# EDGAR Filing Document

**Accession Number:** 0001065698
**File Stem:** 0001410368-26-050729
**Filing Date:** 2026-5
**Character Count:** 220095
**Document Hash:** ec9e6febcf88c26926a782166afff48d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-050729.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001410368-26-050729

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS VARIABLE INSURANCE TRUST III
- **CENTRAL INDEX KEY:** 0001065698

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08879
- **FILM NUMBER:** 261016316

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-954-5000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUN CAPITAL ADVISERS TRUST
- **DATE OF NAME CHANGE:** 19980709

## Series and Classes Contracts Data

### MFS Limited Maturity Portfolio (Series ID: S000018844)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000052151 | Initial Class |  |
| C000052152 | Service Class |  |

## Nport-Ex

VLT-Q1

![](imgdba95a041.gif)

**Quarterly Report**

March 31, 2026

MFS<sup>®</sup> Limited Maturity Portfolio

![](img253e5ed82.gif)

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

------

**Portfolio of Investments**

3/31/26 (unaudited)

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 98.7%  | Bonds – 98.7%  | Bonds – 98.7%  |
| Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% |
| Boeing Co., 6.388%, 5/01/2031  | $554000 | &nbsp;&nbsp;&nbsp; $590753 |
| Huntington Ingalls Industries, Inc., 5.353%, 1/15/2030  | 699000 | &nbsp;&nbsp;&nbsp; 712561 |
|  |  | &nbsp;&nbsp;&nbsp; $1303314 |
| Apparel, Footwear, & Accessories – 0.4% | Apparel, Footwear, & Accessories – 0.4% | Apparel, Footwear, & Accessories – 0.4% |
| Gildan Activewear, Inc., 4.7%, 10/07/2030 (n) | $520000 | &nbsp;&nbsp;&nbsp; $514519 |
| Tapestry, Inc., 5.1%, 3/11/2030  | 713000 | &nbsp;&nbsp;&nbsp; 720405 |
|  |  | &nbsp;&nbsp;&nbsp; $1234924 |
| Asset-Backed & Securitized – 24.1% | Asset-Backed & Securitized – 24.1% | Asset-Backed & Securitized – 24.1% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 0.99%, 11/15/2054 (i) | $12712157 | &nbsp;&nbsp;&nbsp; $423391 |
| ACREC 2021-FL1 Ltd., "AS", FLR, 5.294% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n) | 228317 | &nbsp;&nbsp;&nbsp; 228259 |
| ACREC 2021-FL1 Ltd., "B", FLR, 5.594% ((SOFR - 1mo. + 0.11448%) + 1.8%), 10/16/2036 (n) | 1596000 | &nbsp;&nbsp;&nbsp; 1595881 |
| ACREC 2021-FL1 Ltd., "C", FLR, 5.944% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n) | 902000 | &nbsp;&nbsp;&nbsp; 902525 |
| Acres PLC, 2026-FL4, "A", 5.11%, 8/18/2044 (n) | 1500000 | &nbsp;&nbsp;&nbsp; 1501122 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "AS", FLR, 5.486% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 1102500 | &nbsp;&nbsp;&nbsp; 1103061 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "B", FLR, 5.786% ((SOFR - 1mo. + 0.11448%) + 2%), 11/15/2036 (n) | 1102500 | &nbsp;&nbsp;&nbsp; 1102837 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "C", FLR, 6.086% ((SOFR - 1mo. + 0.11448%) + 2.3%), 11/15/2036 (n) | 663500 | &nbsp;&nbsp;&nbsp; 663707 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "C", FLR, 5.972% (SOFR - 30 day + 2.3%), 1/15/2037 (n) | 1737500 | &nbsp;&nbsp;&nbsp; 1738468 |
| AREIT 2022-CRE6 Trust, "D", FLR, 6.521% (SOFR - 30 day + 2.85%), 1/20/2037 (n) | 237500 | &nbsp;&nbsp;&nbsp; 233733 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 61504 | &nbsp;&nbsp;&nbsp; 61820 |
| Aspire Mortgage Trust, 2026-1, "A-1", 4.855%, 1/25/2066 (n) | 284946 | &nbsp;&nbsp;&nbsp; 282973 |
| Bain Capital Credit CLO, Ltd., 2021-4A, "BRR", FLR, 5.017% (SOFR - 3mo. + 1.35%), 10/20/2034 (n) | 1317523 | &nbsp;&nbsp;&nbsp; 1317507 |
| Balboa Bay Loan Funding Ltd., 2022-1A, "BR", 5.517% (SOFR - 3mo. + 1.85%), 4/20/2037 (n) | 1407558 | &nbsp;&nbsp;&nbsp; 1407855 |
| BBCMS Mortgage Trust, 2018-C2, "XA", 0.746%, 12/15/2051 (i)(n) | 20074053 | &nbsp;&nbsp;&nbsp; 303556 |
| BBCMS Mortgage Trust, 2021-C10, "XA", 1.194%, 7/15/2054 (i) | 5139088 | &nbsp;&nbsp;&nbsp; 238324 |
| BBCMS Mortgage Trust, 2021-C11, "XA", 1.327%, 9/15/2054 (i) | 5695284 | &nbsp;&nbsp;&nbsp; 275884 |
| BDS 2021-FL10 Ltd., "B", FLR, 5.744% ((SOFR - 1mo. + 0.11448%) + 1.95%), 12/16/2036 (n) | 519000 | &nbsp;&nbsp;&nbsp; 519537 |
| BDS 2021-FL10 Ltd., "C", FLR, 6.094% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/16/2036 (n) | 377500 | &nbsp;&nbsp;&nbsp; 377639 |
| Benchmark 2021-B23 Mortgage Trust, "XA", 1.254%, 2/15/2054 (i) | 10192494 | &nbsp;&nbsp;&nbsp; 438449 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.232%, 7/15/2054 (i) | 10917775 | &nbsp;&nbsp;&nbsp; 483509 |
| Benchmark 2021-B28 Mortgage Trust, "XA", 1.236%, 8/15/2054 (i) | 7815110 | &nbsp;&nbsp;&nbsp; 366979 |
| Benchmark 2021-B29 Mortgage Trust, "XA", 1.009%, 9/15/2054 (i) | 11400437 | &nbsp;&nbsp;&nbsp; 378786 |
| Benchmark 2025-V18 Mortgage Trust, "A3", 5.183%, 10/15/2058  | 615561 | &nbsp;&nbsp;&nbsp; 626819 |
| BSPRT 2022-FL8 Issuer Ltd., "A", FLR, 5.172% (SOFR - 30 day + 1.5%), 2/15/2037 (n) | 57708 | &nbsp;&nbsp;&nbsp; 57700 |
| BSPRT 2022-FL8 Issuer Ltd., "B", FLR, 5.722% (SOFR - 30 day + 2.05%), 2/15/2037 (n) | 287500 | &nbsp;&nbsp;&nbsp; 286822 |
| BSPRT 2022-FL8 Issuer Ltd., "C", FLR, 5.972% (SOFR - 30 day + 2.3%), 2/15/2037 (n) | 463500 | &nbsp;&nbsp;&nbsp; 463369 |
| Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 260937 | &nbsp;&nbsp;&nbsp; 264369 |
| Business Jet Securities LLC, 2024-1A, "B", 6.924%, 5/15/2039 (n) | 56480 | &nbsp;&nbsp;&nbsp; 57783 |
| Business Jet Securities LLC, 2024-2A, "A", 5.364%, 9/15/2039 (n) | 369772 | &nbsp;&nbsp;&nbsp; 368791 |
| Business Jet Securities LLC, 2024-2A, "B", 5.754%, 9/15/2039 (n) | 216091 | &nbsp;&nbsp;&nbsp; 214244 |
| BXMT 2020-FL2 Ltd., "B", FLR, 5.442% ((SOFR - 1mo. + 0.11448%) + 1.4%), 2/15/2038 (n) | 1445000 | &nbsp;&nbsp;&nbsp; 1440562 |
| CD 2017-CD4 Mortgage Trust, "XA", 1.357%, 5/10/2050 (i) | 12548710 | &nbsp;&nbsp;&nbsp; 85839 |
| CF Hippolyta Issuer LLC, 2020-1, "A1", 1.69%, 7/15/2060 (n) | 329575 | &nbsp;&nbsp;&nbsp; 276134 |
| CF Hippolyta Issuer LLC, 2020-1, "B1", 2.28%, 7/15/2060 (n) | 106277 | &nbsp;&nbsp;&nbsp; 65361 |
| Chesapeake Funding II LLC, 2023-1A, "A1", 5.65%, 5/15/2035 (n) | 138530 | &nbsp;&nbsp;&nbsp; 138729 |
| Chesapeake Funding II LLC, 2023-2A, "A1", 6.16%, 10/15/2035 (n) | 187638 | &nbsp;&nbsp;&nbsp; 188854 |
| Colt Funding LLC, 2024-2, "A1", 6.125%, 4/25/2069 (n) | 339053 | &nbsp;&nbsp;&nbsp; 340946 |
| Colt Funding LLC, 2024-3, "A1", 6.393%, 6/25/2069 (n) | 521801 | &nbsp;&nbsp;&nbsp; 526686 |
| Colt Funding LLC, 2024-3, "A2", 6.646%, 6/25/2069 (n) | 173187 | &nbsp;&nbsp;&nbsp; 174740 |
| Commercial Mortgage Pass-Through Certificates, 2019-BN24, "XA", 0.632%, 11/15/2062 (i) | 8648645 | &nbsp;&nbsp;&nbsp; 179681 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN31, "XA", 1.279%, 2/15/2054 (i) | 8767047 | &nbsp;&nbsp;&nbsp; 421262 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN34, "XA", 0.957%, 6/15/2063 (i) | 8761540 | &nbsp;&nbsp;&nbsp; 301701 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN35, "XA", 1.024%, 6/15/2064 (i) | 4847718 | &nbsp;&nbsp;&nbsp; 185255 |
| COOPR Residential Mortgage Trust, 2025-CES1, "A1A", 5.654%, 5/25/2060 (n) | 190015 | &nbsp;&nbsp;&nbsp; 191039 |
| Credit Acceptance Auto Loan Trust, 2023-3A, "B", 7.09%, 10/17/2033 (n) | 708000 | &nbsp;&nbsp;&nbsp; 715276 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Dell Equipment Finance Trust, 2024-2, "A2", 4.69%, 8/22/2030 (n) | $145058 | &nbsp;&nbsp;&nbsp; $145209 |
| Dell Equipment Finance Trust, 2024-2, "A3", 4.59%, 8/22/2030 (n) | 343000 | &nbsp;&nbsp;&nbsp; 344249 |
| DLLST LLC, 2024-1A, "A3", 5.05%, 8/20/2027 (n) | 98753 | &nbsp;&nbsp;&nbsp; 99051 |
| Dryden Senior Loan Fund CLO Ltd., 2019-75A, "BR3", FLR, 5.172% (SOFR - 3mo. + 1.5%), 4/14/2034 (n) | 1695359 | &nbsp;&nbsp;&nbsp; 1684117 |
| Dryden Senior Loan Fund, 2021-95A, "BR", FLR, 5.255% (SOFR - 3mo. + 1.6%), 8/20/2034 (n) | 1500000 | &nbsp;&nbsp;&nbsp; 1497498 |
| Empire District Bondco LLC, 4.943%, 1/01/2033  | 281137 | &nbsp;&nbsp;&nbsp; 284865 |
| Enterprise Fleet Financing 2024-3 LLC, "A2", 5.31%, 4/20/2027 (n) | 108935 | &nbsp;&nbsp;&nbsp; 109178 |
| Fortress CBO Investments Ltd., 2022-FL3, "AS", FLR, 5.921% (SOFR - 30 day + 2.25%), 2/23/2039 (n) | 769548 | &nbsp;&nbsp;&nbsp; 768810 |
| General Motors Co., FLR, 4.122% (SOFR - 1mo. + 0.45%), 11/15/2028 (n) | 525000 | &nbsp;&nbsp;&nbsp; 525098 |
| General Motors Co., FLR, 4.222% (SOFR - 1mo. + 0.55%), 11/15/2029 (n) | 728000 | &nbsp;&nbsp;&nbsp; 728345 |
| GLS Auto Select Receivables Trust, 2026-1, "A2", 4.05%, 2/17/2032 (n) | 140000 | &nbsp;&nbsp;&nbsp; 139567 |
| GS Mortgage Securities Trust, 2017-GS6, "XA", 1.138%, 5/10/2050 (i) | 14599451 | &nbsp;&nbsp;&nbsp; 113701 |
| GS Mortgage Securities Trust, 2017-GS7, "XA", 1.167%, 8/10/2050 (i) | 14042230 | &nbsp;&nbsp;&nbsp; 126888 |
| GS Mortgage Securities Trust, 2020-GC47, "A5", 1.236%, 5/12/2053 (i) | 8279566 | &nbsp;&nbsp;&nbsp; 302742 |
| Harbor Park CLO Ltd., 2018-1A, "BR2", FLR, 5.067% (SOFR - 3mo. + 1.4%), 1/20/2031 (n) | 1150000 | &nbsp;&nbsp;&nbsp; 1146435 |
| Invesco CLO 2022-2A Ltd., "BR", 5.347%, 7/20/2035 (n) | 1433293 | &nbsp;&nbsp;&nbsp; 1431953 |
| Invesco Ltd., FLR, 5.422% (SOFR - 3mo. + 1.75%), 7/15/2038 (n) | 910345 | &nbsp;&nbsp;&nbsp; 912612 |
| Jersey Mikes Funding LLC, 2026-1A, "A2I", 4.952%, 2/15/2056 (n) | 405000 | &nbsp;&nbsp;&nbsp; 399453 |
| JP Morgan Mortgage Trust, 5.592%, 2/25/2064 (n) | 340368 | &nbsp;&nbsp;&nbsp; 341609 |
| JP Morgan Trust, 2026-NQM1, "A1", 4.745%, 6/25/2066 (n) | 128950 | &nbsp;&nbsp;&nbsp; 127577 |
| JPMorgan Chase Commercial Mortgage Securities Corp., 1.004%, 9/15/2050 (i) | 9873471 | &nbsp;&nbsp;&nbsp; 82628 |
| LoanCore 2021-CRE5 Ltd., "AS", FLR, 5.536% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n) | 344149 | &nbsp;&nbsp;&nbsp; 343754 |
| LoanCore 2021-CRE5 Ltd., "B", FLR, 5.786% ((SOFR - 1mo. + 0.11448%) + 2.0%), 7/15/2036 (n) | 567500 | &nbsp;&nbsp;&nbsp; 566930 |
| LoanCore 2025-CRE8 Ltd., "A", FLR, 5.063% (SOFR - 1mo. + 1.385%), 8/17/2042 (n) | 814000 | &nbsp;&nbsp;&nbsp; 814099 |
| LoanCore 2025-CRE8 Ltd., "AS", FLR, 5.269% (SOFR - 1mo. + 1.5909%), 8/17/2042 (n) | 1226500 | &nbsp;&nbsp;&nbsp; 1226938 |
| MF1 2022-FL9 LLC, "B", FLR, 6.826% (SOFR - 1mo. + 3.15%), 6/19/2037 (n) | 1885500 | &nbsp;&nbsp;&nbsp; 1886765 |
| MF1 2024-FL14 LLC, "C", FLR, 6.961% (SOFR - 1mo. + 3.289%), 3/19/2039 (n) | 413534 | &nbsp;&nbsp;&nbsp; 414236 |
| MF1 2025-FL20 LLC, "AS", FLR, 5.379% (SOFR - 1mo. + 1.7%), 2/18/2043 (n) | 1000000 | &nbsp;&nbsp;&nbsp; 1003515 |
| MF1 2025-FL20 LLC, "B", FLR, 5.629% (SOFR - 1mo. + 1.95%), 2/18/2043 (n) | 451406 | &nbsp;&nbsp;&nbsp; 452937 |
| MF1 2026-FL21 LLC, "B", FLR, 5.429% (SOFR - 1mo. + 1.75%), 2/18/2041 (n) | 160616 | &nbsp;&nbsp;&nbsp; 160869 |
| MF1 2026-FL21 LLC, "C", FLR, 5.629% (SOFR - 1mo. + 1.95%), 2/18/2041 (n) | 531605 | &nbsp;&nbsp;&nbsp; 532231 |
| Morgan Stanley Bank of America Merrill Lynch Trust, 2017-C33, "XA", 1.231%, 5/15/2050 (i) | 11879731 | &nbsp;&nbsp;&nbsp; 115806 |
| Morgan Stanley Capital I Trust, 2017-H1, "XA", 1.272%, 6/15/2050 (i) | 6005958 | &nbsp;&nbsp;&nbsp; 62427 |
| Morgan Stanley Capital I Trust, 2018-H4, "XA", 0.783%, 12/15/2051 (i) | 15575177 | &nbsp;&nbsp;&nbsp; 280620 |
| Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.26%, 5/15/2054 (i) | 7128426 | &nbsp;&nbsp;&nbsp; 297007 |
| Morgan Stanley Capital I Trust, 2021-L6, "XA", 1.144%, 6/15/2054 (i) | 6102276 | &nbsp;&nbsp;&nbsp; 219050 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A1", 6.152%, 12/25/2068 (n) | 456081 | &nbsp;&nbsp;&nbsp; 458382 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM5, "A-1", 5.649%, 10/25/2069 (n) | 823404 | &nbsp;&nbsp;&nbsp; 827492 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM1, "A-1", 5.738%, 11/25/2069 (n) | 1189398 | &nbsp;&nbsp;&nbsp; 1199781 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM9, "A1", 5.016%, 9/25/2070 (n) | 336507 | &nbsp;&nbsp;&nbsp; 335803 |
| New Residential Mortgage Loan Trust, 2024-NQM3, "A-1", 5.53%, 5/25/2065 (n) | 655990 | &nbsp;&nbsp;&nbsp; 659177 |
| New Residential Mortgage Loan Trust, 2024-NQMI, "A-1", 6.129%, 3/25/2064 (n) | 561093 | &nbsp;&nbsp;&nbsp; 564774 |
| New Residential Mortgage Loan Trust, 2025-NQM1, "A-1", 5.643%, 1/25/2065 (n) | 1072065 | &nbsp;&nbsp;&nbsp; 1082991 |
| OBX Trust, 2023-NQM5, "A1", 5.988%, 1/25/2064 (n) | 168486 | &nbsp;&nbsp;&nbsp; 169371 |
| OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 206863 | &nbsp;&nbsp;&nbsp; 207484 |
| OBX Trust, 2024-NQM1, "A2", 6.253%, 11/25/2063 (n) | 62509 | &nbsp;&nbsp;&nbsp; 62726 |
| OBX Trust, 2024-NQM8, "A1", 6.233%, 5/25/2064 (n) | 384861 | &nbsp;&nbsp;&nbsp; 388077 |
| OneMain Financial Issuance Trust, 2020-2A, "A", 1.75%, 9/14/2035 (n) | 662459 | &nbsp;&nbsp;&nbsp; 653388 |
| OneMain Financial Issuance Trust, 2022-S1, "A", 4.13%, 5/14/2035 (n) | 215597 | &nbsp;&nbsp;&nbsp; 215528 |
| OneMain Financial Issuance Trust, 2023-2A, "B", 6.17%, 9/15/2036 (n) | 531000 | &nbsp;&nbsp;&nbsp; 542724 |
| OneMain Financial Issuance Trust, 2023-2A, "C", 6.74%, 9/15/2036 (n) | 1250000 | &nbsp;&nbsp;&nbsp; 1283542 |
| Palmer Square Loan Funding 2025-2A Ltd., "A2", FLR, 5.072% (SOFR - 3mo. + 1.4%), 7/15/2033 (n) | 850000 | &nbsp;&nbsp;&nbsp; 847751 |
| Palmer Square Loan Funding, 2025-1A Ltd., "A2", FLR, 4.852% (SOFR - 3mo. + 1.2%), 2/15/2033 (n) | 1500000 | &nbsp;&nbsp;&nbsp; 1486977 |
| PFP III 2026-13 Ltd., "AS", FLR, 5.329% (SOFR - 1mo. + 1.65%), 8/18/2043 (n) | 569000 | &nbsp;&nbsp;&nbsp; 569314 |
| PFS Financing Corp., 2026-A, "A", FLR, 4.372% (SOFR - 1mo. + 0.7%), 2/15/2030 (n) | 714000 | &nbsp;&nbsp;&nbsp; 713998 |
| Planet Fitness Master Issuer, 2025-1A, "A2I", 5.274%, 12/06/2055 (n) | 325000 | &nbsp;&nbsp;&nbsp; 324883 |
| PMT Loan Trust, 2026-INV4, "A36", FLR, 5.108% (SOFR - 1mo. + 1.45%), 3/25/2057 (n)(w) | 596973 | &nbsp;&nbsp;&nbsp; 595612 |
| Provident Funding Mortgage Trust, 2025-3, "A4", 5.5%, 8/25/2055 (n) | 903316 | &nbsp;&nbsp;&nbsp; 903894 |
| Rate Mortgage Trust, 2025-J3, "A27", FLR, 5.211% (SOFR - 1mo. + 1.55%), 11/25/2055 (n) | 1289003 | &nbsp;&nbsp;&nbsp; 1295341 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Santander Mortgage Asset Receivables Trust, 2025-NQM2, "A1", 5.732%, 2/25/2065 (n) | $152993 | &nbsp;&nbsp;&nbsp; $153862 |
| Shackleton 2013-4RA CLO Ltd., "B", FLR, 5.813% ((SOFR - 3mo. + 2.1616%) + 1.9%) 4/13/2031 (n) | 927055 | &nbsp;&nbsp;&nbsp; 927573 |
| Southwick Park CLO Ltd., 2019-4A, "B2R", 2.46%, 7/20/2032 (n) | 735000 | &nbsp;&nbsp;&nbsp; 684927 |
| Starwood Commercial Mortgage, 2021-FL2, "B", FLR, 5.594% ((SOFR - 1mo. + 0.11448%) + 1.8%), 4/18/2038 (n) | 764000 | &nbsp;&nbsp;&nbsp; 763740 |
| Taco Bell Funding LLC, 2025-1A, "A2I", 4.821%, 8/25/2055 (n) | 777546 | &nbsp;&nbsp;&nbsp; 765600 |
| TCW Gem Ltd., 2020-1A, "BR3", FLR, 5.267% (SOFR - 3mo. + 1.6%), 4/20/2034 (n) | 1788131 | &nbsp;&nbsp;&nbsp; 1778411 |
| TPG Real Estate Finance, 2025-FL7, "AS", FLR, 5.379% (SOFR - 1mo. + 1.7%), 6/18/2043 (n) | 242842 | &nbsp;&nbsp;&nbsp; 242789 |
| TPG Real Estate Finance, 2025-FL7, "B", FLR, 5.629% (SOFR - 1mo. + 1.95%), 6/18/2043 (n) | 445988 | &nbsp;&nbsp;&nbsp; 445890 |
| Trinitas CLO Ltd., 2021-15A, "B1R", FLR, 5.319% (SOFR - 3mo. + 1.65%), 4/22/2034 (n) | 1468874 | &nbsp;&nbsp;&nbsp; 1462474 |
| UBS Commercial Mortgage Trust, 2017-C1, "XA", 0.941%, 11/15/2050 (i) | 7464193 | &nbsp;&nbsp;&nbsp; 78629 |
| UBS Commercial Mortgage Trust, 2018-C14, "XA", 0.906%, 12/15/2051 (i) | 6213276 | &nbsp;&nbsp;&nbsp; 116381 |
| Verus Securitization Trust, 2024-3, "A2", 6.642%, 4/25/2069 (n) | 272841 | &nbsp;&nbsp;&nbsp; 275137 |
| Verus Securitization Trust, 2024-6, "A1", 5.799%, 7/25/2069 (n) | 279961 | &nbsp;&nbsp;&nbsp; 281496 |
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027  | 119283 | &nbsp;&nbsp;&nbsp; 119852 |
| Volvo Financial Equipment LLC, 2026-1A, "A2", 3.9%, 11/15/2028 (n) | 179000 | &nbsp;&nbsp;&nbsp; 178773 |
| Wells Fargo Commercial Mortgage Trust, 2021-C61, "XA", 1.338%, 11/15/2054 (i) | 3671962 | &nbsp;&nbsp;&nbsp; 178348 |
|  |  | &nbsp;&nbsp;&nbsp; $67049425 |
| Auto & Auto Components – 1.6% | Auto & Auto Components – 1.6% | Auto & Auto Components – 1.6% |
| Ford Motor Credit Co. LLC, 5.8%, 3/05/2027  | $1438000 | &nbsp;&nbsp;&nbsp; $1445931 |
| Ford Motor Credit Co. LLC, 5.753%, 4/06/2033  | 448000 | &nbsp;&nbsp;&nbsp; 439644 |
| LKQ Corp., 5.75%, 6/15/2028  | 1208000 | &nbsp;&nbsp;&nbsp; 1229450 |
| Stellantis Finance US, Inc., 1.711%, 1/29/2027 (n) | 723000 | &nbsp;&nbsp;&nbsp; 705119 |
| Stellantis Finance US, Inc., 2.691%, 9/15/2031 (n) | 730000 | &nbsp;&nbsp;&nbsp; 616963 |
|  |  | &nbsp;&nbsp;&nbsp; $4437107 |
| Brokerage & Asset Managers – 2.6% | Brokerage & Asset Managers – 2.6% | Brokerage & Asset Managers – 2.6% |
| Brookfield Finance, Inc., 3.9%, 1/25/2028  | $1291000 | &nbsp;&nbsp;&nbsp; $1276827 |
| Charles Schwab Corp., 5.875%, 8/24/2026  | 1706000 | &nbsp;&nbsp;&nbsp; 1715854 |
| Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029  | 622000 | &nbsp;&nbsp;&nbsp; 639074 |
| Citadel Finance LLC, 4.75%, 2/14/2029 (n) | 680000 | &nbsp;&nbsp;&nbsp; 666254 |
| Citadel Securities Global Holdings LLC, 5.125%, 1/27/2032 (n) | 451000 | &nbsp;&nbsp;&nbsp; 447420 |
| LPL Holdings, Inc., 5.7%, 5/20/2027  | 743000 | &nbsp;&nbsp;&nbsp; 749861 |
| LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 542000 | &nbsp;&nbsp;&nbsp; 538035 |
| LPL Holdings, Inc., 6.75%, 11/17/2028  | 397000 | &nbsp;&nbsp;&nbsp; 415936 |
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 883000 | &nbsp;&nbsp;&nbsp; 857464 |
|  |  | &nbsp;&nbsp;&nbsp; $7306725 |
| Business Services – 1.2% | Business Services – 1.2% | Business Services – 1.2% |
| Fidelity National Information Services, Inc., 4.45%, 3/10/2028  | $581000 | &nbsp;&nbsp;&nbsp; $579373 |
| Fidelity National Information Services, Inc., 4.55%, 3/10/2029  | 323000 | &nbsp;&nbsp;&nbsp; 321477 |
| Fidelity National Information Services, Inc., 4.8%, 3/10/2031  | 581000 | &nbsp;&nbsp;&nbsp; 576440 |
| Paychex, Inc., 5.1%, 4/15/2030  | 1148000 | &nbsp;&nbsp;&nbsp; 1158291 |
| Verisk Analytics, Inc., 4.45%, 3/15/2031  | 729000 | &nbsp;&nbsp;&nbsp; 716875 |
|  |  | &nbsp;&nbsp;&nbsp; $3352456 |
| Cable TV – 0.8% | Cable TV – 0.8% | Cable TV – 0.8% |
| Cox Communications, Inc., 5.45%, 9/15/2028 (n) | $1298000 | &nbsp;&nbsp;&nbsp; $1324105 |
| Videotron Ltd., 3.625%, 6/15/2029 (n) | 924000 | &nbsp;&nbsp;&nbsp; 894312 |
|  |  | &nbsp;&nbsp;&nbsp; $2218417 |
| Chemicals – 0.2% | Chemicals – 0.2% | Chemicals – 0.2% |
| International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n) | $115000 | &nbsp;&nbsp;&nbsp; $110302 |
| SNF Group SACA, 5.626%, 3/31/2031 (n) | 404300 | &nbsp;&nbsp;&nbsp; 409071 |
|  |  | &nbsp;&nbsp;&nbsp; $519373 |
| Conglomerates – 0.2% | Conglomerates – 0.2% | Conglomerates – 0.2% |
| Regal Rexnord Corp., 6.05%, 4/15/2028  | $665000 | &nbsp;&nbsp;&nbsp; $682058 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Consumer Services – 1.9% | Consumer Services – 1.9% | Consumer Services – 1.9% |
| Airbnb, Inc., 4.4%, 3/16/2029  | $485000 | &nbsp;&nbsp;&nbsp; $484360 |
| CBRE Services, Inc., 4.8%, 6/15/2030  | 1316000 | &nbsp;&nbsp;&nbsp; 1318642 |
| eBay, Inc., 4.25%, 3/06/2029  | 747000 | &nbsp;&nbsp;&nbsp; 743072 |
| Meituan, 4.5%, 4/02/2028 (n) | 715000 | &nbsp;&nbsp;&nbsp; 714279 |
| Meituan, 4.625%, 10/02/2029 (n) | 384000 | &nbsp;&nbsp;&nbsp; 381781 |
| Meituan, 4.5%, 5/05/2031 (n) | 271000 | &nbsp;&nbsp;&nbsp; 263426 |
| Rentokil Terminix LLC, 5%, 4/28/2030 (n) | 1301000 | &nbsp;&nbsp;&nbsp; 1306167 |
|  |  | &nbsp;&nbsp;&nbsp; $5211727 |
| Containers – 0.6% | Containers – 0.6% | Containers – 0.6% |
| Berry Global, Inc., 1.65%, 1/15/2027  | $1418000 | &nbsp;&nbsp;&nbsp; $1388327 |
| Berry Global, Inc., 5.5%, 4/15/2028  | 147000 | &nbsp;&nbsp;&nbsp; 149868 |
|  |  | &nbsp;&nbsp;&nbsp; $1538195 |
| Diversified Financial Services – 2.6% | Diversified Financial Services – 2.6% | Diversified Financial Services – 2.6% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.45%, 4/15/2027  | $730000 | &nbsp;&nbsp;&nbsp; $743741 |
| Apollo Debt Solutions BDC, 5.2%, 12/08/2028 (n) | 291000 | &nbsp;&nbsp;&nbsp; 287388 |
| Aviation Capital Group, 4.25%, 4/30/2029 (n) | 880000 | &nbsp;&nbsp;&nbsp; 867171 |
| Avolon Holdings Funding Ltd., 4.25%, 4/15/2026 (n) | 532000 | &nbsp;&nbsp;&nbsp; 531970 |
| Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n) | 854000 | &nbsp;&nbsp;&nbsp; 825059 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 652000 | &nbsp;&nbsp;&nbsp; 628768 |
| Blackstone Secured Lending Fund, 2.125%, 2/15/2027  | 291000 | &nbsp;&nbsp;&nbsp; 282358 |
| Blue Owl Credit Income Corp., 7.95%, 6/13/2028  | 201000 | &nbsp;&nbsp;&nbsp; 205909 |
| Goldman Sachs Private Credit Corp., 5.05%, 2/23/2028 (n) | 146000 | &nbsp;&nbsp;&nbsp; 143772 |
| SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n) | 1509000 | &nbsp;&nbsp;&nbsp; 1531963 |
| Takeoff Merger Sub, Inc., 4.4%, 3/24/2028 (n) | 727000 | &nbsp;&nbsp;&nbsp; 723101 |
| Takeoff Merger Sub, Inc., 4.5%, 3/24/2029 (n) | 456000 | &nbsp;&nbsp;&nbsp; 453065 |
|  |  | &nbsp;&nbsp;&nbsp; $7224265 |
| Electrical Equipment – 0.8% | Electrical Equipment – 0.8% | Electrical Equipment – 0.8% |
| Arrow Electronics, Inc., 5.15%, 8/21/2029  | $982000 | &nbsp;&nbsp;&nbsp; $992075 |
| Arrow Electronics, Inc., 2.95%, 2/15/2032  | 501000 | &nbsp;&nbsp;&nbsp; 442661 |
| Molex Electronic Technologies LLC, 4.75%, 4/30/2028 (n) | 785000 | &nbsp;&nbsp;&nbsp; 788349 |
|  |  | &nbsp;&nbsp;&nbsp; $2223085 |
| Emerging Market Sovereign – 0.4% | Emerging Market Sovereign – 0.4% | Emerging Market Sovereign – 0.4% |
| Eagle Funding LuxCo S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n)  | $1005000 | &nbsp;&nbsp;&nbsp; $1010276 |
| Energy - Independent – 1.2% | Energy - Independent – 1.2% | Energy - Independent – 1.2% |
| Diamondback Energy, Inc., 5.2%, 4/18/2027  | $402000 | &nbsp;&nbsp;&nbsp; $405165 |
| Diamondback Energy, Inc., 5.15%, 1/30/2030  | 402000 | &nbsp;&nbsp;&nbsp; 410184 |
| EQT Corp., 5.7%, 4/01/2028  | 1276000 | &nbsp;&nbsp;&nbsp; 1305484 |
| Pioneer Natural Resources Co., 1.9%, 8/15/2030  | 1438000 | &nbsp;&nbsp;&nbsp; 1293332 |
|  |  | &nbsp;&nbsp;&nbsp; $3414165 |
| Food & Beverages – 2.7% | Food & Beverages – 2.7% | Food & Beverages – 2.7% |
| Bacardi Ltd., 4.7%, 5/15/2028 (n) | $270000 | &nbsp;&nbsp;&nbsp; $269729 |
| Bacardi-Martini B.V., 5.25%, 1/15/2029 (n) | 1481000 | &nbsp;&nbsp;&nbsp; 1495307 |
| Constellation Brands, Inc., 4.8%, 5/01/2030  | 638000 | &nbsp;&nbsp;&nbsp; 641688 |
| JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 3%, 2/02/2029  | 1840000 | &nbsp;&nbsp;&nbsp; 1764951 |
| JDE Peet's N.V., 1.375%, 1/15/2027 (n) | 678000 | &nbsp;&nbsp;&nbsp; 661214 |
| Mars, Inc., 4.6%, 3/01/2028 (n) | 650000 | &nbsp;&nbsp;&nbsp; 653917 |
| Mars, Inc., 4.8%, 3/01/2030 (n) | 1193000 | &nbsp;&nbsp;&nbsp; 1205555 |
| Suntory Holdings Ltd., 5.124%, 6/11/2029 (n) | 924000 | &nbsp;&nbsp;&nbsp; 938538 |
|  |  | &nbsp;&nbsp;&nbsp; $7630899 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Global Systemically Important Banks – 6.8% | Global Systemically Important Banks – 6.8% | Global Systemically Important Banks – 6.8% |
| Bank of America Corp., 4.25%, 10/22/2026  | $527000 | &nbsp;&nbsp;&nbsp; $526730 |
| Bank of America Corp., 1.734% to 7/22/2026, FLR (SOFR - 1 day + 0.96%) to 7/22/2027  | 2344000 | &nbsp;&nbsp;&nbsp; 2324417 |
| Barclays PLC, 2.279% to 11/24/2026, FLR (CMT - 1yr. + 1.05%) to 11/24/2027  | 1266000 | &nbsp;&nbsp;&nbsp; 1246876 |
| BNP Paribas S.A., 2.591% to 1/20/2027, FLR (SOFR - 1 day + 1.228%) to 1/20/2028 (n) | 1556000 | &nbsp;&nbsp;&nbsp; 1532193 |
| Goldman Sachs Group, Inc., 1.948% to 10/21/2026, FLR (SOFR - 1 day + 0.913%) to 10/21/2027  | 1113000 | &nbsp;&nbsp;&nbsp; 1097810 |
| HSBC Holdings PLC, 4.899% to 3/03/2028, FLR (SOFR - 1 day + 1.03%) to 3/03/2029  | 1426000 | &nbsp;&nbsp;&nbsp; 1433791 |
| JPMorgan Chase & Co., 1.578% to 4/22/2026, FLR (SOFR - 1 day + 0.885%) to 4/22/2027  | 831000 | &nbsp;&nbsp;&nbsp; 829661 |
| JPMorgan Chase & Co., 5.04% to 1/23/2027, FLR (SOFR - 1 day + 1.19%) to 1/23/2028  | 712000 | &nbsp;&nbsp;&nbsp; 715611 |
| JPMorgan Chase & Co., 5.571% to 4/22/2027, FLR (SOFR - 1 day + 0.93%) to 4/22/2028  | 775000 | &nbsp;&nbsp;&nbsp; 784462 |
| Mitsubishi UFJ Financial Group, Inc., 5.159%, 4/24/2031  | 339000 | &nbsp;&nbsp;&nbsp; 343824 |
| Mizuho Financial Group, Inc., 4.711% to 7/08/2030, FLR (CMT - 1yr. + 0.92%) to 7/08/2031  | 1292000 | &nbsp;&nbsp;&nbsp; 1289865 |
| Morgan Stanley, 4.35%, 9/08/2026  | 1302000 | &nbsp;&nbsp;&nbsp; 1302140 |
| Morgan Stanley, 3.95%, 4/23/2027  | 129000 | &nbsp;&nbsp;&nbsp; 128235 |
| Morgan Stanley, 1.512% to 7/20/2026, FLR (SOFR - 1 day + 0.858%) to 7/20/2027  | 395000 | &nbsp;&nbsp;&nbsp; 391397 |
| Morgan Stanley, 4.994% to 4/12/2028, FLR (SOFR - 1 day + 1.38%) to 4/12/2029  | 627000 | &nbsp;&nbsp;&nbsp; 632748 |
| Toronto-Dominion Bank, 5.532%, 7/17/2026  | 1890000 | &nbsp;&nbsp;&nbsp; 1897967 |
| UBS Group AG, 4.703% to 8/05/2026, FLR (CMT - 1yr. + 2.05%) to 8/05/2027 (n) | 374000 | &nbsp;&nbsp;&nbsp; 374101 |
| UBS Group AG, 9.25% to 11/13/2028, FLR (CMT - 5yr. + 4.745%) to 5/13/2172 (n) | 232000 | &nbsp;&nbsp;&nbsp; 247271 |
| UBS Group AG, 6.6% to 2/05/2031, FLR (USD SOFR ICE Swap Rate - 5yr. + 3.122%) to 2/05/2174 (n) | 1075000 | &nbsp;&nbsp;&nbsp; 1049237 |
| Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028  | 675000 | &nbsp;&nbsp;&nbsp; 669432 |
|  |  | &nbsp;&nbsp;&nbsp; $18817768 |
| Hardware, Peripherals, & Assembly – 0.2% | Hardware, Peripherals, & Assembly – 0.2% | Hardware, Peripherals, & Assembly – 0.2% |
| VMware, Inc., 1.4%, 8/15/2026  | $626000 | &nbsp;&nbsp;&nbsp; $619415 |
| Industrial – 0.1% | Industrial – 0.1% | Industrial – 0.1% |
| Booz Allen Hamilton, Inc., 4%, 7/01/2029 (n)  | $418000 | &nbsp;&nbsp;&nbsp; $404447 |
| Insurance – 1.0% | Insurance – 1.0% | Insurance – 1.0% |
| CNO Global Funding, 4.7%, 12/11/2030 (n) | $733000 | &nbsp;&nbsp;&nbsp; $723162 |
| Corebridge Global Funding, 5.2%, 1/12/2029 (n) | 480000 | &nbsp;&nbsp;&nbsp; 487338 |
| Sammons Financial Group Global Funding, 5.05%, 1/10/2028 (n) | 364000 | &nbsp;&nbsp;&nbsp; 367179 |
| Sammons Financial Group Global Funding, 5.1%, 12/10/2029 (n) | 1328000 | &nbsp;&nbsp;&nbsp; 1340888 |
|  |  | &nbsp;&nbsp;&nbsp; $2918567 |
| Insurance - Health – 0.2% | Insurance - Health – 0.2% | Insurance - Health – 0.2% |
| Elevance Health, Inc., 4.75%, 2/15/2030  | $457000 | &nbsp;&nbsp;&nbsp; $459937 |
| Insurance - Property & Casualty – 0.7% | Insurance - Property & Casualty – 0.7% | Insurance - Property & Casualty – 0.7% |
| Arthur J. Gallagher & Co., 4.85%, 12/15/2029  | $551000 | &nbsp;&nbsp;&nbsp; $556887 |
| Brown & Brown, Inc., 4.7%, 6/23/2028  | 376000 | &nbsp;&nbsp;&nbsp; 377088 |
| Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027  | 565000 | &nbsp;&nbsp;&nbsp; 567572 |
| Marsh & McLennan Cos., Inc., 4.65%, 3/15/2030  | 565000 | &nbsp;&nbsp;&nbsp; 569029 |
|  |  | &nbsp;&nbsp;&nbsp; $2070576 |
| International Market Quasi-Sovereign – 0.4% | International Market Quasi-Sovereign – 0.4% | International Market Quasi-Sovereign – 0.4% |
| NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n)  | $1139000 | &nbsp;&nbsp;&nbsp; $1176226 |
| Machinery & Tools – 0.4% | Machinery & Tools – 0.4% | Machinery & Tools – 0.4% |
| AGCO Corp., 5.45%, 3/21/2027  | $575000 | &nbsp;&nbsp;&nbsp; $578917 |
| Ashtead Capital, Inc., 4.25%, 11/01/2029 (n) | 562000 | &nbsp;&nbsp;&nbsp; 550414 |
|  |  | &nbsp;&nbsp;&nbsp; $1129331 |
| Media – 0.3% | Media – 0.3% | Media – 0.3% |
| News Corp., 3.875%, 5/15/2029 (n)  | $819000 | &nbsp;&nbsp;&nbsp; $790396 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Medical & Health Technology & Services – 0.6% | Medical & Health Technology & Services – 0.6% | Medical & Health Technology & Services – 0.6% |
| HCA, Inc., 4.3%, 11/15/2030  | $250000 | &nbsp;&nbsp;&nbsp; $245870 |
| ICON Investments Six DAC, 5.849%, 5/08/2029  | 519000 | &nbsp;&nbsp;&nbsp; 529180 |
| IQVIA, Inc., 5.7%, 5/15/2028  | 446000 | &nbsp;&nbsp;&nbsp; 454635 |
| IQVIA, Inc., 6.25%, 2/01/2029  | 291000 | &nbsp;&nbsp;&nbsp; 302447 |
|  |  | &nbsp;&nbsp;&nbsp; $1532132 |
| Metals & Mining – 1.6% | Metals & Mining – 1.6% | Metals & Mining – 1.6% |
| Anglo American Capital PLC, 4.75%, 4/10/2027 (n) | $1386000 | &nbsp;&nbsp;&nbsp; $1387464 |
| Glencore Funding LLC, 1.625%, 4/27/2026 (n) | 1100000 | &nbsp;&nbsp;&nbsp; 1097704 |
| Glencore Funding LLC, 5.186%, 4/01/2030 (n) | 1018000 | &nbsp;&nbsp;&nbsp; 1032116 |
| Rio Tinto Finance (USA) PLC, 4.5%, 3/14/2028  | 542000 | &nbsp;&nbsp;&nbsp; 544581 |
| Rio Tinto Finance (USA) PLC, 4.875%, 3/14/2030  | 464000 | &nbsp;&nbsp;&nbsp; 471264 |
|  |  | &nbsp;&nbsp;&nbsp; $4533129 |
| Midstream – 1.8% | Midstream – 1.8% | Midstream – 1.8% |
| Columbia Pipelines Holdings Co. LLC, 6.042%, 8/15/2028 (n) | $1349000 | &nbsp;&nbsp;&nbsp; $1392834 |
| DCP Midstream Operating LP, 5.625%, 7/15/2027  | 1363000 | &nbsp;&nbsp;&nbsp; 1380710 |
| Enbridge, Inc., 5.25%, 4/05/2027  | 893000 | &nbsp;&nbsp;&nbsp; 900460 |
| Enbridge, Inc., 4.9%, 6/20/2030  | 398000 | &nbsp;&nbsp;&nbsp; 402166 |
| Energy Transfer LP, 5.55%, 2/15/2028  | 420000 | &nbsp;&nbsp;&nbsp; 428031 |
| Plains All American Pipeline LP, 4.7%, 1/15/2031  | 638000 | &nbsp;&nbsp;&nbsp; 636058 |
|  |  | &nbsp;&nbsp;&nbsp; $5140259 |
| Mortgage-Backed – 0.9% | Mortgage-Backed – 0.9% |  |
| Fannie Mae, 5%, 7/01/2039 - 3/01/2042  | $304138 | &nbsp;&nbsp;&nbsp; $307378 |
| Fannie Mae, 4.661%, 2/25/2045 (n) | 162173 | &nbsp;&nbsp;&nbsp; 161922 |
| Freddie Mac, 4.303%, 7/25/2029  | 261283 | &nbsp;&nbsp;&nbsp; 261046 |
| Freddie Mac, 1.566%, 4/25/2030 (i) | 5945652 | &nbsp;&nbsp;&nbsp; 312034 |
| Freddie Mac, 3%, 4/15/2033 - 6/15/2045  | 1459096 | &nbsp;&nbsp;&nbsp; 1412912 |
| Freddie Mac, 2%, 7/15/2042  | 183496 | &nbsp;&nbsp;&nbsp; 172730 |
|  |  | &nbsp;&nbsp;&nbsp; $2628022 |
| Municipals – 0.4% | Municipals – 0.4% | Municipals – 0.4% |
| California Public Finance Authority Rev., Taxable (Children's Hospital Los Angeles), "A", AGM, 5.4%, 11/15/2031  | $637000 | &nbsp;&nbsp;&nbsp; $650239 |
| Kentucky Higher Education Student Loan Corp. Rev., Taxable, "A-2", 5.949%, 6/01/2037  | 305000 | &nbsp;&nbsp;&nbsp; 312317 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 2.562%, 7/01/2026  | 185000 | &nbsp;&nbsp;&nbsp; 184307 |
|  |  | &nbsp;&nbsp;&nbsp; $1146863 |
| Network & Telecom – 0.5% | Network & Telecom – 0.5% | Network & Telecom – 0.5% |
| NTT Finance Corp., 4.567%, 7/16/2027 (n) | $247000 | &nbsp;&nbsp;&nbsp; $247562 |
| NTT Finance Corp., 4.62%, 7/16/2028 (n) | 511000 | &nbsp;&nbsp;&nbsp; 512943 |
| NTT Finance Corp., 4.876%, 7/16/2030 (n) | 511000 | &nbsp;&nbsp;&nbsp; 514230 |
|  |  | &nbsp;&nbsp;&nbsp; $1274735 |
| Non-Global Systemically Important Banks – 8.0% | Non-Global Systemically Important Banks – 8.0% | Non-Global Systemically Important Banks – 8.0% |
| AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | $225000 | &nbsp;&nbsp;&nbsp; $235483 |
| American Express Co., 4.731% to 4/25/2028, FLR (SOFR - 1 day + 1.26%) to 4/25/2029  | 1149000 | &nbsp;&nbsp;&nbsp; 1156263 |
| Banque Federative du Credit Mutuel S.A., 5.896%, 7/13/2026 (n) | 905000 | &nbsp;&nbsp;&nbsp; 909143 |
| BPCE S.A., 5.281%, 5/30/2029 (n) | 928000 | &nbsp;&nbsp;&nbsp; 946100 |
| CaixaBank S.A., 4.634% to 7/03/2028, FLR (SOFR - 1 day + 1.14%) to 7/03/2029 (n) | 358000 | &nbsp;&nbsp;&nbsp; 358591 |
| CaixaBank S.A., 5.673% to 3/15/2029, FLR (SOFR - 1 day + 1.78%) to 3/15/2030 (n) | 1003000 | &nbsp;&nbsp;&nbsp; 1030502 |
| Capital One Financial Corp., 7.149% to 10/29/2026, FLR (SOFR - 1 day + 2.44%) to 10/29/2027  | 292000 | &nbsp;&nbsp;&nbsp; 295993 |
| Capital One Financial Corp., 5.7% to 2/01/2029, FLR (SOFR - 1 day + 1.905%) to 2/01/2030  | 165000 | &nbsp;&nbsp;&nbsp; 169276 |
| Capital One Financial Corp., 4.722% to 1/30/2031, FLR (SOFR - 1 day + 1.15%) to 1/30/2032  | 725000 | &nbsp;&nbsp;&nbsp; 714005 |
| Citizens Financial Group, Inc., 5.841% to 1/23/2029, FLR (SOFR - 1 day + 2.01%) to 1/23/2030  | 962000 | &nbsp;&nbsp;&nbsp; 990698 |
| Danske Bank A.S., 5.705% to 3/01/2029, FLR (CMT - 1yr. + 1.4%) to 3/01/2030 (n) | 670000 | &nbsp;&nbsp;&nbsp; 689103 |
| Deutsche Bank AG, 7.146% to 7/13/2026, FLR (SOFR - 1 day + 2.52%) to 7/13/2027  | 573000 | &nbsp;&nbsp;&nbsp; 576865 |
| Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027  | 464000 | &nbsp;&nbsp;&nbsp; 457673 |
| Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029  | 150000 | &nbsp;&nbsp;&nbsp; 155407 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Non-Global Systemically Important Banks – continued | Non-Global Systemically Important Banks – continued | Non-Global Systemically Important Banks – continued |
| Deutsche Bank AG, 4.95% to 8/04/2030, FLR (SOFR - 1 day + 1.3%) to 8/04/2031  | $580000 | &nbsp;&nbsp;&nbsp; $577815 |
| Federation des Caisses Desjardins du Quebec, 4.565%, 8/26/2030 (n) | 766000 | &nbsp;&nbsp;&nbsp; 762022 |
| First Citizens Bancshare, Inc., 5.231% to 3/12/2030, FLR (SOFR - 1 day + 1.41%) to 3/12/2031  | 394000 | &nbsp;&nbsp;&nbsp; 390681 |
| Huntington Bancshares, Inc., 4.443% to 8/04/2027, FLR (SOFR - 1 day + 1.970%) to 8/04/2028  | 125000 | &nbsp;&nbsp;&nbsp; 124909 |
| Huntington Bancshares, Inc., 6.208% to 8/21/2028, FLR (SOFR - 1 day + 2.02%) to 8/21/2029  | 840000 | &nbsp;&nbsp;&nbsp; 871432 |
| Huntington Bancshares, Inc., 5.272% to 1/15/2030, FLR (SOFR - 1 day + 1.276%) to 1/15/2031  | 374000 | &nbsp;&nbsp;&nbsp; 379668 |
| Lloyds Banking Group PLC, 4.241% to 2/10/2029, FLR (CMT - 1yr. + 0.6%) to 2/10/2030  | 469000 | &nbsp;&nbsp;&nbsp; 463948 |
| M&T Bank Corp., 4.833% to 1/16/2028, FLR (SOFR - 1 day + 0.93%) to 1/16/2029  | 524000 | &nbsp;&nbsp;&nbsp; 526450 |
| M&T Bank Corp., 7.413% to 10/30/2028, FLR (SOFR - 1 day + 2.80%) to 10/30/2029  | 295000 | &nbsp;&nbsp;&nbsp; 315254 |
| Morgan Stanley Private Bank N.A., 4.466% to 7/06/2027, FLR (SOFR - 1 day + 0.77%) to 7/06/2028  | 771000 | &nbsp;&nbsp;&nbsp; 770971 |
| Morgan Stanley Private Bank N.A., 4.734% to 7/18/2030, FLR (SOFR - 1 day + 1.08%) to 7/18/2031  | 1078000 | &nbsp;&nbsp;&nbsp; 1074661 |
| Nationwide Building Society, 2.972% to 2/16/2027, FLR (SOFR - 1 day + 1.29%) to 2/16/2028 (n) | 750000 | &nbsp;&nbsp;&nbsp; 739609 |
| PNC Financial Services Group, Inc., 5.102% to 7/23/2026, FLR (SOFR - 1 day + 0.796%) to 7/23/2027  | 1169000 | &nbsp;&nbsp;&nbsp; 1171199 |
| PNC Financial Services Group, Inc., 5.354% to 12/02/2027, FLR (SOFR - 1 day + 1.62%) to 12/02/2028  | 1656000 | &nbsp;&nbsp;&nbsp; 1681798 |
| Sumitomo Mitsui Financial Group, Inc., 2.174%, 1/14/2027  | 1184000 | &nbsp;&nbsp;&nbsp; 1164960 |
| Synchrony Financial, 5.019% to 7/29/2028, FLR (SOFR - 1 day + 1.395%) to 7/29/2029  | 515000 | &nbsp;&nbsp;&nbsp; 514495 |
| Texas Capital Bancshares, 5.301% to 2/27/2031, FLR (SOFR - 1 day + 1.94%) to 2/27/2032  | 1186000 | &nbsp;&nbsp;&nbsp; 1169343 |
| Truist Financial Corp., 5.435% to 1/24/2029, FLR (SOFR - 1 day + 1.62%) to 1/24/2030  | 815000 | &nbsp;&nbsp;&nbsp; 834201 |
|  |  | &nbsp;&nbsp;&nbsp; $22218518 |
| Oil Services – 0.3% | Oil Services – 0.3% | Oil Services – 0.3% |
| Schlumberger Holdings Corp., 5%, 5/29/2027 (n) | $568000 | &nbsp;&nbsp;&nbsp; $571970 |
| Schlumberger Holdings Corp., 5%, 11/15/2029 (n) | 395000 | &nbsp;&nbsp;&nbsp; 399892 |
|  |  | &nbsp;&nbsp;&nbsp; $971862 |
| Pharmaceuticals & Biotechnology – 0.3% | Pharmaceuticals & Biotechnology – 0.3% | Pharmaceuticals & Biotechnology – 0.3% |
| Biogen, Inc., 5.05%, 1/15/2031  | $782000 | &nbsp;&nbsp;&nbsp; $797303 |
| Real Estate - Apartment – 0.3% | Real Estate - Apartment – 0.3% | Real Estate - Apartment – 0.3% |
| American Homes 4 Rent LP, REIT, 4.95%, 6/15/2030  | $874000 | &nbsp;&nbsp;&nbsp; $877197 |
| Real Estate - Retail – 0.7% | Real Estate - Retail – 0.7% | Real Estate - Retail – 0.7% |
| STORE Capital Corp., REIT, 4.5%, 3/15/2028  | $152000 | &nbsp;&nbsp;&nbsp; $151012 |
| STORE Capital Corp., REIT, 4.95%, 2/11/2031 (n) | 453000 | &nbsp;&nbsp;&nbsp; 449053 |
| WEA Finance LLC, 4.125%, 9/20/2028 (n) | 861000 | &nbsp;&nbsp;&nbsp; 849854 |
| WEA Finance LLC, 3.5%, 6/15/2029 (n) | 233000 | &nbsp;&nbsp;&nbsp; 225152 |
| WEA Finance LLC, REIT, 2.875%, 1/15/2027 (n) | 175000 | &nbsp;&nbsp;&nbsp; 172832 |
|  |  | &nbsp;&nbsp;&nbsp; $1847903 |
| Real Estate - Storage & Office – 0.1% | Real Estate - Storage & Office – 0.1% | Real Estate - Storage & Office – 0.1% |
| Corporate Office Property LP, REIT, 2%, 1/15/2029  | $196000 | &nbsp;&nbsp;&nbsp; $182804 |
| Refining – 0.4% | Refining – 0.4% | Refining – 0.4% |
| Marathon Petroleum Corp., 5.15%, 3/01/2030  | $997000 | &nbsp;&nbsp;&nbsp; $1016926 |
| Retail & E-commerce – 1.4% | Retail & E-commerce – 1.4% | Retail & E-commerce – 1.4% |
| AutoNation, Inc., 4.45%, 1/15/2029  | $1490000 | &nbsp;&nbsp;&nbsp; $1477613 |
| AutoNation, Inc., 3.85%, 3/01/2032  | 806000 | &nbsp;&nbsp;&nbsp; 749422 |
| Genuine Parts Co., 4.95%, 8/15/2029  | 828000 | &nbsp;&nbsp;&nbsp; 825114 |
| Ross Stores, Inc., 0.875%, 4/15/2026  | 760000 | &nbsp;&nbsp;&nbsp; 758891 |
|  |  | &nbsp;&nbsp;&nbsp; $3811040 |
| Semiconductor & Electronic Components – 1.0% | Semiconductor & Electronic Components – 1.0% | Semiconductor & Electronic Components – 1.0% |
| Broadcom, Inc., 5.05%, 7/12/2027  | $162000 | &nbsp;&nbsp;&nbsp; $163661 |
| Broadcom, Inc., 4.75%, 4/15/2029  | 1304000 | &nbsp;&nbsp;&nbsp; 1318547 |
| Broadcom, Inc., 5.05%, 7/12/2029  | 231000 | &nbsp;&nbsp;&nbsp; 235776 |
| Broadcom, Inc., 4.35%, 2/15/2030  | 575000 | &nbsp;&nbsp;&nbsp; 572961 |
| Broadcom, Inc., 4.3%, 1/15/2031  | 244000 | &nbsp;&nbsp;&nbsp; 241903 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Semiconductor & Electronic Components – continued | Semiconductor & Electronic Components – continued | Semiconductor & Electronic Components – continued |
| NXP B.V./NXP Funding LLC/NXP USA, Inc., 4.3%, 8/19/2028  | $286000 | &nbsp;&nbsp;&nbsp; $284619 |
|  |  | &nbsp;&nbsp;&nbsp; $2817467 |
| Software – 1.3% | Software – 1.3% | Software – 1.3% |
| Oracle Corp., 4.55%, 2/04/2029  | $967000 | &nbsp;&nbsp;&nbsp; $954779 |
| Oracle Corp., 4.95%, 2/04/2031  | 677000 | &nbsp;&nbsp;&nbsp; 662404 |
| Salesforce, Inc., 4.5%, 3/15/2028  | 484000 | &nbsp;&nbsp;&nbsp; 484125 |
| Salesforce, Inc., 4.65%, 3/15/2029  | 485000 | &nbsp;&nbsp;&nbsp; 486004 |
| Salesforce, Inc., 4.9%, 9/15/2031  | 969000 | &nbsp;&nbsp;&nbsp; 967627 |
|  |  | &nbsp;&nbsp;&nbsp; $3554939 |
| Telecommunications - Wireless – 0.1% | Telecommunications - Wireless – 0.1% | Telecommunications - Wireless – 0.1% |
| Crown Castle, Inc., REIT, 2.9%, 3/15/2027  | $183000 | &nbsp;&nbsp;&nbsp; $180263 |
| T-Mobile USA, Inc., 4.2%, 10/01/2029  | 167000 | &nbsp;&nbsp;&nbsp; 165968 |
|  |  | &nbsp;&nbsp;&nbsp; $346231 |
| Tobacco – 0.8% | Tobacco – 0.8% | Tobacco – 0.8% |
| B.A.T. International Finance PLC, 5.931%, 2/02/2029  | $464000 | &nbsp;&nbsp;&nbsp; $481346 |
| Japan Tobacco, Inc., 4.85%, 5/15/2028 (n) | 811000 | &nbsp;&nbsp;&nbsp; 818688 |
| Philip Morris International, Inc., 5.125%, 11/17/2027  | 311000 | &nbsp;&nbsp;&nbsp; 315170 |
| Philip Morris International, Inc., 4.875%, 2/15/2028  | 615000 | &nbsp;&nbsp;&nbsp; 621292 |
|  |  | &nbsp;&nbsp;&nbsp; $2236496 |
| Transportation & Logistics – 1.9% | Transportation & Logistics – 1.9% | Transportation & Logistics – 1.9% |
| Element Fleet Management Corp., 5.643%, 3/13/2027 (n) | $1259000 | &nbsp;&nbsp;&nbsp; $1269386 |
| Element Fleet Management Corp., 5.037%, 3/25/2030 (n) | 1093000 | &nbsp;&nbsp;&nbsp; 1103059 |
| GXO Logistics, Inc., 6.25%, 5/06/2029  | 538000 | &nbsp;&nbsp;&nbsp; 557734 |
| Penske Truck Leasing Co. LP, 5.35%, 1/12/2027 (n) | 536000 | &nbsp;&nbsp;&nbsp; 538867 |
| Penske Truck Leasing Co. LP, 5.35%, 3/30/2029 (n) | 785000 | &nbsp;&nbsp;&nbsp; 798406 |
| Penske Truck Leasing Co. LP, 5.25%, 7/01/2029 (n) | 552000 | &nbsp;&nbsp;&nbsp; 560016 |
| Triton International Ltd., 5.15%, 2/15/2033  | 445000 | &nbsp;&nbsp;&nbsp; 435712 |
|  |  | &nbsp;&nbsp;&nbsp; $5263180 |
| Travel, Gaming, & Lodging – 0.9% | Travel, Gaming, & Lodging – 0.9% | Travel, Gaming, & Lodging – 0.9% |
| Flutter Treasury DAC, 5.875%, 6/04/2031 (n) | $1010000 | &nbsp;&nbsp;&nbsp; $1000597 |
| Hyatt Hotels Corp., 5.75%, 1/30/2027  | 581000 | &nbsp;&nbsp;&nbsp; 586088 |
| Las Vegas Sands Corp., 5.9%, 6/01/2027  | 360000 | &nbsp;&nbsp;&nbsp; 364679 |
| Marriott International, Inc., 4.9%, 4/15/2029  | 428000 | &nbsp;&nbsp;&nbsp; 432887 |
|  |  | &nbsp;&nbsp;&nbsp; $2384251 |
| U.S. Treasury Obligations – 21.9% | U.S. Treasury Obligations – 21.9% | U.S. Treasury Obligations – 21.9% |
| U.S. Treasury Notes, 2.75%, 7/31/2027  | $5693000 | &nbsp;&nbsp;&nbsp; $5613165 |
| U.S. Treasury Notes, 3.375%, 11/30/2027  | 10200000 | &nbsp;&nbsp;&nbsp; 10124695 |
| U.S. Treasury Notes, 4.875%, 10/31/2028 (f) | 22573000 | &nbsp;&nbsp;&nbsp; 23148788 |
| U.S. Treasury Notes, 4.625%, 4/30/2029  | 21484000 | &nbsp;&nbsp;&nbsp; 21970747 |
|  |  | &nbsp;&nbsp;&nbsp; $60857395 |
| Utilities – 1.6% | Utilities – 1.6% | Utilities – 1.6% |
| Algonquin Power & Utilities Corp., 5.365%, 6/15/2026  | $360000 | &nbsp;&nbsp;&nbsp; $360297 |
| American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | 112000 | &nbsp;&nbsp;&nbsp; 100349 |
| Eversource Energy, 4.45%, 12/15/2030  | 1180000 | &nbsp;&nbsp;&nbsp; 1163933 |
| NextEra Energy Capital Holdings, Inc., 4.685%, 9/01/2027  | 770000 | &nbsp;&nbsp;&nbsp; 773715 |
| Pacific Gas & Electric Co., 6.1%, 1/15/2029  | 814000 | &nbsp;&nbsp;&nbsp; 842312 |
| Pacific Gas & Electric Co., 5.55%, 5/15/2029  | 573000 | &nbsp;&nbsp;&nbsp; 586610 |
| PSEG Power LLC, 5.2%, 5/15/2030 (n) | 266000 | &nbsp;&nbsp;&nbsp; 270021 |
| Trans-Allegheny Interstate Line Co., 5%, 1/15/2031 (n) | 365000 | &nbsp;&nbsp;&nbsp; 370777 |
|  |  | &nbsp;&nbsp;&nbsp; $4468014 |
| **Total Bonds**  |  | &nbsp;&nbsp; **$274649740** |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 0.4%  | Mutual Funds (h) – 0.4%  | Mutual Funds (h) – 0.4%  |
| Money Market Funds – 0.4% | Money Market Funds – 0.4% |  |
| MFS Institutional Money Market Portfolio, 3.71% (v)  | 1026844 | &nbsp;&nbsp;&nbsp; $1026844 |
| Other Assets, Less Liabilities – 0.9% |  | &nbsp;&nbsp;&nbsp; 2418091 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$278094675** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $1,026,844 and $274,649,740, respectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $113,588,060, representing 40.8% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

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

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AGM | Assured Guaranty Municipal |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury  |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| ICE | Intercontinental Exchange |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 3/31/26** | **Derivative Contracts at 3/31/26** | **Derivative Contracts at 3/31/26** | **Derivative Contracts at 3/31/26** | **Derivative Contracts at 3/31/26** | **Derivative Contracts at 3/31/26** | **Derivative Contracts at 3/31/26** |
| **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  |
| **Description** | **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value/Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  |  |  |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 46 | $9542484 | June – 2026 | &nbsp;&nbsp; $(72758)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Counterparty** | &nbsp;&nbsp; **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| &nbsp;&nbsp; **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net** <br>**Unamortized** <br>**Upfront** <br>**Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Interest Rate Swaps***  | ***Interest Rate Swaps***  | ***Interest Rate Swaps***  | ***Interest Rate Swaps***  | ***Interest Rate Swaps***  | ***Interest Rate Swaps***  |  |  |  |
| 10/02/26 | USD | 8000000  | centrally cleared | 4.664% / Annually  | 1-Day SOFR / Annually  | &nbsp;&nbsp; $69166 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $69166 |
| 10/02/26 | USD | 25600000  | centrally cleared | 4.697% / Annually  | 1-Day SOFR / Annually  | &nbsp;&nbsp; 232616 | &nbsp;&nbsp; (2309)<br>| &nbsp;&nbsp; 230307 |
| 12/23/27 | USD | 7100000  | centrally cleared | 4.106% / Annually  | 1-Day SOFR / Annually  | &nbsp;&nbsp; 60816 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60816 |
|  |  |  |  |  |  | &nbsp;&nbsp; $362598 | &nbsp;&nbsp; $(2309)<br>| &nbsp;&nbsp; $360289 |

---

At March 31, 2026, the fund had liquid securities collateral with an aggregate value of $214,332 to cover any collateral or margin obligations for certain derivative contracts.

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

------

**Supplemental Information**

3/31/26 (unaudited)

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

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

**(1) Investment Valuations**

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

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are

generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at

issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a

third-party pricing service. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared

swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset

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

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

asset value per share.

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

------

*Supplemental Information (unaudited) – continued*

Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts and swap agreements. The following is a summary of the levels used as of March 31, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $60857395 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $60857395 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2186502 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2186502 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1146863 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1146863 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 95556237 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 95556237 |
| Residential Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14074992 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14074992 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8357957 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8357957 |
| Asset-Backed Securities (including CDOs) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47244498 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47244498 |
| Foreign Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45225296 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45225296 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 1026844 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1026844 |
| Total | &nbsp;&nbsp;&nbsp; $1026844 | &nbsp;&nbsp;&nbsp; $274649740 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $275676584 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Liabilities | &nbsp;&nbsp;&nbsp; $(72758)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(72758)<br>|
| Swap Agreements – Assets | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 360289 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 360289 |

---

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

**(2) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the period ended March 31, 2026:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $7608929 | &nbsp;&nbsp; $19219094 | &nbsp;&nbsp; $25799711 | &nbsp;&nbsp; $(2511)<br>| &nbsp;&nbsp; $1043 | &nbsp;&nbsp; $1026844<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $84108 | &nbsp;&nbsp; $— |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-08879

- **c. CIK number of Registrant:** 0001065698

- **d. LEI of Registrant:** 549300QPPZUNGK3D0K61

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

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

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

- **a. Name of Series:** MFS Limited Maturity Portfolio

- **b. EDGAR series identifier (if any):** S000018844

- **c. LEI of Series:** 549300278SPJGR06E765

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $279395107.54

**Total Liabilities:** $1059826.89

**Net Assets:** $278335280.65

**Delayed Delivery Securities:** $595608.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1259.19000000 | **1-Year:** -17610.34000000 | **5-Year:** -22493.55000000 | **10-Year:** -2108.84000000 | **30-Year:** -558.16000000

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

- **3-Month:** -30.84000000 | **1-Year:** -766.21000000 | **5-Year:** -744.99000000 | **10-Year:** -63.14000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000052151 | 0.29%                | 0.59%                | -0.58%               |
| Class ID C000052152 | 0.29%                | 0.59%                | -0.58%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $87686.14                | $-28850.52                                 |
| Month 2  | $-68.92                  | $683042.15                                 |
| Month 3  | $9483.31                 | $-2462789.10                               |

**Designated Index Information**

- **Index Name:** Barclays US Govt Credit 1 to 3 yr Index

- **Index Identifier:** LD01TRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGCO CORP                                        | AGCO Corp                                                                                                         | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |    575000 | PA      | $578916.81    | 0.21%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                    | AIB Group PLC                                                                                                     | CUSIP: 00135TAD6<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |    225000 | PA      | $235482.94    | 0.08%             | 2029-09-13      | Fixed         | 6.61%                 | Yes           |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                          | Corebridge Global Funding                                                                                         | CUSIP: 00138CAX6<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    480000 | PA      | $487337.43    | 0.18%             | 2029-01-12      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                              | ACREC 2021-FL1 Ltd                                                                                                | CUSIP: 00500RAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    228317 | PA      | $228259.19    | 0.08%             | 2036-10-16      | Floating      | 5.29%                 | Yes           |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                              | ACREC 2021-FL1 Ltd                                                                                                | CUSIP: 00500RAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1596000 | PA      | $1595881.42   | 0.57%             | 2036-10-16      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                              | ACREC 2021-FL1 Ltd                                                                                                | CUSIP: 00500RAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    902000 | PA      | $902525.05    | 0.32%             | 2036-10-16      | Floating      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| Acres PLC                                        | ACRES Commercial Realty 2026-FL4 Issuer LLC                                                                       | CUSIP: 00501XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1501121.70   | 0.54%             | 2044-08-18      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                         | CUSIP: 00774MBG9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    730000 | PA      | $743741.36    | 0.27%             | 2027-04-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| AIRBNB INC                                       | Airbnb Inc                                                                                                        | CUSIP: 009066AC5<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |    485000 | PA      | $484360.43    | 0.17%             | 2029-03-16      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY                          | Algonquin Power & Utilities Corp                                                                                  | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    360000 | PA      | $360296.76    | 0.13%             | 2026-06-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                              | American Express Co                                                                                               | CUSIP: 025816ED7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1149000 | PA      | $1156263.13   | 0.42%             | 2029-04-25      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                            | American Homes 4 Rent LP                                                                                          | CUSIP: 02666TAK3<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |    874000 | PA      | $877196.77    | 0.32%             | 2030-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN TRANSMISSION SY                         | American Transmission Systems Inc                                                                                 | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    112000 | PA      | $100349.19    | 0.04%             | 2032-01-15      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                           | Anglo American Capital PLC                                                                                        | CUSIP: 034863AR1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |   1386000 | PA      | $1387463.81   | 0.50%             | 2027-04-10      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                              | Elevance Health Inc                                                                                               | CUSIP: 036752BB8<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    457000 | PA      | $459937.35    | 0.17%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                         | Apollo Debt Solutions BDC                                                                                         | CUSIP: 03770DAH6<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    291000 | PA      | $287387.98    | 0.10%             | 2028-12-08      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                                                            | CUSIP: 03880RAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1102500 | PA      | $1103061.28   | 0.40%             | 2036-11-15      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                                                            | CUSIP: 03880RAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1102500 | PA      | $1102837.37   | 0.40%             | 2036-11-15      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                                                            | CUSIP: 03880RAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    663500 | PA      | $663707.28    | 0.24%             | 2036-11-15      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                                                            | CUSIP: 03880XAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1737500 | PA      | $1738467.96   | 0.62%             | 2037-01-15      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                  | AREIT 2022-CRE6 Trust                                                                                             | CUSIP: 04002VAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    237500 | PA      | $233732.54    | 0.08%             | 2037-01-20      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                            | ARI Fleet Lease Trust 2023-B                                                                                      | CUSIP: 04033GAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     61504 | PA      | $61819.55     | 0.02%             | 2032-07-15      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC                            | Arrow Electronics Inc                                                                                             | CUSIP: 04273WAC5<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |    501000 | PA      | $442661.59    | 0.16%             | 2032-02-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC                            | Arrow Electronics Inc                                                                                             | CUSIP: 04273WAF8<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |    982000 | PA      | $992074.67    | 0.36%             | 2029-08-21      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                          | Arthur J Gallagher & Co                                                                                           | CUSIP: 04316JAL3<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    551000 | PA      | $556886.39    | 0.20%             | 2029-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                              | Ashtead Capital Inc                                                                                               | CUSIP: 045054AL7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    562000 | PA      | $550413.95    | 0.20%             | 2029-11-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Aspire Mortgage Trust                            | Aspire Mortgage Trust 2026-1                                                                                      | CUSIP: 04539FAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    284946 | PA      | $282972.51    | 0.10%             | 2066-01-25      | Variable      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| AUTONATION INC                                   | AutoNation Inc                                                                                                    | CUSIP: 05329RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    806000 | PA      | $749421.94    | 0.27%             | 2032-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| AUTONATION INC                                   | AutoNation Inc                                                                                                    | CUSIP: 05329WAU6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1477612.66   | 0.53%             | 2029-01-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                           | Aviation Capital Group LLC                                                                                        | CUSIP: 05369AAV3<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    880000 | PA      | $867171.23    | 0.31%             | 2029-04-30      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                       | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    532000 | PA      | $531969.59    | 0.19%             | 2026-04-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                       | CUSIP: 05401AAP6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    652000 | PA      | $628767.77    | 0.23%             | 2028-02-21      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                       | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    854000 | PA      | $825059.06    | 0.30%             | 2027-11-18      | Fixed         | 2.53%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2018-C2                                                                                      | CUSIP: 05491UBE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20074053 | PA      | $303555.81    | 0.11%             | 2051-12-15      | Variable      | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2021-C11                                                                                     | CUSIP: 05493MAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5695284 | PA      | $275884.12    | 0.10%             | 2054-09-15      | Variable      | 1.33%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                             | BAT International Finance PLC                                                                                     | CUSIP: 05530QAQ3<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    464000 | PA      | $481346.25    | 0.17%             | 2029-02-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Trust 2021-C10                                                                                              | CUSIP: 05551VBK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5139088 | PA      | $238324.17    | 0.09%             | 2054-07-15      | Variable      | 1.19%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                          | BPCE SA                                                                                                           | CUSIP: 05571AAX3<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    928000 | PA      | $946099.61    | 0.34%             | 2029-05-30      | Fixed         | 5.28%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                               | BSPRT 2022-FL8 Issuer Ltd                                                                                         | CUSIP: 055983AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     57708 | PA      | $57699.86     | 0.02%             | 2037-02-15      | Floating      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                               | BSPRT 2022-FL8 Issuer Ltd                                                                                         | CUSIP: 055983AE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    287500 | PA      | $286821.76    | 0.10%             | 2037-02-15      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                               | BSPRT 2022-FL8 Issuer Ltd                                                                                         | CUSIP: 055983AG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    463500 | PA      | $463368.64    | 0.17%             | 2037-02-15      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| BACARDI LTD / MARTINI BV                         | Bacardi Ltd / Bacardi-Martini BV                                                                                  | CUSIP: 05635JAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1481000 | PA      | $1495306.45   | 0.54%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                 | Bain Capital Credit CLO 2021-4 Ltd                                                                                | CUSIP: 05685ABE7<br>LEI: 254900YJBP8866ZPO033 | Long             | ABS-CBDO         | CORP              | KY        |   1317523 | PA      | $1317507.19   | 0.47%             | 2034-10-20      | Floating      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                      | Balboa Bay Loan Funding 2022-1 Ltd                                                                                | CUSIP: 05766EAN2<br>LEI: 549300USDGJ8GD3PWY07 | Long             | ABS-CBDO         | CORP              | KY        |   1407558 | PA      | $1407854.99   | 0.51%             | 2037-04-20      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                                                              | CUSIP: 06051GFL8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    527000 | PA      | $526729.87    | 0.19%             | 2026-10-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                                                              | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2344000 | PA      | $2324416.82   | 0.84%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Bank                                             | BANK 2021-BNK35                                                                                                   | CUSIP: 06540CBL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4847718 | PA      | $185255.08    | 0.07%             | 2064-06-15      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Bank                                             | BANK 2019-BNK24                                                                                                   | CUSIP: 06540VBC8<br>LEI: 549300664283JRAXM588 | Long             | ABS-MBS          | CORP              | US        |   8648645 | PA      | $179680.78    | 0.06%             | 2062-11-15      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| Bank                                             | BANK 2021-BNK31                                                                                                   | CUSIP: 06541ABM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8767047 | PA      | $421261.85    | 0.15%             | 2054-02-15      | Variable      | 1.28%                 | No            |                  2 | On Loan: No      |
| Bank                                             | BANK 2021-BNK34                                                                                                   | CUSIP: 06541JAR2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8761540 | PA      | $301701.01    | 0.11%             | 2063-06-15      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                           | Banque Federative du Credit Mutuel SA                                                                             | CUSIP: 06675FBA4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    905000 | PA      | $909143.44    | 0.33%             | 2026-07-13      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| BACARDI LTD                                      | Bacardi Ltd                                                                                                       | CUSIP: 067316AF6<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |    270000 | PA      | $269728.53    | 0.10%             | 2028-05-15      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                                                      | CUSIP: 06738EBU8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1266000 | PA      | $1246875.91   | 0.45%             | 2027-11-24      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                          | BDS 2021-FL10 Ltd                                                                                                 | CUSIP: 07335YAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    519000 | PA      | $519537.06    | 0.19%             | 2036-12-16      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| BDS Ltd                                          | BDS 2021-FL10 Ltd                                                                                                 | CUSIP: 07335YAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    377500 | PA      | $377639.37    | 0.14%             | 2036-12-16      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B23 Mortgage Trust                                                                                 | CUSIP: 08162RAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10192494 | PA      | $438449.49    | 0.16%             | 2054-02-15      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B28 Mortgage Trust                                                                                 | CUSIP: 08163GAZ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7815110 | PA      | $366978.81    | 0.13%             | 2054-08-15      | Variable      | 1.24%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B27 Mortgage Trust                                                                                 | CUSIP: 08163HAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10917775 | PA      | $483508.94    | 0.17%             | 2054-07-15      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B29 Mortgage Trust                                                                                 | CUSIP: 08163JAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11400437 | PA      | $378786.37    | 0.14%             | 2054-09-15      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2025-V18 Mortgage Trust                                                                                 | CUSIP: 08164EAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    615561 | PA      | $626819.18    | 0.23%             | 2058-10-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                 | Berry Global Inc                                                                                                  | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1418000 | PA      | $1388326.78   | 0.50%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                 | Berry Global Inc                                                                                                  | CUSIP: 08576PAL5<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    147000 | PA      | $149868.09    | 0.05%             | 2028-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                       | Biogen Inc                                                                                                        | CUSIP: 09062XAN3<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    782000 | PA      | $797302.98    | 0.29%             | 2031-01-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SECURED LEND                          | Blackstone Secured Lending Fund                                                                                   | CUSIP: 09261XAD4<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |    291000 | PA      | $282357.82    | 0.10%             | 2027-02-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                      | BNP Paribas SA                                                                                                    | CUSIP: 09659W2T0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1556000 | PA      | $1532192.64   | 0.55%             | 2028-01-20      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO/THE                                    | Boeing Co/The                                                                                                     | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    554000 | PA      | $590753.01    | 0.21%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                          | Booz Allen Hamilton Inc                                                                                           | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    418000 | PA      | $404447.41    | 0.15%             | 2029-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                      | CUSIP: 11135FBA8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1304000 | PA      | $1318546.81   | 0.47%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                      | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    231000 | PA      | $235775.92    | 0.08%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                      | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    162000 | PA      | $163661.37    | 0.06%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                      | CUSIP: 11135FCB5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    575000 | PA      | $572961.18    | 0.21%             | 2030-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                      | CUSIP: 11135FCZ2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    244000 | PA      | $241903.44    | 0.09%             | 2031-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                           | Brookfield Finance Inc                                                                                            | CUSIP: 11271LAC6<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |   1291000 | PA      | $1276826.95   | 0.46%             | 2028-01-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                | Brown & Brown Inc                                                                                                 | CUSIP: 115236AJ0<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    376000 | PA      | $377088.09    | 0.14%             | 2028-06-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                     | Business Jet Securities 2024-2 LLC                                                                                | CUSIP: 12326TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    369772 | PA      | $368791.41    | 0.13%             | 2039-09-15      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, LLC                     | Business Jet Securities 2024-2 LLC                                                                                | CUSIP: 12326TAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    216091 | PA      | $214244.08    | 0.08%             | 2039-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, LLC                     | Business Jet Securities 2024-1 LLC                                                                                | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260937 | PA      | $264368.57    | 0.09%             | 2039-05-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, LLC                     | Business Jet Securities 2024-1 LLC                                                                                | CUSIP: 12327CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     56480 | PA      | $57782.84     | 0.02%             | 2039-05-15      | Fixed         | 6.92%                 | Yes           |                  2 | On Loan: No      |
| BXMT Ltd                                         | BXMT 2020-FL2 LTD                                                                                                 | CUSIP: 12434LAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1445000 | PA      | $1440562.41   | 0.52%             | 2038-02-15      | Floating      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| CBRE SERVICES INC                                | CBRE Services Inc                                                                                                 | CUSIP: 12505BAJ9<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |   1316000 | PA      | $1318641.84   | 0.47%             | 2030-06-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                    | CCUBS Commercial Mortgage Trust 2017-C1                                                                           | CUSIP: 12508GAV8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7464193 | PA      | $78628.56     | 0.03%             | 2050-11-15      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                     | CD 2017-CD4 Mortgage Trust                                                                                        | CUSIP: 12515DAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12548710 | PA      | $85839.45     | 0.03%             | 2050-05-10      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                          | CF Hippolyta Issuer LLC                                                                                           | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    329575 | PA      | $276134.24    | 0.10%             | 2060-07-15      | Fixed         | 1.69%                 | Yes           |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                          | CF Hippolyta Issuer LLC                                                                                           | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    106277 | PA      | $65360.55     | 0.02%             | 2060-07-15      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| COOPR Residential Mortgage Trust                 | COOPR Residential Mortgage Trust 2025-CES1                                                                        | CUSIP: 12596SAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190015 | PA      | $191039.15    | 0.07%             | 2060-05-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                 | COLT 2024-2 Mortgage Loan Trust                                                                                   | CUSIP: 12665LAA2<br>LEI: 213800Z2Q6LED8DB8K38 | Long             | ABS-MBS          | CORP              | US        |    339053 | PA      | $340945.70    | 0.12%             | 2069-04-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| CAIXABANK SA                                     | CaixaBank SA                                                                                                      | CUSIP: 12803RAG9<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   1003000 | PA      | $1030502.26   | 0.37%             | 2030-03-15      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| CAIXABANK SA                                     | CaixaBank SA                                                                                                      | CUSIP: 12803RAK0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    358000 | PA      | $358590.79    | 0.13%             | 2029-07-03      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| California Public Finance Authority              | CALIFORNIA PUBLIC FIN AUTH REVENUE                                                                                | CUSIP: 13057EKC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    637000 | PA      | $650239.03    | 0.23%             | 2031-11-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                                                        | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    292000 | PA      | $295993.36    | 0.11%             | 2027-10-29      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                                                        | CUSIP: 14040HDE2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    165000 | PA      | $169276.15    | 0.06%             | 2030-02-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                                                        | CUSIP: 14040HDP7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    725000 | PA      | $714004.56    | 0.26%             | 2032-01-30      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                        | Chesapeake Funding II LLC                                                                                         | CUSIP: 165183CU6<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    138530 | PA      | $138729.46    | 0.05%             | 2035-05-15      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                        | Chesapeake Funding II LLC                                                                                         | CUSIP: 165183CZ5<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    187638 | PA      | $188853.85    | 0.07%             | 2035-10-15      | Fixed         | 6.16%                 | Yes           |                  2 | On Loan: No      |
| CITADEL FINANCE LLC                              | Citadel Finance LLC                                                                                               | CUSIP: 17287HAE0<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |    680000 | PA      | $666253.76    | 0.24%             | 2029-02-14      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CITADEL SECURITIES GLOBA                         | Citadel Securities Global Holdings LLC                                                                            | CUSIP: 17289RAE6<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |    451000 | PA      | $447420.14    | 0.16%             | 2032-01-27      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                         | Citizens Financial Group Inc                                                                                      | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    962000 | PA      | $990697.97    | 0.36%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                               | CNO Global Funding                                                                                                | CUSIP: 18977W2J8<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    733000 | PA      | $723162.26    | 0.26%             | 2030-12-11      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                 | COLT 2024-3 Mortgage Loan Trust                                                                                   | CUSIP: 19688VAA8<br>LEI: 213800YFAHWZN77V6P52 | Long             | ABS-MBS          | CORP              | US        |    521801 | PA      | $526686.19    | 0.19%             | 2069-06-25      | Variable      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                 | COLT 2024-3 Mortgage Loan Trust                                                                                   | CUSIP: 19688VAB6<br>LEI: 213800YFAHWZN77V6P52 | Long             | ABS-MBS          | CORP              | US        |    173187 | PA      | $174740.14    | 0.06%             | 2069-06-25      | Variable      | 6.65%                 | Yes           |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                         | Columbia Pipelines Holding Co LLC                                                                                 | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1349000 | PA      | $1392833.91   | 0.50%             | 2028-08-15      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                                                          | CUSIP: 20754TAB8<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |    162173 | PA      | $161922.42    | 0.06%             | 2045-02-25      | Floating      | 4.66%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                         | Constellation Brands Inc                                                                                          | CUSIP: 21036PBS6<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    638000 | PA      | $641688.35    | 0.23%             | 2030-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| COPT DEFENSE PROP LP                             | COPT Defense Properties LP                                                                                        | CUSIP: 22003BAN6<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    196000 | PA      | $182803.69    | 0.07%             | 2029-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COX COMMUNICATIONS INC                           | Cox Communications Inc                                                                                            | CUSIP: 224044CR6<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |   1298000 | PA      | $1324105.32   | 0.48%             | 2028-09-15      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                | Credit Acceptance Auto Loan Trust 2023-3                                                                          | CUSIP: 224936AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    708000 | PA      | $715275.83    | 0.26%             | 2033-10-17      | Fixed         | 7.09%                 | Yes           |                  2 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                                                                  | CUSIP: 22822VAZ4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    183000 | PA      | $180263.07    | 0.06%             | 2027-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                          | DCP Midstream Operating LP                                                                                        | CUSIP: 23311VAJ6<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |   1363000 | PA      | $1380710.06   | 0.50%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| DLLST LLC                                        | DLLST 2024-1 LLC                                                                                                  | CUSIP: 23346HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     98753 | PA      | $99050.52     | 0.04%             | 2027-08-20      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| DANSKE BANK A/S                                  | Danske Bank A/S                                                                                                   | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    670000 | PA      | $689102.75    | 0.25%             | 2030-03-01      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                     | Dell Equipment Finance Trust 2024-2                                                                               | CUSIP: 24704EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145058 | PA      | $145209.03    | 0.05%             | 2030-08-22      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                     | Dell Equipment Finance Trust 2024-2                                                                               | CUSIP: 24704EAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    343000 | PA      | $344248.52    | 0.12%             | 2030-08-22      | Fixed         | 4.59%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                      | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    464000 | PA      | $457673.20    | 0.16%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                      | CUSIP: 251526CS6<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $155406.80    | 0.06%             | 2029-01-18      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                      | CUSIP: 251526DB2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    580000 | PA      | $577815.27    | 0.21%             | 2031-08-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                      | CUSIP: 25160PAN7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    573000 | PA      | $576865.02    | 0.21%             | 2027-07-13      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                           | Diamondback Energy Inc                                                                                            | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    402000 | PA      | $405164.54    | 0.15%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                           | Diamondback Energy Inc                                                                                            | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    402000 | PA      | $410184.05    | 0.15%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                          | Dryden 95 CLO Ltd                                                                                                 | CUSIP: 262487AL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1497498.00   | 0.54%             | 2034-08-20      | Floating      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                          | Dryden 75 CLO Ltd                                                                                                 | CUSIP: 26252JBE7<br>LEI: 254900JFO9XUH2EREJ70 | Long             | ABS-CBDO         | CORP              | KY        |   1695359 | PA      | $1684117.07   | 0.61%             | 2034-04-14      | Floating      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP                                         | EQT Corp                                                                                                          | CUSIP: 26884LAQ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1276000 | PA      | $1305484.20   | 0.47%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                         | Eagle Funding Luxco Sarl                                                                                          | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |   1005000 | PA      | $1010276.25   | 0.36%             | 2030-08-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EBAY INC                                         | eBay Inc                                                                                                          | CUSIP: 278642BD4<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |    747000 | PA      | $743071.56    | 0.27%             | 2029-03-06      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                         | Element Fleet Management Corp                                                                                     | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   1259000 | PA      | $1269386.11   | 0.46%             | 2027-03-13      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                         | Element Fleet Management Corp                                                                                     | CUSIP: 286181AP7<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   1093000 | PA      | $1103059.23   | 0.40%             | 2030-03-25      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| EMPIRE DISTRICT BONDCO                           | Empire District Bondco LLC                                                                                        | CUSIP: 291918AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    281137 | PA      | $284864.54    | 0.10%             | 2033-01-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                     | Enbridge Inc                                                                                                      | CUSIP: 29250NCA1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    893000 | PA      | $900459.66    | 0.32%             | 2027-04-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                     | Enbridge Inc                                                                                                      | CUSIP: 29250NCJ2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    398000 | PA      | $402165.97    | 0.14%             | 2030-06-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                                                                | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    420000 | PA      | $428031.11    | 0.15%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                   | Enterprise Fleet Financing 2024-3 LLC                                                                             | CUSIP: 29375QAB4<br>LEI: RKWYUSIDZTWNAX1D9U96 | Long             | ABS-O            | CORP              | US        |    108935 | PA      | $109177.93    | 0.04%             | 2027-04-20      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                | Eversource Energy                                                                                                 | CUSIP: 30040WBB3<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1163933.60   | 0.42%             | 2030-12-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                | CUSIP: 3137AV5K9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    183496 | PA      | $172729.98    | 0.06%             | 2042-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                | CUSIP: 3137B2BP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1166226 | PA      | $1135779.00   | 0.41%             | 2033-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                | CUSIP: 3137BNPS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    292870 | PA      | $277133.36    | 0.10%             | 2045-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                      | CUSIP: 3137FNAS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    261283 | PA      | $261046.17    | 0.09%             | 2029-07-25      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                      | CUSIP: 3137FTG27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5945652 | PA      | $312033.76    | 0.11%             | 2030-04-25      | Variable      | 1.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                   | CUSIP: 3138EKBW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    137539 | PA      | $139003.81    | 0.05%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                   | CUSIP: 31416CLL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    166599 | PA      | $168373.50    | 0.06%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FED CAISSES DESJARDINS                           | Federation des Caisses Desjardins du Quebec                                                                       | CUSIP: 31429KAP8<br>LEI: 549300B2Q47IR0CR5B54 | Long             | DBT              | CORP              | CA        |    766000 | PA      | $762021.95    | 0.27%             | 2030-08-26      | Fixed         | 4.57%                 | Yes           |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                          | Fidelity National Information Services Inc                                                                        | CUSIP: 31620MCA2<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |    581000 | PA      | $579373.41    | 0.21%             | 2028-03-10      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                          | Fidelity National Information Services Inc                                                                        | CUSIP: 31620MCD6<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |    323000 | PA      | $321477.00    | 0.12%             | 2029-03-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                          | Fidelity National Information Services Inc                                                                        | CUSIP: 31620MCE4<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |    581000 | PA      | $576439.87    | 0.21%             | 2031-03-10      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                         | First Citizens BancShares Inc/NC                                                                                  | CUSIP: 31959XAC7<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    394000 | PA      | $390680.89    | 0.14%             | 2031-03-12      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                             | Flutter Treasury DAC                                                                                              | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |   1010000 | PA      | $1000596.90   | 0.36%             | 2031-06-04      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                         | Ford Motor Credit Co LLC                                                                                          | CUSIP: 345397D83<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1438000 | PA      | $1445930.58   | 0.52%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                         | Ford Motor Credit Co LLC                                                                                          | CUSIP: 345397J38<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    448000 | PA      | $439644.48    | 0.16%             | 2033-04-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fortress CBO Investments Ltd                     | FORT CRE 2022-FL3 Issuer LLC                                                                                      | CUSIP: 34706CAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    769548 | PA      | $768809.50    | 0.28%             | 2039-02-23      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| General Motors                                   | GMF Floorplan Owner Revolving Trust                                                                               | CUSIP: 361886DL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $525097.65    | 0.19%             | 2028-11-15      | Floating      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| General Motors                                   | GMF Floorplan Owner Revolving Trust                                                                               | CUSIP: 361886DR2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    728000 | PA      | $728345.44    | 0.26%             | 2029-11-15      | Floating      | 4.22%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Trust 2017-GS6                                                                             | CUSIP: 36253PAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14599451 | PA      | $113700.52    | 0.04%             | 2050-05-10      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Trust 2017-GS7                                                                             | CUSIP: 36254CAX8<br>LEI: 549300WF5YRKNHB1FX69 | Long             | ABS-MBS          | CORP              | US        |  14042230 | PA      | $126888.40    | 0.05%             | 2050-08-10      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Trust 2020-GC47                                                                            | CUSIP: 36258RBC6<br>LEI: 549300WF5YRKNHB1FX69 | Long             | ABS-MBS          | CORP              | US        |   8279566 | PA      | $302742.35    | 0.11%             | 2053-05-12      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| GXO LOGISTICS INC                                | GXO Logistics Inc                                                                                                 | CUSIP: 36262GAF8<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |    538000 | PA      | $557733.82    | 0.20%             | 2029-05-06      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GENUINE PARTS CO                                 | Genuine Parts Co                                                                                                  | CUSIP: 372460AF2<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |    828000 | PA      | $825113.48    | 0.30%             | 2029-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GILDAN ACTIVEWEAR INC                            | Gildan Activewear Inc                                                                                             | CUSIP: 375916AF0<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |    520000 | PA      | $514519.02    | 0.18%             | 2030-10-07      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                             | Glencore Funding LLC                                                                                              | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1097704.60   | 0.39%             | 2026-04-27      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                             | Glencore Funding LLC                                                                                              | CUSIP: 378272BZ0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1018000 | PA      | $1032116.24   | 0.37%             | 2030-04-01      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                | GLS Auto Select Receivables Issuer Trust 2026-1                                                                   | CUSIP: 37989DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    140000 | PA      | $139566.50    | 0.05%             | 2032-02-17      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                                                       | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1113000 | PA      | $1097809.73   | 0.39%             | 2027-10-21      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS PRIVATE CR                         | Goldman Sachs Private Credit Corp                                                                                 | CUSIP: 38152BAJ0<br>LEI: 549300TD27G6372IYJ65 | Long             | DBT              | CORP              | US        |    146000 | PA      | $143772.28    | 0.05%             | 2028-02-23      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| HCA INC                                          | HCA Inc                                                                                                           | CUSIP: 404119DD8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245870.55    | 0.09%             | 2030-11-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                                                                 | CUSIP: 404280EQ8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1426000 | PA      | $1433790.52   | 0.52%             | 2029-03-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Harbor Park CLO Ltd                              | Harbor Park CLO Ltd                                                                                               | CUSIP: 41154XAY1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1150000 | PA      | $1146435.00   | 0.41%             | 2031-01-20      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                            | Huntington Bancshares Inc/OH                                                                                      | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124909.34    | 0.04%             | 2028-08-04      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                            | Huntington Bancshares Inc/OH                                                                                      | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    840000 | PA      | $871431.90    | 0.31%             | 2029-08-21      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                            | Huntington Bancshares Inc/OH                                                                                      | CUSIP: 446150BE3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    374000 | PA      | $379668.14    | 0.14%             | 2031-01-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                         | Huntington Ingalls Industries Inc                                                                                 | CUSIP: 446413BA3<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    699000 | PA      | $712560.86    | 0.26%             | 2030-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                | Hyatt Hotels Corp                                                                                                 | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    581000 | PA      | $586088.07    | 0.21%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                         | Icon Investments Six DAC                                                                                          | CUSIP: 45115AAB0<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    519000 | PA      | $529180.37    | 0.19%             | 2029-05-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                         | International Flavors & Fragrances Inc                                                                            | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    115000 | PA      | $110302.00    | 0.04%             | 2027-10-15      | Fixed         | 1.83%                 | Yes           |                  2 | On Loan: No      |
| Invesco CLO LTD                                  | Invesco US CLO 2023-3 Ltd                                                                                         | CUSIP: 46091RAN3<br>LEI: 213800YAVR2FVYDIRM63 | Long             | ABS-CBDO         | CORP              | JE        |    910345 | PA      | $912611.76    | 0.33%             | 2038-07-15      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Invesco CLO 2022-2, Ltd.                         | Invesco CLO 2022-2 Ltd                                                                                            | CUSIP: 46145XAQ9<br>LEI: 54930008L2A8UYGN7A86 | Long             | ABS-CBDO         | CORP              | JE        |   1433293 | PA      | $1431952.87   | 0.51%             | 2035-07-20      | Floating      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC                                        | IQVIA Inc                                                                                                         | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    446000 | PA      | $454634.56    | 0.16%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                        | IQVIA Inc                                                                                                         | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    291000 | PA      | $302446.78    | 0.11%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JBS NV/USA FOODS/FOOD CO                         | JBS NV/JBS USA Foods Group Holdings Inc/JBS USA Food Co Holdings                                                  | CUSIP: 46590XAN6<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |   1840000 | PA      | $1764951.00   | 0.63%             | 2029-02-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust    | JPMCC Commercial Mortgage Securities Trust 2017-JP7                                                               | CUSIP: 465968AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9873471 | PA      | $82628.12     | 0.03%             | 2050-09-15      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust Series 2024-NQM1                                                                         | CUSIP: 465983AA2<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |    340368 | PA      | $341608.97    | 0.12%             | 2064-02-25      | Variable      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                                                               | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    831000 | PA      | $829660.99    | 0.30%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                                                               | CUSIP: 46647PEA0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    712000 | PA      | $715611.29    | 0.26%             | 2028-01-23      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                                                               | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    775000 | PA      | $784462.10    | 0.28%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2026-NQM1                                                                                | CUSIP: 46660DAE5<br>LEI: 529900PEVYDPZXGGUW77 | Long             | ABS-MBS          | CORP              | US        |    128950 | PA      | $127576.59    | 0.05%             | 2066-06-25      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| JAPAN TOBACCO INC                                | Japan Tobacco Inc                                                                                                 | CUSIP: 471105AC0<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |    811000 | PA      | $818687.86    | 0.29%             | 2028-05-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| JDE PEET'S NV                                    | JDE Peet's NV                                                                                                     | CUSIP: 47216QAB9<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |    678000 | PA      | $661214.33    | 0.24%             | 2027-01-15      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                         | Jersey Mike's Funding LLC                                                                                         | CUSIP: 476681AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    405000 | PA      | $399453.40    | 0.14%             | 2056-02-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Kentucky Higher Education Student Loan Corp      | KENTUCKY ST HGR EDU STUDENT LOAN CORP                                                                             | CUSIP: 49130NGL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $312317.32    | 0.11%             | 2037-06-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                                         | LKQ Corp                                                                                                          | CUSIP: 501889AD1<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |   1208000 | PA      | $1229450.56   | 0.44%             | 2028-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                                                                  | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    542000 | PA      | $538034.92    | 0.19%             | 2027-11-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                                                                  | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    883000 | PA      | $857463.91    | 0.31%             | 2029-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                                                                  | CUSIP: 50212YAH7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    397000 | PA      | $415936.49    | 0.15%             | 2028-11-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                                                                  | CUSIP: 50212YAJ3<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    743000 | PA      | $749861.28    | 0.27%             | 2027-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                             | Las Vegas Sands Corp                                                                                              | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    360000 | PA      | $364679.24    | 0.13%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                         | Lloyds Banking Group PLC                                                                                          | CUSIP: 53944YBG7<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    469000 | PA      | $463948.36    | 0.17%             | 2030-02-10      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd.                  | LoanCore 2025 2025-CRE8 Issuer LLC                                                                                | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    814000 | PA      | $814099.31    | 0.29%             | 2042-08-17      | Floating      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd.                  | LoanCore 2025 2025-CRE8 Issuer LLC                                                                                | CUSIP: 53947FAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1226500 | PA      | $1226938.23   | 0.44%             | 2042-08-17      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd                   | LoanCore 2021-CRE5 Issuer Ltd                                                                                     | CUSIP: 53947XAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    344149 | PA      | $343753.72    | 0.12%             | 2036-07-15      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd                   | LoanCore 2021-CRE5 Issuer Ltd                                                                                     | CUSIP: 53947XAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    567500 | PA      | $566929.66    | 0.20%             | 2036-07-15      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| M&T BANK CORPORATION                             | M&T Bank Corp                                                                                                     | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    295000 | PA      | $315253.63    | 0.11%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                             | M&T Bank Corp                                                                                                     | CUSIP: 55261FAU8<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    524000 | PA      | $526449.89    | 0.19%             | 2029-01-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2022-FL9 LLC                                                                                                  | CUSIP: 55285AAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1885500 | PA      | $1886765.17   | 0.68%             | 2037-06-19      | Floating      | 6.83%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2026-FL21 LLC                                                                                                 | CUSIP: 55287NAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    160616 | PA      | $160869.45    | 0.06%             | 2041-02-18      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2026-FL21 LLC                                                                                                 | CUSIP: 55287NAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    531605 | PA      | $532230.70    | 0.19%             | 2041-02-18      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio         | MFS Institutional Money Market Portfolio                                                                          | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | EC               | RF                | US        |   1005991 | NS      | $1005991.37   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2024-FL14 LLC                                                                                                 | CUSIP: 55416AAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    413534 | PA      | $414235.77    | 0.15%             | 2039-03-19      | Floating      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| MARATHON PETROLEUM CORP                          | Marathon Petroleum Corp                                                                                           | CUSIP: 56585ABK7<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    997000 | PA      | $1016926.03   | 0.37%             | 2030-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MARS INC                                         | Mars Inc                                                                                                          | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    650000 | PA      | $653917.07    | 0.23%             | 2028-03-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| MARS INC                                         | Mars Inc                                                                                                          | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1193000 | PA      | $1205555.19   | 0.43%             | 2030-03-01      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                         | Marsh & McLennan Cos Inc                                                                                          | CUSIP: 571748BY7<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    565000 | PA      | $567572.07    | 0.20%             | 2027-11-08      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                         | Marsh & McLennan Cos Inc                                                                                          | CUSIP: 571748CA8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    565000 | PA      | $569029.38    | 0.20%             | 2030-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                                                     | CUSIP: 571903BL6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    428000 | PA      | $432887.01    | 0.16%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority    | MASSACHUSETTS ST EDUCTNL FING AUTH                                                                                | CUSIP: 57563RQZ5<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    185000 | PA      | $184306.99    | 0.07%             | 2026-07-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| MEITUAN                                          | Meituan                                                                                                           | CUSIP: 58533EAE3<br>LEI: 21380033K525E5JLIA77 | Long             | DBT              | CORP              | KY        |    715000 | PA      | $714278.69    | 0.26%             | 2028-04-02      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MEITUAN                                          | Meituan                                                                                                           | CUSIP: 58533EAF0<br>LEI: 21380033K525E5JLIA77 | Long             | DBT              | CORP              | KY        |    384000 | PA      | $381781.52    | 0.14%             | 2029-10-02      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| MEITUAN                                          | Meituan                                                                                                           | CUSIP: 58533EAG8<br>LEI: 21380033K525E5JLIA77 | Long             | DBT              | CORP              | KY        |    271000 | PA      | $263426.05    | 0.09%             | 2031-05-05      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2025-FL20 LLC                                                                                                 | CUSIP: 59319CAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1003515.30   | 0.36%             | 2043-02-18      | Floating      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2025-FL20 LLC                                                                                                 | CUSIP: 59319CAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    451406 | PA      | $452937.30    | 0.16%             | 2043-02-18      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                           | Mitsubishi UFJ Financial Group Inc                                                                                | CUSIP: 606822DK7<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    339000 | PA      | $343824.19    | 0.12%             | 2031-04-24      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                           | Mizuho Financial Group Inc                                                                                        | CUSIP: 60687YDL0<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   1292000 | PA      | $1289865.01   | 0.46%             | 2031-07-08      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| MOLEX ELECTRONICS TECH                           | Molex Electronic Technologies LLC                                                                                 | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |    785000 | PA      | $788349.08    | 0.28%             | 2028-04-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2017-H1                                                                            | CUSIP: 61691JAW4<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |   6005958 | PA      | $62427.13     | 0.02%             | 2050-06-15      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2018-H4                                                                            | CUSIP: 61691RAF3<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |  15575177 | PA      | $280619.52    | 0.10%             | 2051-12-15      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2021-L5                                                                            | CUSIP: 61691YAP6<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |   7128426 | PA      | $297007.31    | 0.11%             | 2054-05-15      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2021-L6                                                                            | CUSIP: 61692CBK3<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |   6102275 | PA      | $219049.72    | 0.08%             | 2054-06-15      | Variable      | 1.14%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                                                    | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1302000 | PA      | $1302140.10   | 0.47%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                                                    | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    395000 | PA      | $391396.92    | 0.14%             | 2027-07-20      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                                                    | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    627000 | PA      | $632748.25    | 0.23%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                                                    | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    129000 | PA      | $128235.44    | 0.05%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                        | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33                                                       | CUSIP: 61767CAW8<br>LEI: 549300P1YQ48837ZOI22 | Long             | ABS-MBS          | CORP              | US        |  11879731 | PA      | $115805.99    | 0.04%             | 2050-05-15      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust   | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1                                                          | CUSIP: 61775UAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    456081 | PA      | $458382.42    | 0.16%             | 2068-12-25      | Variable      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY PVT BANK                          | Morgan Stanley Private Bank NA                                                                                    | CUSIP: 61776NVE0<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |    771000 | PA      | $770971.44    | 0.28%             | 2028-07-06      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PVT BANK                          | Morgan Stanley Private Bank NA                                                                                    | CUSIP: 61776NVG5<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |   1078000 | PA      | $1074660.97   | 0.39%             | 2031-07-18      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust   | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5                                                          | CUSIP: 61777QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    823404 | PA      | $827491.86    | 0.30%             | 2069-10-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust   | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9                                                          | CUSIP: 61779VAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    336507 | PA      | $335803.11    | 0.12%             | 2070-09-25      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust   | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1                                                          | CUSIP: 617932AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1189398 | PA      | $1199781.16   | 0.43%             | 2069-11-25      | Variable      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| NBN CO LTD                                       | NBN Co Ltd                                                                                                        | CUSIP: 62878U2F8<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | CORP              | AU        |   1139000 | PA      | $1176225.81   | 0.42%             | 2028-10-06      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                           | NXP BV / NXP Funding LLC / NXP USA Inc                                                                            | CUSIP: 62954HBF4<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | N/A       |    286000 | PA      | $284618.51    | 0.10%             | 2028-08-19      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                 | NTT Finance Corp                                                                                                  | CUSIP: 62954WAP0<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    247000 | PA      | $247562.28    | 0.09%             | 2027-07-16      | Fixed         | 4.57%                 | Yes           |                  2 | On Loan: No      |
| NTT FINANCE CORP                                 | NTT Finance Corp                                                                                                  | CUSIP: 62954WAQ8<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    511000 | PA      | $512942.63    | 0.18%             | 2028-07-16      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| NTT FINANCE CORP                                 | NTT Finance Corp                                                                                                  | CUSIP: 62954WAS4<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    511000 | PA      | $514230.41    | 0.18%             | 2030-07-16      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                          | Nationwide Building Society                                                                                       | CUSIP: 63861VAF4<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    750000 | PA      | $739608.98    | 0.27%             | 2028-02-16      | Fixed         | 2.97%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2024-NQM1                                                                     | CUSIP: 64828DAA5<br>LEI: 213800TFYSB4XLW7QW74 | Long             | ABS-MBS          | CORP              | US        |    561093 | PA      | $564774.29    | 0.20%             | 2064-03-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2025-NQM3                                                                     | CUSIP: 64832CAC7<br>LEI: 2138002D8CMDYG7QOU84 | Long             | ABS-MBS          | CORP              | US        |    655990 | PA      | $659176.95    | 0.24%             | 2065-05-25      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2025-NQM1                                                                     | CUSIP: 64832DAC5<br>LEI: 213800CZKHCTHKMD9W65 | Long             | ABS-MBS          | CORP              | US        |   1072065 | PA      | $1082990.89   | 0.39%             | 2065-01-25      | Variable      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| NEWS CORP                                        | News Corp                                                                                                         | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |    819000 | PA      | $790395.90    | 0.28%             | 2029-05-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                           | NextEra Energy Capital Holdings Inc                                                                               | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    770000 | PA      | $773714.79    | 0.28%             | 2027-09-01      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2024-NQM8 Trust                                                                                               | CUSIP: 67119CAA8<br>LEI: 254900Y1YRD8JNADSC78 | Long             | ABS-MBS          | CORP              | US        |    384861 | PA      | $388076.96    | 0.14%             | 2064-05-25      | Variable      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2024-NQM1 Trust                                                                                               | CUSIP: 67448LAA0<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |    206863 | PA      | $207483.74    | 0.07%             | 2063-11-25      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2024-NQM1 Trust                                                                                               | CUSIP: 67448LAB8<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |     62509 | PA      | $62725.72     | 0.02%             | 2063-11-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2024-NQM5 Trust                                                                                               | CUSIP: 67448NAA6<br>LEI: 254900RDM4XSF0B1E373 | Long             | ABS-MBS          | CORP              | US        |    168486 | PA      | $169371.24    | 0.06%             | 2064-01-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                         | Occidental Petroleum Corp                                                                                         | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    309000 | PA      | $332277.37    | 0.12%             | 2030-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2022-S1                                                                          | CUSIP: 68267HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215597 | PA      | $215528.19    | 0.08%             | 2035-05-14      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2020-2                                                                           | CUSIP: 682696AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    662459 | PA      | $653388.16    | 0.23%             | 2035-09-14      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2023-2                                                                           | CUSIP: 68269HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    531000 | PA      | $542723.58    | 0.19%             | 2036-09-15      | Fixed         | 6.17%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2023-2                                                                           | CUSIP: 68269HAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1283542.50   | 0.46%             | 2036-09-15      | Fixed         | 6.74%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                                                       | CUSIP: 68389XDW2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    967000 | PA      | $954778.79    | 0.34%             | 2029-02-04      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                                                       | CUSIP: 68389XDX0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    677000 | PA      | $662403.79    | 0.24%             | 2031-02-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                           | Blue Owl Credit Income Corp                                                                                       | CUSIP: 69120VBB6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    201000 | PA      | $205909.29    | 0.07%             | 2028-06-13      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                              | PFS Financing Corp                                                                                                | CUSIP: 69335PGE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    714000 | PA      | $713997.64    | 0.26%             | 2030-02-15      | Floating      | 4.37%                 | Yes           |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                           | PNC Financial Services Group Inc/The                                                                              | CUSIP: 693475BK0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1656000 | PA      | $1681798.44   | 0.60%             | 2028-12-02      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                           | PNC Financial Services Group Inc/The                                                                              | CUSIP: 693475BY0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1169000 | PA      | $1171199.43   | 0.42%             | 2027-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC                                   | PSEG Power LLC                                                                                                    | CUSIP: 69362BBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    266000 | PA      | $270021.20    | 0.10%             | 2030-05-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| PMT Loan Trust                                   | PMT Loan Trust 2026-INV4                                                                                          | CUSIP: 69383UBK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    596973 | PA      | $595612.20    | 0.21%             | 2057-03-25      | Floating      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                       | CUSIP: 694308KL0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    814000 | PA      | $842311.78    | 0.30%             | 2029-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                       | CUSIP: 694308KQ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    573000 | PA      | $586610.02    | 0.21%             | 2029-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                   | Palmer Square Loan Funding 2025-2 Ltd                                                                             | CUSIP: 69704AAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $847750.90    | 0.30%             | 2033-07-15      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                   | Palmer Square Loan Funding 2025-1 Ltd                                                                             | CUSIP: 69704CAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1486977.00   | 0.53%             | 2033-02-15      | Floating      | 4.85%                 | Yes           |                  2 | On Loan: No      |
| PAYCHEX INC                                      | Paychex Inc                                                                                                       | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |   1148000 | PA      | $1158290.48   | 0.42%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                         | Penske Truck Leasing Co Lp / PTL Finance Corp                                                                     | CUSIP: 709599BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    536000 | PA      | $538866.91    | 0.19%             | 2027-01-12      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                         | Penske Truck Leasing Co Lp / PTL Finance Corp                                                                     | CUSIP: 709599BZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    785000 | PA      | $798406.44    | 0.29%             | 2029-03-30      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                         | Penske Truck Leasing Co Lp / PTL Finance Corp                                                                     | CUSIP: 709599CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    552000 | PA      | $560015.52    | 0.20%             | 2029-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| PFP III                                          | PFP 2026-13 Ltd                                                                                                   | CUSIP: 716966AC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    569000 | PA      | $569313.86    | 0.20%             | 2043-08-18      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                                                   | CUSIP: 718172CV9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    311000 | PA      | $315170.12    | 0.11%             | 2027-11-17      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                                                   | CUSIP: 718172CZ0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    615000 | PA      | $621291.61    | 0.22%             | 2028-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                         | Pioneer Natural Resources Co                                                                                      | CUSIP: 723787AQ0<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |   1438000 | PA      | $1293332.37   | 0.46%             | 2030-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                         | Plains All American Pipeline LP / PAA Finance Corp                                                                | CUSIP: 72650RBR2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    638000 | PA      | $636058.36    | 0.23%             | 2031-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer LLC                 | Planet Fitness Master Issuer LLC                                                                                  | CUSIP: 72703PAH6<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $324883.29    | 0.12%             | 2055-12-06      | Fixed         | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                 | Provident Funding Mortgage Trust 2025-3                                                                           | CUSIP: 74388PAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    903316 | PA      | $903893.88    | 0.32%             | 2055-08-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Rate Mortgage Trust                              | Rate Mortgage Trust 2025-J3                                                                                       | CUSIP: 75410EBC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1289003 | PA      | $1295340.56   | 0.47%             | 2055-11-25      | Floating      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| REGAL REXNORD CORP                               | Regal Rexnord Corp                                                                                                | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    665000 | PA      | $682057.60    | 0.25%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| RENTOKIL TERMINIX LLC                            | Rentokil Terminix Funding LLC                                                                                     | CUSIP: 760130AA2<br>LEI: 984500D5BAA7560EKJ44 | Long             | DBT              | CORP              | US        |   1301000 | PA      | $1306166.92   | 0.47%             | 2030-04-28      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                            | RIO TINTO FIN USA PLC                                                                                             | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    542000 | PA      | $544580.62    | 0.20%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                            | Rio Tinto Finance USA PLC                                                                                         | CUSIP: 76720AAS5<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    464000 | PA      | $471263.95    | 0.17%             | 2030-03-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROSS STORES INC                                  | Ross Stores Inc                                                                                                   | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |    760000 | PA      | $758891.46    | 0.27%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| SMBC AVIATION CAPITAL FI                         | SMBC Aviation Capital Finance DAC                                                                                 | CUSIP: 78448TAL6<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |   1509000 | PA      | $1531962.50   | 0.55%             | 2029-04-03      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust               | STWD 2021-FL2 Ltd                                                                                                 | CUSIP: 78486BAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    764000 | PA      | $763740.32    | 0.27%             | 2038-04-18      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| SNF GROUP SACA                                   | SNF Group SACA                                                                                                    | CUSIP: 784944AA8<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |    404300 | PA      | $409070.74    | 0.15%             | 2031-03-31      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| SALESFORCE INC                                   | Salesforce Inc                                                                                                    | CUSIP: 79466LAQ7<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    484000 | PA      | $484124.64    | 0.17%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                   | Salesforce Inc                                                                                                    | CUSIP: 79466LAR5<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    485000 | PA      | $486004.39    | 0.17%             | 2029-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                   | Salesforce Inc                                                                                                    | CUSIP: 79466LAS3<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    969000 | PA      | $967627.61    | 0.35%             | 2031-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GLOBAL                         | Sammons Financial Group Global Funding                                                                            | CUSIP: 79587J2A0<br>LEI: 635400IPRNPM6HDHRS48 | Long             | DBT              | CORP              | US        |   1328000 | PA      | $1340888.04   | 0.48%             | 2029-12-10      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GLOBAL                         | Sammons Financial Group Global Funding                                                                            | CUSIP: 79587J2B8<br>LEI: 635400IPRNPM6HDHRS48 | Long             | DBT              | CORP              | US        |    364000 | PA      | $367178.76    | 0.13%             | 2028-01-10      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust        | Santander Mortgage Asset Receivable Trust 2025-NQM2                                                               | CUSIP: 802638AA4<br>LEI: 254900FHBJ2YHHBOAU80 | Long             | ABS-MBS          | CORP              | US        |    152993 | PA      | $153862.10    | 0.06%             | 2065-02-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS CORP                          | Schlumberger Holdings Corp                                                                                        | CUSIP: 806851AL5<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |    568000 | PA      | $571970.31    | 0.21%             | 2027-05-29      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS CORP                          | Schlumberger Holdings Corp                                                                                        | CUSIP: 806851AM3<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |    395000 | PA      | $399891.62    | 0.14%             | 2029-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                                                           | CUSIP: 808513CD5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    622000 | PA      | $639074.06    | 0.23%             | 2029-05-19      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                                                           | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1706000 | PA      | $1715853.50   | 0.62%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Shackleton CLO LTD                               | Shackleton 2013-IV-R CLO Ltd                                                                                      | CUSIP: 81882HAE5<br>LEI: 5493000LHXWSIZGUY418 | Long             | ABS-CBDO         | CORP              | KY        |    927055 | PA      | $927573.22    | 0.33%             | 2031-04-13      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Southwick Park CLO, Ltd.                         | Southwick Park CLO LLC                                                                                            | CUSIP: 846031AR3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    735000 | PA      | $684927.39    | 0.25%             | 2032-07-20      | Fixed         | 2.46%                 | Yes           |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                            | Stellantis Finance US Inc                                                                                         | CUSIP: 85855CAA8<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    723000 | PA      | $705118.86    | 0.25%             | 2027-01-29      | Fixed         | 1.71%                 | Yes           |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                            | Stellantis Finance US Inc                                                                                         | CUSIP: 85855CAB6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    730000 | PA      | $616962.57    | 0.22%             | 2031-09-15      | Fixed         | 2.69%                 | Yes           |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                | Store Capital LLC                                                                                                 | CUSIP: 862121AA8<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    152000 | PA      | $151012.01    | 0.05%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                | Store Capital LLC                                                                                                 | CUSIP: 862123AC0<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    453000 | PA      | $449053.44    | 0.16%             | 2031-02-11      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                         | Sumitomo Mitsui Financial Group Inc                                                                               | CUSIP: 86562MCM0<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1184000 | PA      | $1164959.55   | 0.42%             | 2027-01-14      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| SUNTORY HOLDINGS LTD                             | Suntory Holdings Ltd                                                                                              | CUSIP: 86803UAE1<br>LEI: 54930074QUY8RD0UZM08 | Long             | DBT              | CORP              | JP        |    924000 | PA      | $938537.54    | 0.34%             | 2029-06-11      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                              | Synchrony Financial                                                                                               | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    515000 | PA      | $514494.50    | 0.18%             | 2029-07-29      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| TCW Gem Ltd                                      | TCW CLO 2020-1 Ltd                                                                                                | CUSIP: 87190CBL3<br>LEI: 549300BD6SSD2EBMCC95 | Long             | ABS-CBDO         | CORP              | KY        |   1788131 | PA      | $1778410.72   | 0.64%             | 2034-04-20      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                                                  | CUSIP: 87264ADL6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    167000 | PA      | $165968.25    | 0.06%             | 2029-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                          | TRTX 2025-FL7 Issuer Ltd                                                                                          | CUSIP: 87277LAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    242842 | PA      | $242788.67    | 0.09%             | 2043-06-18      | Floating      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| TPG Real Estate Finance                          | TRTX 2025-FL7 Issuer Ltd                                                                                          | CUSIP: 87277LAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    445988 | PA      | $445890.37    | 0.16%             | 2043-06-18      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                           | Taco Bell Funding LLC                                                                                             | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    777546 | PA      | $765600.09    | 0.28%             | 2055-08-25      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| TAKEOFF MERGER SUB INC                           | Takeoff Merger Sub Inc                                                                                            | CUSIP: 873923AA4<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |    727000 | PA      | $723101.03    | 0.26%             | 2028-03-24      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| TAKEOFF MERGER SUB INC                           | Takeoff Merger Sub Inc                                                                                            | CUSIP: 873923AC0<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |    456000 | PA      | $453065.29    | 0.16%             | 2029-03-24      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TAPESTRY INC                                     | Tapestry Inc                                                                                                      | CUSIP: 876030AK3<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |    713000 | PA      | $720405.15    | 0.26%             | 2030-03-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                         | Texas Capital Bancshares Inc                                                                                      | CUSIP: 88224QAC1<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   1186000 | PA      | $1169342.70   | 0.42%             | 2032-02-27      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| 3650R Commercial Mortgage Trust                  | 3650R 2021-PF1 Commercial Mortgage Trust                                                                          | CUSIP: 88581EAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12712157 | PA      | $423391.12    | 0.15%             | 2054-11-15      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                            | Toronto-Dominion Bank/The                                                                                         | CUSIP: 89115A2S0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   1890000 | PA      | $1897967.47   | 0.68%             | 2026-07-17      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| TRANS-ALLEGHENY INTERSTA                         | Trans-Allegheny Interstate Line Co                                                                                | CUSIP: 893045AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365000 | PA      | $370776.62    | 0.13%             | 2031-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                 | Trinitas CLO XV Ltd                                                                                               | CUSIP: 89641XAQ8<br>LEI: 254900ZVDNHQAUJNHH42 | Long             | ABS-CBDO         | CORP              | KY        |   1468874 | PA      | $1462474.12   | 0.53%             | 2034-04-22      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| TRITON CONTAINER/TAL INT                         | Triton Container International Ltd / TAL International Container Corp                                             | CUSIP: 89681LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    445000 | PA      | $435712.36    | 0.16%             | 2033-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                            | Truist Financial Corp                                                                                             | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    815000 | PA      | $834200.57    | 0.30%             | 2030-01-24      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                     | UBS Group AG                                                                                                      | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    374000 | PA      | $374101.20    | 0.13%             | 2027-08-05      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                                     | UBS Group AG                                                                                                      | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    232000 | PA      | $247271.45    | 0.09%             | 2028-11-13      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                                     | UBS Group AG                                                                                                      | CUSIP: 902613BR8<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1075000 | PA      | $1049236.87   | 0.38%             | 2030-08-05      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                    | UBS Commercial Mortgage Trust 2018-C14                                                                            | CUSIP: 90278KBB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6213276 | PA      | $116380.87    | 0.04%             | 2051-12-15      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 91282CFB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5693000 | PA      | $5613164.56   | 2.02%             | 2027-07-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 91282CJF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22573000 | PA      | $23148787.80  | 8.32%             | 2028-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  21484000 | PA      | $21970746.88  | 7.89%             | 2029-04-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 91282CPL9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10200000 | PA      | $10124695.34  | 3.64%             | 2027-11-30      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                             | Verisk Analytics Inc                                                                                              | CUSIP: 92345YAP1<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |    729000 | PA      | $716875.48    | 0.26%             | 2031-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust 2024-6                                                                                 | CUSIP: 92540JAA0<br>LEI: 213800278TKDEXPH6140 | Long             | ABS-MBS          | CORP              | US        |    279961 | PA      | $281496.06    | 0.10%             | 2069-07-25      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust 2024-3                                                                                 | CUSIP: 92540MAB1<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |    272841 | PA      | $275136.64    | 0.10%             | 2069-04-25      | Variable      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| VIDEOTRON LTD                                    | Videotron Ltd                                                                                                     | CUSIP: 92660FAN4<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |    924000 | PA      | $894311.95    | 0.32%             | 2029-06-15      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| VIRGINIA POWER FUEL SEC                          | Virginia Power Fuel Securitization LLC                                                                            | CUSIP: 92808VAA0<br>LEI: 254900BELJ95ONW6U791 | Long             | DBT              | CORP              | US        |    119283 | PA      | $119852.29    | 0.04%             | 2027-05-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                       | VMware LLC                                                                                                        | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    626000 | PA      | $619415.04    | 0.22%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Volvo Financial Equipment LLC                    | Volvo Financial Equipment LLC Series 2026-1                                                                       | CUSIP: 92886FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    179000 | PA      | $178773.06    | 0.06%             | 2028-11-15      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| WEA FINANCE LLC                                  | WEA Finance LLC                                                                                                   | CUSIP: 92928QAE8<br>LEI: 3CYEJKBUJZO3UW777J80 | Long             | DBT              | CORP              | US        |    861000 | PA      | $849854.08    | 0.31%             | 2028-09-20      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| WEA FINANCE LLC                                  | WEA Finance LLC                                                                                                   | CUSIP: 92928QAF5<br>LEI: 3CYEJKBUJZO3UW777J80 | Long             | DBT              | CORP              | US        |    233000 | PA      | $225151.76    | 0.08%             | 2029-06-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| WEA FINANCE LLC                                  | WEA Finance LLC                                                                                                   | CUSIP: 92928QAH1<br>LEI: 3CYEJKBUJZO3UW777J80 | Long             | DBT              | CORP              | US        |    175000 | PA      | $172831.72    | 0.06%             | 2027-01-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                                                  | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    675000 | PA      | $669431.52    | 0.24%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust            | Wells Fargo Commercial Mortgage Trust 2021-C61                                                                    | CUSIP: 95003QBC2<br>LEI: 549300PX4QZK7CUM8D08 | Long             | ABS-MBS          | CORP              | US        |   3671962 | PA      | $178347.56    | 0.06%             | 2054-11-15      | Variable      | 1.34%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | Long: SM11481   IRS USD R F  4.96700 SM11481_FIX CCPOIS / Short: SM11481   IRS USD P V 12MSOFR SM11481_FLO CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  25600000 | OU      | $119453.44    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | Long: SM11592   IRS USD R F  4.66400 SM11592_FIX CCPOIS / Short: SM11592   IRS USD P V 12MSOFR SM11592_FLO CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   8000000 | OU      | $36022.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | Long: SM11727   IRS USD R F  4.10600 SM11727_FIX CCPOIS / Short: SM11727   IRS USD P V 12MSOFR SM11727_FLO CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   7100000 | OU      | $52234.42     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 2YR NOTE (CBT) JUN26                                                                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        46 | NC      | $-72757.93    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-29

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer