# EDGAR Filing Document

**Accession Number:** 0000837274
**File Stem:** 0002071691-25-006432
**Filing Date:** 2025-11
**Character Count:** 137583
**Document Hash:** ab703bde654ceb447f6c6eb436341d23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006432.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006432

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05583
- **FILM NUMBER:** 251511796

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $3261161883.88

**Total Liabilities:** $33451582.25

**Net Assets:** $3227710301.63

**Delayed Delivery Securities:** $11068728.51

**Cash Not Reported:** $15953980.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -174.22000000 | **1-Year:** -8883.11000000 | **5-Year:** -127938.39000000 | **10-Year:** -113170.90000000 | **30-Year:** -237736.18000000

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

- **3-Month:** -240.73000000 | **1-Year:** -23508.19000000 | **5-Year:** -108818.99000000 | **10-Year:** -51340.98000000 | **30-Year:** -69.55000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020129 | -0.13%               | 3.15%                | 0.84%                |
| Class ID C000061791 | -0.14%               | 3.06%                | 0.79%                |
| Class ID C000020130 | -0.07%               | 3.04%                | 0.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5820409.16              | $-18282524.49                              |
| Month 2  | $579161.44               | $85225407.78                               |
| Month 3  | $-962821.01              | $18224584.36                               |

**Designated Index Information**

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

- **Index Identifier:** HB10288

### Schedule of Portfolio Investments

| Name                                                                               | Title                                                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UBS AG into Bank of America Corp.                                                  | UBS AG into Bank of America Corp.                                                                 | CUSIP: 90301T830<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | SN               | CORP              | CH        |    500000 | NS      | $24737932.70  | 0.77%             | 2026-01-28      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Bombardier, Inc.                                                                   | Bombardier, Inc.                                                                                  | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   4250000 | PA      | $4510449.65   | 0.14%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Shell plc                                                                          | Shell plc                                                                                         | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    250000 | NS      | $17882500.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch BV into Comcast Corp.                                                | Merrill Lynch BV into Comcast Corp.                                                               | CUSIP: N/A<br>LEI: 549300RQ1D1WIE085245       | Long             | SN               | CORP              | NL        |    255000 | NS      | $8134755.61   | 0.25%             | 2026-06-22      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                 | CHS/Community Health Systems, Inc.                                                                | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  31000000 | PA      | $32870757.00  | 1.02%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.                           | Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.                                          | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5500000 | PA      | $2121020.00   | 0.07%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                                  | Exxon Mobil Corp.                                                                                 | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    475000 | NS      | $53556250.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese US Holdings LLC                                                           | Celanese US Holdings LLC                                                                          | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12317830.68  | 0.38%             | 2027-07-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWMY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15871481 | PA      | $16022079.84  | 0.50%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Calumet Specialty Products Partners LP / Calumet Finance Corp.                     | Calumet Specialty Products Partners LP / Calumet Finance Corp.                                    | CUSIP: 131477AX9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5637500.00   | 0.17%             | 2029-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC                           | Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC                                          | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2795086.50   | 0.09%             | 2031-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5RG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3975339 | PA      | $4047147.80   | 0.13%             | 2055-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP into Exxon Mobil Corp.                                    | Mizuho Markets Cayman LP into Exxon Mobil Corp.                                                   | CUSIP: 60701E246<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |    159000 | NS      | $18015513.29  | 0.56%             | 2026-04-07      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                             | Mauser Packaging Solutions Holding Co.                                                            | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7077371.00   | 0.22%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                   | NRG Energy, Inc.                                                                                  | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20123928.60  | 0.62%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc. into Boeing Co. (The)                      | Citigroup Global Markets Holdings, Inc. into Boeing Co. (The)                                     | CUSIP: 17331V485<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |     79900 | NS      | $14106450.67  | 0.44%             | 2025-12-08      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.                           | Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.                                          | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4800000 | PA      | $1851072.00   | 0.06%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                           | Bristol-Myers Squibb Co.                                                                          | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    229919 | NS      | $10369346.90  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                                                                 | General Motors Co.                                                                                | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5194616.30   | 0.16%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch BV into UnitedHealth Group, Inc.                                     | Merrill Lynch BV into UnitedHealth Group, Inc.                                                    | CUSIP: 59028A119<br>LEI: 549300RQ1D1WIE085245 | Long             | SN               | CORP              | NL        |     25000 | NS      | $8329523.54   | 0.26%             | 2026-09-25      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA into Texas Instruments, Inc.                                        | BNP Paribas SA into Texas Instruments, Inc.                                                       | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | SN               | CORP              | FR        |    113500 | NS      | $21210857.20  | 0.66%             | 2026-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5PJ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6260344 | PA      | $6313711.27   | 0.20%             | 2055-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                              | International Business Machines Corp.                                                             | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     30000 | NS      | $8464800.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp.                                      | CCO Holdings LLC / CCO Holdings Capital Corp.                                                     | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2400867.50   | 0.07%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                   | CVS Health Corp.                                                                                  | CUSIP: 126650DU1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5117242.90   | 0.16%             | 2033-02-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc. into Intel Corp.                           | Citigroup Global Markets Holdings, Inc. into Intel Corp.                                          | CUSIP: 17332B207<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |    541000 | NS      | $16324751.15  | 0.51%             | 2026-03-03      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| UBS AG into Marvell Technology, Inc.                                               | UBS AG into Marvell Technology, Inc.                                                              | CUSIP: N/A<br>LEI: BFM8T61CT2L1QCEMIK50       | Long             | SN               | CORP              | CH        |    110000 | NS      | $7927541.96   | 0.25%             | 2026-05-14      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWHT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7610218 | PA      | $7696417.18   | 0.24%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA into Citigroup, Inc.                                           | Wells Fargo Bank NA into Citigroup, Inc.                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    130000 | NS      | $12004750.69  | 0.37%             | 2026-02-25      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Notes                                                                               | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $28209960.90  | 0.87%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                                            | Quikrete Holdings, Inc.                                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6738056.00   | 0.21%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch BV into Microsoft Corp                                               | Merrill Lynch BV into Microsoft Corp                                                              | CUSIP: 59027W237<br>LEI: 549300RQ1D1WIE085245 | Long             | SN               | CORP              | NL        |     25600 | NS      | $11992951.38  | 0.37%             | 2025-10-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                          | Ford Motor Credit Co. LLC                                                                         | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1606074.77   | 0.05%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                                                               | NextEra Energy, Inc.                                                                              | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    537397 | NS      | $40568099.53  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrim's Pride Corp.                                                              | Pilgrim's Pride Corp.                                                                             | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4274760.00   | 0.13%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA into Boeing Co. (The)                                       | JPMorgan Chase Bank NA into Boeing Co. (The)                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     65000 | NS      | $12531746.56  | 0.39%             | 2026-01-22      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                    | Goldman Sachs Group, Inc. (The)                                                                   | CUSIP: 38141GA53<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  17000000 | PA      | $19066050.63  | 0.59%             | 2034-10-24      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub, Inc.                                                      | Dornoch Debt Merger Sub, Inc.                                                                     | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11945000 | PA      | $10288111.56  | 0.32%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Opal LLC                                                                           | OPAL US LLC, First Lien, CME Term Loan, B2                                                        | CUSIP: F7000QAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5750000 | PA      | $5772281.25   | 0.18%             | 2032-04-23      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| Fortescue Treasury Pty. Ltd.                                                       | Fortescue Treasury Pty. Ltd.                                                                      | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   5000000 | PA      | $5128170.00   | 0.16%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                         | Occidental Petroleum Corp.                                                                        | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6433098.00   | 0.20%             | 2030-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Edison International                                                               | Edison International                                                                              | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     75000 | NS      | $4146000.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines, Inc. / SkyMiles IP Ltd.                                           | Delta Air Lines, Inc. / SkyMiles IP Ltd.                                                          | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5030196.35   | 0.16%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                  | Johnson & Johnson                                                                                 | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    350000 | NS      | $64897000.00  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Markets Cayman LP into Intel Corp.                                          | Mizuho Markets Cayman LP into Intel Corp.                                                         | CUSIP: 6068FR816<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |    615000 | NS      | $18091824.31  | 0.56%             | 2025-12-08      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                                                  | Merck & Co., Inc.                                                                                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    500000 | NS      | $41965000.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                     | Morgan Stanley                                                                                    | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   8650000 | PA      | $9509430.78   | 0.29%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL                     | JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL                                    | CUSIP: 46590XAY2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   8000000 | PA      | $8359640.00   | 0.26%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pfizer, Inc.                                                                       | Pfizer, Inc.                                                                                      | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   1059816 | NS      | $27004111.68  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Calpine Corp.                                                                      | Calpine Corp.                                                                                     | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   7800000 | PA      | $7809750.00   | 0.24%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                           | PNC Financial Services Group, Inc. (The)                                                          | CUSIP: 693475BJ3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8643255.20   | 0.27%             | 2033-10-28      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                             | Tenet Healthcare Corp.                                                                            | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  19400000 | PA      | $19427722.02  | 0.60%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc. into Newmont Corp.                         | Citigroup Global Markets Holdings, Inc. into Newmont Corp.                                        | CUSIP: 17332B173<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |    250000 | NS      | $12402636.64  | 0.38%             | 2026-02-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CommScope LLC                                                                      | CommScope LLC                                                                                     | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6214356.00   | 0.19%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                                                 | United Airlines Pass-Through Trust, Series 2023-1, Class A                                        | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5877717 | PA      | $6099872.71   | 0.19%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA into International Paper Co.                                        | BNP Paribas SA into International Paper Co.                                                       | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | SN               | CORP              | FR        |    125000 | NS      | $5830163.02   | 0.18%             | 2025-10-20      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Co.                                                                     | Ford Motor Co.                                                                                    | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7173139.61   | 0.22%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA into Schlumberger NV                                           | Wells Fargo Bank NA into Schlumberger NV                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    206500 | NS      | $7221903.94   | 0.22%             | 2025-11-26      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Rain Carbon, Inc.                                                                  | Rain Carbon, Inc.                                                                                 | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   7300000 | PA      | $7826461.40   | 0.24%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| BNP Paribas Issuance BV into Freeport-McMoRan, Inc.                                | BNP Paribas Issuance BV into Freeport-McMoRan, Inc.                                               | CUSIP: N/A<br>LEI: 7245009UXRIGIRYOBR48       | Long             | SN               | CORP              | NL        |    400000 | NS      | $15674293.76  | 0.49%             | 2026-08-28      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                                    | Citigroup, Inc.                                                                                   | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  24500000 | PA      | $26746197.24  | 0.83%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                                | Medline Borrower LP                                                                               | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9651789.80   | 0.30%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                        | United Parcel Service, Inc., Class B                                                              | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |    139000 | NS      | $11610670.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.                                  | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.                                                 | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5997712.68   | 0.19%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp.                                                                | Regal Rexnord Corp.                                                                               | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5370114.95   | 0.17%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch BV into UnitedHealth Group, Inc.                                     | Merrill Lynch BV into UnitedHealth Group, Inc.                                                    | CUSIP: N/A<br>LEI: 549300RQ1D1WIE085245       | Long             | SN               | CORP              | NL        |     25000 | NS      | $8345795.11   | 0.26%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| RR Donnelley & Sons Co.                                                            | RR Donnelley & Sons Co.                                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4616055.00   | 0.14%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International plc                                                 | Johnson Controls International plc                                                                | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |    100000 | NS      | $10995000.00  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                                                               | American Tower Corp.                                                                              | CUSIP: 03027XBZ2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5279718.20   | 0.16%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                            | American Airlines, Inc.                                                                           | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7306446.00   | 0.23%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                 | CHS/Community Health Systems, Inc.                                                                | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  19430000 | PA      | $14110245.14  | 0.44%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                               | JPMorgan Chase & Co.                                                                              | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3306968.76   | 0.10%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5MQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6240902 | PA      | $6294103.36   | 0.20%             | 2055-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                 | CHS/Community Health Systems, Inc.                                                                | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  23820000 | PA      | $18958814.40  | 0.59%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                                         | US Bancorp                                                                                        | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10666276.00  | 0.33%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                                             | Home Depot, Inc. (The)                                                                            | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     80000 | NS      | $32415200.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG into Accenture plc                                                          | UBS AG into Accenture plc                                                                         | CUSIP: 90304M253<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | SN               | CORP              | CH        |     31000 | NS      | $7897472.86   | 0.24%             | 2026-07-13      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Calumet Specialty Products Partners LP / Calumet Finance Corp.                     | Calumet Specialty Products Partners LP / Calumet Finance Corp.                                    | CUSIP: 131477AV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8820000 | PA      | $8750920.88   | 0.27%             | 2027-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| United Airlines, Inc.                                                              | United Airlines, Inc.                                                                             | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   8750000 | PA      | $8622632.81   | 0.27%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA into QUALCOMM, Inc.                                            | Wells Fargo Bank NA into QUALCOMM, Inc.                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     68500 | NS      | $11458809.78  | 0.36%             | 2025-10-22      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BNP Paribas Issuance BV into Applied Materials, Inc.                               | BNP Paribas Issuance BV into Applied Materials, Inc.                                              | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | SN               | CORP              | FR        |     60000 | NS      | $11650427.66  | 0.36%             | 2025-12-10      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.              | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.                             | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3333935.85   | 0.10%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Calumet Specialty Products Partners LP / Calumet Finance Corp.                     | Calumet Specialty Products Partners LP / Calumet Finance Corp.                                    | CUSIP: 131477AY7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4618000 | PA      | $4634775.35   | 0.14%             | 2026-04-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                          | Vistra Operations Co. LLC                                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   4700000 | PA      | $4976909.90   | 0.15%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                    | TransDigm, Inc.                                                                                   | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   5750000 | PA      | $5949375.67   | 0.18%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc into Micron Technology, Inc.                                     | Barclays Bank plc into Micron Technology, Inc.                                                    | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | Long             | SN               | CORP              | GB        |     90000 | NS      | $12239078.46  | 0.38%             | 2026-09-08      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                             | Mauser Packaging Solutions Holding Co.                                                            | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |  12032000 | PA      | $12069696.26  | 0.37%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                             | Cleveland-Cliffs, Inc.                                                                            | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4086680.00   | 0.13%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                                                 | General Motors Co.                                                                                | CUSIP: 37045VAP5<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |  13500000 | PA      | $12922335.81  | 0.40%             | 2038-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| X Corp.                                                                            | X Corp., First Lien, CME Term Loan, B1                                                            | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7710459 | PA      | $7574446.68   | 0.23%             | 2029-10-26      | Variable      | 10.96%                | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                  | Wells Fargo & Co.                                                                                 | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10507538.80  | 0.33%             | 2034-07-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The) into Starbucks Corp.                                   | Toronto-Dominion Bank (The) into Starbucks Corp.                                                  | CUSIP: 891160A52<br>LEI: PT3QB789TSUIDF371261 | Long             | SN               | CORP              | CA        |    190000 | NS      | $16317021.34  | 0.51%             | 2026-01-12      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                           | Venture Global LNG, Inc.                                                                          | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |  12250000 | PA      | $12149300.10  | 0.38%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Albemarle Corp.                                                                    | Albemarle Corp.                                                                                   | CUSIP: 012653200<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EP               | CORP              | US        |    230000 | NS      | $8712400.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                                                                 | Southern Co. (The)                                                                                | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    360000 | NS      | $34117200.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA into CVS Health Corp.                                       | JPMorgan Chase Bank NA into CVS Health Corp.                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    145000 | NS      | $10015363.99  | 0.31%             | 2025-11-25      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                               | FNMA, 30 Year                                                                                     | CUSIP: 31418FED5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6454462 | PA      | $6515067.50   | 0.20%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                                    | Citigroup, Inc.                                                                                   | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     50000 | NS      | $5075000.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Treasury Pty. Ltd.                                                       | Fortescue Treasury Pty. Ltd.                                                                      | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   3442000 | PA      | $3559399.74   | 0.11%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                        | Capital One Financial Corp.                                                                       | CUSIP: 14040HCV5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   6070000 | PA      | $6240537.44   | 0.19%             | 2030-07-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                                     | Broadcom, Inc.                                                                                    | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9810813.50   | 0.30%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Vistra Corp.                                                                       | Vistra Corp.                                                                                      | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   7800000 | PA      | $7924800.00   | 0.25%             | 2026-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Bank of America NA into Microchip Technology, Inc.                                 | Bank of America NA into Microchip Technology, Inc.                                                | CUSIP: 59027W401<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | SN               | CORP              | US        |    200000 | NS      | $12887947.88  | 0.40%             | 2026-09-03      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5RF8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3980421 | PA      | $4015533.16   | 0.12%             | 2055-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV                                                       | LyondellBasell Industries NV, Class A                                                             | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | NL        |    110000 | NS      | $5394400.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Opal Bidco SAS                                                                     | Opal Bidco SAS                                                                                    | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |   2750000 | PA      | $2820471.50   | 0.09%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                                                   | ArcelorMittal SA                                                                                  | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |  12000000 | PA      | $13356067.80  | 0.41%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Calpine Corp.                                                                      | Calpine Corp.                                                                                     | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1992892.80   | 0.06%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CommScope LLC                                                                      | CommScope LLC                                                                                     | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11129574.61  | 0.34%             | 2027-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SCIH Salt Holdings, Inc.                                                           | SCIH Salt Holdings, Inc.                                                                          | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5397092.42   | 0.17%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.                              | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.                                             | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15242625.00  | 0.47%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AstraZeneca plc                                                                    | AstraZeneca plc                                                                                   | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    125000 | NS      | $9590000.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Qnity Electronics, Inc.                                                            | Qnity Electronics, Inc.                                                                           | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1687019.40   | 0.05%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                 | CHS/Community Health Systems, Inc.                                                                | CUSIP: N/A<br>LEI: 5493007X5NC5XI1BB106       | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20674600.00  | 0.64%             | 2033-06-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                             | Truist Financial Corp.                                                                            | CUSIP: 89788NAA8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3988293.28   | 0.12%             | 2033-07-28      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.                           | Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.                                          | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11000000 | PA      | $10614450.00  | 0.33%             | 2026-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                              | Clydesdale Acquisition Holdings, Inc., First Lien, 2025 Incremental Closing Date CME Term Loan, B | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |   3921443 | PA      | $3919835.51   | 0.12%             | 2032-04-01      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                          | Williams Cos., Inc. (The)                                                                         | CUSIP: 969457CJ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5254891.40   | 0.16%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                    | TransDigm, Inc.                                                                                   | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5101545.00   | 0.16%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                               | FNMA                                                                                              | CUSIP: 313586810<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EP               | CORP              | US        |       475 | NS      | $26125000.00  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Treasury Pty. Ltd.                                                       | Fortescue Treasury Pty. Ltd.                                                                      | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   6000000 | PA      | $5732595.00   | 0.18%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BofA Finance LLC into Albemarle Corp.                                              | BofA Finance LLC into Albemarle Corp.                                                             | CUSIP: N/A<br>LEI: 549300CGZYSEY3ZSIW16       | Long             | SN               | CORP              | US        |    255000 | NS      | $20410432.80  | 0.63%             | 2026-08-28      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC into International Business Machines Corp.              | Morgan Stanley Finance LLC into International Business Machines Corp.                             | CUSIP: 61772E198<br>LEI: 5493003FCPSE9RKT4B56 | Long             | SN               | CORP              | US        |     40000 | NS      | $11246264.16  | 0.35%             | 2027-04-08      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Univision Communications, Inc.                                                     | Univision Communications, Inc.                                                                    | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3199521.00   | 0.10%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWG80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15328747 | PA      | $15238562.03  | 0.47%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc into Target Corp.                                                | Barclays Bank plc into Target Corp.                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     75000 | NS      | $6867986.75   | 0.21%             | 2025-12-29      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Medtronic plc                                                                      | Medtronic plc                                                                                     | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |    100000 | NS      | $9524000.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch BV into Microsoft Corp.                                              | Merrill Lynch BV into Microsoft Corp.                                                             | CUSIP: 59027W328<br>LEI: 549300RQ1D1WIE085245 | Long             | SN               | CORP              | NL        |     32655 | NS      | $14498850.07  | 0.45%             | 2026-03-09      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Air Products and Chemicals, Inc.                                                   | Air Products and Chemicals, Inc.                                                                  | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     80000 | NS      | $21817600.00  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5GQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5745486 | PA      | $5849680.44   | 0.18%             | 2055-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GE HealthCare Technologies, Inc.                                                   | GE HealthCare Technologies, Inc.                                                                  | CUSIP: 36267VAK9<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4305797.88   | 0.13%             | 2032-11-22      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Beach Acquisition Bidco LLC                                                        | Beach Acquisition Bidco LLC                                                                       | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10811620.00  | 0.33%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                                                  | Philip Morris International, Inc.                                                                 | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    130000 | NS      | $21086000.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd.                               | American Airlines, Inc. / AAdvantage Loyalty IP Ltd.                                              | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3754841.26   | 0.12%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                     | Morgan Stanley                                                                                    | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   5700000 | PA      | $5879800.52   | 0.18%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Endo, Inc.                                                                         | Endo, Inc., Escrow Account                                                                        | CUSIP: 292ESCB17<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   4500000 | PA      | $0.00         | 0.00%             | 2024-10-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Wells Fargo Bank NA into Salesforce, Inc.                                          | Wells Fargo Bank NA into Salesforce, Inc.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     35000 | NS      | $8522873.80   | 0.26%             | 2026-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                      | Comcast Corp., Class A                                                                            | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    400000 | NS      | $12568000.00  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy, Inc.                                                                  | Xcel Energy, Inc.                                                                                 | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    130000 | NS      | $10484500.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank plc into Microchip Technology, Inc.                                  | Barclays Bank plc into Microchip Technology, Inc.                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | GB        |    200000 | NS      | $12816022.59  | 0.40%             | 2026-10-05      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                                                 | United Rentals North America, Inc.                                                                | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8244152.00   | 0.26%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Bonds                                                                               | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9631250.00   | 0.30%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Millrose Properties, Inc.                                                          | Millrose Properties, Inc.                                                                         | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4071040.00   | 0.13%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5688517 | PA      | $5740642.49   | 0.18%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Qnity Electronics, Inc.                                                            | Qnity Electronics, Inc.                                                                           | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2017753.56   | 0.06%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                                                  | BAT Capital Corp.                                                                                 | CUSIP: 054989AB4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6589252.74   | 0.20%             | 2033-08-02      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                                | Newell Brands, Inc.                                                                               | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2650590.00   | 0.08%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                          | Ford Motor Credit Co. LLC                                                                         | CUSIP: 345397G98<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   7654000 | PA      | $7967922.23   | 0.25%             | 2032-03-19      | Fixed         | 6.53%                 | No            |                  2 | On Loan: —       |
| Cisco Systems, Inc.                                                                | Cisco Systems, Inc.                                                                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    600000 | NS      | $41052000.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                                                                      | PepsiCo, Inc.                                                                                     | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    350000 | NS      | $49154000.00  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas Issuance BV into Advanced Micro Devices, Inc.                          | BNP Paribas Issuance BV into Advanced Micro Devices, Inc.                                         | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | SN               | CORP              | FR        |     75000 | NS      | $10037072.28  | 0.31%             | 2026-03-02      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                | Fifth Third Bancorp                                                                               | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |    200000 | NS      | $8910000.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                               | JPMorgan Chase & Co.                                                                              | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    100000 | NS      | $31543000.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                                                         | Occidental Petroleum Corp.                                                                        | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3045731.88   | 0.09%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                     | Morgan Stanley                                                                                    | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    200000 | NS      | $31792000.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                                               | FNMA, 30 Year                                                                                     | CUSIP: 31418ER77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  15219243 | PA      | $15168180.67  | 0.47%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                                            | Micron Technology, Inc.                                                                           | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4250202.20   | 0.13%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| INSTITUTIONAL FIDUCIARY TRUST                                                      | INSTITUTIONAL FIDUCIARY TRUST                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   9300000 | NS      | $9300000.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWNX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8262857 | PA      | $8338570.43   | 0.26%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5TP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  14956381 | PA      | $15234608.48  | 0.47%             | 2055-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc. into International Business Machines Corp. | Citigroup Global Markets Holdings, Inc. into International Business Machines Corp.                | CUSIP: N/A<br>LEI: 82VOJDD5PTRDMVVMGV31       | Long             | SN               | CORP              | US        |     35000 | NS      | $9172328.36   | 0.28%             | 2026-08-21      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Weatherford International Ltd.                                                     | Weatherford International Ltd.                                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |  14500000 | PA      | $14832862.00  | 0.46%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Analog Devices, Inc.                                                               | Analog Devices, Inc.                                                                              | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     34000 | NS      | $8353800.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                                                                    | Schlumberger NV                                                                                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    275000 | NS      | $9451750.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                                                                   | NRG Energy, Inc.                                                                                  | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7505764.73   | 0.23%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP into Amgen, Inc.                                          | Mizuho Markets Cayman LP into Amgen, Inc.                                                         | CUSIP: 60701E352<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |     60000 | NS      | $16961870.55  | 0.53%             | 2026-06-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Endo, Inc., Escrow Account                                                         | Endo, Inc., Escrow Account                                                                        | CUSIP: 698ESCAA8<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |   8429000 | PA      | $0.00         | 0.00%             | 2027-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Weatherford International Ltd.                                                     | Weatherford International Ltd.                                                                    | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3504622.14   | 0.11%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5JD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5895134 | PA      | $5945386.81   | 0.18%             | 2055-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Endo Finance Holdings, Inc.                                                        | Endo Finance Holdings, Inc.                                                                       | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4296476.00   | 0.13%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Mallinckrodt ARD LLC                                                               | Mallinckrodt ARD LLC                                                                              | CUSIP: 292CNT011<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48391 | NS      | $5008468.50   | 0.16%             |  |  |  | No            |                  3 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp.                                      | CCO Holdings LLC / CCO Holdings Capital Corp.                                                     | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17500000 | PA      | $17754817.50  | 0.55%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                                                               | NextEra Energy, Inc.                                                                              | CUSIP: 65339F119<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |     50000 | NS      | $2351500.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                                                      | Chevron Corp.                                                                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    350000 | NS      | $54351500.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global LNG, Inc.                                                           | Venture Global LNG, Inc.                                                                          | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7880064.83   | 0.24%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                   | Boeing Co. (The)                                                                                  | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15397471.50  | 0.48%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                        | Capital One Financial Corp.                                                                       | CUSIP: 14040HCN3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6751526.95   | 0.21%             | 2030-03-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP / Emerald Co-Issuer, Inc.                                        | EMRLD Borrower LP / Emerald Co-Issuer, Inc.                                                       | CUSIP: 29103CAA6<br>LEI: 5493000GJYE7GAQCUC61 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11321189.00  | 0.35%             | 2030-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Bonds                                                                               | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  21000000 | PA      | $18987773.49  | 0.59%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWMX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  26113192 | PA      | $25924703.11  | 0.80%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                             | Tenet Healthcare Corp.                                                                            | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  24031000 | PA      | $24043251.00  | 0.74%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Halliburton Co.                                                                    | Halliburton Co.                                                                                   | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    135000 | NS      | $3321000.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                                                   | TotalEnergies SE                                                                                  | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    250000 | NS      | $14922500.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Hilcorp Energy I LP / Hilcorp Finance Co.                                          | Hilcorp Energy I LP / Hilcorp Finance Co.                                                         | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3911846.80   | 0.12%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips                                                                     | ConocoPhillips                                                                                    | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    150000 | NS      | $14188500.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                     | Morgan Stanley                                                                                    | CUSIP: 61747YFJ9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6717341.82   | 0.21%             | 2034-11-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                                 | Southern Co. (The)                                                                                | CUSIP: 842587DL8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10598602.00  | 0.33%             | 2032-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA into Exxon Mobil Corp.                                      | JPMorgan Chase Bank NA into Exxon Mobil Corp.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     50000 | NS      | $5656560.04   | 0.18%             | 2025-11-03      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas Issuance BV into Target Corp.                                          | BNP Paribas Issuance BV into Target Corp.                                                         | CUSIP: N/A<br>LEI: 7245009UXRIGIRYOBR48       | Long             | SN               | CORP              | NL        |     40000 | NS      | $3546709.22   | 0.11%             | 2026-10-07      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                                                         | Charles Schwab Corp. (The)                                                                        | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    100000 | NS      | $9547000.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Herc Holdings, Inc.                                                                | Herc Holdings, Inc.                                                                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2598852.50   | 0.08%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Structured Products BV into Home Depot, Inc. (The)                     | J.P. Morgan Structured Products BV into Home Depot, Inc. (The)                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     25000 | NS      | $10043459.16  | 0.31%             | 2025-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5JE0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   8951467 | PA      | $9104234.92   | 0.28%             | 2055-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rio Tinto plc                                                                      | Rio Tinto plc                                                                                     | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    250000 | NS      | $16502500.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SCIH Salt Holdings, Inc.                                                           | SCIH Salt Holdings, Inc.                                                                          | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4388000 | PA      | $4291499.98   | 0.13%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International Bank into NIKE, Inc.                                   | Goldman Sachs International Bank into NIKE, Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    100000 | NS      | $7099874.97   | 0.22%             | 2026-03-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                                            | Micron Technology, Inc.                                                                           | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8698348.08   | 0.27%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co. (The)                                                                | Coca-Cola Co. (The)                                                                               | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    250000 | NS      | $16580000.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Pass-Through Trust                                                 | United Airlines Pass-Through Trust, Series 2020-1, Class A                                        | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3687771 | PA      | $3793429.16   | 0.12%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Caterpillar, Inc.                                                                  | Caterpillar, Inc.                                                                                 | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     12500 | NS      | $5964375.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp.                                                                     | Carnival Corp.                                                                                    | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |  11750000 | PA      | $11972404.00  | 0.37%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5PK9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6145193 | PA      | $6263689.15   | 0.19%             | 2055-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co. (The)                                                         | Procter & Gamble Co. (The)                                                                        | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    250000 | NS      | $38412500.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo Bank NA into CVS Health Corp.                                          | Wells Fargo Bank NA into CVS Health Corp.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    150000 | NS      | $10890764.21  | 0.34%             | 2026-04-09      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc. into UnitedHealth Group, Inc.              | Citigroup Global Markets Holdings, Inc. into UnitedHealth Group, Inc.                             | CUSIP: 17332B132<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |     15000 | NS      | $5363621.63   | 0.17%             | 2026-01-27      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                              | Clydesdale Acquisition Holdings, Inc.                                                             | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4106380.00   | 0.13%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                       | Verizon Communications, Inc.                                                                      | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    250000 | NS      | $10987500.00  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                                                 | Venture Global Plaquemines LNG LLC                                                                | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $9599332.88   | 0.30%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWJR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7625313 | PA      | $7716964.94   | 0.24%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                                                        | Amgen, Inc.                                                                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     35000 | NS      | $9877000.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                          | Ford Motor Credit Co. LLC                                                                         | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14980506.60  | 0.46%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                                 | Southern Co. (The)                                                                                | CUSIP: 842587EC7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3550750.00   | 0.11%             | 2028-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Ford Motor Co.                                                                     | Ford Motor Co.                                                                                    | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2625655.47   | 0.08%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The) into Target Corp.                                      | Toronto-Dominion Bank (The) into Target Corp.                                                     | CUSIP: 89112B103<br>LEI: PT3QB789TSUIDF371261 | Long             | SN               | CORP              | CA        |     80000 | NS      | $7274802.52   | 0.23%             | 2026-06-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Connect Holding II LLC                                                             | Connect Holding II LLC                                                                            | CUSIP: 20753PAD3<br>LEI: 254900LCX7S2QHYUOI31 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6750084.38   | 0.21%             | 2031-04-03      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Matador Resources Co.                                                              | Matador Resources Co.                                                                             | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3525196.50   | 0.11%             | 2033-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                                 | General Motors Financial Co., Inc.                                                                | CUSIP: 37045XED4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5363570.65   | 0.17%             | 2033-01-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Bonds                                                                               | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  42500000 | PA      | $35113134.93  | 1.09%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                               | FNMA, 30 Year                                                                                     | CUSIP: 31418FNK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9311761 | PA      | $9519279.55   | 0.29%             | 2055-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Honeywell International, Inc.                                                      | Honeywell International, Inc.                                                                     | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     45391 | NS      | $9554805.50   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Notes                                                                               | CUSIP: 91282CNF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16000000 | PA      | $16205000.00  | 0.50%             | 2032-05-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Stagwell Global LLC                                                                | Stagwell Global LLC                                                                               | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4861269.00   | 0.15%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                   | Boeing Co. (The)                                                                                  | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |    240000 | NS      | $16696800.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                                               | FNMA, 30 Year                                                                                     | CUSIP: 3140XPBW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12979025 | PA      | $12928785.07  | 0.40%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                          | RTX Corp.                                                                                         | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     90000 | NS      | $15059700.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                                                                 | Southern Co. (The), Series 2025                                                                   | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1066327.00   | 0.03%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                                                       | AbbVie, Inc.                                                                                      | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    140000 | NS      | $32415600.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global LNG, Inc.                                                           | Venture Global LNG, Inc.                                                                          | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $9321930.00   | 0.29%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                               | JPMorgan Chase & Co., Series OO                                                                   | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3108732.00   | 0.10%             | 2030-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III BV                                     | Teva Pharmaceutical Finance Netherlands III BV                                                    | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |  10000000 | PA      | $10389080.00  | 0.32%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                                                     | NCL Corp. Ltd.                                                                                    | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2058113.18   | 0.06%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                                                | Union Pacific Corp.                                                                               | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    129993 | NS      | $30726445.41  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corp. / JetBlue Loyalty LP                                         | JetBlue Airways Corp. / JetBlue Loyalty LP                                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7105889.00   | 0.22%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: —       |
| Cleveland-Cliffs, Inc.                                                             | Cleveland-Cliffs, Inc.                                                                            | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5155300.05   | 0.16%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                             | Cleveland-Cliffs, Inc.                                                                            | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5056075.00   | 0.16%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                                                       | DaVita, Inc.                                                                                      | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8153190.57   | 0.25%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                                        | Caesars Entertainment, Inc.                                                                       | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12319810.00  | 0.38%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| Sempra, Inc.                                                                       | Sempra, Inc.                                                                                      | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    180000 | NS      | $16196400.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| GNMA                                                                               | GNMA II, Single-family, 30 Year                                                                   | CUSIP: 3618N5MR7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3089172 | PA      | $3145861.69   | 0.10%             | 2055-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Notes                                                                               | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16000000 | PA      | $16190000.00  | 0.50%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                         | FHLMC Pool, 30 Year                                                                               | CUSIP: 3132DWNY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4684636 | PA      | $4793019.29   | 0.15%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Camelot Return Merger Sub, Inc.                                                    | Camelot Return Merger Sub, Inc.                                                                   | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3292713.68   | 0.10%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                               | FNMA, 30 Year                                                                                     | CUSIP: 3140QBMZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1213549 | PA      | $1167023.84   | 0.04%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CommScope LLC                                                                      | CommScope LLC                                                                                     | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5471565.00   | 0.17%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CommScope LLC                                                                      | CommScope LLC                                                                                     | CUSIP: 203372AV9<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   9846000 | PA      | $9890553.15   | 0.31%             | 2028-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                                  | Duke Energy Corp.                                                                                 | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    150000 | NS      | $18562500.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                               | Clear Channel Outdoor Holdings, Inc.                                                              | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2797400.48   | 0.09%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital, Inc.                                                              | Ashtead Capital, Inc.                                                                             | CUSIP: 045054AL7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4440003.17   | 0.14%             | 2029-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                             | Tenet Healthcare Corp.                                                                            | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12675085.50  | 0.39%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Alcoa Nederland Holding BV                                                         | Alcoa Nederland Holding BV                                                                        | CUSIP: 013822AG6<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |   8500000 | PA      | $8226515.05   | 0.25%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                                                 | United Rentals North America, Inc.                                                                | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |  12800000 | PA      | $12771998.46  | 0.40%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                   | McDonald's Corp.                                                                                  | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     30000 | NS      | $9116700.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Institutional U.S. Government Money Market Fund                           | Franklin Institutional U.S. Government Money Market Fund                                          | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        |   1624999 | NS      | $1624998.91   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.              | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.                             | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4100000 | PA      | $3850342.10   | 0.12%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                          | Vistra Operations Co. LLC                                                                         | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |  10505000 | PA      | $10292755.93  | 0.32%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Tronox, Inc.                                                                       | Tronox, Inc.                                                                                      | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $3919630.20   | 0.12%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA into Truist Financial Corp.                                 | JPMorgan Chase Bank NA into Truist Financial Corp.                                                | CUSIP: 4662AA448<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | SN               | CORP              | US        |    168000 | NS      | $7516817.74   | 0.23%             | 2026-03-02      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Bills                                                                               | CUSIP: 912797RC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  50000000 | PA      | $49927155.00  | 1.55%             | 2025-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP into Analog Devices, Inc.                                 | Mizuho Markets Cayman LP into Analog Devices, Inc.                                                | CUSIP: 60701E345<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |     80000 | NS      | $17744858.36  | 0.55%             | 2026-05-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                             | Tenet Healthcare Corp.                                                                            | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10360737.70  | 0.32%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc into Amazon.com, Inc.                                            | Barclays Bank plc into Amazon.com, Inc.                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     50000 | NS      | $10572352.35  | 0.33%             | 2026-03-25      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                               | JPMorgan Chase & Co., Series NN                                                                   | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5273110.00   | 0.16%             | 2029-06-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                              | Dominion Energy, Inc.                                                                             | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    300000 | NS      | $18351000.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                       | Oracle Corp.                                                                                      | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $7337691.59   | 0.23%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Dell Technologies, Inc.                                                            | Dell Technologies, Inc., Class C                                                                  | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     75005 | NS      | $10633458.85  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Markets Cayman LP into Freeport-McMoRan, Inc.                               | Mizuho Markets Cayman LP into Freeport-McMoRan, Inc.                                              | CUSIP: 60701E139<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |    250000 | NS      | $9803755.65   | 0.30%             | 2025-12-24      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Barclays plc                                                                       | Barclays plc                                                                                      | CUSIP: 06738ECA1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  15000000 | PA      | $15774048.30  | 0.49%             | 2033-08-09      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States of America                                                           | U.S. Treasury Bonds                                                                               | CUSIP: 912803HF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 115000000 | PA      | $28912089.05  | 0.90%             | 2054-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch BV into Halliburton Co.                                              | Merrill Lynch BV into Halliburton Co.                                                             | CUSIP: 59028A127<br>LEI: 549300RQ1D1WIE085245 | Long             | SN               | CORP              | NL        |    325000 | NS      | $7539984.58   | 0.23%             | 2026-09-21      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                              | Lockheed Martin Corp.                                                                             | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     65000 | NS      | $32448650.00  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Operations Co. LLC                                                          | Vistra Operations Co. LLC                                                                         | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2930498.96   | 0.09%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                                | Medline Borrower LP                                                                               | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3968372.80   | 0.12%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nestle SA                                                                          | Nestle SA                                                                                         | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    190000 | NS      | $17436300.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd.                               | American Airlines, Inc. / AAdvantage Loyalty IP Ltd.                                              | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4460000 | PA      | $4480406.15   | 0.14%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc into RTX Corp.                                                   | Barclays Bank plc into RTX Corp.                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     98000 | NS      | $12508500.69  | 0.39%             | 2025-10-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Texas Instruments, Inc.                                                            | Texas Instruments, Inc.                                                                           | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    155000 | NS      | $28478150.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp.                                                              | Ares Management Corp., Series B                                                                   | CUSIP: 03990B309<br>LEI: 529900JUV61FH7B8VW38 | Long             | EP               | CORP              | US        |     50000 | NS      | $2484500.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm, Inc.                                                                    | TransDigm, Inc.                                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15461925.00  | 0.48%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                      | Centene Corp.                                                                                     | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9702312.20   | 0.30%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                 | CHS/Community Health Systems, Inc.                                                                | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12309000.00  | 0.38%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                          | HCA, Inc.                                                                                         | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10393084.00  | 0.32%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                                        | Caesars Entertainment, Inc.                                                                       | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   6250000 | PA      | $6432765.06   | 0.20%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                                       | MPH Acquisition Holdings LLC, First Lien, Exchange First Out CME Term Loan                        | CUSIP: 55328HAP6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |   1588517 | PA      | $1588516.76   | 0.05%             | 2030-12-31      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                                       | Barclays plc                                                                                      | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  10000000 | PA      | $11477459.10  | 0.36%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer