# EDGAR Filing Document

**Accession Number:** 0000719269
**File Stem:** 0001410368-26-050736
**Filing Date:** 2026-5
**Character Count:** 161031
**Document Hash:** 9dc9cac07176890c5ccc0e06e67549a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-050736.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001410368-26-050736

**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 II
- **CENTRAL INDEX KEY:** 0000719269

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03732
- **FILM NUMBER:** 261016323

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

SIS-Q1

![](imgede32d361.gif)

**Quarterly Report**

March 31, 2026

MFS<sup>®</sup> Income Portfolio

![](img08184e8f2.gif)

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

------

**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 – 97.4%  | Bonds – 97.4%  | Bonds – 97.4%  |
| Aerospace & Defense – 1.4% | Aerospace & Defense – 1.4% | Aerospace & Defense – 1.4% |
| Boeing Co., 6.528%, 5/01/2034  | $17000 | &nbsp;&nbsp;&nbsp; $18519 |
| Boeing Co., 5.705%, 5/01/2040  | 34000 | &nbsp;&nbsp;&nbsp; 34053 |
| Boeing Co., 5.805%, 5/01/2050  | 159000 | &nbsp;&nbsp;&nbsp; 153709 |
| Boeing Co., 6.858%, 5/01/2054  | 32000 | &nbsp;&nbsp;&nbsp; 35218 |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 100000 | &nbsp;&nbsp;&nbsp; 103832 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 175000 | &nbsp;&nbsp;&nbsp; 171942 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 25000 | &nbsp;&nbsp;&nbsp; 24867 |
|  |  | &nbsp;&nbsp;&nbsp; $542140 |
| Asset-Backed & Securitized – 29.4% | Asset-Backed & Securitized – 29.4% | Asset-Backed & Securitized – 29.4% |
| ACREC 2025-FL3 LLC, "C", FLR, 5.97% (SOFR - 1mo. + 2.291%), 8/18/2042 (n) | $40373 | &nbsp;&nbsp;&nbsp; $40259 |
| Acres PLC, 2026-FL4, "B", FLR, 5.609% (SOFR - 1mo. + 1.95%), 8/18/2044 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100206 |
| Affirm, Inc., 2025-X1, "A", 5.08%, 4/15/2030 (n) | 10669 | &nbsp;&nbsp;&nbsp; 10675 |
| AGL CLO 1 Ltd., 2019-1A, "BRR", FLR, 5.317% (SOFR - 3mo. + 1.65%), 10/20/2034 (n) | 250000 | &nbsp;&nbsp;&nbsp; 249589 |
| American Credit Acceptance Receivables Trust, 2024-2, "C", 6.24%, 4/12/2030 (n) | 48844 | &nbsp;&nbsp;&nbsp; 49141 |
| Angel Oak Mortgage Trust, 2024-10, "A1", 5.348%, 10/25/2069 (n) | 90075 | &nbsp;&nbsp;&nbsp; 90137 |
| Angel Oak Mortgage Trust, 2024-12, "A1", 5.653%, 10/25/2069 (n) | 78800 | &nbsp;&nbsp;&nbsp; 79150 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 47231 | &nbsp;&nbsp;&nbsp; 47175 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "A", FLR, 5.136% ((SOFR - 1mo. + 0.11448%) + 1.35%), 11/15/2036 (n) | 79346 | &nbsp;&nbsp;&nbsp; 79347 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "D", FLR, 6.686% ((SOFR - 1mo. + 0.11448%) + 2.9%), 11/15/2036 (n) | 256500 | &nbsp;&nbsp;&nbsp; 256872 |
| AREIT 2025-CRE10 Ltd., "B", FLR, 5.52% (SOFR - 1mo. + 1.8419%), 1/17/2030 (n) | 100000 | &nbsp;&nbsp;&nbsp; 99744 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 21378 | &nbsp;&nbsp;&nbsp; 21488 |
| Bain Capital Credit CLO Ltd., 2020-3A, "CR3", 5.412%, 10/23/2034 (n) | 200000 | &nbsp;&nbsp;&nbsp; 199537 |
| Bain Capital Credit CLO Ltd., 2021-4A, "CRR", FLR, 5.217% (SOFR - 3mo. + 1.55%), 10/20/2034 (n) | 200000 | &nbsp;&nbsp;&nbsp; 199904 |
| Bank5, 2025-5YR17, "AS", 5.626%, 11/15/2058  | 65849 | &nbsp;&nbsp;&nbsp; 67186 |
| Bank5, 2026-5YR20, "A3", 5.104%, 2/15/2059  | 20593 | &nbsp;&nbsp;&nbsp; 20891 |
| Bayview Financial Revolving Mortgage Loan Trust, FLR, 5.387% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 20636 | &nbsp;&nbsp;&nbsp; 50807 |
| BDS 2024-FL13 Ltd., "A", FLR, 5.252% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100057 |
| BDS 2025-FL16 Ltd., "B", FLR, 5.526% (SOFR - 1mo. + 1.85%), 6/19/2043 (n) | 110335 | &nbsp;&nbsp;&nbsp; 110535 |
| Black Diamond CLO Ltd., 2019-2A, "BR", FLR, 6.421% (SOFR - 3mo. + 2.75%), 7/23/2032 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250089 |
| BMP Commercial Mortgage Trust, 2024-MF23, "C", FLR, 5.513% (SOFR - 1mo. + 1.8413%), 6/15/2041 (n) | 100000 | &nbsp;&nbsp;&nbsp; 99969 |
| BMP Commercial Mortgage Trust, 2024-MF23, "D", FLR, 6.063% (SOFR - 1mo. + 2.3905%), 6/15/2041 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100000 |
| BSPRT 2024-FL11 Issuer Ltd., "AS", FLR, 5.767% (SOFR - 1mo. + 2.095%), 7/15/2039 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100437 |
| Business Jet Securities LLC, 2024-2A, "A", 5.364%, 9/15/2039 (n) | 78011 | &nbsp;&nbsp;&nbsp; 77804 |
| BX Trust, 2025-BCAT, "C", FLR, 5.572% (SOFR - 1mo. + 1.9%), 8/15/2042 (n) | 95828 | &nbsp;&nbsp;&nbsp; 95709 |
| BX Trust, 2025-BCAT, "D", FLR, 6.322% (SOFR - 1mo. + 2.65%), 8/15/2042 (n) | 95828 | &nbsp;&nbsp;&nbsp; 96008 |
| Cathedral Lake VI Ltd., FLR, 5.518% (SOFR - 3mo. + 1.85%), 4/25/2034 (n) | 115086 | &nbsp;&nbsp;&nbsp; 115111 |
| Colt Funding LLC, 2024-1, "A1", 5.835%, 2/25/2069 (n) | 69520 | &nbsp;&nbsp;&nbsp; 69684 |
| Colt Funding LLC, 2024-2, "A1", 6.125%, 4/25/2069 (n) | 52467 | &nbsp;&nbsp;&nbsp; 52760 |
| Colt Funding LLC, 2024-5, "A1", 5.123%, 8/25/2069 (n) | 74974 | &nbsp;&nbsp;&nbsp; 74857 |
| Colt Funding LLC, 2025-1, "A1", 5.699%, 1/25/2070 (n) | 77727 | &nbsp;&nbsp;&nbsp; 78143 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "B", 6.774%, 8/15/2056  | 93513 | &nbsp;&nbsp;&nbsp; 97964 |
| Commercial Mortgage Pass-Through Certificates, 2024-CBM, "B", 6.511%, 12/10/2041 (n) | 187500 | &nbsp;&nbsp;&nbsp; 190406 |
| Consumers 2023 Securitization Funding LLC, 5.55%, 3/01/2028  | 24113 | &nbsp;&nbsp;&nbsp; 24303 |
| Crest Ltd., CDO, 7% (0.001% Cash or 7% PIK), 1/28/2040 (a)(d)(p) | 933316 | &nbsp;&nbsp;&nbsp; 9 |
| Dryden Senior Loan Fund CLO Ltd., 2022-113A, "BR3", FLR, 5.122% (SOFR - 3mo. + 1.45%), 10/15/2037 (n) | 250000 | &nbsp;&nbsp;&nbsp; 249642 |
| Dryden Senior Loan Fund, 2022-104A, "BR", FLR, 5.405% (SOFR - 3mo. + 1.75%), 8/20/2034 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250028 |
| Dwight 2025-FL1 Issuer LLC, "AS", FLR, 5.965% (SOFR - 1mo. + 2.286%), 6/18/2042 (n) | 111500 | &nbsp;&nbsp;&nbsp; 111941 |
| ELM Trust, 2024-ELM, "D10", 6.847%, 6/10/2039 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100036 |
| EQT Trust, 2024-EXTR, "B", 5.654%, 7/05/2041 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100911 |
| EQT Trust, 2024-EXTR, "C", 6.046%, 7/05/2041 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100753 |
| GLS Auto Select Receivables Trust, 2026-1A, "A2", 4.04%, 11/15/2028 (n) | 63000 | &nbsp;&nbsp;&nbsp; 62941 |
| Invesco CLO 2022-2A Ltd., "BR", 5.347%, 7/20/2035 (n) | 250000 | &nbsp;&nbsp;&nbsp; 249766 |
| Jersey Mikes Funding LLC, 2026-1A, "A2I", 4.952%, 2/15/2056 (n) | 54000 | &nbsp;&nbsp;&nbsp; 53260 |
| KREF 2021-FL2 Ltd., "D", FLR, 5.992% ((SOFR - 1mo. + 0.11448%) + 2.2%), 2/15/2039 (n) | 163000 | &nbsp;&nbsp;&nbsp; 161457 |
| LoanCore 2025-CRE8 Ltd., "B", FLR, 5.519% (SOFR - 1mo. + 1.8412%), 8/17/2042 (n) | 117500 | &nbsp;&nbsp;&nbsp; 117527 |

---

------

*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 |
| LRECS 2025-CRE1 LLC, "B", FLR, 5.666% (SOFR - 1mo. + 2%), 8/19/2043 (n) | $100000 | &nbsp;&nbsp;&nbsp; $100085 |
| MF1 2024-FL14 LLC, "C", FLR, 6.961% (SOFR - 1mo. + 3.289%), 3/19/2039 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100170 |
| MF1 2024-FL15 LLC, "B", FLR, 6.17% (SOFR - 1mo. + 2.491%), 8/18/2041 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100079 |
| MF1 2024-FL15 LLC, "C", FLR, 6.619% (SOFR - 1mo. + 2.94%), 8/18/2041 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100079 |
| MF1 2024-FL16 LLC, "B", FLR, 5.821% (SOFR - 1mo. + 2.142%), 11/18/2039 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100430 |
| MF1 2024-FL16 LLC, "C", FLR, 6.221% (SOFR - 1mo. + 2.542%), 11/18/2039 (n) | 120000 | &nbsp;&nbsp;&nbsp; 120501 |
| MF1 2025-FL17 LLC, "B", FLR, 5.471% (SOFR - 1mo. + 1.792%), 2/18/2040 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100057 |
| MF1 2025-FL17 LLC, "C", FLR, 5.771% (SOFR - 1mo. + 2.092%), 2/18/2040 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100057 |
| MF1 Multi-Family Housing Mortgage Loan Trust, 2025-FL20, "C", FLR, 5.829% (SOFR - 1mo. + 2.15%), 2/18/2043 (n) | 121403 | &nbsp;&nbsp;&nbsp; 121815 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A1", 6.152%, 12/25/2068 (n) | 67064 | &nbsp;&nbsp;&nbsp; 67402 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM5, "A-1", 5.439%, 7/25/2070 (n) | 85993 | &nbsp;&nbsp;&nbsp; 86096 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM9, "A1", 5.016%, 9/25/2070 (n) | 93248 | &nbsp;&nbsp;&nbsp; 93053 |
| Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM2, "A1", 4.734%, 1/26/2071 (n) | 139260 | &nbsp;&nbsp;&nbsp; 137920 |
| MSWF Commercial Mortgage Trust, 2023-2, "A5", 6.014%, 12/15/2056  | 73785 | &nbsp;&nbsp;&nbsp; 78267 |
| MSWF Commercial Mortgage Trust, 2023-2, "AS", 6.491%, 12/15/2056  | 50728 | &nbsp;&nbsp;&nbsp; 54388 |
| New Residential Mortgage Loan Trust, 2024-NQMI, "A-1", 6.129%, 3/25/2064 (n) | 126339 | &nbsp;&nbsp;&nbsp; 127168 |
| New Residential Mortgage Loan Trust, 2026-NQM2, "A1", 4.743%, 12/25/2065 (n) | 98945 | &nbsp;&nbsp;&nbsp; 97944 |
| New Residential Mortgage Loan Trust, 2026-NQM3, "A1", 4.833%, 2/25/2066 (n) | 193504 | &nbsp;&nbsp;&nbsp; 191673 |
| New Residential Mortgage Loan Trust, 2026-NQM4, "A1", 5.003%, 2/25/2066 (n) | 100000 | &nbsp;&nbsp;&nbsp; 99456 |
| Northwoods Capital Ltd., 2018-14BA, "BR", FLR, 5.483% (SOFR - 3mo. + 1.85%), 11/13/2031 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250035 |
| OBX Trust, 2024-NQM14, "A1", 4.944%, 9/25/2064 (n) | 62027 | &nbsp;&nbsp;&nbsp; 61885 |
| OBX Trust, 2024-NQM3, "A1", 6.129%, 12/25/2063 (n) | 53100 | &nbsp;&nbsp;&nbsp; 53366 |
| OBX Trust, 2025-NQM1, "A1", 5.547%, 12/25/2064 (n) | 76053 | &nbsp;&nbsp;&nbsp; 76350 |
| OBX Trust, 2025-NQM13, "A1", 5.441%, 5/25/2065 (n) | 77879 | &nbsp;&nbsp;&nbsp; 78121 |
| OBX Trust, 2025-NQM14, "A1", 5.162%, 7/25/2065 (n) | 80883 | &nbsp;&nbsp;&nbsp; 80791 |
| OBX Trust, 2025-NQM16, "A1", 4.905%, 8/25/2065 (n) | 89016 | &nbsp;&nbsp;&nbsp; 88571 |
| Octagon 57 Ltd., 2021-1A, "CR", FLR, 5.522% (SOFR - 3mo. + 1.85%), 10/15/2034 (n) | 250000 | &nbsp;&nbsp;&nbsp; 249382 |
| Palmer Square Loan Funding 2024-3A Ltd., "A2R", FLR, 4.81% (SOFR - 3mo. + 1.15%), 8/08/2032 (n) | 250000 | &nbsp;&nbsp;&nbsp; 249717 |
| PFP III 2024-11 Ltd., "AS", FLR, 5.858% (SOFR - 1mo. + 2.18957%), 9/17/2039 (n) | 271725 | &nbsp;&nbsp;&nbsp; 272228 |
| PFP III 2026-13 Ltd., "B", FLR, 5.529% (SOFR - 1mo. + 1.85%), 8/18/2043 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100222 |
| PMT Loan Trust, 2025-INV10, "A36", FLR, 5.011% (SOFR - 1mo. + 1.35%), 10/01/2056 (n) | 91879 | &nbsp;&nbsp;&nbsp; 92276 |
| PMT Loan Trust, 2026-INV1, "A36", FLR, 4.961% (SOFR - 1mo. + 1.3%), 1/25/2057 (n) | 97969 | &nbsp;&nbsp;&nbsp; 98181 |
| PMT Loan Trust, 2026-INV2, "A35", FLR, 4.812% (SOFR - 1mo. + 1.15%), 1/25/2057 (n) | 192168 | &nbsp;&nbsp;&nbsp; 191907 |
| Provident Funding Mortgage Trust, 2025-5, "A4", 5.5%, 11/25/2055 (n) | 167080 | &nbsp;&nbsp;&nbsp; 167246 |
| Santander Drive Auto Receivables Trust, 2025-1, "A3", 4.74%, 1/16/2029  | 44731 | &nbsp;&nbsp;&nbsp; 44812 |
| Shackleton 2015-7RA CLO Ltd., "B", FLR, 5.322% (SOFR - 3mo. + 1.65%), 7/15/2031 (n) | 250000 | &nbsp;&nbsp;&nbsp; 249994 |
| SHR Trust, 2024-LXRY, "B", FLR, 6.122% (SOFR - 1mo. + 2.45%), 10/15/2041 (n) | 159636 | &nbsp;&nbsp;&nbsp; 159237 |
| Stellantis Finance US, Inc., 4.63%, 7/20/2027 (n) | 49586 | &nbsp;&nbsp;&nbsp; 49666 |
| STORE Master Funding LLC, 2024-1A, "A3", 5.93%, 5/20/2054 (n) | 99042 | &nbsp;&nbsp;&nbsp; 99923 |
| STORE Master Funding LLC, 2024-1A, "A4", 5.94%, 5/20/2054 (n) | 99042 | &nbsp;&nbsp;&nbsp; 100645 |
| Taco Bell Funding LLC, 2025-1A, "A2I", 4.821%, 8/25/2055 (n) | 117037 | &nbsp;&nbsp;&nbsp; 115239 |
| TPG Real Estate Finance, 2025-FL7, "B", FLR, 5.629% (SOFR - 1mo. + 1.95%), 6/18/2043 (n) | 100000 | &nbsp;&nbsp;&nbsp; 99978 |
| Trinitas CLO Ltd., 2021-15A, "CR", FLR, 5.719% (SOFR - 3mo. + 2.05%), 4/22/2034 (n) | 250000 | &nbsp;&nbsp;&nbsp; 248171 |
| UBS Commercial Mortgage Trust, 2017-C7, "A4", 3.679%, 12/15/2050  | 155000 | &nbsp;&nbsp;&nbsp; 152955 |
| Venture CLO 43 Ltd., 2021-43A, "CRR", FLR, 5.418% (SOFR - 3mo. + 1.75%), 4/15/2034 (n) | 194468 | &nbsp;&nbsp;&nbsp; 193599 |
| Verus Securitization Trust, 2024-1, "A1", 5.712%, 1/25/2069 (n) | 46207 | &nbsp;&nbsp;&nbsp; 46304 |
| Verus Securitization Trust, 2024-2, "A1", 6.095%, 2/25/2069 (n) | 44602 | &nbsp;&nbsp;&nbsp; 44835 |
| Verus Securitization Trust, 2024-8, "A1", 5.364%, 10/25/2069 (n) | 70595 | &nbsp;&nbsp;&nbsp; 70701 |
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027  | 25492 | &nbsp;&nbsp;&nbsp; 25614 |
| Voya CLO 2012-4A Ltd., "C1R3", FLR, 7.233% ((SOFR - 3mo. + 0.26161%) + 3.3%), 10/15/2030 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250164 |
|  |  | &nbsp;&nbsp;&nbsp; $10992970 |
| Auto & Auto Components – 0.3% | Auto & Auto Components – 0.3% | Auto & Auto Components – 0.3% |
| Hyundai Capital America, 5.35%, 3/19/2029 (n) | $37000 | &nbsp;&nbsp;&nbsp; $37677 |
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 82000 | &nbsp;&nbsp;&nbsp; 71841 |
|  |  | &nbsp;&nbsp;&nbsp; $109518 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Brokerage & Asset Managers – 2.1% | Brokerage & Asset Managers – 2.1% | Brokerage & Asset Managers – 2.1% |
| Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034  | $155000 | &nbsp;&nbsp;&nbsp; $164980 |
| Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170  | 86000 | &nbsp;&nbsp;&nbsp; 85054 |
| Jane Street Group/JSG Finance, Inc., 6.75%, 5/01/2033 (n) | 103000 | &nbsp;&nbsp;&nbsp; 104500 |
| Jefferies Financial Group, Inc., 5.5%, 2/15/2036  | 230000 | &nbsp;&nbsp;&nbsp; 220753 |
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 141000 | &nbsp;&nbsp;&nbsp; 134874 |
| LPL Holdings, Inc., 5.75%, 6/15/2035  | 89000 | &nbsp;&nbsp;&nbsp; 88648 |
|  |  | &nbsp;&nbsp;&nbsp; $798809 |
| Building – 0.8% | Building – 0.8% | Building – 0.8% |
| Patrick Industries, Inc., 4.75%, 5/01/2029 (n) | $175000 | &nbsp;&nbsp;&nbsp; $170206 |
| Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) | 126000 | &nbsp;&nbsp;&nbsp; 127764 |
|  |  | &nbsp;&nbsp;&nbsp; $297970 |
| Business Services – 0.3% | Business Services – 0.3% | Business Services – 0.3% |
| Global Payments, Inc., 2.9%, 5/15/2030  | $120000 | &nbsp;&nbsp;&nbsp; $109685 |
| Cable TV – 1.3% | Cable TV – 1.3% | Cable TV – 1.3% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | $150000 | &nbsp;&nbsp;&nbsp; $140172 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.9%, 6/01/2052  | 176000 | &nbsp;&nbsp;&nbsp; 112040 |
| Time Warner Cable, Inc., 4.5%, 9/15/2042  | 77000 | &nbsp;&nbsp;&nbsp; 57823 |
| VZ Secured Financing B.V., 5%, 1/15/2032 (n) | 200000 | &nbsp;&nbsp;&nbsp; 171439 |
|  |  | &nbsp;&nbsp;&nbsp; $481474 |
| Chemicals – 0.3% | Chemicals – 0.3% | Chemicals – 0.3% |
| Chemours Co., 5.75%, 11/15/2028 (n) | $46000 | &nbsp;&nbsp;&nbsp; $45546 |
| Chemours Co., 8%, 1/15/2033 (n) | 60000 | &nbsp;&nbsp;&nbsp; 60327 |
| Chemours Co., 7.875%, 3/15/2034 (n) | 18000 | &nbsp;&nbsp;&nbsp; 17995 |
|  |  | &nbsp;&nbsp;&nbsp; $123868 |
| Conglomerates – 1.3% | Conglomerates – 1.3% | Conglomerates – 1.3% |
| Regal Rexnord Corp., 6.4%, 4/15/2033  | $166000 | &nbsp;&nbsp;&nbsp; $175460 |
| Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028  | 304000 | &nbsp;&nbsp;&nbsp; 304892 |
|  |  | &nbsp;&nbsp;&nbsp; $480352 |
| Consumer Services – 0.3% | Consumer Services – 0.3% | Consumer Services – 0.3% |
| CBRE Group, Inc., 5.95%, 8/15/2034  | $105000 | &nbsp;&nbsp;&nbsp; $109306 |
| Diversified Financial Services – 1.0% | Diversified Financial Services – 1.0% | Diversified Financial Services – 1.0% |
| Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | $48000 | &nbsp;&nbsp;&nbsp; $47458 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 194000 | &nbsp;&nbsp;&nbsp; 187087 |
| Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n) | 125000 | &nbsp;&nbsp;&nbsp; 130893 |
|  |  | &nbsp;&nbsp;&nbsp; $365438 |
| Electrical Equipment – 0.3% | Electrical Equipment – 0.3% | Electrical Equipment – 0.3% |
| Arrow Electronics, Inc., 5.875%, 4/10/2034  | $116000 | &nbsp;&nbsp;&nbsp; $118913 |
| Emerging Market Sovereign – 1.5% | Emerging Market Sovereign – 1.5% | Emerging Market Sovereign – 1.5% |
| Eagle Funding LuxCo S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n) | $250000 | &nbsp;&nbsp;&nbsp; $251313 |
| Federal Republic of Nigeria, 7.375%, 9/28/2033  | 200000 | &nbsp;&nbsp;&nbsp; 195846 |
| Republic of Turkey, 6.875%, 3/17/2036  | 107000 | &nbsp;&nbsp;&nbsp; 102468 |
|  |  | &nbsp;&nbsp;&nbsp; $549627 |
| Energy - Independent – 1.3% | Energy - Independent – 1.3% | Energy - Independent – 1.3% |
| EQT Corp., 5%, 1/15/2029  | $190000 | &nbsp;&nbsp;&nbsp; $191130 |
| Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 102000 | &nbsp;&nbsp;&nbsp; 111051 |
| Santos Finance Ltd., 5.75%, 11/13/2035 (n) | 171000 | &nbsp;&nbsp;&nbsp; 171396 |
|  |  | &nbsp;&nbsp;&nbsp; $473577 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Energy - Integrated – 0.5% | Energy - Integrated – 0.5% | Energy - Integrated – 0.5% |
| Eni S.p.A., 5.5%, 5/15/2034 (n)  | $200000 | &nbsp;&nbsp;&nbsp; $204869 |
| Entertainment & Leisure – 0.8% | Entertainment & Leisure – 0.8% | Entertainment & Leisure – 0.8% |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | $110000 | &nbsp;&nbsp;&nbsp; $109165 |
| Royal Caribbean Cruises Ltd., 4.75%, 5/15/2033  | 68000 | &nbsp;&nbsp;&nbsp; 65658 |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | 113000 | &nbsp;&nbsp;&nbsp; 112729 |
|  |  | &nbsp;&nbsp;&nbsp; $287552 |
| Food & Beverages – 1.9% | Food & Beverages – 1.9% | Food & Beverages – 1.9% |
| Bacardi Ltd., 5.15%, 5/15/2038 (n) | $115000 | &nbsp;&nbsp;&nbsp; $106566 |
| Central American Bottling Corp., 5.25%, 4/27/2029 (n) | 199000 | &nbsp;&nbsp;&nbsp; 193614 |
| JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 5.95%, 4/20/2035  | 58000 | &nbsp;&nbsp;&nbsp; 60208 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 116000 | &nbsp;&nbsp;&nbsp; 116214 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 100000 | &nbsp;&nbsp;&nbsp; 96000 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 78000 | &nbsp;&nbsp;&nbsp; 76378 |
| Tyson Foods, Inc., 4.95%, 2/20/2036  | 47000 | &nbsp;&nbsp;&nbsp; 45910 |
|  |  | &nbsp;&nbsp;&nbsp; $694890 |
| Global Systemically Important Banks – 4.9% | Global Systemically Important Banks – 4.9% | Global Systemically Important Banks – 4.9% |
| Bank of America Corp., 3.846% to 3/08/2032, FLR (CMT - 1yr. + 2%) to 3/08/2037  | $215000 | &nbsp;&nbsp;&nbsp; $199153 |
| Barclays PLC, 7.437% to 11/02/2032, FLR (CMT - 1yr. + 3.5%) to 11/02/2033  | 200000 | &nbsp;&nbsp;&nbsp; 223594 |
| Citigroup, Inc., 6.875% to 8/15/2030, FLR (CMT - 5yr. + 2.89%) to 11/15/2173  | 182000 | &nbsp;&nbsp;&nbsp; 183284 |
| Goldman Sachs Group, Inc., 3.102% to 2/24/2032, FLR (SOFR - 1 day + 1.41%) to 2/24/2033  | 148000 | &nbsp;&nbsp;&nbsp; 133666 |
| HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 9/09/2169  | 200000 | &nbsp;&nbsp;&nbsp; 182177 |
| JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031  | 81000 | &nbsp;&nbsp;&nbsp; 75474 |
| Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029  | 25000 | &nbsp;&nbsp;&nbsp; 25446 |
| Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034  | 59000 | &nbsp;&nbsp;&nbsp; 59865 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | 200000 | &nbsp;&nbsp;&nbsp; 176440 |
| UBS Group AG, 7% to 8/05/2035, FLR (USD SOFR ICE Swap Rate - 5yr. + 3.296%) to 8/05/2172 (n) | 200000 | &nbsp;&nbsp;&nbsp; 194416 |
| Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033  | 429000 | &nbsp;&nbsp;&nbsp; 393902 |
|  |  | &nbsp;&nbsp;&nbsp; $1847417 |
| Insurance – 1.7% | Insurance – 1.7% | Insurance – 1.7% |
| Corebridge Financial, Inc., 4.35%, 4/05/2042  | $20000 | &nbsp;&nbsp;&nbsp; $16437 |
| Corebridge Financial, Inc., 4.4%, 4/05/2052  | 60000 | &nbsp;&nbsp;&nbsp; 46738 |
| Corebridge Financial, Inc., 6.875% to 12/15/2027, FLR (CMT - 5yr. + 3.846%) to 12/15/2052  | 150000 | &nbsp;&nbsp;&nbsp; 151135 |
| Nippon Life Insurance Co., 6.5% to 4/30/2035, FLR (CMT - 5yr. + 3.189%) to 4/30/2055 (n) | 200000 | &nbsp;&nbsp;&nbsp; 206215 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 210000 | &nbsp;&nbsp;&nbsp; 222341 |
|  |  | &nbsp;&nbsp;&nbsp; $642866 |
| Insurance - Health – 0.5% | Insurance - Health – 0.5% | Insurance - Health – 0.5% |
| Humana, Inc., 5.875%, 3/01/2033  | $196000 | &nbsp;&nbsp;&nbsp; $200269 |
| Insurance - Property & Casualty – 2.4% | Insurance - Property & Casualty – 2.4% | Insurance - Property & Casualty – 2.4% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | $150000 | &nbsp;&nbsp;&nbsp; $145129 |
| AmWINS Group Benefits, Inc., 6.375%, 2/15/2029 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100579 |
| Aon Corp., 4.5%, 12/15/2028  | 115000 | &nbsp;&nbsp;&nbsp; 115529 |
| Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028  | 283000 | &nbsp;&nbsp;&nbsp; 284063 |
| Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031  | 15000 | &nbsp;&nbsp;&nbsp; 13966 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 150000 | &nbsp;&nbsp;&nbsp; 153661 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100336 |
|  |  | &nbsp;&nbsp;&nbsp; $913263 |
| Interactive Media Services – 0.3% | Interactive Media Services – 0.3% | Interactive Media Services – 0.3% |
| Snap, Inc., 6.875%, 3/01/2033 (n)  | $136000 | &nbsp;&nbsp;&nbsp; $128421 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Machinery & Tools – 1.1% | Machinery & Tools – 1.1% | Machinery & Tools – 1.1% |
| Ashtead Capital, Inc., 5.5%, 8/11/2032 (n) | $200000 | &nbsp;&nbsp;&nbsp; $202802 |
| Ashtead Capital, Inc., 5.55%, 5/30/2033 (n) | 200000 | &nbsp;&nbsp;&nbsp; 201951 |
|  |  | &nbsp;&nbsp;&nbsp; $404753 |
| Medical & Health Technology & Services – 1.4% | Medical & Health Technology & Services – 1.4% | Medical & Health Technology & Services – 1.4% |
| Alcon Finance Corp., 5.75%, 12/06/2052 (n) | $200000 | &nbsp;&nbsp;&nbsp; $196335 |
| ProMedica Toledo Hospital, "B", 5.325%, 11/15/2028  | 239000 | &nbsp;&nbsp;&nbsp; 241108 |
| ProMedica Toledo Hospital, "B", AGM, 5.75%, 11/15/2038  | 89000 | &nbsp;&nbsp;&nbsp; 89092 |
|  |  | &nbsp;&nbsp;&nbsp; $526535 |
| Metals & Mining – 0.9% | Metals & Mining – 0.9% | Metals & Mining – 0.9% |
| FMG Resources (August 2006) Pty Ltd., 4.375%, 4/01/2031 (n) | $96000 | &nbsp;&nbsp;&nbsp; $90705 |
| Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 88000 | &nbsp;&nbsp;&nbsp; 80095 |
| Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | 163000 | &nbsp;&nbsp;&nbsp; 168334 |
|  |  | &nbsp;&nbsp;&nbsp; $339134 |
| Midstream – 3.6% | Midstream – 3.6% | Midstream – 3.6% |
| Cheniere Energy Partners LP, 5.75%, 8/15/2034  | $143000 | &nbsp;&nbsp;&nbsp; $147293 |
| Enbridge, Inc., 3.125%, 11/15/2029  | 150000 | &nbsp;&nbsp;&nbsp; 142965 |
| Enbridge, Inc., 2.5%, 8/01/2033  | 170000 | &nbsp;&nbsp;&nbsp; 144428 |
| Enbridge, Inc., 5.625%, 4/05/2034  | 109000 | &nbsp;&nbsp;&nbsp; 112432 |
| Energy Transfer LP, 5.35%, 1/15/2036  | 134000 | &nbsp;&nbsp;&nbsp; 133069 |
| Plains All American Pipeline LP, 3.8%, 9/15/2030  | 135000 | &nbsp;&nbsp;&nbsp; 130082 |
| Targa Resources Corp., 5.4%, 7/30/2036  | 114000 | &nbsp;&nbsp;&nbsp; 113168 |
| Targa Resources Corp., 4.95%, 4/15/2052  | 82000 | &nbsp;&nbsp;&nbsp; 68552 |
| Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031  | 65000 | &nbsp;&nbsp;&nbsp; 64897 |
| Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032  | 67000 | &nbsp;&nbsp;&nbsp; 63496 |
| Venture Global LNG, Inc., 7%, 1/15/2030 (n) | 205000 | &nbsp;&nbsp;&nbsp; 209316 |
|  |  | &nbsp;&nbsp;&nbsp; $1329698 |
| Mortgage-Backed – 0.0% | Mortgage-Backed – 0.0% |  |
| Fannie Mae, 6.5%, 4/01/2032  | $4238 | &nbsp;&nbsp;&nbsp; $4389 |
| Fannie Mae, 3%, 2/25/2033 (i) | 16360 | &nbsp;&nbsp;&nbsp; 1058 |
| Fannie Mae, 5.5%, 9/01/2034  | 1880 | &nbsp;&nbsp;&nbsp; 1892 |
| Freddie Mac, 1.109%, 6/25/2030 (i) | 108942 | &nbsp;&nbsp;&nbsp; 4321 |
|  |  | &nbsp;&nbsp;&nbsp; $11660 |
| Municipals – 4.2% | Municipals – 4.2% | Municipals – 4.2% |
| Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), "A-4", 7%, 6/30/2039  | $189000 | &nbsp;&nbsp;&nbsp; $158661 |
| Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), Convertible Capital Appreciation, "B-2", 0% to <br> 11/15/2029, 8% to 6/30/2044 <br>| 99000 | &nbsp;&nbsp;&nbsp; 55039 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 195000 | &nbsp;&nbsp;&nbsp; 182008 |
| California Public Finance Authority Rev., Taxable (Children's Hospital Los Angeles), "A", AGM, 5.4%, 11/15/2031  | 100000 | &nbsp;&nbsp;&nbsp; 102078 |
| Escambia County, FL, Health Facilities Authority Rev., Taxable (Baptist Health Care Corp.), "B", AGM, 3.607%, 8/15/2040  | 270000 | &nbsp;&nbsp;&nbsp; 218657 |
| Massachusetts Development Finance Agency Rev., Taxable (Middlesex Sustainable Energy Partners), "B", 7.375%, 10/01/2035  | 130000 | &nbsp;&nbsp;&nbsp; 132893 |
| New Hampshire National Finance Authority, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), "A", 6.89%, 4/01/2034  | 235000 | &nbsp;&nbsp;&nbsp; 245719 |
| Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), "C", 5.45%, 8/15/2028  | 34000 | &nbsp;&nbsp;&nbsp; 33823 |
| Port Beaumont, TX, Industrial Development Authority, Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), "B", <br> 4.1%, 1/01/2028 (n)<br>| 245000 | &nbsp;&nbsp;&nbsp; 222733 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Taxable, "A-2", 4.55%, 7/01/2040  | 174000 | &nbsp;&nbsp;&nbsp; 150906 |
| Wisconsin Public Finance Authority, Senior Lien Rev., Taxable (E-470 Public Highway Authority Service Areas Project), <br> 7.087%, 7/01/2060 <br>| 65000 | &nbsp;&nbsp;&nbsp; 65464 |
|  |  | &nbsp;&nbsp;&nbsp; $1567981 |
| Non-Global Systemically Important Banks – 1.2% | Non-Global Systemically Important Banks – 1.2% | Non-Global Systemically Important Banks – 1.2% |
| Capital One Financial Corp., 6.7%, 11/29/2032  | $161000 | &nbsp;&nbsp;&nbsp; $174918 |
| Macquarie Group Ltd., 4.442% to 6/21/2032, FLR (SOFR - 1 day + 2.405%) to 6/21/2033 (n) | 104000 | &nbsp;&nbsp;&nbsp; 100855 |
| Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035  | 160000 | &nbsp;&nbsp;&nbsp; 165047 |
|  |  | &nbsp;&nbsp;&nbsp; $440820 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Real Estate - Storage & Office – 1.2% | Real Estate - Storage & Office – 1.2% | Real Estate - Storage & Office – 1.2% |
| Boston Properties LP, REIT, 2.55%, 4/01/2032  | $209000 | &nbsp;&nbsp;&nbsp; $179347 |
| Boston Properties LP, REIT, 5.75%, 1/15/2035  | 122000 | &nbsp;&nbsp;&nbsp; 121330 |
| Vornado Realty LP, 5.75%, 2/01/2033  | 156000 | &nbsp;&nbsp;&nbsp; 152978 |
|  |  | &nbsp;&nbsp;&nbsp; $453655 |
| Retail & E-commerce – 1.4% | Retail & E-commerce – 1.4% | Retail & E-commerce – 1.4% |
| Alimentation Couche-Tard, Inc., 2.95%, 1/25/2030 (n) | $65000 | &nbsp;&nbsp;&nbsp; $61318 |
| Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p) | 210809 | &nbsp;&nbsp;&nbsp; 224515 |
| DICK'S Sporting Goods, 3.15%, 1/15/2032  | 274000 | &nbsp;&nbsp;&nbsp; 249046 |
|  |  | &nbsp;&nbsp;&nbsp; $534879 |
| Semiconductor & Electronic Components – 0.3% | Semiconductor & Electronic Components – 0.3% | Semiconductor & Electronic Components – 0.3% |
| Broadcom, Inc., 4.3%, 11/15/2032  | $96000 | &nbsp;&nbsp;&nbsp; $93480 |
| Software – 1.2% | Software – 1.2% | Software – 1.2% |
| Oracle Corp., 5.2%, 9/26/2035  | $50000 | &nbsp;&nbsp;&nbsp; $46900 |
| Oracle Corp., 5.7%, 2/04/2036  | 76000 | &nbsp;&nbsp;&nbsp; 73073 |
| Oracle Corp., 5.95%, 9/26/2055  | 37000 | &nbsp;&nbsp;&nbsp; 31127 |
| Salesforce, Inc., 5.2%, 3/15/2033  | 76000 | &nbsp;&nbsp;&nbsp; 75870 |
| Salesforce, Inc., 5.55%, 3/15/2036  | 133000 | &nbsp;&nbsp;&nbsp; 132587 |
| Salesforce, Inc., 6.4%, 3/15/2046  | 76000 | &nbsp;&nbsp;&nbsp; 76526 |
|  |  | &nbsp;&nbsp;&nbsp; $436083 |
| Telecommunications - Wireless – 0.5% | Telecommunications - Wireless – 0.5% | Telecommunications - Wireless – 0.5% |
| Cellnex Finance Co. S.A., 3.875%, 7/07/2041 (n) | $200000 | &nbsp;&nbsp;&nbsp; $158025 |
| Rogers Communications, Inc., 4.55%, 3/15/2052  | 58000 | &nbsp;&nbsp;&nbsp; 45810 |
|  |  | &nbsp;&nbsp;&nbsp; $203835 |
| Tobacco – 1.5% | Tobacco – 1.5% | Tobacco – 1.5% |
| B.A.T. Capital Corp., 3.215%, 9/06/2026  | $231000 | &nbsp;&nbsp;&nbsp; $229790 |
| B.A.T. Capital Corp., 6.343%, 8/02/2030  | 18000 | &nbsp;&nbsp;&nbsp; 19215 |
| Japan Tobacco, Inc., 5.85%, 6/15/2035 (n) | 150000 | &nbsp;&nbsp;&nbsp; 157408 |
| Philip Morris International, Inc., 5.75%, 11/17/2032  | 146000 | &nbsp;&nbsp;&nbsp; 153697 |
|  |  | &nbsp;&nbsp;&nbsp; $560110 |
| Transportation & Logistics – 0.6% | Transportation & Logistics – 0.6% | Transportation & Logistics – 0.6% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2029 (n) | $132000 | &nbsp;&nbsp;&nbsp; $110332 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2031 (n) | 46000 | &nbsp;&nbsp;&nbsp; 32606 |
| Triton International Ltd., 5.15%, 2/15/2033  | 72000 | &nbsp;&nbsp;&nbsp; 70497 |
|  |  | &nbsp;&nbsp;&nbsp; $213435 |
| Travel, Gaming, & Lodging – 0.2% | Travel, Gaming, & Lodging – 0.2% | Travel, Gaming, & Lodging – 0.2% |
| Las Vegas Sands Corp., 5.625%, 6/15/2028  | $58000 | &nbsp;&nbsp;&nbsp; $58755 |
| U.S. Treasury Obligations – 21.8% | U.S. Treasury Obligations – 21.8% | U.S. Treasury Obligations – 21.8% |
| U.S. Treasury Bonds, 2.375%, 2/15/2042  | $800000 | &nbsp;&nbsp;&nbsp; $582969 |
| U.S. Treasury Bonds, 4.375%, 8/15/2043  | 817000 | &nbsp;&nbsp;&nbsp; 771140 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043  | 950000 | &nbsp;&nbsp;&nbsp; 938570 |
| U.S. Treasury Bonds, 4.5%, 2/15/2044  | 1635000 | &nbsp;&nbsp;&nbsp; 1563533 |
| U.S. Treasury Bonds, 5%, 5/15/2045  | 250000 | &nbsp;&nbsp;&nbsp; 253252 |
| U.S. Treasury Bonds, 4.875%, 8/15/2045  | 280000 | &nbsp;&nbsp;&nbsp; 279081 |
| U.S. Treasury Bonds, 2.25%, 2/15/2052  | 60000 | &nbsp;&nbsp;&nbsp; 36159 |
| U.S. Treasury Bonds, 4.125%, 8/15/2053  | 60000 | &nbsp;&nbsp;&nbsp; 52617 |
| U.S. Treasury Bonds, 4.75%, 11/15/2053  | 300000 | &nbsp;&nbsp;&nbsp; 291691 |
| U.S. Treasury Bonds, 4.25%, 2/15/2054  | 1250000 | &nbsp;&nbsp;&nbsp; 1119727 |
| U.S. Treasury Bonds, 4.5%, 11/15/2054  | 450000 | &nbsp;&nbsp;&nbsp; 420399 |
| U.S. Treasury Notes, 4.125%, 7/31/2028 (f) | 450000 | &nbsp;&nbsp;&nbsp; 453094 |
| U.S. Treasury Notes, 4.25%, 6/30/2029  | 250000 | &nbsp;&nbsp;&nbsp; 253027 |
| U.S. Treasury Notes, 3.875%, 4/30/2030  | 855000 | &nbsp;&nbsp;&nbsp; 854065 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| U.S. Treasury Obligations – continued | U.S. Treasury Obligations – continued | U.S. Treasury Obligations – continued |
| U.S. Treasury Notes, 3.625%, 8/31/2030  | $300000 | &nbsp;&nbsp;&nbsp; $296320 |
|  |  | &nbsp;&nbsp;&nbsp; $8165644 |
| Utilities – 1.4% | Utilities – 1.4% | Utilities – 1.4% |
| Enel Finance International N.V., 7.5%, 10/14/2032 (n) | $200000 | &nbsp;&nbsp;&nbsp; $225195 |
| Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 34000 | &nbsp;&nbsp;&nbsp; 30543 |
| Pacific Gas & Electric Co., 3.5%, 8/01/2050  | 250000 | &nbsp;&nbsp;&nbsp; 165298 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 100000 | &nbsp;&nbsp;&nbsp; 102917 |
|  |  | &nbsp;&nbsp;&nbsp; $523953 |
| Utilities - Gas – 0.3% | Utilities - Gas – 0.3% | Utilities - Gas – 0.3% |
| APA Infrastructure Ltd., 5.125%, 9/16/2034 (n)  | $132000 | &nbsp;&nbsp;&nbsp; $130864 |
| **Total Bonds**  |  | &nbsp;&nbsp; **$36468468** |
| Mutual Funds (h) – 1.2%  | Mutual Funds (h) – 1.2%  | Mutual Funds (h) – 1.2%  |
| Money Market Funds – 1.2% | Money Market Funds – 1.2% |  |
| MFS Institutional Money Market Portfolio, 3.71% (v)  | 448811 | &nbsp;&nbsp;&nbsp; $448811 |
| Other Assets, Less Liabilities – 1.4% |  | &nbsp;&nbsp;&nbsp; 530331 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$37447610** |

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $448,811 and $36,468,468, 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 $17,686,741, representing 47.2% of net assets.

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

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

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

---

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

---

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

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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; 16 | $3319125 | June – 2026 | &nbsp;&nbsp; $(25307)<br>|
| U.S. Treasury Note 5 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15 | 1622695 | June – 2026 | &nbsp;&nbsp; (18436)<br>|
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5 | 582813 | June – 2026 | &nbsp;&nbsp; (16542)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $(60285)<br>|

---

At March 31, 2026, the fund had liquid securities collateral with an aggregate value of $66,453 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. 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. 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; $8165644 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8165644 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 549627 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 549627 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1567981 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1567981 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10128821 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10128821 |
| Residential Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2605619 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2605619 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1886965 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1886965 |
| Asset-Backed Securities (including CDOs) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6512046 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6512046 |
| Foreign Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5051765 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5051765 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 448811 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 448811 |
| Total | &nbsp;&nbsp;&nbsp; $448811 | &nbsp;&nbsp;&nbsp; $36468468 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $36917279 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Liabilities | &nbsp;&nbsp;&nbsp; $(60285)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(60285)<br>|

---

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; $346205 | &nbsp;&nbsp; $3520902 | &nbsp;&nbsp; $3418163 | &nbsp;&nbsp; $(113)<br>| &nbsp;&nbsp; $(20)<br>| &nbsp;&nbsp; $448811<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; $6720 | &nbsp;&nbsp; $— |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $37613260.81

**Total Liabilities:** $158401.53

**Net Assets:** $37454859.28

**Delayed Delivery Securities:** $33000.00

**Cash Not Reported:** $64672.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -52.35000000 | **1-Year:** -1203.76000000 | **5-Year:** -3566.54000000 | **10-Year:** -3410.47000000 | **30-Year:** -800.71000000

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

- **3-Month:** -21.01000000 | **1-Year:** -619.31000000 | **5-Year:** -1160.40000000 | **10-Year:** -641.81000000 | **30-Year:** -110.11000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007267 | 0.35%                | 1.52%                | -1.84%               |
| Class ID C000007268 | 0.35%                | 1.41%                | -1.86%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-17483.56               | $-12405.93                                 |
| Month 2  | $-37328.96               | $422285.01                                 |
| Month 3  | $-12789.53               | $-755278.58                                |

**Designated Index Information**

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

- **Index Identifier:** LBSTRUU

### Schedule of Portfolio Investments

| Name                                                   | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACREC LLC                                              | Acrec 2025 Fl 3 LLC                                                             | CUSIP: 00112HAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     40373 | PA      | $40259.35     | 0.11%             | 2042-08-18      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| AGL CLO 1 LTD.                                         | AGL CLO 1 LTD                                                                   | CUSIP: 00119HAS9<br>LEI: 5493005XHETQNZF9TM25 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249589.25    | 0.67%             | 2034-10-20      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                                 | APA Infrastructure Ltd                                                          | CUSIP: 00188LAA5<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |    132000 | PA      | $130864.18    | 0.35%             | 2034-09-16      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                        | AREIT 2025-CRE10 Ltd                                                            | CUSIP: 00193DAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99744.20     | 0.27%             | 2030-01-17      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Acres PLC                                              | ACRES Commercial Realty 2026-FL4 Issuer LLC                                     | CUSIP: 00501XAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100206.19    | 0.27%             | 2044-08-18      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Affirm Inc                                             | Affirm Asset Securitization Trust 2025-X1                                       | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10669 | PA      | $10675.11     | 0.03%             | 2030-04-15      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| ALCON FINANCE CORP                                     | Alcon Finance Corp                                                              | CUSIP: 01400EAF0<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196335.12    | 0.52%             | 2052-12-06      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD                               | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAM8<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |     65000 | PA      | $61317.71     | 0.16%             | 2030-01-25      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                               | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $145129.38    | 0.39%             | 2029-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust           | American Credit Acceptance Receivables Trust 2024-2                             | CUSIP: 02531BAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     48845 | PA      | $49141.37     | 0.13%             | 2030-04-12      | Fixed         | 6.24%                 | Yes           |                  2 | On Loan: No      |
| AMWINS GROUP INC                                       | AmWINS Group Inc                                                                | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100579.10    | 0.27%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                               | Angel Oak Mortgage Trust 2024-9                                                 | CUSIP: 03466JAA7<br>LEI: 254900O3R79X1AD55F36 | Long             | ABS-MBS          | CORP              | US        |     47231 | PA      | $47175.22     | 0.13%             | 2069-09-25      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                               | Angel Oak Mortgage Trust 2024-12                                                | CUSIP: 034932AA1<br>LEI: 254900S8TF74AZOT0548 | Long             | ABS-MBS          | CORP              | US        |     78800 | PA      | $79150.32     | 0.21%             | 2069-10-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                               | Angel Oak Mortgage Trust 2024-10                                                | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-MBS          | CORP              | US        |     90075 | PA      | $90137.07     | 0.24%             | 2069-10-25      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| AON CORP                                               | Aon Corp                                                                        | CUSIP: 037389BB8<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115528.70    | 0.31%             | 2028-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd        | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                          | CUSIP: 03880RAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     79346 | PA      | $79346.59     | 0.21%             | 2036-11-15      | Floating      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd        | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                          | CUSIP: 03880RAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    256500 | PA      | $256872.31    | 0.69%             | 2036-11-15      | Floating      | 6.69%                 | 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        |     21378 | PA      | $21488.02     | 0.06%             | 2032-07-15      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC                                  | Arrow Electronics Inc                                                           | CUSIP: 04273WAE1<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |    116000 | PA      | $118912.57    | 0.32%             | 2034-04-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                    | Ashtead Capital Inc                                                             | CUSIP: 045054AQ6<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201950.91    | 0.54%             | 2033-05-30      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                    | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202801.91    | 0.54%             | 2032-08-11      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                               | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAJ0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     48000 | PA      | $47457.86     | 0.13%             | 2027-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                               | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAP6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    194000 | PA      | $187087.34    | 0.50%             | 2028-02-21      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                       | BAT Capital Corp                                                                | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     18000 | PA      | $19214.63     | 0.05%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                       | BAT Capital Corp                                                                | CUSIP: 05526DBJ3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    231000 | PA      | $229790.03    | 0.61%             | 2026-09-06      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                | BDS 2024-FL13 LLC                                                               | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100057.00    | 0.27%             | 2039-09-19      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BDS Ltd                                                | BDS 2025-FL16 LLC                                                               | CUSIP: 05556XAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    110335 | PA      | $110534.95    | 0.30%             | 2043-06-19      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| BMP Trust                                              | BMP 2024-MF23                                                                   | CUSIP: 05593JAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99968.75     | 0.27%             | 2041-06-15      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| BMP Trust                                              | BMP 2024-MF23                                                                   | CUSIP: 05593JAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100000.00    | 0.27%             | 2041-06-15      | Floating      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                                     | BSPRT 2024-FL11 Issuer LLC                                                      | CUSIP: 05613RAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100436.81    | 0.27%             | 2039-07-15      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                       | Bain Capital Credit CLO 2020-3 Ltd                                              | CUSIP: 05684CBL8<br>LEI: 2549002RK7W6TK0Q0E16 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $199537.20    | 0.53%             | 2034-10-23      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                       | Bain Capital Credit CLO 2021-4 Ltd                                              | CUSIP: 05685ABG2<br>LEI: 254900YJBP8866ZPO033 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $199904.20    | 0.53%             | 2034-10-20      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                   | Bank of America Corp                                                            | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    215000 | PA      | $199153.52    | 0.53%             | 2037-03-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Bank5                                                  | BANK5 2025-5YR17                                                                | CUSIP: 06211GAP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     65849 | PA      | $67186.03     | 0.18%             | 2058-11-15      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| Bank                                                   | BANK 2023-BNK46                                                                 | CUSIP: 06541DBT0<br>LEI: 549300664283JRAXM588 | Long             | ABS-MBS          | CORP              | US        |     93513 | PA      | $97963.58     | 0.26%             | 2056-08-15      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| Bank5                                                  | BANK5 2026-5YR20                                                                | CUSIP: 06650JAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20593 | PA      | $20890.95     | 0.06%             | 2059-02-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BACARDI LTD                                            | Bacardi Ltd                                                                     | CUSIP: 067316AG4<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |    115000 | PA      | $106566.21    | 0.28%             | 2038-05-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC                                           | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $223594.11    | 0.60%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| Bayview Financial Revolving Mortgage Loan Trust        | Bayview Financial Revolving Asset Trust 2005-E                                  | CUSIP: 073250BW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20636 | PA      | $50806.73     | 0.14%             | 2040-12-28      | Floating      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                                | Beach Acquisition Bidco LLC                                                     | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    210809 | PA      | $224515.23    | 0.60%             | 2033-07-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                   | BERKS CNTY PA MUNI AUTH                                                         | CUSIP: 084538JJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    189000 | PA      | $158660.91    | 0.42%             | 2039-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                   | BERKS CNTY PA MUNI AUTH                                                         | CUSIP: 084538JL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     99000 | PA      | $55039.15     | 0.15%             | 2044-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                  | Black Diamond Clo 2019-2 Ltd                                                    | CUSIP: 09204GAM1<br>LEI: 254900MIPS4I29O2I690 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250089.25    | 0.67%             | 2032-07-23      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                              | Boeing Co/The                                                                   | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34053.45     | 0.09%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                              | Boeing Co/The                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    159000 | PA      | $153709.50    | 0.41%             | 2050-05-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                          | Boeing Co/The                                                                   | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     17000 | PA      | $18518.82     | 0.05%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                          | Boeing Co/The                                                                   | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     32000 | PA      | $35218.40     | 0.09%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                         | Bombardier Inc                                                                  | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $103831.70    | 0.28%             | 2029-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                   | Boston Properties LP                                                            | CUSIP: 10112RBE3<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    209000 | PA      | $179347.14    | 0.48%             | 2032-04-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                   | Boston Properties LP                                                            | CUSIP: 10112RBJ2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    122000 | PA      | $121330.23    | 0.32%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                               | BRIDGEVIEW IL                                                                   | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $182007.42    | 0.49%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                           | Broadcom Inc                                                                    | CUSIP: 11135FAS0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     96000 | PA      | $93479.70     | 0.25%             | 2032-11-15      | Fixed         | 4.30%                 | 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        |     78011 | PA      | $77804.09     | 0.21%             | 2039-09-15      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                               | BX Commercial Mortgage Trust 2025-BCAT                                          | CUSIP: 12433HAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95828 | PA      | $95708.69     | 0.26%             | 2042-08-15      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                               | BX Commercial Mortgage Trust 2025-BCAT                                          | CUSIP: 12433HAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95828 | PA      | $96008.42     | 0.26%             | 2042-08-15      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                 | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $140171.79    | 0.37%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CBRE SERVICES INC                                      | CBRE Services Inc                                                               | CUSIP: 12505BAG5<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |    105000 | PA      | $109305.75    | 0.29%             | 2034-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                       | COLT 2024-2 Mortgage Loan Trust                                                 | CUSIP: 12665LAA2<br>LEI: 213800Z2Q6LED8DB8K38 | Long             | ABS-MBS          | CORP              | US        |     52467 | PA      | $52759.76     | 0.14%             | 2069-04-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                                    | COMM 2024-CBM Mortgage Trust                                                    | CUSIP: 12674GAG9<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |    187500 | PA      | $190405.80    | 0.51%             | 2041-12-10      | Variable      | 6.51%                 | Yes           |                  2 | On Loan: No      |
| California Public Finance Authority                    | CALIFORNIA PUBLIC FIN AUTH REVENUE                                              | CUSIP: 13057EKC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102078.34    | 0.27%             | 2031-11-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Cathedral Lake LTD                                     | Cathedral Lake VI Ltd                                                           | CUSIP: 14919LAW4<br>LEI: 254900VBMJ6DSB3ZGA63 | Long             | ABS-CBDO         | CORP              | KY        |    115086 | PA      | $115110.63    | 0.31%             | 2034-04-25      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| CELLNEX FINANCE                                        | Cellnex Finance Co SA                                                           | CUSIP: 15118JAA3<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $158024.75    | 0.42%             | 2041-07-07      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                                 | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL       | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    199000 | PA      | $193613.87    | 0.52%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                               | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    176000 | PA      | $112039.75    | 0.30%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                            | Chemours Co/The                                                                 | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45545.73     | 0.12%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CHEMOURS CO                                            | Chemours Co/The                                                                 | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60327.66     | 0.16%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CHEMOURS CO                                            | Chemours Co/The                                                                 | CUSIP: 163851AL2<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17994.77     | 0.05%             | 2034-03-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                               | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    143000 | PA      | $147293.07    | 0.39%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                          | Citigroup Inc                                                                   | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    182000 | PA      | $183284.56    | 0.49%             | 2030-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                       | COLT 2024-5 Mortgage Loan Trust                                                 | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |     74974 | PA      | $74856.82     | 0.20%             | 2069-08-25      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                       | COLT 2024-1 Mortgage Loan Trust                                                 | CUSIP: 19688TAA3<br>LEI: 2138001HZNOLT1K3WY73 | Long             | ABS-MBS          | CORP              | US        |     69520 | PA      | $69683.63     | 0.19%             | 2069-02-25      | Variable      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                       | COLT 2025-1                                                                     | CUSIP: 196920AC6<br>LEI: 21380069FFOP8RZNF423 | Long             | ABS-MBS          | CORP              | US        |     77727 | PA      | $78143.30     | 0.21%             | 2070-01-25      | Variable      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| CONSUMERS 23 SECURE FUND                               | Consumers 2023 Securitization Funding LLC                                       | CUSIP: 21071BAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     24113 | PA      | $24302.51     | 0.06%             | 2028-03-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                               | Corebridge Financial Inc                                                        | CUSIP: 21871XAK5<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16436.58     | 0.04%             | 2042-04-05      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                               | Corebridge Financial Inc                                                        | CUSIP: 21871XAM1<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     60000 | PA      | $46737.87     | 0.12%             | 2052-04-05      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                               | Corebridge Financial Inc                                                        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151135.54    | 0.40%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Crest Ltd                                              | CREST 2004-1 Ltd                                                                | CUSIP: 22608WAR0<br>LEI: 549300MJZTHEPDTYM573 | Long             | ABS-CBDO         | CORP              | KY        |    933316 | PA      | $9.33         | 0.00%             | 2040-01-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                             | Dwight 2025-FL1 Issuer LLC                                                      | CUSIP: 233636AC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    111500 | PA      | $111940.76    | 0.30%             | 2042-06-18      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                                  | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    274000 | PA      | $249045.92    | 0.66%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                               | Capital One Financial Corp                                                      | CUSIP: 254709AS7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    161000 | PA      | $174918.24    | 0.47%             | 2032-11-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                | Dryden 104 CLO Ltd                                                              | CUSIP: 26253BAS3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250028.00    | 0.67%             | 2034-08-20      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                | Dryden 113 CLO Ltd                                                              | CUSIP: 26253EBM9<br>LEI: 254900XN9Y85HJGYJ219 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $249641.75    | 0.67%             | 2037-10-15      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Elm CLO Ltd                                            | ELM Trust 2024-ELM                                                              | CUSIP: 26860XBE0<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100035.54    | 0.27%             | 2039-06-10      | Variable      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| ENI SPA                                                | Eni SpA                                                                         | CUSIP: 26874RAN8<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $204868.62    | 0.55%             | 2034-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP                                               | EQT Corp                                                                        | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    190000 | PA      | $191130.17    | 0.51%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                               | Eagle Funding Luxco Sarl                                                        | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    250000 | PA      | $251312.50    | 0.67%             | 2030-08-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                                           | Enbridge Inc                                                                    | CUSIP: 29250NAZ8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $142965.21    | 0.38%             | 2029-11-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                           | Enbridge Inc                                                                    | CUSIP: 29250NBF1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    170000 | PA      | $144427.39    | 0.39%             | 2033-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                           | Enbridge Inc                                                                    | CUSIP: 29250NCC7<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    109000 | PA      | $112432.33    | 0.30%             | 2034-04-05      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                     | Energy Transfer LP                                                              | CUSIP: 29273VBK5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    134000 | PA      | $133069.36    | 0.36%             | 2036-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                   | ENEL Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $225195.56    | 0.60%             | 2032-10-14      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| EQT Trust 2024-EXTR                                    | EQT Trust 2024-EXTR                                                             | CUSIP: 29439DAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100911.27    | 0.27%             | 2041-07-05      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| EQT Trust 2024-EXTR                                    | EQT Trust 2024-EXTR                                                             | CUSIP: 29439DAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100753.03    | 0.27%             | 2041-07-05      | Variable      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Escambia County Health Facilities Authority            | ESCAMBIA CNTY FL HLTH FACS AUTH                                                 | CUSIP: 296110GG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $218656.53    | 0.58%             | 2040-08-15      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                               | Fortescue Treasury Pty Ltd                                                      | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     96000 | PA      | $90705.07     | 0.24%             | 2031-04-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                 | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BB7<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    283000 | PA      | $284063.20    | 0.76%             | 2028-04-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                 | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BJ0<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $13966.50     | 0.04%             | 2031-03-03      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                                               | CUSIP: 3136ABC35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16360 | PA      | $1058.33      | 0.00%             | 2033-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31371KML2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4238 | PA      | $4388.82      | 0.01%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.       | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FVNJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    108942 | PA      | $4321.19      | 0.01%             | 2030-06-25      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31405JSG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1880 | PA      | $1891.43      | 0.01%             | 2034-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                             | GLS Auto Receivables Issuer Trust 2026-1                                        | CUSIP: 36274AAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63000 | PA      | $62941.11     | 0.17%             | 2028-11-15      | Fixed         | 4.04%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                   | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     88000 | PA      | $80095.37     | 0.21%             | 2031-04-27      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                    | Global Payments Inc                                                             | CUSIP: 37940XAD4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    120000 | PA      | $109684.79    | 0.29%             | 2030-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    148000 | PA      | $133666.03    | 0.36%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                      | HSBC Holdings PLC                                                               | CUSIP: 404280CQ0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $182177.58    | 0.49%             | 2031-03-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                  | HUB International Ltd                                                           | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153660.60    | 0.41%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| HUMANA INC                                             | Humana Inc                                                                      | CUSIP: 444859BV3<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    196000 | PA      | $200269.50    | 0.53%             | 2033-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                | Hyundai Capital America                                                         | CUSIP: 44891ACY1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37676.91     | 0.10%             | 2029-03-19      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Invesco CLO 2022-2, Ltd.                               | Invesco CLO 2022-2 Ltd                                                          | CUSIP: 46145XAQ9<br>LEI: 54930008L2A8UYGN7A86 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $249766.25    | 0.67%             | 2035-07-20      | Floating      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                    | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     81000 | PA      | $75473.66     | 0.20%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    103000 | PA      | $104500.50    | 0.28%             | 2033-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| JAPAN TOBACCO INC                                      | Japan Tobacco Inc                                                               | CUSIP: 471105AE6<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |    150000 | PA      | $157408.62    | 0.42%             | 2035-06-15      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| JBS NV/USA FOODS/FOOD CO                               | JBS NV/JBS USA Foods Group Holdings Inc/JBS USA Food Co Holdings                | CUSIP: 472140AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     58000 | PA      | $60207.71     | 0.16%             | 2035-04-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                                | Jefferies Financial Group Inc                                                   | CUSIP: 47233WLL1<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    230000 | PA      | $220752.64    | 0.59%             | 2036-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL PWR & LT                                | Jersey Central Power & Light Co                                                 | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |     34000 | PA      | $30543.24     | 0.08%             | 2032-03-01      | Fixed         | 2.75%                 | 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        |     54000 | PA      | $53260.45     | 0.14%             | 2056-02-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                                      | KREF 2021-FL2 Ltd                                                               | CUSIP: 48275RAJ6<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    163000 | PA      | $161456.55    | 0.43%             | 2039-02-15      | Floating      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                       | LPL Holdings Inc                                                                | CUSIP: 50212YAF1<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    141000 | PA      | $134874.43    | 0.36%             | 2031-05-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                       | LPL Holdings Inc                                                                | CUSIP: 50212YAQ7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     89000 | PA      | $88647.80     | 0.24%             | 2035-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LRECS 2025-CRE1 LLC                                    | LRECS 2025-CRE1 LLC                                                             | CUSIP: 50230AAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100085.41    | 0.27%             | 2043-08-19      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                   | Las Vegas Sands Corp                                                            | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     58000 | PA      | $58755.26     | 0.16%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd.                        | LoanCore 2025 2025-CRE8 Issuer LLC                                              | CUSIP: 53947FAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    117500 | PA      | $117527.08    | 0.31%             | 2042-08-17      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL16                                                                   | CUSIP: 55287EAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100429.79    | 0.27%             | 2039-11-18      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL16                                                                   | CUSIP: 55287EAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    120000 | PA      | $120501.14    | 0.32%             | 2039-11-18      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2025-FL17 LLC                                                               | CUSIP: 55287HAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100057.40    | 0.27%             | 2040-02-18      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2025-FL17 LLC                                                               | CUSIP: 55287HAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100057.10    | 0.27%             | 2040-02-18      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio               | MFS Institutional Money Market Portfolio                                        | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | EC               | RF                | US        |    446227 | NS      | $446227.41    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MSWF Commercial Mortgage Trust                         | MSWF Commercial Mortgage Trust 2023-2                                           | CUSIP: 55361AAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     73785 | PA      | $78266.58     | 0.21%             | 2056-12-15      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                         | MSWF Commercial Mortgage Trust 2023-2                                           | CUSIP: 55361AAX2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50728 | PA      | $54388.29     | 0.15%             | 2056-12-15      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL14 LLC                                                               | CUSIP: 55416AAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100169.70    | 0.27%             | 2039-03-19      | Floating      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                                    | Macquarie Group Ltd                                                             | CUSIP: 55608JBE7<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    104000 | PA      | $100855.23    | 0.27%             | 2033-06-21      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                               | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $130892.85    | 0.35%             | 2031-03-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency               | MASSACHUSETTS ST DEV FIN AGY REVENUE                                            | CUSIP: 57585BTH1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    130000 | PA      | $132893.40    | 0.35%             | 2035-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL15                                                                   | CUSIP: 58003MAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100079.30    | 0.27%             | 2041-08-18      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL15                                                                   | CUSIP: 58003MAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100078.80    | 0.27%             | 2041-08-18      | Floating      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2025-FL20 LLC                                                               | CUSIP: 59319CAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    121403 | PA      | $121814.75    | 0.33%             | 2043-02-18      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                         | Morgan Stanley                                                                  | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25445.73     | 0.07%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                         | Morgan Stanley                                                                  | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     59000 | PA      | $59864.90     | 0.16%             | 2034-07-21      | Fixed         | 5.42%                 | 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        |     67064 | PA      | $67402.41     | 0.18%             | 2068-12-25      | Variable      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust         | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM5                        | CUSIP: 61779BAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85994 | PA      | $86096.01     | 0.23%             | 2070-07-25      | Variable      | 5.44%                 | 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        |     93248 | PA      | $93052.73     | 0.25%             | 2070-09-25      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust         | Morgan Stanley Residential Mortgage Loan Trust 2026-NQM2                        | CUSIP: 617949AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    139260 | PA      | $137919.79    | 0.37%             | 2071-01-26      | Variable      | 4.73%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                    | NCL Corp Ltd                                                                    | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    110000 | PA      | $109165.40    | 0.29%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NTT FINANCE CORP                                       | NTT Finance Corp                                                                | CUSIP: 62954WAV7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $202845.93    | 0.54%             | 2035-07-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority               | NATIONAL FIN AUTH NH UTL REV                                                    | CUSIP: 63610HAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $245719.17    | 0.66%             | 2034-04-01      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                    | New Residential Mortgage Loan Trust 2026-NQM4                                   | CUSIP: 64790AAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99456.25     | 0.27%             | 2066-02-25      | Variable      | 5.00%                 | 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        |    126339 | PA      | $127168.18    | 0.34%             | 2064-03-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                    | New Residential Mortgage Loan Trust 2026-NQM2                                   | CUSIP: 64832MAE1<br>LEI: 213800ZF5DPBUAR45104 | Long             | ABS-MBS          | CORP              | US        |     98945 | PA      | $97944.43     | 0.26%             | 2065-12-25      | Variable      | 4.74%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                    | New Residential Mortgage Loan Trust 2026-NQM3                                   | CUSIP: 64832PAE4<br>LEI: 213800BXPAJOYIE7S264 | Long             | ABS-MBS          | CORP              | US        |    193504 | PA      | $191672.48    | 0.51%             | 2066-02-25      | Variable      | 4.83%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                                 | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102916.60    | 0.27%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                  | Nippon Life Insurance Co                                                        | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206215.20    | 0.55%             | 2055-04-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NORTHERN STAR RESOU                                    | Northern Star Resources Ltd                                                     | CUSIP: 66573RAA6<br>LEI: 254900XFXCRYYZAX6M78 | Long             | DBT              | CORP              | AU        |    163000 | PA      | $168333.38    | 0.45%             | 2033-04-11      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Northwoods Capital Ltd                                 | Northwoods Capital XIV-B Ltd                                                    | CUSIP: 66860CAN3<br>LEI: 549300QQDSTCZ860F679 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250034.75    | 0.67%             | 2031-11-13      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM3 Trust                                                             | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |     53100 | PA      | $53366.02     | 0.14%             | 2063-12-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM14 Trust                                                            | CUSIP: 67119XAC8<br>LEI: 254900C7ZCEHM7Y5MX79 | Long             | ABS-MBS          | CORP              | US        |     62027 | PA      | $61885.17     | 0.17%             | 2064-09-25      | Variable      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM13 Trust                                                            | CUSIP: 67121UAA4<br>LEI: 254900FPAGVH6E25VL74 | Long             | ABS-MBS          | CORP              | US        |     77879 | PA      | $78121.23     | 0.21%             | 2065-05-25      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM16 Trust                                                            | CUSIP: 67122DAC7<br>LEI: 254900WI6P4MRT24JH23 | Long             | ABS-MBS          | CORP              | US        |     89016 | PA      | $88570.56     | 0.24%             | 2065-08-25      | Variable      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM1 Trust                                                             | CUSIP: 673914AC1<br>LEI: 2549007E8KF1RJ2ZV866 | Long             | ABS-MBS          | CORP              | US        |     76053 | PA      | $76350.02     | 0.20%             | 2064-12-25      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM14 Trust                                                            | CUSIP: 673924AC0<br>LEI: 254900T4WKE0IYMYAI09 | Long             | ABS-MBS          | CORP              | US        |     80883 | PA      | $80790.45     | 0.22%             | 2065-07-25      | Variable      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Octagon 57 Ltd                                         | Octagon 57 Ltd                                                                  | CUSIP: 67592XAS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249381.50    | 0.67%             | 2034-10-15      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                 | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                                        | CUSIP: 67884XCP0<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |     34000 | PA      | $33823.01     | 0.09%             | 2028-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                            | Oracle Corp                                                                     | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46899.75     | 0.13%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                            | Oracle Corp                                                                     | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     37000 | PA      | $31127.02     | 0.08%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                            | Oracle Corp                                                                     | CUSIP: 68389XDZ5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     76000 | PA      | $73073.11     | 0.20%             | 2036-02-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PFP III                                                | PFP 2024-11 Ltd                                                                 | CUSIP: 69291WAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    271725 | PA      | $272228.15    | 0.73%             | 2039-09-17      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| PMT Loan Trust                                         | PMT Loan Trust 2025-INV10                                                       | CUSIP: 69383EBK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     91880 | PA      | $92275.88     | 0.25%             | 2056-10-01      | Floating      | 5.01%                 | Yes           |                  2 | On Loan: No      |
| PMT Loan Trust                                         | PMT Loan Trust 2026-INV2                                                        | CUSIP: 69383NBM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    192168 | PA      | $191907.25    | 0.51%             | 2057-01-25      | Floating      | 4.81%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                 | Pacific Gas and Electric Co                                                     | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $165297.92    | 0.44%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                         | Palmer Square Loan Funding 2024-3 Ltd                                           | CUSIP: 69690EAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249716.75    | 0.67%             | 2032-08-08      | Floating      | 4.81%                 | Yes           |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                  | Panther Escrow Issuer LLC                                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100335.90    | 0.27%             | 2031-06-01      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                                 | Patrick Industries Inc                                                          | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    175000 | PA      | $170205.44    | 0.45%             | 2029-05-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                               | Performance Food Group Inc                                                      | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    116000 | PA      | $116214.25    | 0.31%             | 2032-09-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| PFP III                                                | PFP 2026-13 Ltd                                                                 | CUSIP: 716966AE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $100222.30    | 0.27%             | 2043-08-18      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                 | Philip Morris International Inc                                                 | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    146000 | PA      | $153696.98    | 0.41%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                               | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $130081.99    | 0.35%             | 2030-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                         | PMT Loan Trust 2026-INV1                                                        | CUSIP: 73015LBP7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97969 | PA      | $98181.41     | 0.26%             | 2057-01-25      | Floating      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| Port of Beaumont Industrial Development Authority      | PORT BEAUMONT TX INDL DEV AUTH                                                  | CUSIP: 73358SAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $222732.69    | 0.59%             | 2028-01-01      | Fixed         | 4.10%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS INC                                      | Post Holdings Inc                                                               | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96000.47     | 0.26%             | 2030-04-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS INC                                      | Post Holdings Inc                                                               | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     78000 | PA      | $76378.08     | 0.20%             | 2034-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                       | Provident Funding Mortgage Trust 2025-5                                         | CUSIP: 74388RAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    167080 | PA      | $167245.70    | 0.45%             | 2055-11-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                               | PUBLIC FIN AUTH WI REVENUE                                                      | CUSIP: 74442PQ65<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65463.81     | 0.17%             | 2060-07-01      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE                               | CUSIP: 74529JQY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    174000 | PA      | $150906.30    | 0.40%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                  | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    126000 | PA      | $127764.38    | 0.34%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                     | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    166000 | PA      | $175460.28    | 0.47%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                               | Rogers Communications Inc                                                       | CUSIP: 775109CK5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     58000 | PA      | $45810.72     | 0.12%             | 2052-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                | Royal Caribbean Cruises Ltd                                                     | CUSIP: 78017TAC7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     68000 | PA      | $65658.11     | 0.18%             | 2033-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SHR Trust                                              | SHR Trust 2024-LXRY                                                             | CUSIP: 784234AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    159636 | PA      | $159236.91    | 0.43%             | 2041-10-15      | Floating      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| SALESFORCE INC                                         | Salesforce Inc                                                                  | CUSIP: 79466LAT1<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     76000 | PA      | $75870.21     | 0.20%             | 2033-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                         | Salesforce Inc                                                                  | CUSIP: 79466LAU8<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    133000 | PA      | $132586.29    | 0.35%             | 2036-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                         | Salesforce Inc                                                                  | CUSIP: 79466LAV6<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     76000 | PA      | $76526.14     | 0.20%             | 2046-03-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                                | Sammons Financial Group Inc                                                     | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |    210000 | PA      | $222340.76    | 0.59%             | 2034-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust 2025-1                                   | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44731 | PA      | $44811.55     | 0.12%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| SANTOS FINANCE LTD                                     | Santos Finance Ltd                                                              | CUSIP: 803014AB5<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |    102000 | PA      | $111050.87    | 0.30%             | 2033-09-19      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| SANTOS FINANCE LTD                                     | Santos Finance Ltd                                                              | CUSIP: 803014AC3<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |    171000 | PA      | $171396.43    | 0.46%             | 2035-11-13      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                    | Charles Schwab Corp/The                                                         | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     86000 | PA      | $85054.00     | 0.23%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                    | Charles Schwab Corp/The                                                         | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    155000 | PA      | $164980.02    | 0.44%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Shackleton CLO LTD                                     | Shackleton 2015-VII-R CLO Ltd                                                   | CUSIP: 81883AAU3<br>LEI: 549300NCJRO2LKFZ8G86 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249993.75    | 0.67%             | 2031-07-15      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG                                 | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $112728.59    | 0.30%             | 2032-05-01      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| SNAP INC                                               | Snap Inc                                                                        | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    136000 | PA      | $128420.75    | 0.34%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust 2025-A                   | CUSIP: 858928AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     49586 | PA      | $49666.13     | 0.13%             | 2027-07-20      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| STORE Master Funding LLC                               | Store Master Funding I-VII XIV XIX XX XXIV XXII                                 | CUSIP: 86212XAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99042 | PA      | $99923.13     | 0.27%             | 2054-05-20      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| STORE Master Funding LLC                               | Store Master Funding I-VII XIV XIX XX XXIV XXII                                 | CUSIP: 86212XAP5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99042 | PA      | $100645.32    | 0.27%             | 2054-05-20      | Fixed         | 5.94%                 | 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        |    100000 | PA      | $99978.11     | 0.27%             | 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        |    117037 | PA      | $115238.89    | 0.31%             | 2055-08-25      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                               | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $64897.29     | 0.17%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                               | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     67000 | PA      | $63496.24     | 0.17%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                   | Targa Resources Corp                                                            | CUSIP: 87612GAB7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     82000 | PA      | $68551.65     | 0.18%             | 2052-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                   | Targa Resources Corp                                                            | CUSIP: 87612GAS0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    114000 | PA      | $113167.59    | 0.30%             | 2036-07-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                                  | Time Warner Cable LLC                                                           | CUSIP: 88732JBD9<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     77000 | PA      | $57823.01     | 0.15%             | 2042-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TOLEDO HOSPITAL/THE                                    | Toledo Hospital/The                                                             | CUSIP: 889184AC1<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |    239000 | PA      | $241107.99    | 0.64%             | 2028-11-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| TOLEDO HOSPITAL/THE                                    | Toledo Hospital/The                                                             | CUSIP: 889184AD9<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |     89000 | PA      | $89091.60     | 0.24%             | 2038-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                                  | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    132000 | PA      | $110331.70    | 0.29%             | 2029-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                                  | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     46000 | PA      | $32606.40     | 0.09%             | 2031-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                                          | TransDigm Inc                                                                   | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    175000 | PA      | $171941.71    | 0.46%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                          | TransDigm Inc                                                                   | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24866.71     | 0.07%             | 2033-05-31      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                       | Trinitas CLO XV Ltd                                                             | CUSIP: 89641XAS4<br>LEI: 254900ZVDNHQAUJNHH42 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248171.00    | 0.66%             | 2034-04-22      | Floating      | 5.72%                 | 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        |     72000 | PA      | $70497.28     | 0.19%             | 2033-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                  | Truist Financial Corp                                                           | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    160000 | PA      | $165046.92    | 0.44%             | 2035-01-24      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                 | Turkiye Government International Bonds                                          | CUSIP: 900123AY6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    107000 | PA      | $102468.44    | 0.27%             | 2036-03-17      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS INC                                        | Tyson Foods Inc                                                                 | CUSIP: 902494BN2<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |     47000 | PA      | $45909.88     | 0.12%             | 2036-02-20      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                           | UBS Group AG                                                                    | CUSIP: 902613AD0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $176439.82    | 0.47%             | 2031-02-10      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                                           | UBS Group AG                                                                    | CUSIP: 902613BS6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $194415.59    | 0.52%             | 2035-02-05      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                          | UBS Commercial Mortgage Trust 2017-C7                                           | CUSIP: 90276WAS6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155000 | PA      | $152955.19    | 0.41%             | 2050-12-15      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $36159.38     | 0.10%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $582968.75    | 1.56%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $52617.19     | 0.14%             | 2053-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    817000 | PA      | $771139.49    | 2.06%             | 2043-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $291691.41    | 0.78%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $938570.31    | 2.51%             | 2043-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $1119726.56   | 2.99%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1635000 | PA      | $1563532.61   | 4.17%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $420398.44    | 1.12%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $253251.95    | 0.68%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    280000 | PA      | $279081.25    | 0.75%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CHQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $453093.75    | 1.21%             | 2028-07-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CKX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $253027.35    | 0.68%             | 2029-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    855000 | PA      | $854064.84    | 2.28%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CNX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $296320.31    | 0.79%             | 2030-08-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                | VZ Secured Financing BV                                                         | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $171439.20    | 0.46%             | 2032-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Venture CLO 43 Limited                                 | Venture 43 CLO Ltd                                                              | CUSIP: 92290CBF5<br>LEI: 549300OLN5VHTMLSN650 | Long             | ABS-CBDO         | CORP              | KY        |    194468 | PA      | $193598.73    | 0.52%             | 2034-04-15      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                 | Venture Global LNG Inc                                                          | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    205000 | PA      | $209315.87    | 0.56%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                             | Verus Securitization Trust 2024-2                                               | CUSIP: 92539UAA8<br>LEI: 213800KSJFZ5H8FZ7C61 | Long             | ABS-MBS          | CORP              | US        |     44602 | PA      | $44834.67     | 0.12%             | 2069-02-25      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                             | Verus Securitization Trust 2024-1                                               | CUSIP: 92540EAA1<br>LEI: 984500A3F1D749452747 | Long             | ABS-MBS          | CORP              | US        |     46207 | PA      | $46304.45     | 0.12%             | 2069-01-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                             | Verus Securitization Trust 2024-8                                               | CUSIP: 92540PAA6<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |     70595 | PA      | $70701.45     | 0.19%             | 2069-10-25      | Variable      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| VIRGINIA POWER FUEL SEC                                | Virginia Power Fuel Securitization LLC                                          | CUSIP: 92808VAA0<br>LEI: 254900BELJ95ONW6U791 | Long             | DBT              | CORP              | US        |     25492 | PA      | $25613.59     | 0.07%             | 2027-05-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY LP                                      | Vornado Realty LP                                                               | CUSIP: 929043AN7<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |    156000 | PA      | $152977.91    | 0.41%             | 2033-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                           | Voya 2012-4 Ltd                                                                 | CUSIP: 92916GBH6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250163.75    | 0.67%             | 2030-10-15      | Floating      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                                   | Wabash National Corp                                                            | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |     82000 | PA      | $71840.77     | 0.19%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                  | Wells Fargo & Co                                                                | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    429000 | PA      | $393901.67    | 1.05%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                                 | Westinghouse Air Brake Technologies Corp                                        | CUSIP: 960386AM2<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |    304000 | PA      | $304891.54    | 0.81%             | 2028-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                 | Nigeria Government International Bonds                                          | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $195846.34    | 0.52%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US ULTRA BOND CBT JUN26                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         5 | NC      | $-16542.59    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                 | US 5YR NOTE (CBT) JUN26                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        15 | NC      | $-18435.76    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                 | US 2YR NOTE (CBT) JUN26                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        16 | NC      | $-25307.11    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer