# EDGAR Filing Document

**Accession Number:** 0000719269
**File Stem:** 0001410368-25-028926
**Filing Date:** 2025-11
**Character Count:** 157218
**Document Hash:** 71456e5732c255b4451f47eb28bc391a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-028926.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-028926

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS VARIABLE INSURANCE TRUST II
- **CENTRAL INDEX KEY:** 0000719269

**ORGANIZATION NAME:**
- **EIN:** 046540044
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03732
- **FILM NUMBER:** 251509810

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 16179545839

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS SUN LIFE SERIES TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS SERIES TRUST
- **DATE OF NAME CHANGE:** 19850325

## Series and Classes Contracts Data

### MFS Income Portfolio (Series ID: S000002649)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007267 | Initial Class |  |
| C000007268 | Service Class |  |

## Nport-Ex

SIS-Q3

![](img5af49d261.gif)

**Quarterly Report**

September 30, 2025

MFS<sup>®</sup> Income Portfolio

![](imgd74fb0642.gif)

MFS<sup>®</sup> Variable Insurance Trust II

------

**Portfolio of Investments**

9/30/25 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 98.3%  | Bonds – 98.3%  | Bonds – 98.3%  |
| Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% |
| Boeing Co., 6.528%, 5/01/2034  | $17000 | &nbsp;&nbsp;&nbsp; $18793 |
| Boeing Co., 5.705%, 5/01/2040  | 34000 | &nbsp;&nbsp;&nbsp; 34693 |
| Boeing Co., 5.805%, 5/01/2050  | 159000 | &nbsp;&nbsp;&nbsp; 158851 |
| Boeing Co., 6.858%, 5/01/2054  | 32000 | &nbsp;&nbsp;&nbsp; 36503 |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 100000 | &nbsp;&nbsp;&nbsp; 104198 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 175000 | &nbsp;&nbsp;&nbsp; 171495 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 25000 | &nbsp;&nbsp;&nbsp; 25281 |
|  |  | &nbsp;&nbsp;&nbsp; $549814 |
| Asset-Backed & Securitized – 25.7% | Asset-Backed & Securitized – 25.7% | Asset-Backed & Securitized – 25.7% |
| ACREC 2025-FL3 LLC, "C", FLR, 6.426% (SOFR - 1mo. + 2.291%), 8/18/2042 (n) | $40373 | &nbsp;&nbsp;&nbsp; $40240 |
| Affirm Asset Securitization Trust, 2024-X2, "A", 5.22%, 12/17/2029 (n) | 24032 | &nbsp;&nbsp;&nbsp; 24054 |
| Affirm, Inc., 5.08%, 4/15/2030 (n) | 62979 | &nbsp;&nbsp;&nbsp; 63111 |
| AGL CLO 1 Ltd., 2019-1A, "BRR", FLR, 5.975% (SOFR - 3mo. + 1.65%), 10/20/2034 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250090 |
| American Credit Acceptance Receivables Trust, 2024-2, "B", 6.1%, 12/13/2027 (n) | 21387 | &nbsp;&nbsp;&nbsp; 21402 |
| American Credit Acceptance Receivables Trust, 2024-2, "C", 6.24%, 4/12/2030 (n) | 64000 | &nbsp;&nbsp;&nbsp; 64704 |
| Angel Oak Mortgage Trust, 2024-10, "A1", 5.348%, 10/25/2069 (n) | 102300 | &nbsp;&nbsp;&nbsp; 102790 |
| Angel Oak Mortgage Trust, 2024-12, "A1", 5.653%, 10/25/2069 (n) | 92635 | &nbsp;&nbsp;&nbsp; 93457 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 57202 | &nbsp;&nbsp;&nbsp; 57183 |
| Arbor Realty Trust, Inc., CLO, 2021-FL3, "D", FLR, 6.464% ((SOFR - 1mo. + 0.11448%) + 2.2%), 8/15/2034 (n) | 100000 | &nbsp;&nbsp;&nbsp; 99840 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "A", FLR, 5.614% ((SOFR - 1mo. + 0.11448%) + 1.35%), 11/15/2036 (n) | 133019 | &nbsp;&nbsp;&nbsp; 133021 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "D", FLR, 7.164% ((SOFR - 1mo. + 0.11448%) + 2.9%), 11/15/2036 (n) | 256500 | &nbsp;&nbsp;&nbsp; 256573 |
| AREIT 2025-CRE10 Ltd., "B", FLR, 5.984% (SOFR - 1mo. + 1.8419%), 1/17/2030 (n) | 100000 | &nbsp;&nbsp;&nbsp; 99885 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 41896 | &nbsp;&nbsp;&nbsp; 42252 |
| Bain Capital Credit CLO Ltd., 2020-3A, "CRR", FLR, 6.218% (SOFR - 3mo. + 1.9%), 10/23/2034 (n) | 200000 | &nbsp;&nbsp;&nbsp; 200232 |
| Bain Capital Credit CLO Ltd., 2021-4A, "CR", FLR, 6.275% (SOFR - 3mo. + 1.95%), 10/20/2034 (n) | 197222 | &nbsp;&nbsp;&nbsp; 197280 |
| Bank5, 2025-5YR17, "AS", 5.626%, 11/15/2058  | 65849 | &nbsp;&nbsp;&nbsp; 67900 |
| Bayview Financial Revolving Mortgage Loan Trust, FLR, 5.88% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 23623 | &nbsp;&nbsp;&nbsp; 50888 |
| BDS 2024-FL13 Ltd., "A", FLR, 5.709% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100228 |
| Black Diamond CLO Ltd., 2019-2A, "BR", FLR, 7.068% (SOFR - 3mo. + 2.75%), 7/23/2032 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250087 |
| BMP Commercial Mortgage Trust, 2024-MF23, "C", FLR, 5.991% (SOFR - 1mo. + 1.8413%), 6/15/2041 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100219 |
| BMP Commercial Mortgage Trust, 2024-MF23, "D", FLR, 6.54% (SOFR - 1mo. + 2.3905%), 6/15/2041 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100219 |
| BSPRT 2024-FL11 Issuer Ltd., "AS", FLR, 6.245% (SOFR - 1mo. + 2.095%), 7/15/2039 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100593 |
| Business Jet Securities LLC, 2024-2A, "A", 5.364%, 9/15/2039 (n) | 83356 | &nbsp;&nbsp;&nbsp; 83706 |
| BX Trust, 2025-BCAT, "C", FLR, 6.05% (SOFR - 1mo. + 1.9%), 8/15/2042 (n) | 95829 | &nbsp;&nbsp;&nbsp; 96068 |
| BX Trust, 2025-BCAT, "D", FLR, 6.8% (SOFR - 1mo. + 2.65%), 8/15/2042 (n) | 95829 | &nbsp;&nbsp;&nbsp; 96038 |
| Cathedral Lake VI Ltd., FLR, 6.111% (SOFR - 3mo. + 1.85%), 4/25/2034 (n) | 115086 | &nbsp;&nbsp;&nbsp; 115083 |
| Colt Funding LLC, 2025-1, "A1", 5.699%, 1/25/2070 (n) | 89430 | &nbsp;&nbsp;&nbsp; 90321 |
| Colt Funding LLC, 2024-1, "A1", 5.835%, 2/25/2069 (n) | 88564 | &nbsp;&nbsp;&nbsp; 89259 |
| Colt Funding LLC, 2024-2, "A1", 6.125%, 4/25/2069 (n) | 61835 | &nbsp;&nbsp;&nbsp; 62509 |
| Colt Funding LLC, 2024-5, "A1", 5.123%, 8/25/2069 (n) | 91344 | &nbsp;&nbsp;&nbsp; 91485 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "B", 6.999%, 8/15/2056  | 93513 | &nbsp;&nbsp;&nbsp; 99924 |
| Commercial Mortgage Pass-Through Certificates, 2024-CBM, "B", 6.511%, 12/10/2041 (n) | 187500 | &nbsp;&nbsp;&nbsp; 190301 |
| Consumers 2023 Securitization Funding LLC, 5.55%, 3/01/2028  | 40926 | &nbsp;&nbsp;&nbsp; 41448 |
| Crest Ltd., CDO, 7% (0.001% Cash or 7% PIK), 1/28/2040 (a)(d)(p) | 933316 | &nbsp;&nbsp;&nbsp; 9 |
| Dryden Senior Loan Fund, 2022-104A, "BR", FLR, 5.953% (SOFR - 3mo. + 1.75%), 8/20/2034 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250074 |
| Dryden Senior Loan Fund, 2022-113A, "BR2", CLO, FLR, 5.967% (SOFR - 3mo. + 1.65%), 10/15/2037 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250489 |
| Dwight 2025-FL1 Issuer LLC, FLR, 6.421% (SOFR - 1mo. + 2.286%), 6/18/2042 (n) | 111500 | &nbsp;&nbsp;&nbsp; 112056 |
| ELM Trust, 2024-ELM, "D10", 6.846%, 6/10/2039 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100561 |
| EQT Trust, 2024-EXTR, "B", 5.654%, 7/05/2041 (n) | 100000 | &nbsp;&nbsp;&nbsp; 102027 |
| EQT Trust, 2024-EXTR, "C", 6.046%, 7/05/2041 (n) | 100000 | &nbsp;&nbsp;&nbsp; 102180 |
| Exeter Automobile Receivables Trust, 2025-1A, "A", 4.7%, 9/15/2027  | 26018 | &nbsp;&nbsp;&nbsp; 26034 |
| Invesco CLO 2022-2A Ltd., "BR", 5.97%, 7/20/2035 (n) | 250000 | &nbsp;&nbsp;&nbsp; 249995 |
| KREF 2021-FL2 Ltd., "D", FLR, 6.457% ((SOFR - 1mo. + 0.11448%) + 2.2%), 2/15/2039 (n) | 163000 | &nbsp;&nbsp;&nbsp; 159281 |
| LoanCore 2025-CRE8 Ltd., "B", FLR, 5.984% (SOFR - 1mo. + 1.8412%), 8/17/2042 (n) | 117500 | &nbsp;&nbsp;&nbsp; 116924 |
| MF1 2020-FL4 Ltd., "B", FLR, 7.007% ((SOFR - 1mo. + 0.11448%) + 2.75%), 12/15/2035 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250443 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| MF1 2024-FL14 LLC, "C", FLR, 7.422% (SOFR - 1mo. + 3.289%), 3/19/2039 (n) | $100000 | &nbsp;&nbsp;&nbsp; $100234 |
| MF1 2024-FL15 LLC, "B", FLR, 6.626% (SOFR - 1mo. + 2.491%), 8/18/2041 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100091 |
| MF1 2024-FL15 LLC, "C", FLR, 7.075% (SOFR - 1mo. + 2.94%), 8/18/2041 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100140 |
| MF1 2024-FL16 LLC, "B", FLR, 6.277% (SOFR - 1mo. + 2.142%), 11/18/2039 (n) | 100000 | &nbsp;&nbsp;&nbsp; 99750 |
| MF1 2024-FL16 LLC, "C", FLR, 6.677% (SOFR - 1mo. + 2.542%), 11/18/2039 (n) | 120000 | &nbsp;&nbsp;&nbsp; 120589 |
| MF1 2025-FL17 LLC, "B", FLR, 5.927% (SOFR - 1mo. + 1.792%), 2/18/2040 (n) | 100000 | &nbsp;&nbsp;&nbsp; 99363 |
| MF1 2025-FL17 LLC, "C", FLR, 6.227% (SOFR - 1mo. + 2.092%), 2/18/2040 (n) | 100000 | &nbsp;&nbsp;&nbsp; 99305 |
| MF1 Multi-Family Housing Mortgage Loan Trust, 2025-FL20, "C", FLR, 6.285% (SOFR - 1mo. + 2.15%), 2/18/2043 (n) | 121403 | &nbsp;&nbsp;&nbsp; 121441 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A-1", 6.152%, 12/25/2068 (n) | 81216 | &nbsp;&nbsp;&nbsp; 82046 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM5, "A-1", 5.439%, 7/25/2070 (n) | 98448 | &nbsp;&nbsp;&nbsp; 99072 |
| MSWF Commercial Mortgage Trust, 2023-2, "A5", 6.014%, 12/15/2056  | 73785 | &nbsp;&nbsp;&nbsp; 79843 |
| MSWF Commercial Mortgage Trust, 2023-2, "AS", 6.491%, 12/15/2056  | 50728 | &nbsp;&nbsp;&nbsp; 55331 |
| New Residential Mortgage Loan Trust, 2024-NQMI, "A-1", 6.129%, 3/25/2064 (n) | 153975 | &nbsp;&nbsp;&nbsp; 155481 |
| Northwoods Capital Ltd., 2018-14BA, "BR", FLR, 6.078% (SOFR - 3mo. + 1.85%), 11/13/2031 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250171 |
| OBX Trust, 2024-NQM14, "A1", 4.944%, 9/25/2064 (n) | 77496 | &nbsp;&nbsp;&nbsp; 77475 |
| OBX Trust, 2024-NQM3, "A1", 6.129%, 12/25/2063 (n) | 63979 | &nbsp;&nbsp;&nbsp; 64739 |
| OBX Trust, 2025-NQM1, "A1", 5.547%, 12/25/2064 (n) | 88422 | &nbsp;&nbsp;&nbsp; 89164 |
| OBX Trust, 2025-NQM13, "A1", 5.441%, 5/25/2065 (n) | 96168 | &nbsp;&nbsp;&nbsp; 96984 |
| OBX Trust, 2025-NQM14, "A1", 5.162%, 7/25/2065 (n) | 97419 | &nbsp;&nbsp;&nbsp; 98074 |
| OBX Trust, 2025-NQM16, "A1", 4.905%, 8/25/2065 (n) | 106176 | &nbsp;&nbsp;&nbsp; 106028 |
| Palmer Square Loan Funding 2024-3A Ltd., "A-2", FLR, 5.884% (SOFR - 3mo. + 1.65%), 8/08/2032 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250245 |
| PFP III 2024-11 Ltd., "AS", FLR, 6.406% (SOFR - 1mo. + 2.18957%), 9/17/2039 (n) | 271725 | &nbsp;&nbsp;&nbsp; 272659 |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "D", FLR, 7.222% ((SOFR - 1mo. + 0.11448%) + 2.95%), 11/25/2036 (n) | 120000 | &nbsp;&nbsp;&nbsp; 119785 |
| Santander Drive Auto Receivables Trust, 2025-1, 4.74%, 1/16/2029  | 55000 | &nbsp;&nbsp;&nbsp; 55241 |
| Shackleton 2015-7RA CLO Ltd., "B", FLR, 5.967% (SOFR - 3mo. + 1.65%), 7/15/2031 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250043 |
| SHR Trust, 2024-LXRY, "B", 6.6%, 10/15/2041 (n) | 159636 | &nbsp;&nbsp;&nbsp; 159836 |
| Stellantis Finance US, Inc., 4.63%, 7/20/2027 (n) | 68119 | &nbsp;&nbsp;&nbsp; 68416 |
| STORE Master Funding LLC, 2024-1A, "A3", 5.93%, 5/20/2054 (n) | 99292 | &nbsp;&nbsp;&nbsp; 100379 |
| STORE Master Funding LLC, 2024-1A, "A4", 5.94%, 5/20/2054 (n) | 99292 | &nbsp;&nbsp;&nbsp; 101519 |
| Taco Bell Funding LLC, 2025-1A, "A2I", 4.821%, 8/25/2055 (n) | 117037 | &nbsp;&nbsp;&nbsp; 117640 |
| UBS Commercial Mortgage Trust, 2017-C7, "A4", 3.679%, 12/15/2050  | 155000 | &nbsp;&nbsp;&nbsp; 153079 |
| Venture CLO 43 Ltd., 2021-43A, "CR", FLR, 6.567% (SOFR - 3mo. + 2.25%), 4/15/2034 (n) | 194468 | &nbsp;&nbsp;&nbsp; 194502 |
| Verus Securitization Trust, 2024-2, "A1", 6.095%, 2/25/2069 (n) | 59572 | &nbsp;&nbsp;&nbsp; 60195 |
| Verus Securitization Trust, 2014-1, "A1", 5.712%, 1/25/2069 (n) | 59033 | &nbsp;&nbsp;&nbsp; 59418 |
| Verus Securitization Trust, 2024-8, "A1", 5.364%, 10/25/2069 (n) | 84888 | &nbsp;&nbsp;&nbsp; 85340 |
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027  | 35438 | &nbsp;&nbsp;&nbsp; 35627 |
| Voya CLO 2012-4A Ltd., "C1R3", FLR, 7.879% ((SOFR - 3mo. + 0.26161%) + 3.3%), 10/15/2030 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250346 |
|  |  | &nbsp;&nbsp;&nbsp; $9722054 |
| Automotive – 0.6% | Automotive – 0.6% | Automotive – 0.6% |
| Hyundai Capital America, 5.35%, 3/19/2029 (n) | $37000 | &nbsp;&nbsp;&nbsp; $38002 |
| LKQ Corp., 6.25%, 6/15/2033  | 123000 | &nbsp;&nbsp;&nbsp; 131259 |
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 82000 | &nbsp;&nbsp;&nbsp; 76081 |
|  |  | &nbsp;&nbsp;&nbsp; $245342 |
| Brokerage & Asset Managers – 1.6% | Brokerage & Asset Managers – 1.6% | Brokerage & Asset Managers – 1.6% |
| Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034  | $155000 | &nbsp;&nbsp;&nbsp; $168840 |
| Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170  | 86000 | &nbsp;&nbsp;&nbsp; 85597 |
| Jane Street Group/JSG Finance, Inc., 6.75%, 5/01/2033 (n) | 103000 | &nbsp;&nbsp;&nbsp; 106980 |
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 141000 | &nbsp;&nbsp;&nbsp; 136495 |
| LPL Holdings, Inc., 5.75%, 6/15/2035  | 89000 | &nbsp;&nbsp;&nbsp; 91264 |
|  |  | &nbsp;&nbsp;&nbsp; $589176 |
| Building – 1.0% | Building – 1.0% | Building – 1.0% |
| Ferguson Enterprises, Inc., 5%, 10/03/2034  | $34000 | &nbsp;&nbsp;&nbsp; $34233 |
| Patrick Industries, Inc., 4.75%, 5/01/2029 (n) | 175000 | &nbsp;&nbsp;&nbsp; 171423 |
| Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) | 126000 | &nbsp;&nbsp;&nbsp; 130517 |
| Standard Industries, Inc., 3.375%, 1/15/2031 (n) | 28000 | &nbsp;&nbsp;&nbsp; 25356 |
|  |  | &nbsp;&nbsp;&nbsp; $361529 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Business Services – 0.3% | Business Services – 0.3% | Business Services – 0.3% |
| Global Payments, Inc., 2.9%, 5/15/2030  | $120000 | &nbsp;&nbsp;&nbsp; $111059 |
| Cable TV – 0.9% | Cable TV – 0.9% | Cable TV – 0.9% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | $150000 | &nbsp;&nbsp;&nbsp; $141662 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.9%, 6/01/2052  | 176000 | &nbsp;&nbsp;&nbsp; 119203 |
| Time Warner Cable, Inc., 4.5%, 9/15/2042  | 77000 | &nbsp;&nbsp;&nbsp; 61868 |
|  |  | &nbsp;&nbsp;&nbsp; $322733 |
| Chemicals – 0.3% | Chemicals – 0.3% | Chemicals – 0.3% |
| Chemours Co., 5.75%, 11/15/2028 (n) | $60000 | &nbsp;&nbsp;&nbsp; $58522 |
| Chemours Co., 8%, 1/15/2033 (n) | 60000 | &nbsp;&nbsp;&nbsp; 59680 |
|  |  | &nbsp;&nbsp;&nbsp; $118202 |
| Computer Software – 0.6% | Computer Software – 0.6% | Computer Software – 0.6% |
| Dell International LLC/EMC Corp., 5.3%, 10/01/2029  | $130000 | &nbsp;&nbsp;&nbsp; $134239 |
| Oracle Corp., 5.2%, 9/26/2035  | 50000 | &nbsp;&nbsp;&nbsp; 50275 |
| Oracle Corp., 5.95%, 9/26/2055  | 37000 | &nbsp;&nbsp;&nbsp; 36886 |
|  |  | &nbsp;&nbsp;&nbsp; $221400 |
| Conglomerates – 1.5% | Conglomerates – 1.5% | Conglomerates – 1.5% |
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | $35000 | &nbsp;&nbsp;&nbsp; $35978 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.75%, 7/15/2031 (n) | 54000 | &nbsp;&nbsp;&nbsp; 56087 |
| Regal Rexnord Corp., 6.4%, 4/15/2033  | 166000 | &nbsp;&nbsp;&nbsp; 178209 |
| Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028  | 304000 | &nbsp;&nbsp;&nbsp; 308237 |
|  |  | &nbsp;&nbsp;&nbsp; $578511 |
| Consumer Services – 0.3% | Consumer Services – 0.3% | Consumer Services – 0.3% |
| CBRE Group, Inc., 5.95%, 8/15/2034  | $105000 | &nbsp;&nbsp;&nbsp; $111997 |
| Electrical Equipment – 0.3% | Electrical Equipment – 0.3% | Electrical Equipment – 0.3% |
| Arrow Electronics, Inc., 5.875%, 4/10/2034  | $116000 | &nbsp;&nbsp;&nbsp; $121574 |
| Electronics – 0.3% | Electronics – 0.3% | Electronics – 0.3% |
| Broadcom, Inc., 4.3%, 11/15/2032  | $96000 | &nbsp;&nbsp;&nbsp; $94760 |
| Emerging Market Sovereign – 1.8% | Emerging Market Sovereign – 1.8% | Emerging Market Sovereign – 1.8% |
| Dominican Republic, 4.875%, 9/23/2032 (n) | $150000 | &nbsp;&nbsp;&nbsp; $143145 |
| Eagle Funding LuxCo. S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n) | 250000 | &nbsp;&nbsp;&nbsp; 253640 |
| Federal Republic of Nigeria, 7.375%, 9/28/2033  | 200000 | &nbsp;&nbsp;&nbsp; 189170 |
| Republic of Turkey, 6.875%, 3/17/2036  | 107000 | &nbsp;&nbsp;&nbsp; 107547 |
|  |  | &nbsp;&nbsp;&nbsp; $693502 |
| Energy - Independent – 0.8% | Energy - Independent – 0.8% | Energy - Independent – 0.8% |
| EQT Corp., 5%, 1/15/2029  | $190000 | &nbsp;&nbsp;&nbsp; $192653 |
| Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 102000 | &nbsp;&nbsp;&nbsp; 112177 |
|  |  | &nbsp;&nbsp;&nbsp; $304830 |
| Energy - Integrated – 0.5% | Energy - Integrated – 0.5% | Energy - Integrated – 0.5% |
| Eni S.p.A., 5.5%, 5/15/2034 (n)  | $200000 | &nbsp;&nbsp;&nbsp; $205744 |
| Entertainment – 0.3% | Entertainment – 0.3% | Entertainment – 0.3% |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n)  | $110000 | &nbsp;&nbsp;&nbsp; $113128 |
| Financial Institutions – 1.5% | Financial Institutions – 1.5% | Financial Institutions – 1.5% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 7/21/2027  | $195000 | &nbsp;&nbsp;&nbsp; $193253 |
| Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | 48000 | &nbsp;&nbsp;&nbsp; 47203 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 194000 | &nbsp;&nbsp;&nbsp; 186309 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Financial Institutions – continued | Financial Institutions – continued | Financial Institutions – continued |
| Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n) | $125000 | &nbsp;&nbsp;&nbsp; $133900 |
|  |  | &nbsp;&nbsp;&nbsp; $560665 |
| Food & Beverages – 1.8% | Food & Beverages – 1.8% | Food & Beverages – 1.8% |
| Bacardi Ltd., 5.15%, 5/15/2038 (n) | $115000 | &nbsp;&nbsp;&nbsp; $108630 |
| Central American Bottling Corp., 5.25%, 4/27/2029 (n) | 199000 | &nbsp;&nbsp;&nbsp; 196560 |
| Constellation Brands, Inc., 4.8%, 5/01/2030  | 31000 | &nbsp;&nbsp;&nbsp; 31440 |
| JBS USA Holding Lux S.à r.l., 5.95%, 4/20/2035 (n) | 58000 | &nbsp;&nbsp;&nbsp; 60929 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 116000 | &nbsp;&nbsp;&nbsp; 118820 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 100000 | &nbsp;&nbsp;&nbsp; 96401 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 78000 | &nbsp;&nbsp;&nbsp; 78649 |
|  |  | &nbsp;&nbsp;&nbsp; $691429 |
| Gaming & Lodging – 0.3% | Gaming & Lodging – 0.3% | Gaming & Lodging – 0.3% |
| Las Vegas Sands Corp., 5.625%, 6/15/2028  | $58000 | &nbsp;&nbsp;&nbsp; $59297 |
| Marriott International, Inc., 2.85%, 4/15/2031  | 61000 | &nbsp;&nbsp;&nbsp; 56134 |
|  |  | &nbsp;&nbsp;&nbsp; $115431 |
| Insurance – 1.2% | Insurance – 1.2% | Insurance – 1.2% |
| Corebridge Financial, Inc., 4.35%, 4/05/2042  | $20000 | &nbsp;&nbsp;&nbsp; $17265 |
| Corebridge Financial, Inc., 4.4%, 4/05/2052  | 60000 | &nbsp;&nbsp;&nbsp; 49566 |
| Corebridge Financial, Inc., 6.875% to 12/15/2027, FLR (CMT - 5yr. + 3.846%) to 12/15/2052  | 150000 | &nbsp;&nbsp;&nbsp; 153820 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 210000 | &nbsp;&nbsp;&nbsp; 231233 |
|  |  | &nbsp;&nbsp;&nbsp; $451884 |
| Insurance - Health – 0.5% | Insurance - Health – 0.5% | Insurance - Health – 0.5% |
| Humana, Inc., 5.875%, 3/01/2033  | $196000 | &nbsp;&nbsp;&nbsp; $206212 |
| Insurance - Property & Casualty – 2.5% | Insurance - Property & Casualty – 2.5% | Insurance - Property & Casualty – 2.5% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | $150000 | &nbsp;&nbsp;&nbsp; $149218 |
| AmWINS Group Benefits, Inc., 6.375%, 2/15/2029 (n) | 100000 | &nbsp;&nbsp;&nbsp; 102033 |
| Aon Corp., 4.5%, 12/15/2028  | 115000 | &nbsp;&nbsp;&nbsp; 116186 |
| Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028  | 283000 | &nbsp;&nbsp;&nbsp; 286580 |
| Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031  | 15000 | &nbsp;&nbsp;&nbsp; 14149 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 150000 | &nbsp;&nbsp;&nbsp; 156436 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 100000 | &nbsp;&nbsp;&nbsp; 104012 |
|  |  | &nbsp;&nbsp;&nbsp; $928614 |
| Interactive Media Services – 0.4% | Interactive Media Services – 0.4% | Interactive Media Services – 0.4% |
| Snap, Inc., 6.875%, 3/01/2033 (n)  | $136000 | &nbsp;&nbsp;&nbsp; $139005 |
| Machinery & Tools – 1.1% | Machinery & Tools – 1.1% | Machinery & Tools – 1.1% |
| Ashtead Capital, Inc., 5.5%, 8/11/2032 (n) | $200000 | &nbsp;&nbsp;&nbsp; $206969 |
| Ashtead Capital, Inc., 5.55%, 5/30/2033 (n) | 200000 | &nbsp;&nbsp;&nbsp; 206289 |
|  |  | &nbsp;&nbsp;&nbsp; $413258 |
| Major Banks – 7.2% | Major Banks – 7.2% | Major Banks – 7.2% |
| Bank of America Corp., 4.271% to 7/23/2028, FLR ((SOFR - 3mo. + 0.26161%) + 1.31%) to 7/23/2029  | $61000 | &nbsp;&nbsp;&nbsp; $61211 |
| Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + 1.21%) to 10/20/2032  | 415000 | &nbsp;&nbsp;&nbsp; 371949 |
| Bank of America Corp., 3.846% to 3/08/2032, FLR (CMT - 1yr. + 2%) to 3/08/2037  | 215000 | &nbsp;&nbsp;&nbsp; 200872 |
| Barclays PLC, 7.437% to 11/02/2032, FLR (CMT - 1yr. + 3.5%) to 11/02/2033  | 200000 | &nbsp;&nbsp;&nbsp; 229485 |
| Citigroup, Inc., 6.875% to 8/15/2030, FLR (CMT - 5yr. + 2.89%) to 11/15/2173  | 182000 | &nbsp;&nbsp;&nbsp; 187561 |
| Discover Financial Services, 6.7%, 11/29/2032  | 161000 | &nbsp;&nbsp;&nbsp; 177619 |
| Goldman Sachs Group, Inc., 3.102% to 2/24/2032, FLR (SOFR - 1 day + 1.41%) to 2/24/2033  | 148000 | &nbsp;&nbsp;&nbsp; 135772 |
| HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 9/09/2169  | 200000 | &nbsp;&nbsp;&nbsp; 188679 |
| JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031  | 81000 | &nbsp;&nbsp;&nbsp; 75968 |
| Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029  | 25000 | &nbsp;&nbsp;&nbsp; 25833 |
| Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034  | 59000 | &nbsp;&nbsp;&nbsp; 61472 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2170 (n) | 200000 | &nbsp;&nbsp;&nbsp; 181916 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Major Banks – continued | Major Banks – continued | Major Banks – continued |
| UBS Group AG, 7% to 8/05/2035, FLR (USD SOFR ICE Swap Rate - 5yr. + 3.296%) to 8/05/2172 (n) | $200000 | &nbsp;&nbsp;&nbsp; $203886 |
| Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033  | 429000 | &nbsp;&nbsp;&nbsp; 399345 |
| Wells Fargo & Co., 3.9% to 3/15/2026, FLR (CMT - 1yr. + 3.453%) to 3/15/2071  | 215000 | &nbsp;&nbsp;&nbsp; 212912 |
|  |  | &nbsp;&nbsp;&nbsp; $2714480 |
| Medical & Health Technology & Services – 1.4% | Medical & Health Technology & Services – 1.4% | Medical & Health Technology & Services – 1.4% |
| Alcon Finance Corp., 5.75%, 12/06/2052 (n) | $200000 | &nbsp;&nbsp;&nbsp; $205709 |
| ProMedica Toledo Hospital, "B", 5.325%, 11/15/2028  | 239000 | &nbsp;&nbsp;&nbsp; 245482 |
| ProMedica Toledo Hospital, "B", AGM, 5.75%, 11/15/2038  | 89000 | &nbsp;&nbsp;&nbsp; 89093 |
|  |  | &nbsp;&nbsp;&nbsp; $540284 |
| Metals & Mining – 1.0% | Metals & Mining – 1.0% | Metals & Mining – 1.0% |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | $170000 | &nbsp;&nbsp;&nbsp; $162306 |
| Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 88000 | &nbsp;&nbsp;&nbsp; 80717 |
| Novelis, Inc., 3.875%, 8/15/2031 (n) | 140000 | &nbsp;&nbsp;&nbsp; 127636 |
|  |  | &nbsp;&nbsp;&nbsp; $370659 |
| Midstream – 2.9% | Midstream – 2.9% | Midstream – 2.9% |
| Cheniere Energy Partners LP, 5.75%, 8/15/2034  | $143000 | &nbsp;&nbsp;&nbsp; $148661 |
| Enbridge, Inc., 3.125%, 11/15/2029  | 150000 | &nbsp;&nbsp;&nbsp; 142909 |
| Enbridge, Inc., 2.5%, 8/01/2033  | 170000 | &nbsp;&nbsp;&nbsp; 144710 |
| Enbridge, Inc., 5.625%, 4/05/2034  | 109000 | &nbsp;&nbsp;&nbsp; 113775 |
| Plains All American Pipeline LP, 3.8%, 9/15/2030  | 135000 | &nbsp;&nbsp;&nbsp; 130146 |
| Targa Resources Corp., 4.95%, 4/15/2052  | 82000 | &nbsp;&nbsp;&nbsp; 70190 |
| Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031  | 65000 | &nbsp;&nbsp;&nbsp; 65190 |
| Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032  | 67000 | &nbsp;&nbsp;&nbsp; 63539 |
| Venture Global LNG, Inc., 7%, 1/15/2030 (n) | 205000 | &nbsp;&nbsp;&nbsp; 212127 |
|  |  | &nbsp;&nbsp;&nbsp; $1091247 |
| Mortgage-Backed – 0.0% | Mortgage-Backed – 0.0% |  |
| Fannie Mae, 6.5%, 4/01/2032  | $4661 | &nbsp;&nbsp;&nbsp; $4847 |
| Fannie Mae, 3%, 2/25/2033 (i) | 18686 | &nbsp;&nbsp;&nbsp; 1303 |
| Fannie Mae, 5.5%, 9/01/2034  | 1988 | &nbsp;&nbsp;&nbsp; 2011 |
| Freddie Mac, 1.206%, 6/25/2030 (i) | 109602 | &nbsp;&nbsp;&nbsp; 4851 |
|  |  | &nbsp;&nbsp;&nbsp; $13012 |
| Municipals – 3.5% | Municipals – 3.5% | Municipals – 3.5% |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), Taxable, "A-4", 7%, 6/30/2039  | $189000 | &nbsp;&nbsp;&nbsp; $155928 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), Taxable, Convertible Capital Appreciation, "B-2", 0% to <br> 11/15/2029, 8% to 6/30/2044 <br>| 99000 | &nbsp;&nbsp;&nbsp; 56628 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 195000 | &nbsp;&nbsp;&nbsp; 181346 |
| Escambia County, FL, Health Facilities Authority Rev., Taxable (Baptist Health Care Corp.), "B", AGM, 3.607%, 8/15/2040  | 270000 | &nbsp;&nbsp;&nbsp; 221300 |
| National Finance Authority, NH, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), "A", 6.89%, 4/01/2034  | 245000 | &nbsp;&nbsp;&nbsp; 256870 |
| Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), "C", 5.45%, 8/15/2028  | 34000 | &nbsp;&nbsp;&nbsp; 33538 |
| Port Beaumont, TX, Industrial Development Authority, Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), "B", <br> 4.1%, 1/01/2028 (n)<br>| 245000 | &nbsp;&nbsp;&nbsp; 219846 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Taxable, "A-2", 4.55%, 7/01/2040  | 174000 | &nbsp;&nbsp;&nbsp; 143563 |
| Wisconsin Public Finance Authority, Senior Lien Rev. (E-470 Public Highway Authority Service Areas Project), Taxable, <br> 7.087%, 7/01/2060 <br>| 65000 | &nbsp;&nbsp;&nbsp; 65848 |
|  |  | &nbsp;&nbsp;&nbsp; $1334867 |
| Network & Telecom – 0.5% | Network & Telecom – 0.5% | Network & Telecom – 0.5% |
| NTT Finance Corp., 5.502%, 7/16/2035 (n)  | $200000 | &nbsp;&nbsp;&nbsp; $206878 |
| Other Banks & Diversified Financials – 0.7% | Other Banks & Diversified Financials – 0.7% | Other Banks & Diversified Financials – 0.7% |
| Macquarie Group Ltd., 4.442% to 6/21/2032, FLR (SOFR - 1 day + 2.405%) to 6/21/2033 (n) | $104000 | &nbsp;&nbsp;&nbsp; $102255 |
| Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035  | 160000 | &nbsp;&nbsp;&nbsp; 167899 |
|  |  | &nbsp;&nbsp;&nbsp; $270154 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Precious Metals & Minerals – 0.5% | Precious Metals & Minerals – 0.5% | Precious Metals & Minerals – 0.5% |
| Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)  | $163000 | &nbsp;&nbsp;&nbsp; $172478 |
| Real Estate - Apartment – 0.2% | Real Estate - Apartment – 0.2% | Real Estate - Apartment – 0.2% |
| Mid-America Apartments LP, 2.75%, 3/15/2030  | $82000 | &nbsp;&nbsp;&nbsp; $77165 |
| Real Estate - Office – 0.8% | Real Estate - Office – 0.8% | Real Estate - Office – 0.8% |
| Boston Properties LP, REIT, 2.55%, 4/01/2032  | $209000 | &nbsp;&nbsp;&nbsp; $180674 |
| Boston Properties LP, REIT, 5.75%, 1/15/2035  | 122000 | &nbsp;&nbsp;&nbsp; 124706 |
|  |  | &nbsp;&nbsp;&nbsp; $305380 |
| Retailers – 0.2% | Retailers – 0.2% | Retailers – 0.2% |
| Alimentation Couche-Tard, Inc., 2.95%, 1/25/2030 (n)  | $65000 | &nbsp;&nbsp;&nbsp; $61397 |
| Specialty Chemicals – 0.2% | Specialty Chemicals – 0.2% | Specialty Chemicals – 0.2% |
| International Flavors & Fragrances, Inc., 5%, 9/26/2048  | $69000 | &nbsp;&nbsp;&nbsp; $60649 |
| Specialty Stores – 0.7% | Specialty Stores – 0.7% | Specialty Stores – 0.7% |
| DICK'S Sporting Goods, 3.15%, 1/15/2032  | $274000 | &nbsp;&nbsp;&nbsp; $251009 |
| Telecommunications - Wireless – 0.5% | Telecommunications - Wireless – 0.5% | Telecommunications - Wireless – 0.5% |
| Cellnex Finance Co. S.A., 3.875%, 7/07/2041 (n) | $200000 | &nbsp;&nbsp;&nbsp; $159356 |
| Rogers Communications, Inc., 4.55%, 3/15/2052  | 58000 | &nbsp;&nbsp;&nbsp; 48078 |
|  |  | &nbsp;&nbsp;&nbsp; $207434 |
| Tobacco – 1.5% | Tobacco – 1.5% | Tobacco – 1.5% |
| B.A.T. Capital Corp., 3.215%, 9/06/2026  | $231000 | &nbsp;&nbsp;&nbsp; $229220 |
| B.A.T. Capital Corp., 6.343%, 8/02/2030  | 18000 | &nbsp;&nbsp;&nbsp; 19432 |
| Japan Tobacco, Inc., 5.85%, 6/15/2035 (n) | 150000 | &nbsp;&nbsp;&nbsp; 159727 |
| Philip Morris International, Inc., 5.75%, 11/17/2032  | 146000 | &nbsp;&nbsp;&nbsp; 155555 |
|  |  | &nbsp;&nbsp;&nbsp; $563934 |
| Transportation - Services – 0.5% | Transportation - Services – 0.5% | Transportation - Services – 0.5% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | $46000 | &nbsp;&nbsp;&nbsp; $44917 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2029 (n) | 132000 | &nbsp;&nbsp;&nbsp; 102197 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2031 (n) | 46000 | &nbsp;&nbsp;&nbsp; 31773 |
|  |  | &nbsp;&nbsp;&nbsp; $178887 |
| U.S. Treasury Obligations – 27.0% | U.S. Treasury Obligations – 27.0% | U.S. Treasury Obligations – 27.0% |
| U.S. Treasury Bonds, 2.375%, 2/15/2042  | $1550000 | &nbsp;&nbsp;&nbsp; $1148574 |
| U.S. Treasury Bonds, 4.375%, 8/15/2043  | 817000 | &nbsp;&nbsp;&nbsp; 788469 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043  | 950000 | &nbsp;&nbsp;&nbsp; 960094 |
| U.S. Treasury Bonds, 4.5%, 2/15/2044  | 1535000 | &nbsp;&nbsp;&nbsp; 1501362 |
| U.S. Treasury Bonds, 5%, 5/15/2045  | 250000 | &nbsp;&nbsp;&nbsp; 259609 |
| U.S. Treasury Bonds, 2.25%, 2/15/2052  | 60000 | &nbsp;&nbsp;&nbsp; 37216 |
| U.S. Treasury Bonds, 4.125%, 8/15/2053  | 60000 | &nbsp;&nbsp;&nbsp; 54232 |
| U.S. Treasury Bonds, 4.75%, 11/15/2053  | 300000 | &nbsp;&nbsp;&nbsp; 300516 |
| U.S. Treasury Bonds, 4.25%, 2/15/2054  | 1250000 | &nbsp;&nbsp;&nbsp; 1153808 |
| U.S. Treasury Bonds, 4.5%, 11/15/2054  | 250000 | &nbsp;&nbsp;&nbsp; 240713 |
| U.S. Treasury Notes, 4.125%, 7/31/2028 (f) | 1930000 | &nbsp;&nbsp;&nbsp; 1955633 |
| U.S. Treasury Notes, 4.25%, 6/30/2029  | 250000 | &nbsp;&nbsp;&nbsp; 254971 |
| U.S. Treasury Notes, 3.875%, 4/30/2030  | 900000 | &nbsp;&nbsp;&nbsp; 905695 |
| U.S. Treasury Notes, 4.25%, 11/15/2034  | 650000 | &nbsp;&nbsp;&nbsp; 657338 |
|  |  | &nbsp;&nbsp;&nbsp; $10218230 |
| Utilities - Electric Power – 1.4% | Utilities - Electric Power – 1.4% | Utilities - Electric Power – 1.4% |
| Enel Finance International N.V., 7.5%, 10/14/2032 (n) | $200000 | &nbsp;&nbsp;&nbsp; $230573 |
| Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 34000 | &nbsp;&nbsp;&nbsp; 30400 |
| Pacific Gas & Electric Co., 3.5%, 8/01/2050  | 250000 | &nbsp;&nbsp;&nbsp; 170551 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Utilities - Electric Power – continued | Utilities - Electric Power – continued | Utilities - Electric Power – continued |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 100000 | &nbsp;&nbsp;&nbsp; $102672 |
|  |  | &nbsp;&nbsp;&nbsp; $534196 |
| **Total Bonds**  |  | &nbsp;&nbsp; **$37144193** |
| Mutual Funds (h) – 0.6%  | Mutual Funds (h) – 0.6%  | Mutual Funds (h) – 0.6%  |
| Money Market Funds – 0.6% | Money Market Funds – 0.6% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v)  | 221188 | &nbsp;&nbsp;&nbsp; $221211 |
| Other Assets, Less Liabilities – 1.1% |  | &nbsp;&nbsp;&nbsp; 433825 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$37799229** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $221,211 and $37,144,193, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest only security for which the fund receives interest on notional principal
 (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $16,223,076, representing 42.9% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Payment-in-kind (PIK) security for which interest income may be received in additional
 securities and/or cash.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

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

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| CDO | Collateralized Debt Obligation |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury  |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| ICE | Intercontinental Exchange |
| NPFG | National Public Finance Guarantee Corp. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise <br> indicated. A list of abbreviations is shown below: | Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise <br> indicated. A list of abbreviations is shown below: |
| EUR | Euro |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** |
| **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  |
| **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Currency** <br>**Sold** | **Counterparty** | &nbsp;&nbsp; **Settlement** <br>**Date**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| EUR | &nbsp;&nbsp; 8932 | USD | &nbsp;&nbsp; 10439 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; $57 |

---

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

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  |
| **Description** | **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value/Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  |  |  |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 13 | $2709180 | December – 2025 | &nbsp;&nbsp; $1697 |
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5 | 600312 | December – 2025 | &nbsp;&nbsp; 19101 |
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1 | 115078 | December – 2025 | &nbsp;&nbsp; 1001 |
|  |  |  |  |  |  | &nbsp;&nbsp; $21799 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  |  |  |
| U.S. Treasury Note 5 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 11 | $1201149 | December – 2025 | &nbsp;&nbsp; $(291)<br>|

---

At September 30, 2025, the fund had liquid securities with an aggregate value of $60,797 to cover any collateral or margin obligations for certain derivative contracts.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

------

**Supplemental Information**

9/30/25 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial

Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(1) Investment Valuations**

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities and equity securities sold short, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Equity securities sold short, for which there were no sales reported that day,

are generally valued at the last quoted daily ask quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as

provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized

cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally

valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their

primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean

of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods.

Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net

asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).

------

*Supplemental Information (unaudited) – continued*

Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts and forward foreign currency exchange contracts. The following is a summary of the levels used as of September 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10218230 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10218230 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 693502 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 693502 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1334867 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1334867 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10322790 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10322790 |
| Residential Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1724920 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1724920 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1996198 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1996198 |
| Asset-Backed Securities (including CDOs) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6013948 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6013948 |
| Foreign Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4839738 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4839738 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 221211 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 221211 |
| Total | &nbsp;&nbsp;&nbsp; $221211 | &nbsp;&nbsp;&nbsp; $37144193 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $37365404 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Assets | &nbsp;&nbsp;&nbsp; $21799 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21799 |
| Futures Contracts – Liabilities | &nbsp;&nbsp;&nbsp; (291)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (291)<br>|
| Forward Foreign Currency Exchange Contracts – Assets | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57 |

---

For further information regarding security characteristics, see the Portfolio of Investments.

**(2) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended September 30, 2025:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $411057 | &nbsp;&nbsp; $7701937 | &nbsp;&nbsp; $7891778 | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $(31)<br>| &nbsp;&nbsp; $221211<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $13005 | &nbsp;&nbsp; $— |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MFS VARIABLE INSURANCE TRUST II

- **b. Investment Company Act file number:** 811-03732

- **c. CIK number of Registrant:** 0000719269

- **d. LEI of Registrant:** LQOFLJQP174GQBC84T87

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

  - **Street Address 1:** 111 HUNTINGTON AVENUE

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

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

- **a. Name of Series:** MFS Income Portfolio

- **b. EDGAR series identifier (if any):** S000002649

- **c. LEI of Series:** 549300MSY482GK1K5V19

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $37931983.21

**Total Liabilities:** $124793.89

**Net Assets:** $37807189.32

**Delayed Delivery Securities:** $67988.78

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -33.96000000 | **1-Year:** -1150.93000000 | **5-Year:** -3464.96000000 | **10-Year:** -3242.95000000 | **30-Year:** -1049.09000000

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

- **3-Month:** -38.66000000 | **1-Year:** -512.06000000 | **5-Year:** -1134.70000000 | **10-Year:** -648.88000000 | **30-Year:** -31.53000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007268 | -0.12%               | 1.14%                | 1.08%                |
| Class ID C000007267 | 0.00%                | 1.06%                | 1.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-13419.92               | $-103210.48                                |
| Month 2  | $11051.22                | $205101.34                                 |
| Month 3  | $15149.15                | $255131.78                                 |

**Designated Index Information**

- **Index Name:** BBG Barc US Aggregate Index

- **Index Identifier:** LBSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JANE STREET GRP/JSG FIN                                | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    103000 | PA      | $106979.33    | 0.28%             | 2033-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| STORE Master Funding LLC                               | Store Master Funding I-VII XIV XIX XX XXIV XXII                                 | CUSIP: 86212XAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99292 | PA      | $100378.71    | 0.27%             | 2054-05-20      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO/THE                                          | Boeing Co/The                                                                   | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     32000 | PA      | $36502.50     | 0.10%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                               | Performance Food Group Inc                                                      | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    116000 | PA      | $118820.08    | 0.31%             | 2032-09-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| ACREC LLC                                              | Acrec 2025 Fl 3 LLC                                                             | CUSIP: 00112HAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     40373 | PA      | $40240.37     | 0.11%             | 2042-08-18      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                               | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $149217.78    | 0.39%             | 2029-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2025-FL20 LLC                                                               | CUSIP: 59319CAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    121403 | PA      | $121441.11    | 0.32%             | 2043-02-18      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| AMWINS GROUP INC                                       | AmWINS Group Inc                                                                | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102033.20    | 0.27%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ELM Trust 2024                                         | ELM Trust 2024-ELM                                                              | CUSIP: 26860XBE0<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100560.93    | 0.27%             | 2039-06-10      | Variable      | 6.85%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust 2025-A                   | CUSIP: 858928AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68119 | PA      | $68416.15     | 0.18%             | 2027-07-20      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| FERGUSON ENTERPRISES INC                               | Ferguson Enterprises Inc                                                        | CUSIP: 31488VAA5<br>LEI: 2138003JYQMRP3SLX189 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34233.10     | 0.09%             | 2034-10-03      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust           | American Credit Acceptance Receivables Trust 2024-2                             | CUSIP: 02531BAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21387 | PA      | $21401.82     | 0.06%             | 2027-12-13      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                                  | ARI Fleet Lease Trust 2023-B                                                    | CUSIP: 04033GAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41896 | PA      | $42251.57     | 0.11%             | 2032-07-15      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                         | Palmer Square Loan Funding 2024-3 Ltd                                           | CUSIP: 69690EAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250245.00    | 0.66%             | 2032-08-08      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31371KML2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4661 | PA      | $4847.39      | 0.01%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                 | Marriott International Inc/MD                                                   | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     61000 | PA      | $56134.28     | 0.15%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                     | Dominican Republic International Bond                                           | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $143145.00    | 0.38%             | 2032-09-23      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                                 | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102672.40    | 0.27%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                  | Black Diamond Clo 2019-2 Ltd                                                    | CUSIP: 09204GAM1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250087.00    | 0.66%             | 2032-07-23      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Toledo Hospital/The                                    | Toledo Hospital/The                                                             | CUSIP: 889184AD9<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |     89000 | PA      | $89092.83     | 0.24%             | 2038-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS                                 | Mid-America Apartments LP                                                       | CUSIP: 59523UAR8<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |     82000 | PA      | $77164.55     | 0.20%             | 2030-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                             | Verus Securitization Trust 2024-8                                               | CUSIP: 92540PAA6<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |     84888 | PA      | $85340.37     | 0.23%             | 2069-10-25      | Variable      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                      | HSBC Holdings PLC                                                               | CUSIP: 404280CQ0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $188678.78    | 0.50%             | 2031-03-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                               | Angel Oak Mortgage Trust 2024-12                                                | CUSIP: 034932AA1<br>LEI: 254900S8TF74AZOT0548 | Long             | ABS-MBS          | CORP              | US        |     92635 | PA      | $93456.54     | 0.25%             | 2069-10-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Nigeria Government International Bonds                 | Nigeria Government International Bonds                                          | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $189170.22    | 0.50%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                             | Affirm Asset Securitization Trust 2024-X2                                       | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24032 | PA      | $24054.02     | 0.06%             | 2029-12-17      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                               | International Flavors & Fragrances Inc                                          | CUSIP: 459506AL5<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |     69000 | PA      | $60649.43     | 0.16%             | 2048-09-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust           | American Credit Acceptance Receivables Trust 2024-2                             | CUSIP: 02531BAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64000 | PA      | $64703.75     | 0.17%             | 2030-04-12      | Fixed         | 6.24%                 | Yes           |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                                  | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    132000 | PA      | $102196.52    | 0.27%             | 2029-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Time Warner Cable LLC                                  | Time Warner Cable LLC                                                           | CUSIP: 88732JBD9<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     77000 | PA      | $61867.74     | 0.16%             | 2042-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                               | Corebridge Financial Inc                                                        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153820.21    | 0.41%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CONSUMERS 23 SECURE FUND                               | Consumers 2023 Securitization Funding LLC                                       | CUSIP: 21071BAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40926 | PA      | $41448.10     | 0.11%             | 2028-03-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                              | BMP 2024-MF23                                                                   | CUSIP: 05593JAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100218.75    | 0.27%             | 2041-06-15      | Floating      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                               | Angel Oak Mortgage Trust 2024-10                                                | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-MBS          | CORP              | US        |    102300 | PA      | $102790.15    | 0.27%             | 2069-10-25      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                  | Panther Escrow Issuer LLC                                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104011.80    | 0.28%             | 2031-06-01      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                   | Boston Properties LP                                                            | CUSIP: 10112RBJ2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    122000 | PA      | $124706.45    | 0.33%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                                               | LKQ Corp                                                                        | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |    123000 | PA      | $131259.01    | 0.35%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                | Dryden 104 CLO Ltd                                                              | CUSIP: 26253BAS3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250074.00    | 0.66%             | 2034-08-20      | Floating      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $300515.63    | 0.79%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                  | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    126000 | PA      | $130516.34    | 0.35%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                                  | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    274000 | PA      | $251008.91    | 0.66%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd        | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                          | CUSIP: 03880RAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    256500 | PA      | $256573.26    | 0.68%             | 2036-11-15      | Floating      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| STORE Master Funding LLC                               | Store Master Funding I-VII XIV XIX XX XXIV XXII                                 | CUSIP: 86212XAP5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99292 | PA      | $101518.60    | 0.27%             | 2054-05-20      | Fixed         | 5.94%                 | Yes           |                  2 | On Loan: No      |
| Bayview Financial Revolving Mortgage Loan Trust        | Bayview Financial Revolving Asset Trust 2005-E                                  | CUSIP: 073250BW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23623 | PA      | $50887.65     | 0.13%             | 2040-12-28      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                                          | TransDigm Inc                                                                   | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    175000 | PA      | $171495.24    | 0.45%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US 2YR NOTE (CBT) DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        13 | NC      | $1696.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                 | US ULTRA BOND CBT DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         5 | NC      | $19100.56     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CNTL AMR BOTTLING CORP                                 | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL       | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    199000 | PA      | $196559.94    | 0.52%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust         | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM5                        | CUSIP: 61779BAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     98448 | PA      | $99071.57     | 0.26%             | 2070-07-25      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                     | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    166000 | PA      | $178208.69    | 0.47%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                                   | Wabash National Corp                                                            | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |     82000 | PA      | $76080.99     | 0.20%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| PFP III                                                | PFP 2024-11 Ltd                                                                 | CUSIP: 69291WAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    271725 | PA      | $272659.19    | 0.72%             | 2039-09-17      | Floating      | 6.41%                 | Yes           |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                   | Targa Resources Corp                                                            | CUSIP: 87612GAB7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     82000 | PA      | $70190.07     | 0.19%             | 2052-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                       | COLT 2024-5 Mortgage Loan Trust                                                 | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |     91344 | PA      | $91484.90     | 0.24%             | 2069-08-25      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                               | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAJ0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     48000 | PA      | $47202.76     | 0.12%             | 2027-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                       | LPL Holdings Inc                                                                | CUSIP: 50212YAQ7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     89000 | PA      | $91264.26     | 0.24%             | 2035-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY                                | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                         | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     36000 | PA      | $34599.60     | 0.09%             | 2029-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL PWR & LT                                | Jersey Central Power & Light Co                                                 | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |     34000 | PA      | $30399.84     | 0.08%             | 2032-03-01      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                               | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $133900.53    | 0.35%             | 2031-03-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                         | Morgan Stanley                                                                  | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     59000 | PA      | $61472.17     | 0.16%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                            | Chemours Co/The                                                                 | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59679.86     | 0.16%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                               | Corebridge Financial Inc                                                        | CUSIP: 21871XAM1<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     60000 | PA      | $49565.55     | 0.13%             | 2052-04-05      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                       | NTT Finance Corp                                                                | CUSIP: 62954WAV7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206877.58    | 0.55%             | 2035-07-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $259609.38    | 0.69%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL14 LLC                                                               | CUSIP: 55416AAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100234.50    | 0.27%             | 2039-03-19      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE                               | CUSIP: 74529JQY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    174000 | PA      | $143562.84    | 0.38%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                                | Sammons Financial Group Inc                                                     | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |    210000 | PA      | $231233.31    | 0.61%             | 2034-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust         | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1                        | CUSIP: 61775UAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     81216 | PA      | $82046.52     | 0.22%             | 2068-12-25      | Variable      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                               | Corebridge Financial Inc                                                        | CUSIP: 21871XAK5<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17264.40     | 0.05%             | 2042-04-05      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    148000 | PA      | $135772.11    | 0.36%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US 10YR ULTRA FUT DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         1 | NC      | $1001.39      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                                  | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    215000 | PA      | $212912.03    | 0.56%             | 2026-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                               | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAP6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    194000 | PA      | $186308.70    | 0.49%             | 2028-02-21      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| NORTHERN STAR RESOU                                    | Northern Star Resources Ltd                                                     | CUSIP: 66573RAA6<br>LEI: 254900XFXCRYYZAX6M78 | Long             | DBT              | CORP              | AU        |    163000 | PA      | $172477.88    | 0.46%             | 2033-04-11      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                                           | Enbridge Inc                                                                    | CUSIP: 29250NAZ8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $142908.78    | 0.38%             | 2029-11-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                           | UBS Group AG                                                                    | CUSIP: 902613BS6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $203885.80    | 0.54%             | 2035-02-05      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                         | MSWF Commercial Mortgage Trust 2023-2                                           | CUSIP: 55361AAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     73785 | PA      | $79842.66     | 0.21%             | 2056-12-15      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| Venture CLO 43 Limited                                 | Venture 43 CLO Ltd                                                              | CUSIP: 92290CAX7<br>LEI: 549300OLN5VHTMLSN650 | Long             | ABS-CBDO         | CORP              | KY        |    194468 | PA      | $194502.23    | 0.51%             | 2034-04-15      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31405JSG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1988 | PA      | $2010.42      | 0.01%             | 2034-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                             | Dwight 2025-FL1 Issuer LLC                                                      | CUSIP: 233636AC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    111500 | PA      | $112056.04    | 0.30%             | 2042-06-18      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                          | PURCHASED EUR / SOLD USD                                                        | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | N/A       |         1 | NC      | $57.11        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                               | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $65189.85     | 0.17%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                    | Exeter Automobile Receivables Trust 2025-1                                      | CUSIP: 30167MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26018 | PA      | $26033.61     | 0.07%             | 2027-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL16                                                                   | CUSIP: 55287EAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99749.86     | 0.26%             | 2039-11-18      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                                      | KREF 2021-FL2 Ltd                                                               | CUSIP: 48275RAJ6<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    163000 | PA      | $159280.83    | 0.42%             | 2039-02-15      | Floating      | 6.46%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM14 Trust                                                            | CUSIP: 67119XAC8<br>LEI: 254900C7ZCEHM7Y5MX79 | Long             | ABS-MBS          | CORP              | US        |     77496 | PA      | $77475.41     | 0.20%             | 2064-09-25      | Variable      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| CELLNEX FINANCE                                        | Cellnex Finance Co SA                                                           | CUSIP: 15118JAA3<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $159355.88    | 0.42%             | 2041-07-07      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                               | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    176000 | PA      | $119203.45    | 0.32%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                                  | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     46000 | PA      | $31772.97     | 0.08%             | 2031-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                              | Boeing Co/The                                                                   | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34692.99     | 0.09%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $1153808.60   | 3.05%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                            | Chemours Co/The                                                                 | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58522.48     | 0.15%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                        | AREIT 2025-CRE10 Ltd                                                            | CUSIP: 00193DAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99884.73     | 0.26%             | 2030-01-17      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                       | COLT 2025-1                                                                     | CUSIP: 196920AC6<br>LEI: 21380069FFOP8RZNF423 | Long             | ABS-MBS          | CORP              | US        |     89430 | PA      | $90320.96     | 0.24%             | 2070-01-25      | Variable      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                                     | BSPRT 2024-FL11 Issuer LLC                                                      | CUSIP: 05613RAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100593.27    | 0.27%             | 2039-07-15      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                   | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     88000 | PA      | $80716.81     | 0.21%             | 2031-04-27      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                   | Las Vegas Sands Corp                                                            | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     58000 | PA      | $59296.33     | 0.16%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                          | Boeing Co/The                                                                   | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     17000 | PA      | $18792.92     | 0.05%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                           | Business Jet Securities 2024-2 LLC                                              | CUSIP: 12326TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83356 | PA      | $83705.53     | 0.22%             | 2039-09-15      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| BMP Trust                                              | BMP 2024-MF23                                                                   | CUSIP: 05593JAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100218.75    | 0.27%             | 2041-06-15      | Floating      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                               | Angel Oak Mortgage Trust 2024-9                                                 | CUSIP: 03466JAA7<br>LEI: 254900O3R79X1AD55F36 | Long             | ABS-MBS          | CORP              | US        |     57202 | PA      | $57183.23     | 0.15%             | 2069-09-25      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                       | Bain Capital Credit CLO 2020-3 Ltd                                              | CUSIP: 05684CAZ8<br>LEI: 2549002RK7W6TK0Q0E16 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $200231.60    | 0.53%             | 2034-10-23      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.       | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FVNJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    109602 | PA      | $4850.91      | 0.01%             | 2030-06-25      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd        | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd                          | CUSIP: 03880KAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99839.70     | 0.26%             | 2034-08-15      | Floating      | 6.46%                 | Yes           |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                                  | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     46000 | PA      | $44917.11     | 0.12%             | 2026-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Bank                                                   | BANK 2023-BNK46                                                                 | CUSIP: 06541DBT0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     93513 | PA      | $99924.05     | 0.26%             | 2056-08-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Industrial Development Authority      | PORT BEAUMONT TX INDL DEV AUTH                                                  | CUSIP: 73358SAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $219846.34    | 0.58%             | 2028-01-01      | Fixed         | 4.10%                 | Yes           |                  2 | On Loan: No      |
| JAPAN TOBACCO INC                                      | Japan Tobacco Inc                                                               | CUSIP: 471105AE6<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |    150000 | PA      | $159727.31    | 0.42%             | 2035-06-15      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| HUMANA INC                                             | Humana Inc                                                                      | CUSIP: 444859BV3<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    196000 | PA      | $206212.26    | 0.55%             | 2033-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2025-FL17 LLC                                                               | CUSIP: 55287HAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99305.20     | 0.26%             | 2040-02-18      | Floating      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                       | Bain Capital Credit CLO 2021-4 Ltd                                              | CUSIP: 05685AAW8<br>LEI: 254900YJBP8866ZPO033 | Long             | ABS-CBDO         | CORP              | KY        |    197222 | PA      | $197280.18    | 0.52%             | 2034-10-20      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                   | BERKS CNTY PA MUNI AUTH                                                         | CUSIP: 084538JL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     99000 | PA      | $56627.57     | 0.15%             | 2044-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                   | Bank of America Corp                                                            | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     61000 | PA      | $61211.09     | 0.16%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC                                  | Arrow Electronics Inc                                                           | CUSIP: 04273WAE1<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |    116000 | PA      | $121574.33    | 0.32%             | 2034-04-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                 | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                                        | CUSIP: 67884XCP0<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |     34000 | PA      | $33537.71     | 0.09%             | 2028-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CKX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $254970.70    | 0.67%             | 2029-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                         | MSWF Commercial Mortgage Trust 2023-2                                           | CUSIP: 55361AAX2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50728 | PA      | $55331.37     | 0.15%             | 2056-12-15      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                          | Citigroup Inc                                                                   | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    182000 | PA      | $187561.37    | 0.50%             | 2030-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Escambia County Health Facilities Authority            | ESCAMBIA CNTY FL HLTH FACS AUTH                                                 | CUSIP: 296110GG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $221300.15    | 0.59%             | 2040-08-15      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                      | Post Holdings Inc                                                               | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96401.24     | 0.25%             | 2030-04-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Invesco CLO 2022-2, Ltd.                               | Invesco CLO 2022-2 Ltd                                                          | CUSIP: 46145XAQ9<br>LEI: 54930008L2A8UYGN7A86 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $249995.50    | 0.66%             | 2035-07-20      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                                           | Enbridge Inc                                                                    | CUSIP: 29250NBF1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    170000 | PA      | $144709.89    | 0.38%             | 2033-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                  | Truist Financial Corp                                                           | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    160000 | PA      | $167899.36    | 0.44%             | 2035-01-24      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1535000 | PA      | $1501361.92   | 3.97%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM13 Trust                                                            | CUSIP: 67121UAA4<br>LEI: 254900FPAGVH6E25VL74 | Long             | ABS-MBS          | CORP              | US        |     96168 | PA      | $96984.37     | 0.26%             | 2065-05-25      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                               | Constellation Brands Inc                                                        | CUSIP: 21036PBS6<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31439.92     | 0.08%             | 2030-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Bacardi Ltd                                            | Bacardi Ltd                                                                     | CUSIP: 067316AG4<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |    115000 | PA      | $108629.60    | 0.29%             | 2038-05-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| ENI SPA                                                | Eni SpA                                                                         | CUSIP: 26874RAN8<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $205744.30    | 0.54%             | 2034-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP                                            | Oracle Corp                                                                     | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     37000 | PA      | $36886.18     | 0.10%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                   | Bank of America Corp                                                            | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    215000 | PA      | $200872.06    | 0.53%             | 2037-03-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                    | New Residential Mortgage Loan Trust 2024-NQM1                                   | CUSIP: 64828DAA5<br>LEI: 213800TFYSB4XLW7QW74 | Long             | ABS-MBS          | CORP              | US        |    153975 | PA      | $155481.45    | 0.41%             | 2064-03-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                             | Verus Securitization Trust 2024-2                                               | CUSIP: 92539UAA8<br>LEI: 213800KSJFZ5H8FZ7C61 | Long             | ABS-MBS          | CORP              | US        |     59572 | PA      | $60195.17     | 0.16%             | 2069-02-25      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Crest Ltd                                              | CREST 2004-1 Ltd                                                                | CUSIP: 22608WAR0<br>LEI: 549300MJZTHEPDTYM573 | Long             | ABS-CBDO         | CORP              | KY        |    933316 | PA      | $9.33         | 0.00%             | 2040-01-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd        | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                          | CUSIP: 03880RAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    133019 | PA      | $133020.90    | 0.35%             | 2036-11-15      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| EQT Trust 2024-EXTR                                    | EQT Trust 2024-EXTR                                                             | CUSIP: 29439DAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $102027.15    | 0.27%             | 2041-07-05      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                                  | LoanCore 2025 2025-CRE8 Issuer LLC                                              | CUSIP: 53947FAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    117500 | PA      | $116924.52    | 0.31%             | 2042-08-17      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2020-FL4 Ltd                                                                | CUSIP: 58003UAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250443.53    | 0.66%             | 2035-12-15      | Floating      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| SHR Trust                                              | SHR Trust 2024-LXRY                                                             | CUSIP: 784234AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    159636 | PA      | $159835.55    | 0.42%             | 2041-10-15      | Floating      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                  | Wells Fargo & Co                                                                | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    429000 | PA      | $399345.34    | 1.06%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                               | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    195000 | PA      | $193253.38    | 0.51%             | 2027-07-21      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                      | Post Holdings Inc                                                               | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     78000 | PA      | $78649.19     | 0.21%             | 2034-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US 5YR NOTE (CBT) DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        11 | NC      | $-291.12      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                               | EMRLD Borrower LP / Emerald Co-Issuer Inc                                       | CUSIP: 26873CAB8<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |     54000 | PA      | $56087.32     | 0.15%             | 2031-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Shackleton CLO LTD                                     | Shackleton 2015-VII-R CLO Ltd                                                   | CUSIP: 81883AAU3<br>LEI: 549300NCJRO2LKFZ8G86 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250043.50    | 0.66%             | 2031-07-15      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    817000 | PA      | $788468.82    | 2.09%             | 2043-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM16 Trust                                                            | CUSIP: 67122DAC7<br>LEI: 254900WI6P4MRT24JH23 | Long             | ABS-MBS          | CORP              | US        |    106176 | PA      | $106027.77    | 0.28%             | 2065-08-25      | Variable      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Village of Bridgeview IL                               | BRIDGEVIEW IL                                                                   | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $181345.87    | 0.48%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Bank5                                                  | BANK5 2025-5YR17                                                                | CUSIP: 06211GAP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     65849 | PA      | $67899.81     | 0.18%             | 2058-11-15      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                 | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $141662.21    | 0.37%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio               | MFS Institutional Money Market Portfolio                                        | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | EC               | RF                | US        |    219936 | NS      | $219957.85    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ReadyCap Commercial Mortgage Trust                     | Ready Capital Mortgage Financing 2021-FL7 LLC                                   | CUSIP: 75575WAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    120000 | PA      | $119784.84    | 0.32%             | 2036-11-25      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                                               | CUSIP: 3136ABC35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18686 | PA      | $1303.18      | 0.00%             | 2033-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                 | Pacific Gas and Electric Co                                                     | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $170551.48    | 0.45%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                | Dryden 113 CLO Ltd                                                              | CUSIP: 26253EBB3<br>LEI: 254900XN9Y85HJGYJ219 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250489.00    | 0.66%             | 2037-10-15      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                    | Ashtead Capital Inc                                                             | CUSIP: 045054AQ6<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206288.92    | 0.55%             | 2033-05-30      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| ALCON FINANCE CORP                                     | Alcon Finance Corp                                                              | CUSIP: 01400EAF0<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205708.84    | 0.54%             | 2052-12-06      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority               | NATIONAL FIN AUTH NH UTL REV                                                    | CUSIP: 63610HAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $256870.01    | 0.68%             | 2034-04-01      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM14 Trust                                                            | CUSIP: 673924AC0<br>LEI: 254900T4WKE0IYMYAI09 | Long             | ABS-MBS          | CORP              | US        |     97419 | PA      | $98074.27     | 0.26%             | 2065-07-25      | Variable      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                         | Morgan Stanley                                                                  | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25832.74     | 0.07%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL15                                                                   | CUSIP: 58003MAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100139.70    | 0.26%             | 2041-08-18      | Floating      | 7.08%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                    | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     81000 | PA      | $75967.77     | 0.20%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                          | UBS Commercial Mortgage Trust 2017-C7                                           | CUSIP: 90276WAS6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155000 | PA      | $153078.84    | 0.40%             | 2050-12-15      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| EQT Trust 2024-EXTR                                    | EQT Trust 2024-EXTR                                                             | CUSIP: 29439DAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $102180.28    | 0.27%             | 2041-07-05      | Variable      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                       | LPL Holdings Inc                                                                | CUSIP: 50212YAF1<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    141000 | PA      | $136494.94    | 0.36%             | 2031-05-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CBRE SERVICES INC                                      | CBRE Services Inc                                                               | CUSIP: 12505BAG5<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |    105000 | PA      | $111996.75    | 0.30%             | 2034-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                    | Global Payments Inc                                                             | CUSIP: 37940XAD4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    120000 | PA      | $111059.07    | 0.29%             | 2030-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                       | BAT Capital Corp                                                                | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     18000 | PA      | $19431.39     | 0.05%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                               | Standard Industries Inc/NY                                                      | CUSIP: 853496AH0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     28000 | PA      | $25355.90     | 0.07%             | 2031-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                               | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    143000 | PA      | $148661.29    | 0.39%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                   | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $230572.67    | 0.61%             | 2032-10-14      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                       | BAT Capital Corp                                                                | CUSIP: 05526DBJ3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    231000 | PA      | $229220.25    | 0.61%             | 2026-09-06      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                           | Voya 2012-4 Ltd                                                                 | CUSIP: 92916GBH6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250345.75    | 0.66%             | 2030-10-15      | Floating      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                 | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BJ0<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $14149.17     | 0.04%             | 2031-03-03      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                       | COLT 2024-1 Mortgage Loan Trust                                                 | CUSIP: 19688TAA3<br>LEI: 2138001HZNOLT1K3WY73 | Long             | ABS-MBS          | CORP              | US        |     88564 | PA      | $89259.28     | 0.24%             | 2069-02-25      | Variable      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM3 Trust                                                             | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |     63979 | PA      | $64739.07     | 0.17%             | 2063-12-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| BDS Ltd                                                | BDS 2024-FL13 LLC                                                               | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100227.70    | 0.27%             | 2039-09-19      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $37216.41     | 0.10%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                 | Taco Bell Funding LLC                                                           | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    117037 | PA      | $117640.31    | 0.31%             | 2055-08-25      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| Northwoods Capital Ltd                                 | Northwoods Capital XIV-B Ltd                                                    | CUSIP: 66860CAN3<br>LEI: 549300QQDSTCZ860F679 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250171.25    | 0.66%             | 2031-11-13      | Floating      | 6.08%                 | Yes           |                  2 | On Loan: No      |
| SNAP INC                                               | Snap Inc                                                                        | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    136000 | PA      | $139005.42    | 0.37%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Turkiye Government International Bonds                 | Turkiye Government International Bonds                                          | CUSIP: 900123AY6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    107000 | PA      | $107546.68    | 0.28%             | 2036-03-17      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAG1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134238.60    | 0.36%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                           | UBS Group AG                                                                    | CUSIP: 902613AD0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $181915.90    | 0.48%             | 2031-02-10      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2025-FL17 LLC                                                               | CUSIP: 55287HAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99362.80     | 0.26%             | 2040-02-18      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP                                               | EQT Corp                                                                        | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    190000 | PA      | $192652.52    | 0.51%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                 | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BB7<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    283000 | PA      | $286580.55    | 0.76%             | 2028-04-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| VIRGINIA POWER FUEL SEC                                | Virginia Power Fuel Securitization LLC                                          | CUSIP: 92808VAA0<br>LEI: 254900BELJ95ONW6U791 | Long             | DBT              | CORP              | US        |     35438 | PA      | $35626.90     | 0.09%             | 2027-05-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                               | EMRLD Borrower LP / Emerald Co-Issuer Inc                                       | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35978.22     | 0.10%             | 2030-12-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $240712.89    | 0.64%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Aon Corp                                               | Aon Corp                                                                        | CUSIP: 037389BB8<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |    115000 | PA      | $116185.96    | 0.31%             | 2028-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                             | Verus Securitization Trust 2024-1                                               | CUSIP: 92540EAA1<br>LEI: 984500A3F1D749452747 | Long             | ABS-MBS          | CORP              | US        |     59033 | PA      | $59417.60     | 0.16%             | 2069-01-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust 2025-1                                   | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55000 | PA      | $55240.79     | 0.15%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                 | Venture Global LNG Inc                                                          | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    205000 | PA      | $212126.87    | 0.56%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                       | COLT 2024-2 Mortgage Loan Trust                                                 | CUSIP: 12665LAA2<br>LEI: 213800Z2Q6LED8DB8K38 | Long             | ABS-MBS          | CORP              | US        |     61835 | PA      | $62509.02     | 0.17%             | 2069-04-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                 | Philip Morris International Inc                                                 | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    146000 | PA      | $155554.84    | 0.41%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                               | Rogers Communications Inc                                                       | CUSIP: 775109CK5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     58000 | PA      | $48077.91     | 0.13%             | 2052-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                   | Bank of America Corp                                                            | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    415000 | PA      | $371948.70    | 0.98%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                               | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $130146.68    | 0.34%             | 2030-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    650000 | PA      | $657337.89    | 1.74%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                               | Fortescue Treasury Pty Ltd                                                      | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    170000 | PA      | $162305.38    | 0.43%             | 2031-04-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                               | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     67000 | PA      | $63539.05     | 0.17%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                                 | Patrick Industries Inc                                                          | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    175000 | PA      | $171423.23    | 0.45%             | 2029-05-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                                    | COMM 2024-CBM Mortgage Trust                                                    | CUSIP: 12674GAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    187500 | PA      | $190301.03    | 0.50%             | 2041-12-10      | Variable      | 6.51%                 | Yes           |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                   | Boston Properties LP                                                            | CUSIP: 10112RBE3<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    209000 | PA      | $180673.83    | 0.48%             | 2032-04-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                           | Novelis Corp                                                                    | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    140000 | PA      | $127636.33    | 0.34%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CHQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1930000 | PA      | $1955632.81   | 5.17%             | 2028-07-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                  | HUB International Ltd                                                           | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156435.77    | 0.41%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP                                            | Oracle Corp                                                                     | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50275.32     | 0.13%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD                               | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAM8<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |     65000 | PA      | $61396.83     | 0.16%             | 2030-01-25      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                | Hyundai Capital America                                                         | CUSIP: 44891ACY1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     37000 | PA      | $38002.15     | 0.10%             | 2029-03-19      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                              | Boeing Co/The                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    159000 | PA      | $158851.14    | 0.42%             | 2050-05-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                          | TransDigm Inc                                                                   | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25281.07     | 0.07%             | 2033-05-31      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| AGL CLO 1 LTD.                                         | AGL CLO 1 LTD                                                                   | CUSIP: 00119HAS9<br>LEI: 5493005XHETQNZF9TM25 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250089.75    | 0.66%             | 2034-10-20      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                    | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206968.98    | 0.55%             | 2032-08-11      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                               | Eagle Funding Luxco Sarl                                                        | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    250000 | PA      | $253640.00    | 0.67%             | 2030-08-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                                           | Enbridge Inc                                                                    | CUSIP: 29250NCC7<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    109000 | PA      | $113774.78    | 0.30%             | 2034-04-05      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| JBS USA SARL/FOOD/GRP                                  | JBS USA LUX Sarl / JBS USA Food Co / JBS USA Foods Group                        | CUSIP: 472140AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     58000 | PA      | $60929.14     | 0.16%             | 2035-04-20      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                   | BERKS CNTY PA MUNI AUTH                                                         | CUSIP: 084538JJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    189000 | PA      | $155928.44    | 0.41%             | 2039-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                               | BX Commercial Mortgage Trust 2025-BCAT                                          | CUSIP: 12433HAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95828 | PA      | $96038.10     | 0.25%             | 2042-08-15      | Floating      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL16                                                                   | CUSIP: 55287EAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    120000 | PA      | $120588.58    | 0.32%             | 2039-11-18      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                    | NCL Corp Ltd                                                                    | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    110000 | PA      | $113127.47    | 0.30%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BROADCOM INC                                           | Broadcom Inc                                                                    | CUSIP: 11135FAS0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     96000 | PA      | $94760.09     | 0.25%             | 2032-11-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Toledo Hospital/The                                    | Toledo Hospital/The                                                             | CUSIP: 889184AC1<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |    239000 | PA      | $245482.32    | 0.65%             | 2028-11-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                             | Affirm Asset Securitization Trust 2025-X1                                       | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     62979 | PA      | $63110.54     | 0.17%             | 2030-04-15      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                                 | Westinghouse Air Brake Technologies Corp                                        | CUSIP: 960386AM2<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |    304000 | PA      | $308236.89    | 0.82%             | 2028-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                    | Charles Schwab Corp/The                                                         | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     86000 | PA      | $85597.09     | 0.23%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cathedral Lake LTD                                     | Cathedral Lake VI Ltd                                                           | CUSIP: 14919LAW4<br>LEI: 254900VBMJ6DSB3ZGA63 | Long             | ABS-CBDO         | CORP              | KY        |    115086 | PA      | $115082.66    | 0.30%             | 2034-04-25      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| SANTOS FINANCE LTD                                     | Santos Finance Ltd                                                              | CUSIP: 803014AB5<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |    102000 | PA      | $112177.25    | 0.30%             | 2033-09-19      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $54232.03     | 0.14%             | 2053-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                                    | Macquarie Group Ltd                                                             | CUSIP: 55608JBE7<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    104000 | PA      | $102255.00    | 0.27%             | 2033-06-21      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC                                         | Bombardier Inc                                                                  | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $104198.40    | 0.28%             | 2029-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                    | Charles Schwab Corp/The                                                         | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    155000 | PA      | $168839.82    | 0.45%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                           | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $229484.82    | 0.61%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $905695.31    | 2.40%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $960093.75    | 2.54%             | 2043-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL15                                                                   | CUSIP: 58003MAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100091.00    | 0.26%             | 2041-08-18      | Floating      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1550000 | PA      | $1148574.21   | 3.04%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                               | Capital One Financial Corp                                                      | CUSIP: 254709AS7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    161000 | PA      | $177619.61    | 0.47%             | 2032-11-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM1 Trust                                                             | CUSIP: 673914AC1<br>LEI: 2549007E8KF1RJ2ZV866 | Long             | ABS-MBS          | CORP              | US        |     88422 | PA      | $89164.53     | 0.24%             | 2064-12-25      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                               | BX Commercial Mortgage Trust 2025-BCAT                                          | CUSIP: 12433HAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95828 | PA      | $96068.05     | 0.25%             | 2042-08-15      | Floating      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                               | PUBLIC FIN AUTH WI REVENUE                                                      | CUSIP: 74442PQ65<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65848.38     | 0.17%             | 2060-07-01      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** MFS VARIABLE INSURANCE TRUST II

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer