# EDGAR Filing Document

**Accession Number:** 0000896435
**File Stem:** 0000896435-25-000166
**Filing Date:** 2025-11
**Character Count:** 219874
**Document Hash:** c96ea33f20a15965ef3bdb0701f78d47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000896435-25-000166.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000896435-25-000166

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07452
- **FILM NUMBER:** 251536015

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

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

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

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

## Series and Classes Contracts Data

### INVESCO V.I. High Yield Fund (Series ID: S000000181)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000408 | Series I     |  |
| C000000409 | Series II    |  |

## Nport-Ex

**Schedule of Investments**<sup>(a)</sup> 

*September 30, 2025*

*(Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–88.32%** | **U.S. Dollar Denominated Bonds & Notes–88.32%** | **U.S. Dollar Denominated Bonds & Notes–88.32%** | **U.S. Dollar Denominated Bonds & Notes–88.32%** |
| **Advertising–1.17%** | **Advertising–1.17%** | **Advertising–1.17%** | **Advertising–1.17%** |
| Clear Channel Outdoor Holdings, Inc., | Clear Channel Outdoor Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/2028<sup>(b)</sup> <br>|  | $304000 | &nbsp;&nbsp; $303718 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/2029<sup>(b)</sup> <br>|  | 164000 | &nbsp;&nbsp; 159463 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031<sup>(b)</sup> <br>|  | 328000 | &nbsp;&nbsp; 339281 |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/15/2033<sup>(b)</sup> <br>|  | 266000 | &nbsp;&nbsp; 278312 |
| &nbsp;&nbsp;&nbsp; Lamar Media Corp., 5.38%, <br> 11/01/2033<sup>(b)</sup> <br>|  | 715000 | &nbsp;&nbsp; 710634 |
|  |  |  | &nbsp;&nbsp; 1791408 |
| **Aerospace & Defense–1.01%** | **Aerospace & Defense–1.01%** | **Aerospace & Defense–1.01%** | **Aerospace & Defense–1.01%** |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 802000 | &nbsp;&nbsp; 818288 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(b)</sup> <br>|  | 708000 | &nbsp;&nbsp; 716470 |
|  |  |  | &nbsp;&nbsp; 1534758 |
| **Alternative Carriers–0.76%** | **Alternative Carriers–0.76%** | **Alternative Carriers–0.76%** | **Alternative Carriers–0.76%** |
| Lumen Technologies, Inc., | Lumen Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029<sup>(b)</sup> <br>|  | 43000 | &nbsp;&nbsp; 39255 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029<sup>(b)</sup> <br>|  | 24000 | &nbsp;&nbsp; 22015 |
| &nbsp;&nbsp;&nbsp; 10.00%, 10/15/2032<sup>(b)</sup> <br>|  | 70000 | &nbsp;&nbsp; 70904 |
| &nbsp;&nbsp;&nbsp; Series P, 7.60%, 09/15/2039 |  | 43000 | &nbsp;&nbsp; 40313 |
| &nbsp;&nbsp;&nbsp; Series U, 7.65%, 03/15/2042 |  | 37000 | &nbsp;&nbsp; 34477 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream <br> Escrow Finance Corp., 8.25%, <br> 10/01/2031<sup>(b)</sup> <br>|  | 692000 | &nbsp;&nbsp; 717363 |
| Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 0.50% PIK Rate 5.75% Cash Rate, <br> 03/09/2030<sup>(b)(c)</sup> <br>|  | 153667 | &nbsp;&nbsp; 147328 |
| &nbsp;&nbsp;&nbsp; 1.88% PIK Rate 7.13% Cash Rate, <br> 09/09/2030<sup>(b)(c)</sup> <br>|  | 89613 | &nbsp;&nbsp; 85020 |
|  |  |  | &nbsp;&nbsp; 1156675 |
| **Apparel Retail–0.14%** | **Apparel Retail–0.14%** | **Apparel Retail–0.14%** | **Apparel Retail–0.14%** |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup> <br>|  | 420180 | &nbsp;&nbsp; 216130 |
| **Application Software–1.52%** | **Application Software–1.52%** | **Application Software–1.52%** | **Application Software–1.52%** |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc./CDK Global, Inc., <br> 7.25%, 06/15/2029<sup>(b)</sup> <br>|  | 87000 | &nbsp;&nbsp; 75238 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., <br> 4.88%, 07/01/2029<sup>(b)</sup> <br>|  | 794000 | &nbsp;&nbsp; 751079 |
| Cloud Software Group, Inc., | Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(b)</sup> <br>|  | 426000 | &nbsp;&nbsp; 442333 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/2032<sup>(b)</sup> <br>|  | 284000 | &nbsp;&nbsp; 301568 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., 5.50%, <br> 09/30/2027<sup>(b)</sup> <br>|  | 755000 | &nbsp;&nbsp; 754489 |
|  |  |  | &nbsp;&nbsp; 2324707 |
| **Automobile Manufacturers–1.23%** | **Automobile Manufacturers–1.23%** | **Automobile Manufacturers–1.23%** | **Automobile Manufacturers–1.23%** |
| Allison Transmission, Inc., | Allison Transmission, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/01/2027<sup>(b)</sup> <br>|  | 733000 | &nbsp;&nbsp; 728565 |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/30/2031<sup>(b)</sup> <br>|  | 813000 | &nbsp;&nbsp; 751738 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan), 8.13%, <br> 07/17/2035<sup>(b)(d)</sup> <br>|  | 375000 | &nbsp;&nbsp; 402795 |
|  |  |  | &nbsp;&nbsp; 1883098 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Parts & Equipment–3.11%** | **Automotive Parts & Equipment–3.11%** | **Automotive Parts & Equipment–3.11%** | **Automotive Parts & Equipment–3.11%** |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., <br> 7.75%, 10/15/2033<sup>(b)</sup> <br>|  | $774000 | &nbsp;&nbsp; $780518 |
| &nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios US Finance <br> Co., 6.75%, 09/15/2032<sup>(b)</sup> <br>|  | 468000 | &nbsp;&nbsp; 478663 |
| &nbsp;&nbsp;&nbsp; Cougar JV Subsidiary LLC, 8.00%, <br> 05/15/2032<sup>(b)</sup> <br>|  | 744000 | &nbsp;&nbsp; 792091 |
| &nbsp;&nbsp;&nbsp; Forvia SE (France), 8.00%, <br> 06/15/2030<sup>(b)(d)</sup> <br>|  | 768000 | &nbsp;&nbsp; 813568 |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)(d)</sup> <br>|  | 774000 | &nbsp;&nbsp; 758574 |
| PHINIA, Inc., | PHINIA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | 660000 | &nbsp;&nbsp; 680751 |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(b)</sup> <br>|  | 421000 | &nbsp;&nbsp; 434269 |
|  |  |  | &nbsp;&nbsp; 4738434 |
| **Automotive Retail–2.51%** | **Automotive Retail–2.51%** | **Automotive Retail–2.51%** | **Automotive Retail–2.51%** |
| &nbsp;&nbsp;&nbsp; Carvana Co., 14.00% PIK Rate, 9.00% <br> Cash Rate, 06/01/2031<sup>(b)(c)</sup> <br>|  | 748422 | &nbsp;&nbsp; 847938 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc., 6.38%, <br> 01/15/2030<sup>(b)</sup> <br>|  | 727000 | &nbsp;&nbsp; 745109 |
| LCM Investments Holdings II LLC, | LCM Investments Holdings II LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029<sup>(b)</sup> <br>|  | 376000 | &nbsp;&nbsp; 368669 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/2031<sup>(b)</sup> <br>|  | 698000 | &nbsp;&nbsp; 738745 |
| Lithia Motors, Inc., | Lithia Motors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2027<sup>(b)</sup> <br>|  | 365000 | &nbsp;&nbsp; 361682 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2031<sup>(b)</sup> <br>|  | 801000 | &nbsp;&nbsp; 761252 |
|  |  |  | &nbsp;&nbsp; 3823395 |
| **Broadcasting–1.15%** | **Broadcasting–1.15%** | **Broadcasting–1.15%** | **Broadcasting–1.15%** |
| &nbsp;&nbsp;&nbsp; AMC Networks, Inc., 4.25%, <br> 02/15/2029<br>|  | 93000 | &nbsp;&nbsp; 80996 |
| &nbsp;&nbsp;&nbsp; E.W. Scripps Co. (The), 9.88%, <br> 08/15/2030<sup>(b)</sup> <br>|  | 145000 | &nbsp;&nbsp; 136237 |
| Gray Media, Inc., | Gray Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031<sup>(b)</sup> <br>|  | 143000 | &nbsp;&nbsp; 107519 |
| &nbsp;&nbsp;&nbsp; 9.63%, 07/15/2032<sup>(b)</sup> <br>|  | 264000 | &nbsp;&nbsp; 269944 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., 9.13%, <br> 05/01/2029<sup>(b)</sup> <br>|  | 443000 | &nbsp;&nbsp; 400089 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028<sup>(b)</sup> <br>|  | 419000 | &nbsp;&nbsp; 434505 |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 310000 | &nbsp;&nbsp; 330617 |
|  |  |  | &nbsp;&nbsp; 1759907 |
| **Building Products–0.53%** | **Building Products–0.53%** | **Building Products–0.53%** | **Building Products–0.53%** |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., <br> 9.50%, 08/15/2029<sup>(b)</sup> <br>|  | 81000 | &nbsp;&nbsp; 78781 |
| &nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime Co., Inc., <br> 5.25%, 07/15/2028<sup>(b)</sup> <br>|  | 743000 | &nbsp;&nbsp; 736767 |
|  |  |  | &nbsp;&nbsp; 815548 |
| **Cable & Satellite–5.99%** | **Cable & Satellite–5.99%** | **Cable & Satellite–5.99%** | **Cable & Satellite–5.99%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp., | &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(b)</sup> <br>|  | 539000 | &nbsp;&nbsp; 535813 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(b)(d)</sup> <br>|  | 829000 | &nbsp;&nbsp; 767336 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 |  | 886000 | &nbsp;&nbsp; 806872 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(b)</sup> <br>|  | 1294000 | &nbsp;&nbsp; 1151253 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034<sup>(b)(d)</sup> <br>|  | 486000 | &nbsp;&nbsp; 420481 |

---

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

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** |
| CSC Holdings LLC, | CSC Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029<sup>(b)</sup> <br>|  | $265000 | &nbsp;&nbsp; $223016 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029<sup>(b)</sup> <br>|  | 214000 | &nbsp;&nbsp; 158353 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030<sup>(b)</sup> <br>|  | 346000 | &nbsp;&nbsp; 132141 |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 131133 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/2030<sup>(b)</sup> <br>|  | 290000 | &nbsp;&nbsp; 102009 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031<sup>(b)</sup> <br>|  | 443000 | &nbsp;&nbsp; 288455 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC, 8.88%, <br> 02/01/2030<sup>(b)</sup> <br>|  | 192000 | &nbsp;&nbsp; 189882 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.00%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 196000 | &nbsp;&nbsp; 195859 |
| DISH DBS Corp., | DISH DBS Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026<sup>(b)</sup> <br>|  | 243000 | &nbsp;&nbsp; 238975 |
| &nbsp;&nbsp;&nbsp; 7.38%, 07/01/2028 |  | 325000 | &nbsp;&nbsp; 299813 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(b)</sup> <br>|  | 260000 | &nbsp;&nbsp; 249467 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/01/2029 |  | 393000 | &nbsp;&nbsp; 336414 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp., 11.75%, <br> 11/15/2027<sup>(b)</sup> <br>|  | 370000 | &nbsp;&nbsp; 391858 |
| EchoStar Corp., | EchoStar Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 |  | 367000 | &nbsp;&nbsp; 404049 |
| &nbsp;&nbsp;&nbsp; 6.75% PIK Rate, 0.00% Cash Rate, <br> 11/30/2030<sup>(c)</sup> <br>|  | 1112961 | &nbsp;&nbsp; 1148270 |
| Sinclair Television Group, Inc., | Sinclair Television Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2030<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 45249 |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/2033<sup>(b)</sup> <br>|  | 145000 | &nbsp;&nbsp; 148926 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance PLC <br> (United Kingdom), 4.50%, <br> 08/15/2030<sup>(b)</sup> <br>|  | 825000 | &nbsp;&nbsp; 778570 |
|  |  |  | &nbsp;&nbsp; 9144194 |
| **Casinos & Gaming–1.77%** | **Casinos & Gaming–1.77%** | **Casinos & Gaming–1.77%** | **Casinos & Gaming–1.77%** |
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd. <br> (Hong Kong), 6.50%, <br> 09/24/2033<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 802632 |
| Studio City Finance Ltd. (Macau), | Studio City Finance Ltd. (Macau), |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2028<sup>(b)</sup> <br>|  | 249000 | &nbsp;&nbsp; 249053 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2029<sup>(b)</sup> <br>|  | 932000 | &nbsp;&nbsp; 898705 |
| &nbsp;&nbsp;&nbsp; Voyager Parent LLC, 9.25%, <br> 07/01/2032<sup>(b)</sup> <br>|  | 715000 | &nbsp;&nbsp; 756584 |
|  |  |  | &nbsp;&nbsp; 2706974 |
| **Commercial & Residential Mortgage Finance–2.25%** | **Commercial & Residential Mortgage Finance–2.25%** | **Commercial & Residential Mortgage Finance–2.25%** | **Commercial & Residential Mortgage Finance–2.25%** |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, <br> 8.38%, 04/01/2032<sup>(b)</sup> <br>|  | 301000 | &nbsp;&nbsp; 315743 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., <br> 7.13%, 02/01/2032<sup>(b)</sup> <br>|  | 753000 | &nbsp;&nbsp; 788179 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., <br> 4.25%, 02/15/2029<sup>(b)</sup> <br>|  | 403000 | &nbsp;&nbsp; 390372 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers <br> Enterprise Lender Corp., 6.25%, <br> 10/15/2030<sup>(b)</sup> <br>|  | 233000 | &nbsp;&nbsp; 235223 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc., 6.13%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 743000 | &nbsp;&nbsp; 763102 |
| &nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | 707000 | &nbsp;&nbsp; 723598 |
| &nbsp;&nbsp;&nbsp; WBI Operating LLC, 6.25%, <br> 10/15/2030<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 215000 |
|  |  |  | &nbsp;&nbsp; 3431217 |
| **Commodity Chemicals–0.49%** | **Commodity Chemicals–0.49%** | **Commodity Chemicals–0.49%** | **Commodity Chemicals–0.49%** |
| &nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH (Germany), <br> 9.38%, 10/03/2031<sup>(b)</sup> <br>|  | 705000 | &nbsp;&nbsp; 748181 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Communications Equipment–0.25%** | **Communications Equipment–0.25%** | **Communications Equipment–0.25%** | **Communications Equipment–0.25%** |
| &nbsp;&nbsp;&nbsp; CommScope LLC, 9.50%, <br> 12/15/2031<sup>(b)(d)</sup> <br>|  | $362000 | &nbsp;&nbsp; $374933 |
| **Construction & Engineering–0.98%** | **Construction & Engineering–0.98%** | **Construction & Engineering–0.98%** | **Construction & Engineering–0.98%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> <br>|  | 749000 | &nbsp;&nbsp; 766384 |
| &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp., <br> 5.25%, 06/01/2029<sup>(b)</sup> <br>|  | 750000 | &nbsp;&nbsp; 727368 |
|  |  |  | &nbsp;&nbsp; 1493752 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.47%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.47%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.47%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.47%** |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance L.P. <br> (Canada), 6.75%, 07/15/2032<sup>(b)</sup> <br>|  | 705000 | &nbsp;&nbsp; 721409 |
| **Construction Materials–0.05%** | **Construction Materials–0.05%** | **Construction Materials–0.05%** | **Construction Materials–0.05%** |
| &nbsp;&nbsp;&nbsp; Camelot Return Merger Sub, Inc., <br> 8.75%, 08/01/2028<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 77476 |
| **Consumer Finance–3.16%** | **Consumer Finance–3.16%** | **Consumer Finance–3.16%** | **Consumer Finance–3.16%** |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(b)</sup> <br>|  | 1373000 | &nbsp;&nbsp; 1466341 |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc., 6.88%, <br> 03/01/2032<sup>(b)</sup> <br>|  | 1085000 | &nbsp;&nbsp; 1122821 |
| Navient Corp., | Navient Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 |  | 468000 | &nbsp;&nbsp; 466266 |
| &nbsp;&nbsp;&nbsp; 9.38%, 07/25/2030 |  | 208000 | &nbsp;&nbsp; 230064 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/2027 |  | 747000 | &nbsp;&nbsp; 730538 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2029 |  | 307000 | &nbsp;&nbsp; 315940 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2030 |  | 7000 | &nbsp;&nbsp; 6513 |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/2032 |  | 465000 | &nbsp;&nbsp; 480944 |
|  |  |  | &nbsp;&nbsp; 4819427 |
| **Copper–0.50%** | **Copper–0.50%** | **Copper–0.50%** | **Copper–0.50%** |
| First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/2031<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 394505 |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/01/2033<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 369987 |
|  |  |  | &nbsp;&nbsp; 764492 |
| **Diversified Banks–0.99%** | **Diversified Banks–0.99%** | **Diversified Banks–0.99%** | **Diversified Banks–0.99%** |
| &nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc., 7.50%, <br> 02/01/2032<sup>(b)</sup> <br>|  | 758000 | &nbsp;&nbsp; 766494 |
| Citigroup, Inc., Series Y, 4.15%<sup>(e)(f)</sup> <br>|  | 760000 | &nbsp;&nbsp; 744849 |
|  |  |  | &nbsp;&nbsp; 1511343 |
| **Diversified Financial Services–4.95%** | **Diversified Financial Services–4.95%** | **Diversified Financial Services–4.95%** | **Diversified Financial Services–4.95%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), <br> 6.95%, 03/10/2055<sup>(e)</sup> <br>|  | 1073000 | &nbsp;&nbsp; 1123691 |
| &nbsp;&nbsp;&nbsp; Avation Capital S.A. (Singapore), <br> 9.00% PIK Rate, 8.25% Cash Rate, <br> 10/31/2026<sup>(b)(c)</sup> <br>|  | 1555000 | &nbsp;&nbsp; 1546453 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. (Ireland), 6.88%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 1088000 | &nbsp;&nbsp; 1130988 |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd. <br> (Cayman Islands), 8.75%, <br> 09/01/2027<sup>(b)</sup> <br>|  | 1081000 | &nbsp;&nbsp; 1118174 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 757000 | &nbsp;&nbsp; 767832 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 720000 | &nbsp;&nbsp; 748378 |
| &nbsp;&nbsp;&nbsp; Provident Funding Associates L.P./PFG <br> Finance Corp., 9.75%, <br> 09/15/2029<sup>(b)</sup> <br>|  | 1051000 | &nbsp;&nbsp; 1111416 |
|  |  |  | &nbsp;&nbsp; 7546932 |

---

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

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified REITs–0.81%** | **Diversified REITs–0.81%** | **Diversified REITs–0.81%** | **Diversified REITs–0.81%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management <br> Services, Inc., 5.00%, <br> 07/15/2032<sup>(b)</sup> <br>|  | $826000 | &nbsp;&nbsp; $796608 |
| &nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC, 8.63%, <br> 06/15/2032<sup>(b)</sup> <br>|  | 462000 | &nbsp;&nbsp; 441661 |
|  |  |  | &nbsp;&nbsp; 1238269 |
| **Diversified Support Services–1.11%** | **Diversified Support Services–1.11%** | **Diversified Support Services–1.11%** | **Diversified Support Services–1.11%** |
| RB Global Holdings, Inc. (Canada), | RB Global Holdings, Inc. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 1044000 | &nbsp;&nbsp; 1068635 |
| &nbsp;&nbsp;&nbsp; 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 387000 | &nbsp;&nbsp; 405248 |
| Sabre GLBL, Inc., | Sabre GLBL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/2029<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 72761 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/2030<sup>(b)</sup> <br>|  | 143000 | &nbsp;&nbsp; 138667 |
|  |  |  | &nbsp;&nbsp; 1685311 |
| **Electric Utilities–3.79%** | **Electric Utilities–3.79%** | **Electric Utilities–3.79%** | **Electric Utilities–3.79%** |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Finance ULC <br> (Canada), 6.75%, 03/15/2055<sup>(e)</sup> <br>|  | 1098000 | &nbsp;&nbsp; 1126341 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., 6.45%, <br> 09/01/2054<sup>(e)</sup> <br>|  | 753000 | &nbsp;&nbsp; 796484 |
| Entergy Corp., 7.13%, 12/01/2054<sup>(e)</sup> <br>|  | 717000 | &nbsp;&nbsp; 750487 |
| &nbsp;&nbsp;&nbsp; Hawaiian Electric Co., Inc., 6.00%, <br> 10/01/2033<sup>(b)</sup> <br>|  | 772000 | &nbsp;&nbsp; 779193 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc., 7.88%, <br> 09/30/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 198686 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc., 6.00%, <br> 01/15/2036<sup>(b)</sup> <br>|  | 1163000 | &nbsp;&nbsp; 1163894 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027<sup>(b)</sup> <br>|  | 331000 | &nbsp;&nbsp; 330153 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 473000 | &nbsp;&nbsp; 500868 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(b)</sup> <br>|  | 129000 | &nbsp;&nbsp; 135012 |
|  |  |  | &nbsp;&nbsp; 5781118 |
| **Electrical Components & Equipment–0.74%** | **Electrical Components & Equipment–0.74%** | **Electrical Components & Equipment–0.74%** | **Electrical Components & Equipment–0.74%** |
| EnerSys, 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 708000 | &nbsp;&nbsp; 729472 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, <br> 7.05%, 09/15/2028<sup>(b)</sup> <br>|  | 378000 | &nbsp;&nbsp; 393818 |
|  |  |  | &nbsp;&nbsp; 1123290 |
| **Electronic Components–0.52%** | **Electronic Components–0.52%** | **Electronic Components–0.52%** | **Electronic Components–0.52%** |
| Sensata Technologies, Inc., | Sensata Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031<sup>(b)</sup> <br>|  | 355000 | &nbsp;&nbsp; 327943 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/2032<sup>(b)</sup> <br>|  | 456000 | &nbsp;&nbsp; 472395 |
|  |  |  | &nbsp;&nbsp; 800338 |
| **Electronic Equipment & Instruments–0.04%** | **Electronic Equipment & Instruments–0.04%** | **Electronic Equipment & Instruments–0.04%** | **Electronic Equipment & Instruments–0.04%** |
| &nbsp;&nbsp;&nbsp; Mirion Technologies, Inc., Conv., <br> 0.00%, 10/01/2031<sup>(b)(g)</sup> <br>|  | 56000 | &nbsp;&nbsp; 60369 |
| **Environmental & Facilities Services–0.75%** | **Environmental & Facilities Services–0.75%** | **Environmental & Facilities Services–0.75%** | **Environmental & Facilities Services–0.75%** |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc., 4.00%, <br> 08/01/2028<sup>(b)</sup> <br>|  | 769000 | &nbsp;&nbsp; 751502 |
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp. (Canada), <br> 6.63%, 04/01/2032<sup>(b)</sup> <br>|  | 373000 | &nbsp;&nbsp; 389264 |
|  |  |  | &nbsp;&nbsp; 1140766 |
| **Gold–1.00%** | **Gold–1.00%** | **Gold–1.00%** | **Gold–1.00%** |
| &nbsp;&nbsp;&nbsp; New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 1458000 | &nbsp;&nbsp; 1528331 |
| **Health Care Equipment–0.51%** | **Health Care Equipment–0.51%** | **Health Care Equipment–0.51%** | **Health Care Equipment–0.51%** |
| Hologic, Inc., 3.25%, 02/15/2029<sup>(b)</sup> <br>|  | 801000 | &nbsp;&nbsp; 774164 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Facilities–0.97%** | **Health Care Facilities–0.97%** | **Health Care Facilities–0.97%** | **Health Care Facilities–0.97%** |
| &nbsp;&nbsp;&nbsp; Select Medical Corp., 6.25%, <br> 12/01/2032<sup>(b)(d)</sup> <br>|  | $729000 | &nbsp;&nbsp; $729983 |
| Tenet Healthcare Corp., | Tenet Healthcare Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 |  | 483000 | &nbsp;&nbsp; 472109 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2031 |  | 270000 | &nbsp;&nbsp; 279740 |
|  |  |  | &nbsp;&nbsp; 1481832 |
| **Health Care REITs–0.88%** | **Health Care REITs–0.88%** | **Health Care REITs–0.88%** | **Health Care REITs–0.88%** |
| Diversified Healthcare Trust, | Diversified Healthcare Trust, |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/15/2026<sup>(b)(g)</sup> <br>|  | 591000 | &nbsp;&nbsp; 584978 |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/15/2030<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 407032 |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/2031 |  | 214000 | &nbsp;&nbsp; 189232 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership L.P./MPT Finance <br> Corp., | &nbsp;&nbsp;&nbsp; MPT Operating Partnership L.P./MPT Finance <br> Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 |  | 95000 | &nbsp;&nbsp; 79357 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2031 |  | 109000 | &nbsp;&nbsp; 80262 |
|  |  |  | &nbsp;&nbsp; 1340861 |
| **Health Care Services–1.63%** | **Health Care Services–1.63%** | **Health Care Services–1.63%** | **Health Care Services–1.63%** |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2029<sup>(b)</sup> <br>|  | 198000 | &nbsp;&nbsp; 157592 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030<sup>(b)</sup> <br>|  | 678000 | &nbsp;&nbsp; 613962 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2031<sup>(b)</sup> <br>|  | 441000 | &nbsp;&nbsp; 381667 |
| DaVita, Inc., | DaVita, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | 353000 | &nbsp;&nbsp; 364941 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/2033<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 387014 |
| MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/31/2030<sup>(b)</sup> <br>|  | 309000 | &nbsp;&nbsp; 270061 |
| &nbsp;&nbsp;&nbsp; 5.00% PIK Rate, 6.50% Cash Rate, <br> 12/31/2030<sup>(b)(c)</sup> <br>|  | 303350 | &nbsp;&nbsp; 317648 |
|  |  |  | &nbsp;&nbsp; 2492885 |
| **Health Care Supplies–0.74%** | **Health Care Supplies–0.74%** | **Health Care Supplies–0.74%** | **Health Care Supplies–0.74%** |
| Medline Borrower L.P., | Medline Borrower L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/2029<sup>(b)</sup> <br>|  | 395000 | &nbsp;&nbsp; 381246 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029<sup>(b)</sup> <br>|  | 756000 | &nbsp;&nbsp; 750022 |
|  |  |  | &nbsp;&nbsp; 1131268 |
| **Home Improvement Retail–0.05%** | **Home Improvement Retail–0.05%** | **Home Improvement Retail–0.05%** | **Home Improvement Retail–0.05%** |
| &nbsp;&nbsp;&nbsp; LBM Acquisition LLC, 6.25%, <br> 01/15/2029<sup>(b)</sup> <br>|  | 82000 | &nbsp;&nbsp; 75980 |
| **Hotel & Resort REITs–0.98%** | **Hotel & Resort REITs–0.98%** | **Hotel & Resort REITs–0.98%** | **Hotel & Resort REITs–0.98%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance <br> Corp., 6.50%, 06/15/2033<sup>(b)</sup> <br>|  | 733000 | &nbsp;&nbsp; 755404 |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)(d)</sup> <br>|  | 777000 | &nbsp;&nbsp; 734366 |
|  |  |  | &nbsp;&nbsp; 1489770 |
| **Hotels, Resorts & Cruise Lines–0.98%** | **Hotels, Resorts & Cruise Lines–0.98%** | **Hotels, Resorts & Cruise Lines–0.98%** | **Hotels, Resorts & Cruise Lines–0.98%** |
| &nbsp;&nbsp;&nbsp; Carnival Corp., 6.13%, <br> 02/15/2033<sup>(b)</sup> <br>|  | 732000 | &nbsp;&nbsp; 750788 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., <br> 5.88%, 03/15/2033<sup>(b)</sup> <br>|  | 734000 | &nbsp;&nbsp; 749789 |
|  |  |  | &nbsp;&nbsp; 1500577 |
| **Housewares & Specialties–0.75%** | **Housewares & Specialties–0.75%** | **Housewares & Specialties–0.75%** | **Housewares & Specialties–0.75%** |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/15/2029 |  | 360000 | &nbsp;&nbsp; 362731 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/2030<sup>(d)</sup> <br>|  | 788000 | &nbsp;&nbsp; 782716 |
|  |  |  | &nbsp;&nbsp; 1145447 |

---

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

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Independent Power Producers & Energy Traders–1.36%** | **Independent Power Producers & Energy Traders–1.36%** | **Independent Power Producers & Energy Traders–1.36%** | **Independent Power Producers & Energy Traders–1.36%** |
| Vistra Corp., | Vistra Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%<sup>(b)(e)(f)</sup> <br>|  | $377000 | &nbsp;&nbsp; $385902 |
| &nbsp;&nbsp;&nbsp; Series C, 8.88%<sup>(b)(e)(f)</sup> <br>|  | 1538000 | &nbsp;&nbsp; 1692420 |
|  |  |  | &nbsp;&nbsp; 2078322 |
| **Industrial Machinery & Supplies & Components–1.71%** | **Industrial Machinery & Supplies & Components–1.71%** | **Industrial Machinery & Supplies & Components–1.71%** | **Industrial Machinery & Supplies & Components–1.71%** |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(b)</sup> <br>|  | 750000 | &nbsp;&nbsp; 768408 |
| ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup> <br>|  | 1055000 | &nbsp;&nbsp; 1085123 |
| &nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, Inc., <br> 4.38%, 10/15/2029<sup>(b)</sup> <br>|  | 775000 | &nbsp;&nbsp; 753684 |
|  |  |  | &nbsp;&nbsp; 2607215 |
| **Insurance Brokers–1.24%** | **Insurance Brokers–1.24%** | **Insurance Brokers–1.24%** | **Insurance Brokers–1.24%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/<br> Alliant Holdings Co-Issuer, 7.00%, <br> 01/15/2031<sup>(b)</sup> <br>|  | 742000 | &nbsp;&nbsp; 767241 |
| HUB International Ltd., | HUB International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/2030<sup>(b)</sup> <br>|  | 322000 | &nbsp;&nbsp; 336062 |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/31/2032<sup>(b)</sup> <br>|  | 403000 | &nbsp;&nbsp; 419911 |
| USI, Inc., 7.50%, 01/15/2032<sup>(b)</sup> <br>|  | 354000 | &nbsp;&nbsp; 371675 |
|  |  |  | &nbsp;&nbsp; 1894889 |
| **Integrated Oil & Gas–0.24%** | **Integrated Oil & Gas–0.24%** | **Integrated Oil & Gas–0.24%** | **Integrated Oil & Gas–0.24%** |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico), 6.63%, <br> 06/15/2035<br>|  | 380000 | &nbsp;&nbsp; 362587 |
| **Integrated Telecommunication Services–5.08%** | **Integrated Telecommunication Services–5.08%** | **Integrated Telecommunication Services–5.08%** | **Integrated Telecommunication Services–5.08%** |
| Altice France Holding S.A. (France), | Altice France Holding S.A. (France), |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 05/15/2027<sup>(b)(h)</sup> <br>|  | 300000 | &nbsp;&nbsp; 108803 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/15/2028<sup>(b)(h)</sup> <br>|  | 1050000 | &nbsp;&nbsp; 380301 |
| Altice France S.A. (France), | Altice France S.A. (France), |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028<sup>(b)</sup> <br>|  | 765000 | &nbsp;&nbsp; 677025 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029<sup>(b)</sup> <br>|  | 1100000 | &nbsp;&nbsp; 956930 |
| FIBERCOP S.p.A. (Italy), | FIBERCOP S.p.A. (Italy), |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/30/2034<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 359311 |
| &nbsp;&nbsp;&nbsp; 7.20%, 07/18/2036<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 404951 |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/2029<sup>(b)</sup> <br>|  | 44000 | &nbsp;&nbsp; 38300 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/2029<sup>(b)</sup> <br>|  | 223000 | &nbsp;&nbsp; 210757 |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/15/2029<sup>(b)</sup> <br>|  | 76000 | &nbsp;&nbsp; 65165 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2030<sup>(b)</sup> <br>|  | 316000 | &nbsp;&nbsp; 290325 |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/2030<sup>(b)</sup> <br>|  | 96000 | &nbsp;&nbsp; 84297 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2031<sup>(b)</sup> <br>|  | 95000 | &nbsp;&nbsp; 82152 |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | 354000 | &nbsp;&nbsp; 361085 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/31/2034<sup>(b)</sup> <br>|  | 414667 | &nbsp;&nbsp; 422164 |
| Maya S.A.S. (France), | Maya S.A.S. (France), |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 1128000 | &nbsp;&nbsp; 1210708 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/2032<sup>(b)</sup> <br>|  | 633000 | &nbsp;&nbsp; 646327 |
| Telecom Italia Capital S.A. (Italy), | Telecom Italia Capital S.A. (Italy), |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 11/15/2033 |  | 368000 | &nbsp;&nbsp; 387156 |
| &nbsp;&nbsp;&nbsp; 7.72%, 06/04/2038 |  | 337000 | &nbsp;&nbsp; 373897 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC, 7.50%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 686000 | &nbsp;&nbsp; 686244 |
|  |  |  | &nbsp;&nbsp; 7745898 |
| **Interactive Media & Services–1.15%** | **Interactive Media & Services–1.15%** | **Interactive Media & Services–1.15%** | **Interactive Media & Services–1.15%** |
| &nbsp;&nbsp;&nbsp; CMG Media Corp., 8.88%, <br> 06/18/2029<sup>(b)</sup> <br>|  | 64000 | &nbsp;&nbsp; 58839 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032<sup>(d)</sup> <br>|  | $432000 | &nbsp;&nbsp; $396360 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042<sup>(d)</sup> <br>|  | 1297000 | &nbsp;&nbsp; 1036232 |
| &nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052 |  | 353000 | &nbsp;&nbsp; 263426 |
|  |  |  | &nbsp;&nbsp; 1754857 |
| **Internet Services & Infrastructure–0.26%** | **Internet Services & Infrastructure–0.26%** | **Internet Services & Infrastructure–0.26%** | **Internet Services & Infrastructure–0.26%** |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/2030<sup>(b)</sup> <br>|  | 147000 | &nbsp;&nbsp; 151999 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 250375 |
|  |  |  | &nbsp;&nbsp; 402374 |
| **Investment Banking & Brokerage–0.47%** | **Investment Banking & Brokerage–0.47%** | **Investment Banking & Brokerage–0.47%** | **Investment Banking & Brokerage–0.47%** |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 7.50%, <br> 01/15/2031<sup>(b)</sup> <br>|  | 668000 | &nbsp;&nbsp; 709175 |
| **Marine Transportation–0.51%** | **Marine Transportation–0.51%** | **Marine Transportation–0.51%** | **Marine Transportation–0.51%** |
| NCL Corp. Ltd., | NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; Conv., 0.75%, 09/15/2030<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 152062 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2031<sup>(b)</sup> <br>|  | 315000 | &nbsp;&nbsp; 315215 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/2033<sup>(b)</sup> <br>|  | 306000 | &nbsp;&nbsp; 307775 |
|  |  |  | &nbsp;&nbsp; 775052 |
| **Metal, Glass & Plastic Containers–0.59%** | **Metal, Glass & Plastic Containers–0.59%** | **Metal, Glass & Plastic Containers–0.59%** | **Metal, Glass & Plastic Containers–0.59%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging Finance <br> PLC, | &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging Finance <br> PLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/2027<sup>(b)</sup> <br>|  | 373000 | &nbsp;&nbsp; 373225 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2029<sup>(b)</sup> <br>|  | 425000 | &nbsp;&nbsp; 393687 |
| LABL, Inc., | LABL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/2027<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 61853 |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/2031<sup>(b)</sup> <br>|  | 89000 | &nbsp;&nbsp; 65452 |
|  |  |  | &nbsp;&nbsp; 894217 |
| **Movies & Entertainment–0.83%** | **Movies & Entertainment–0.83%** | **Movies & Entertainment–0.83%** | **Movies & Entertainment–0.83%** |
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., <br> 7.50%, 02/15/2029<sup>(b)</sup> <br>|  | 93000 | &nbsp;&nbsp; 80518 |
| &nbsp;&nbsp;&nbsp; Starz Capital Holdings 1, Inc., 6.00%, <br> 04/15/2030<sup>(b)</sup> <br>|  | 1252000 | &nbsp;&nbsp; 1192017 |
|  |  |  | &nbsp;&nbsp; 1272535 |
| **Multi-line Insurance–0.74%** | **Multi-line Insurance–0.74%** | **Multi-line Insurance–0.74%** | **Multi-line Insurance–0.74%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., <br> 7.50%, 11/06/2030<sup>(b)</sup> <br>|  | 1080000 | &nbsp;&nbsp; 1125932 |
| **Multi-Utilities–0.48%** | **Multi-Utilities–0.48%** | **Multi-Utilities–0.48%** | **Multi-Utilities–0.48%** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., 6.70%, <br> 05/15/2055<sup>(e)</sup> <br>|  | 700000 | &nbsp;&nbsp; 724169 |
| **Oil & Gas Drilling–1.09%** | **Oil & Gas Drilling–1.09%** | **Oil & Gas Drilling–1.09%** | **Oil & Gas Drilling–1.09%** |
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, <br> 8.63%, 10/31/2029<sup>(b)</sup> <br>|  | 710000 | &nbsp;&nbsp; 714056 |
| Transocean International Ltd., | Transocean International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/2031<sup>(b)(d)</sup> <br>|  | 813000 | &nbsp;&nbsp; 797358 |
| &nbsp;&nbsp;&nbsp; 7.88%, 10/15/2032<sup>(b)</sup> <br>|  | 144000 | &nbsp;&nbsp; 144000 |
|  |  |  | &nbsp;&nbsp; 1655414 |
| **Oil & Gas Equipment & Services–0.62%** | **Oil & Gas Equipment & Services–0.62%** | **Oil & Gas Equipment & Services–0.62%** | **Oil & Gas Equipment & Services–0.62%** |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co., 9.25%, 04/15/2027<sup>(b)</sup> <br>|  | 151000 | &nbsp;&nbsp; 151473 |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc., 9.13%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 741000 | &nbsp;&nbsp; 795189 |
|  |  |  | &nbsp;&nbsp; 946662 |

---

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

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production–1.46%** | **Oil & Gas Exploration & Production–1.46%** | **Oil & Gas Exploration & Production–1.46%** | **Oil & Gas Exploration & Production–1.46%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | $700000 | &nbsp;&nbsp; $730549 |
| &nbsp;&nbsp;&nbsp; Caturus Energy LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 735000 | &nbsp;&nbsp; 765847 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc., 6.75%, <br> 03/01/2029<sup>(b)</sup> <br>|  | 735000 | &nbsp;&nbsp; 734310 |
|  |  |  | &nbsp;&nbsp; 2230706 |
| **Oil & Gas Refining & Marketing–0.75%** | **Oil & Gas Refining & Marketing–0.75%** | **Oil & Gas Refining & Marketing–0.75%** | **Oil & Gas Refining & Marketing–0.75%** |
| Sunoco L.P., | Sunoco L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2031<sup>(b)</sup> <br>|  | 106000 | &nbsp;&nbsp; 105284 |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033<sup>(b)</sup> <br>|  | 576000 | &nbsp;&nbsp; 586695 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034<sup>(b)</sup> <br>|  | 304000 | &nbsp;&nbsp; 301558 |
| &nbsp;&nbsp;&nbsp; 7.88%<sup>(b)(e)(f)</sup> <br>|  | 148000 | &nbsp;&nbsp; 150420 |
|  |  |  | &nbsp;&nbsp; 1143957 |
| **Oil & Gas Storage & Transportation–5.27%** | **Oil & Gas Storage & Transportation–5.27%** | **Oil & Gas Storage & Transportation–5.27%** | **Oil & Gas Storage & Transportation–5.27%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., 6.63%, <br> 02/01/2032<sup>(b)</sup> <br>|  | 706000 | &nbsp;&nbsp; 727743 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp., 7.38%, <br> 06/30/2033<sup>(b)</sup> <br>|  | 428000 | &nbsp;&nbsp; 435557 |
| &nbsp;&nbsp;&nbsp; Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 715000 | &nbsp;&nbsp; 761649 |
| &nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy Finance <br> Corp., | &nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy Finance <br> Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/2032 |  | 545000 | &nbsp;&nbsp; 568846 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2033 |  | 533000 | &nbsp;&nbsp; 557906 |
| &nbsp;&nbsp;&nbsp; Global Partners L.P./GLP Finance Corp., <br> 7.13%, 07/01/2033<sup>(b)</sup> <br>|  | 765000 | &nbsp;&nbsp; 784705 |
| &nbsp;&nbsp;&nbsp; New Fortress Energy, Inc., 6.50%, <br> 09/30/2026<sup>(b)</sup> <br>|  | 128000 | &nbsp;&nbsp; 32258 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance Corp., <br> 7.38%, 02/15/2029<sup>(b)</sup> <br>|  | 741000 | &nbsp;&nbsp; 763666 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(b)(d)</sup> <br>|  | 1013000 | &nbsp;&nbsp; 1103510 |
| &nbsp;&nbsp;&nbsp; 9.00%<sup>(b)(e)(f)</sup> <br>|  | 737500 | &nbsp;&nbsp; 731437 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 688000 | &nbsp;&nbsp; 724658 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 798000 | &nbsp;&nbsp; 848116 |
|  |  |  | &nbsp;&nbsp; 8040051 |
| **Other Specialized REITs–0.49%** | **Other Specialized REITs–0.49%** | **Other Specialized REITs–0.49%** | **Other Specialized REITs–0.49%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc., 4.50%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 784000 | &nbsp;&nbsp; 749105 |
| **Other Specialty Retail–1.41%** | **Other Specialty Retail–1.41%** | **Other Specialty Retail–1.41%** | **Other Specialty Retail–1.41%** |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC, 6.70%, <br> 07/15/2034<sup>(b)</sup> <br>|  | 894000 | &nbsp;&nbsp; 821497 |
| Michaels Cos., Inc. (The), | Michaels Cos., Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2028<sup>(b)</sup> <br>|  | 76000 | &nbsp;&nbsp; 70331 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/01/2029<sup>(b)</sup> <br>|  | 136000 | &nbsp;&nbsp; 114240 |
| PetSmart LLC/PetSmart Finance Corp., | PetSmart LLC/PetSmart Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/15/2032<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 376495 |
| &nbsp;&nbsp;&nbsp; 10.00%, 09/15/2033<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 404663 |
| SGUS LLC, 11.00%, 12/15/2029<sup>(b)</sup> <br>|  | 187820 | &nbsp;&nbsp; 178932 |
| Staples, Inc., | Staples, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 09/01/2029<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 149065 |
| &nbsp;&nbsp;&nbsp; 12.75%, 01/15/2030<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 40390 |
|  |  |  | &nbsp;&nbsp; 2155613 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Packaged Foods & Meats–0.51%** | **Packaged Foods & Meats–0.51%** | **Packaged Foods & Meats–0.51%** | **Packaged Foods & Meats–0.51%** |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., 4.38%, <br> 01/31/2032<sup>(b)</sup> <br>|  | $821000 | &nbsp;&nbsp; $776622 |
| **Paper & Plastic Packaging Products & Materials–0.48%** | **Paper & Plastic Packaging Products & Materials–0.48%** | **Paper & Plastic Packaging Products & Materials–0.48%** | **Paper & Plastic Packaging Products & Materials–0.48%** |
| Sealed Air Corp., | Sealed Air Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2029<sup>(b)</sup> <br>|  | 366000 | &nbsp;&nbsp; 364256 |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/15/2033<sup>(b)</sup> <br>|  | 339000 | &nbsp;&nbsp; 368443 |
|  |  |  | &nbsp;&nbsp; 732699 |
| **Paper Products–0.04%** | **Paper Products–0.04%** | **Paper Products–0.04%** | **Paper Products–0.04%** |
| &nbsp;&nbsp;&nbsp; Mercer International, Inc. (Germany), <br> 5.13%, 02/01/2029<br>|  | 90000 | &nbsp;&nbsp; 66418 |
| **Passenger Airlines–0.93%** | **Passenger Airlines–0.93%** | **Passenger Airlines–0.93%** | **Passenger Airlines–0.93%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.75%, <br> 04/20/2029<sup>(b)</sup> <br>|  | 1049000 | &nbsp;&nbsp; 1053799 |
| &nbsp;&nbsp;&nbsp; CHC Group LLC, 11.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 368000 | &nbsp;&nbsp; 363207 |
|  |  |  | &nbsp;&nbsp; 1417006 |
| **Passenger Ground Transportation–0.05%** | **Passenger Ground Transportation–0.05%** | **Passenger Ground Transportation–0.05%** | **Passenger Ground Transportation–0.05%** |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The), 5.00%, <br> 12/01/2029<sup>(b)</sup> <br>|  | 103000 | &nbsp;&nbsp; 82265 |
| **Personal Care Products–0.43%** | **Personal Care Products–0.43%** | **Personal Care Products–0.43%** | **Personal Care Products–0.43%** |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS (France), 6.50%, <br> 03/31/2032<sup>(b)</sup> <br>|  | 640000 | &nbsp;&nbsp; 656401 |
| **Pharmaceuticals–1.17%** | **Pharmaceuticals–1.17%** | **Pharmaceuticals–1.17%** | **Pharmaceuticals–1.17%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 1010000 | &nbsp;&nbsp; 1036101 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 6.88%, <br> 08/01/2032<sup>(b)</sup> <br>|  | 231000 | &nbsp;&nbsp; 239192 |
| Bausch Health Cos., Inc., | Bausch Health Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029<sup>(b)</sup> <br>|  | 130000 | &nbsp;&nbsp; 97624 |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/15/2029<sup>(b)</sup> <br>|  | 144000 | &nbsp;&nbsp; 112568 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/30/2030<sup>(b)</sup> <br>|  | 174000 | &nbsp;&nbsp; 122830 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2031<sup>(b)</sup> <br>|  | 142000 | &nbsp;&nbsp; 93117 |
| &nbsp;&nbsp;&nbsp; HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc., 4.88%, <br> 06/01/2029<sup>(b)</sup> <br>|  | 91000 | &nbsp;&nbsp; 80466 |
|  |  |  | &nbsp;&nbsp; 1781898 |
| **Reinsurance–0.52%** | **Reinsurance–0.52%** | **Reinsurance–0.52%** | **Reinsurance–0.52%** |
| &nbsp;&nbsp;&nbsp; Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(b)(e)</sup> <br>|  | 812000 | &nbsp;&nbsp; 800032 |
| **Renewable Electricity–0.50%** | **Renewable Electricity–0.50%** | **Renewable Electricity–0.50%** | **Renewable Electricity–0.50%** |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC <br> (United Kingdom), 6.38%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 745000 | &nbsp;&nbsp; 764110 |
| **Security & Alarm Services–0.47%** | **Security & Alarm Services–0.47%** | **Security & Alarm Services–0.47%** | **Security & Alarm Services–0.47%** |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The), 6.75%, <br> 06/15/2032<sup>(b)</sup> <br>|  | 683000 | &nbsp;&nbsp; 711020 |
| **Sovereign Debt–0.36%** | **Sovereign Debt–0.36%** | **Sovereign Debt–0.36%** | **Sovereign Debt–0.36%** |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond <br> (Mexico), Series 10, 5.63%, <br> 09/22/2035<br>|  | 544000 | &nbsp;&nbsp; 542129 |
| **Specialized Consumer Services–0.73%** | **Specialized Consumer Services–0.73%** | **Specialized Consumer Services–0.73%** | **Specialized Consumer Services–0.73%** |
| &nbsp;&nbsp;&nbsp; Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)</sup> <br>|  | 1172000 | &nbsp;&nbsp; 1111382 |

---

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

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Specialized Finance–0.54%** | **Specialized Finance–0.54%** | **Specialized Finance–0.54%** | **Specialized Finance–0.54%** |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc./Radio <br> Systems Corp., 9.50%, <br> 10/15/2029<sup>(b)</sup> <br>|  | $88000 | &nbsp;&nbsp; $68933 |
| &nbsp;&nbsp;&nbsp; TrueNoord Capital DAC (Ireland), <br> 8.75%, 03/01/2030<sup>(b)</sup> <br>|  | 708000 | &nbsp;&nbsp; 752943 |
|  |  |  | &nbsp;&nbsp; 821876 |
| **Specialty Chemicals–0.55%** | **Specialty Chemicals–0.55%** | **Specialty Chemicals–0.55%** | **Specialty Chemicals–0.55%** |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, 7.20%, <br> 11/15/2033<sup>(d)</sup> <br>|  | 690000 | &nbsp;&nbsp; 717774 |
| &nbsp;&nbsp;&nbsp; Vibrantz Technologies, Inc., 9.00%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 87000 | &nbsp;&nbsp; 49233 |
| Wayfair LLC, 7.25%, 10/31/2029<sup>(b)</sup> <br>|  | 70000 | &nbsp;&nbsp; 72348 |
|  |  |  | &nbsp;&nbsp; 839355 |
| **Steel–0.51%** | **Steel–0.51%** | **Steel–0.51%** | **Steel–0.51%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 364000 | &nbsp;&nbsp; 371251 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/2032<sup>(b)(d)</sup> <br>|  | 399000 | &nbsp;&nbsp; 403475 |
|  |  |  | &nbsp;&nbsp; 774726 |
| **Systems Software–0.26%** | **Systems Software–0.26%** | **Systems Software–0.26%** | **Systems Software–0.26%** |
| McAfee Corp., 7.38%, 02/15/2030<sup>(b)</sup> <br>|  | 159000 | &nbsp;&nbsp; 147672 |
| &nbsp;&nbsp;&nbsp; Nebius Group N.V. (Netherlands), <br> Conv., 1.00%, 09/15/2030<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 250583 |
|  |  |  | &nbsp;&nbsp; 398255 |
| **Technology Hardware, Storage & Peripherals–0.12%** | **Technology Hardware, Storage & Peripherals–0.12%** | **Technology Hardware, Storage & Peripherals–0.12%** | **Technology Hardware, Storage & Peripherals–0.12%** |
| Xerox Corp., | Xerox Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 10/15/2030<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 28480 |
| &nbsp;&nbsp;&nbsp; 13.50%, 04/15/2031<sup>(b)</sup> <br>|  | 43000 | &nbsp;&nbsp; 41670 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2035 |  | 31000 | &nbsp;&nbsp; 14425 |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/15/2039 |  | 27000 | &nbsp;&nbsp; 12465 |
| Xerox Holdings Corp., | Xerox Holdings Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028<sup>(b)</sup> <br>|  | 76000 | &nbsp;&nbsp; 44841 |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/30/2029<sup>(b)</sup> <br>|  | 64000 | &nbsp;&nbsp; 34896 |
|  |  |  | &nbsp;&nbsp; 176777 |
| **Trading Companies & Distributors–1.70%** | **Trading Companies & Distributors–1.70%** | **Trading Companies & Distributors–1.70%** | **Trading Companies & Distributors–1.70%** |
| Air Lease Corp., Series B, 4.65%<sup>(e)(f)</sup> <br>|  | 1125000 | &nbsp;&nbsp; 1112031 |
| Aircastle Ltd., 5.25%<sup>(b)(e)(f)</sup> <br>|  | 1488000 | &nbsp;&nbsp; 1481660 |
|  |  |  | &nbsp;&nbsp; 2593691 |
| **Wireless Telecommunication Services–1.47%** | **Wireless Telecommunication Services–1.47%** | **Wireless Telecommunication Services–1.47%** | **Wireless Telecommunication Services–1.47%** |
| &nbsp;&nbsp;&nbsp; VMED O2 UK Financing I PLC (United <br> Kingdom), 4.75%, 07/15/2031<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 753497 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom), <br> 4.13%, 06/04/2081<sup>(e)</sup> <br>|  | 1591000 | &nbsp;&nbsp; 1490932 |
|  |  |  | &nbsp;&nbsp; 2244429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $130,672,479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $130,672,479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $130,672,479) | &nbsp;&nbsp; 134734787 |
| **Variable Rate Senior Loan Interests–6.29%**<sup>(i)(j)</sup>  | **Variable Rate Senior Loan Interests–6.29%**<sup>(i)(j)</sup>  | **Variable Rate Senior Loan Interests–6.29%**<sup>(i)(j)</sup>  | **Variable Rate Senior Loan Interests–6.29%**<sup>(i)(j)</sup>  |
| **Advertising–0.30%** | **Advertising–0.30%** | **Advertising–0.30%** | **Advertising–0.30%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., <br> Term Loan B, 8.28% (1 mo. Term <br> SOFR + 4.11%), 08/23/2028<br>|  | 461188 | &nbsp;&nbsp; 462571 |
| **Aerospace & Defense–0.99%** | **Aerospace & Defense–0.99%** | **Aerospace & Defense–0.99%** | **Aerospace & Defense–0.99%** |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., Term Loan L, 6.50% <br> (3 mo. Term SOFR + 2.50%), <br> 01/19/2032<br>|  | 1502641 | &nbsp;&nbsp; 1503603 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers–0.47%** | **Automobile Manufacturers–0.47%** | **Automobile Manufacturers–0.47%** |
| &nbsp;&nbsp;&nbsp; Panther BF Aggregator 2 L.P. (Power <br> Solutions, Clarios POWSOL), Term <br> Loan B, 6.91% (1 mo. Term SOFR + <br> 2.75%), 01/15/2032<br>| $710000 | &nbsp;&nbsp; $711331 |
| **Cable & Satellite–0.46%** | **Cable & Satellite–0.46%** | **Cable & Satellite–0.46%** |
| CSC Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Term Loan, 8.75% (3 mo. PRIME + <br> 1.50%), 04/15/2027<br>| 394778 | &nbsp;&nbsp; 382935 |
| &nbsp;&nbsp;&nbsp; Term Loan B, 8.65% (1 mo. Term <br> SOFR + 4.50%), 01/15/2028<br>| 323342 | &nbsp;&nbsp; 322066 |
|  |  | &nbsp;&nbsp; 705001 |
| **Electronic Manufacturing Services–0.74%** | **Electronic Manufacturing Services–0.74%** | **Electronic Manufacturing Services–0.74%** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower L.P. (Copeland), <br> Incremental Term Loan B, 6.12% (6 <br> mo. Term SOFR + 2.25%), <br> 08/04/2031<br>| 1136412 | &nbsp;&nbsp; 1132719 |
| **Health Care Services–0.25%** | **Health Care Services–0.25%** | **Health Care Services–0.25%** |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Term <br> Loan, 8.06% (3 mo. Term SOFR + <br> 3.75%), 12/31/2030<br>| 379060 | &nbsp;&nbsp; 379060 |
| **Health Care Supplies–0.49%** | **Health Care Supplies–0.49%** | **Health Care Supplies–0.49%** |
| &nbsp;&nbsp;&nbsp; Bausch and Lomb, Inc., Term Loan B, <br> 8.41% (3 mo. Term SOFR + <br> 4.37%), 01/30/2031<br>| 748125 | &nbsp;&nbsp; 749528 |
| **Oil & Gas Storage & Transportation–0.52%** | **Oil & Gas Storage & Transportation–0.52%** | **Oil & Gas Storage & Transportation–0.52%** |
| &nbsp;&nbsp;&nbsp; New Fortress Energy, Inc., Term Loan, <br> 9.57% (3 mo. Term SOFR + <br> 5.50%), 10/30/2028<br>| 99750 | &nbsp;&nbsp; 49331 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror L.P., Term Loan B, <br> 7.91% (1 mo. Term SOFR + <br> 3.75%), 08/01/2029<br>| 733876 | &nbsp;&nbsp; 740679 |
|  |  | &nbsp;&nbsp; 790010 |
| **Passenger Airlines–0.29%** | **Passenger Airlines–0.29%** | **Passenger Airlines–0.29%** |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyality IP Ltd. (American <br> Airlines, Inc.), Term Loan B, 7.58% <br> (3 mo. Term SOFR + 3.25%), <br> 05/07/2032<br>| 443887 | &nbsp;&nbsp; 446384 |
| **Pharmaceuticals–0.85%** | **Pharmaceuticals–0.85%** | **Pharmaceuticals–0.85%** |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, Term <br> Loan, 7.66% (1 mo. Term SOFR + <br> 3.50%), 07/31/2032<br>| 550000 | &nbsp;&nbsp; 550457 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., Term Loan <br> B, 8.16% (1 mo. Term SOFR + <br> 4.00%), 04/23/2031<br>| 742500 | &nbsp;&nbsp; 744898 |
|  |  | &nbsp;&nbsp; 1295355 |
| **Real Estate Development–0.93%** | **Real Estate Development–0.93%** | **Real Estate Development–0.93%** |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower <br> LLC, Term Loan, 7.41% (1 mo. Term <br> SOFR + 3.25%), 01/31/2030<br>| 651880 | &nbsp;&nbsp; 654328 |
| &nbsp;&nbsp;&nbsp; Greystar Real Estate Partners LLC, <br> Term Loan B, 6.81% (3 mo. Term <br> SOFR + 2.50%), 08/21/2030<sup>(k)</sup> <br>| 760368 | &nbsp;&nbsp; 762269 |
|  |  | &nbsp;&nbsp; 1416597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br> (Cost $9,546,535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br> (Cost $9,546,535) | &nbsp;&nbsp; 9592159 |

---

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

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes–2.21%**<sup>(l)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.21%**<sup>(l)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.21%**<sup>(l)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.21%**<sup>(l)</sup>  |
| **Automotive Parts & Equipment–0.23%** | **Automotive Parts & Equipment–0.23%** | **Automotive Parts & Equipment–0.23%** | **Automotive Parts & Equipment–0.23%** |
| &nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios US Finance <br> Co., 4.75%, 06/15/2031<sup>(b)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; $359679 |
| **Cable & Satellite–0.74%** | **Cable & Satellite–0.74%** | **Cable & Satellite–0.74%** | **Cable & Satellite–0.74%** |
| &nbsp;&nbsp;&nbsp; Sunrise FinCo I B.V. (Netherlands), <br> 4.63%, 05/15/2032<sup>(b)</sup> <br>| EUR | 650000 | &nbsp;&nbsp; 774897 |
| &nbsp;&nbsp;&nbsp; Virgin Media O2 Vendor Financing <br> Notes V DAC (Ireland), 7.84%, <br> 03/15/2032<sup>(b)</sup> <br>| GBP | 250000 | &nbsp;&nbsp; 348711 |
|  |  |  | &nbsp;&nbsp; 1123608 |
| **Commercial & Residential Mortgage Finance–0.27%** | **Commercial & Residential Mortgage Finance–0.27%** | **Commercial & Residential Mortgage Finance–0.27%** | **Commercial & Residential Mortgage Finance–0.27%** |
| ION Platform Finance S.a.r.l. (Luxembourg), | ION Platform Finance S.a.r.l. (Luxembourg), |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/2030<sup>(b)</sup> <br>| EUR | 175000 | &nbsp;&nbsp; 205459 |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/30/2032<sup>(b)</sup> <br>| EUR | 175000 | &nbsp;&nbsp; 205459 |
|  |  |  | &nbsp;&nbsp; 410918 |
| **Integrated Telecommunication Services–0.18%** | **Integrated Telecommunication Services–0.18%** | **Integrated Telecommunication Services–0.18%** | **Integrated Telecommunication Services–0.18%** |
| &nbsp;&nbsp;&nbsp; Altice France S.A. (France), 3.38%, <br> 01/15/2028<sup>(b)</sup> <br>| EUR | 275000 | &nbsp;&nbsp; 278470 |
| **IT Consulting & Other Services–0.53%** | **IT Consulting & Other Services–0.53%** | **IT Consulting & Other Services–0.53%** | **IT Consulting & Other Services–0.53%** |
| &nbsp;&nbsp;&nbsp; Atos SE (France), 5.00%, <br> 12/18/2030<sup>(b)(m)</sup> <br>| EUR | 725000 | &nbsp;&nbsp; 803790 |
| **Transaction & Payment Processing Services–0.26%** | **Transaction & Payment Processing Services–0.26%** | **Transaction & Payment Processing Services–0.26%** | **Transaction & Payment Processing Services–0.26%** |
| &nbsp;&nbsp;&nbsp; Worldline S.A. (France), 0.88%, <br> 06/30/2027<sup>(b)</sup> <br>| EUR | 400000 | &nbsp;&nbsp; 396135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $3,253,087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $3,253,087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $3,253,087) | &nbsp;&nbsp; 3372600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** |  |
| **Exchange-Traded Funds–1.80%** | **Exchange-Traded Funds–1.80%** | **Exchange-Traded Funds–1.80%** | **Exchange-Traded Funds–1.80%** |
| &nbsp;&nbsp;&nbsp; BondBloxx CCC-Rated USD High Yield <br> Corporate Bond ETF<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp; BondBloxx CCC-Rated USD High Yield <br> Corporate Bond ETF<sup>(d)</sup>  | 10000 | &nbsp;&nbsp; 392500 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx High Yield Corporate Bond <br> ETF<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp; iShares iBoxx High Yield Corporate Bond <br> ETF<sup>(d)</sup>  | 29000 | &nbsp;&nbsp; 2354510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds (Cost $2,703,839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds (Cost $2,703,839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds (Cost $2,703,839) | &nbsp;&nbsp; 2747010 |
| **Common Stocks & Other Equity Interests–0.03%** | **Common Stocks & Other Equity Interests–0.03%** | **Common Stocks & Other Equity Interests–0.03%** | **Common Stocks & Other Equity Interests–0.03%** |
| **Alternative Carriers–0.02%** | **Alternative Carriers–0.02%** | **Alternative Carriers–0.02%** | **Alternative Carriers–0.02%** |
| Lumen Technologies, Inc.<sup>(n)</sup>  | Lumen Technologies, Inc.<sup>(n)</sup>  | 5000 | &nbsp;&nbsp; 30600 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Broadline Retail–0.01%** | **Broadline Retail–0.01%** | **Broadline Retail–0.01%** | **Broadline Retail–0.01%** |
| Americanas S.A. (Brazil)<sup>(n)</sup>  | Americanas S.A. (Brazil)<sup>(n)</sup>  | 7833 | &nbsp;&nbsp; $8992 |
| &nbsp;&nbsp;&nbsp; Americanas S.A., Wts., expiring <br> 03/19/2027 (Brazil)<sup>(n)</sup>  | &nbsp;&nbsp;&nbsp; Americanas S.A., Wts., expiring <br> 03/19/2027 (Brazil)<sup>(n)</sup>  | 2611 | &nbsp;&nbsp; 1962 |
|  |  |  | &nbsp;&nbsp; 10954 |
| **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** |
| &nbsp;&nbsp;&nbsp; Codere Online Luxembourg S.A., Wts., <br> expiring 10/15/2034 (Spain)<sup>(k)</sup>  | &nbsp;&nbsp;&nbsp; Codere Online Luxembourg S.A., Wts., <br> expiring 10/15/2034 (Spain)<sup>(k)</sup>  | 3 | &nbsp;&nbsp; 14 |
| **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** |
| Casino Guichard-Perrachon S.A. (France)<sup>(n)</sup>  | Casino Guichard-Perrachon S.A. (France)<sup>(n)</sup>  | 3370 | &nbsp;&nbsp; 1908 |
| &nbsp;&nbsp;&nbsp; Casino Guichard-Perrachon S.A., Wts., <br> expiring 04/27/2029 (France)<sup>(n)</sup>  | &nbsp;&nbsp;&nbsp; Casino Guichard-Perrachon S.A., Wts., <br> expiring 04/27/2029 (France)<sup>(n)</sup>  | 184690 | &nbsp;&nbsp; 109 |
|  |  |  | &nbsp;&nbsp; 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br> (Cost $66,102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br> (Cost $66,102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br> (Cost $66,102) | &nbsp;&nbsp; 43585 |
| **Money Market Funds–1.27%** | **Money Market Funds–1.27%** | **Money Market Funds–1.27%** | **Money Market Funds–1.27%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.05%<sup>(o)(p)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.05%<sup>(o)(p)</sup>  | 677915 | &nbsp;&nbsp; 677915 |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class, 3.99%<sup>(o)(p)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class, 3.99%<sup>(o)(p)</sup>  | 1258985 | &nbsp;&nbsp; 1258985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $1,936,900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $1,936,900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $1,936,900) | &nbsp;&nbsp; 1936900 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.92% <br> (Cost $148,178,942)<br>|  |  | &nbsp;&nbsp; 152427041 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–6.89%** | **Money Market Funds–6.89%** | **Money Market Funds–6.89%** | **Money Market Funds–6.89%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.14%<sup>(o)(p)(q)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.14%<sup>(o)(p)(q)</sup>  | 2916328 | &nbsp;&nbsp; 2916328 |
| Invesco Private Prime Fund, 4.26%<sup>(o)(p)(q)</sup>  | Invesco Private Prime Fund, 4.26%<sup>(o)(p)(q)</sup>  | 7588117 | &nbsp;&nbsp; 7590393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $10,506,721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $10,506,721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $10,506,721) | &nbsp;&nbsp; 10506721 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES–106.81% <br> (Cost $158,685,663) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES–106.81% <br> (Cost $158,685,663) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES–106.81% <br> (Cost $158,685,663) | &nbsp;&nbsp; 162933762 |
| OTHER ASSETS LESS LIABILITIES—(6.81)% | OTHER ASSETS LESS LIABILITIES—(6.81)% | OTHER ASSETS LESS LIABILITIES—(6.81)% | &nbsp;&nbsp; (10394068)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $152539694 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| Conv. | – Convertible |
| ETF | – Exchange-Traded Fund |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| PIK | – Pay-in-Kind |
| REIT | – Real Estate Investment Trust |
| SOFR | – Secured Overnight Financing Rate |
| USD | – U.S. Dollar |
| Wts. | – Warrants |

---

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

**Invesco V.I. High Yield Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. 

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at September 30, 2025 was $117,311,166, which represented 76.91% of the Fund's Net Assets. 

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

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

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

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

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

<sup>(h)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at September 30, 2025 was $489,104, which represented less than 1% of the Fund's Net Assets. 

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

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

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

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**September 30, 2025**<br>| **Dividend Income** |
| Invesco Short Term Treasury ETF | $- | &nbsp;&nbsp; $1583100 | &nbsp;&nbsp; $(1583656) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $556 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 1236437 | &nbsp;&nbsp;&nbsp; 31285637 | &nbsp;&nbsp;&nbsp; (31844159) | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677915 | &nbsp;&nbsp;&nbsp;&nbsp; 47555 |
| Invesco Treasury Portfolio, Institutional Class | &nbsp;&nbsp; 2300069 | &nbsp;&nbsp;&nbsp; 58101896 | &nbsp;&nbsp;&nbsp; (59142980) | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1258985 | &nbsp;&nbsp;&nbsp;&nbsp; 87692 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp; 37299149 | &nbsp;&nbsp;&nbsp; (34384111) | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2916328 | &nbsp;&nbsp;&nbsp; 54,127\*\* |
| Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2507 | &nbsp;&nbsp;&nbsp; 71273485 | &nbsp;&nbsp;&nbsp; (63686376) | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp; 7590393 | &nbsp;&nbsp; 146,246\*\* |
| Total | $3540303 | &nbsp;&nbsp; $199543267 | &nbsp;&nbsp; $(190641282) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1333 | &nbsp;&nbsp; $12443621 | &nbsp;&nbsp; $335620 |

---

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

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

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

<sup>(p)</sup> The rate shown is the 7-day SEC standardized yield as of September 30, 2025. <br> <sup>(q)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 10/31/2025 | Citibank, N.A. | EUR | 3779000 | USD | 4452022 | &nbsp;&nbsp;&nbsp; $7458 |
| 10/31/2025 | State Street Bank & Trust Co. | GBP | 167000 | USD | 225374 | &nbsp;&nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 8198 |
| **Currency Risk** |  |  |  |  |  |  |
| 10/31/2025 | Wells Fargo Bank N.A. | USD | 2012956 | EUR | 1700000 | &nbsp;&nbsp;&nbsp; (13549)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(5351)<br>|

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| USD | —U.S. Dollar |

---

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

**Invesco V.I. High Yield Fund**

------

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

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

**Invesco V.I. High Yield Fund**

------

**Notes to Quarterly Schedule of Portfolio Holdings**

*September 30, 2025*

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $134734787 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $134734787 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8829890 | &nbsp;&nbsp;&nbsp;&nbsp; 762269 | &nbsp;&nbsp;&nbsp;&nbsp; 9592159 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3372600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3372600 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2747010 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2747010 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 41663 | &nbsp;&nbsp;&nbsp;&nbsp; 1908 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 43585 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1936900 | &nbsp;&nbsp;&nbsp;&nbsp; 10506721 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12443621 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 4725573 | &nbsp;&nbsp;&nbsp;&nbsp; 157445906 | &nbsp;&nbsp;&nbsp;&nbsp; 762283 | &nbsp;&nbsp;&nbsp;&nbsp; 162933762 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8197 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13549)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13549)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5352)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5352)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $4725573 | &nbsp;&nbsp;&nbsp;&nbsp; $157440554 | &nbsp;&nbsp;&nbsp;&nbsp; $762283 | &nbsp;&nbsp;&nbsp;&nbsp; $162928410 |

---

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

\* Unrealized appreciation (depreciation).

**Invesco V.I. High Yield Fund**

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Houston

  - **State:** TX

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Invesco V.I. High Yield Fund

- **b. EDGAR series identifier (if any):** S000000181

- **c. LEI of Series:** NXVJAF7LZXLN7Z7FB083

**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:** $166830943.67

**Total Liabilities:** $14258921.69

**Net Assets:** $152572021.98

**Delayed Delivery Securities:** $1395608.75

**Cash Not Reported:** $107844.69

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -40.03728859 | **1-Year:** -453.67766492 | **5-Year:** -1506.82437920 | **10-Year:** -2209.75106888 | **30-Year:** -1751.74166070

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

- **3-Month:** -178.67366780 | **1-Year:** -6818.83210945 | **5-Year:** -26150.03358851 | **10-Year:** -10658.63698891 | **30-Year:** -360.97309711

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000408 | 0.41%                | 1.01%                | 1.00%                |
| Class ID C000000409 | 0.62%                | 1.02%                | 1.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $283241.89               | $-494850.48                                |
| Month 2  | $102437.31               | $764874.92                                 |
| Month 3  | $380006.47               | $387202.58                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Barclays US HY 2% Issuer Capped

- **Index Identifier:** 100% BB-US HY 2% Issr Cap UH

### Schedule of Portfolio Investments

| Name                                                                        | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PetSmart LLC / PetSmart Finance Corp.                                       | PetSmart LLC / PetSmart Finance Corp.                                       | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $376494.86    | 0.25%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Mercer International Inc.                                                   | Mercer International Inc.                                                   | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |     90000 | PA      | $66417.78     | 0.04%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                           | CSC Holdings, LLC                                                           | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    265000 | PA      | $223015.81    | 0.15%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| EnerSys                                                                     | EnerSys                                                                     | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    708000 | PA      | $729471.52    | 0.48%             | 2032-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Uniti Group L.P./ Uniti Group Finance 2019 Inc / CSL Capital LLC            | Uniti Group L.P./ Uniti Group Finance 2019 Inc / CSL Capital LLC            | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    462000 | PA      | $441661.51    | 0.29%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                          | CHS/Community Health Systems, Inc.                                          | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    678000 | PA      | $613962.34    | 0.40%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Xerox Corp.                                                                 | Xerox Corp.                                                                 | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28480.09     | 0.02%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp.               | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp.               | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233000 | PA      | $235223.16    | 0.15%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos. Inc.                                                     | Bausch Health Cos. Inc.                                                     | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    144000 | PA      | $112568.43    | 0.07%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                         | American Axle & Manufacturing, Inc.                                         | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    774000 | PA      | $780517.58    | 0.51%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                        | Clear Channel Outdoor Holdings, Inc.                                        | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    304000 | PA      | $303717.77    | 0.20%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd.                                                              | Aircastle Ltd.                                                              | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |   1488000 | PA      | $1481660.08   | 0.97%             | N/A             | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                  | Allison Transmission, Inc.                                                  | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    813000 | PA      | $751738.10    | 0.49%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Starz Capital Holdings 1, Inc.                                              | Starz Capital Holdings 1, Inc.                                              | CUSIP: 535939AA0<br>LEI: 549300MWJHNLR35C0837 | Long             | DBT              | CORP              | US        |   1252000 | PA      | $1192016.68   | 0.78%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                                      | GFL Environmental Inc.                                                      | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    769000 | PA      | $751501.79    | 0.49%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Macy's Retail Holdings, LLC                                                 | Macy's Retail Holdings, LLC                                                 | CUSIP: 55617LAL6<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |    894000 | PA      | $821496.60    | 0.54%             | 2034-07-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Xerox Corp.                                                                 | Xerox Corp.                                                                 | CUSIP: 984121CB7<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     27000 | PA      | $12464.72     | 0.01%             | 2039-12-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Navient Corp.                                                               | Navient Corp.                                                               | CUSIP: 63938CAN8<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    208000 | PA      | $230064.43    | 0.15%             | 2030-07-25      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                             | TransDigm, Inc.                                                             | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    708000 | PA      | $716469.80    | 0.47%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    539000 | PA      | $535812.68    | 0.35%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                                                  | Sensata Technologies, Inc.                                                  | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    355000 | PA      | $327943.21    | 0.21%             | 2031-02-15      | Fixed         | 3.75%                 | 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        |     80000 | PA      | $77475.62     | 0.05%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc.                                                             | Sabre GLBL Inc.                                                             | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    143000 | PA      | $138667.10    | 0.09%             | 2030-07-15      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| Altice France                                                               | Altice France                                                               | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1100000 | PA      | $956929.99    | 0.63%             | 2029-10-15      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Cougar JV Subsidiary, LLC                                                   | Cougar JV Subsidiary, LLC                                                   | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    744000 | PA      | $792090.66    | 0.52%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                     | Level 3 Financing, Inc.                                                     | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    223000 | PA      | $210757.30    | 0.14%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                    | Lumen Technologies, Inc., Series U                                          | CUSIP: 156700AT3<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     37000 | PA      | $34477.34     | 0.02%             | 2042-03-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                                                 | Saks Global Enterprises LLC                                                 | CUSIP: 79380MAB1<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |    420180 | PA      | $216130.09    | 0.14%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CMG Media Corp.                                                             | CMG Media Corp.                                                             | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     64000 | PA      | $58839.04     | 0.04%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| RB Global Holdings Inc.                                                     | RB Global Holdings Inc.                                                     | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |   1044000 | PA      | $1068634.28   | 0.70%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands, Inc.                                           | Cornerstone Building Brands, Inc.                                           | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |     81000 | PA      | $78780.60     | 0.05%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                           | CSC Holdings, LLC                                                           | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    290000 | PA      | $102009.41    | 0.07%             | 2030-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                             | TransDigm, Inc.                                                             | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    802000 | PA      | $818287.82    | 0.54%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                                | MPH Acquisition Holdings LLC, Term Loan                                     | CUSIP: 55328HAP6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |    379060 | PA      | $379060.09    | 0.25%             | 2030-12-31      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                       | OneMain Finance Corp.                                                       | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    307000 | PA      | $315940.15    | 0.21%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                                 | Telecom Italia Capital S.A.                                                 | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    368000 | PA      | $387155.50    | 0.25%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Sunrise FinCo I B.V.                                                        | Sunrise FinCo I B.V.                                                        | CUSIP: N/A<br>LEI: 213800MNFBDEQRS6HZ22       | Long             | DBT              | CORP              | NL        |    650000 | PA      | $774897.43    | 0.51%             | 2032-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Voyager Parent, LLC                                                         | Voyager Parent, LLC                                                         | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    715000 | PA      | $756584.49    | 0.50%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                             | Sinclair Television Group, Inc.                                             | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    145000 | PA      | $148925.87    | 0.10%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                  | Allison Transmission, Inc.                                                  | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    733000 | PA      | $728564.54    | 0.48%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                       | OneMain Finance Corp.                                                       | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    465000 | PA      | $480943.82    | 0.32%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Ltd.                                                    | Studio City Finance Ltd.                                                    | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    932000 | PA      | $898704.64    | 0.59%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                                              | DISH DBS Corp.                                                              | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    243000 | PA      | $238974.53    | 0.16%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                   | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                   | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1073000 | PA      | $1123691.38   | 0.74%             | 2055-03-10      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                                              | DISH DBS Corp.                                                              | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $299812.50    | 0.20%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                                               | Univision Communications Inc.                                               | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    310000 | PA      | $330617.17    | 0.22%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp.                                                            | Sealed Air Corp.                                                            | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    366000 | PA      | $364256.23    | 0.24%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                                           | Rocket Cos., Inc.                                                           | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    743000 | PA      | $763101.87    | 0.50%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                          | Newell Brands Inc.                                                          | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    360000 | PA      | $362730.60    | 0.24%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1294000 | PA      | $1151253.37   | 0.75%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                    | Lumen Technologies, Inc.                                                    | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |      5000 | NS      | $30600.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio                                                  | Invesco Treasury Portfolio, Institutional Class                             | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   1258985 | NS      | $1258985.42   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Midstream Holdings, LLC                                              | Summit Midstream Holdings, LLC                                              | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    710000 | PA      | $714055.52    | 0.47%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                | Diversified Healthcare Trust                                                | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $407031.82    | 0.27%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Jane Street Group / JSG Finance Inc.                                        | Jane Street Group / JSG Finance Inc.                                        | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    757000 | PA      | $767832.04    | 0.50%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Virgin Media O2 Vendor Financing Notes V DAC                                | Virgin Media O2 Vendor Financing Notes V DAC                                | CUSIP: YT9133448<br>LEI: 635400ASSEVCXAPVGC36 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $348710.71    | 0.23%             | 2032-03-15      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| Central Parent Inc / CDK Global Inc.                                        | Central Parent Inc / CDK Global Inc.                                        | CUSIP: 15477CAA3<br>LEI: 5493000L10CYRTHIJ385 | Long             | DBT              | CORP              | US        |     87000 | PA      | $75238.04     | 0.05%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Hologic, Inc.                                                               | Hologic, Inc.                                                               | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |    801000 | PA      | $774163.78    | 0.51%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LCM Investments Holdings II, LLC                                            | LCM Investments Holdings II, LLC                                            | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    698000 | PA      | $738745.05    | 0.48%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Caturus Energy, LLC                                                         | Caturus Energy, LLC                                                         | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    735000 | PA      | $765846.88    | 0.50%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Information Management Services, Inc.                         | Iron Mountain Information Management Services, Inc.                         | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    826000 | PA      | $796607.53    | 0.52%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISH Network Corp.                                                          | DISH Network Corp.                                                          | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    370000 | PA      | $391858.49    | 0.26%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                                                  | Cloud Software Group, Inc.                                                  | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    284000 | PA      | $301567.78    | 0.20%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                                        | Xerox Holdings Corp.                                                        | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |     76000 | PA      | $44841.28     | 0.03%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                           | CSC Holdings, LLC                                                           | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    214000 | PA      | $158352.61    | 0.10%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                     | Level 3 Financing, Inc.                                                     | CUSIP: 527298CD3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    316000 | PA      | $290325.00    | 0.19%             | 2030-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Greystar Real Estate Partners LLC                                           | Greystar Real Estate Partners LLC, Term Loan B                              | CUSIP: 39806LAD9<br>LEI: 254900HGC806SXAS4M46 | Long             | LON              | CORP              | US        |    762274 | PA      | $764179.40    | 0.50%             | 2030-08-21      | Floating      | 6.90%                 | No            |                  3 | On Loan: No      |
| Bausch Health Cos. Inc.                                                     | Bausch Health Cos. Inc.                                                     | CUSIP: 071734AL1<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    142000 | PA      | $93117.21     | 0.06%             | 2031-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                                        | Xerox Holdings Corp.                                                        | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |     64000 | PA      | $34896.08     | 0.02%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                | Diversified Healthcare Trust                                                | CUSIP: 25525PAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    591000 | PA      | $584978.42    | 0.38%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Altice France Holding S.A.                                                  | Altice France Holding S.A.                                                  | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   1050000 | PA      | $380301.26    | 0.25%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                    | Lumen Technologies, Inc., Series P                                          | CUSIP: 156700AM8<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     43000 | PA      | $40312.50     | 0.03%             | 2039-09-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                        | Clear Channel Outdoor Holdings, Inc., Term Loan B                           | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |    461188 | PA      | $462571.08    | 0.30%             | 2028-08-23      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| Jane Street Group / JSG Finance Inc.                                        | Jane Street Group / JSG Finance Inc.                                        | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    720000 | PA      | $748378.30    | 0.49%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC                                         | Venture Global Plaquemines LNG, LLC                                         | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    798000 | PA      | $848116.00    | 0.56%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Hawaiian Electric Co., Inc.                                                 | Hawaiian Electric Co., Inc.                                                 | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |    772000 | PA      | $779192.92    | 0.51%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                           | CSC Holdings, LLC                                                           | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $131133.00    | 0.09%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                                                    | Group 1 Automotive, Inc.                                                    | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    727000 | PA      | $745108.84    | 0.49%             | 2030-01-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                              | Citigroup Inc., Series Y                                                    | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    760000 | PA      | $744848.79    | 0.49%             | N/A             | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Zayo Group Holdings, Inc.                                                   | Zayo Group Holdings, Inc.                                                   | CUSIP: 98919VAD7<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |     89613 | PA      | $85020.13     | 0.06%             | 2030-09-09      | Fixed         | 13.75%                | No            |                  2 | On Loan: No      |
| Antero Midstream Partners L.P./ Antero Midstream Finance Corp.              | Antero Midstream Partners L.P./ Antero Midstream Finance Corp.              | CUSIP: 03690AAK2<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |    706000 | PA      | $727742.68    | 0.48%             | 2032-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                                                  | WarnerMedia Holdings, Inc.                                                  | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    432000 | PA      | $396360.00    | 0.26%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: —       |
| iShares iBoxx High Yield Corporate Bond ETF                                 | iShares iBoxx High Yield Corporate Bond ETF                                 | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             | EC               | RF                | US        |     29000 | NS      | $2354510.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: —       |
| AECOM                                                                       | AECOM                                                                       | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    749000 | PA      | $766384.29    | 0.50%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Global Atlantic (Fin) Co.                                                   | Global Atlantic (Fin) Co.                                                   | CUSIP: 37959GAC1<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    812000 | PA      | $800031.67    | 0.52%             | 2051-10-15      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Directv Financing, LLC                                                      | Directv Financing, LLC                                                      | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    192000 | PA      | $189882.49    | 0.12%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| AMC Entertainment Holdings, Inc.                                            | AMC Entertainment Holdings, Inc.                                            | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |     93000 | PA      | $80518.47     | 0.05%             | 2029-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                           | CSC Holdings, LLC, Term Loan B                                              | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    323342 | PA      | $322066.26    | 0.21%             | 2028-01-15      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                                                  | Amneal Pharmaceuticals LLC                                                  | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |    231000 | PA      | $239191.81    | 0.16%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                                                  | Lamb Weston Holdings, Inc.                                                  | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    821000 | PA      | $776622.06    | 0.51%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties L.P./ RHP Finance Corp.                                | RHP Hotel Properties L.P./ RHP Finance Corp.                                | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    733000 | PA      | $755404.15    | 0.50%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                          | CHS/Community Health Systems, Inc.                                          | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    198000 | PA      | $157592.16    | 0.10%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                                                   | Michaels Cos., Inc. (The)                                                   | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |     76000 | PA      | $70331.08     | 0.05%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mirion Technologies, Inc.                                                   | Mirion Technologies, Inc., Conv.                                            | CUSIP: 60471AAC5<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | DBT              | CORP              | US        |     56000 | PA      | $60369.18     | 0.04%             | 2031-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $739.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NESCO Holdings II, Inc.                                                     | NESCO Holdings II, Inc.                                                     | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |    774000 | PA      | $758574.18    | 0.50%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| CommScope, LLC                                                              | CommScope, LLC                                                              | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    362000 | PA      | $374932.81    | 0.25%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| Acrisure LLC / Acrisure Finance Inc.                                        | Acrisure LLC / Acrisure Finance Inc.                                        | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1125932.40   | 0.74%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp.                                                            | Sealed Air Corp.                                                            | CUSIP: 81211KAK6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    339000 | PA      | $368443.01    | 0.24%             | 2033-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PHINIA Inc.                                                                 | PHINIA Inc.                                                                 | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |    660000 | PA      | $680750.77    | 0.45%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Medline Borrower, L.P.                                                      | Medline Borrower, L.P.                                                      | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    395000 | PA      | $381245.70    | 0.25%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                    | Celanese US Holdings LLC                                                    | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    690000 | PA      | $717774.36    | 0.47%             | 2033-11-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: —       |
| Roller Bearing Co. of America, Inc.                                         | Roller Bearing Co. of America, Inc.                                         | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |    775000 | PA      | $753683.94    | 0.49%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                          | Iron Mountain Inc.                                                          | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    784000 | PA      | $749104.87    | 0.49%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                       | OneMain Finance Corp.                                                       | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    747000 | PA      | $730538.07    | 0.48%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                                    | Comstock Resources, Inc.                                                    | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    735000 | PA      | $734310.28    | 0.48%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Ltd.                                                  | Melco Resorts Finance Ltd.                                                  | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    800000 | PA      | $802632.00    | 0.53%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Casino Guichard-Perrachon                                                   | Casino Guichard-Perrachon                                                   | CUSIP: F1R01P205<br>LEI: 969500VHL8F83GBL6L29 | Long             | EC               | CORP              | FR        |      3370 | NS      | $1908.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                   | Vistra Operations Co. LLC                                                   | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    473000 | PA      | $500867.74    | 0.33%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Aethon United BR L.P./ Aethon United Finance Corp.                          | Aethon United BR L.P./ Aethon United Finance Corp.                          | CUSIP: 00810GAD6<br>LEI: 5493007HPG2M9K9X5V41 | Long             | DBT              | CORP              | US        |    700000 | PA      | $730548.70    | 0.48%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Wrangler Holdco Corp.                                                       | Wrangler Holdco Corp.                                                       | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    373000 | PA      | $389264.29    | 0.26%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                                            | Clarivate Science Holdings Corp.                                            | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    794000 | PA      | $751079.30    | 0.49%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Corp.                                               | Nissan Motor Acceptance Corp.                                               | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    378000 | PA      | $393818.49    | 0.26%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Cushman & Wakefield U.S. Borrower LLC                                       | Cushman & Wakefield U.S. Borrower LLC, Term Loan                            | CUSIP: 23340DAU6<br>LEI: 549300870CMN3WI5IF97 | Long             | LON              | CORP              | US        |    651880 | PA      | $654327.81    | 0.43%             | 2030-01-31      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                        | Clear Channel Outdoor Holdings, Inc.                                        | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    164000 | PA      | $159463.50    | 0.10%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                             | Sinclair Television Group, Inc.                                             | CUSIP: 829259AY6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     53000 | PA      | $45248.75     | 0.03%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Brundage-Bone Concrete Pumping Holdings, Inc.                               | Brundage-Bone Concrete Pumping Holdings, Inc.                               | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    512000 | PA      | $517737.47    | 0.34%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Americanas S.A.                                                             | Americanas S.A.                                                             | CUSIP: P19055113<br>LEI: 254900SPM3RE7352ST93 | Long             | EC               | CORP              | BR        |      7833 | NS      | $8991.99      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EnPro Inc.                                                                  | EnPro Inc.                                                                  | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    750000 | PA      | $768407.51    | 0.50%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                            | Gray Media, Inc.                                                            | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    264000 | PA      | $269943.43    | 0.18%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                    | Lumen Technologies, Inc.                                                    | CUSIP: 156700BD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     43000 | PA      | $39254.62     | 0.03%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Transocean International Ltd.                                               | Transocean International Ltd.                                               | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    813000 | PA      | $797358.44    | 0.52%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| Carnival Corp.                                                              | Carnival Corp.                                                              | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    732000 | PA      | $750787.51    | 0.49%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Ltd.                                                    | Studio City Finance Ltd.                                                    | CUSIP: 86389QAF9<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    249000 | PA      | $249052.96    | 0.16%             | 2028-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Navient Corp.                                                               | Navient Corp.                                                               | CUSIP: 63938CAK4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    468000 | PA      | $466265.88    | 0.31%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer              | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer              | CUSIP: 01883LAF0<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |    742000 | PA      | $767241.55    | 0.50%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                     | Level 3 Financing, Inc.                                                     | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     96000 | PA      | $84296.98     | 0.06%             | 2030-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Prairie ECI Acquiror L.P.                                                   | Prairie ECI Acquiror L.P., Term Loan                                        | CUSIP: 73955HAF1<br>LEI: 254900Q6KU2LVSIISH22 | Long             | LON              | CORP              | US        |    733876 | PA      | $740679.18    | 0.49%             | 2029-08-01      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                                              | NCL Corp. Ltd., Conv.                                                       | CUSIP: 62886HBW0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    150000 | PA      | $152062.50    | 0.10%             | 2030-09-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                           | Hertz Corp. (The)                                                           | CUSIP: 428040DB2<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    103000 | PA      | $82264.87     | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                             | TransDigm, Inc., Term Loan L                                                | CUSIP: 89364MCD4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   1502641 | PA      | $1503603.05   | 0.99%             | 2032-01-19      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                                        | Mexico Government International Bond                                        | CUSIP: 91087BBL3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    544000 | PA      | $542128.64    | 0.36%             | 2035-09-22      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                                         | Lithia Motors, Inc.                                                         | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    801000 | PA      | $761252.30    | 0.50%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Windstream Services, LLC                                                    | Windstream Services, LLC                                                    | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |    686000 | PA      | $686243.53    | 0.45%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Walker & Dunlop, Inc.                                                       | Walker & Dunlop, Inc.                                                       | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    707000 | PA      | $723598.01    | 0.47%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                     | Level 3 Financing, Inc.                                                     | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    414667 | PA      | $422163.80    | 0.28%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                 | Sunoco L.P.                                                                 | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    304000 | PA      | $301557.93    | 0.20%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership L.P./ MPT Finance Corp.                           | MPT Operating Partnership L.P./ MPT Finance Corp.                           | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $79357.23     | 0.05%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Avation Capital S.A.                                                        | Avation Capital S.A.                                                        | CUSIP: 05351CAA5<br>LEI: 54930056OEYSV06OMD90 | Long             | DBT              | CORP              | LU        |   1555000 | PA      | $1546453.24   | 1.01%             | 2026-10-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                        | Clear Channel Outdoor Holdings, Inc.                                        | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    266000 | PA      | $278311.54    | 0.18%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                                                 | Wayfair LLC                                                                 | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72347.85     | 0.05%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Americanas S.A., Wrts. 2027-03-16                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      2611 | NS      | $1962.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                                                              | EchoStar Corp.                                                              | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1112961 | PA      | $1148269.69   | 0.75%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                               | Freedom Mortgage Holdings LLC                                               | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    301000 | PA      | $315742.98    | 0.21%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC            | California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC            | CUSIP: 13005HAA8<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |    745000 | PA      | $764110.00    | 0.50%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Codere Online Luxembourg, S.A.                                              | Codere Online Luxembourg, S.A.                                              | CUSIP: N/A<br>LEI: 222100ZJU57ZQLLYNO89       | N/A              | DE               |  | LU        |         3 | NS      | $14.09        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Worldline                                                                   | Worldline                                                                   | CUSIP: BK2029753<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $396134.80    | 0.26%             | 2027-06-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc.                                                       | Cleveland-Cliffs Inc.                                                       | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    364000 | PA      | $371251.24    | 0.24%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Excelerate Energy L.P.                                                      | Excelerate Energy L.P.                                                      | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |    715000 | PA      | $761649.46    | 0.50%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Provident Funding Associates L.P./ PFG Finance Corp.                        | Provident Funding Associates L.P./ PFG Finance Corp.                        | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1051000 | PA      | $1111415.68   | 0.73%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PHINIA Inc.                                                                 | PHINIA Inc.                                                                 | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |    421000 | PA      | $434269.08    | 0.28%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                    | Venture Global LNG, Inc.                                                    | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    737500 | PA      | $731437.46    | 0.48%             | N/A             | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                                                  | Amneal Pharmaceuticals LLC, Term Loan                                       | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |    550000 | PA      | $550456.50    | 0.36%             | 2032-07-31      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| HLF Financing S.a.r.l. LLC / Herbalife International Inc.                   | HLF Financing S.a.r.l. LLC / Herbalife International Inc.                   | CUSIP: 40390DAC9<br>LEI: 549300VKVJUV5OGV2R51 | Long             | DBT              | CORP              | US        |     91000 | PA      | $80465.99     | 0.05%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                 | First Quantum Minerals Ltd.                                                 | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    375000 | PA      | $394504.88    | 0.26%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                    | Lumen Technologies, Inc.                                                    | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70903.57     | 0.05%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                                                  | Sensata Technologies, Inc.                                                  | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    456000 | PA      | $472394.57    | 0.31%             | 2032-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                            | Gray Media, Inc.                                                            | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    143000 | PA      | $107519.20    | 0.07%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GGAM Finance Ltd.                                                           | GGAM Finance Ltd.                                                           | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |   1088000 | PA      | $1130987.97   | 0.74%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                                         | Lithia Motors, Inc.                                                         | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    365000 | PA      | $361682.04    | 0.24%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Tallgrass Energy Partners L.P./ Tallgrass Energy Finance Corp.              | Tallgrass Energy Partners L.P./ Tallgrass Energy Finance Corp.              | CUSIP: 87470LAL5<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |    741000 | PA      | $763665.71    | 0.50%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Northriver Midstream Finance L.P.                                           | Northriver Midstream Finance L.P.                                           | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |    705000 | PA      | $721409.44    | 0.47%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                                              | DISH DBS Corp.                                                              | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    393000 | PA      | $336413.84    | 0.22%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                      | Tenet Healthcare Corp.                                                      | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    483000 | PA      | $472108.49    | 0.31%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                           | CSC Holdings, LLC, Term Loan                                                | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    394778 | PA      | $382934.72    | 0.25%             | 2027-04-15      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                             | CoreWeave, Inc.                                                             | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    147000 | PA      | $151998.59    | 0.10%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| FirstCash, Inc.                                                             | FirstCash, Inc.                                                             | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1122820.93   | 0.74%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                           | Duke Energy Corp.                                                           | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    753000 | PA      | $796484.24    | 0.52%             | 2054-09-01      | Variable      | 6.45%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                                                  | Cloud Software Group, Inc.                                                  | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    426000 | PA      | $442333.44    | 0.29%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LABL, Inc.                                                                  | LABL, Inc.                                                                  | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     89000 | PA      | $65451.82     | 0.04%             | 2031-10-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos. Inc.                                                     | Bausch Health Cos. Inc.                                                     | CUSIP: 071734AM9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    130000 | PA      | $97624.15     | 0.06%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maya                                                                        | Maya                                                                        | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |   1128000 | PA      | $1210708.34   | 0.79%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Invesco Private Prime Fund                                                  | Invesco Private Prime Fund                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   7590393 | NS      | $7590393.44   | 4.97%             |  |  |  | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                                                  | WarnerMedia Holdings, Inc.                                                  | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   1297000 | PA      | $1036231.67   | 0.68%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: —       |
| Boost Newco Borrower, LLC                                                   | Boost Newco Borrower, LLC                                                   | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    668000 | PA      | $709174.85    | 0.46%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corp.                                                    | SBA Communications Corp.                                                    | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    769000 | PA      | $720031.39    | 0.47%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                    | Venture Global LNG, Inc.                                                    | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1013000 | PA      | $1103509.73   | 0.72%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: —       |
| Delek Logistics Partners L.P./ Delek Logistics Finance Corp.                | Delek Logistics Partners L.P./ Delek Logistics Finance Corp.                | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    765000 | PA      | $778506.93    | 0.51%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Xerox Corp.                                                                 | Xerox Corp.                                                                 | CUSIP: 984121CT8<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     43000 | PA      | $41670.16     | 0.03%             | 2031-04-15      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| Nissan Motor Co., Ltd.                                                      | Nissan Motor Co., Ltd.                                                      | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    375000 | PA      | $402795.00    | 0.26%             | 2035-07-17      | Fixed         | 8.12%                 | No            |                  2 | On Loan: —       |
| Level 3 Financing, Inc.                                                     | Level 3 Financing, Inc.                                                     | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     44000 | PA      | $38299.89     | 0.03%             | 2029-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Entergy Corp.                                                               | Entergy Corp.                                                               | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    717000 | PA      | $750486.77    | 0.49%             | 2054-12-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                              | EchoStar Corp.                                                              | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    367000 | PA      | $404048.65    | 0.26%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| DaVita Inc.                                                                 | DaVita Inc.                                                                 | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    353000 | PA      | $364940.58    | 0.24%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                 | Sunoco L.P.                                                                 | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    576000 | PA      | $586694.72    | 0.38%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DaVita Inc.                                                                 | DaVita Inc.                                                                 | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    375000 | PA      | $387014.25    | 0.25%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                          | Vodafone Group PLC                                                          | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |   1591000 | PA      | $1490931.92   | 0.98%             | 2081-06-04      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos. Inc.                                                     | Bausch Health Cos. Inc.                                                     | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    174000 | PA      | $122830.08    | 0.08%             | 2030-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lamar Media Corp.                                                           | Lamar Media Corp.                                                           | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    715000 | PA      | $710634.16    | 0.47%             | 2033-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                 | First Quantum Minerals Ltd.                                                 | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $369987.41    | 0.24%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Virgin Media Secured Finance PLC                                            | Virgin Media Secured Finance PLC                                            | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    825000 | PA      | $778569.58    | 0.51%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Atos SE                                                                     | Atos SE                                                                     | CUSIP: YT9915620<br>LEI: 5493001EZOOA66PTBR68 | Long             | DBT              | CORP              | FR        |    725000 | PA      | $803789.57    | 0.53%             | 2030-12-18      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tidewater Inc.                                                              | Tidewater Inc.                                                              | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    741000 | PA      | $795189.12    | 0.52%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                | Diversified Healthcare Trust                                                | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    214000 | PA      | $189232.09    | 0.12%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Xerox Corp.                                                                 | Xerox Corp.                                                                 | CUSIP: 984121CL5<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     31000 | PA      | $14425.21     | 0.01%             | 2035-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                                                  | WarnerMedia Holdings, Inc.                                                  | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    353000 | PA      | $263426.25    | 0.17%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc.                                                             | Sabre GLBL Inc.                                                             | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72761.16     | 0.05%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    486000 | PA      | $420481.34    | 0.28%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| LABL, Inc.                                                                  | LABL, Inc.                                                                  | CUSIP: 50168AAA8<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     75000 | PA      | $61852.83     | 0.04%             | 2027-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc.                                                       | Cleveland-Cliffs Inc.                                                       | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    399000 | PA      | $403474.79    | 0.26%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Global Aircraft Leasing Co., Ltd.                                           | Global Aircraft Leasing Co., Ltd.                                           | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1081000 | PA      | $1118173.43   | 0.73%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC                                         | Venture Global Plaquemines LNG, LLC                                         | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    688000 | PA      | $724658.29    | 0.47%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CD&R Smokey Buyer Inc / Radio Systems Corp.                                 | CD&R Smokey Buyer Inc / Radio Systems Corp.                                 | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     88000 | PA      | $68932.86     | 0.05%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| New Enterprise Stone & Lime Co, Inc.                                        | New Enterprise Stone & Lime Co, Inc.                                        | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    743000 | PA      | $736767.27    | 0.48%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VMED 02 UK Financing I PLC                                                  | VMED 02 UK Financing I PLC                                                  | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $753497.04    | 0.49%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | CUSIP: 03969YAC2<br>LEI: 635400YUJMWFYRBL5293 | Long             | DBT              | CORP              | US        |    373000 | PA      | $373225.22    | 0.24%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC / Directv Financing Co-Obligor Inc.                   | Directv Financing LLC / Directv Financing Co-Obligor Inc.                   | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    196000 | PA      | $195859.27    | 0.13%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Genesis Energy L.P./ Genesis Energy Finance Corp.                           | Genesis Energy L.P./ Genesis Energy Finance Corp.                           | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    533000 | PA      | $557906.54    | 0.37%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                         | Petroleos Mexicanos                                                         | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    380000 | PA      | $362587.30    | 0.24%             | 2035-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Forvia SE                                                                   | Forvia SE                                                                   | CUSIP: 31209DAA3<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    768000 | PA      | $813568.51    | 0.53%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| Sunoco L.P.                                                                 | Sunoco L.P.                                                                 | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    106000 | PA      | $105284.29    | 0.07%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Vistra Corp.                                                                | Vistra Corp.                                                                | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    377000 | PA      | $385902.10    | 0.25%             | N/A             | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co. Inc.                                          | Hilton Domestic Operating Co. Inc.                                          | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    734000 | PA      | $749789.07    | 0.49%             | 2033-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Nebius Group N.V.                                                           | Nebius Group N.V., Conv.                                                    | CUSIP: 63954QAE6<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | DBT              | CORP              | NL        |    215000 | PA      | $250582.50    | 0.16%             | 2030-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Select Medical Corp.                                                        | Select Medical Corp.                                                        | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |    729000 | PA      | $729983.42    | 0.48%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| Carvana Co.                                                                 | Carvana Co.                                                                 | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    748422 | PA      | $847938.18    | 0.56%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                                      | HUB International Ltd.                                                      | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    322000 | PA      | $336061.78    | 0.22%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership L.P./ MPT Finance Corp.                           | MPT Operating Partnership L.P./ MPT Finance Corp.                           | CUSIP: 55342UAM6<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |    109000 | PA      | $80261.52     | 0.05%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Global Partners L.P./ GLP Finance Corp.                                     | Global Partners L.P./ GLP Finance Corp.                                     | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    765000 | PA      | $784704.87    | 0.51%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition, LLC                                                        | LBM Acquisition, LLC                                                        | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |     82000 | PA      | $75979.95     | 0.05%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                        | Clear Channel Outdoor Holdings, Inc.                                        | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    328000 | PA      | $339280.58    | 0.22%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| New Fortress Energy Inc.                                                    | New Fortress Energy Inc.                                                    | CUSIP: 644393AB6<br>LEI: 254900EICTYTCHA5X705 | Long             | DBT              | CORP              | US        |    128000 | PA      | $32257.92     | 0.02%             | 2026-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                                  | iHeartCommunications, Inc.                                                  | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    443000 | PA      | $400089.34    | 0.26%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-13548.70    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AMC Networks Inc.                                                           | AMC Networks Inc.                                                           | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |     93000 | PA      | $80996.03     | 0.05%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LCM Investments Holdings II, LLC                                            | LCM Investments Holdings II, LLC                                            | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    376000 | PA      | $368669.00    | 0.24%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                                              | NCL Corp. Ltd.                                                              | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    315000 | PA      | $315215.00    | 0.21%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Opal Bidco SAS                                                              | Opal Bidco SAS                                                              | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    640000 | PA      | $656400.64    | 0.43%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                           | CSC Holdings, LLC                                                           | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    346000 | PA      | $132140.89    | 0.09%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                                               | Univision Communications Inc.                                               | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    419000 | PA      | $434505.10    | 0.28%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Clarios Global L.P./ Clarios US Finance Co.                                 | Clarios Global L.P./ Clarios US Finance Co.                                 | CUSIP: YN0904808<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | US        |    300000 | PA      | $359679.50    | 0.24%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                                               | Staples, Inc.                                                               | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40389.84     | 0.03%             | 2030-01-15      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                 | Sunoco L.P.                                                                 | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    148000 | PA      | $150420.54    | 0.10%             | N/A             | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                      | Mauser Packaging Solutions Holding Co.                                      | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    151000 | PA      | $151473.08    | 0.10%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Great Lakes Dredge & Dock Corp.                                             | Great Lakes Dredge & Dock Corp.                                             | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    750000 | PA      | $727367.33    | 0.48%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maya                                                                        | Maya                                                                        | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    633000 | PA      | $646327.18    | 0.42%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Zayo Group Holdings, Inc.                                                   | Zayo Group Holdings, Inc.                                                   | CUSIP: 98919VAC9<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |    153667 | PA      | $147328.13    | 0.10%             | 2030-03-09      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Clarios Global L.P./ Clarios US Finance Co.                                 | Clarios Global L.P./ Clarios US Finance Co.                                 | CUSIP: 18060TAE5<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | US        |    468000 | PA      | $478663.38    | 0.31%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                            | NRG Energy, Inc.                                                            | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1163000 | PA      | $1163893.92   | 0.76%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Invesco Government & Agency Portfolio                                       | Invesco Government & Agency Portfolio, Institutional Class                  | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    677915 | NS      | $677914.72    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Level 3 Financing, Inc.                                                     | Level 3 Financing, Inc.                                                     | CUSIP: 527298CH4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     95000 | PA      | $82152.20     | 0.05%             | 2031-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESAB Corp.                                                                  | ESAB Corp.                                                                  | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |   1055000 | PA      | $1085123.42   | 0.71%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EZCORP, Inc.                                                                | EZCORP, Inc.                                                                | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |   1373000 | PA      | $1466340.66   | 0.96%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Genesis Energy L.P./ Genesis Energy Finance Corp.                           | Genesis Energy L.P./ Genesis Energy Finance Corp.                           | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    545000 | PA      | $568845.80    | 0.37%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    829000 | PA      | $767336.33    | 0.50%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| FIBERCOP S.p.A.                                                             | FIBERCOP S.p.A.                                                             | CUSIP: 683879AF7<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    400000 | PA      | $404951.14    | 0.27%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Medline Borrower, L.P.                                                      | Medline Borrower, L.P.                                                      | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    756000 | PA      | $750022.46    | 0.49%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Gold Inc.                                                               | New Gold Inc.                                                               | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |   1458000 | PA      | $1528331.00   | 1.00%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Vistra Corp.                                                                | Vistra Corp., Series C                                                      | CUSIP: 92840MAD4<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   1538000 | PA      | $1692419.81   | 1.11%             | N/A             | Variable      | 8.88%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                                      | HUB International Ltd.                                                      | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    403000 | PA      | $419911.49    | 0.28%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                          | Newell Brands Inc.                                                          | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    788000 | PA      | $782716.14    | 0.51%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| Level 3 Financing, Inc.                                                     | Level 3 Financing, Inc.                                                     | CUSIP: 527298BT9<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     76000 | PA      | $65164.55     | 0.04%             | 2029-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Altice France                                                               | Altice France                                                               | CUSIP: ZR5945228<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    275000 | PA      | $278470.14    | 0.18%             | 2028-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| USI, Inc.                                                                   | USI, Inc.                                                                   | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |    354000 | PA      | $371674.64    | 0.24%             | 2032-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| McAfee Corp.                                                                | McAfee Corp.                                                                | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    159000 | PA      | $147672.27    | 0.10%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                          | CHS/Community Health Systems, Inc.                                          | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    441000 | PA      | $381667.07    | 0.25%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                           | CSC Holdings, LLC                                                           | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    443000 | PA      | $288455.17    | 0.19%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Invesco Private Government Fund                                             | Invesco Private Government Fund                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   2916328 | NS      | $2916327.74   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| BondBloxx CCC-Rated USD High Yield Corporate Bond ETF                       | BondBloxx CCC-Rated USD High Yield Corporate Bond ETF                       | CUSIP: 09789C887<br>LEI: N/A                  | Long             | EC               | RF                | US        |     10000 | NS      | $392500.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| RB Global Holdings Inc.                                                     | RB Global Holdings Inc.                                                     | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    387000 | PA      | $405248.21    | 0.27%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| 1261229 B.C. Ltd.                                                           | 1261229 B.C. Ltd.                                                           | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1010000 | PA      | $1036100.46   | 0.68%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TrueNoord Capital DAC                                                       | TrueNoord Capital DAC                                                       | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    708000 | PA      | $752943.13    | 0.49%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                                | MPH Acquisition Holdings LLC                                                | CUSIP: 553283AG7<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |    309000 | PA      | $270060.73    | 0.18%             | 2030-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                   | Vistra Operations Co. LLC                                                   | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    129000 | PA      | $135012.27    | 0.09%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| E.W. Scripps Co. (The)                                                      | E.W. Scripps Co. (The)                                                      | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |    145000 | PA      | $136236.65    | 0.09%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| NFE Atlantic Holdings, LLC                                                  | NFE Atlantic Holdings, LLC, Term Loan                                       | CUSIP: 64439HAC3<br>LEI: 254900EICTYTCHA5X705 | Long             | LON              | CORP              | US        |    100000 | PA      | $49454.50     | 0.03%             | 2028-10-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Altice France                                                               | Altice France                                                               | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    765000 | PA      | $677025.00    | 0.44%             | 2028-01-15      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Endo Luxembourg Finance Co. I S.a.r.l.                                      | Endo Luxembourg Finance Co. I S.a.r.l., Term Loan B                         | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    742500 | PA      | $744898.28    | 0.49%             | 2031-04-23      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                                | MPH Acquisition Holdings LLC                                                | CUSIP: 553283AF9<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |    303350 | PA      | $317648.40    | 0.21%             | 2030-12-31      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                                              | DISH DBS Corp.                                                              | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $249467.40    | 0.16%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                                                    | SGUS LLC                                                                    | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    187820 | PA      | $178931.61    | 0.12%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Windstream Services LLC / Windstream Escrow Finance Corp.                   | Windstream Services LLC / Windstream Escrow Finance Corp.                   | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    692000 | PA      | $717362.76    | 0.47%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc./AAdvantage Loyalty IP Ltd.                           | American Airlines Inc./AAdvantage Loyalty IP Ltd.                           | CUSIP: 00253XAB7<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |   1049000 | PA      | $1053799.56   | 0.69%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                             | CoreWeave, Inc.                                                             | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    244000 | PA      | $250375.48    | 0.16%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Bausch and Lomb, Inc.                                                       | Bausch and Lomb, Inc., Term Loan                                            | CUSIP: C0787FAJ1<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    748125 | PA      | $749527.73    | 0.49%             | 2031-01-30      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                       | OneMain Finance Corp.                                                       | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6512.70      | 0.00%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                                 | Telecom Italia Capital S.A.                                                 | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    718000 | PA      | $796611.80    | 0.52%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                      | Tenet Healthcare Corp.                                                      | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    270000 | PA      | $279739.92    | 0.18%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Brookfield Infrastructure Finance ULC                                       | Brookfield Infrastructure Finance ULC                                       | CUSIP: 11276BAA7<br>LEI: 984500CDDWC47U7DBA74 | Long             | DBT              | CORP              | CA        |   1098000 | PA      | $1126341.58   | 0.74%             | 2055-03-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| PetSmart LLC / PetSmart Finance Corp.                                       | PetSmart LLC / PetSmart Finance Corp.                                       | CUSIP: 71677KAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $404663.31    | 0.27%             | 2033-09-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings Inc.                                           | Nationstar Mortgage Holdings Inc.                                           | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    753000 | PA      | $788178.65    | 0.52%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Forward Foreign Currency Contract                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $7457.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                     | Level 3 Financing, Inc.                                                     | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    354000 | PA      | $361085.31    | 0.24%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AAdvantage Loyality IP Ltd. (American Airlines, Inc.)                       | AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B          | CUSIP: 02376CBT1<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    443888 | PA      | $446384.37    | 0.29%             | 2032-05-07      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                                             | Air Lease Corp., Series B                                                   | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1112030.96   | 0.73%             | N/A             | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                         | Casino Guichard-Perrachon, Wrts. 2029-04-27                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    184690 | NS      | $108.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHC Group LLC                                                               | CHC Group LLC                                                               | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    368000 | PA      | $363206.93    | 0.24%             | 2030-09-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                                     | SS&C Technologies, Inc.                                                     | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    755000 | PA      | $754488.49    | 0.49%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PennyMac Financial Services, Inc.                                           | PennyMac Financial Services, Inc.                                           | CUSIP: 70932MAB3<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    403000 | PA      | $390372.04    | 0.26%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                                                   | Michaels Cos., Inc. (The)                                                   | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    136000 | PA      | $114240.00    | 0.07%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                                               | Staples, Inc.                                                               | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149065.43    | 0.10%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Cerdia Finanz GmbH                                                          | Cerdia Finanz GmbH                                                          | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    705000 | PA      | $748181.25    | 0.49%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                                              | NCL Corp. Ltd.                                                              | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    306000 | PA      | $307775.04    | 0.20%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                   | Vistra Operations Co. LLC                                                   | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    331000 | PA      | $330152.87    | 0.22%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Panther BF Aggregator 2 L.P. (Power Solutions, Clarios POWSOL)              | Panther BF Aggregator 2 L.P. (Power Solutions, Clarios POWSOL), Term Loan B | CUSIP: C8000CAP8<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    710000 | PA      | $711331.25    | 0.47%             | 2032-01-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Vibrantz Technologies Inc.                                                  | Vibrantz Technologies Inc.                                                  | CUSIP: 69357VAA3<br>LEI: 549300GYZ1T3S8OPH343 | Long             | DBT              | CORP              | US        |     87000 | PA      | $49232.87     | 0.03%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Brink's Co. (The)                                                           | Brink's Co. (The)                                                           | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    683000 | PA      | $711020.08    | 0.47%             | 2032-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST, L.P.                                                     | RLJ LODGING TRUST, L.P.                                                     | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |    777000 | PA      | $734365.54    | 0.48%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| Carriage Services, Inc.                                                     | Carriage Services, Inc.                                                     | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1172000 | PA      | $1111382.40   | 0.73%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Altice France Holding S.A.                                                  | Altice France Holding S.A.                                                  | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $108803.30    | 0.07%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | CUSIP: 03969YAB4<br>LEI: 635400YUJMWFYRBL5293 | Long             | DBT              | CORP              | US        |    425000 | PA      | $393686.71    | 0.26%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy, Inc.                                                    | CenterPoint Energy, Inc.                                                    | CUSIP: 15189TBP1<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    700000 | PA      | $724168.90    | 0.47%             | 2055-05-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| FIBERCOP S.p.A.                                                             | FIBERCOP S.p.A.                                                             | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    375000 | PA      | $359310.64    | 0.24%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                    | Lumen Technologies, Inc.                                                    | CUSIP: 550241AA1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22015.10     | 0.01%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CCO Holdings, LLC/CCO Holdings Capital Corp.                                | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    886000 | PA      | $806872.40    | 0.53%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower L.P.                                                         | EMRLD Borrower L.P., Incremental Term Loan B                                | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |   1136413 | PA      | $1132719.17   | 0.74%             | 2031-08-04      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Principal Financial Officer and Treasurer