8.75%, <br> 02/28/2048<br>| ZAR | 138090000 | &nbsp;&nbsp; 7389971 |
|  |  |  | &nbsp;&nbsp; 14890497 |
| **Spain–0.53%** | **Spain–0.53%** | **Spain–0.53%** | **Spain–0.53%** |
| &nbsp;&nbsp;&nbsp; Spain Government Bond, 3.95%, <br> 10/31/2056<sup>(b)</sup> <br>| EUR | 1320000 | &nbsp;&nbsp; 1468359 |
| &nbsp;&nbsp;&nbsp; Telefonica Europe, B.V., <br> 6.75%<sup>(b)(c)(e)</sup> <br>| EUR | 1400000 | &nbsp;&nbsp; 1729993 |
|  |  |  | &nbsp;&nbsp; 3198352 |
| **Supranational–0.34%** | **Supranational–0.34%** | **Supranational–0.34%** | **Supranational–0.34%** |
| International Finance Corp., | International Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2029<sup>(b)(k)</sup> <br>| TRY | 3700000 | &nbsp;&nbsp; 31977 |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/26/2052<sup>(k)</sup> <br>| MXN | 390320000 | &nbsp;&nbsp; 2029673 |
|  |  |  | &nbsp;&nbsp; 2061650 |
| **United States–0.62%** | **United States–0.62%** | **United States–0.62%** | **United States–0.62%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, <br> 6.86%, 06/05/2026<br>| GBP | 2800000 | &nbsp;&nbsp; 3719257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $139,273,233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $139,273,233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $139,273,233) | &nbsp;&nbsp; 140581508 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount**<sup>(l)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<sup>(l)</sup> | **Value** |
| **Asset-Backed Securities–17.73%** | **Asset-Backed Securities–17.73%** | **Asset-Backed Securities–17.73%** | **Asset-Backed Securities–17.73%** |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A3, <br> 5.75%, 05/27/2069<sup>(b)</sup> <br>|  | $873663 | &nbsp;&nbsp; $875189 |
| &nbsp;&nbsp;&nbsp; Series 2024-12, Class A2, <br> 5.86%, 10/25/2069<sup>(b)</sup> <br>|  | 274470 | &nbsp;&nbsp; 275716 |
| &nbsp;&nbsp;&nbsp; Series 2024-12, Class A3, <br> 6.01%, 10/25/2069<sup>(b)</sup> <br>|  | 442004 | &nbsp;&nbsp; 444195 |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A3, <br> 5.92%, 04/25/2070<sup>(b)</sup> <br>|  | 1007444 | &nbsp;&nbsp; 1012048 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Adjustable Rate <br> Mortgage Trust, <br> Series 2006-1, Class A1, <br> 0.65% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.25%), <br> 02/25/2036<sup>(m)</sup> <br>|  | 5975 | &nbsp;&nbsp; 5802 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, IO, <br> 0.52%, 01/15/2051<sup>(n)</sup> <br>|  | 3442918 | &nbsp;&nbsp; 28896 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, <br> Series 2023-NQM7, Class A2, <br> 7.38%, 09/25/2063<sup>(b)</sup> <br>|  | 1208793 | &nbsp;&nbsp; 1219250 |
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, <br> Series 2017-CD6, Class XA, IO, <br> 0.87%, 11/13/2050<sup>(n)</sup> <br>|  | 1589665 | &nbsp;&nbsp; 15337 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.66%, 01/25/2036<sup>(o)</sup> <br>|  | 2804 | &nbsp;&nbsp; 2614 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage <br> Trust, Series 2017-C4, <br> Class XA, IO, 0.97%, <br> 10/12/2050<sup>(n)</sup> <br>|  | 4531078 | &nbsp;&nbsp; 51008 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, <br> 5.90% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.40%), <br> 10/25/2035<sup>(m)</sup> <br>|  | 23315 | &nbsp;&nbsp; 22700 |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A10, <br> 6.00%, 02/25/2055<sup>(b)(o)</sup> <br>|  | 635584 | &nbsp;&nbsp; 638884 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, <br> Inc., Series 2005-2, <br> Class 1A3, 2.82%, <br> 05/25/2035<sup>(o)</sup> <br>|  | 105329 | &nbsp;&nbsp; 103462 |
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, <br> Series 2024-INV1, Class A3, <br> 6.48%, 12/25/2068<sup>(b)</sup> <br>|  | 315921 | &nbsp;&nbsp; 317864 |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust, <br> Series 2019-GC44, Class AM, <br> 3.26%, 08/15/2057<br>|  | 1000000 | &nbsp;&nbsp; 929977 |
| &nbsp;&nbsp;&nbsp; Countrywide Home Loans Mortgage <br> Pass-Through Trust, | &nbsp;&nbsp;&nbsp; Countrywide Home Loans Mortgage <br> Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-17, Class 1A8, <br> 5.50%, 09/25/2035<br>|  | 77470 | &nbsp;&nbsp; 76142 |
| &nbsp;&nbsp;&nbsp; Series 2005-J4, Class A7, <br> 5.50%, 11/25/2035<br>|  | 144889 | &nbsp;&nbsp; 118560 |
| &nbsp;&nbsp;&nbsp; CWHEQ Revolving Home Equity <br> Loan Trust, Series 2006-H, <br> Class 2A1A, 2.32% (1 mo. <br> Term SOFR + 0.26%), <br> 11/15/2036<sup>(m)</sup> <br>|  | 6131 | &nbsp;&nbsp; 5547 |
| &nbsp;&nbsp;&nbsp; Deutsche Alt-B Securities, Inc. <br> Mortgage Loan Trust, <br> Series 2006-AB2, Class A1, <br> 5.89%, 06/25/2036<sup>(o)</sup> <br>|  | 16673 | &nbsp;&nbsp; 15207 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, <br> Series 2017-K62, Class B, <br> 3.88%, 01/25/2050<sup>(b)(o)</sup> <br>|  | 280000 | &nbsp;&nbsp; 277955 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount**<sup>(l)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<sup>(l)</sup> | **Value** |
| &nbsp;&nbsp;&nbsp; GCAT Trust, Series 2024-INV3, <br> Class A17, 6.50%, <br> 09/25/2054<sup>(b)(o)</sup> <br>|  | $138816 | &nbsp;&nbsp; $141735 |
| GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, <br> 5.21% (30 Day Average SOFR <br> + 1.55%), 10/25/2055<sup>(b)(m)</sup> <br>|  | 469294 | &nbsp;&nbsp; 470207 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class M1, <br> 5.71% (30 Day Average SOFR <br> + 2.05%), 10/25/2055<sup>(b)(m)</sup> <br>|  | 290000 | &nbsp;&nbsp; 291872 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, <br> 5.14%, 11/25/2065<sup>(b)</sup> <br>|  | 1781690 | &nbsp;&nbsp; 1781794 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A2, <br> 5.31%, 10/25/2065<sup>(b)</sup> <br>|  | 696305 | &nbsp;&nbsp; 696150 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A3, <br> 5.46%, 10/25/2065<sup>(b)</sup> <br>|  | 696305 | &nbsp;&nbsp; 696143 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A2, <br> 5.34%, 11/25/2065<sup>(b)</sup> <br>|  | 445423 | &nbsp;&nbsp; 445849 |
| &nbsp;&nbsp;&nbsp; Series 2026-CES1, Class A1, <br> 4.90%, 05/25/2056<sup>(b)</sup> <br>|  | 664015 | &nbsp;&nbsp; 658705 |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 4.99%, 07/25/2035<sup>(o)</sup> <br>|  | 821 | &nbsp;&nbsp; 792 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, <br> Series 2025-2A, Class A, <br> 4.54%, 05/25/2044<sup>(b)</sup> <br>|  | 418781 | &nbsp;&nbsp; 418024 |
| J.P. Morgan Mortgage Trust, | J.P. Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A2, <br> 5.16%, 03/25/2066<sup>(b)</sup> <br>|  | 779093 | &nbsp;&nbsp; 774186 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A3, <br> 5.26%, 03/25/2066<sup>(b)</sup> <br>|  | 779093 | &nbsp;&nbsp; 773474 |
| &nbsp;&nbsp;&nbsp; Series 2026-CES1, Class A1, <br> 4.91%, 06/25/2056<sup>(b)</sup> <br>|  | 2425933 | &nbsp;&nbsp; 2408338 |
| &nbsp;&nbsp;&nbsp; Series 2026-CES1, Class A1, <br> 4.96%, 06/25/2056<sup>(b)</sup> <br>|  | 1261485 | &nbsp;&nbsp; 1252328 |
| &nbsp;&nbsp;&nbsp; Series 2026-CES1, Class M1, <br> 5.73%, 06/25/2056<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 496161 |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, <br> Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(o)</sup> <br>|  | 5579 | &nbsp;&nbsp; 5578 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage <br> Securities Trust, <br> Series 2014-C24, Class B, <br> 4.12%, 11/15/2047<sup>(o)</sup> <br>|  | 680000 | &nbsp;&nbsp; 641445 |
| Lightpath Fiber Issuer LLC, | Lightpath Fiber Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2, <br> 5.60%, 03/25/2056<sup>(b)</sup> <br>|  | 2100000 | &nbsp;&nbsp; 2099300 |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class B, <br> 5.89%, 03/25/2056<sup>(b)</sup> <br>|  | 1400000 | &nbsp;&nbsp; 1401935 |
| &nbsp;&nbsp;&nbsp; MASTR Asset Backed Securities <br> Trust, Series 2006-WMC3, <br> Class A3, 3.99% (1 mo. Term <br> SOFR + 0.31%), <br> 08/25/2036<sup>(m)</sup> <br>|  | 625581 | &nbsp;&nbsp; 213240 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, <br> Series 2017-HR2, Class XA, IO, <br> 0.85%, 12/15/2050<sup>(n)</sup> <br>|  | 1566549 | &nbsp;&nbsp; 17564 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount**<sup>(l)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<sup>(l)</sup> | **Value** |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage <br> Loan Trust, | &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage <br> Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A3, <br> 6.00%, 10/25/2069<sup>(b)</sup> <br>|  | $652119 | &nbsp;&nbsp; $654833 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A3, <br> 6.14%, 11/25/2069<sup>(b)</sup> <br>|  | 983237 | &nbsp;&nbsp; 993680 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A2, <br> 6.41%, 12/25/2068<sup>(b)</sup> <br>|  | 664291 | &nbsp;&nbsp; 667814 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, Class A3, <br> 6.79%, 05/25/2069<sup>(b)</sup> <br>|  | 1083394 | &nbsp;&nbsp; 1093259 |
| OBX Trust, | OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM7, Class A3, <br> 5.70%, 08/25/2062<sup>(b)</sup> <br>|  | 260120 | &nbsp;&nbsp; 259798 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM7, Class A2, <br> 5.70%, 08/25/2062<sup>(b)</sup> <br>|  | 500230 | &nbsp;&nbsp; 499840 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM12, <br> Class A1, 5.48%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 171467 | &nbsp;&nbsp; 172257 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM12, <br> Class A2, 5.78%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 388057 | &nbsp;&nbsp; 389716 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM12, <br> Class A3, 5.83%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 195533 | &nbsp;&nbsp; 196160 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM12, <br> Class M1, 5.93%, <br> 07/25/2064<sup>(b)(o)</sup> <br>|  | 310000 | &nbsp;&nbsp; 309472 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM18, <br> Class A3, 5.87%, <br> 10/25/2064<sup>(b)</sup> <br>|  | 794840 | &nbsp;&nbsp; 798108 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE2, Class A1, <br> 5.11% (30 Day Average SOFR <br> + 1.45%), 08/25/2055<sup>(b)(m)</sup> <br>|  | 1569983 | &nbsp;&nbsp; 1573141 |
| PMT Loan Trust, | PMT Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-INV1, Class A7, <br> 6.00%, 01/25/2060<sup>(b)(o)</sup> <br>|  | 346477 | &nbsp;&nbsp; 350680 |
| &nbsp;&nbsp;&nbsp; Series 2025-INV6, Class A8, <br> 6.00%, 06/25/2056<sup>(b)(o)</sup> <br>|  | 187554 | &nbsp;&nbsp; 189435 |
| Rate Mortgage Trust, | Rate Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-J3, Class A2, <br> 5.50%, 10/25/2054<sup>(b)(o)</sup> <br>|  | 302282 | &nbsp;&nbsp; 301009 |
| &nbsp;&nbsp;&nbsp; Series 2025-J2, Class A5, <br> 5.50%, 07/25/2055<sup>(b)(o)</sup> <br>|  | 1413574 | &nbsp;&nbsp; 1415524 |
| RCKT Mortgage Trust, | RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES5, Class A1A, <br> 5.69%, 05/25/2055<sup>(b)</sup> <br>|  | 268799 | &nbsp;&nbsp; 270677 |
| &nbsp;&nbsp;&nbsp; Series 2025-CES5, Class A1B, <br> 5.84%, 05/25/2055<sup>(b)</sup> <br>|  | 701215 | &nbsp;&nbsp; 706635 |
| &nbsp;&nbsp;&nbsp; Series 2025-CES6, Class A1A, <br> 5.47%, 06/25/2055<sup>(b)</sup> <br>|  | 385738 | &nbsp;&nbsp; 387303 |
| &nbsp;&nbsp;&nbsp; Residential Accredit Loans, Inc. <br> Trust, Series 2006-QS13, <br> Class 1A8, 6.00%, <br> 09/25/2036<br>|  | 4008 | &nbsp;&nbsp; 3214 |
| SBNA Auto Receivables Trust, | SBNA Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-SF1, Class C, <br> 5.14%, 04/15/2031<sup>(b)</sup> <br>|  | 262474 | &nbsp;&nbsp; 263073 |
| &nbsp;&nbsp;&nbsp; Series 2025-SF1, Class D, <br> 5.34%, 09/15/2031<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 300719 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, <br> Series 2025-8, Class A4, <br> 5.50%, 09/25/2055<sup>(b)(o)</sup> <br>|  | 1278539 | &nbsp;&nbsp; 1280359 |
| &nbsp;&nbsp;&nbsp; Sonic Capital LLC, Series 2020-<br> 1A, Class A2I, 3.85%, <br> 01/20/2050<sup>(b)</sup> <br>|  | 873354 | &nbsp;&nbsp; 865136 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount**<sup>(l)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<sup>(l)</sup> | **Value** |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC, <br> Series 2024-1A, Class A2I, <br> 6.27%, 07/30/2054<sup>(b)</sup> <br>|  | $98750 | &nbsp;&nbsp; $99730 |
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC, <br> Series 2025-2A, Class A22, <br> 5.37%, 10/25/2055<sup>(b)</sup> <br>|  | 1120000 | &nbsp;&nbsp; 1100398 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C5, Class XA, IO, <br> 1.09%, 11/15/2050<sup>(n)</sup> <br>|  | 2057479 | &nbsp;&nbsp; 22673 |
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Issuer LLC, <br> Series 2025-2A, Class A2, <br> 5.24%, 11/15/2055<sup>(b)</sup> <br>|  | 980000 | &nbsp;&nbsp; 966856 |
| VB-S1 Issuer LLC, | VB-S1 Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class C2, <br> 4.69%, 03/15/2056<sup>(b)</sup> <br>|  | 1140000 | &nbsp;&nbsp; 1121555 |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class D, <br> 5.19%, 03/15/2056<sup>(b)</sup> <br>|  | 1230000 | &nbsp;&nbsp; 1211522 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Ctfs. <br> Trust, | &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Ctfs. <br> Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR16, Class 1A1, <br> 4.43%, 12/25/2035<sup>(o)</sup> <br>|  | 1792 | &nbsp;&nbsp; 1660 |
| &nbsp;&nbsp;&nbsp; Series 2003-AR10, Class A7, <br> 5.66%, 10/25/2033<sup>(o)</sup> <br>|  | 10095 | &nbsp;&nbsp; 9797 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, <br> Class XA, IO, 0.82%, <br> 12/15/2050<sup>(n)</sup> <br>|  | 2227638 | &nbsp;&nbsp; 25914 |
| Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, <br> 5.21%, 04/15/2030<sup>(b)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1508951 |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class C, <br> 4.37%, 06/16/2031<sup>(b)</sup> <br>|  | 1350000 | &nbsp;&nbsp; 1340717 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage <br> Trust, Series 2013-C14, <br> Class AS, 3.49%, <br> 06/15/2046<br>|  | 56211 | &nbsp;&nbsp; 55256 |
| Alba PLC, | Alba PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class F, <br> 7.12% (SONIA + 3.37%), <br> 03/17/2039<sup>(b)(m)</sup> <br>| GBP | 480698 | &nbsp;&nbsp; 583097 |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class F, <br> 7.12% (SONIA + 3.37%), <br> 12/15/2038<sup>(b)(m)</sup> <br>| GBP | 362752 | &nbsp;&nbsp; 433927 |
| Auburn 15 PLC, | Auburn 15 PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series E, 5.73% (SONIA + <br> 2.00%), 07/20/2045<sup>(b)(m)</sup> <br>| GBP | 629000 | &nbsp;&nbsp; 821489 |
| &nbsp;&nbsp;&nbsp; Series F, 6.23% (SONIA + <br> 2.50%), 07/20/2045<sup>(b)(m)</sup> <br>| GBP | 749000 | &nbsp;&nbsp; 978788 |
| Eurosail PLC, | Eurosail PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-2X, Class E1C, <br> 7.12% (SONIA + 3.37%), <br> 12/15/2044<sup>(b)(m)</sup> <br>| GBP | 1830000 | &nbsp;&nbsp; 2199636 |
| &nbsp;&nbsp;&nbsp; Series 2006-4X, Class E1C, <br> 6.87% (SONIA + 3.12%), <br> 12/10/2044<sup>(b)(m)</sup> <br>| GBP | 1608337 | &nbsp;&nbsp; 1887935 |
| &nbsp;&nbsp;&nbsp; Series 2006-2X, Class D1A, <br> 2.95% (3 mo. EURIBOR + <br> 0.80%), 12/15/2044<sup>(b)(m)</sup> <br>| EUR | 2700000 | &nbsp;&nbsp; 2925818 |
| Eurosail-UK NC PLC, | Eurosail-UK NC PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1X, Class D1C, <br> 4.76% (SONIA + 1.01%), <br> 03/13/2045<sup>(b)(m)</sup> <br>| GBP | 750000 | &nbsp;&nbsp; 873738 |
| &nbsp;&nbsp;&nbsp; Series 2007-1X, Class D1A, <br> 2.96% (3 mo. EURIBOR + <br> 0.84%), 03/13/2045<sup>(b)(m)</sup> <br>| EUR | 1166000 | &nbsp;&nbsp; 1166648 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount**<sup>(l)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<sup>(l)</sup> | **Value** |
| &nbsp;&nbsp;&nbsp; Eurosail-UK NP PLC, <br> Series 2007-2X, Class D1A, <br> 2.92% (3 mo. EURIBOR + <br> 0.80%), 03/13/2045<sup>(b)(m)</sup> <br>| EUR | 3600000 | &nbsp;&nbsp; $3712286 |
| &nbsp;&nbsp;&nbsp; Great Hall Mortgages No. 1 PLC, <br> Series 2007-2X, Class EB, <br> 5.91% (3 mo. EURIBOR + <br> 3.75%), 06/18/2039<sup>(b)(m)</sup> <br>| EUR | 1780000 | &nbsp;&nbsp; 1982964 |
| Jupiter Mortgage No.1 PLC, | Jupiter Mortgage No.1 PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 1A, Class ER, 7.74% <br> (SONIA + 4.00%), <br> 07/20/2055<sup>(b)(i)(m)</sup> <br>| GBP | 1379000 | &nbsp;&nbsp; 1827904 |
| &nbsp;&nbsp;&nbsp; Series 1A, Class FR, 8.74% <br> (SONIA + 5.00%), <br> 07/20/2055<sup>(b)(m)</sup> <br>| GBP | 852000 | &nbsp;&nbsp; 1129339 |
| Ludgate Funding PLC, | Ludgate Funding PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class MA, <br> 4.11% (SONIA + 0.36%), <br> 01/01/2061<sup>(b)(m)</sup> <br>| GBP | 667478 | &nbsp;&nbsp; 840070 |
| &nbsp;&nbsp;&nbsp; Series 2006-1X, Class A2A, <br> 4.06% (SONIA + 0.31%), <br> 12/01/2060<sup>(b)(m)</sup> <br>| GBP | 1954069 | &nbsp;&nbsp; 2544835 |
| &nbsp;&nbsp;&nbsp; Mortgage Funding PLC, <br> Series 2008-1, Class B2, <br> 7.07% (SONIA + 3.32%), <br> 03/13/2046<sup>(b)(m)</sup> <br>| GBP | 6497463 | &nbsp;&nbsp; 7962438 |
| Newday Funding Master Issuer PLC, | Newday Funding Master Issuer PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1X, Class E, <br> 0.00% (SONIA + 3.30%), <br> 04/15/2033<sup>(b)(k)(m)</sup> <br>| GBP | 1510000 | &nbsp;&nbsp; 2019826 |
| &nbsp;&nbsp;&nbsp; Series 2024-3X, Class E, <br> 7.48% (SONIA + 3.75%), <br> 11/15/2032<sup>(b)(m)</sup> <br>| GBP | 1005000 | &nbsp;&nbsp; 1353197 |
| Newgate Funding PLC, | Newgate Funding PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class CB, <br> 2.55% (3 mo. EURIBOR + <br> 0.43%), 12/01/2050<sup>(b)(m)</sup> <br>| EUR | 444007 | &nbsp;&nbsp; 473264 |
| &nbsp;&nbsp;&nbsp; Series 2007-3X, Class CB, <br> 3.65% (3 mo. EURIBOR + <br> 1.50%), 12/15/2050<sup>(b)(m)</sup> <br>| EUR | 290511 | &nbsp;&nbsp; 318232 |
| Pavillion Consumer PLC, | Pavillion Consumer PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, <br> 5.33% (SONIA + 1.60%), <br> 01/25/2036<sup>(b)</sup> <br>| GBP | 2800000 | &nbsp;&nbsp; 3707567 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, <br> 5.63% (SONIA + 1.90%), <br> 01/25/2036<sup>(b)(m)</sup> <br>| GBP | 1400000 | &nbsp;&nbsp; 1846751 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Funding 2024 - <br> Granite 6 PLC, | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Funding 2024 - <br> Granite 6 PLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-GR6X, Class F, <br> 8.24% (SONIA + 4.50%), <br> 07/20/2053<sup>(b)(m)</sup> <br>| GBP | 620000 | &nbsp;&nbsp; 821408 |
| &nbsp;&nbsp;&nbsp; Series 2024-GR6A, Class F, <br> 8.24% (SONIA + 4.50%), <br> 07/20/2053<sup>(b)(m)</sup> <br>| GBP | 950000 | &nbsp;&nbsp; 1258609 |
| &nbsp;&nbsp;&nbsp; Series 2024-GR6X, Class E, <br> 7.24% (SONIA + 3.50%), <br> 07/20/2053<sup>(b)(m)</sup> <br>| GBP | 885000 | &nbsp;&nbsp; 1175472 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Funding <br> 2024 - Granite 7 PLC, <br> Series 2024-GR7X, Class E, <br> 6.98% (SONIA + 3.25%), <br> 04/20/2051<sup>(b)(m)</sup> <br>| GBP | 690000 | &nbsp;&nbsp; 914231 |
| &nbsp;&nbsp;&nbsp; Prosil Acquisition S.A., <br> Series 2019-1, Class A, <br> 4.03% (3 mo. EURIBOR + <br> 2.00%), 10/31/2039<sup>(b)(m)</sup> <br>| EUR | 832183 | &nbsp;&nbsp; 809130 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount**<sup>(l)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<sup>(l)</sup> | **Value** |
| &nbsp;&nbsp;&nbsp; SC Germany S.A. Compartment <br> Consumer, Series 2021-1, <br> Class E, 4.74% (1 mo. <br> EURIBOR + 2.80%), <br> 11/14/2035<sup>(b)(m)</sup> <br>| EUR | 2913710 | &nbsp;&nbsp; $3347360 |
| &nbsp;&nbsp;&nbsp; Alhambra SME Funding DAC, <br> Series 2019-1, Class D, <br> 11.14% (1 mo. EURIBOR + <br> 9.25%), 11/30/2028<sup>(b)(m)</sup> <br>| EUR | 21886 | &nbsp;&nbsp; 24488 |
| Hera Financing DAC, | Hera Financing DAC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, <br> 6.70% (SONIA + 2.95%), <br> 11/17/2034<sup>(b)(m)</sup> <br>| GBP | 1395400 | &nbsp;&nbsp; 1855713 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, <br> 7.50% (SONIA + 3.75%), <br> 11/17/2034<sup>(b)(m)</sup> <br>| GBP | 797509 | &nbsp;&nbsp; 1060435 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, <br> 5.65% (SONIA + 1.90%), <br> 11/17/2034<sup>(b)(m)</sup> <br>| GBP | 996164 | &nbsp;&nbsp; 1325044 |
| &nbsp;&nbsp;&nbsp; Last Mile Logistics Pan Euro <br> Finance DAC, Series E, 4.70% <br> (3 mo. EURIBOR + 2.70%), <br> 08/17/2033<sup>(b)(m)</sup> <br>| EUR | 2392555 | &nbsp;&nbsp; 2764251 |
| &nbsp;&nbsp;&nbsp; IM Pastor 4, FTA, Series B, 2.30% <br> (3 mo. EURIBOR + 0.19%), <br> 03/22/2044<sup>(b)(m)</sup> <br>| EUR | 1000000 | &nbsp;&nbsp; 863870 |
| &nbsp;&nbsp;&nbsp; Santander Consumo 8 Fondo de <br> Titulizacion, Series 8E, 6.53% <br> (3 mo. EURIBOR + 4.50%), <br> 01/21/2040<sup>(b)(m)</sup> <br>| EUR | 1500000 | &nbsp;&nbsp; 1749348 |
| Fideicomiso Dorrego Y Libertador, | Fideicomiso Dorrego Y Libertador, |  |  |
| &nbsp;&nbsp;&nbsp; Series 1A, 2.00%, <br> 12/31/2043<sup>(g)</sup> <br>|  | $3144648 | &nbsp;&nbsp; 2728297 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/31/2043<sup>(g)(k)</sup> <br>| ARS | 33994486 | &nbsp;&nbsp; 23359 |
| &nbsp;&nbsp;&nbsp; Fideicomiso Financiero Invernea <br> Proteina 2, Serie II, 0.00%, <br> 08/25/2032<sup>(g)(k)(o)</sup> <br>| ARS | 133500000 | &nbsp;&nbsp; 827648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $107,862,137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $107,862,137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $107,862,137) | &nbsp;&nbsp; 106666456 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **U.S. Treasury Securities–9.27%** | **U.S. Treasury Securities–9.27%** | **U.S. Treasury Securities–9.27%** | **U.S. Treasury Securities–9.27%** |
| **U.S. Treasury Bills–7.29%** | **U.S. Treasury Bills–7.29%** | **U.S. Treasury Bills–7.29%** | **U.S. Treasury Bills–7.29%** |
| 3.56 - 4.11%, 05/14/2026<sup>(p)(q)</sup> <br>|  | $41373291 | &nbsp;&nbsp; 41382680 |
| 3.68 - 3.69%, 09/17/2026<sup>(q)(r)</sup> <br>|  | 2509601 | &nbsp;&nbsp; 2509994 |
|  |  |  | &nbsp;&nbsp; 43892674 |
| **U.S. Treasury Bonds–1.98%** | **U.S. Treasury Bonds–1.98%** | **U.S. Treasury Bonds–1.98%** | **U.S. Treasury Bonds–1.98%** |
| 5.50%, 08/15/2028 |  | 11987763 | &nbsp;&nbsp; 11899151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $55,870,655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $55,870,655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $55,870,655) | &nbsp;&nbsp; 55791825 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–6.98%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–6.98%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–6.98%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–6.98%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>6.50%, 04/25/2029 - <br> 07/25/2032<sup>(s)</sup> <br>|  | 96337 | &nbsp;&nbsp; 9838 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/25/2032 - <br> 08/25/2035<sup>(n)(s)</sup> <br>|  | 289944 | &nbsp;&nbsp; 34964 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/25/2034 - <br> 06/25/2035<sup>(s)</sup> <br>|  | 100795 | &nbsp;&nbsp; 12958 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>2.92% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2031 - <br> 05/25/2035<sup>(m)(s)</sup> <br>|  | $69749 | &nbsp;&nbsp; $5590 |
| &nbsp;&nbsp;&nbsp; 4.11% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/18/2031 - <br> 12/18/2031<sup>(m)(s)</sup> <br>|  | 8752 | &nbsp;&nbsp; 739 |
| &nbsp;&nbsp;&nbsp; 4.12% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2031<sup>(m)(s)</sup> <br>|  | 1423 | &nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; 4.17% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032<sup>(m)(s)</sup> <br>|  | 1542 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; 4.32% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2032<sup>(m)(s)</sup> <br>|  | 2269 | &nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; 3.22% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(m)(s)</sup> <br>|  | 8615 | &nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp; 4.02% (7.80% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(m)(s)</sup> <br>|  | 1174 | &nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp; 4.22% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/25/2032 - <br> 09/25/2032<sup>(m)(s)</sup> <br>|  | 4781 | &nbsp;&nbsp; 462 |
| &nbsp;&nbsp;&nbsp; 4.31% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(m)(s)</sup> <br>|  | 15942 | &nbsp;&nbsp; 1390 |
| &nbsp;&nbsp;&nbsp; 4.47% (8.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2033 - <br> 05/25/2033<sup>(m)(s)</sup> <br>|  | 17302 | &nbsp;&nbsp; 2388 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/25/2033 - <br> 04/25/2033<sup>(s)</sup> <br>|  | 50998 | &nbsp;&nbsp; 6741 |
| &nbsp;&nbsp;&nbsp; 3.77% (7.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2033<sup>(m)(s)</sup> <br>|  | 68656 | &nbsp;&nbsp; 7571 |
| &nbsp;&nbsp;&nbsp; 2.27% (6.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 - <br> 07/25/2038<sup>(m)(s)</sup> <br>|  | 86798 | &nbsp;&nbsp; 6800 |
| &nbsp;&nbsp;&nbsp; 2.97% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 - <br> 05/25/2035<sup>(m)(s)</sup> <br>|  | 47075 | &nbsp;&nbsp; 1601 |
| &nbsp;&nbsp;&nbsp; 2.82% (6.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(m)(s)</sup> <br>|  | 39218 | &nbsp;&nbsp; 1684 |
| &nbsp;&nbsp;&nbsp; 3.45% (7.23% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/25/2036<sup>(m)(s)</sup> <br>|  | 71124 | &nbsp;&nbsp; 3469 |
| &nbsp;&nbsp;&nbsp; 2.76% (6.54% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2037<sup>(m)(s)</sup> <br>|  | 97526 | &nbsp;&nbsp; 7037 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/25/2041<sup>(s)</sup> <br>|  | 111317 | &nbsp;&nbsp; 7859 |
| &nbsp;&nbsp;&nbsp; 2.77% (6.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2041<sup>(m)(s)</sup> <br>|  | 30450 | &nbsp;&nbsp; 2168 |
| &nbsp;&nbsp;&nbsp; 2.37% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/25/2042<sup>(m)(s)</sup> <br>|  | 116994 | &nbsp;&nbsp; 12256 |
| &nbsp;&nbsp;&nbsp; 1.84% (30 Day Average SOFR <br> + 5.50%), 09/25/2054<sup>(m)(s)</sup> <br>|  | 17626354 | &nbsp;&nbsp; 623511 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; 2.14% (30 Day Average SOFR <br> + 5.80%), 01/25/2055<sup>(m)(s)</sup> <br>|  | $12908274 | &nbsp;&nbsp; $571334 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/25/2032 |  | 7016 | &nbsp;&nbsp; 7182 |
| &nbsp;&nbsp;&nbsp; 4.78% (30 Day Average SOFR <br> + 1.11%), 04/25/2032 - <br> 12/25/2032<sup>(m)</sup> <br>|  | 66491 | &nbsp;&nbsp; 67194 |
| &nbsp;&nbsp;&nbsp; 4.28% (30 Day Average SOFR <br> + 0.61%), 09/25/2032<sup>(m)</sup> <br>|  | 16293 | &nbsp;&nbsp; 16283 |
| &nbsp;&nbsp;&nbsp; 4.29% (30 Day Average SOFR <br> + 0.61%), 10/18/2032<sup>(m)</sup> <br>|  | 4793 | &nbsp;&nbsp; 4792 |
| &nbsp;&nbsp;&nbsp; 4.18% (30 Day Average SOFR <br> + 0.51%), 11/25/2033<sup>(m)</sup> <br>|  | 2754 | &nbsp;&nbsp; 2747 |
| &nbsp;&nbsp;&nbsp; 10.72% (24.57% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 03/25/2036<sup>(m)</sup> <br>|  | 21750 | &nbsp;&nbsp; 25385 |
| &nbsp;&nbsp;&nbsp; 10.35% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(m)</sup> <br>|  | 21820 | &nbsp;&nbsp; 24162 |
| &nbsp;&nbsp;&nbsp; 4.72% (30 Day Average SOFR <br> + 1.05%), 06/25/2037<sup>(m)</sup> <br>|  | 5382 | &nbsp;&nbsp; 5443 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/25/2041 |  | 16125 | &nbsp;&nbsp; 15380 |
| Federal Home Loan Mortgage Corp., | Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/2031 |  | 12311 | &nbsp;&nbsp; 12746 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 - <br> 03/01/2053<br>|  | 11815818 | &nbsp;&nbsp; 11724937 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/2037 |  | 4612 | &nbsp;&nbsp; 4852 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2052 |  | 5609812 | &nbsp;&nbsp; 5459478 |
| Federal National Mortgage Association, | Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 10/01/2029 - <br> 03/01/2033<br>|  | 47241 | &nbsp;&nbsp; 48502 |
| &nbsp;&nbsp;&nbsp; 7.00%, 07/01/2032 - <br> 04/01/2033<br>|  | 7534 | &nbsp;&nbsp; 7916 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 |  | 45241 | &nbsp;&nbsp; 45491 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2035 - <br> 03/01/2053<br>|  | 8228866 | &nbsp;&nbsp; 8316381 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/2052 |  | 6122357 | &nbsp;&nbsp; 5958215 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| &nbsp;&nbsp;&nbsp; Series K735, Class X1, IO, <br> 0.96%, 05/25/2026<sup>(n)</sup> <br>|  | 1775081 | &nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp; Series K093, Class X1, IO, <br> 0.94%, 05/25/2029<sup>(n)</sup> <br>|  | 18281149 | &nbsp;&nbsp; 445491 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>4.16% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2026<sup>(m)(s)</sup> <br>|  | $433 | &nbsp;&nbsp; $4 |
| &nbsp;&nbsp;&nbsp; 3.86% (7.65% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/15/2029<sup>(m)(s)</sup> <br>|  | 19465 | &nbsp;&nbsp; 641 |
| &nbsp;&nbsp;&nbsp; 4.31% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/15/2029<sup>(m)(s)</sup> <br>|  | 1493 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; 4.21% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2032<sup>(m)(s)</sup> <br>|  | 35799 | &nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp; 3.26% (7.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/15/2033<sup>(m)(s)</sup> <br>|  | 27561 | &nbsp;&nbsp; 1715 |
| &nbsp;&nbsp;&nbsp; 2.91% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2035<sup>(m)(s)</sup> <br>|  | 28230 | &nbsp;&nbsp; 1661 |
| &nbsp;&nbsp;&nbsp; 2.96% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2035<sup>(m)(s)</sup> <br>|  | 4150 | &nbsp;&nbsp; 239 |
| &nbsp;&nbsp;&nbsp; 2.93% (6.72% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2035<sup>(m)(s)</sup> <br>|  | 85222 | &nbsp;&nbsp; 6077 |
| &nbsp;&nbsp;&nbsp; 3.21% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2037<sup>(m)(s)</sup> <br>|  | 18560 | &nbsp;&nbsp; 1778 |
| &nbsp;&nbsp;&nbsp; 2.21% (6.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2038<sup>(m)(s)</sup> <br>|  | 10329 | &nbsp;&nbsp; 829 |
| &nbsp;&nbsp;&nbsp; 2.28% (6.07% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2038<sup>(m)(s)</sup> <br>|  | 39139 | &nbsp;&nbsp; 2984 |
| &nbsp;&nbsp;&nbsp; 2.46% (6.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2039<sup>(m)(s)</sup> <br>|  | 9842 | &nbsp;&nbsp; 832 |
| &nbsp;&nbsp;&nbsp; 2.34% (30 Day Average SOFR <br> + 6.00%), 04/25/2054<sup>(m)(s)</sup> <br>|  | 8949457 | &nbsp;&nbsp; 493595 |
| &nbsp;&nbsp;&nbsp; 2.14% (30 Day Average SOFR <br> + 5.80%), 02/25/2055 - <br> 08/25/2055<sup>(m)(s)</sup> <br>|  | 28114170 | &nbsp;&nbsp; 1338076 |
| &nbsp;&nbsp;&nbsp; 1.45% (30 Day Average SOFR <br> + 5.12%), 03/25/2055<sup>(m)(s)</sup> <br>|  | 19558907 | &nbsp;&nbsp; 629631 |
| &nbsp;&nbsp;&nbsp; 1.49% (30 Day Average SOFR <br> + 5.15%), 03/25/2055<sup>(m)(s)</sup> <br>|  | 16678373 | &nbsp;&nbsp; 649239 |
| &nbsp;&nbsp;&nbsp; 2.29% (30 Day Average SOFR <br> + 5.95%), 04/25/2055<sup>(m)(s)</sup> <br>|  | 24726780 | &nbsp;&nbsp; 1253232 |
| &nbsp;&nbsp;&nbsp; 1.37% (30 Day Average SOFR <br> + 5.03%), 05/25/2055<sup>(m)(s)</sup> <br>|  | 29703422 | &nbsp;&nbsp; 855613 |
| &nbsp;&nbsp;&nbsp; 1.44% (30 Day Average SOFR <br> + 5.10%), 08/25/2055<sup>(m)(s)</sup> <br>|  | 15096841 | &nbsp;&nbsp; 534627 |
| &nbsp;&nbsp;&nbsp; 4.24% (30 Day Average SOFR <br> + 0.56%), 12/15/2028 - <br> 02/15/2029<sup>(m)</sup> <br>|  | 26965 | &nbsp;&nbsp; 26949 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2029 |  | 11657 | &nbsp;&nbsp; 11810 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/2029 - <br> 06/15/2032<br>|  | 53214 | &nbsp;&nbsp; 54867 |
| &nbsp;&nbsp;&nbsp; 4.34% (30 Day Average SOFR <br> + 0.66%), 06/15/2031 - <br> 01/15/2032<sup>(m)</sup> <br>|  | 34909 | &nbsp;&nbsp; 34935 |
| &nbsp;&nbsp;&nbsp; 4.79% (30 Day Average SOFR <br> + 1.11%), 02/15/2032 - <br> 03/15/2032<sup>(m)</sup> <br>|  | 23379 | &nbsp;&nbsp; 23617 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/15/2032 |  | 6550 | &nbsp;&nbsp; 6437 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; 10.87% (24.75% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 08/15/2035<sup>(m)</sup> <br>|  | $17316 | &nbsp;&nbsp; $20185 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2038 |  | 9940 | &nbsp;&nbsp; 9498 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>6.50%, 02/01/2028<sup>(s)</sup> <br>|  | 239 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/01/2029<sup>(s)</sup> <br>|  | 3102 | &nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/15/2032<sup>(s)</sup> <br>|  | 9855 | &nbsp;&nbsp; 1115 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, | &nbsp;&nbsp;&nbsp; Government National Mortgage <br> Association, |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2026 |  | 143 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp; 7.00%, 07/15/2028 |  | 4641 | &nbsp;&nbsp; 4693 |
| &nbsp;&nbsp;&nbsp; IO, <br>2.76% (6.55% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2037<sup>(m)(s)</sup> <br>|  | 42533 | &nbsp;&nbsp; 2096 |
| &nbsp;&nbsp;&nbsp; 2.86% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(m)(s)</sup> <br>|  | 57833 | &nbsp;&nbsp; 3489 |
| &nbsp;&nbsp;&nbsp; 1.23% (30 Day Average SOFR <br> + 4.90%), 10/20/2054<sup>(m)(s)</sup> <br>|  | 8415372 | &nbsp;&nbsp; 229285 |
| &nbsp;&nbsp;&nbsp; 0.57% (30 Day Average SOFR <br> + 4.24%), 04/20/2055<sup>(m)(s)</sup> <br>|  | 18476023 | &nbsp;&nbsp; 210542 |
| &nbsp;&nbsp;&nbsp; 0.68% (30 Day Average SOFR <br> + 4.35%), 04/20/2055<sup>(m)(s)</sup> <br>|  | 30753541 | &nbsp;&nbsp; 466540 |
| &nbsp;&nbsp;&nbsp; 0.78% (30 Day Average SOFR <br> + 4.45%), 07/20/2055<sup>(m)(s)</sup> <br>|  | 21699271 | &nbsp;&nbsp; 253057 |
| &nbsp;&nbsp;&nbsp; 2.23% (30 Day Average SOFR <br> + 5.90%), 07/20/2055<sup>(m)(s)</sup> <br>|  | 12697784 | &nbsp;&nbsp; 490176 |
| &nbsp;&nbsp;&nbsp; 0.73% (30 Day Average SOFR <br> + 4.40%), 08/20/2055<sup>(m)(s)</sup> <br>|  | 76403158 | &nbsp;&nbsp; 868742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $45,632,457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $45,632,457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $45,632,457) | &nbsp;&nbsp; 42005540 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agency Credit Risk Transfer Notes–5.35%** | **Agency Credit Risk Transfer Notes–5.35%** | **Agency Credit Risk Transfer Notes–5.35%** | **Agency Credit Risk Transfer Notes–5.35%** |
| **United States–5.35%** | **United States–5.35%** | **United States–5.35%** | **United States–5.35%** |
| &nbsp;&nbsp;&nbsp; Fannie Mae Connecticut Avenue <br> Securities, | &nbsp;&nbsp;&nbsp; Fannie Mae Connecticut Avenue <br> Securities, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, <br> 6.76% (30 Day Average SOFR <br> + 3.10%), 03/25/2042<sup>(b)(m)</sup> <br>|  | $770000 | &nbsp;&nbsp; $781023 |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, <br> 7.26% (30 Day Average SOFR <br> + 3.60%), 07/25/2042<sup>(b)(m)</sup> <br>|  | 1350000 | &nbsp;&nbsp; 1390796 |
| &nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M1, <br> 5.96% (30 Day Average SOFR <br> + 2.30%), 05/25/2043<sup>(b)(m)</sup> <br>|  | 625410 | &nbsp;&nbsp; 637337 |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M1, <br> 5.36% (30 Day Average SOFR <br> + 1.70%), 07/25/2043<sup>(b)(m)</sup> <br>|  | 195960 | &nbsp;&nbsp; 196314 |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, <br> 6.36% (30 Day Average SOFR <br> + 2.70%), 07/25/2043<sup>(b)(m)</sup> <br>|  | 490000 | &nbsp;&nbsp; 501238 |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1B1, <br> 7.56% (30 Day Average SOFR <br> + 3.90%), 07/25/2043<sup>(b)(m)</sup> <br>|  | 565000 | &nbsp;&nbsp; 588791 |
| &nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M2, <br> 6.16% (30 Day Average SOFR <br> + 2.50%), 10/25/2043<sup>(b)(m)</sup> <br>|  | 280000 | &nbsp;&nbsp; 285271 |
| &nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, <br> 5.16% (30 Day Average SOFR <br> + 1.50%), 10/25/2043<sup>(b)(m)</sup> <br>|  | 122678 | &nbsp;&nbsp; 122745 |
| &nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M2, <br> 5.46% (30 Day Average SOFR <br> + 1.80%), 02/25/2044<sup>(b)(m)</sup> <br>|  | 3100000 | &nbsp;&nbsp; 3105190 |
| &nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M2, <br> 5.61% (30 Day Average SOFR <br> + 1.95%), 03/25/2044<sup>(b)(m)</sup> <br>|  | 3180000 | &nbsp;&nbsp; 3189244 |
| &nbsp;&nbsp;&nbsp; Series 2026-R01, Class 2M2, <br> 5.01% (30 Day Average SOFR <br> + 1.35%), 01/25/2046<sup>(b)(m)</sup> <br>|  | 750000 | &nbsp;&nbsp; 751178 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Freddie Mac, | Freddie Mac, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, <br> STACR<sup>®</sup>, 6.56% (30 Day <br> Average SOFR + 2.90%), <br> 04/25/2042<sup>(b)(m)</sup> <br>|  | $3000000 | &nbsp;&nbsp; $3055180 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M1, <br> STACR<sup>®</sup>, 7.66% (30 Day <br> Average SOFR + 4.00%), <br> 07/25/2042<sup>(b)(m)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1547123 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1, <br> STACR<sup>®</sup>, 7.21% (30 Day <br> Average SOFR + 3.55%), <br> 08/25/2042<sup>(b)(m)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1543403 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M2, <br> STACR<sup>®</sup>, 9.01% (30 Day <br> Average SOFR + 5.35%), <br> 08/25/2042<sup>(b)(m)</sup> <br>|  | 1605000 | &nbsp;&nbsp; 1695173 |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1, <br> STACR<sup>®</sup>, 7.16% (30 Day <br> Average SOFR + 3.50%), <br> 05/25/2043<sup>(b)(m)</sup> <br>|  | 2885325 | &nbsp;&nbsp; 3014484 |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA2, Class M1, <br> STACR<sup>®</sup>, 7.01% (30 Day <br> Average SOFR + 3.35%), <br> 06/25/2043<sup>(b)(m)</sup> <br>|  | 900000 | &nbsp;&nbsp; 920054 |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA3, Class M2, <br> STACR<sup>®</sup>, 7.01% (30 Day <br> Average SOFR + 3.35%), <br> 11/25/2043<sup>(b)(m)</sup> <br>|  | 3100000 | &nbsp;&nbsp; 3235866 |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M2, <br> STACR<sup>®</sup>, 5.61% (30 Day <br> Average SOFR + 1.95%), <br> 02/25/2044<sup>(b)(m)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1564875 |
| &nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M2, <br> STACR<sup>®</sup>, 5.66% (30 Day <br> Average SOFR + 2.00%), <br> 03/25/2044<sup>(b)(m)</sup> <br>|  | 1670900 | &nbsp;&nbsp; 1689253 |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA2, Class M2, <br> STACR<sup>®</sup>, 5.36% (30 Day <br> Average SOFR + 1.70%), <br> 05/25/2044<sup>(b)(m)</sup> <br>|  | 387500 | &nbsp;&nbsp; 387854 |
| &nbsp;&nbsp;&nbsp; Series 2024-HQA2, Class M2, <br> STACR<sup>®</sup>, 5.46% (30 Day <br> Average SOFR + 1.80%), <br> 08/25/2044<sup>(b)(m)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1554873 |
| &nbsp;&nbsp;&nbsp; Series 2025-DNA2, Class A1, <br> STACR<sup>®</sup>, 4.76% (30 Day <br> Average SOFR + 1.10%), <br> 05/25/2045<sup>(b)(m)</sup> <br>|  | 406250 | &nbsp;&nbsp; 406954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $31,867,429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $31,867,429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $31,867,429) | &nbsp;&nbsp; 32164219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** |  |
| **Common Stocks & Other Equity Interests–1.84%** | **Common Stocks & Other Equity Interests–1.84%** | **Common Stocks & Other Equity Interests–1.84%** | **Common Stocks & Other Equity Interests–1.84%** |
| **Argentina–1.82%** | **Argentina–1.82%** | **Argentina–1.82%** | **Argentina–1.82%** |
| Banco BBVA Argentina S.A. | Banco BBVA Argentina S.A. | 341702 | &nbsp;&nbsp; 1957518 |
| Banco Macro S.A., Class B | Banco Macro S.A., Class B | 369464 | &nbsp;&nbsp; 3073286 |
| &nbsp;&nbsp;&nbsp; Cresud S.A. Comercial Inmobiliaria <br> Financiera y Agropecuaria | &nbsp;&nbsp;&nbsp; Cresud S.A. Comercial Inmobiliaria <br> Financiera y Agropecuaria | 656356 | &nbsp;&nbsp; 888272 |
| Grupo Financiero Galicia S.A., Class B | Grupo Financiero Galicia S.A., Class B | 780353 | &nbsp;&nbsp; 3877759 |
| Pampa Energia S.A., ADR<sup>(t)</sup>  | Pampa Energia S.A., ADR<sup>(t)</sup>  | 5308 | &nbsp;&nbsp; 469758 |
| YPF S.A., Class D<sup>(t)</sup>  | YPF S.A., Class D<sup>(t)</sup>  | 13936 | &nbsp;&nbsp; 680416 |
|  |  |  | &nbsp;&nbsp; 10947009 |
| **United States–0.02%** | **United States–0.02%** | **United States–0.02%** | **United States–0.02%** |
| ACNR Holdings, Inc. | ACNR Holdings, Inc. | 478 | &nbsp;&nbsp; 62439 |

---

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

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Claire's Holdings LLC, Class S<sup>(g)</sup>  | Claire's Holdings LLC, Class S<sup>(g)</sup>  | 235 | &nbsp;&nbsp; $13 |
| McDermott International Ltd.<sup>(t)</sup>  | McDermott International Ltd.<sup>(t)</sup>  | 312 | &nbsp;&nbsp; 8117 |
| &nbsp;&nbsp;&nbsp; McDermott International Ltd., Series A, <br> Wts., expiring 06/30/2027<sup>(g)(t)</sup>  | &nbsp;&nbsp;&nbsp; McDermott International Ltd., Series A, <br> Wts., expiring 06/30/2027<sup>(g)(t)</sup>  | 31946 | &nbsp;&nbsp; 958 |
| &nbsp;&nbsp;&nbsp; McDermott International Ltd., Series B, <br> Wts., expiring 06/30/2027<sup>(g)(t)</sup>  | &nbsp;&nbsp;&nbsp; McDermott International Ltd., Series B, <br> Wts., expiring 06/30/2027<sup>(g)(t)</sup>  | 35496 | &nbsp;&nbsp; 1065 |
| Sabine Oil & Gas Holdings, Inc.<sup>(g)(t)</sup>  | Sabine Oil & Gas Holdings, Inc.<sup>(g)(t)</sup>  | 837 | &nbsp;&nbsp; 59 |
| VCI Compute II LLC<sup>(g)</sup>  | VCI Compute II LLC<sup>(g)</sup>  | 30000 | &nbsp;&nbsp; 30000 |
| Windstream Services LLC, Wts.<sup>(g)</sup>  | Windstream Services LLC, Wts.<sup>(g)</sup>  | 176 | &nbsp;&nbsp; 2728 |
|  |  |  | &nbsp;&nbsp; 105379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br> (Cost $11,998,050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br> (Cost $11,998,050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br> (Cost $11,998,050) | &nbsp;&nbsp; 11052388 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Variable Rate Senior Loan Interests–0.30%**<sup>(u)(v)</sup>  | **Variable Rate Senior Loan Interests–0.30%**<sup>(u)(v)</sup>  | **Variable Rate Senior Loan Interests–0.30%**<sup>(u)(v)</sup>  | **Variable Rate Senior Loan Interests–0.30%**<sup>(u)(v)</sup>  |
| **United States–0.30%** | **United States–0.30%** | **United States–0.30%** | **United States–0.30%** |
| &nbsp;&nbsp;&nbsp; ACNR Holdings, Inc., Term Loan, <br> 13.00%, 12/11/2029<br>|  | $25386 | &nbsp;&nbsp; 25577 |
| &nbsp;&nbsp;&nbsp; Bausch and Lomb, Inc., Term Loan <br> B, 7.42% (1 mo. Term SOFR + <br> 3.75%), 01/30/2031<br>|  | 273625 | &nbsp;&nbsp; 274566 |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc., Term Loan, <br> 12.30% (1 mo. Term SOFR + <br> 6.50%), 12/18/2026<sup>(g)</sup> <br>|  | 74906 | &nbsp;&nbsp; 5618 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, <br> Inc., Term Loan B, 7.78% (1 <br> mo. Term SOFR + 4.11%), <br> 08/23/2028<br>|  | 285646 | &nbsp;&nbsp; 286788 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield <br> U.S. Borrower LLC, Term Loan, <br> 6.42% (1 mo. Term SOFR + <br> 2.75%), 01/31/2030<br>|  | 124793 | &nbsp;&nbsp; 125416 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower L.P. (Copeland), <br> Incremental Term Loan B, <br> 5.95% (3 mo. Term SOFR + <br> 2.25%), 08/04/2031<br>|  | 206186 | &nbsp;&nbsp; 206079 |
| &nbsp;&nbsp;&nbsp; Greystar Real Estate Partners LLC, <br> Term Loan B, 6.17% (3 mo. <br> Term SOFR + 2.50%), <br> 08/21/2030<sup>(g)</sup> <br>|  | 73505 | &nbsp;&nbsp; 73689 |
| &nbsp;&nbsp;&nbsp; Iris Holding, Inc. (Intertape), First <br> Lien Term Loan, 8.52% (3 mo. <br> Term SOFR + 4.85%), <br> 06/28/2028<br>|  | 62837 | &nbsp;&nbsp; 59050 |
| &nbsp;&nbsp;&nbsp; Janus Henderson Group PLC, Term <br> Loan, -%, 03/25/2033<sup>(g)(w)</sup> <br>|  | 54000 | &nbsp;&nbsp; 54000 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror L.P., Term Loan <br> B, 6.92% (1 mo. Term SOFR + <br> 3.25%), 08/01/2029<br>|  | 152051 | &nbsp;&nbsp; 152621 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., Term Loan L, <br> 6.17% (1 mo. Term SOFR + <br> 2.50%), 01/19/2032<br>|  | 257586 | &nbsp;&nbsp; 257861 |
| &nbsp;&nbsp;&nbsp; VCI Asset Holdings 2 LLC, Term <br> Loan, 9.50%, 02/06/2031<br>|  | 300000 | &nbsp;&nbsp; 309000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br> (Cost $1,884,735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br> (Cost $1,884,735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br> (Cost $1,884,735) | &nbsp;&nbsp; 1830265 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | **Value** |
| **Preferred Stocks–0.14%** | **Preferred Stocks–0.14%** | **Preferred Stocks–0.14%** | **Preferred Stocks–0.14%** |
| **United States–0.14%** | **United States–0.14%** | **United States–0.14%** | **United States–0.14%** |
| Citigroup, Inc., 6.25%, Series II, Pfd. | Citigroup, Inc., 6.25%, Series II, Pfd. | 32450 | &nbsp;&nbsp; $799892 |
| Claire's Holdings LLC, Series A, Pfd.<sup>(g)</sup>  | Claire's Holdings LLC, Series A, Pfd.<sup>(g)</sup>  | 71 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp., 8.50%, Series A, <br> Conv. Pfd. | &nbsp;&nbsp;&nbsp; Whirlpool Corp., 8.50%, Series A, <br> Conv. Pfd. | 457 | &nbsp;&nbsp; 18714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $870,975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $870,975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $870,975) | &nbsp;&nbsp; 818642 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Commercial Paper–0.05%**<sup>(q)</sup>  | **Commercial Paper–0.05%**<sup>(q)</sup>  | **Commercial Paper–0.05%**<sup>(q)</sup>  | **Commercial Paper–0.05%**<sup>(q)</sup>  |
| **Argentina–0.05%** | **Argentina–0.05%** | **Argentina–0.05%** | **Argentina–0.05%** |
| &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(g)</sup>  | &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(g)</sup>  | 107722 | &nbsp;&nbsp; 108103 |
| &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(g)</sup>  | &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(g)</sup>  | 147928 | &nbsp;&nbsp; 149621 |
| &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(g)</sup>  | &nbsp;&nbsp;&nbsp; TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(g)</sup>  | 65427 | &nbsp;&nbsp; 66489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper (Cost $321,077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper (Cost $321,077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper (Cost $321,077) | &nbsp;&nbsp; 324213 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** |  |
| **Money Market Funds–4.41%** | **Money Market Funds–4.41%** | **Money Market Funds–4.41%** | **Money Market Funds–4.41%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.58%<sup>(x)(y)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.58%<sup>(x)(y)</sup>  | 9282190 | &nbsp;&nbsp; 9282190 |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(x)(y)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(x)(y)</sup>  | 17238352 | &nbsp;&nbsp; 17238352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $26,520,542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $26,520,542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $26,520,542) | &nbsp;&nbsp; 26520542 |
| **Options Purchased–5.41%** | **Options Purchased–5.41%** | **Options Purchased–5.41%** | **Options Purchased–5.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $39,276,745)<sup>(z)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $39,276,745)<sup>(z)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $39,276,745)<sup>(z)</sup>  | &nbsp;&nbsp; 32531054 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> Investments purchased with <br> cash collateral from securities <br> on loan)-101.91% <br> (Cost $626,410,764)<br>|  |  | &nbsp;&nbsp; 613182552 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.98%** | **Money Market Funds–1.98%** | **Money Market Funds–1.98%** | **Money Market Funds–1.98%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 3.63%<sup>(x)(y)(aa)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 3.63%<sup>(x)(y)(aa)</sup>  | 3297858 | &nbsp;&nbsp; 3297858 |
| &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 3.80%<sup>(x)(y)(aa)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 3.80%<sup>(x)(y)(aa)</sup>  | 8636636 | &nbsp;&nbsp; 8637500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $11,935,374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $11,935,374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $11,935,374) | &nbsp;&nbsp; 11935358 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES—103.89% <br> (Cost $638,346,138) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES—103.89% <br> (Cost $638,346,138) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES—103.89% <br> (Cost $638,346,138) | &nbsp;&nbsp; 625117910 |
| OTHER ASSETS LESS LIABILITIES–(3.89)% | OTHER ASSETS LESS LIABILITIES–(3.89)% | OTHER ASSETS LESS LIABILITIES–(3.89)% | &nbsp;&nbsp; (23428300)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $601689610 |

---

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

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

------

Investment Abbreviations:

---

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

---

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

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

------

Notes to Consolidated Schedule of Investments:

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

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at March 31, 2026 was $244,526,572, which represented 40.64% of the Fund's Net Assets. 

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

<sup>(d)</sup> All or a portion of this security was out on loan at March 31, 2026.

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

<sup>(f)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at March 31, 2026 was $868,005, which represented less than 1% of the Fund's Net Assets. 

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

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

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

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

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

<sup>(l)</sup> Principal amounts are denominated in U.S. dollars unless otherwise noted.

<sup>(m)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on March 31, 2026.

<sup>(n)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on March 31, 2026. 

<sup>(o)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on March 31, 2026. 

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

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

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

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

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

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

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

<sup>(w)</sup> This variable rate interest will settle after March 31, 2026, at which time the interest rate will be determined.

<sup>(x)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the three months ended March 31, 2026. 

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**March 31, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $5747357 | &nbsp;&nbsp; $30815546 | &nbsp;&nbsp; $(27280713) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9282190 | &nbsp;&nbsp; $36877 |
| Invesco Treasury Portfolio, Institutional Class | &nbsp;&nbsp; 10673662 | &nbsp;&nbsp;&nbsp; 57228871 | &nbsp;&nbsp;&nbsp; (50664181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; 17238352 | &nbsp;&nbsp;&nbsp;&nbsp; 67886 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | &nbsp;&nbsp;&nbsp; 5808797 | &nbsp;&nbsp;&nbsp; 12004960 | &nbsp;&nbsp;&nbsp; (14515899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3297858 | &nbsp;&nbsp;&nbsp; 48,141\* |
| Invesco Private Prime Fund | &nbsp;&nbsp; 15086646 | &nbsp;&nbsp;&nbsp; 30187180 | &nbsp;&nbsp;&nbsp; (36633517) | &nbsp;&nbsp; (16) | &nbsp;&nbsp; (2793) | &nbsp;&nbsp;&nbsp; 8637500 | &nbsp;&nbsp; 131,036\* |
| Total | $37316462 | &nbsp;&nbsp; $130236557 | &nbsp;&nbsp; $(129094310) | &nbsp;&nbsp; $(16) | &nbsp;&nbsp; $(2793) | &nbsp;&nbsp; $38455900 | &nbsp;&nbsp; $283940 |

---

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

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

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

<sup>(y)</sup> The rate shown is the 7-day SEC standardized yield as of March 31, 2026.

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

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

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

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

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/07/2026 | USD | 0.72 | AUD | 26460000 | &nbsp;&nbsp;&nbsp; $43322 |
| AUD versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/27/2026 | USD | 0.73 | AUD | 1325000 | &nbsp;&nbsp;&nbsp; 24892 |
| AUD versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/29/2026 | USD | 0.72 | AUD | 26475000 | &nbsp;&nbsp;&nbsp; 66472 |
| AUD versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 05/29/2026 | USD | 0.73 | AUD | 1325000 | &nbsp;&nbsp;&nbsp; 35167 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 06/01/2026 | USD | 0.72 | AUD | 2000000 | &nbsp;&nbsp;&nbsp; 136839 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/20/2026 | USD | 0.72 | AUD | 16540000 | &nbsp;&nbsp;&nbsp; 77326 |
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 04/20/2026 | USD | 1.20 | EUR | 3240000 | &nbsp;&nbsp;&nbsp; 40573 |
| EUR versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/08/2026 | USD | 1.35 | EUR | 10100000 | &nbsp;&nbsp;&nbsp; 1307 |
| EUR versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/14/2026 | USD | 1.18 | EUR | 26400000 | &nbsp;&nbsp;&nbsp; 122058 |
| EUR versus USD | Call | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 05/11/2026 | USD | 1.30 | EUR | 6060000 | &nbsp;&nbsp;&nbsp; 4259 |
| EUR versus USD | Call | UBS AG | &nbsp;&nbsp;&nbsp; 05/07/2026 | USD | 1.19 | EUR | 26460000 | &nbsp;&nbsp;&nbsp; 16056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp; 568271 |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| CHF versus JPY | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 07/27/2026 | JPY | 160.00 | CHF | 3670000 | &nbsp;&nbsp;&nbsp; 8734 |
| CHF versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/21/2027 | JPY | 147.00 | CHF | 5870000 | &nbsp;&nbsp;&nbsp; 55639 |
| CHF versus JPY | Put | UBS AG | &nbsp;&nbsp;&nbsp; 09/17/2026 | JPY | 161.00 | CHF | 2100000 | &nbsp;&nbsp;&nbsp; 12218 |
| CHF versus JPY | Put | UBS AG | &nbsp;&nbsp;&nbsp; 10/23/2026 | JPY | 165.00 | CHF | 2080000 | &nbsp;&nbsp;&nbsp; 28195 |
| CHF versus JPY | Put | UBS AG | &nbsp;&nbsp;&nbsp; 01/20/2027 | JPY | 170.00 | CHF | 2020000 | &nbsp;&nbsp;&nbsp; 75333 |
| USD versus BRL | Put | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 07/09/2026 | BRL | 5.00 | USD | 660000 | &nbsp;&nbsp;&nbsp; 62741 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/21/2026 | BRL | 5.15 | USD | 1330000 | &nbsp;&nbsp;&nbsp; 168931 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 06/16/2026 | BRL | 5.15 | USD | 1320000 | &nbsp;&nbsp;&nbsp; 103174 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 05/27/2026 | BRL | 5.10 | USD | 2025000 | &nbsp;&nbsp;&nbsp; 249059 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/10/2026 | BRL | 5.05 | USD | 1320000 | &nbsp;&nbsp;&nbsp; 129639 |
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 06/18/2026 | BRL | 5.10 | USD | 1330000 | &nbsp;&nbsp;&nbsp; 183160 |
| USD versus CAD | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/06/2026 | CAD | 1.20 | USD | 3790000 | &nbsp;&nbsp;&nbsp; 68 |
| USD versus CLP | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 01/15/2027 | CLP | 855.00 | USD | 13500000 | &nbsp;&nbsp;&nbsp; 225072 |
| USD versus CLP | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 06/11/2026 | CLP | 870.00 | USD | 13200000 | &nbsp;&nbsp;&nbsp; 78725 |
| USD versus CLP | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 07/02/2026 | CLP | 870.00 | USD | 9940000 | &nbsp;&nbsp;&nbsp; 77940 |
| USD versus INR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/22/2026 | INR | 82.00 | USD | 3000000 | &nbsp;&nbsp;&nbsp; 177 |
| USD versus INR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/22/2026 | INR | 87.00 | USD | 1730000 | &nbsp;&nbsp;&nbsp; 4119 |
| USD versus INR | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/26/2026 | INR | 87.00 | USD | 2080000 | &nbsp;&nbsp;&nbsp; 5539 |
| USD versus JPY | Put | BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; 05/29/2026 | JPY | 151.00 | USD | 13240000 | &nbsp;&nbsp;&nbsp; 42778 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/06/2026 | JPY | 110.00 | USD | 15140000 | &nbsp;&nbsp;&nbsp; 651 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/12/2027 | JPY | 120.00 | USD | 3450000 | &nbsp;&nbsp;&nbsp; 58164 |
| USD versus JPY | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 08/13/2026 | JPY | 135.00 | USD | 1980000 | &nbsp;&nbsp;&nbsp; 31743 |
| USD versus JPY | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 08/18/2027 | JPY | 117.50 | USD | 3470000 | &nbsp;&nbsp;&nbsp; 60135 |
| USD versus JPY | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 11/11/2027 | JPY | 115.00 | USD | 3450000 | &nbsp;&nbsp;&nbsp; 61734 |
| USD versus KRW | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/20/2026 | KRW | 1200.00 | USD | 1500000 | &nbsp;&nbsp;&nbsp; 66 |
| USD versus KRW | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/21/2026 | KRW | 1425.00 | USD | 19900000 | &nbsp;&nbsp;&nbsp; 35939 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/15/2026 | KRW | 1300.00 | USD | 69900000 | &nbsp;&nbsp;&nbsp; 769 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/23/2026 | KRW | 1350.00 | USD | 33470000 | &nbsp;&nbsp;&nbsp; 32600 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 06/04/2027 | KRW | 1200.00 | USD | 3470000 | &nbsp;&nbsp;&nbsp; 94186 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 06/03/2026 | MXN | 17.20 | USD | 1330000 | &nbsp;&nbsp;&nbsp; 108120 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 04/27/2026 | MXN | 16.50 | USD | 1330000 | &nbsp;&nbsp;&nbsp; 1653 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/30/2026 | ZAR | 16.10 | USD | 1330000 | &nbsp;&nbsp;&nbsp; 4212 |
| USD versus ZAR | Put | UBS AG | &nbsp;&nbsp;&nbsp; 04/29/2026 | ZAR | 15.75 | USD | 27740000 | &nbsp;&nbsp;&nbsp; 2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp; 2003765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp; $2572036 |

---

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

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

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Purchased** | **Open Over-The-Counter Interest Rate Swaptions Purchased** | **Open Over-The-Counter Interest Rate Swaptions Purchased** | **Open Over-The-Counter Interest Rate Swaptions Purchased** | **Open Over-The-Counter Interest Rate Swaptions Purchased** | **Open Over-The-Counter Interest Rate Swaptions Purchased** | **Open Over-The-Counter Interest Rate Swaptions Purchased** | **Open Over-The-Counter Interest Rate Swaptions Purchased** | **Open Over-The-Counter Interest Rate Swaptions Purchased** | **Open Over-The-Counter Interest Rate Swaptions Purchased** | **Open Over-The-Counter Interest Rate Swaptions Purchased** |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | **Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Floating Rate** <br>**Index**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 1 Year Interest Rate Swap | Call | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 3.45% | Receive | SONIA | At Maturity | 08/05/2026 | &nbsp;&nbsp; GBP | 69360000 | &nbsp;&nbsp; $36415 |
| &nbsp;&nbsp;&nbsp; 10 Year Interest Rate <br> Swap<br>| Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 3.70 | Receive | SOFR | Annually | 09/24/2035 | &nbsp;&nbsp; USD | 18666667 | &nbsp;&nbsp; 878604 |
| 2 Year Interest Rate Swap | Call | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 2.85 | Receive | 6 Month EURIBOR | Semi-Annually | 09/12/2030 | &nbsp;&nbsp; EUR | 109540000 | &nbsp;&nbsp; 1141432 |
| 2 Year Interest Rate Swap | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.37 | Receive | 6 Month EURIBOR | Semi-Annually | 02/10/2027 | &nbsp;&nbsp; EUR | 148190000 | &nbsp;&nbsp; 420650 |
| &nbsp;&nbsp;&nbsp; 20 Year Interest Rate <br> Swap<br>| Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.12 | Receive | SOFR | Annually | 10/17/2035 | &nbsp;&nbsp; USD | 37070000 | &nbsp;&nbsp; 937316 |
| 5 Year Interest Rate Swap | Call | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 3.98 | Receive | SOFR | Annually | 11/06/2030 | &nbsp;&nbsp; USD | 138720000 | &nbsp;&nbsp; 4381255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Interest Rate Call Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Interest Rate Call Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Interest Rate Call Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 7795672 |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| &nbsp;&nbsp;&nbsp; 10 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 5.20 | Pay | SOFR | Annually | 09/24/2035 | &nbsp;&nbsp; USD | 18666667 | &nbsp;&nbsp; 1157296 |
| &nbsp;&nbsp;&nbsp; 15 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 1.76 | Pay | 6 Month EURIBOR | Semi-Annually | 03/15/2039 | &nbsp;&nbsp; EUR | 27900000 | &nbsp;&nbsp; 5717110 |
| &nbsp;&nbsp;&nbsp; 20 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 6.12 | Pay | SOFR | Annually | 10/17/2035 | &nbsp;&nbsp; USD | 37070000 | &nbsp;&nbsp; 2238563 |
| &nbsp;&nbsp;&nbsp; 30 Year Interest Rate <br> Swap<br>| Put | BNP Paribas S.A. | 3.18 | Pay | 6 Month EURIBOR | Semi-Annually | 05/05/2026 | &nbsp;&nbsp; EUR | 15000000 | &nbsp;&nbsp; 189048 |
| &nbsp;&nbsp;&nbsp; 30 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 3.00 | Pay | 6 Month EURIBOR | Semi-Annually | 01/20/2027 | &nbsp;&nbsp; EUR | 19600000 | &nbsp;&nbsp; 1358326 |
| &nbsp;&nbsp;&nbsp; 30 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 4.26 | Pay | SOFR | Annually | 01/27/2028 | &nbsp;&nbsp; USD | 25750000 | &nbsp;&nbsp; 1539567 |
| &nbsp;&nbsp;&nbsp; 30 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 4.15 | Pay | SOFR | Annually | 11/04/2026 | &nbsp;&nbsp; USD | 94110000 | &nbsp;&nbsp; 3613123 |
| &nbsp;&nbsp;&nbsp; 30 Year Interest Rate <br> Swap<br>| Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 4.28 | Pay | SOFR | Annually | 01/27/2028 | &nbsp;&nbsp; USD | 23860000 | &nbsp;&nbsp; 1404779 |
| 5 Year Interest Rate Swap | Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 3.98 | Pay | SOFR | Annually | 11/06/2030 | &nbsp;&nbsp; USD | 138720000 | &nbsp;&nbsp; 4945534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Interest Rate Put Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Interest Rate Put Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Interest Rate Put Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 22163346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; $29959018 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** | **Open Exchange-Traded Futures Options Written** |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value**<sup>(a)</sup>  | **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | Put | &nbsp;&nbsp; 05/22/2026 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; USD | 110.50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 198900000 | &nbsp;&nbsp; $(1434375)<br>|

---

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swaptions Written** | **Open Over-The-Counter Credit Default Swaptions Written** | **Open Over-The-Counter Credit Default Swaptions Written** | **Open Over-The-Counter Credit Default Swaptions Written** | **Open Over-The-Counter Credit Default Swaptions Written** | **Open Over-The-Counter Credit Default Swaptions Written** | **Open Over-The-Counter Credit Default Swaptions Written** | **Open Over-The-Counter Credit Default Swaptions Written** | **Open Over-The-Counter Credit Default Swaptions Written** | **Open Over-The-Counter Credit Default Swaptions Written** |
| **Counterparty** | **Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Reference** <br>**Entity**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>(a)</sup> <br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Credit Risk** |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A.<br> Call | 325.00<br> %<br>| &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 44, Version 1<br>| 5.00<br> %<br>| Quarterly | 06/17/2026 | 3.179<br> %<br>| EUR | 7800000 | $(121954)<br>|

---

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

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swaptions Written—(continued)** | **Open Over-The-Counter Credit Default Swaptions Written—(continued)** | **Open Over-The-Counter Credit Default Swaptions Written—(continued)** | **Open Over-The-Counter Credit Default Swaptions Written—(continued)** | **Open Over-The-Counter Credit Default Swaptions Written—(continued)** | **Open Over-The-Counter Credit Default Swaptions Written—(continued)** | **Open Over-The-Counter Credit Default Swaptions Written—(continued)** | **Open Over-The-Counter Credit Default Swaptions Written—(continued)** | **Open Over-The-Counter Credit Default Swaptions Written—(continued)** | **Open Over-The-Counter Credit Default Swaptions Written—(continued)** | **Open Over-The-Counter Credit Default Swaptions Written—(continued)** |
| **Counterparty** | **Type of**<br> **Contract**<br>| **Exercise**<br> **Rate**<br>| &nbsp;&nbsp; **Reference**<br> **Entity**<br>| **(Pay)/**<br> **Receive**<br> **Fixed**<br> **Rate**<br>| &nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Expiration**<br> **Date**<br>| **Implied**<br> **Credit**<br> **Spread**<sup>(a)</sup><br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
| **Credit Risk** |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Put | 325.00<br> %<br>| &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 44, Version 1<br>| (5.00)%<br>| Quarterly | 06/17/2026 | 3.179<br> %<br>| EUR | 7800000 | $(159426)<br>|
| Goldman Sachs International | Put | 70.00 | &nbsp;&nbsp; Markit CDX North America <br> Investment Grade Index, Series 45, <br> Version 1<br>| (1.00)<br>| Quarterly | 04/15/2026 | 0.586 | USD | 54000000 | (25478)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 350.00 | &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 44, Version 1<br>| (5.00)<br>| Quarterly | 06/17/2026 | 3.179 | EUR | 54000000 | (882382)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Credit Default Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Credit Default Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Credit Default Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Credit Default Put Swaptions Written |  |  |  |  |  |  | (1067286)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Credit Default Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Credit Default Swaptions Written |  |  |  |  |  |  |  |  | $(1189240)<br>|

---

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

<sup>(a)</sup> Implied credit spreads represent the current level, as of March 31, 2026, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** |
| **Description** | **Counterparty** | **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD<br> Call | Deutsche Bank AG | &nbsp;&nbsp; 05/07/2026 | USD | 0.75 | AUD | 26460000 | &nbsp;&nbsp; $(4947)<br>|
| AUD versus USD<br> Call | Goldman Sachs International | &nbsp;&nbsp; 05/29/2026 | USD | 0.74 | AUD | 26475000 | &nbsp;&nbsp; (19472)<br>|
| AUD versus USD<br> Call | Merrill Lynch International | &nbsp;&nbsp; 07/20/2026 | USD | 0.76 | AUD | 16540000 | &nbsp;&nbsp; (13694)<br>|
| EUR versus MXN<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/07/2026 | MXN | 22.65 | EUR | 20230000 | &nbsp;&nbsp; (132908)<br>|
| USD versus BRL<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 07/10/2026 | BRL | 7.00 | USD | 9804000 | &nbsp;&nbsp; (10922)<br>|
| USD versus CLP<br> Call | Goldman Sachs International | &nbsp;&nbsp; 01/15/2027 | CLP | 950.00 | USD | 13500000 | &nbsp;&nbsp; (510975)<br>|
| USD versus CLP<br> Call | Merrill Lynch International | &nbsp;&nbsp; 06/11/2026 | CLP | 925.00 | USD | 13200000 | &nbsp;&nbsp; (363686)<br>|
| USD versus CLP<br> Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 07/02/2026 | CLP | 930.00 | USD | 9940000 | &nbsp;&nbsp; (279731)<br>|
| USD versus IDR<br> Call | Goldman Sachs International | &nbsp;&nbsp; 08/13/2026 | IDR | 17000.00 | USD | 13990000 | &nbsp;&nbsp; (254366)<br>|
| USD versus JPY<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 04/15/2026 | JPY | 158.50 | USD | 9920000 | &nbsp;&nbsp; (77564)<br>|
| USD versus KRW<br> Call | Goldman Sachs International | &nbsp;&nbsp; 05/21/2026 | KRW | 1475.00 | USD | 19900000 | &nbsp;&nbsp; (598214)<br>|
| USD versus KRW<br> Call | Merrill Lynch International | &nbsp;&nbsp; 07/23/2026 | KRW | 1480.00 | USD | 13390000 | &nbsp;&nbsp; (450761)<br>|
| USD versus MXN<br> Call | Merrill Lynch International | &nbsp;&nbsp; 08/11/2026 | MXN | 18.50 | USD | 33080000 | &nbsp;&nbsp; (776818)<br>|
| USD versus TRY<br> Call | Goldman Sachs International | &nbsp;&nbsp; 01/25/2027 | TRY | 55.75 | USD | 23430000 | &nbsp;&nbsp; (2467882)<br>|
| USD versus ZAR<br> Call | Deutsche Bank AG | &nbsp;&nbsp; 04/29/2026 | ZAR | 16.80 | USD | 19980000 | &nbsp;&nbsp; (474046)<br>|
| USD versus ZAR<br> Call | Goldman Sachs International | &nbsp;&nbsp; 07/23/2026 | ZAR | 17.00 | USD | 13870000 | &nbsp;&nbsp; (486962)<br>|
| USD versus ZAR<br> Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 02/01/2027 | ZAR | 18.35 | USD | 13800000 | &nbsp;&nbsp; (435390)<br>|
| USD versus ZAR<br> Call | Merrill Lynch International | &nbsp;&nbsp; 06/18/2026 | ZAR | 17.75 | USD | 13200000 | &nbsp;&nbsp; (200099)<br>|
| &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Written | &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Written | &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Call Options Written |  |  |  |  | &nbsp;&nbsp; (7558437)<br>|

---

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

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** | **Open Over-The-Counter Foreign Currency Options Written—(continued)** |
| **Description** | &nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Counterparty** | **Expiration**<br> **Date**<br>| &nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp; **Notional**<br> **Value** | &nbsp;&nbsp; **Notional**<br> **Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Put | Deutsche Bank AG | &nbsp;&nbsp; 05/07/2026 | USD | 0.69 | AUD | 26460000 | &nbsp;&nbsp; $(226887)<br>|
| AUD versus USD | Put | Goldman Sachs International | &nbsp;&nbsp; 05/29/2026 | USD | 0.69 | AUD | 26475000 | &nbsp;&nbsp; (307022)<br>|
| AUD versus USD | Put | Merrill Lynch International | &nbsp;&nbsp; 07/20/2026 | USD | 0.68 | AUD | 16540000 | &nbsp;&nbsp; (196591)<br>|
| EUR versus USD | Put | Merrill Lynch International | &nbsp;&nbsp; 05/14/2026 | USD | 1.12 | EUR | 26400000 | &nbsp;&nbsp; (56848)<br>|
| USD versus CLP | Put | Goldman Sachs International | &nbsp;&nbsp; 01/15/2027 | CLP | 805.00 | USD | 27000000 | &nbsp;&nbsp; (175689)<br>|
| USD versus CLP | Put | Merrill Lynch International | &nbsp;&nbsp; 06/11/2026 | CLP | 835.00 | USD | 13200000 | &nbsp;&nbsp; (21886)<br>|
| USD versus CLP | Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 07/02/2026 | CLP | 830.00 | USD | 9940000 | &nbsp;&nbsp; (21341)<br>|
| USD versus JPY | Put | BNP Paribas S.A. | &nbsp;&nbsp; 05/29/2026 | JPY | 149.00 | USD | 13240000 | &nbsp;&nbsp; (28029)<br>|
| USD versus KRW | Put | Goldman Sachs International | &nbsp;&nbsp; 05/21/2026 | KRW | 1390.00 | USD | 19900000 | &nbsp;&nbsp; (10567)<br>|
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp; 08/11/2026 | MXN | 16.75 | USD | 33080000 | &nbsp;&nbsp; (92690)<br>|
| &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Written | &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Written | &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Written | &nbsp;&nbsp;&nbsp; Subtotal — Foreign Currency Put Options Written |  |  |  |  | &nbsp;&nbsp; (1137550)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Options Written |  |  |  |  | &nbsp;&nbsp; $(8695987)<br>|

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written** | **Open Over-The-Counter Interest Rate Swaptions Written** | **Open Over-The-Counter Interest Rate Swaptions Written** | **Open Over-The-Counter Interest Rate Swaptions Written** | **Open Over-The-Counter Interest Rate Swaptions Written** | **Open Over-The-Counter Interest Rate Swaptions Written** | **Open Over-The-Counter Interest Rate Swaptions Written** | **Open Over-The-Counter Interest Rate Swaptions Written** | **Open Over-The-Counter Interest Rate Swaptions Written** | **Open Over-The-Counter Interest Rate Swaptions Written** |
| **Description** | **Counterparty** | **Exercise** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 1 Year Interest Rate Swap<br> Call | Barclays Bank PLC | 2.25% | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 02/11/2027 | EUR | 21170000 | $(83621)<br>|
| 5 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.35 | SOFR | Receive | Annually | 07/29/2026 | USD | 56020000 | (308087)<br>|
| 30 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.00 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 01/28/2027 | EUR | 19530000 | (913088)<br>|
| 10 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.50 | SOFR | Receive | Annually | 04/07/2026 | USD | 41075000 | (334)<br>|
| 30 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.02 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/12/2030 | EUR | 9950000 | (1075038)<br>|
| 1 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.25 | SONIA | Receive | At Maturity | 08/05/2026 | GBP | 69360000 | (21134)<br>|
| 2 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.35 | SOFR | Receive | Annually | 09/21/2026 | USD | 176745000 | (717146)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.42 | SOFR | Receive | Annually | 07/11/2029 | USD | 18635000 | (342284)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 4.06 | SOFR | Receive | Annually | 11/06/2030 | USD | 36070000 | (3748475)<br>|
| 2 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.35 | SOFR | Receive | Annually | 09/21/2026 | USD | 323640000 | (1313176)<br>|
| 10 Year Interest Rate Swap<br> Call | Merrill Lynch International | 3.50 | SOFR | Receive | Annually | 12/15/2026 | USD | 66160000 | (709043)<br>|
| 5 Year Interest Rate Swap<br> Call | Merrill Lynch International | 2.50 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 03/25/2027 | EUR | 78100000 | (593919)<br>|
| 10 Year Interest Rate Swap<br> Call | Merrill Lynch International | 3.50 | SOFR | Receive | Annually | 12/15/2026 | USD | 44000000 | (471552)<br>|
| 2 Year Interest Rate Swap<br> Call | Merrill Lynch International | 3.35 | SOFR | Receive | Annually | 09/21/2026 | USD | 176420000 | (715828)<br>|
| 5 Year Interest Rate Swap<br> Call | Merrill Lynch International | 3.25 | SOFR | Receive | Annually | 01/19/2027 | USD | 90000000 | (744976)<br>|
| 10 Year Interest Rate Swap<br> Call | Morgan Stanley and Co. <br> International PLC<br>| 3.50 | SOFR | Receive | Annually | 12/15/2026 | USD | 66160000 | (709043)<br>|
| 2 Year Interest Rate Swap<br> Call | Morgan Stanley and Co. <br> International PLC<br>| 3.35 | SOFR | Receive | Annually | 09/21/2026 | USD | 177000000 | (718181)<br>|
| 30 Year Interest Rate Swap<br> Call | Morgan Stanley and Co. <br> International PLC<br>| 3.00 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 01/28/2028 | EUR | 6510000 | (483169)<br>|

---

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

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** |
| **Description** | **Type of**<br> **Contract**<br>| **Counterparty** | **Exercise**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.11% | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 02/10/2027 | EUR | 15520000 | $(926211)<br>|
| 50 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.80 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 05/19/2026 | EUR | 26540000 | (863175)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Call Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Call Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Call Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Call Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Call Swaptions Written |  |  |  |  |  | (15457480)<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 30 Year Interest Rate Swap | Put | Barclays Bank PLC | 5.55 | SONIA | Pay | Annually | 05/10/2027 | GBP | 20190000 | (749157)<br>|
| 5 Year Interest Rate Swap | Put | Barclays Bank PLC | 2.70 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 02/11/2027 | EUR | 21170000 | (501785)<br>|
| 30 Year Interest Rate Swap | Put | BNP Paribas S.A. | 4.25 | SOFR | Pay | Annually | 05/05/2026 | USD | 22935000 | (174196)<br>|
| 2 Year Interest Rate Swap | Put | BNP Paribas S.A. | 2.76 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 09/18/2026 | EUR | 79200000 | (618983)<br>|
| 5 Year Interest Rate Swap | Put | BNP Paribas S.A. | 3.50 | SOFR | Pay | Annually | 07/29/2026 | USD | 56020000 | (753458)<br>|
| 30 Year Interest Rate Swap | Put | Goldman Sachs <br> International<br>| 3.50 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 01/20/2027 | EUR | 39200000 | (1022014)<br>|
| 2 Year Interest Rate Swap | Put | Goldman Sachs <br> International<br>| 2.90 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 09/21/2026 | EUR | 79200000 | (501273)<br>|
| 2 Year Interest Rate Swap | Put | Goldman Sachs <br> International<br>| 2.74 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 09/18/2026 | EUR | 39600000 | (318117)<br>|
| 1 Year Interest Rate Swap | Put | Goldman Sachs <br> International<br>| 2.53 | 3 Month <br> EURIBOR<br>| Pay | Quarterly | 03/11/2027 | EUR | 105600000 | (578473)<br>|
| 1 Year Interest Rate Swap | Put | Goldman Sachs <br> International<br>| 3.75 | SONIA | Pay | At Maturity | 08/05/2026 | GBP | 69360000 | (625747)<br>|
| 30 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 4.06 | SOFR | Pay | Annually | 11/06/2030 | USD | 36070000 | (4444864)<br>|
| 2 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.77 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 12/18/2026 | EUR | 118800000 | (1038391)<br>|
| 2 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.58 | SOFR | Pay | Annually | 01/27/2028 | USD | 226400000 | (2075755)<br>|
| 2 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.70 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 03/08/2027 | EUR | 105600000 | (1082346)<br>|
| 5 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.60 | SOFR | Pay | Annually | 01/06/2027 | USD | 89900000 | (1436135)<br>|
| 2 Year Interest Rate Swap | Put | Merrill Lynch International | 2.95 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 09/21/2026 | EUR | 79200000 | (467458)<br>|
| 5 Year Interest Rate Swap | Put | Merrill Lynch International | 3.55 | SOFR | Pay | Annually | 01/08/2027 | USD | 55490000 | (953864)<br>|
| 5 Year Interest Rate Swap | Put | Merrill Lynch International | 3.65 | SOFR | Pay | Annually | 01/19/2027 | USD | 90000000 | (1366748)<br>|
| 10 Year Interest Rate Swap | Put | Merrill Lynch International | 5.00 | 6 Month <br> BBSW<br>| Pay | Semi-Annually | 12/04/2026 | AUD | 54620000 | (953773)<br>|
| 10 Year Interest Rate Swap | Put | Merrill Lynch International | 5.00 | 6 Month <br> BBSW<br>| Pay | Semi-Annually | 12/11/2026 | AUD | 136510000 | (2419587)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 4.50 | SOFR | Pay | Annually | 11/04/2026 | USD | 94110000 | (1699168)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.25 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 07/16/2026 | EUR | 19390000 | (398187)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 4.95 | SONIA | Pay | Annually | 02/14/2028 | GBP | 6350000 | (597421)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 5.00 | SONIA | Pay | Annually | 10/22/2027 | GBP | 7415000 | (615675)<br>|
| 1 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.51 | 3 Month <br> EURIBOR<br>| Pay | Quarterly | 03/08/2027 | EUR | 105600000 | (595502)<br>|
| 2 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 4.01 | SONIA | Pay | Annually | 09/18/2026 | GBP | 66000000 | (840420)<br>|

---

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

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written—(continued)** |
| **Description** | **Type of**<br> **Contract**<br>| **Counterparty** | **Exercise**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
| 2 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.59% | SOFR | Pay | Annually | 01/27/2028 | USD | 213080000 | $(1939458)<br>|
| 1 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.50 | SOFR | Pay | At Maturity | 01/07/2028 | USD | 899000000 | (4539581)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Put Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Interest Rate Put Swaptions Written |  |  |  |  |  | (33307536)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Swaptions Written |  |  |  |  |  | $(48765016)<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 654 | June-2026 | &nbsp;&nbsp;&nbsp; $135669234 | &nbsp;&nbsp;&nbsp; $(971775)<br>| &nbsp;&nbsp;&nbsp; $(971775)<br>|
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 71 | June-2026 | &nbsp;&nbsp;&nbsp; 7884328 | &nbsp;&nbsp;&nbsp; (28350)<br>| &nbsp;&nbsp;&nbsp; (28350)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; (1000125)<br>| &nbsp;&nbsp;&nbsp; (1000125)<br>|
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 49 | June-2026 | &nbsp;&nbsp;&nbsp; (5300805)<br>| &nbsp;&nbsp;&nbsp; 80699 | &nbsp;&nbsp;&nbsp; 80699 |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 8 | June-2026 | &nbsp;&nbsp;&nbsp; (908125)<br>| &nbsp;&nbsp;&nbsp; 3099 | &nbsp;&nbsp;&nbsp; 3099 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 11 | June-2026 | &nbsp;&nbsp;&nbsp; (1252625)<br>| &nbsp;&nbsp;&nbsp; 40715 | &nbsp;&nbsp;&nbsp; 40715 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 10 | June-2026 | &nbsp;&nbsp;&nbsp; (1165625)<br>| &nbsp;&nbsp;&nbsp; 38498 | &nbsp;&nbsp;&nbsp; 38498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; 163011 | &nbsp;&nbsp;&nbsp; 163011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(837114)<br>| &nbsp;&nbsp;&nbsp; $(837114)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 06/17/2026 | Deutsche Bank AG | INR | 646990350 | USD | 6965649 | &nbsp;&nbsp;&nbsp; $142553 |
| 06/17/2026 | Deutsche Bank AG | MXN | 846315850 | USD | 47258302 | &nbsp;&nbsp;&nbsp; 328855 |
| 06/17/2026 | Deutsche Bank AG | USD | 1135000 | ZAR | 19594073 | &nbsp;&nbsp;&nbsp; 16316 |
| 04/02/2026 | Goldman Sachs International | USD | 112919431 | BRL | 592129077 | &nbsp;&nbsp;&nbsp; 1394512 |
| 05/05/2026 | Goldman Sachs International | USD | 15188362 | BRL | 80436046 | &nbsp;&nbsp;&nbsp; 246047 |
| 05/08/2026 | Goldman Sachs International | JPY | 673907500 | USD | 4850000 | &nbsp;&nbsp;&nbsp; 590678 |
| 06/17/2026 | Goldman Sachs International | CZK | 3166371 | USD | 150917 | &nbsp;&nbsp;&nbsp; 1673 |
| 06/17/2026 | Goldman Sachs International | MXN | 111732415 | USD | 6290000 | &nbsp;&nbsp;&nbsp; 94275 |
| 06/17/2026 | Goldman Sachs International | USD | 191613 | HUF | 66412962 | &nbsp;&nbsp;&nbsp; 7062 |
| 06/17/2026 | Goldman Sachs International | USD | 2270000 | ZAR | 38807920 | &nbsp;&nbsp;&nbsp; 10290 |
| 06/17/2026 | Goldman Sachs International | ZAR | 283728251 | USD | 16824492 | &nbsp;&nbsp;&nbsp; 153086 |
| 03/19/2027 | Goldman Sachs International | INR | 6778237500 | USD | 76250000 | &nbsp;&nbsp;&nbsp; 6756557 |
| 04/02/2026 | J.P. Morgan Chase Bank, N.A. | USD | 21650591 | BRL | 113738628 | &nbsp;&nbsp;&nbsp; 307309 |
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | CAD | 7397983 | USD | 5439687 | &nbsp;&nbsp;&nbsp; 103898 |
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | EUR | 40677769 | USD | 47362573 | &nbsp;&nbsp;&nbsp; 181781 |
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | JPY | 332326010 | USD | 2115276 | &nbsp;&nbsp;&nbsp; 7926 |
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | NOK | 1130906 | USD | 117128 | &nbsp;&nbsp;&nbsp; 399 |
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | NZD | 603000 | USD | 357381 | &nbsp;&nbsp;&nbsp; 9941 |
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | SEK | 110000 | USD | 11994 | &nbsp;&nbsp;&nbsp; 329 |
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | TRY | 9135000 | USD | 189843 | &nbsp;&nbsp;&nbsp; 1145 |
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | USD | 3594780 | COP | 13842059000 | &nbsp;&nbsp;&nbsp; 111832 |
| 07/07/2026 | J.P. Morgan Chase Bank, N.A. | JPY | 462638700 | USD | 3310000 | &nbsp;&nbsp;&nbsp; 371482 |

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 04/02/2026 | Merrill Lynch International | USD | 3210806 | BRL | 16758478 | &nbsp;&nbsp;&nbsp; $24516 |
| 06/17/2026 | Merrill Lynch International | GBP | 37975675 | USD | 50752780 | &nbsp;&nbsp;&nbsp; 499477 |
| 06/17/2026 | Merrill Lynch International | IDR | 5628335000 | USD | 330845 | &nbsp;&nbsp;&nbsp; 19 |
| 06/17/2026 | Merrill Lynch International | USD | 26568245 | CNY | 182603546 | &nbsp;&nbsp;&nbsp; 8507 |
| 06/17/2026 | Merrill Lynch International | USD | 8000000 | MXN | 145472000 | &nbsp;&nbsp;&nbsp; 66634 |
| 06/17/2026 | Merrill Lynch International | USD | 670000 | ZAR | 11564200 | &nbsp;&nbsp;&nbsp; 9493 |
| 06/17/2026 | Morgan Stanley and Co. International PLC | PLN | 2402185 | USD | 649909 | &nbsp;&nbsp;&nbsp; 2978 |
| 06/17/2026 | Morgan Stanley and Co. International PLC | USD | 3735000 | ZAR | 64488510 | &nbsp;&nbsp;&nbsp; 54239 |
| 06/17/2026 | Morgan Stanley and Co. International PLC | ZAR | 134312500 | USD | 8102389 | &nbsp;&nbsp;&nbsp; 210407 |
| 06/17/2026 | Standard Chartered Bank PLC | AUD | 9745715 | USD | 6823603 | &nbsp;&nbsp;&nbsp; 107011 |
| 06/17/2026 | Standard Chartered Bank PLC | THB | 28082573 | USD | 881022 | &nbsp;&nbsp;&nbsp; 24258 |
| 06/17/2026 | UBS AG | USD | 2684117 | CLP | 2500470000 | &nbsp;&nbsp;&nbsp; 17239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 11862724 |
| **Currency Risk** |  |  |  |  |  |  |
| 06/17/2026 | Deutsche Bank AG | EUR | 11090000 | USD | 12753500 | &nbsp;&nbsp;&nbsp; (109422)<br>|
| 06/17/2026 | Deutsche Bank AG | USD | 16792698 | EUR | 14390000 | &nbsp;&nbsp;&nbsp; (102216)<br>|
| 06/17/2026 | Deutsche Bank AG | USD | 4261572 | INR | 395827567 | &nbsp;&nbsp;&nbsp; (87213)<br>|
| 06/17/2026 | Deutsche Bank AG | USD | 1644917 | MXN | 29514612 | &nbsp;&nbsp;&nbsp; (8288)<br>|
| 06/17/2026 | Deutsche Bank AG | USD | 25193 | SGD | 31983 | &nbsp;&nbsp;&nbsp; (185)<br>|
| 04/02/2026 | Goldman Sachs International | BRL | 592129078 | USD | 112874468 | &nbsp;&nbsp;&nbsp; (1439474)<br>|
| 05/05/2026 | Goldman Sachs International | BRL | 286073000 | USD | 54017825 | &nbsp;&nbsp;&nbsp; (875070)<br>|
| 06/17/2026 | Goldman Sachs International | USD | 12676440 | CNY | 86654814 | &nbsp;&nbsp;&nbsp; (64399)<br>|
| 06/17/2026 | Goldman Sachs International | USD | 231640 | CZK | 4860000 | &nbsp;&nbsp;&nbsp; (2567)<br>|
| 06/23/2026 | Goldman Sachs International | BRL | 16472550 | USD | 2895000 | &nbsp;&nbsp;&nbsp; (227619)<br>|
| 03/19/2027 | Goldman Sachs International | USD | 76250000 | INR | 6778237500 | &nbsp;&nbsp;&nbsp; (6756557)<br>|
| 04/02/2026 | J.P. Morgan Chase Bank, N.A. | BRL | 113738628 | USD | 21850924 | &nbsp;&nbsp;&nbsp; (106977)<br>|
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | COP | 20726169750 | USD | 5382582 | &nbsp;&nbsp;&nbsp; (167449)<br>|
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | EUR | 23741052 | USD | 27394450 | &nbsp;&nbsp;&nbsp; (142008)<br>|
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | USD | 3125902 | AUD | 4502722 | &nbsp;&nbsp;&nbsp; (22698)<br>|
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | USD | 187381 | CAD | 254838 | &nbsp;&nbsp;&nbsp; (3579)<br>|
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | USD | 81737263 | EUR | 70302092 | &nbsp;&nbsp;&nbsp; (196204)<br>|
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | USD | 25266623 | JPY | 3969580283 | &nbsp;&nbsp;&nbsp; (94679)<br>|
| 06/17/2026 | J.P. Morgan Chase Bank, N.A. | USD | 1502923 | NZD | 2535842 | &nbsp;&nbsp;&nbsp; (41807)<br>|
| 06/22/2026 | J.P. Morgan Chase Bank, N.A. | ZAR | 41692500 | USD | 2250000 | &nbsp;&nbsp;&nbsp; (198812)<br>|
| 07/14/2026 | J.P. Morgan Chase Bank, N.A. | BRL | 8864100 | USD | 1470000 | &nbsp;&nbsp;&nbsp; (201894)<br>|
| 01/08/2027 | J.P. Morgan Chase Bank, N.A. | AUD | 4580000 | USD | 3071348 | &nbsp;&nbsp;&nbsp; (69198)<br>|
| 04/02/2026 | Merrill Lynch International | BRL | 16758478 | USD | 3145000 | &nbsp;&nbsp;&nbsp; (90321)<br>|
| 04/09/2026 | Merrill Lynch International | AUD | 2755000 | USD | 1671459 | &nbsp;&nbsp;&nbsp; (229175)<br>|
| 05/12/2026 | Merrill Lynch International | EUR | 7270000 | USD | 8393215 | &nbsp;&nbsp;&nbsp; (25652)<br>|
| 06/17/2026 | Merrill Lynch International | CNY | 24860000 | USD | 3617052 | &nbsp;&nbsp;&nbsp; (1158)<br>|
| 06/17/2026 | Merrill Lynch International | PEN | 1563000 | USD | 445794 | &nbsp;&nbsp;&nbsp; (1649)<br>|
| 06/17/2026 | Merrill Lynch International | USD | 4649692 | CLP | 4285434922 | &nbsp;&nbsp;&nbsp; (19967)<br>|
| 06/17/2026 | Merrill Lynch International | USD | 1362387 | EUR | 1167463 | &nbsp;&nbsp;&nbsp; (8286)<br>|
| 06/17/2026 | Merrill Lynch International | USD | 5519503 | GBP | 4129958 | &nbsp;&nbsp;&nbsp; (54320)<br>|
| 06/17/2026 | Merrill Lynch International | USD | 4522978 | IDR | 76944909200 | &nbsp;&nbsp;&nbsp; (266)<br>|
| 06/17/2026 | Merrill Lynch International | USD | 5874118 | KRW | 8721303147 | &nbsp;&nbsp;&nbsp; (63983)<br>|
| 04/06/2026 | Morgan Stanley and Co. International PLC | USD | 2835000 | CLP | 2500470000 | &nbsp;&nbsp;&nbsp; (135233)<br>|
| 05/13/2026 | Morgan Stanley and Co. International PLC | EUR | 7570000 | USD | 8720640 | &nbsp;&nbsp;&nbsp; (46031)<br>|
| 06/17/2026 | Morgan Stanley and Co. International PLC | USD | 191008 | PLN | 706000 | &nbsp;&nbsp;&nbsp; (875)<br>|
| 06/17/2026 | Morgan Stanley and Co. International PLC | USD | 368606 | ZAR | 6041438 | &nbsp;&nbsp;&nbsp; (13621)<br>|

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 06/17/2026 | Morgan Stanley and Co. International PLC | ZAR | 107375332 | USD | 6290000 | &nbsp;&nbsp;&nbsp; $(19199)<br>|
| 06/17/2026 | Standard Chartered Bank PLC | USD | 2259667 | AUD | 3227337 | &nbsp;&nbsp;&nbsp; (35437)<br>|
| 04/06/2026 | UBS AG | CLP | 2500470000 | USD | 2682188 | &nbsp;&nbsp;&nbsp; (17579)<br>|
| 06/17/2026 | UBS AG | USD | 2903225 | GBP | 2171375 | &nbsp;&nbsp;&nbsp; (29840)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (11710907)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $151817 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Credit Default Swap Agreements** | **Open Centrally Cleared Credit Default Swap Agreements** | **Open Centrally Cleared Credit Default Swap Agreements** | **Open Centrally Cleared Credit Default Swap Agreements** | **Open Centrally Cleared Credit Default Swap Agreements** | **Open Centrally Cleared Credit Default Swap Agreements** | **Open Centrally Cleared Credit Default Swap Agreements** | **Open Centrally Cleared Credit Default Swap Agreements** | **Open Centrally Cleared Credit Default Swap Agreements** | **Open Centrally Cleared Credit Default Swap Agreements** | **Open Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity** | &nbsp;&nbsp; **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity Date** | **Implied** <br>**Credit** <br>**Spread**<sup>(a)</sup> <br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00)% | Quarterly | &nbsp;&nbsp; 12/20/2030 | 0.428% | EUR | 3500000 | &nbsp;&nbsp; $(111728)<br>| &nbsp;&nbsp; $(102972)<br>| &nbsp;&nbsp; $8756 |
| &nbsp;&nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 45, Version 1<br>| Buy | &nbsp;&nbsp; (5.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 3.641  | USD | 45738000 | &nbsp;&nbsp; (3148717)<br>| &nbsp;&nbsp; (2410942)<br>| &nbsp;&nbsp; 737775 |
| &nbsp;&nbsp;&nbsp; Markit iTraxx Europe Crossover Index, <br> Series 44, Version 1<br>| Buy | &nbsp;&nbsp; (5.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 3.179  | EUR | 26090000 | &nbsp;&nbsp; (2549763)<br>| &nbsp;&nbsp; (2188370)<br>| &nbsp;&nbsp; 361393 |
| &nbsp;&nbsp;&nbsp; Turkey Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 2.887  | USD | 1400000 | &nbsp;&nbsp; 84464 | &nbsp;&nbsp; 107649 | &nbsp;&nbsp; 23185 |
| UBS AG | Sell | 1.00 | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.382  | EUR | 2330000 | &nbsp;&nbsp; 19421 | &nbsp;&nbsp; 44943 | &nbsp;&nbsp; 25522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Appreciation |  |  |  |  |  | &nbsp;&nbsp; (5706323)<br>| &nbsp;&nbsp; (4549692)<br>| &nbsp;&nbsp; 1156631 |
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Brazil Government International Bonds | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2026 | 0.541  | USD | 3720000 | &nbsp;&nbsp; (515)<br>| &nbsp;&nbsp; (12451)<br>| &nbsp;&nbsp; (11936)<br>|
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.261  | EUR | 2330000 | &nbsp;&nbsp; (13648)<br>| &nbsp;&nbsp; (53453)<br>| &nbsp;&nbsp; (39805)<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2029 | 0.836  | USD | 1705000 | &nbsp;&nbsp; 11206 | &nbsp;&nbsp; (11057)<br>| &nbsp;&nbsp; (22263)<br>|
| BNP Paribas S.A. | Sell | 1.00 | Quarterly | &nbsp;&nbsp; 12/20/2030 | 0.478  | EUR | 3500000 | &nbsp;&nbsp; 105106 | &nbsp;&nbsp; 93606 | &nbsp;&nbsp; (11500)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Depreciation |  |  |  |  |  | &nbsp;&nbsp; 102149 | &nbsp;&nbsp; 16645 | &nbsp;&nbsp; (85504)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swap Agreements |  |  |  | &nbsp;&nbsp; $(5604174)<br>| &nbsp;&nbsp; $(4533047)<br>| &nbsp;&nbsp; $1071127 |

---

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

<sup>(a)</sup> Implied credit spreads represent the current level, as of March 31, 2026, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** |
| **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| &nbsp;&nbsp; **Floating Rate** <br> **Index**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Receive | SORRA | Semi-Annually | &nbsp;&nbsp; (1.52)% | Semi-Annually | &nbsp;&nbsp; 01/27/2028 | SGD | 58010000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6969 | &nbsp;&nbsp; $6969 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (3.04) | Annually | &nbsp;&nbsp; 10/31/2056 | EUR | 1225000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13227 | &nbsp;&nbsp; 13227 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.83) | Annually | &nbsp;&nbsp; 04/23/2031 | EUR | 16500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54884 | &nbsp;&nbsp; 54884 |
| Pay | BZDIOVRA | At Maturity | 13.89 | At Maturity | &nbsp;&nbsp; 01/02/2031 | BRL | 63206359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 112447 | &nbsp;&nbsp; 112447 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.87) | Annually | &nbsp;&nbsp; 11/06/2055 | EUR | 4720000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 254525 | &nbsp;&nbsp; 254525 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (1.98) | Annually | &nbsp;&nbsp; 01/24/2075 | EUR | 5450000 | &nbsp;&nbsp; 38874 | &nbsp;&nbsp; 1332412 | &nbsp;&nbsp; 1293538 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.38) | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 8940000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1450071 | &nbsp;&nbsp; 1450071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Appreciation |  |  |  | &nbsp;&nbsp; 38874 | &nbsp;&nbsp; 3224535 | &nbsp;&nbsp; 3185661 |

---

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

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements—(continued)** | **Open Centrally Cleared Interest Rate Swap Agreements—(continued)** |
| **Pay/**<br> **Receive**<br> **Floating**<br> **Rate**<br>| &nbsp;&nbsp; **Floating Rate** <br> **Index**<br>| &nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **(Pay)/**<br> **Receive**<br> **Fixed**<br> **Rate**<br>| &nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Maturity**<br> **Date**<br>| **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Pay | 6 Month EURIBOR | Annually | &nbsp;&nbsp; 2.42% | Annually | &nbsp;&nbsp; 01/29/2029 | EUR | 150455000 | &nbsp;&nbsp; $(22062)<br>| &nbsp;&nbsp; $(1600847)<br>| &nbsp;&nbsp; $(1578785)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; 2.38 | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 8940000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1454971)<br>| &nbsp;&nbsp; (1454971)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; 2.37 | Annually | &nbsp;&nbsp; 04/07/2028 | EUR | 92240000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (967876)<br>| &nbsp;&nbsp; (967876)<br>|
| Pay | KWCDC | Quarterly | &nbsp;&nbsp; 2.82 | Quarterly | &nbsp;&nbsp; 11/16/2027 | KRW | 139930100000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (896454)<br>| &nbsp;&nbsp; (896454)<br>|
| Pay | CORRA | Semi-Annually | &nbsp;&nbsp; 2.55 | Semi-Annually | &nbsp;&nbsp; 02/18/2029 | CAD | 111020000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (584740)<br>| &nbsp;&nbsp; (584740)<br>|
| Pay | CORRA | Semi-Annually | &nbsp;&nbsp; 2.57 | Semi-Annually | &nbsp;&nbsp; 02/17/2029 | CAD | 111000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (549148)<br>| &nbsp;&nbsp; (549148)<br>|
| Pay | SOFR | Annually | &nbsp;&nbsp; 3.17 | Annually | &nbsp;&nbsp; 08/20/2028 | USD | 64390000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (492447)<br>| &nbsp;&nbsp; (492447)<br>|
| Pay | SOFR | Annually | &nbsp;&nbsp; 3.17 | Annually | &nbsp;&nbsp; 08/21/2028 | USD | 53100000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (402763)<br>| &nbsp;&nbsp; (402763)<br>|
| Pay | &nbsp;&nbsp; 3 Month CZK <br> PRIBOR<br>| Quarterly | &nbsp;&nbsp; 3.79 | Annually | &nbsp;&nbsp; 12/02/2027 | CZK | 1026520000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (259115)<br>| &nbsp;&nbsp; (259115)<br>|
| Pay | 3 Month JIBAR | Quarterly | &nbsp;&nbsp; 7.67 | Quarterly | &nbsp;&nbsp; 03/18/2056 | ZAR | 35785000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (226522)<br>| &nbsp;&nbsp; (226522)<br>|
| Pay | 28 Day MXN TIIE | 28 days | &nbsp;&nbsp; 6.98 | 28 days | &nbsp;&nbsp; 03/14/2029 | MXN | 168310000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (224354)<br>| &nbsp;&nbsp; (224354)<br>|
| Pay | &nbsp;&nbsp; 6 Month CZK <br> PRIBOR<br>| Semi-Annually | &nbsp;&nbsp; 3.63 | Annually | &nbsp;&nbsp; 03/18/2028 | CZK | 437350000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (224292)<br>| &nbsp;&nbsp; (224292)<br>|
| Pay | SONIA | Annually | &nbsp;&nbsp; 3.60 | Annually | &nbsp;&nbsp; 04/07/2028 | GBP | 13250000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (218548)<br>| &nbsp;&nbsp; (218548)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; 2.41 | Annually | &nbsp;&nbsp; 04/07/2028 | EUR | 20000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (189749)<br>| &nbsp;&nbsp; (189749)<br>|
| Pay | BZDIOVRA | At Maturity | 12.99 | At Maturity | &nbsp;&nbsp; 01/03/2033 | BRL | 20643597 | &nbsp;&nbsp; — | &nbsp;&nbsp; (186712)<br>| &nbsp;&nbsp; (186712)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.75) | Annually | &nbsp;&nbsp; 04/30/2031 | USD | 29040000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (180499)<br>| &nbsp;&nbsp; (180499)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (4.20) | Annually | &nbsp;&nbsp; 07/08/2056 | USD | 12315000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (173810)<br>| &nbsp;&nbsp; (173810)<br>|
| Pay | 28 Day MXN TIIE | 28 days | &nbsp;&nbsp; 7.76 | 28 days | &nbsp;&nbsp; 03/16/2028 | MXN | 792020000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (152578)<br>| &nbsp;&nbsp; (152578)<br>|
| Pay | BZDIOVRA | At Maturity | 12.91 | At Maturity | &nbsp;&nbsp; 01/03/2033 | BRL | 13120763 | &nbsp;&nbsp; — | &nbsp;&nbsp; (146258)<br>| &nbsp;&nbsp; (146258)<br>|
| Receive | SONIA | Annually | &nbsp;&nbsp; (4.33) | Annually | &nbsp;&nbsp; 04/23/2031 | GBP | 22440000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (142926)<br>| &nbsp;&nbsp; (142926)<br>|
| Pay | BZDIOVRA | At Maturity | 13.23 | At Maturity | &nbsp;&nbsp; 01/02/2031 | BRL | 31405370 | &nbsp;&nbsp; — | &nbsp;&nbsp; (127997)<br>| &nbsp;&nbsp; (127997)<br>|
| Pay | BZDIOVRA | At Maturity | 13.30 | At Maturity | &nbsp;&nbsp; 01/02/2031 | BRL | 30184537 | &nbsp;&nbsp; — | &nbsp;&nbsp; (101712)<br>| &nbsp;&nbsp; (101712)<br>|
| Pay | BZDIOVRA | At Maturity | 13.32 | At Maturity | &nbsp;&nbsp; 01/03/2033 | BRL | 12790757 | &nbsp;&nbsp; — | &nbsp;&nbsp; (72688)<br>| &nbsp;&nbsp; (72688)<br>|
| Pay | 3 Month JIBAR | Quarterly | &nbsp;&nbsp; 8.18 | Quarterly | &nbsp;&nbsp; 06/17/2036 | ZAR | 62700000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (64871)<br>| &nbsp;&nbsp; (64871)<br>|
| Receive | TONAR | Annually | &nbsp;&nbsp; 2.60 | Annually | &nbsp;&nbsp; 02/16/2046 | JPY | 303790000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (52364)<br>| &nbsp;&nbsp; (52364)<br>|
| Pay | BZDIOVRA | At Maturity | 13.52 | At Maturity | &nbsp;&nbsp; 01/02/2031 | BRL | 31303583 | &nbsp;&nbsp; — | &nbsp;&nbsp; (47839)<br>| &nbsp;&nbsp; (47839)<br>|
| Pay | 28 Day MXN TIIE | 28 days | &nbsp;&nbsp; 7.95 | 28 days | &nbsp;&nbsp; 03/17/2028 | MXN | 264010000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (26543)<br>| &nbsp;&nbsp; (26543)<br>|
| Pay | 3 Month JIBAR | Quarterly | &nbsp;&nbsp; 8.26 | Quarterly | &nbsp;&nbsp; 06/17/2036 | ZAR | 32340000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (23663)<br>| &nbsp;&nbsp; (23663)<br>|
| Pay | BZDIOVRA | At Maturity | 13.54 | At Maturity | &nbsp;&nbsp; 01/03/2033 | BRL | 6764134 | &nbsp;&nbsp; — | &nbsp;&nbsp; (18088)<br>| &nbsp;&nbsp; (18088)<br>|
| Pay | BZDIOVRA | At Maturity | 13.60 | At Maturity | &nbsp;&nbsp; 01/02/2031 | BRL | 15543761 | &nbsp;&nbsp; — | &nbsp;&nbsp; (11546)<br>| &nbsp;&nbsp; (11546)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal — Depreciation |  |  |  | &nbsp;&nbsp; (22062)<br>| &nbsp;&nbsp; (9821920)<br>| &nbsp;&nbsp; (9799858)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Interest Rate Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Interest Rate Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Interest Rate Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Interest Rate Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Centrally Cleared Interest Rate Swap Agreements |  |  |  | &nbsp;&nbsp; $16812 | &nbsp;&nbsp; $(6597385)<br>| &nbsp;&nbsp; $(6614197)<br>|

---

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swap Agreements** | **Open Over-The-Counter Credit Default Swap Agreements** | **Open Over-The-Counter Credit Default Swap Agreements** | **Open Over-The-Counter Credit Default Swap Agreements** | **Open Over-The-Counter Credit Default Swap Agreements** | **Open Over-The-Counter Credit Default Swap Agreements** | **Open Over-The-Counter Credit Default Swap Agreements** | **Open Over-The-Counter Credit Default Swap Agreements** | **Open Over-The-Counter Credit Default Swap Agreements** | **Open Over-The-Counter Credit Default Swap Agreements** | **Open Over-The-Counter Credit Default Swap Agreements** | **Open Over-The-Counter Credit Default Swap Agreements** |
| **Counterparty** | **Reference Entity** | **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>(a)</sup> <br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 4<br>| Sell | 5.00% | Quarterly | 12/20/2029 | 2.072% | EUR | 9800000 | $881627 | $1166367 | $284740 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 4<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 0.532  | EUR | 17999338 | 2705662 | 3183400 | 477738 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 4<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 2.072  | EUR | 5600000 | 513209 | 666496 | 153287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation |  |  |  |  | 4100498 | 5016263 | 915765 |

---

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

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

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swap Agreements—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements—(continued)** | **Open Over-The-Counter Credit Default Swap Agreements—(continued)** |
| **Counterparty** | **Reference Entity** | **Buy/Sell**<br> **Protection**<br>| **(Pay)/**<br> **Receive**<br> **Fixed Rate**<br>| **Payment**<br> **Frequency**<br>| **Maturity**<br> **Date**<br>| **Implied**<br> **Credit**<br> **Spread**<sup>(a)</sup><br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Upfront**<br> **Payments Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit CDX North America High <br> Yield Index, Series 39, <br> Version 1<br>| Buy | (5.00)% | Quarterly | 12/20/2027 | 0.084%  | USD | 8351215 | $(529068)<br>| $(681958)<br>| $(152890)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 4<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 2.072  | EUR | 600000 | 82787 | 71410 | (11377)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 44, Version 1<br>| Sell | 5.00 | Quarterly | 12/20/2030 | 2.912 | EUR | 10400000 | 1632222 | 1086123 | (546099)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation |  |  |  |  | 1185941 | 475575 | (710366)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Over-The-Counter Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Over-The-Counter Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Over-The-Counter Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Over-The-Counter Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Over-The-Counter Credit Default Swap Agreements |  |  |  |  | $5286439 | $5491838 | $205399 |

---

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

<sup>(a)</sup> Implied credit spreads represent the current level, as of March 31, 2026, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

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

---

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

---

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

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

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

------

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

*March 31, 2026*

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of March 31, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $162037379 | &nbsp;&nbsp;&nbsp;&nbsp; $858521 | &nbsp;&nbsp;&nbsp;&nbsp; $162895900 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140581508 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140581508 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103087152 | &nbsp;&nbsp;&nbsp;&nbsp; 3579304 | &nbsp;&nbsp;&nbsp;&nbsp; 106666456 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55791825 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55791825 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42005540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42005540 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32164219 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32164219 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 10955126 | &nbsp;&nbsp;&nbsp;&nbsp; 62439 | &nbsp;&nbsp;&nbsp;&nbsp; 34823 | &nbsp;&nbsp;&nbsp;&nbsp; 11052388 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1696958 | &nbsp;&nbsp;&nbsp;&nbsp; 133307 | &nbsp;&nbsp;&nbsp;&nbsp; 1830265 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 818606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 818642 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 324213 | &nbsp;&nbsp;&nbsp;&nbsp; 324213 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 26520542 | &nbsp;&nbsp;&nbsp;&nbsp; 11935358 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38455900 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32531054 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32531054 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 38294274 | &nbsp;&nbsp;&nbsp;&nbsp; 581893432 | &nbsp;&nbsp;&nbsp;&nbsp; 4930204 | &nbsp;&nbsp;&nbsp;&nbsp; 625117910 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 163011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163011 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11862724 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11862724 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5258058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5258058 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 163011 | &nbsp;&nbsp;&nbsp;&nbsp; 17120782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17283793 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1000125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1000125)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11710907)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11710907)<br>|
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (1434375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58650243)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (60084618)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10595728)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10595728)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (2434500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80956878)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (83391378)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (2271489)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63836096)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (66107585)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $36022785 | &nbsp;&nbsp;&nbsp;&nbsp; $518057336 | &nbsp;&nbsp;&nbsp;&nbsp; $4930204 | &nbsp;&nbsp;&nbsp;&nbsp; $559010325 |

---

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Houston

  - **State:** TX

  - **Foreign country:** US

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

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $684846359.50

**Total Liabilities:** $84289879.85

**Net Assets:** $600556479.65

**Amount of Assets Invested in Other Investment Companies:** $2170793.27

**Delayed Delivery Securities:** $291105.00

**Cash Not Reported:** $53019336.54

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1361.08866619 | **1-Year:** -13248.18436489 | **5-Year:** 6962.99573547 | **10-Year:** -35734.92709312 | **30-Year:** -22742.83211730

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

- **3-Month:** -4404.40713735 | **1-Year:** -4788.76240538 | **5-Year:** -16134.52081365 | **10-Year:** -5824.10145355 | **30-Year:** -418.59997810

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000209370 | 1.09%                | 0.65%                | -6.45%               |
| Class ID C000209369 | 1.06%                | 0.63%                | -6.46%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $853951.02               | $5971345.08                                |
| Month 2  | $247612.56               | $1459941.80                                |
| Month 3  | $298950.88               | $-15246497.52                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                               | Title                                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PetSmart LLC / PetSmart Finance Corp.                                              | PetSmart LLC / PetSmart Finance Corp.                                                | CUSIP: 71677KAC2<br>LEI: 894500NGJMHSFNESGA67 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25140.38     | 0.00%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Funding 2024 - Granite 6 PLC                                   | Towd Point Mortgage Funding 2024 - Granite 6 PLC, Series 2024-GR6X, Class E          | CUSIP: BCC3FHZV4<br>LEI: 635400ZB5U3EBVBSFK52 | Long             | ABS-MBS          | CORP              | GB        |     885000 | PA      | $1175472.20   | 0.20%             | 2053-07-20      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| J. M. Smucker Co. (The)                                                            | J. M. Smucker Co. (The)                                                              | CUSIP: 832696AW8<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |    1352000 | PA      | $1398527.05   | 0.23%             | 2028-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -26460000 | NC      | $-226886.59   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| EnerSys                                                                            | EnerSys                                                                              | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |      55000 | PA      | $56261.48     | 0.01%             | 2032-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392BJ98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       2269 | PA      | $215.79       | 0.00%             | 2032-03-25      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                           | Government National Mortgage Association                                             | CUSIP: 38384XRJ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |    8415372 | PA      | $229285.21    | 0.04%             | 2054-10-20      | Floating      | 1.23%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   19600000 | NC      | $1358326.10   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Uniti Group L.P./ Uniti Group Finance 2019 Inc / CSL Capital LLC                   | Uniti Group L.P./ Uniti Group Finance 2019 Inc / CSL Capital LLC                     | CUSIP: 91327TAC5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20384.02     | 0.00%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13240000 | NC      | $-28029.08    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Brazil Notas do Tesouro Nacional                                                   | Brazil Notas do Tesouro Nacional, Class NTNF                                         | CUSIP: ZP2084801<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |  206000000 | PA      | $35723714.39  | 5.95%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                           | Government National Mortgage Association                                             | CUSIP: 38385GPN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |   18476023 | PA      | $210541.68    | 0.04%             | 2055-04-20      | Floating      | 0.57%                 | No            |                  2 | On Loan: No      |
| Province of Ontario                                                                | Province of Ontario                                                                  | CUSIP: 683234SL3<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |    6200000 | PA      | $5064113.29   | 0.84%             | 2033-03-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   18666667 | NC      | $1157295.65   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                 | CHS/Community Health Systems, Inc.                                                   | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      62000 | PA      | $58473.59     | 0.01%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Iris Holding, Inc. (Intertape)                                                     | Iris Holding, Inc. (Intertape), First Lien Term Loan                                 | CUSIP: 46271BAB6<br>LEI: 54930013SPZ2NB3I3V40 | Long             | LON              | CORP              | US        |      62837 | PA      | $59050.01     | 0.01%             | 2028-06-28      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| La Banque Postale                                                                  | La Banque Postale                                                                    | CUSIP: ZQ5981241<br>LEI: 96950066U5XAAIRCPA78 | Long             | DBT              | CORP              | FR        |    1200000 | PA      | $1383152.21   | 0.23%             | N/A             | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| VoltaGrid LLC                                                                      | VoltaGrid LLC                                                                        | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |     225000 | PA      | $232485.53    | 0.04%             | 2030-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Kioxia Holdings Corp.                                                              | Kioxia Holdings Corp.                                                                | CUSIP: 49726JAB4<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |      50000 | PA      | $51436.24     | 0.01%             | 2033-07-24      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Newgate Funding PLC                                                                | Newgate Funding PLC, Series 2006-2, Class CB                                         | CUSIP: N/A<br>LEI: 2138006KF4KS6D5P1697       | Long             | ABS-MBS          | CORP              | GB        |     444007 | PA      | $473264.19    | 0.08%             | 2050-12-01      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-685773.07   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                                | American Axle & Manufacturing, Inc.                                                  | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     118000 | PA      | $114945.33    | 0.02%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Eurosail-UK NC PLC                                                                 | Eurosail-UK NC PLC, Series 2007-1X, Class D1A                                        | CUSIP: BCC0VXRD6<br>LEI: 213800HEU63KH3XHB844 | Long             | ABS-MBS          | CORP              | GB        |    1166000 | PA      | $1166648.25   | 0.19%             | 2045-03-13      | Floating      | 2.96%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-184.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-26962.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RLGH Finance Bermuda Ltd.                                                          | RLGH Finance Bermuda Ltd.                                                            | CUSIP: YN6819620<br>LEI: 549300JARQYXR76TRX40 | Long             | DBT              | CORP              | BM        |    1400000 | PA      | $1441234.82   | 0.24%             | 2035-07-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd.                                                                     | Aircastle Ltd.                                                                       | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |     114000 | PA      | $113842.19    | 0.02%             | N/A             | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                         | Allison Transmission, Inc.                                                           | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     253000 | PA      | $235672.16    | 0.04%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | UBS AG                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2020000 | NC      | $75333.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Starz Capital Holdings 1, Inc.                                                     | Starz Capital Holdings 1, Inc.                                                       | CUSIP: 535939AA0<br>LEI: 549300MWJHNLR35C0837 | Long             | DBT              | CORP              | US        |     156000 | PA      | $143715.00    | 0.02%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-7010.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FAAB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      51920 | PA      | $4837.19      | 0.00%             | 2031-06-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                                    | WFRBS Commercial Mortgage Trust, Series 2013-C14, Class AS                           | CUSIP: 92890PAG9<br>LEI: 549300GADFYEKC4OLM57 | Long             | ABS-MBS          | CORP              | US        |      56211 | PA      | $55256.09     | 0.01%             | 2046-06-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $6279.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                           | Government National Mortgage Association                                             | CUSIP: 36208T6S4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       4641 | PA      | $4692.88      | 0.00%             | 2028-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ACNR Holdings, Inc.                                                                | ACNR Holdings, Inc., Term Loan                                                       | CUSIP: 02522YAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      25386 | PA      | $25576.68     | 0.00%             | 2029-12-11      | Floating      | 13.00%                | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-173810.09   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-187854.74   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Bank, N.A.                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    9940000 | NC      | $77939.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $66634.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3450000 | NC      | $58163.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-967875.82   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| United Airlines Holdings, Inc.                                                     | United Airlines Holdings, Inc.                                                       | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |     275000 | PA      | $269655.84    | 0.04%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                              | NextEra Energy Capital Holdings, Inc.                                                | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    1796000 | PA      | $1860232.14   | 0.31%             | 2054-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: —       |
| N/A                                                                                | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -19530000 | NC      | $-913087.84   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                        | Freddie Mac, Series 2024-HQA1, Class M2                                              | CUSIP: 35564NCA9<br>LEI: 529900PGKDI4ZEXFQ523 | Long             | ABS-MBS          | USGSE             | US        |    1670900 | PA      | $1689253.50   | 0.28%             | 2044-03-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Navient Corp.                                                                      | Navient Corp.                                                                        | CUSIP: 63938CAN8<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |      39000 | PA      | $38053.21     | 0.01%             | 2030-07-25      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Sonic Capital LLC                                                                  | Sonic Capital LLC, Series 2020-1A, Class A2I                                         | CUSIP: 83546DAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     873354 | PA      | $865136.26    | 0.14%             | 2050-01-20      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $71410.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM2                           | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM2, Series 2024-NQM2, Class A3 | CUSIP: 61776HAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1083394 | PA      | $1093259.38   | 0.18%             | 2069-05-25      | Variable      | 6.79%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-265.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $1672.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FCQE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      20649 | PA      | $2684.71      | 0.00%             | 2035-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| APLD ComputeCo LLC                                                                 | APLD ComputeCo LLC                                                                   | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      54000 | PA      | $55684.91     | 0.01%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                    | TransDigm, Inc.                                                                      | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      85000 | PA      | $85047.06     | 0.01%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Endo Finance Holdings L.P.                                                         | Endo Finance Holdings L.P.                                                           | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     112000 | PA      | $117359.09    | 0.02%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-2410941.46  | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-35437.02    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3670000 | NC      | $8734.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31396KV58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      71124 | PA      | $3469.29      | 0.00%             | 2036-09-25      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM12 Trust                                                               | OBX 2024-NQM12 Trust, Series 2024-NQM12, Class A2                                    | CUSIP: 67448PAB9<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |     388057 | PA      | $389716.37    | 0.06%             | 2064-07-25      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| Argentine Republic Government International Bond                                   | Argentine Republic Government International Bond                                     | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    1270080 | PA      | $1064962.08   | 0.18%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                              | Federal National Mortgage Association                                                | CUSIP: 3140QPRW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    6122357 | PA      | $5958215.24   | 0.99%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 31393VKX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       6550 | PA      | $6437.41      | 0.00%             | 2032-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital, Inc.                                        | HA Sustainable Infrastructure Capital, Inc.                                          | CUSIP: 41068XAH3<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |      51000 | PA      | $50774.02     | 0.01%             | 2056-11-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Ludgate Funding PLC                                                                | Ludgate Funding PLC, Series 2007-1, Class MA                                         | CUSIP: BCC0YN9Q6<br>LEI: 213800LADM2GPWI3P269 | Long             | ABS-MBS          | CORP              | GB        |     667478 | PA      | $840069.54    | 0.14%             | 2061-01-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                | GS Mortgage-Backed Securities Trust, Series 2026-CES1, Class A1                      | CUSIP: 36277LAA1<br>LEI: 2549005U12N6A8G3H936 | Long             | ABS-MBS          | CORP              | US        |     664015 | PA      | $658705.46    | 0.11%             | 2056-05-25      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                                                         | Sensata Technologies, Inc.                                                           | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     127000 | PA      | $117889.05    | 0.02%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $210406.62    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Navient Corp.                                                                      | Navient Corp.                                                                        | CUSIP: 63938CAL2<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |      17000 | PA      | $16058.29     | 0.00%             | 2028-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $98503.14     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-255098.46   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                         | J.P. Morgan Mortgage Trust, Series 2025-NQM4, Class A2                               | CUSIP: 46660HAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     779093 | PA      | $774186.24    | 0.13%             | 2066-03-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| IM Pastor 4, FTA                                                                   | IM Pastor 4, FTA, Series B                                                           | CUSIP: BCC0QWGY0<br>LEI: 95980020140005262912 | Long             | ABS-MBS          | CORP              | ES        |    1000000 | PA      | $863869.74    | 0.14%             | 2044-03-22      | Floating      | 2.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   13200000 | NC      | $78724.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                        | Freddie Mac, Series 2025-DNA2, Class A1                                              | CUSIP: 35564NHY2<br>LEI: 529900XX8WXEM4FBIH80 | Long             | ABS-MBS          | USGSE             | US        |     406250 | PA      | $406953.63    | 0.07%             | 2045-05-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                               | FREMF Mortgage Trust, Series 2017-K62, Class B                                       | CUSIP: 302949AQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     280000 | PA      | $277954.80    | 0.05%             | 2050-01-25      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Aberdeen Group PLC                                                                 | Aberdeen Group PLC                                                                   | CUSIP: AP5373554<br>LEI: 0TMBS544NMO7GLCE7H90 | Long             | DBT              | CORP              | GB        |     675000 | PA      | $660419.64    | 0.11%             | 2028-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                              | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K093, Class X1, IO     | CUSIP: 3137FMCT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   18281149 | PA      | $445491.50    | 0.07%             | 2029-05-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13200000 | NC      | $-21885.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $153067.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Berry Global, Inc.                                                                 | Berry Global, Inc.                                                                   | CUSIP: 08576PAQ4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     767000 | PA      | $784719.51    | 0.13%             | 2034-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: —       |
| Cougar JV Subsidiary, LLC                                                          | Cougar JV Subsidiary, LLC                                                            | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     115000 | PA      | $118992.69    | 0.02%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A.                                            | Sociedad Quimica y Minera de Chile S.A.                                              | CUSIP: 833636AP8<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | DBT              | CORP              | CL        |    1905000 | PA      | $1889093.25   | 0.31%             | 2034-09-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WULF Compute LLC                                                                   | WULF Compute LLC                                                                     | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      53000 | PA      | $56037.70     | 0.01%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                     | Citigroup Inc., Series II, Pfd.                                                      | CUSIP: 172967242<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |      32450 | NS      | $799892.50    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $2832.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BP Capital Markets PLC                                                             | BP Capital Markets PLC                                                               | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     435000 | PA      | $429723.02    | 0.07%             | N/A             | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-64398.78    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Owens-Brockway Glass Container Inc.                                                | Owens-Brockway Glass Container Inc.                                                  | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     114000 | PA      | $109309.26    | 0.02%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $103898.24    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $17285.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   19900000 | NC      | $35939.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                                      | Citigroup Mortgage Loan Trust, Series 2005-2, Class 1A3                              | CUSIP: 17307GRB6<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |     105329 | PA      | $103461.51    | 0.02%             | 2035-05-25      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| Brandywine Operating Partnership, L.P.                                             | Brandywine Operating Partnership, L.P.                                               | CUSIP: 105340AQ6<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              | CORP              | US        |       8000 | PA      | $7679.96      | 0.00%             | 2027-11-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust 2025-SF1                                               | SBNA Auto Receivables Trust 2025-SF1, Series 2025-SF1, Class C                       | CUSIP: 78437XAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     262474 | PA      | $263073.07    | 0.04%             | 2031-04-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Banco Macro S.A.                                                                   | Banco Macro S.A., Class B                                                            | CUSIP: P1047V123<br>LEI: 579100KKDKKIFEBKK040 | Long             | EC               | CORP              | AR        |     369464 | NS      | $3073285.76   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2000000 | NC      | $136839.20    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                                                        | Saks Global Enterprises LLC                                                          | CUSIP: 79380MAB1<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     156450 | PA      | $2933.44      | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CMA CGM S.A.                                                                       | CMA CGM S.A.                                                                         | CUSIP: YK5572341<br>LEI: 969500BZJ49IICIBZZ08 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $217312.38    | 0.04%             | 2032-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -90000000 | NC      | $-1366748.10  | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Newday Funding Master Issuer PLC - Series 2025-1                                   | Newday Funding Master Issuer PLC - Series 2025-1, Series 2025-1X, Class E            | CUSIP: BCC3LFVV5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |    1510000 | PA      | $2019826.24   | 0.34%             | 2033-04-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                  | Barclays Bank PLC                                                                    | CUSIP: 06738C828<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |    3470000 | PA      | $3595787.50   | 0.60%             | N/A             | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   16540000 | NC      | $77326.19     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                           | Government National Mortgage Association, IO                                         | CUSIP: 38377VGZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |      57833 | PA      | $3488.88      | 0.00%             | 2041-04-16      | Floating      | 2.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31394CXB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      80155 | PA      | $6477.07      | 0.00%             | 2035-03-25      | Floating      | 2.27%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -94110000 | NC      | $-1699168.28  | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                    | TransDigm, Inc.                                                                      | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    1400000 | PA      | $1418746.00   | 0.24%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Janus Henderson Group PLC                                                          | Janus Henderson Group PLC, Term Loan                                                 | CUSIP: 48207CAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      54000 | PA      | $54000.00     | 0.01%             | 2032-03-09      | Floating      | 6.42%                 | No            |                  3 | On Loan: No      |
| OneMain Finance Corp.                                                              | OneMain Finance Corp.                                                                | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      53000 | PA      | $53117.71     | 0.01%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $34.64        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                              | Westlake Automobile Receivables Trust, Series 2024-3A, Class D                       | CUSIP: 96043CAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1500000 | PA      | $1508951.40   | 0.25%             | 2030-04-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31394DQD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      45447 | PA      | $1523.63      | 0.00%             | 2035-05-25      | Floating      | 2.97%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I, L.P.                                                             | Hilcorp Energy I, L.P.                                                               | CUSIP: 431318BE3<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |      24000 | PA      | $23495.28     | 0.00%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Claire's Holdings LLC                                                              | Claire's Holdings LLC, Class S                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        235 | NS      | $12.93        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -16540000 | NC      | $-13694.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                                        | Telecom Italia Capital S.A.                                                          | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     111000 | PA      | $116063.07    | 0.02%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1330000 | NC      | $1653.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Voyager Parent, LLC                                                                | Voyager Parent, LLC                                                                  | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |     106000 | PA      | $110116.93    | 0.02%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                                    | Sinclair Television Group, Inc.                                                      | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |      23000 | PA      | $23402.50     | 0.00%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Ctfs. Trust                                             | WaMu Mortgage Pass-Through Ctfs. Trust, Series 2005-AR16, Class 1A1                  | CUSIP: 92922F6W3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       1792 | PA      | $1659.81      | 0.00%             | 2035-12-25      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| Hera Financing 2024-1 DAC                                                          | Hera Financing 2024-1 DAC, Series 2024-1A, Class A                                   | CUSIP: BCC3H4L87<br>LEI: 635400VJTRWYKL9GM761 | Long             | ABS-MBS          | CORP              | IE        |     996163 | PA      | $1325043.82   | 0.22%             | 2034-11-17      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                              | OneMain Finance Corp.                                                                | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      71000 | PA      | $70013.55     | 0.01%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                             | Sempra                                                                               | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     812000 | PA      | $815891.92    | 0.14%             | 2056-04-01      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer LLC                                                              | Switch ABS Issuer LLC, Series 2025-2A, Class A22                                     | CUSIP: 871044AU7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1120000 | PA      | $1100398.10   | 0.18%             | 2055-10-25      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Ltd.                                                           | Studio City Finance Ltd.                                                             | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |     123000 | PA      | $115444.53    | 0.02%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $150751.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BBVA Argentina S.A.                                                          | Banco BBVA Argentina S.A.                                                            | CUSIP: P1624B102<br>LEI: 579100KKDBKJFDKKD024 | Long             | EC               | CORP              | AR        |     341702 | NS      | $1957517.61   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $54239.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                          | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                            | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      80000 | PA      | $81922.91     | 0.01%             | 2055-03-10      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                                                      | Univision Communications Inc.                                                        | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      47000 | PA      | $48473.93     | 0.01%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                        | Freddie Mac, Series 2023-HQA3, Class M2                                              | CUSIP: 35564NAA1<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | USGSE             | US        |    3100000 | PA      | $3235865.56   | 0.54%             | 2043-11-25      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |   -7800000 | NC      | $-121953.55   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Mexican Bonos                                                                      | Mexican Bonos, Series M                                                              | CUSIP: YR0988158<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  514000000 | PA      | $28497127.60  | 4.75%             | 2030-02-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-3578.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $9941.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-146258.21   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -66160000 | NC      | $-709042.67   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FCWD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      11541 | PA      | $1512.43      | 0.00%             | 2035-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Claire's Stores, Inc.                                                              | Claire's Stores, Inc., Term Loan                                                     | CUSIP: 17958DAL1<br>LEI: 549300N5HNYXI6JY7625 | Long             | LON              | CORP              | US        |      74905 | PA      | $5617.90      | 0.00%             | 2026-12-18      | Floating      | 10.18%                | No            |                  3 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 31395U5F4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      64404 | PA      | $4909.16      | 0.00%             | 2035-05-15      | Floating      | 2.93%                 | No            |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                                                  | Rocket Cos., Inc.                                                                    | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     114000 | PA      | $115122.56    | 0.02%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Jupiter Mortgage No.1 PLC                                                          | Jupiter Mortgage No.1 PLC, Series 1A, Class ER                                       | CUSIP: BCC3D7YQ0<br>LEI: 6354009QIELPOGEAFS09 | Long             | ABS-MBS          | CORP              | GB        |    1379000 | PA      | $1827904.41   | 0.30%             | 2055-07-20      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                        | Freddie Mac, Series 2023-HQA2, Class M1                                              | CUSIP: 35564K2G3<br>LEI: 5493000KIGZAWUOW4E32 | Long             | ABS-MBS          | USGSE             | US        |     900000 | PA      | $920053.62    | 0.15%             | 2043-06-25      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                 | Newell Brands Inc.                                                                   | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |      54000 | PA      | $52760.92     | 0.01%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Argentum Netherlands BV for Swiss Re Ltd.                                          | Argentum Netherlands BV for Swiss Re Ltd.                                            | CUSIP: LW2260898<br>LEI: 724500RPEZI5VVQQWE89 | Long             | DBT              | CORP              | NL        |     207000 | PA      | $207608.47    | 0.03%             | 2052-08-15      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Funding 2024 - Granite 6 PLC                                   | Towd Point Mortgage Funding 2024 - Granite 6 PLC, Series 2024-GR6A, Class F          | CUSIP: BCC3FJ063<br>LEI: 635400ZB5U3EBVBSFK52 | Long             | ABS-MBS          | CORP              | GB        |     950000 | PA      | $1258608.70   | 0.21%             | 2053-07-20      | Floating      | 8.24%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                       | CCO Holdings, LLC/CCO Holdings Capital Corp.                                         | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     133000 | PA      | $115887.36    | 0.02%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -36070000 | NC      | $-3748474.48  | -0.62%            |  |  |  | No            |                  2 | On Loan: No      |
| CMS Energy Corp.                                                                   | CMS Energy Corp.                                                                     | CUSIP: 125896BY5<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    2629000 | PA      | $2677662.79   | 0.45%             | 2055-06-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: —       |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-135233.22   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Galicia S.A.                                                      | Grupo Financiero Galicia S.A., Class B                                               | CUSIP: P49525150<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               | CORP              | AR        |     780353 | NS      | $3877759.02   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio                                                         | Invesco Treasury Portfolio, Institutional Class                                      | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   17238353 | NS      | $17238352.61  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Midstream Holdings, LLC                                                     | Summit Midstream Holdings, LLC                                                       | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     113000 | PA      | $116289.09    | 0.02%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                         | J.P. Morgan Mortgage Trust, Series 2025-NQM4, Class A3                               | CUSIP: 46660HAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     779093 | PA      | $773473.76    | 0.13%             | 2066-03-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                                            | Molina Healthcare, Inc.                                                              | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      34000 | PA      | $32987.16     | 0.01%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                       | Diversified Healthcare Trust                                                         | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     110000 | PA      | $111082.73    | 0.02%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31393Y5U5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      68656 | PA      | $7571.29      | 0.00%             | 2033-10-25      | Floating      | 3.77%                 | No            |                  2 | On Loan: No      |
| Jane Street Group / JSG Finance Inc.                                               | Jane Street Group / JSG Finance Inc.                                                 | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     173000 | PA      | $171227.39    | 0.03%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Vale Overseas Ltd.                                                                 | Vale Overseas Ltd.                                                                   | CUSIP: 91911TAT0<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     980000 | PA      | $965300.00    | 0.16%             | 2056-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   18666667 | NC      | $878603.80    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                          | Seagate Data Storage Technology Pte. Ltd.                                            | CUSIP: 81180LAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     376000 | PA      | $353087.68    | 0.06%             | 2031-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -33080000 | NC      | $-776817.64   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| GCAT 2024-INV3 Trust                                                               | GCAT 2024-INV3 Trust, Series 2024-INV3, Class A17                                    | CUSIP: 36830FAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     138816 | PA      | $141734.80    | 0.02%             | 2054-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Muthoot Finance Ltd.                                                               | Muthoot Finance Ltd.                                                                 | CUSIP: 62828M2C4<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |    1350000 | PA      | $1358624.88   | 0.23%             | 2028-02-14      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3137HL4V1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   29703422 | PA      | $855613.02    | 0.14%             | 2055-05-25      | Floating      | 1.37%                 | No            |                  2 | On Loan: No      |
| Cresud S.A. Comercial Inmobiliaria Financiera y Agropecuaria                       | Cresud S.A. Comercial Inmobiliaria Financiera y Agropecuaria                         | CUSIP: P3311R127<br>LEI: 529900OJF9C0NUFNN613 | Long             | EC               | CORP              | AR        |     640789 | NS      | $867205.07    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GMR Hyderabad International Airport Ltd.                                           | GMR Hyderabad International Airport Ltd.                                             | CUSIP: AP5111855<br>LEI: 335800NSPGIN89SVOU83 | Long             | DBT              | CORP              | IN        |    1800000 | PA      | $1763311.73   | 0.29%             | 2027-10-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Australia Government Bond                                                          | Australia Government Bond                                                            | CUSIP: N/A<br>LEI: 213800J6B7JSBDETCB42       | Long             | DBT              | NUSS              | AU        |    4750000 | PA      | $5081593.51   | 0.85%             | 2030-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13800000 | NC      | $-435390.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa Government Bond                                           | Republic of South Africa Government Bond, Series 2048                                | CUSIP: EJ2359143<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  138090000 | PA      | $7389970.70   | 1.23%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $24258.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCM Investments Holdings II, LLC                                                   | LCM Investments Holdings II, LLC                                                     | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     111000 | PA      | $115635.92    | 0.02%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM12 Trust                                                               | OBX 2024-NQM12 Trust, Series 2024-NQM12, Class M1                                    | CUSIP: 67448PAD5<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |     310000 | PA      | $309471.88    | 0.05%             | 2064-07-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3000000 | NC      | $177.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FAKM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       7719 | PA      | $820.98       | 0.00%             | 2032-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Caturus Energy, LLC                                                                | Caturus Energy, LLC                                                                  | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |     162000 | PA      | $168210.27    | 0.03%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | J.P. Morgan Securities LLC                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  138720000 | NC      | $4381254.80   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-402762.97   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-52363.46    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurosail PLC                                                                       | Eurosail PLC, Series 2006-2X, Class E1C                                              | CUSIP: BCC0T5HQ2<br>LEI: 213800PBNX9J895VX562 | Long             | ABS-MBS          | CORP              | GB        |    1830000 | PA      | $2199635.71   | 0.37%             | 2044-12-15      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Bank, N.A.                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -66000000 | NC      | $-840419.71   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                         | J.P. Morgan Mortgage Trust, Series 2026-CES1, Class A1                               | CUSIP: 46660BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2425932 | PA      | $2408338.18   | 0.40%             | 2056-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| British Telecommunications PLC                                                     | British Telecommunications PLC                                                       | CUSIP: 11102AAF8<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    4150000 | PA      | $4099181.18   | 0.68%             | 2081-11-23      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Information Management Services, Inc.                                | Iron Mountain Information Management Services, Inc.                                  | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      56000 | PA      | $52905.50     | 0.01%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                                                         | Cloud Software Group, Inc.                                                           | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     102000 | PA      | $96821.96     | 0.02%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392F7G6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      14678 | PA      | $1327.39      | 0.00%             | 2032-12-18      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                   | CVS Health Corp.                                                                     | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     425000 | PA      | $430502.90    | 0.07%             | 2054-12-10      | Variable      | 6.75%                 | No            |                  2 | On Loan: —       |
| AES Corp. (The)                                                                    | AES Corp. (The)                                                                      | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    2003000 | PA      | $1987863.53   | 0.33%             | 2055-01-15      | Variable      | 7.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392HRF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       3478 | PA      | $427.79       | 0.00%             | 2033-02-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $601.36       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Alba PLC                                                                           | Alba PLC, Series 2007-1, Class F                                                     | CUSIP: BCC0XU0N7<br>LEI: 2138008XOOHJFP498784 | Long             | ABS-MBS          | CORP              | GB        |     480698 | PA      | $583096.80    | 0.10%             | 2039-03-17      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                           | Fannie Mae Connecticut Avenue Securities, Series 2022-R04, Class 1M2                 | CUSIP: 20753YCK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     770000 | PA      | $781023.32    | 0.13%             | 2042-03-25      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Vista Energy Argentina S.A.U                                                       | Vista Energy Argentina S.A.U                                                         | CUSIP: 92841RAA8<br>LEI: 549300FE4UJNCG1DB123 | Long             | DBT              | CORP              | AR        |     700000 | PA      | $709275.00    | 0.12%             | 2035-12-10      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -19390000 | NC      | $-398187.26   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                           | Government National Mortgage Association                                             | CUSIP: 38381NB64<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |   12697784 | PA      | $490176.35    | 0.08%             | 2055-07-20      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM12 Trust                                                               | OBX 2024-NQM12 Trust, Series 2024-NQM12, Class A3                                    | CUSIP: 67448PAC7<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |     195533 | PA      | $196160.16    | 0.03%             | 2064-07-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-32210.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392EHB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1179 | PA      | $103.50       | 0.00%             | 2032-09-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans Mortgage Pass-Through Trust                                 | Countrywide Home Loans Mortgage Pass-Through Trust, Series 2005-J4, Class A7         | CUSIP: 126694RQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     144889 | PA      | $118560.48    | 0.02%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Argentine Republic Government International Bond                                   | Argentine Republic Government International Bond                                     | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    2100000 | PA      | $1402800.00   | 0.23%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Viatris Inc.                                                                       | Viatris Inc.                                                                         | CUSIP: 92556VAE6<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |     746000 | PA      | $566672.52    | 0.09%             | 2040-06-22      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392ERQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       2085 | PA      | $206.99       | 0.00%             | 2032-07-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                       | CCO Holdings, LLC/CCO Holdings Capital Corp.                                         | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1440000 | PA      | $1346541.98   | 0.22%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13990000 | NC      | $-254366.18   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13200000 | NC      | $-363686.40   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31393AHE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      27735 | PA      | $4262.56      | 0.00%             | 2033-04-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-22697.62    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $44775.31     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $13226.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-492446.99   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Pampa Energia S.A.                                                                 | Pampa Energia S.A., ADR                                                              | CUSIP: 697660207<br>LEI: 254900QNIK0CVURGML24 | Long             | EC               | CORP              | AR        |       5334 | NS      | $472059.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co., Inc.                                                        | Acadia Healthcare Co., Inc.                                                          | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |      58000 | PA      | $59454.32     | 0.01%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $54884.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                      | Enbridge Inc.                                                                        | CUSIP: 29250NBN4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    2857000 | PA      | $2902369.16   | 0.48%             | 2083-01-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: —       |
| CVR Energy, Inc.                                                                   | CVR Energy, Inc.                                                                     | CUSIP: 12662PAJ7<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |      59000 | PA      | $59246.89     | 0.01%             | 2034-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Bank, N.A.                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -9940000 | NC      | $-21341.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC                                                | Venture Global Plaquemines LNG, LLC                                                  | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      58000 | PA      | $59680.61     | 0.01%             | 2030-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -26460000 | NC      | $-4947.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -39600000 | NC      | $-318117.21   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1, LLC                                                       | SV RNO Property Owner 1, LLC                                                         | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      57000 | PA      | $56377.99     | 0.01%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fideicomiso Financiero Invernea Proteina 2                                         | Fideicomiso Financiero Invernea Proteina 2, Serie II                                 | CUSIP: BCC37HGV4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AR        |  133500000 | PA      | $827648.13    | 0.14%             | 2032-08-25      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FASW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      14475 | PA      | $1584.06      | 0.00%             | 2032-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   13500000 | NC      | $225072.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5                           | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5, Series 2024-NQM5, Class A3 | CUSIP: 61777QAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     652119 | PA      | $654833.17    | 0.11%             | 2069-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Oak-Eagle AcquireCo, Inc.                                                          | Oak-Eagle AcquireCo, Inc.                                                            | CUSIP: 67124CAA1<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |      54000 | PA      | $55984.20     | 0.01%             | 2033-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $27040.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                         | PacifiCorp                                                                           | CUSIP: 695114DG0<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    2061000 | PA      | $1947610.99   | 0.32%             | 2056-08-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                                                        | ONEOK, Inc.                                                                          | CUSIP: 682680BN2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    1487000 | PA      | $1527368.75   | 0.25%             | 2053-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 31392X3Q9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       5290 | PA      | $5343.67      | 0.00%             | 2032-02-15      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                               | Clear Channel Outdoor Holdings, Inc., Term Loan B                                    | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |     285646 | PA      | $286788.22    | 0.05%             | 2028-08-23      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| Jane Street Group / JSG Finance Inc.                                               | Jane Street Group / JSG Finance Inc.                                                 | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     111000 | PA      | $112695.86    | 0.02%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC                                                | Venture Global Plaquemines LNG, LLC                                                  | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     122000 | PA      | $129295.84    | 0.02%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                                                          | Michaels Cos., Inc. (The)                                                            | CUSIP: 59408QAA4<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |      20000 | PA      | $18646.65     | 0.00%             | 2034-03-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                           | Venture Global LNG, Inc.                                                             | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     109000 | PA      | $117916.13    | 0.02%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -36070000 | NC      | $-4444863.90  | -0.74%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   13240000 | NC      | $42778.44     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 31398LPG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       9842 | PA      | $831.77       | 0.00%             | 2039-12-15      | Floating      | 2.46%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                                 | Nexstar Media Inc.                                                                   | CUSIP: 65346UAA7<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |      36000 | PA      | $36145.32     | 0.01%             | 2034-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Zurich Finance (Ireland) DAC                                                       | Zurich Finance (Ireland) DAC                                                         | CUSIP: BN4784409<br>LEI: 549300E0FVHYR37EGX65 | Long             | DBT              | CORP              | IE        |    2800000 | PA      | $2504008.44   | 0.42%             | 2051-04-19      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                           | Fannie Mae Connecticut Avenue Securities, Series 2023-R08, Class 1M1                 | CUSIP: 20755CAA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     122678 | PA      | $122744.71    | 0.02%             | 2043-10-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Hawaiian Electric Co., Inc.                                                        | Hawaiian Electric Co., Inc.                                                          | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |     176000 | PA      | $175893.75    | 0.03%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $93606.53     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Advance Auto Parts, Inc.                                                           | Advance Auto Parts, Inc.                                                             | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     230000 | PA      | $233153.72    | 0.04%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 31392BKZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       7016 | PA      | $7181.53      | 0.00%             | 2032-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co., Inc.                                                    | Fedex Freight Holding Co., Inc.                                                      | CUSIP: 314352AG0<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     189000 | PA      | $182926.53    | 0.03%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alba PLC                                                                           | Alba PLC, Series 2006-2, Class F                                                     | CUSIP: BCC0TR7H5<br>LEI: 2138004SAGUH3UKKW934 | Long             | ABS-MBS          | CORP              | GB        |     362752 | PA      | $433927.28    | 0.07%             | 2038-12-15      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Eurobank S.A.                                                                      | Eurobank S.A.                                                                        | CUSIP: ZG2610597<br>LEI: 213800KGF4EFNUQKAT69 | Long             | DBT              | CORP              | GR        |     675000 | PA      | $825805.97    | 0.14%             | 2029-11-28      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Lightpath Fiber Issuer LLC                                                         | Lightpath Fiber Issuer LLC, Series 2026-1A, Class B                                  | CUSIP: 53229YAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1400000 | PA      | $1401934.80   | 0.23%             | 2056-03-25      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-189749.23   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -41075000 | NC      | $-334.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Bank, N.A.                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -66160000 | NC      | $-709042.67   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                                                           | Group 1 Automotive, Inc.                                                             | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     116000 | PA      | $116855.27    | 0.02%             | 2030-01-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                        | Freddie Mac, Series 2024-DNA1, Class M2                                              | CUSIP: 35564NBA0<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | USGSE             | US        |    1550000 | PA      | $1564874.89   | 0.26%             | 2044-02-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                   | Federal Home Loan Mortgage Corp.                                                     | CUSIP: 3133KQWZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    6013710 | PA      | $5960694.69   | 0.99%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                | GS Mortgage-Backed Securities Trust, Series 2025-NQM3, Class A2                      | CUSIP: 36274TAB5<br>LEI: 2549007JKCA9H9HUGZ71 | Long             | ABS-MBS          | CORP              | US        |     445423 | PA      | $445848.89    | 0.07%             | 2065-11-25      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Bank, N.A.                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -9940000 | NC      | $-279731.48   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $41970.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $3183399.56   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Discovery Global Holdings, Inc.                                                    | Discovery Global Holdings, Inc.                                                      | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      34000 | PA      | $30132.50     | 0.01%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $112446.63    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                                  | CD Mortgage Trust, Series 2017-CD6, Class XA                                         | CUSIP: 125039AG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1589665 | PA      | $15337.41     | 0.00%             | 2050-11-13      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| International Finance Corp.                                                        | International Finance Corp.                                                          | CUSIP: BV9969148<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | CORP              | US        |  390320000 | PA      | $2029672.71   | 0.34%             | 2052-04-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   15000000 | NC      | $189047.91    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $254524.53    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Bank, N.A.                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -177000000 | NC      | $-718181.04   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1649.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-584740.45   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Orazul Energy Peru S.A.                                                            | Orazul Energy Peru S.A.                                                              | CUSIP: 685948AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     512000 | PA      | $512197.79    | 0.09%             | 2032-09-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bond                                                | Egypt Government International Bond                                                  | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    1095000 | PA      | $1133550.69   | 0.19%             | 2030-02-04      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -26475000 | NC      | $-307022.17   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31397L5D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       6643 | PA      | $323.14       | 0.00%             | 2038-07-25      | Floating      | 2.27%                 | No            |                  2 | On Loan: No      |
| AECOM                                                                              | AECOM                                                                                | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |     114000 | PA      | $113980.20    | 0.02%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   23860000 | NC      | $1404778.97   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Directv Financing, LLC                                                             | Directv Financing, LLC                                                               | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     119000 | PA      | $118884.01    | 0.02%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-172008.55   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | U.S. Treasury 10 Year Notes Future                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |         71 | NC      | $-28349.66    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Telenet Finance Luxembourg Notes S.a.r.l.                                          | Telenet Finance Luxembourg Notes S.a.r.l.                                            | CUSIP: AQ2322842<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |    1600000 | PA      | $1574318.99   | 0.26%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1320000 | NC      | $129638.52    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| EnerSys                                                                            | EnerSys                                                                              | CUSIP: 29275YAC6<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |     119000 | PA      | $118151.97    | 0.02%             | 2027-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $269292.70    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-26543.44    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust                                                                | RCKT Mortgage Trust, Series 2025-CES6, Class A1A                                     | CUSIP: 748949AA2<br>LEI: 2549002LEW4WNQBOMB89 | Long             | ABS-MBS          | CORP              | US        |     385738 | PA      | $387303.10    | 0.06%             | 2055-06-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $545.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 313921R34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       7814 | PA      | $694.98       | 0.00%             | 2031-11-18      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I, L.P.                                                             | Hilcorp Energy I, L.P.                                                               | CUSIP: 431318BG8<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |      33000 | PA      | $32924.91     | 0.01%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | UBS AG                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2080000 | NC      | $28195.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392JDD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      23263 | PA      | $2477.51      | 0.00%             | 2033-03-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                         | Rogers Communications Inc.                                                           | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     852000 | PA      | $855888.53    | 0.14%             | 2055-04-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-180498.99   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                                                         | Amneal Pharmaceuticals LLC                                                           | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     125000 | PA      | $128837.25    | 0.02%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1325000 | NC      | $24892.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |  -54000000 | NC      | $-882381.86   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-224292.32   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Flash Compute LLC                                                                  | Flash Compute LLC                                                                    | CUSIP: 33853QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      56000 | PA      | $56450.30     | 0.01%             | 2030-12-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                                                        | ONEOK, Inc.                                                                          | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    1185000 | PA      | $1192055.28   | 0.20%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| COLT 2024-INV1 Mortgage Loan Trust                                                 | COLT 2024-INV1 Mortgage Loan Trust, Series 2024-INV1, Class A3                       | CUSIP: 12672RAC6<br>LEI: 213800D3JCL6LSBI3544 | Long             | ABS-MBS          | CORP              | US        |     315921 | PA      | $317863.96    | 0.05%             | 2068-12-25      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| Prairie ECI Acquiror L.P.                                                          | Prairie ECI Acquiror L.P., Term Loan                                                 | CUSIP: 73955HAG9<br>LEI: 254900Q6KU2LVSIISH22 | Long             | LON              | CORP              | US        |     152051 | PA      | $152621.05    | 0.03%             | 2029-08-01      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Clarios Global L.P./ Clarios US Finance Co.                                        | Clarios Global L.P./ Clarios US Finance Co.                                          | CUSIP: 18060TAD7<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | US        |     165000 | PA      | $168828.83    | 0.03%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 31392KGA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       6060 | PA      | $6120.73      | 0.00%             | 2032-03-15      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| CPI Property Group S.A.                                                            | CPI Property Group S.A.                                                              | CUSIP: N/A<br>LEI: 222100CO2ZOTEPGJO223       | Long             | DBT              | CORP              | LU        |    1300000 | PA      | $1406596.53   | 0.23%             | N/A             | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Murray Energy Corp.                                                                | Murray Energy Corp.                                                                  | CUSIP: N/A<br>LEI: 549300WM5IIFYHZYTT63       | Long             | EC               | CORP              | US        |        478 | NS      | $62438.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Ctfs. Trust                                             | WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7                   | CUSIP: 92922FEB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10095 | PA      | $9796.71      | 0.00%             | 2033-10-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Newgate Funding PLC                                                                | Newgate Funding PLC, Series 2007-3X, Class CB                                        | CUSIP: BCC11HRV2<br>LEI: 2138006KF4KS6D5P1697 | Long             | ABS-MBS          | CORP              | GB        |     290511 | PA      | $318231.53    | 0.05%             | 2050-12-15      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $590677.70    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2025000 | NC      | $249058.80    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-47838.82    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust                                                                | Rate Mortgage Trust, Series 2024-J3, Class A2                                        | CUSIP: 75409UAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     302282 | PA      | $301008.68    | 0.05%             | 2054-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $107010.54    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                        | Freddie Mac, Series 2022-DNA3, Class M1                                              | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | USGSE             | US        |    3000000 | PA      | $3055180.20   | 0.51%             | 2042-04-25      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Funding 2024 - Granite 6 PLC                                   | Towd Point Mortgage Funding 2024 - Granite 6 PLC, Series 2024-GR6X, Class F          | CUSIP: BCC3FHZW2<br>LEI: 635400ZB5U3EBVBSFK52 | Long             | ABS-MBS          | CORP              | GB        |     620000 | PA      | $821407.78    | 0.14%             | 2053-07-20      | Floating      | 8.24%                 | No            |                  2 | On Loan: No      |
| Pavillion Consumer 2025-1 PLC                                                      | Pavillion Consumer 2025-1 PLC, Series 2025-1A, Class D                               | CUSIP: BCC3PRM86<br>LEI: 213800XK4G6W1NHSJJ12 | Long             | ABS-O            | CORP              | GB        |    1400000 | PA      | $1846751.42   | 0.31%             | 2036-01-25      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-29840.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SC Germany S.A. Compartment Consumer Trust                                         | SC Germany S.A. Compartment Consumer Trust, Series 2021-1, Class E                   | CUSIP: BCC32SYK9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    2913710 | PA      | $3347359.74   | 0.56%             | 2035-11-14      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-109422.20   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| NESCO Holdings II, Inc.                                                            | NESCO Holdings II, Inc.                                                              | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |     118000 | PA      | $115510.58    | 0.02%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Argentina Treasury Bond BONTE                                                      | Argentina Treasury Bond BONTE                                                        | CUSIP: N/A<br>LEI: 549300KPBYGYF7HCHO27       | Long             | DBT              | NUSS              | AR        | 4015000000 | PA      | $3425440.83   | 0.57%             | 2027-04-27      | Fixed         | 29.50%                | No            |                  2 | On Loan: No      |
| Repsol E&P Capital Markets US LLC                                                  | Repsol E&P Capital Markets US LLC                                                    | CUSIP: 76026AAB3<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |     541000 | PA      | $545784.15    | 0.09%             | 2030-09-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: —       |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   13870000 | NC      | $97450.62     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Asurion LLC/ Asurion Co-Issuer Inc.                                                | Asurion LLC/ Asurion Co-Issuer Inc.                                                  | CUSIP: 045941AB7<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |      51000 | PA      | $49550.19     | 0.01%             | 2034-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Banco de Credito e Inversiones S.A.                                                | Banco de Credito e Inversiones S.A.                                                  | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     775000 | PA      | $815350.38    | 0.14%             | N/A             | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $46342.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Weir Group Inc.                                                                    | Weir Group Inc.                                                                      | CUSIP: 94877DAA2<br>LEI: 2138009WEPEV2V98AV65 | Long             | DBT              | CORP              | US        |     569000 | PA      | $576914.74    | 0.10%             | 2030-05-06      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                    | Solventum Corp.                                                                      | CUSIP: 83444MAN1<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     656000 | PA      | $661130.91    | 0.11%             | 2027-02-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fideicomiso Dorrego y Libertador                                                   | Fideicomiso Dorrego y Libertador                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | AR        |   33994486 | PA      | $23359.58     | 0.00%             | 2043-12-31      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                           | Fannie Mae Connecticut Avenue Securities, Series 2023-R06, Class 1M1                 | CUSIP: 20754EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     195960 | PA      | $196313.99    | 0.03%             | 2043-07-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Pavillion Consumer 2025-1 PLC                                                      | Pavillion Consumer 2025-1 PLC, Series 2025-1A, Class C                               | CUSIP: BCC3PRM78<br>LEI: 213800XK4G6W1NHSJJ12 | Long             | ABS-O            | CORP              | GB        |    2800000 | PA      | $3707567.42   | 0.62%             | 2036-01-25      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                                      | UBS Commercial Mortgage Trust, Series 2017-C5, Class XA                              | CUSIP: 90276TAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2057479 | PA      | $22673.42     | 0.00%             | 2050-11-15      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -213080000 | NC      | $-1939458.42  | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| Osaic Holdings, Inc.                                                               | Osaic Holdings, Inc.                                                                 | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     109000 | PA      | $109094.27    | 0.02%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 31339WXH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      35799 | PA      | $1066.68      | 0.00%             | 2032-04-15      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 31395LMA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      28230 | PA      | $1661.12      | 0.00%             | 2035-01-15      | Floating      | 2.91%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                       | CCO Holdings, LLC/CCO Holdings Capital Corp.                                         | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1440000 | PA      | $1367286.00   | 0.23%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-121003.73   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                           | Celanese US Holdings LLC                                                             | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |      79000 | PA      | $84346.80     | 0.01%             | 2033-11-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                                | Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA                        | CUSIP: 17326FAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4531078 | PA      | $51007.70     | 0.01%             | 2050-10-12      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                    | Whirlpool Corp., Series A, Conv. Pfd.                                                | CUSIP: 963320205<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EP               | CORP              | US        |        457 | NS      | $18714.15     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Roller Bearing Co. of America, Inc.                                                | Roller Bearing Co. of America, Inc.                                                  | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |     177000 | PA      | $172191.90    | 0.03%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                                               | CEMEX S.A.B. de C.V.                                                                 | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     965000 | PA      | $961589.40    | 0.16%             | N/A             | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FA2H2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      74861 | PA      | $10059.61     | 0.00%             | 2033-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                           | Lloyds Banking Group PLC                                                             | CUSIP: 53944YAJ2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    1800000 | PA      | $1816452.00   | 0.30%             | N/A             | Variable      | 6.75%                 | No            |                  2 | On Loan: —       |
| Cheniere Energy, Inc.                                                              | Cheniere Energy, Inc.                                                                | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     773000 | PA      | $796067.21    | 0.13%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                                | COMM Mortgage Trust, Series 2019-GC44, Class AM                                      | CUSIP: 12655TBP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $929977.00    | 0.15%             | 2057-08-15      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                 | Iron Mountain Inc.                                                                   | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     127000 | PA      | $119321.95    | 0.02%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Auburn 15 PLC                                                                      | Auburn 15 PLC, Series F                                                              | CUSIP: BCC3FPT01<br>LEI: 635400AVCSC2I7SWKL40 | Long             | ABS-MBS          | CORP              | GB        |     749000 | PA      | $978788.24    | 0.16%             | 2045-07-20      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -79200000 | NC      | $-501273.01   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Cipher Compute LLC                                                                 | Cipher Compute LLC                                                                   | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     114000 | PA      | $118249.81    | 0.02%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bond                                          | Ivory Coast Government International Bond                                            | CUSIP: AR6697171<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    1000000 | PA      | $1142856.50   | 0.19%             | 2030-03-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Infinity Natural Resources, LLC                                                    | Infinity Natural Resources, LLC                                                      | CUSIP: 45690BAA3<br>LEI: 54930021094IFVB5ND43 | Long             | DBT              | CORP              | US        |     118000 | PA      | $118696.79    | 0.02%             | 2031-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                                           | Comstock Resources, Inc.                                                             | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     118000 | PA      | $116563.68    | 0.02%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AP Grange Holdings, LLC                                                            | AP Grange Holdings, LLC                                                              | CUSIP: 00187RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     195000 | PA      | $205968.75    | 0.03%             | 2045-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Versant Media Group, Inc.                                                          | Versant Media Group, Inc.                                                            | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |     163000 | PA      | $166948.02    | 0.03%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| N/A                                                                                | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-2188370.20  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 31392HMC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      29122 | PA      | $29431.42     | 0.00%             | 2032-09-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-127997.32   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  109540000 | NC      | $1141432.26   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Sitios Latinoamerica, S.A.B. de C.V.                                               | Sitios Latinoamerica, S.A.B. de C.V.                                                 | CUSIP: 03217KAB4<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | MX        |    2024000 | PA      | $1975428.66   | 0.33%             | 2032-04-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-11545.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wrangler Holdco Corp.                                                              | Wrangler Holdco Corp.                                                                | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      74000 | PA      | $76247.84     | 0.01%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $3435614.19   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -56020000 | NC      | $-308086.47   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                          | Ford Motor Credit Co. LLC                                                            | CUSIP: 345397C84<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    2800000 | PA      | $3719257.10   | 0.62%             | 2026-06-05      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| Brazil Notas do Tesouro Nacional                                                   | Brazil Notas do Tesouro Nacional, Series B                                           | CUSIP: EK6971114<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   10490000 | PA      | $8213229.81   | 1.37%             | 2055-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                              | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K735, Class X1, IO     | CUSIP: 3137FMU83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |    1775081 | PA      | $1023.33      | 0.00%             | 2026-05-25      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   -9950000 | NC      | $-1075038.39  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -22935000 | NC      | $-174195.68   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 3136AAQJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     116994 | PA      | $12255.64     | 0.00%             | 2042-12-25      | Floating      | 2.37%                 | No            |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                                                   | Clarivate Science Holdings Corp.                                                     | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      65000 | PA      | $56479.22     | 0.01%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   26400000 | NC      | $122057.78    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Lightpath Fiber Issuer LLC                                                         | Lightpath Fiber Issuer LLC, Series 2026-1A, Class A2                                 | CUSIP: 53229YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2100000 | PA      | $2099300.28   | 0.35%             | 2056-03-25      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | UBS AG                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   27740000 | NC      | $2552.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                     | Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA                            | CUSIP: 61691NAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1566549 | PA      | $17563.68     | 0.00%             | 2050-12-15      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                 | State Street Corp., Series I                                                         | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    1270000 | PA      | $1291135.34   | 0.21%             | N/A             | Variable      | 6.70%                 | No            |                  2 | On Loan: —       |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3470000 | NC      | $60135.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lamar Media Corp.                                                                  | Lamar Media Corp.                                                                    | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     735000 | PA      | $726783.66    | 0.12%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                                                          | Michaels Cos., Inc. (The)                                                            | CUSIP: 59408QAB2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |      98000 | PA      | $95505.80     | 0.02%             | 2033-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $1332412.25   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Discovery Communications, LLC                                                      | Discovery Communications, LLC                                                        | CUSIP: 25470DCA5<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     123000 | PA      | $118870.37    | 0.02%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   26475000 | NC      | $66471.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MASTR Asset Backed Securities Trust                                                | MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3                      | CUSIP: 55291KAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     625581 | PA      | $213240.36    | 0.04%             | 2036-08-25      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                           | Government National Mortgage Association                                             | CUSIP: 38385ES39<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |   30753541 | PA      | $466540.44    | 0.08%             | 2055-04-20      | Floating      | 0.68%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                         | J.P. Morgan Mortgage Trust, Series 2026-CES1, Class M1                               | CUSIP: 46660BAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $496160.55    | 0.08%             | 2056-06-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                         | J.P. Morgan Mortgage Trust, Series 2026-CES1, Class A1                               | CUSIP: 46660BAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1261485 | PA      | $1252328.23   | 0.21%             | 2056-06-25      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| Brundage-Bone Concrete Pumping Holdings, Inc.                                      | Brundage-Bone Concrete Pumping Holdings, Inc.                                        | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     116000 | PA      | $117316.25    | 0.02%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bristow Group Inc.                                                                 | Bristow Group Inc.                                                                   | CUSIP: 11040GAB9<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |     116000 | PA      | $117328.43    | 0.02%             | 2033-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   27900000 | NC      | $5717110.09   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| EnPro Inc.                                                                         | EnPro Inc.                                                                           | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |     226000 | PA      | $229156.32    | 0.04%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                 | State Street Corp.                                                                   | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    2867000 | PA      | $2911082.99   | 0.48%             | N/A             | Variable      | 6.45%                 | No            |                  2 | On Loan: —       |
| Navoi Mining & Metallurgical Combinat                                              | Navoi Mining & Metallurgical Combinat                                                | CUSIP: 63890CAA2<br>LEI: 213800YLNAGERZ4C3M60 | Long             | DBT              | CORP              | UZ        |     620000 | PA      | $632318.17    | 0.11%             | 2028-10-17      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                                   | Gray Media, Inc.                                                                     | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      31000 | PA      | $31026.86     | 0.01%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $26918.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   -7415000 | NC      | $-615674.61   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FAHB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      27148 | PA      | $3219.23      | 0.00%             | 2032-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                     | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                       | CUSIP: 01883LAF0<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |     176000 | PA      | $177587.88    | 0.03%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1730000 | NC      | $4119.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                              | Federal National Mortgage Association                                                | CUSIP: 31385JK49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       7211 | PA      | $7577.15      | 0.00%             | 2032-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -26400000 | NC      | $-56848.41    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc.                                                        | Constellation Software Inc.                                                          | CUSIP: 21037XAC4<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |     526000 | PA      | $528471.52    | 0.09%             | 2029-02-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: —       |
| N/A                                                                                | McDermott International Inc., Wrts. 2027-06-30                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      35496 | NS      | $1064.88      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   33470000 | NC      | $32599.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 31392GDP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      16293 | PA      | $16283.00     | 0.00%             | 2032-09-25      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-2567.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -19900000 | NC      | $-10566.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                              | Federal National Mortgage Association                                                | CUSIP: 31401NXS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        323 | PA      | $339.26       | 0.00%             | 2033-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | McDermott International Inc., Wrts. 2027-06-30                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      31946 | NS      | $958.38       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                                | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-224353.77   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31396XUE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      97526 | PA      | $7037.20      | 0.00%             | 2037-06-25      | Floating      | 2.76%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                           | Angel Oak Mortgage Trust, Series 2024-12, Class A3                                   | CUSIP: 034932AC7<br>LEI: 254900S8TF74AZOT0548 | Long             | ABS-MBS          | CORP              | US        |     442004 | PA      | $444194.88    | 0.07%             | 2069-10-25      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $17239.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392DW40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1517 | PA      | $150.64       | 0.00%             | 2032-07-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-896453.44   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co., Inc.                                                    | Fedex Freight Holding Co., Inc.                                                      | CUSIP: 314352AC9<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     359000 | PA      | $353008.21    | 0.06%             | 2031-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3137HK5T7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   19558907 | PA      | $629630.57    | 0.10%             | 2055-03-25      | Floating      | 1.45%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                                      | Citigroup Mortgage Loan Trust, Series 2025-2, Class A10                              | CUSIP: 17292BAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     635584 | PA      | $638883.79    | 0.11%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Barclays Bank PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -20190000 | NC      | $-749157.33   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-63983.10    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-19198.91    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chile Electricity Lux MPC II S.a.r.l.                                              | Chile Electricity Lux MPC II S.a.r.l.                                                | CUSIP: 16882LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     659816 | PA      | $663637.82    | 0.11%             | 2035-10-20      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $107648.80    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-94679.38    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Minerva Luxembourg S.A.                                                            | Minerva Luxembourg S.A.                                                              | CUSIP: 603374AH2<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |     700000 | PA      | $748506.50    | 0.12%             | 2033-09-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                         | Mars, Inc.                                                                           | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     511000 | PA      | $516476.37    | 0.09%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   -6510000 | NC      | $-483168.65   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-18087.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VCI COMPUTE II LLC                                                                 | VCI COMPUTE II LLC                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      30000 | NS      | $30000.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -9920000 | NC      | $-77564.48    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-226521.92   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                    | TransDigm, Inc., Term Loan L                                                         | CUSIP: 89364MCD4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     257586 | PA      | $257860.52    | 0.04%             | 2032-01-19      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-45888.70    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                           | Fannie Mae Connecticut Avenue Securities, Series 2023-R06, Class 1M2                 | CUSIP: 20754EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     490000 | PA      | $501238.35    | 0.08%             | 2043-07-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-1600847.30  | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                                                | Lithia Motors, Inc.                                                                  | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     127000 | PA      | $119443.68    | 0.02%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FMC Corp.                                                                          | FMC Corp.                                                                            | CUSIP: 302491AU9<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |      26000 | PA      | $23249.20     | 0.00%             | 2029-10-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust 2025-INV6                                                           | PMT Loan Trust 2025-INV6, Series 2025-INV6, Class A8                                 | CUSIP: 69382MAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     187554 | PA      | $189435.34    | 0.03%             | 2056-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Uniti Services LLC                                                                 | Uniti Services LLC                                                                   | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |     200000 | PA      | $208073.33    | 0.03%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3137HJXV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |    9684815 | PA      | $508387.89    | 0.08%             | 2055-02-25      | Floating      | 2.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-3435614.19  | -0.57%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   69360000 | NC      | $36415.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Walker & Dunlop, Inc.                                                              | Walker & Dunlop, Inc.                                                                | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     113000 | PA      | $110569.45    | 0.02%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-23662.91    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-142925.55   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                            | Level 3 Financing, Inc.                                                              | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     132500 | PA      | $135724.51    | 0.02%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                        | Sunoco L.P.                                                                          | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      97000 | PA      | $95997.40     | 0.02%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                           | Fannie Mae Connecticut Avenue Securities, Series 2023-R04, Class 1M1                 | CUSIP: 20754QAA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     625411 | PA      | $637337.03    | 0.11%             | 2043-05-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 31395XLV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      17316 | PA      | $20185.07     | 0.00%             | 2035-08-15      | Floating      | 10.87%                | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -105600000 | NC      | $-578473.33   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                                                         | Charles Schwab Corp. (The)                                                           | CUSIP: 808513CJ2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    1543000 | PA      | $1613103.09   | 0.27%             | 2029-11-17      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1325000 | NC      | $35166.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | U.S. Treasury Ultra Bonds Future                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        -10 | NC      | $38497.43     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                        | Freddie Mac, Series 2022-HQA2, Class M1                                              | CUSIP: 35564KB32<br>LEI: 5493000IRLADKYZNON28 | Long             | ABS-MBS          | USGSE             | US        |    1500000 | PA      | $1547123.25   | 0.26%             | 2042-07-25      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Viking Cruises Ltd.                                                                | Viking Cruises Ltd.                                                                  | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     111000 | PA      | $109670.98    | 0.02%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-11056.93    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $1450071.50   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                 | Dell International LLC / EMC Corp.                                                   | CUSIP: 24703TAH9<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    2485000 | PA      | $2626859.36   | 0.44%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Claire's Holdings LLC                                                              | Claire's Holdings LLC, Pfd.                                                          | CUSIP: 179584917<br>LEI: N/A                  | Long             | EP               | CORP              | US        |         71 | NS      | $35.86        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Freddie Mac                                                                        | Freddie Mac, Series 2022-HQA3, Class M1                                              | CUSIP: 35564KE47<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-MBS          | USGSE             | US        |    1500000 | PA      | $1543403.40   | 0.26%             | 2042-08-25      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                    | BRAVO Residential Funding Trust, Series 2023-NQM7, Class A2                          | CUSIP: 10569HAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1208793 | PA      | $1219249.67   | 0.20%             | 2063-09-25      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FAXJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      30194 | PA      | $3192.55      | 0.00%             | 2033-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FCCL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      24798 | PA      | $2995.11      | 0.00%             | 2034-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                                                            | Bath & Body Works, Inc.                                                              | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     112000 | PA      | $110300.03    | 0.02%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -27000000 | NC      | $-175689.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Bread Financial Holdings, Inc.                                                     | Bread Financial Holdings, Inc.                                                       | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |      54000 | PA      | $54637.52     | 0.01%             | 2035-06-15      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| TMF Trust Co. (Argentina) S.A.                                                     | TMF Trust Co. (Argentina) S.A.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | AR        |     161707 | PA      | $149620.71    | 0.02%             | 2027-01-07      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |  -54000000 | NC      | $-25478.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                           | Government National Mortgage Association                                             | CUSIP: 36206N4V4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        143 | PA      | $142.72       | 0.00%             | 2026-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                              | Federal National Mortgage Association                                                | CUSIP: 3140QRR47<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2386403 | PA      | $2410258.93   | 0.40%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3133THBY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      26151 | PA      | $26135.63     | 0.00%             | 2028-12-15      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FANS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       6687 | PA      | $781.57       | 0.00%             | 2032-07-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                                                                   | VB-S1 Issuer LLC, Series 2026-1A, Class C2                                           | CUSIP: 91825HAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1140000 | PA      | $1121554.57   | 0.19%             | 2056-03-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                              | Clydesdale Acquisition Holdings, Inc.                                                | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     112000 | PA      | $106101.36    | 0.02%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                 | Freddie Mac STRIPS, IO                                                               | CUSIP: 31282YCE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |        239 | PA      | $9.40         | 0.00%             | 2028-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1330000 | NC      | $108119.69    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -69360000 | NC      | $-625746.98   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 31397QWP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      16125 | PA      | $15380.02     | 0.00%             | 2041-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 31395U5B3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      20818 | PA      | $1168.16      | 0.00%             | 2035-05-15      | Floating      | 2.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FCHX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      28962 | PA      | $3771.78      | 0.00%             | 2034-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Barclays Bank PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -21170000 | NC      | $-501784.86   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                   | Federal Home Loan Mortgage Corp.                                                     | CUSIP: 3132DN2N2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5609812 | PA      | $5459477.74   | 0.91%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $16315.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosil Acquisition S.A.                                                            | Prosil Acquisition S.A., Series 2019-1, Class A                                      | CUSIP: N/A<br>LEI: 529900REZH4056FENJ94       | Long             | ABS-MBS          | CORP              | LU        |     832183 | PA      | $809129.86    | 0.13%             | 2039-10-31      | Floating      | 4.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                        | Freddie Mac, Series 2023-HQA1, Class M1                                              | CUSIP: 35564KX87<br>LEI: 5493000IRHY5YZIPQD14 | Long             | ABS-MBS          | USGSE             | US        |    2885325 | PA      | $3014483.69   | 0.50%             | 2043-05-25      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                      | Freedom Mortgage Holdings LLC                                                        | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |      59000 | PA      | $58099.03     | 0.01%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC                   | California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC                     | CUSIP: 13005HAA8<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |     130000 | PA      | $127097.67    | 0.02%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Prosus N.V.                                                                        | Prosus N.V.                                                                          | CUSIP: ZP4820434<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     700000 | PA      | $663227.32    | 0.11%             | 2030-01-21      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| TMF Trust Co. (Argentina) S.A.                                                     | TMF Trust Co. (Argentina) S.A.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | AR        |     111176 | PA      | $108102.76    | 0.02%             | 2026-07-08      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| Benchmark Mortgage Trust                                                           | Benchmark Mortgage Trust, Series 2018-B1, Class XA                                   | CUSIP: 08162PAY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3442918 | PA      | $28896.06     | 0.00%             | 2051-01-15      | Variable      | 0.52%                 | No            |                  2 | On Loan: No      |
| Repsol E&P Capital Markets US LLC                                                  | Repsol E&P Capital Markets US LLC                                                    | CUSIP: 76026AAA5<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |     525000 | PA      | $527301.96    | 0.09%             | 2028-09-16      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3133TJC27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |        814 | PA      | $813.43       | 0.00%             | 2029-02-15      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                   | Federal Home Loan Mortgage Corp.                                                     | CUSIP: 3133KPXJ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5759785 | PA      | $5721384.35   | 0.95%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   69900000 | NC      | $768.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CVR Energy, Inc.                                                                   | CVR Energy, Inc.                                                                     | CUSIP: 12662PAH1<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |      58000 | PA      | $58482.39     | 0.01%             | 2031-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                 | Iron Mountain Inc.                                                                   | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     102000 | PA      | $104027.86    | 0.02%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 31339MYP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |        433 | PA      | $3.87         | 0.00%             | 2026-12-15      | Floating      | 4.16%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                           | Government National Mortgage Association                                             | CUSIP: 38381PV26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |   76403158 | PA      | $868742.10    | 0.14%             | 2055-08-20      | Floating      | 0.73%                 | No            |                  2 | On Loan: No      |
| Aeropuertos Dominicanos Siglo XXI, S.A.                                            | Aeropuertos Dominicanos Siglo XXI, S.A.                                              | CUSIP: 007866AE6<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |     925000 | PA      | $943264.13    | 0.16%             | 2034-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 3136BUWY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |   17626354 | PA      | $623511.11    | 0.10%             | 2054-09-25      | Floating      | 1.84%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-8286.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Excelerate Energy L.P.                                                             | Excelerate Energy L.P.                                                               | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |     110000 | PA      | $115199.81    | 0.02%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Provident Funding Associates L.P./ PFG Finance Corp.                               | Provident Funding Associates L.P./ PFG Finance Corp.                                 | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     160000 | PA      | $164413.93    | 0.03%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Eurosail PLC                                                                       | Eurosail PLC, Series 2006-4X, Class E1C                                              | CUSIP: BCC0UB5E7<br>LEI: 21380013477BR2UW8M54 | Long             | ABS-MBS          | CORP              | GB        |    1608336 | PA      | $1887934.50   | 0.31%             | 2044-12-10      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                                      | Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A1                            | CUSIP: 17307G2Z0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      23315 | PA      | $22700.11     | 0.00%             | 2035-10-25      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $77254.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mattel, Inc.                                                                       | Mattel, Inc.                                                                         | CUSIP: 577081AU6<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |     693000 | PA      | $677415.04    | 0.11%             | 2040-10-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -18635000 | NC      | $-342283.95   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Alt-B Securities, Inc. Mortgage Loan Trust                                | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A1       | CUSIP: 251511AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      16673 | PA      | $15206.79     | 0.00%             | 2036-06-25      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                           | Celanese US Holdings LLC                                                             | CUSIP: 15089QBD5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |      31000 | PA      | $31787.06     | 0.01%             | 2034-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PHINIA Inc.                                                                        | PHINIA Inc.                                                                          | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |     110000 | PA      | $112040.06    | 0.02%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1                           | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1, Series 2025-NQM1, Class A3 | CUSIP: 617932AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     983237 | PA      | $993680.06    | 0.17%             | 2069-11-25      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-109796.53   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                           | Venture Global LNG, Inc.                                                             | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     133000 | PA      | $132578.55    | 0.02%             | N/A             | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust                                        | Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1                 | CUSIP: 07387AGZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       5975 | PA      | $5802.16      | 0.00%             | 2036-02-25      | Floating      | 0.65%                 | No            |                  2 | On Loan: No      |
| Norddeutsche Landesbank - Girozentrale                                             | Norddeutsche Landesbank - Girozentrale                                               | CUSIP: YL7828830<br>LEI: DSNHHQ2B9X5N6OUJ1236 | Long             | DBT              | CORP              | DE        |    1200000 | PA      | $1371009.36   | 0.23%             | 2035-12-10      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Hannover Rueck SE                                                                  | Hannover Rueck SE                                                                    | CUSIP: ZN2140640<br>LEI: 529900KIN5BE45V5KB18 | Long             | DBT              | CORP              | DE        |    1300000 | PA      | $1640680.74   | 0.27%             | 2043-08-26      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                   | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                     | CUSIP: 709599BW3<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |    2867000 | PA      | $2950968.35   | 0.49%             | 2028-08-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-218548.05   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc. Trust                                             | Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8                  | CUSIP: 75115DAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       4008 | PA      | $3213.99      | 0.00%             | 2036-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-229175.19   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| GGAM Finance Ltd.                                                                  | GGAM Finance Ltd.                                                                    | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     165000 | PA      | $164809.42    | 0.03%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1500000 | NC      | $66.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Beignet Investor LLC                                                               | Beignet Investor LLC                                                                 | CUSIP: 076912AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     110000 | PA      | $113182.35    | 0.02%             | 2049-05-30      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   26460000 | NC      | $43321.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-218373.90   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 31392CE67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       6305 | PA      | $6370.20      | 0.00%             | 2032-04-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Getty Images, Inc.                                                                 | Getty Images, Inc.                                                                   | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     113000 | PA      | $101449.07    | 0.02%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Bank, N.A.                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    6060000 | NC      | $4258.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13500000 | NC      | $-510975.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Hiscox Ltd.                                                                        | Hiscox Ltd.                                                                          | CUSIP: YN0550619<br>LEI: 5493007JXOLJ0QCY2D70 | Long             | DBT              | CORP              | BM        |     700000 | PA      | $733375.28    | 0.12%             | 2036-06-11      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Holdings (US), Inc.                                              | GFL Environmental Holdings (US), Inc.                                                | CUSIP: 36273TAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      94000 | PA      | $92312.31     | 0.02%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BPCE S.A.                                                                          | BPCE S.A.                                                                            | CUSIP: ZM4787812<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    3300000 | PA      | $3922850.65   | 0.65%             | 2035-01-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                              | Federal National Mortgage Association                                                | CUSIP: 31385XQT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      31816 | PA      | $32705.22     | 0.01%             | 2033-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $3320943.27   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $188751.35    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                       | UBS Group AG                                                                         | CUSIP: YR2832081<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    1250000 | PA      | $1238966.54   | 0.21%             | N/A             | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Banco del Estado de Chile                                                          | Banco del Estado de Chile                                                            | CUSIP: 05957AAC3<br>LEI: 5493004R4EJC0W0XVQ72 | Long             | DBT              | CORP              | CL        |     426000 | PA      | $448820.82    | 0.07%             | N/A             | Variable      | 7.95%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                            | Level 3 Financing, Inc.                                                              | CUSIP: 527298CQ4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      51000 | PA      | $53262.45     | 0.01%             | 2036-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-13621.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3137HMMH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   18429355 | PA      | $829687.70    | 0.14%             | 2055-08-25      | Floating      | 2.14%                 | No            |                  2 | On Loan: No      |
| Northriver Midstream Finance L.P.                                                  | Northriver Midstream Finance L.P.                                                    | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |     113000 | PA      | $113412.00    | 0.02%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-875.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 3133TKAQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      19465 | PA      | $641.32       | 0.00%             | 2029-03-15      | Floating      | 3.86%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings Inc.                                                  | Nationstar Mortgage Holdings Inc.                                                    | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     215000 | PA      | $213925.00    | 0.04%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $7926.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| APLD ComputeCo 2 LLC                                                               | APLD ComputeCo 2 LLC                                                                 | CUSIP: 03772CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      58000 | PA      | $57613.67     | 0.01%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392DCP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       8615 | PA      | $639.35       | 0.00%             | 2032-04-25      | Floating      | 3.22%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                                                     | Element Fleet Management Corp.                                                       | CUSIP: 286181AK8<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    1426000 | PA      | $1487442.10   | 0.25%             | 2028-12-04      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                                    | CoreWeave, Inc.                                                                      | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |      23000 | PA      | $22370.13     | 0.00%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                                            | GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1                                  | CUSIP: 362341FR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        821 | PA      | $792.09       | 0.00%             | 2035-07-25      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| FirstCash, Inc.                                                                    | FirstCash, Inc.                                                                      | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     109000 | PA      | $111231.01    | 0.02%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| B.A.T Capital Corp.                                                                | B.A.T Capital Corp.                                                                  | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    1048000 | PA      | $1108103.82   | 0.18%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $176329.59    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                      | Petrobras Global Finance B.V.                                                        | CUSIP: 71647NBK4<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     700000 | PA      | $717657.50    | 0.12%             | 2033-07-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $9493.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                        | Freddie Mac, Series 2024-DNA2, Class M2                                              | CUSIP: 35564NDA8<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | USGSE             | US        |     387500 | PA      | $387854.29    | 0.06%             | 2044-05-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                           | Fannie Mae Connecticut Avenue Securities, Series 2026-R01, Class 2M2                 | CUSIP: 20755BAC4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     750000 | PA      | $751177.65    | 0.13%             | 2046-01-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                                                | Lithia Motors, Inc.                                                                  | CUSIP: 536797AJ2<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |      55000 | PA      | $53925.32     | 0.01%             | 2030-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-12450.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                                                         | Cloud Software Group, Inc.                                                           | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |      63000 | PA      | $60834.60     | 0.01%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -26475000 | NC      | $-19472.02    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Iliad Holding                                                                      | Iliad Holding                                                                        | CUSIP: 449691AC8<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |      17000 | PA      | $17122.62     | 0.00%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Greystar Real Estate Partners, LLC                                                 | Greystar Real Estate Partners, LLC                                                   | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |      52000 | PA      | $54123.73     | 0.01%             | 2030-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Iliad Holding                                                                      | Iliad Holding                                                                        | CUSIP: 449691AF1<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |     267000 | PA      | $279589.85    | 0.05%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Invesco Private Prime Fund                                                         | Invesco Private Prime Fund                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |    8636636 | NS      | $8637499.66   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                 | Ares Capital Corp.                                                                   | CUSIP: 04010LBF9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    1915000 | PA      | $1928984.65   | 0.32%             | 2029-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings, Inc.                                                    | Discovery Global Holdings, Inc.                                                      | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      81000 | PA      | $53565.76     | 0.01%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                | GS Mortgage-Backed Securities Trust, Series 2025-NQM3, Class A1                      | CUSIP: 36274TAA7<br>LEI: 2549007JKCA9H9HUGZ71 | Long             | ABS-MBS          | CORP              | US        |    1781690 | PA      | $1781794.39   | 0.30%             | 2065-11-25      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                 | Freddie Mac STRIPS, IO                                                               | CUSIP: 31282YW70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       9855 | PA      | $1114.51      | 0.00%             | 2032-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alhambra SME Funding DAC                                                           | Alhambra SME Funding DAC, Series 2019-1, Class D                                     | CUSIP: BCC2KKGU6<br>LEI: 635400YAJGI5TGJENW90 | Long             | ABS-CBDO         | CORP              | IE        |      21886 | PA      | $24487.89     | 0.00%             | 2028-11-30      | Floating      | 11.14%                | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                           | Venture Global LNG, Inc.                                                             | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     203000 | PA      | $218119.03    | 0.04%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: —       |
| Entergy Corp.                                                                      | Entergy Corp.                                                                        | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    1776000 | PA      | $1820831.57   | 0.30%             | 2054-12-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                                                 | General Motors Co.                                                                   | CUSIP: 37045VAU4<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    2867000 | PA      | $2949616.50   | 0.49%             | 2027-10-01      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 31395MTC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       4150 | PA      | $238.67       | 0.00%             | 2035-02-15      | Floating      | 2.96%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -33080000 | NC      | $-92690.16    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                              | Westlake Automobile Receivables Trust, Series 2026-1A, Class C                       | CUSIP: 96043BAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1350000 | PA      | $1340716.73   | 0.22%             | 2031-06-16      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| DaVita Inc.                                                                        | DaVita Inc.                                                                          | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |      55000 | PA      | $56391.60     | 0.01%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Bank, N.A.                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -105600000 | NC      | $-595501.62   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A.                                            | Sociedad Quimica y Minera de Chile S.A.                                              | CUSIP: 833636AQ6<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | DBT              | CORP              | CL        |     600000 | PA      | $585112.97    | 0.10%             | 2056-04-22      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                                | Petroleos Mexicanos                                                                  | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    2100000 | PA      | $2208890.84   | 0.37%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 31392EXR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       4793 | PA      | $4791.92      | 0.00%             | 2032-10-18      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| YPF S.A.                                                                           | YPF S.A.                                                                             | CUSIP: N/A<br>LEI: 5493003N7447U18U5U53       | Long             | DBT              | CORP              | AR        |     200000 | PA      | $200910.71    | 0.03%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                           | Angel Oak Mortgage Trust, Series 2025-6, Class A3                                    | CUSIP: 034937AC6<br>LEI: 254900GRN1I3WMM1H095 | Long             | ABS-MBS          | CORP              | US        |    1007444 | PA      | $1012047.66   | 0.17%             | 2070-04-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                        | Sunoco L.P.                                                                          | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      80000 | PA      | $80412.16     | 0.01%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DaVita Inc.                                                                        | DaVita Inc.                                                                          | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |      57000 | PA      | $58032.73     | 0.01%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                                 | Vodafone Group PLC                                                                   | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     261000 | PA      | $238985.15    | 0.04%             | 2081-06-04      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 31393FG91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       1493 | PA      | $78.31        | 0.00%             | 2029-06-15      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31394EGT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       3275 | PA      | $249.26       | 0.00%             | 2031-10-25      | Floating      | 2.92%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-549147.98   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                              | Federal National Mortgage Association                                                | CUSIP: 3140XKNH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    5837804 | PA      | $5901364.63   | 0.98%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $64771.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -899000000 | NC      | $-4539581.41  | -0.76%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FAA83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      24984 | PA      | $2745.08      | 0.00%             | 2033-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Telecommunications Co. Telekom Srbija Akcionarsko drustvo, Belgrade                | Telecommunications Co. Telekom Srbija Akcionarsko drustvo, Belgrade                  | CUSIP: 87945BAA8<br>LEI: 254900OVY0XI1DFYC092 | Long             | DBT              | CORP              | RS        |     730000 | PA      | $720584.09    | 0.12%             | 2029-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mexican Udibonos                                                                   | Mexican Udibonos, Series S                                                           | CUSIP: YQ3788144<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  158135598 | PA      | $8690168.11   | 1.45%             | 2029-08-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Auburn 15 PLC                                                                      | Auburn 15 PLC, Series E                                                              | CUSIP: BCC3FPSY8<br>LEI: 635400AVCSC2I7SWKL40 | Long             | ABS-MBS          | CORP              | GB        |     629000 | PA      | $821489.33    | 0.14%             | 2045-07-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  148190000 | NC      | $420649.65    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392AZY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1423 | PA      | $135.06       | 0.00%             | 2031-11-25      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                          | Seagate Data Storage Technology Pte. Ltd.                                            | CUSIP: 81180LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     531200 | PA      | $590844.73    | 0.10%             | 2032-12-01      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FCHZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      16130 | PA      | $2103.33      | 0.00%             | 2034-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                                                 | Vail Resorts, Inc.                                                                   | CUSIP: 91879QAQ2<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     115000 | PA      | $114101.56    | 0.02%             | 2030-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -55490000 | NC      | $-953863.67   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-17578.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | U.S. Treasury 10 Year Ultra Future                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |         -8 | NC      | $3099.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1158.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Home Loans Mortgage Pass-Through Trust                                 | Countrywide Home Loans Mortgage Pass-Through Trust, Series 2005-17, Class 1A8        | CUSIP: 12669G5U1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      77470 | PA      | $76142.23     | 0.01%             | 2035-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1330000 | NC      | $183159.62    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                             | Sequoia Mortgage Trust, Series 2025-8, Class A4                                      | CUSIP: 81749WAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1278539 | PA      | $1280358.91   | 0.21%             | 2055-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -323640000 | NC      | $-1313175.77  | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -176420000 | NC      | $-715827.68   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                    | TransDigm, Inc.                                                                      | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     405000 | PA      | $413064.76    | 0.07%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Tidewater Inc.                                                                     | Tidewater Inc.                                                                       | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |     108000 | PA      | $115147.66    | 0.02%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 31394KL51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      27561 | PA      | $1714.62      | 0.00%             | 2033-10-15      | Floating      | 3.26%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings, Inc.                                                    | Discovery Global Holdings, Inc.                                                      | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      33000 | PA      | $20088.75     | 0.00%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13870000 | NC      | $-28045.14    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Muthoot Finance Ltd.                                                               | Muthoot Finance Ltd.                                                                 | CUSIP: 62828L2D4<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |    2800000 | PA      | $2785350.40   | 0.46%             | 2029-04-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 31392MW99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       5945 | PA      | $6005.79      | 0.00%             | 2032-02-15      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| VCI Asset Holdings 2, LLC                                                          | VCI Asset Holdings 2, LLC, Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     300000 | PA      | $309000.00    | 0.05%             | 2031-02-06      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1330000 | NC      | $168931.28    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -23430000 | NC      | $-2467881.90  | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| Reinsurance Group of America, Inc.                                                 | Reinsurance Group of America, Inc.                                                   | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |     305000 | PA      | $304793.64    | 0.05%             | 2055-09-15      | Variable      | 6.65%                 | No            |                  2 | On Loan: —       |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -89900000 | NC      | $-1436134.52  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| MGM China Holdings Ltd.                                                            | MGM China Holdings Ltd.                                                              | CUSIP: 55300RAG6<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |    1240000 | PA      | $1226366.51   | 0.20%             | 2027-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Telefonica Europe, B.V.                                                            | Telefonica Europe, B.V.                                                              | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |    1400000 | PA      | $1729992.85   | 0.29%             | N/A             | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital, LLC                                                   | Velocity Commercial Capital, LLC                                                     | CUSIP: 92259RAE5<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |     117000 | PA      | $117061.12    | 0.02%             | 2031-02-15      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -78100000 | NC      | $-593918.70   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Global Aircraft Leasing Co., Ltd.                                                  | Global Aircraft Leasing Co., Ltd.                                                    | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     326000 | PA      | $331147.54    | 0.06%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 31392EQ29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1942 | PA      | $1961.59      | 0.00%             | 2032-04-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Lancashire Holdings Ltd.                                                           | Lancashire Holdings Ltd.                                                             | CUSIP: N/A<br>LEI: 5493002UNUYXLHOWF752       | Long             | DBT              | CORP              | BM        |    1300000 | PA      | $1275775.77   | 0.21%             | 2041-09-18      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| AP Grange Holdings, LLC                                                            | AP Grange Holdings, LLC                                                              | CUSIP: 00187RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      16359 | PA      | $16359.42     | 0.00%             | 2045-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $329.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC                                                | Venture Global Plaquemines LNG, LLC                                                  | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      43000 | PA      | $44852.41     | 0.01%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | UBS AG                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2100000 | NC      | $12217.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $3893.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1792.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 3136BUPP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |   12908274 | PA      | $571334.42    | 0.10%             | 2055-01-25      | Floating      | 2.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | U.S. Treasury 2 Year Notes Future                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        654 | NC      | $-971774.67   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-53453.27    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| New Enterprise Stone & Lime Co, Inc.                                               | New Enterprise Stone & Lime Co, Inc.                                                 | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |     114000 | PA      | $112401.71    | 0.02%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-8430.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OBX Trust                                                                          | OBX Trust, Series 2022-NQM7, Class A2                                                | CUSIP: 67117DAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500230 | PA      | $499840.23    | 0.08%             | 2062-08-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                | GS Mortgage-Backed Securities Trust, Series 2025-HE1, Class M1                       | CUSIP: 36272NAB0<br>LEI: 254900RIVK2GCJ08H839 | Long             | ABS-MBS          | CORP              | US        |     290000 | PA      | $291871.60    | 0.05%             | 2055-10-25      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC / Directv Financing Co-Obligor Inc.                          | Directv Financing LLC / Directv Financing Co-Obligor Inc.                            | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     117000 | PA      | $119529.45    | 0.02%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $277516.80    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Genesis Energy L.P./ Genesis Energy Finance Corp.                                  | Genesis Energy L.P./ Genesis Energy Finance Corp.                                    | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      83000 | PA      | $85818.85     | 0.01%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-259114.68   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                              | Dominican Republic International Bond                                                | CUSIP: ZP6620006<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     305000 | PA      | $290604.00    | 0.05%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust                                                                | RCKT Mortgage Trust, Series 2025-CES5, Class A1A                                     | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |     268799 | PA      | $270677.18    | 0.05%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                                | Petroleos Mexicanos                                                                  | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      58000 | PA      | $54097.14     | 0.01%             | 2035-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Uniti Services LLC, Wrts.                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |        176 | NS      | $2728.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Forvia SE                                                                          | Forvia SE                                                                            | CUSIP: 31209DAA3<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |      12000 | PA      | $12405.17     | 0.00%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| India Government Bond                                                              | India Government Bond                                                                | CUSIP: YW7593752<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |  275000000 | PA      | $2701657.64   | 0.45%             | 2054-08-05      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| Eurosail PLC                                                                       | Eurosail PLC, Series 2006-2X, Class D1A                                              | CUSIP: BCC0T5HN9<br>LEI: 213800PBNX9J895VX562 | Long             | ABS-MBS          | CORP              | GB        |    2700000 | PA      | $2925817.65   | 0.49%             | 2044-12-15      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  138720000 | NC      | $4945534.46   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Vistra Corp.                                                                       | Vistra Corp.                                                                         | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |      58000 | PA      | $58650.47     | 0.01%             | N/A             | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Wynn Macau, Ltd.                                                                   | Wynn Macau, Ltd.                                                                     | CUSIP: 98313RAL0<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     490000 | PA      | $478643.54    | 0.08%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers Issuer, LLC                                                   | Vantage Data Centers Issuer, LLC, Series 2025-2A, Class A2                           | CUSIP: 92212KAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     980000 | PA      | $966856.04    | 0.16%             | 2055-11-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                           | Fannie Mae Connecticut Avenue Securities, Series 2023-R08, Class 1M2                 | CUSIP: 20755CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     280000 | PA      | $285270.50    | 0.05%             | 2043-10-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp. /Six Flags Theme Parks Inc./ Canada's Wonderland Co. | Six Flags Entertainment Corp. /Six Flags Theme Parks Inc./ Canada's Wonderland Co.   | CUSIP: 83002YAA7<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |     113000 | PA      | $112835.94    | 0.02%             | 2032-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3133TTX30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       1908 | PA      | $1973.63      | 0.00%             | 2031-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Carvana Co.                                                                        | Carvana Co.                                                                          | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     111850 | PA      | $121021.59    | 0.02%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| International Finance Corp.                                                        | International Finance Corp.                                                          | CUSIP: AM4724424<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | CORP              | US        |    3700000 | PA      | $31977.55     | 0.01%             | 2029-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                              | Federal National Mortgage Association                                                | CUSIP: 31368HLS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      45241 | PA      | $45490.94     | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MGM China Holdings Ltd.                                                            | MGM China Holdings Ltd.                                                              | CUSIP: 55300RAB7<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |     250000 | PA      | $249003.68    | 0.04%             | 2026-05-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| M&G PLC                                                                            | M&G PLC                                                                              | CUSIP: AU5739902<br>LEI: 254900TWUJUQ44TQJY84 | Long             | DBT              | CORP              | GB        |     375000 | PA      | $382384.22    | 0.06%             | 2048-10-20      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                                             | HUB International Ltd.                                                               | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     166000 | PA      | $170146.51    | 0.03%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-41807.03    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -136510000 | NC      | $-2419586.96  | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| MPT Operating Partnership L.P./ MPT Finance Corp.                                  | MPT Operating Partnership L.P./ MPT Finance Corp.                                    | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      44000 | PA      | $44642.49     | 0.01%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    5870000 | NC      | $55638.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -19980000 | NC      | $-474045.48   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| TransCanada Trust                                                                  | TransCanada Trust, Series 16-A                                                       | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    1391000 | PA      | $1393354.96   | 0.23%             | 2076-08-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                         | JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B                 | CUSIP: 46643GAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     680000 | PA      | $641444.61    | 0.11%             | 2047-11-15      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Barclays Bank PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |     660000 | NC      | $62740.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Global Partners L.P./ GLP Finance Corp.                                            | Global Partners L.P./ GLP Finance Corp.                                              | CUSIP: 37954FAL8<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |     117000 | PA      | $118028.78    | 0.02%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-19967.40    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sempra                                                                             | Sempra                                                                               | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    4158000 | PA      | $4048206.35   | 0.67%             | 2052-04-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Beazley Insurance DAC                                                              | Beazley Insurance DAC                                                                | CUSIP: ZR4409044<br>LEI: 549300WWULDAFCPEU084 | Long             | DBT              | CORP              | IE        |    1120000 | PA      | $1126528.55   | 0.19%             | 2029-09-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                                 | Southern Co. (The), Series 21-A                                                      | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    2020000 | PA      | $2007170.78   | 0.33%             | 2051-09-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Barclays Bank PLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -21170000 | NC      | $-83621.06    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1320000 | NC      | $103173.84    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-1454971.35  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| Hera Financing 2024-1 DAC                                                          | Hera Financing 2024-1 DAC, Series 2024-1A, Class B                                   | CUSIP: BCC3H4L95<br>LEI: 635400VJTRWYKL9GM761 | Long             | ABS-MBS          | CORP              | IE        |    1395400 | PA      | $1855712.59   | 0.31%             | 2034-11-17      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-46030.59    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| OBX Trust                                                                          | OBX Trust, Series 2025-HE2, Class A1                                                 | CUSIP: 67121YAA6<br>LEI: 2549004JS8G77DOXE933 | Long             | ABS-MBS          | CORP              | US        |    1569983 | PA      | $1573140.65   | 0.26%             | 2055-08-25      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                               | Energy Transfer L.P.                                                                 | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    4148000 | PA      | $4215811.50   | 0.70%             | 2054-10-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Mcdermott International, Ltd.                                                      | Mcdermott International, Ltd.                                                        | CUSIP: N/A<br>LEI: 54930004RAXI4B3L4752       | Long             | EC               | CORP              | BM        |        312 | NS      | $8116.99      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Grand Vacations Trust                                                       | Hilton Grand Vacations Trust, Series 2025-2A, Class A                                | CUSIP: 43285JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     418781 | PA      | $418024.38    | 0.07%             | 2044-05-25      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    2080000 | NC      | $5539.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                           | Angel Oak Mortgage Trust, Series 2024-8, Class A3                                    | CUSIP: 03465QAC8<br>LEI: 254900BM1HTLL3SKQ481 | Long             | ABS-MBS          | CORP              | US        |     873663 | PA      | $875188.69    | 0.15%             | 2069-05-27      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                                                        | BNP Paribas                                                                          | CUSIP: BP5476422<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    2700000 | PA      | $3556182.63   | 0.59%             | 2031-05-24      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 31364JZP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       2863 | PA      | $178.90       | 0.00%             | 2029-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3137AEH57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       9940 | PA      | $9498.39      | 0.00%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -54620000 | NC      | $-953773.17   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 31397TEH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      39139 | PA      | $2984.32      | 0.00%             | 2038-05-15      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Opal Bidco SAS                                                                     | Opal Bidco SAS                                                                       | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |      80000 | PA      | $80125.52     | 0.01%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                        | Freddie Mac, Series 2022-HQA3, Class M2                                              | CUSIP: 35564KE70<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-MBS          | USGSE             | US        |    1605000 | PA      | $1695172.91   | 0.28%             | 2042-08-25      | Floating      | 9.01%                 | No            |                  2 | On Loan: No      |
| Sabine Oil & Gas Holdings, Inc.                                                    | Sabine Oil & Gas Holdings, Inc.                                                      | CUSIP: 78532M104<br>LEI: 2MNR4Q42DBL85U7RD221 | Long             | EC               | CORP              | US        |        837 | NS      | $58.59        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Univision Communications Inc.                                                      | Univision Communications Inc.                                                        | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      62000 | PA      | $62964.22     | 0.01%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $53282.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 31392RNB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       6084 | PA      | $6146.03      | 0.00%             | 2032-02-15      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| GC Treasury Center Co., Ltd.                                                       | GC Treasury Center Co., Ltd.                                                         | CUSIP: 36830AAB3<br>LEI: 549300LUFQBC2EQNAR40 | Long             | DBT              | CORP              | TH        |     569000 | PA      | $553526.57    | 0.09%             | N/A             | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                         | Allison Transmission, Inc.                                                           | CUSIP: 019736AH0<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |      59000 | PA      | $58670.45     | 0.01%             | 2033-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                | GS Mortgage-Backed Securities Trust, Series 2025-NQM4, Class A2                      | CUSIP: 36272UAB4<br>LEI: 25490076N7JFR2Y3CU63 | Long             | ABS-MBS          | CORP              | US        |     696305 | PA      | $696150.17    | 0.12%             | 2065-10-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                        | Sunoco L.P.                                                                          | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      55000 | PA      | $56198.23     | 0.01%             | N/A             | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                     | Ecopetrol S.A.                                                                       | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    1400000 | PA      | $1480619.21   | 0.25%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    1980000 | NC      | $31743.36     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa Government Bond                                           | Republic of South Africa Government Bond, Series 2040                                | CUSIP: EK7733067<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  135000000 | PA      | $7500526.20   | 1.25%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-3320943.27  | -0.55%            |  |  |  | No            |                  2 | On Loan: No      |
| Great Lakes Dredge & Dock Corp.                                                    | Great Lakes Dredge & Dock Corp.                                                      | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |     117000 | PA      | $117505.02    | 0.02%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3137HC5W8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |    8949457 | PA      | $493594.80    | 0.08%             | 2054-04-25      | Floating      | 2.34%                 | No            |                  2 | On Loan: No      |
| Iliad Holding                                                                      | Iliad Holding                                                                        | CUSIP: 449691AG9<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |      33000 | PA      | $33080.78     | 0.01%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Repsol E&P Capital Markets US LLC                                                  | Repsol E&P Capital Markets US LLC                                                    | CUSIP: 76026AAC1<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |     350000 | PA      | $356434.10    | 0.06%             | 2035-09-16      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3133TKCT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      11657 | PA      | $11810.32     | 0.00%             | 2029-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   10100000 | NC      | $1307.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-5402.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-167449.23   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                              | Federal National Mortgage Association                                                | CUSIP: 31371HYB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      15425 | PA      | $15797.30     | 0.00%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $44942.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust 2025-SF1                                               | SBNA Auto Receivables Trust 2025-SF1, Series 2025-SF1, Class D                       | CUSIP: 78437XAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     300000 | PA      | $300718.74    | 0.05%             | 2031-09-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Phoenix Aviation Capital Ltd.                                                      | Phoenix Aviation Capital Ltd.                                                        | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |      31000 | PA      | $31228.01     | 0.01%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-189297.34   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Oak-Eagle AcquireCo, Inc.                                                          | Oak-Eagle AcquireCo, Inc.                                                            | CUSIP: 67124CAB9<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |     118000 | PA      | $123610.51    | 0.02%             | 2034-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| South Bow Canadian infrastructure Holdings Ltd.                                    | South Bow Canadian infrastructure Holdings Ltd.                                      | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    1481000 | PA      | $1525681.77   | 0.25%             | 2055-03-01      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -44000000 | NC      | $-471551.96   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   94110000 | NC      | $3613122.88   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                            | Hyundai Capital America                                                              | CUSIP: 44891ADV6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    2867000 | PA      | $2879928.05   | 0.48%             | 2028-06-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $19.44        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 31392FJ73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      29122 | PA      | $29430.95     | 0.00%             | 2032-12-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                          | OBX Trust, Series 2022-NQM7, Class A3                                                | CUSIP: 67117DAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     260120 | PA      | $259798.00    | 0.04%             | 2062-08-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $8507.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Santander Consumo 8 Fondo de Titulizacion                                          | Santander Consumo 8 Fondo de Titulizacion, Series 8E                                 | CUSIP: BCC3M1R32<br>LEI: 529900MNYVA8N0FZJK96 | Long             | ABS-O            | CORP              | ES        |    1500000 | PA      | $1749348.10   | 0.29%             | 2040-01-21      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-438363.82   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Invesco Government & Agency Portfolio                                              | Invesco Government & Agency Portfolio, Institutional Class                           | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    9282190 | NS      | $9282189.86   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer L.P.                                                               | Energy Transfer L.P.                                                                 | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     802000 | PA      | $840527.28    | 0.14%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                             | Credit Suisse Group AG                                                               | CUSIP: 225436AA2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    3015000 | PA      | $858521.25    | 0.14%             | N/A             | Fixed         | 6.25%                 | No            |                  3 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3240000 | NC      | $40572.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   15140000 | NC      | $651.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $19328.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-227619.18   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                         | J.P. Morgan Mortgage Trust, Series 2007-A1, Class 5A1                                | CUSIP: 46630GAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       5579 | PA      | $5578.08      | 0.00%             | 2035-07-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                   | Federal Home Loan Mortgage Corp.                                                     | CUSIP: 31292HYT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      42323 | PA      | $42858.38     | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                              | Federal National Mortgage Association                                                | CUSIP: 31402QYV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       4659 | PA      | $4757.30      | 0.00%             | 2035-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ESAB Corp.                                                                         | ESAB Corp.                                                                           | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     131000 | PA      | $133115.52    | 0.02%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -56020000 | NC      | $-753457.80   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| EZCORP, Inc.                                                                       | EZCORP, Inc.                                                                         | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     325000 | PA      | $340312.05    | 0.06%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Genesis Energy L.P./ Genesis Energy Finance Corp.                                  | Genesis Energy L.P./ Genesis Energy Finance Corp.                                    | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      52000 | PA      | $53511.64     | 0.01%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1                           | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1, Series 2024-NQM1, Class A2 | CUSIP: 61775UAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     664291 | PA      | $667814.02    | 0.11%             | 2068-12-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13390000 | NC      | $-450760.96   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                       | CCO Holdings, LLC/CCO Holdings Capital Corp.                                         | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     155000 | PA      | $140269.11    | 0.02%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                   | Federal Home Loan Mortgage Corp.                                                     | CUSIP: 3128K7XS2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      12311 | PA      | $12746.10     | 0.00%             | 2031-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31394DXZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      39218 | PA      | $1683.86      | 0.00%             | 2035-05-25      | Floating      | 2.82%                 | No            |                  2 | On Loan: No      |
| Fibercop S.p.A.                                                                    | Fibercop S.p.A.                                                                      | CUSIP: 683879AF7<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |      75000 | PA      | $74645.25     | 0.01%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 31392PU94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      20611 | PA      | $20627.62     | 0.00%             | 2031-06-15      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| Akbank Turk A.S.                                                                   | Akbank Turk A.S.                                                                     | CUSIP: YR8399135<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |     700000 | PA      | $693865.95    | 0.12%             | 2035-09-04      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Electricite de France                                                              | Electricite de France                                                                | CUSIP: YV7034577<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    1300000 | PA      | $1737075.25   | 0.29%             | N/A             | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| New Gold Inc.                                                                      | New Gold Inc.                                                                        | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |     231000 | PA      | $238929.77    | 0.04%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Vistra Corp.                                                                       | Vistra Corp., Series C                                                               | CUSIP: 92840MAD4<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |      86000 | PA      | $92770.87     | 0.02%             | N/A             | Variable      | 8.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-102215.84   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | US 10YR FUT OPTN  JUN26P 110.5 TYM6P    110.5 COMB                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |      -1800 | NC      | $-1434375.00  | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $371481.87    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 3136A1QW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      30450 | PA      | $2168.42      | 0.00%             | 2041-10-25      | Floating      | 2.77%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                                | Petroleos Mexicanos                                                                  | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      65000 | PA      | $62195.12     | 0.01%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 31397PM49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      18560 | PA      | $1778.10      | 0.00%             | 2037-12-15      | Floating      | 3.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FAYU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     133888 | PA      | $15870.01     | 0.00%             | 2033-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Obx 2024-Nqm18 Trust                                                               | Obx 2024-Nqm18 Trust, Series 2024-NQM18, Class A3                                    | CUSIP: 673913AC3<br>LEI: 254900NK9PNLY9I00149 | Long             | ABS-MBS          | CORP              | US        |     794840 | PA      | $798108.11    | 0.13%             | 2064-10-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                   | Federal Home Loan Mortgage Corp.                                                     | CUSIP: 3128M5F54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       4612 | PA      | $4851.81      | 0.00%             | 2037-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -105600000 | NC      | $-1082346.17  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                 | Newell Brands Inc.                                                                   | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |      61000 | PA      | $58603.29     | 0.01%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs, IO                                                               | CUSIP: 31397T4E9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      10329 | PA      | $829.29       | 0.00%             | 2038-04-15      | Floating      | 2.21%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $2977.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -20230000 | NC      | $-132908.12   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 31339GRA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       9848 | PA      | $10218.40     | 0.00%             | 2031-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                         | Fannie Mae Interest STRIPS, IO                                                       | CUSIP: 3136FCQG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      10256 | PA      | $1403.38      | 0.00%             | 2035-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $142552.52    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3137HMLK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   15096841 | PA      | $534627.45    | 0.09%             | 2055-08-25      | Floating      | 1.44%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $7062.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ludgate Funding PLC                                                                | Ludgate Funding PLC, Series 2006-1X, Class A2A                                       | CUSIP: BCC0U5WJ9<br>LEI: 213800LADM2GPWI3P269 | Long             | ABS-MBS          | CORP              | GB        |    1954069 | PA      | $2544835.22   | 0.42%             | 2060-12-01      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| Hera Financing 2024-1 DAC                                                          | Hera Financing 2024-1 DAC, Series 2024-1A, Class C                                   | CUSIP: BCC3H4LB0<br>LEI: 635400VJTRWYKL9GM761 | Long             | ABS-MBS          | CORP              | IE        |     797509 | PA      | $1060435.23   | 0.18%             | 2034-11-17      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Genesis Energy L.P./ Genesis Energy Finance Corp.                                  | Genesis Energy L.P./ Genesis Energy Finance Corp.                                    | CUSIP: 37185LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      88000 | PA      | $87644.53     | 0.01%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Eurosail-UK NC PLC                                                                 | Eurosail-UK NC PLC, Series 2007-1X, Class D1C                                        | CUSIP: BCC0VXRF1<br>LEI: 213800HEU63KH3XHB844 | Long             | ABS-MBS          | CORP              | GB        |     750000 | PA      | $873738.11    | 0.15%             | 2045-03-13      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                 | CHS/Community Health Systems, Inc.                                                   | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      65000 | PA      | $59960.80     | 0.01%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13200000 | NC      | $-200098.80   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                    | TransDigm, Inc.                                                                      | CUSIP: 893647BZ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     112000 | PA      | $113327.31    | 0.02%             | 2034-01-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bills                                                                | U.S. Treasury Bills                                                                  | CUSIP: 912797UG0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2553000 | PA      | $2509994.52   | 0.42%             | 2026-09-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-2885.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $111831.67    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-25652.05    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $94274.73     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust                                                                | Rate Mortgage Trust, Series 2025-J2, Class A5                                        | CUSIP: 75409YAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1413574 | PA      | $1415524.38   | 0.24%             | 2055-07-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Navient Corp.                                                                      | Navient Corp.                                                                        | CUSIP: 63938CAQ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     123000 | PA      | $109814.10    | 0.02%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Invesco Private Government Fund                                                    | Invesco Private Government Fund                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |    3297858 | NS      | $3297858.02   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase & Co.                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -9804000 | NC      | $-10921.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Electricite de France                                                              | Electricite de France                                                                | CUSIP: YK5224596<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    1000000 | PA      | $1122231.16   | 0.19%             | N/A             | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   37070000 | NC      | $937316.06    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 3136A5AX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     111317 | PA      | $7859.32      | 0.00%             | 2041-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Compania de Minas Buenaventura S.A.A.                                              | Compania de Minas Buenaventura S.A.A.                                                | CUSIP: 204448AB0<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | DBT              | CORP              | PE        |     895000 | PA      | $909839.10    | 0.15%             | 2032-02-04      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| FMC Corp.                                                                          | FMC Corp.                                                                            | CUSIP: 302491AX3<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |      26000 | PA      | $23033.18     | 0.00%             | 2033-05-18      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Bank, N.A.                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -26540000 | NC      | $-863175.18   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                           | Angel Oak Mortgage Trust, Series 2024-12, Class A2                                   | CUSIP: 034932AB9<br>LEI: 254900S8TF74AZOT0548 | Long             | ABS-MBS          | CORP              | US        |     274470 | PA      | $275716.16    | 0.05%             | 2069-10-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | U.S. Treasury Long Bond Future                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        -11 | NC      | $40715.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3450000 | NC      | $61734.30     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Electricite de France                                                              | Electricite de France                                                                | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    1001000 | PA      | $1159454.30   | 0.19%             | N/A             | Variable      | 9.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -13870000 | NC      | $-486961.83   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| TrueNoord Capital DAC                                                              | TrueNoord Capital DAC                                                                | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     158000 | PA      | $161443.77    | 0.03%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $683795.12    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                | GS Mortgage-Backed Securities Trust, Series 2025-HE1, Class A1                       | CUSIP: 36272NAA2<br>LEI: 254900RIVK2GCJ08H839 | Long             | ABS-MBS          | CORP              | US        |     469294 | PA      | $470207.13    | 0.08%             | 2055-10-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Danaos Corp.                                                                       | Danaos Corp.                                                                         | CUSIP: 23585WAC8<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |     130000 | PA      | $132203.89    | 0.02%             | 2032-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                     | Citigroup Inc.                                                                       | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     117000 | PA      | $117167.34    | 0.02%             | N/A             | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -16540000 | NC      | $-196590.67   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Bausch and Lomb, Inc.                                                              | Bausch and Lomb, Inc., Term Loan                                                     | CUSIP: C0787FAL6<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |     273625 | PA      | $274566.27    | 0.05%             | 2031-01-30      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $1086122.66   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                 | Freddie Mac STRIPS, IO                                                               | CUSIP: 31282YCU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       3102 | PA      | $242.60       | 0.00%             | 2029-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CWHEQ Revolving Home Equity Loan Trust                                             | CWHEQ Revolving Home Equity Loan Trust, Series 2006-H, Class 2A1A                    | CUSIP: 126686AB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       6131 | PA      | $5546.72      | 0.00%             | 2036-11-15      | Floating      | 2.32%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-69198.05    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                | GS Mortgage-Backed Securities Trust, Series 2025-NQM4, Class A3                      | CUSIP: 36272UAC2<br>LEI: 25490076N7JFR2Y3CU63 | Long             | ABS-MBS          | CORP              | US        |     696305 | PA      | $696142.72    | 0.12%             | 2065-10-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Great Hall Mortgages No.1 PLC                                                      | Great Hall Mortgages No.1 PLC, Series 2007-2X, Class EB                              | CUSIP: BCC0YMFK4<br>LEI: 213800TM9KICQKGTYR78 | Long             | ABS-MBS          | CORP              | GB        |    1780000 | PA      | $1982963.83   | 0.33%             | 2039-06-18      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| TMF Trust Co. (Argentina) S.A.                                                     | TMF Trust Co. (Argentina) S.A.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | AR        |      73569 | PA      | $66489.70     | 0.01%             | 2027-04-07      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| ESAB Corp.                                                                         | ESAB Corp.                                                                           | CUSIP: 29605JAB2<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |      92000 | PA      | $92874.92     | 0.02%             | 2031-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                              | Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA                     | CUSIP: 95001GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2227638 | PA      | $25913.67     | 0.00%             | 2050-12-15      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392F6J1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1264 | PA      | $62.70        | 0.00%             | 2032-12-18      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Transocean International Ltd.                                                      | Transocean International Ltd.                                                        | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     118000 | PA      | $126164.42    | 0.02%             | 2032-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Funding 2024 - Granite 7 PLC                                   | Towd Point Mortgage Funding 2024 - Granite 7 PLC, Series 2024-GR7X, Class E          | CUSIP: BCC3JPGS0<br>LEI: 635400RLWW2GUXIMK345 | Long             | ABS-MBS          | CORP              | GB        |     690000 | PA      | $914230.48    | 0.15%             | 2051-04-20      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                                                           | SGUS LLC                                                                             | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      59550 | PA      | $6550.50      | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| N/A                                                                                | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-72688.05    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Hilcorp Energy I, L.P.                                                             | Hilcorp Energy I, L.P.                                                               | CUSIP: 431318BC7<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     134000 | PA      | $139906.32    | 0.02%             | 2033-11-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31394DQF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      66474 | PA      | $5341.36      | 0.00%             | 2035-05-25      | Floating      | 2.92%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                     | Ecopetrol S.A.                                                                       | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     750000 | PA      | $758020.87    | 0.13%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Mortgage Funding 2008-1 PLC                                                        | Mortgage Funding 2008-1 PLC, Series 2008-1, Class B2                                 | CUSIP: BCC1318Z7<br>LEI: 213800AHT9AB4TA6OJ88 | Long             | ABS-MBS          | CORP              | GB        |    6497463 | PA      | $7962437.87   | 1.33%             | 2046-03-13      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                          | U.S. Treasury Notes/Bonds                                                            | CUSIP: 912810FE3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   11460000 | PA      | $11899150.75  | 1.98%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -90000000 | NC      | $-744975.90   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                           | Government National Mortgage Association                                             | CUSIP: 38381NB49<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |   21699271 | PA      | $253056.90    | 0.04%             | 2055-07-20      | Floating      | 0.78%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                           | PNC Financial Services Group, Inc. (The)                                             | CUSIP: 693475BT1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    2128000 | PA      | $2152807.46   | 0.36%             | 2027-10-20      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -15520000 | NC      | $-926211.40   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   25750000 | NC      | $1539567.27   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| American Airlines Inc./AAdvantage Loyalty IP Ltd.                                  | American Airlines Inc./AAdvantage Loyalty IP Ltd.                                    | CUSIP: 00253XAB7<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     172000 | PA      | $171169.29    | 0.03%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                                    | CoreWeave, Inc.                                                                      | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |      38000 | PA      | $36205.22     | 0.01%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                              | OneMain Finance Corp.                                                                | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      53000 | PA      | $47902.35     | 0.01%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust                                                       | Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3                              | CUSIP: 16162WPX1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       2804 | PA      | $2613.95      | 0.00%             | 2036-01-25      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| Eurosail PLC                                                                       | Eurosail PLC, Series 2007-2X, Class D1A                                              | CUSIP: BCC0WM139<br>LEI: 213800NEJVUXH4MS6Y78 | Long             | ABS-MBS          | CORP              | GB        |    3600000 | PA      | $3712286.23   | 0.62%             | 2045-03-13      | Floating      | 2.92%                 | No            |                  2 | On Loan: No      |
| Electricite de France                                                              | Electricite de France                                                                | CUSIP: ZN7006218<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     800000 | PA      | $988953.33    | 0.16%             | N/A             | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| TELUS Corp.                                                                        | TELUS Corp.                                                                          | CUSIP: 87971MCQ4<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |     806000 | PA      | $798187.68    | 0.13%             | 2056-06-09      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $1166367.23   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 31394V7G9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      21750 | PA      | $25385.00     | 0.00%             | 2036-03-25      | Floating      | 10.72%                | No            |                  2 | On Loan: No      |
| FMC Corp.                                                                          | FMC Corp.                                                                            | CUSIP: 302491AY1<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |      15000 | PA      | $11320.57     | 0.00%             | 2053-05-18      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                                                           | Group 1 Automotive, Inc.                                                             | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     229000 | PA      | $221746.06    | 0.04%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |  -19900000 | NC      | $-598213.90   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-87213.38    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Last Mile Logistics Pan Euro Finance DAC                                           | Last Mile Logistics Pan Euro Finance DAC, Series E                                   | CUSIP: BCC316NC8<br>LEI: 635400NOPX1IKIAX7N90 | Long             | ABS-MBS          | CORP              | IE        |    2392555 | PA      | $2764251.32   | 0.46%             | 2033-08-17      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| BB Blue Financing DAC                                                              | BB Blue Financing DAC, Series A1                                                     | CUSIP: BZ1196758<br>LEI: 635400ZEZBP91CFF7965 | Long             | DBT              | CORP              | IE        |     750000 | PA      | $729955.39    | 0.12%             | 2037-09-20      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Brookfield Infrastructure Finance ULC                                              | Brookfield Infrastructure Finance ULC                                                | CUSIP: 11276BAA7<br>LEI: 984500CDDWC47U7DBA74 | Long             | DBT              | CORP              | CA        |     426000 | PA      | $421969.02    | 0.07%             | 2055-03-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: —       |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31394CKG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1628 | PA      | $76.86        | 0.00%             | 2035-03-25      | Floating      | 2.97%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -79200000 | NC      | $-467457.81   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Deutsche Bank Aktiengesellschaft                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3790000 | NC      | $68.22        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -226400000 | NC      | $-2075755.19  | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3133TMBG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       8890 | PA      | $9021.10      | 0.00%             | 2029-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings Inc.                                                  | Nationstar Mortgage Holdings Inc.                                                    | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     113000 | PA      | $114695.00    | 0.02%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -69360000 | NC      | $-21134.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Energuate Trust 2 0                                                                | Energuate Trust 2 0                                                                  | CUSIP: 29277RAB1<br>LEI: 2549000ZL9MU01FZK194 | Long             | DBT              | CORP              | KY        |     560000 | PA      | $549279.36    | 0.09%             | 2035-09-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Jupiter Mortgage No.1 PLC                                                          | Jupiter Mortgage No.1 PLC, Series 1A, Class FR                                       | CUSIP: BCC3D7YR8<br>LEI: 6354009QIELPOGEAFS09 | Long             | ABS-MBS          | CORP              | GB        |     852000 | PA      | $1129339.38   | 0.19%             | 2055-07-20      | Floating      | 8.74%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                   | Teva Pharmaceutical Finance Netherlands III B.V.                                     | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     151000 | PA      | $112116.91    | 0.02%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | U.S. Treasury 5 Year Notes Future                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        -49 | NC      | $80698.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3137HKLF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   16678373 | PA      | $649239.03    | 0.11%             | 2055-03-25      | Floating      | 1.49%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $666495.57    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                                 | Nexstar Media Inc.                                                                   | CUSIP: 65346UAB5<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |      59000 | PA      | $59485.22     | 0.01%             | 2033-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                              | OneMain Finance Corp.                                                                | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      53000 | PA      | $51488.83     | 0.01%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 3137HKW67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   24726780 | PA      | $1253232.33   | 0.21%             | 2055-04-25      | Floating      | 2.29%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                           | Government National Mortgage Association, IO                                         | CUSIP: 38375JSQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |      42533 | PA      | $2095.71      | 0.00%             | 2037-04-16      | Floating      | 2.76%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                            | Level 3 Financing, Inc.                                                              | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      94000 | PA      | $95796.45     | 0.02%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                           | Fannie Mae Connecticut Avenue Securities, Series 2023-R06, Class 1B1                 | CUSIP: 20754EAF2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     565000 | PA      | $588790.79    | 0.10%             | 2043-07-25      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                      | Petrobras Global Finance B.V.                                                        | CUSIP: 71647NBN8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     625000 | PA      | $611306.25    | 0.10%             | 2036-01-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fideicomiso Dorrego y Libertador                                                   | Fideicomiso Dorrego y Libertador                                                     | CUSIP: BCC39CJN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AR        |    3144648 | PA      | $2728296.60   | 0.45%             | 2043-12-31      | Fixed         | 2.00%                 | No            |                  3 | On Loan: No      |
| Air Lease Corp.                                                                    | Air Lease Corp., Series B                                                            | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     116000 | PA      | $115789.07    | 0.02%             | N/A             | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| U.S. International Development Finance Corp.                                       | U.S. International Development Finance Corp., Series 4                               | CUSIP: 90376PEX5<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | USGSE             | US        |     480000 | PA      | $471903.78    | 0.08%             | 2028-04-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CHC Group LLC                                                                      | CHC Group LLC                                                                        | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     111000 | PA      | $108151.10    | 0.02%             | 2030-09-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                                     | PMT Loan Trust, Series 2025-INV1, Class A7                                           | CUSIP: 693967AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     346477 | PA      | $350679.96    | 0.06%             | 2060-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Spain Government Bond                                                              | Spain Government Bond                                                                | CUSIP: DF7835633<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |    1320000 | PA      | $1468358.95   | 0.24%             | 2056-10-31      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -176745000 | NC      | $-717146.37   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $168852.86    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   37070000 | NC      | $2238562.77   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                              | Clydesdale Acquisition Holdings, Inc.                                                | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |      57000 | PA      | $53235.37     | 0.01%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Goldman Sachs International                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -39200000 | NC      | $-1022014.44  | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 31397NP41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       5382 | PA      | $5442.62      | 0.00%             | 2037-06-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bills                                                                | U.S. Treasury Bills                                                                  | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   41563000 | PA      | $41382679.72  | 6.89%             | 2026-05-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                                            | SS&C Technologies, Inc.                                                              | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     133000 | PA      | $133189.26    | 0.02%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Subway Funding LLC                                                                 | Subway Funding LLC, Series 2024-1A, Class A2I                                        | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      98750 | PA      | $99730.25     | 0.02%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| PennyMac Financial Services, Inc.                                                  | PennyMac Financial Services, Inc.                                                    | CUSIP: 70932MAB3<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      56000 | PA      | $53111.10     | 0.01%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital, Inc.                                        | HA Sustainable Infrastructure Capital, Inc.                                          | CUSIP: 41068XAG5<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |     115000 | PA      | $119032.13    | 0.02%             | 2056-06-01      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-201893.60   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                        | Freddie Mac, Series 2024-HQA2, Class M2                                              | CUSIP: 35564NEC3<br>LEI: 5299002OYNAPMJKK2A73 | Long             | ABS-MBS          | USGSE             | US        |    1550000 | PA      | $1554873.20   | 0.26%             | 2044-08-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Greystar Real Estate Partners, LLC                                                 | Greystar Real Estate Partners, LLC, Term Loan                                        | CUSIP: 39806LAJ6<br>LEI: 254900HGC806SXAS4M46 | Long             | LON              | CORP              | US        |      73505 | PA      | $73689.03     | 0.01%             | 2030-08-21      | Floating      | 6.17%                 | No            |                  3 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | -118800000 | NC      | $-1038391.18  | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Intercontinental Exchange, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-102972.05   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | UBS AG                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   26460000 | NC      | $16056.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392DAG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1174 | PA      | $116.86       | 0.00%             | 2032-04-25      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| Banco Mercantil del Norte, S.A.                                                    | Banco Mercantil del Norte, S.A.                                                      | CUSIP: 05971PAC2<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     650000 | PA      | $673240.75    | 0.11%             | N/A             | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| YPF S.A.                                                                           | YPF S.A.                                                                             | CUSIP: 984245AY6<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    1274000 | PA      | $1330894.29   | 0.22%             | 2031-09-11      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Cushman & Wakefield US Borrower LLC                                                | Cushman & Wakefield US Borrower LLC, Term Loan                                       | CUSIP: 23340DAW2<br>LEI: 549300870CMN3WI5IF97 | Long             | LON              | CORP              | US        |     124792 | PA      | $125416.46    | 0.02%             | 2030-01-31      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                                                   | Marriott Ownership Resorts, Inc.                                                     | CUSIP: 57164PAK2<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |     115000 | PA      | $109453.37    | 0.02%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Asurion LLC/ Asurion Co-Issuer Inc.                                                | Asurion LLC/ Asurion Co-Issuer Inc.                                                  | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |     117000 | PA      | $121479.69    | 0.02%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Bell Canada                                                                        | Bell Canada                                                                          | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     893000 | PA      | $903780.30    | 0.15%             | 2055-09-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Brink's Co. (The)                                                                  | Brink's Co. (The)                                                                    | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     222000 | PA      | $224919.52    | 0.04%             | 2032-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $4258.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Bank of America, National Association                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    3470000 | NC      | $94186.21     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Newday Funding Master Issuer PLC - Series 2024-3                                   | Newday Funding Master Issuer PLC - Series 2024-3, Series 2024-3X, Class E            | CUSIP: BCC3HZWF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |    1005000 | PA      | $1353196.65   | 0.23%             | 2032-11-15      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 31392KST4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      14298 | PA      | $14307.47     | 0.00%             | 2032-01-15      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                                                                   | VB-S1 Issuer LLC, Series 2026-1A, Class D                                            | CUSIP: 91825HAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1230000 | PA      | $1211521.71   | 0.20%             | 2056-03-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                 | Freddie Mac REMICs                                                                   | CUSIP: 31392MJE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      32568 | PA      | $33654.09     | 0.01%             | 2032-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-152577.53   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                           | Fannie Mae Connecticut Avenue Securities, Series 2024-R03, Class 2M2                 | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3180000 | PA      | $3189244.26   | 0.53%             | 2044-03-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | JPMorgan Chase Bank, National Association                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |          1 | NC      | $-681958.08   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Carriage Services, Inc.                                                            | Carriage Services, Inc.                                                              | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     187000 | PA      | $177808.67    | 0.03%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                           | Fannie Mae Connecticut Avenue Securities, Series 2022-R08, Class 1M2                 | CUSIP: 20755DAB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1350000 | PA      | $1390795.92   | 0.23%             | 2042-07-25      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1337.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $6968.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Telecomunicaciones Digitales, S.A.                                                 | Telecomunicaciones Digitales, S.A.                                                   | CUSIP: ZQ3057432<br>LEI: 5299008Q5GONPYNF9J32 | Long             | DBT              | CORP              | PA        |     750000 | PA      | $706968.75    | 0.12%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-186712.19   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CenterPoint Energy, Inc.                                                           | CenterPoint Energy, Inc.                                                             | CUSIP: 15189TBP1<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    2800000 | PA      | $2844858.80   | 0.47%             | 2055-05-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Cousins Properties L.P.                                                            | Cousins Properties L.P.                                                              | CUSIP: 222793AC5<br>LEI: 254900ZQIHJ5FQH4C329 | Long             | DBT              | CORP              | US        |    1184000 | PA      | $1200081.88   | 0.20%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fibercop S.p.A.                                                                    | Fibercop S.p.A.                                                                      | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $95378.61     | 0.02%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $219005.58    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | CME Group Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-101711.67   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 31393T4V5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       2754 | PA      | $2746.99      | 0.00%             | 2033-11-25      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392ATX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |        938 | PA      | $43.71        | 0.00%             | 2031-12-18      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| YPF S.A.                                                                           | YPF S.A., Class D                                                                    | CUSIP: P9897X131<br>LEI: 5493003N7447U18U5U53 | Long             | EC               | CORP              | AR        |      14352 | NS      | $700727.52    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                       | CCO Holdings, LLC/CCO Holdings Capital Corp.                                         | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     141000 | PA      | $126080.15    | 0.02%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arcos Dorados B.V.                                                                 | Arcos Dorados B.V.                                                                   | CUSIP: 03965TAC7<br>LEI: 549300T91OYP6I7P8G39 | Long             | DBT              | CORP              | NL        |    1410000 | PA      | $1451595.00   | 0.24%             | 2032-01-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BBVA Bancomer S.A.                                                                 | BBVA Bancomer S.A.                                                                   | CUSIP: YR2963183<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    1680000 | PA      | $1738800.00   | 0.29%             | 2035-02-11      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $599.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |   -7800000 | NC      | $-159426.03   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| OBX 2024-NQM12 Trust                                                               | OBX 2024-NQM12 Trust, Series 2024-NQM12, Class A1                                    | CUSIP: 67448PAA1<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |     171467 | PA      | $172256.58    | 0.03%             | 2064-07-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-198812.04   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $399.38       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Morgan Stanley Capital Services LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   -6350000 | NC      | $-597421.10   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31393BGX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      13824 | PA      | $1959.94      | 0.00%             | 2033-05-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs                                                                    | CUSIP: 31395D7F0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      21820 | PA      | $24161.85     | 0.00%             | 2036-06-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| N/A                                                                                | LCH CLEARNET (US) LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          1 | NC      | $-64870.91    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                | Forward Foreign Currency Contract                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-90321.19    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                  | Fannie Mae REMICs, IO                                                                | CUSIP: 31392BMY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       1542 | PA      | $126.77       | 0.00%             | 2032-01-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                              | OneMain Finance Corp.                                                                | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     105000 | PA      | $104125.53    | 0.02%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                           | Fannie Mae Connecticut Avenue Securities, Series 2024-R02, Class 1M2                 | CUSIP: 20754GAE0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3100000 | PA      | $3105190.02   | 0.52%             | 2044-02-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | BNPP Securities Corp                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  -79200000 | NC      | $-618983.09   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Bayer US Finance LLC                                                               | Bayer US Finance LLC                                                                 | CUSIP: 07274EAH6<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    1745000 | PA      | $1761130.47   | 0.29%             | 2026-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust                                                                | RCKT Mortgage Trust, Series 2025-CES5, Class A1B                                     | CUSIP: 74942CAB5<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |     701215 | PA      | $706635.24    | 0.12%             | 2055-05-25      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower L.P.                                                                | EMRLD Borrower L.P., Incremental Term Loan B                                         | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     206186 | PA      | $206078.82    | 0.03%             | 2031-08-04      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                              | Dominican Republic International Bond                                                | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     500000 | PA      | $461950.00    | 0.08%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Principal Financial Officer and Treasurer