# EDGAR Filing Document

**Accession Number:** 0000920547
**File Stem:** 0001193125-26-076408
**Filing Date:** 2026-2
**Character Count:** 107565
**Document Hash:** 3bb07b2234022f3d35a99c14c4174e60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-076408.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001193125-26-076408

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOUCHSTONE VARIABLE SERIES TRUST
- **CENTRAL INDEX KEY:** 0000920547

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08416
- **FILM NUMBER:** 26687309

**BUSINESS ADDRESS:**
- **STREET 1:** 303 BROADWAY
- **STREET 2:** SUITE 1100
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202-4203
- **BUSINESS PHONE:** 513-362-8000

**MAIL ADDRESS:**
- **STREET 1:** 303 BROADWAY
- **STREET 2:** SUITE 1100
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202-4203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SELECT ADVISORS VARIABLE INSURANCE TRUST
- **DATE OF NAME CHANGE:** 19950912

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IFS VARIABLE INSURANCE TRUST
- **DATE OF NAME CHANGE:** 19940318

## Series and Classes Contracts Data

### Touchstone Bond Fund (Series ID: S000059067)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000193690 | Touchstone Bond Fund - Class I |  |
| C000213075 | Class SC                       |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Touchstone Variable Series Trust

- **b. Investment Company Act file number:** 811-08416

- **c. CIK number of Registrant:** 0000920547

- **d. LEI of Registrant:** 549300PPYZ5OV9N1T150

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

  - **Street Address 1:** 303 Broadway

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45202

  - **Telephone number:** 8006388194

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

- **a. Name of Series:** Touchstone Variable Series Trust-Touchstone Bond Fund

- **b. EDGAR series identifier (if any):** S000059067

- **c. LEI of Series:** 54930015RF6Y0VBDNM85

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $49775907.52

**Total Liabilities:** $1191934.77

**Net Assets:** $48583972.75

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 570.146839264481 | **1-Year:** 1190.181858223035 | **5-Year:** 4984.819688605716 | **10-Year:** 6656.136201052371 | **30-Year:** 3515.756647413618

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

- **3-Month:** 30.975648177901 | **1-Year:** 60.436087069754 | **5-Year:** 74.500534155325 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000193690 | 0.56%                | 0.88%                | -0.25%               |
| Class ID C000213075 | 0.56%                | 0.78%                | -0.24%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $115998.02               | $-17021.75                                 |
| Month 2  | $-16858.19               | $207500.30                                 |
| Month 3  | $28079.67                | $-308735.89                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Short-Term Invts T                                                                   | Short-Term Invts T INVSCO GOVT INST                 | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   1057589 | NS      | $1057589.20   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Mars Inc.                                                                            | MARS 3.6 04/01/34 144A                              | CUSIP: 571676AC9<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32337.89     | 0.07%             | 2034-04-01      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| PNC Capital Trust C                                                                  | PNC F 06/01/28                                      | CUSIP: 69349AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $133844.26    | 0.28%             | 2028-06-01      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Pernod Ricard International Finance Llc                                              | RIFP 1.625 04/01/31 144A                            | CUSIP: 71427QAB4<br>LEI: 5493009254WI1A8WXT48 | Long             | DBT              | CORP              | US        |    220000 | PA      | $191433.06    | 0.39%             | 2031-04-01      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.375 02/15/33                                   | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    188000 | PA      | $196916.88    | 0.41%             | 2033-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 6.4 03/15/54                                    | CUSIP: 75513ECX7<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     84000 | PA      | $92705.28     | 0.19%             | 2054-03-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| SBL Holdings Inc.                                                                    | SECBEN V9.508 PERP 144A                             | CUSIP: 78397DAA6<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17339.98     | 0.04%             | N/A             | Floating      | 9.51%                 | Yes           |                  2 | On Loan: No      |
| Westrock MWV LLC                                                                     | SW 8.2 01/15/30                                     | CUSIP: 961548AV6<br>LEI: 4DL8C98Z5G5IXZLH3578 | Long             | DBT              | CORP              | US        |     39000 | PA      | $44414.80     | 0.09%             | 2030-01-15      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)  | AER 3 10/29/28                                      | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    136000 | PA      | $131896.74    | 0.27%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Calpine Corporation                                                                  | CPN 5 02/01/31 144A                                 | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     88000 | PA      | $89379.93     | 0.18%             | 2031-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                 | ELV 4.75 02/15/33                                   | CUSIP: 28622HAB7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    136000 | PA      | $136610.22    | 0.28%             | 2033-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AR9195                                           | CUSIP: 3138W7GD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    176616 | PA      | $163642.08    | 0.34%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AT2016                                           | CUSIP: 3138WPG24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    150811 | PA      | $139653.69    | 0.29%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN 725423                                           | CUSIP: 31402C4G4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     98790 | PA      | $101604.18    | 0.21%             | 2034-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN 725610                                           | CUSIP: 31402DDP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     87864 | PA      | $90144.21     | 0.19%             | 2034-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GN 736696                                           | CUSIP: 3620AQNM1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     12256 | PA      | $12212.84     | 0.03%             | 2040-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BC1158                                           | CUSIP: 3140EVJC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    119445 | PA      | $113016.14    | 0.23%             | 2046-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc.                                                               | GILCN 4.7 10/07/30 144A                             | CUSIP: 375916AF0<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |    112000 | PA      | $111549.95    | 0.23%             | 2030-10-07      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB3606                                           | CUSIP: 3140QPAG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    315724 | PA      | $293156.90    | 0.60%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc.                                                               | GILCN 5.4 10/07/35 144A                             | CUSIP: 375916AG8<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |     94000 | PA      | $93918.44     | 0.19%             | 2035-10-07      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB5633                                           | CUSIP: 3140QRHK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    315343 | PA      | $309643.60    | 0.64%             | 2053-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Securities Corp.                                          | WMALT 2005-9 2A4                                    | CUSIP: 93934FEQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18921 | PA      | $17691.65     | 0.04%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                      | SBUX 3.35 03/12/50                                  | CUSIP: 855244AX7<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |     83000 | PA      | $56843.23     | 0.12%             | 2050-03-12      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                     | FN FA2759                                           | CUSIP: 3140W3B57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    317723 | PA      | $322430.46    | 0.66%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRU                                                  | WFCM 2025-5C4 B                                     | CUSIP: 949931AG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220000 | PA      | $231101.20    | 0.48%             | 2058-05-17      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| STORE Capital Corp.                                                                  | STOR 4.625 03/15/29                                 | CUSIP: 862121AB6<br>LEI: 5493004EA6C9IHDZ7N66 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94688.37     | 0.19%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                       | WES 5.25 02/01/50                                   | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    151000 | PA      | $129597.62    | 0.27%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STORE Capital Corp.                                                                  | STOR 2.7 12/01/31                                   | CUSIP: 862121AD2<br>LEI: 5493004EA6C9IHDZ7N66 | Long             | DBT              | CORP              | US        |    102000 | PA      | $90189.84     | 0.19%             | 2031-12-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                     | CP 3 12/02/41                                       | CUSIP: 13645RBG8<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    179000 | PA      | $134177.03    | 0.28%             | 2041-12-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cargill Inc.                                                                         | CARGIL 4.76 11/23/45 144A                           | CUSIP: 141781BF0<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |    116000 | PA      | $105080.66    | 0.22%             | 2045-11-23      | Fixed         | 4.76%                 | Yes           |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 4.8 09/01/28                                    | CUSIP: 22822VBB6<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    181000 | PA      | $183691.00    | 0.38%             | 2028-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2015-51 KC                                      | CUSIP: 3136APJX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      5387 | PA      | $5221.71      | 0.01%             | 2045-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2017-90 KA                                      | CUSIP: 3136AYQK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    149851 | PA      | $142112.12    | 0.29%             | 2047-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FNR 2019-35 KB                                      | CUSIP: 3136B5GY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    450000 | PA      | $375884.60    | 0.77%             | 2049-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2022-16 KB                                      | CUSIP: 3136BMNW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    675000 | PA      | $528298.27    | 1.09%             | 2049-11-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ferguson Enterprises Inc                                                             | FERG 4.35 03/15/31                                  | CUSIP: 31488VAB3<br>LEI: 2138003JYQMRP3SLX189 | Long             | DBT              | CORP              | US        |    172000 | PA      | $171558.64    | 0.35%             | 2031-03-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC F 05/15/27 A                                    | CUSIP: 86787XAA3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    260000 | PA      | $258397.51    | 0.53%             | 2027-05-15      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| The Timken Company                                                                   | TKR 4.5 12/15/28                                    | CUSIP: 887389AK0<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | DBT              | CORP              | US        |    145000 | PA      | $146161.22    | 0.30%             | 2028-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA 4.65 01/05/29 MTN                            | CUSIP: 89236TLL7<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     93000 | PA      | $94751.26     | 0.20%             | 2029-01-05      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| iShares Trust                                                                        | iShares Trust BROAD USD HIGH                        | CUSIP: 46435U853<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     36922 | NS      | $1380698.19   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.875 11/15/35                                 | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    172000 | PA      | $172058.59    | 0.35%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Midwest Connector Capital Company LLC                                                | MWXCAP 4.625 04/01/29 144A                          | CUSIP: 59833CAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    198000 | PA      | $198375.08    | 0.41%             | 2029-04-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Norfolk Southern Corporation                                                         | NSC 4.837 10/01/41                                  | CUSIP: 655844BH0<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    122000 | PA      | $115308.50    | 0.24%             | 2041-10-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Life Insurance Co.                                               | NWMLIC 3.85 09/30/47 144A                           | CUSIP: 668138AA8<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |    198000 | PA      | $154324.02    | 0.32%             | 2047-09-30      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Poland (Republic of)                                                                 | POLAND 5.5 03/18/54 30Y                             | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    103000 | PA      | $98639.60     | 0.20%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                          | RIOLN 5.25 03/14/35                                 | CUSIP: 76720AAU0<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |     88000 | PA      | $90843.00     | 0.19%             | 2035-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                                                  | CHILE 3.1 01/22/61                                  | CUSIP: 168863DQ8<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    150000 | PA      | $92835.00     | 0.19%             | 2061-01-22      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| NGPL Pipe Co LLC                                                                     | NGPLCO 7.768 12/15/37 144A                          | CUSIP: 62912XAC8<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |    148000 | PA      | $172171.09    | 0.35%             | 2037-12-15      | Fixed         | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Commercial Mortgage Trust                                              | CSMC 2013-IVR3 B2                                   | CUSIP: 12646XAX0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     53013 | PA      | $52388.18     | 0.11%             | 2043-05-25      | Variable      | 3.39%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT F 06/15/47                                      | CUSIP: 857477AY9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    245000 | PA      | $218898.16    | 0.45%             | 2047-06-15      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Capital LLC                                                   | CSMC 2015-WIN1 B3                                   | CUSIP: 12649KAW7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     82290 | PA      | $79997.53     | 0.16%             | 2044-12-25      | Variable      | 3.77%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AD9193                                           | CUSIP: 31418XGB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     73330 | PA      | $75491.92     | 0.16%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AE0548                                           | CUSIP: 31419ATE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     47095 | PA      | $47461.86     | 0.10%             | 2040-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AE4429                                           | CUSIP: 31419E4P1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37985 | PA      | $37331.19     | 0.08%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corporation                                                               | CMS V4.75 06/01/50                                  | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    220000 | PA      | $216419.30    | 0.45%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MA1157                                           | CUSIP: 36179NJA7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     60946 | PA      | $57542.42     | 0.12%             | 2043-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CSMC Trust                                                                           | CSMC 2015-1 B3                                      | CUSIP: 12649NAU5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137085 | PA      | $133277.19    | 0.27%             | 2045-01-25      | Variable      | 3.88%                 | Yes           |                  2 | On Loan: No      |
| HONO MORTGAGE TRUST 2021-LULU                                                        | HONO 2021-LULU B                                    | CUSIP: 40390MAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $206870.85    | 0.43%             | 2036-12-15      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4 03/01/48                                    | CUSIP: 20030NCK5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    122000 | PA      | $92064.94     | 0.19%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                              | HYNMTR 5.35 03/19/29 144A                           | CUSIP: 44891ACY1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    119000 | PA      | $122492.08    | 0.25%             | 2029-03-19      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 AD1745                                           | CUSIP: 36180C5E5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     97297 | PA      | $87842.64     | 0.18%             | 2043-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc.                                                                 | AHTLN 4 05/01/28 144A                               | CUSIP: 045054AJ2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    152000 | PA      | $150384.41    | 0.31%             | 2028-05-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V4.967 07/22/33 MTN                             | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    119000 | PA      | $120061.45    | 0.25%             | 2033-07-22      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Operating Partnership Lp                                            | INVH 4.15 04/15/32                                  | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |    182000 | PA      | $177222.30    | 0.36%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.15 11/15/30                                  | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    217000 | PA      | $216308.67    | 0.45%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Jack in the Box Inc.                                                                 | JACK 2022-1A A2I                                    | CUSIP: 466365AD5<br>LEI: 5493002OJW26P0SUUP68 | Long             | ABS-O            | CORP              | US        |    277500 | PA      | $268626.94    | 0.55%             | 2052-02-25      | Fixed         | 3.44%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 4883                                             | CUSIP: 36202FM86<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     40795 | PA      | $41139.73     | 0.08%             | 2040-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 3.419 04/15/33                                 | CUSIP: 11135FCU3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11136.39     | 0.02%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Securities Trust 2018-MINN                       | JPMCC 2018-MINN A                                   | CUSIP: 46650GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $336963.31    | 0.69%             | 2035-11-15      | Floating      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                                                     | BNSF 5.75 05/01/40                                  | CUSIP: 12189LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    142000 | PA      | $150446.83    | 0.31%             | 2040-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 7.95 06/15/39                                   | CUSIP: 674599DH5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    125000 | PA      | $146999.88    | 0.30%             | 2039-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 4853                                             | CUSIP: 36202FMA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     52642 | PA      | $51481.23     | 0.11%             | 2040-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                     | FN FA3851                                           | CUSIP: 3140W4H59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    330000 | PA      | $331092.40    | 0.68%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Power Company                                                                   | AEP 2.9 10/01/51 R                                  | CUSIP: 677415CU3<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |    170000 | PA      | $105127.45    | 0.22%             | 2051-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM4996                                           | CUSIP: 3140X8RS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    257489 | PA      | $212929.69    | 0.44%             | 2050-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                  | ONCRTX 5.8 04/01/55 144A                            | CUSIP: 68233JDA9<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    176000 | PA      | $177703.20    | 0.37%             | 2055-04-01      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 5175                                             | CUSIP: 36202FXC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    161044 | PA      | $162346.17    | 0.33%             | 2041-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM5468                                           | CUSIP: 3140X9CE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127806 | PA      | $121739.83    | 0.25%             | 2036-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                        | OMF 7.125 03/15/26                                  | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2015.15      | 0.00%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM5682                                           | CUSIP: 3140X9J48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    225266 | PA      | $194039.05    | 0.40%             | 2051-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS6157                                           | CUSIP: 3140XMZX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    382745 | PA      | $340035.81    | 0.70%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN 889734                                           | CUSIP: 31410KPT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2483 | PA      | $2597.34      | 0.01%             | 2037-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AB1149                                           | CUSIP: 31416WH39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17109 | PA      | $17613.71     | 0.04%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AB1800                                           | CUSIP: 31416XAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15999 | PA      | $15696.97     | 0.03%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                              | FN MA1175                                           | CUSIP: 31418AJV1<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |     67000 | PA      | $62102.33     | 0.13%             | 2042-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 5.875 11/30/55                                   | CUSIP: 92343VHJ6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     68000 | PA      | $67379.01     | 0.14%             | 2055-11-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA2177                                           | CUSIP: 31418BM37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35220 | PA      | $34949.12     | 0.07%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Videotron LTD/ Videotron LTEE                                                        | QBRCN 3.625 06/15/29 144A                           | CUSIP: 92660FAN4<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |    176000 | PA      | $171274.38    | 0.35%             | 2029-06-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 4.65 02/23/46                                  | CUSIP: 037833BX7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    170000 | PA      | $156591.04    | 0.32%             | 2046-02-23      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| 7-Eleven Inc.                                                                        | SVELEV 1.8 02/10/31 144A                            | CUSIP: 817826AE0<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |    215000 | PA      | $188450.07    | 0.39%             | 2031-02-10      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 5.1 04/11/34 MTN                                 | CUSIP: 24422EXP9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    111000 | PA      | $114976.77    | 0.24%             | 2034-04-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 5.95 04/01/41                                    | CUSIP: 437076AV4<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    114000 | PA      | $122345.58    | 0.25%             | 2041-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust 2014-C25                                  | JPMBB 2014-C25 AS                                   | CUSIP: 46643PBJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105000 | PA      | $101857.35    | 0.21%             | 2047-11-18      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                  | GPN 5.2 11/15/32                                    | CUSIP: 37940XAX0<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    156000 | PA      | $156237.58    | 0.32%             | 2032-11-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                             | JPMMT 2018-8 B3                                     | CUSIP: 46650MBH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263873 | PA      | $244649.81    | 0.50%             | 2049-01-25      | Variable      | 4.04%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V3.691 06/05/28                                  | CUSIP: 38141GWL4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     92000 | PA      | $91518.50     | 0.19%             | 2028-06-05      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.5 05/15/35                                      | CUSIP: 00206RCP5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115483.52    | 0.24%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Jimmy John's Funding Llc                                                             | JIMMY 2017-1A A2II                                  | CUSIP: 47760QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    144375 | PA      | $144267.70    | 0.30%             | 2047-07-30      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V2.615 04/22/32                                  | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    177000 | PA      | $161540.50    | 0.33%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 3.8 12/01/57                                      | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    100000 | PA      | $69053.65     | 0.14%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Jimmy John's Funding Llc                                                             | JIMMY 2022-1A A2I                                   | CUSIP: 47760QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    289500 | PA      | $286932.74    | 0.59%             | 2052-04-30      | Fixed         | 4.08%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V3.509 01/23/29                                 | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    168000 | PA      | $166441.78    | 0.34%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| BMW US Capital, LLC                                                                  | BMW 4.5 08/11/30 144A                               | CUSIP: 05565EDC6<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    162000 | PA      | $162935.19    | 0.34%             | 2030-08-11      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN 5.3 02/15/34                                  | CUSIP: 775109DF5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    161000 | PA      | $162535.43    | 0.33%             | 2034-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.956 05/13/31                                 | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    129000 | PA      | $121794.65    | 0.25%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| BMO 2025-5C10 MORTGAGE TRUST                                                         | BMO 2025-5C10 B                                     | CUSIP: 05615BAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $208687.40    | 0.43%             | 2058-05-17      | Variable      | 6.45%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY V4.969 08/02/30 GMTN                             | CUSIP: 78016HZZ6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    152000 | PA      | $155794.62    | 0.32%             | 2030-08-02      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.946 10/22/35                                 | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41494.40     | 0.09%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bank 2018-Bnk14                                                                      | BANK 2018-BN14 A3                                   | CUSIP: 06035RAR7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    675000 | PA      | $671562.97    | 1.38%             | 2060-09-17      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                       | .SEMT2 2018-CH3 B1B                                 | CUSIP: 81746WCE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    383906 | PA      | $374642.78    | 0.77%             | 2048-08-25      | Variable      | 4.71%                 | Yes           |                  2 | On Loan: No      |
| The Kroger Co.                                                                       | KR 5 04/15/42                                       | CUSIP: 501044CR0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    107000 | PA      | $99999.64     | 0.21%             | 2042-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK39                                                                      | BANK 2022-BNK39 A4                                  | CUSIP: 06539VAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365000 | PA      | $333107.47    | 0.69%             | 2055-02-18      | Variable      | 2.93%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                       | SEMT 2018-CH3 B2B                                   | CUSIP: 81746WCG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    347915 | PA      | $339520.02    | 0.70%             | 2048-08-25      | Variable      | 4.71%                 | Yes           |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.987 10/30/56                                   | CUSIP: 92343VFW9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    170000 | PA      | $101621.77    | 0.21%             | 2056-10-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| BANK 2020-BNK26                                                                      | BANK 2020-BN26 A4                                   | CUSIP: 06540JBG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $261688.23    | 0.54%             | 2063-03-16      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2025-S1                                                       | SEMT 2025-S1 A4                                     | CUSIP: 81749TAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    233138 | PA      | $207826.16    | 0.43%             | 2054-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | KO 2.5 03/15/51                                     | CUSIP: 191216DC1<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    225000 | PA      | $135546.30    | 0.28%             | 2051-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                  | CATMED 4.187 10/01/49                               | CUSIP: 20268JAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    132000 | PA      | $103920.65    | 0.21%             | 2049-10-01      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd                                                    | MCAIRH 6.4 03/26/29 144A                            | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    129000 | PA      | $135272.34    | 0.28%             | 2029-03-26      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.45 05/14/46                                  | CUSIP: 00287YAW9<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    142000 | PA      | $123745.23    | 0.25%             | 2046-05-14      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| DRIVE AUTO RECEIVABLES TRUST                                                         | DRIVE 2025-2 D                                      | CUSIP: 262103AG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $175060.81    | 0.36%             | 2032-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                          | UPS 5.95 05/14/55                                   | CUSIP: 911312CK0<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    160000 | PA      | $165881.28    | 0.34%             | 2055-05-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                                             | DUK 4.15 12/01/44                                   | CUSIP: 26442RAD3<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    178000 | PA      | $148716.52    | 0.31%             | 2044-12-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                             | EDF 4.875 09/21/38 144A                             | CUSIP: 268317AV6<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     62000 | PA      | $57975.94     | 0.12%             | 2038-09-21      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Edison International                                                                 | EIX 4.125 03/15/28                                  | CUSIP: 281020AM9<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    104000 | PA      | $102809.94    | 0.21%             | 2028-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GCAT 2022-NQM2 TRUST                                                                 | GCAT 2022-NQM2 A1                                   | CUSIP: 36169KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190200 | PA      | $189578.01    | 0.39%             | 2067-02-25      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| ELARA HGV TIMESHARE ISSUER LLC                                                       | EHGVT 2019-A B                                      | CUSIP: 28416TAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81312 | PA      | $80856.06     | 0.17%             | 2034-01-25      | Fixed         | 2.91%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 3.1 01/12/32                                     | CUSIP: 37045XDS2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    338000 | PA      | $308504.33    | 0.63%             | 2032-01-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp                                                        | EFNCN 5.037 03/25/30 144A                           | CUSIP: 286181AP7<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    184000 | PA      | $188232.51    | 0.39%             | 2030-03-25      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Georgia Power Company                                                                | SO 5.95 02/01/39                                    | CUSIP: 373334JN2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     67000 | PA      | $71238.10     | 0.15%             | 2039-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HF Sinclair Corp.                                                                    | DINO 5 02/01/28                                     | CUSIP: 403949AQ3<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    128000 | PA      | $128024.74    | 0.26%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust 2015-Jp1                                  | JPMCC 2017-JP7 A5                                   | CUSIP: 465968AE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $345554.76    | 0.71%             | 2050-09-16      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.95 09/26/55                                  | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88976.18     | 0.18%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                          | BRKHEC 5.75 04/01/37                                | CUSIP: 695114CD8<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     64000 | PA      | $64983.23     | 0.13%             | 2037-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co LP / PTL Finance Corp.                                       | PENSKE 5.35 01/12/27 144A                           | CUSIP: 709599BY9<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |     81000 | PA      | $81929.64     | 0.17%             | 2027-01-12      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 2.259 03/25/28                               | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    138000 | PA      | $132826.70    | 0.27%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Indymac Indx Mortgage Loan Trust 2004-Ar14                                           | RAST 2006-A1 1A3                                    | CUSIP: 45660L6K0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     76023 | PA      | $32199.38     | 0.07%             | 2036-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mc Brazil Downstream Trading Sarl                                                    | MCBRAC 7.25 06/30/31 144A                           | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |    174891 | PA      | $153372.22    | 0.32%             | 2031-06-30      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Mattel, Inc.                                                                         | MAT 5.45 11/01/41                                   | CUSIP: 577081AW2<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |    124000 | PA      | $116894.15    | 0.24%             | 2041-11-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance 2018-Mtg1                                          | MELLO 2021-MTG3 A9                                  | CUSIP: 58549RAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    181928 | PA      | $165473.39    | 0.34%             | 2051-07-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Meritage Homes Corp                                                                  | MTH 3.875 04/15/29 144A                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    169000 | PA      | $166095.80    | 0.34%             | 2029-04-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 2.525 06/01/50                                 | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    210000 | PA      | $128887.16    | 0.27%             | 2050-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                               | MU 2.703 04/15/32                                   | CUSIP: 595112BS1<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    102000 | PA      | $91615.49     | 0.19%             | 2032-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| New York Life Global Funding                                                         | NYLIFE 4.55 01/28/33 144A                           | CUSIP: 64952WEZ2<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    138000 | PA      | $137810.75    | 0.28%             | 2033-01-28      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                                         | SHW 4.5 06/01/47                                    | CUSIP: 824348AX4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    151000 | PA      | $129206.09    | 0.27%             | 2047-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Agate Bay Mortgage Trust 2013-1                                                      | ABMT 2013-1 B3                                      | CUSIP: 008414AF1<br>LEI: 549300FEDPP088KAOR45 | Long             | ABS-O            | CORP              | US        |     20877 | PA      | $20428.72     | 0.04%             | 2043-07-25      | Variable      | 3.56%                 | Yes           |                  2 | On Loan: No      |
| Amcor Flexibles North America Inc                                                    | AMCR 2.63 06/19/30                                  | CUSIP: 081437AT2<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |    136000 | PA      | $126228.00    | 0.26%             | 2030-06-19      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Agate Bay Mortgage Trust 2015-7                                                      | ABMT 2015-4 B2                                      | CUSIP: 00842ACC1<br>LEI: 549300LK2ZDVY7I44B84 | Long             | ABS-O            | CORP              | US        |     87241 | PA      | $85710.52     | 0.18%             | 2045-06-25      | Variable      | 3.47%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                          | GSMS 2017-FARM B                                    | CUSIP: 36254XAE4<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $222715.03    | 0.46%             | 2043-01-12      | Variable      | 3.66%                 | Yes           |                  2 | On Loan: No      |
| Agate Bay Mortgage Trust 2015-7                                                      | ABMT 2015-7 B1                                      | CUSIP: 00842CAS4<br>LEI: 549300LK2ZDVY7I44B84 | Long             | ABS-O            | CORP              | US        |    196052 | PA      | $188691.90    | 0.39%             | 2045-10-25      | Variable      | 3.63%                 | Yes           |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 4.5 04/15/30                                    | CUSIP: 548661DU8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    155000 | PA      | $157081.72    | 0.32%             | 2030-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Aker BP ASA                                                                          | AKERBP 5.125 10/01/34 144A                          | CUSIP: 00973RAN3<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    135000 | PA      | $132309.34    | 0.27%             | 2034-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XLIX Ltd.                                                       | MDPK 2021-49A B1R                                   | CUSIP: 55820VAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    384000 | PA      | $382400.26    | 0.79%             | 2034-10-19      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Alcon Finance Corp                                                                   | ALCSW 3.8 09/23/49 144A                             | CUSIP: 01400EAC7<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |    118000 | PA      | $90340.11     | 0.19%             | 2049-09-23      | Fixed         | 3.80%                 | Yes           |                  2 | On Loan: No      |
| Mars Inc.                                                                            | MARS 5.2 03/01/35 144A                              | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    154000 | PA      | $158609.19    | 0.33%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| First Maryland Capital I                                                             | MTB F 01/15/27                                      | CUSIP: 320808AD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    108000 | PA      | $106948.43    | 0.22%             | 2027-01-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                     | MMC 5.35 11/15/44                                   | CUSIP: 571748CE0<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     94000 | PA      | $92287.15     | 0.19%             | 2044-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| TAL ADVANTAGE VII LLC                                                                | TAL 2020-1A A                                       | CUSIP: 87407RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148088 | PA      | $141796.79    | 0.29%             | 2045-09-20      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| Marvell Technology Inc                                                               | MRVL 2.95 04/15/31                                  | CUSIP: 573874AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    182000 | PA      | $168749.80    | 0.35%             | 2031-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Teachers Insurance and Annuity Association of America                                | TIAAGL 3.3 05/15/50 144A                            | CUSIP: 878091BG1<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |    194000 | PA      | $133511.31    | 0.27%             | 2050-05-15      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| MasterCard Incorporated                                                              | MA 2 11/18/31                                       | CUSIP: 57636QAU8<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    188000 | PA      | $167684.33    | 0.35%             | 2031-11-18      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                         | THC 6.125 10/01/28                                  | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17076.86     | 0.04%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Loan Trust 2018-2                                                 | MCMLT 2018-3 M3                                     | CUSIP: 59980XAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    289383 | PA      | $262751.35    | 0.54%             | 2058-08-25      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Texas Instruments Inc.                                                               | TXN 5.1 05/23/35                                    | CUSIP: 882508CM4<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    126000 | PA      | $129873.24    | 0.27%             | 2035-05-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.484 09/16/36                                  | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    148000 | PA      | $130299.71    | 0.27%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Textron Financial Corporation                                                        | TXT V0 02/15/42 144A                                | CUSIP: 883199AR2<br>LEI: 4E8B2CNXPE5P5AY03O18 | Long             | DBT              | CORP              | US        |    293000 | PA      | $264041.36    | 0.54%             | 2042-02-15      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS 3.95 04/23/27                                    | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    156000 | PA      | $155905.59    | 0.32%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Ubs Commercial Mortgage Trust 2017 C1                                                | UBSCM 2017-C1 AS                                    | CUSIP: 90276EAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70000 | PA      | $68684.13     | 0.14%             | 2050-06-17      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Cap I Tst 2018-H3                                                     | MSC 2018-H3 A5                                      | CUSIP: 61767YAZ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    355000 | PA      | $354535.20    | 0.73%             | 2051-07-17      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | TII 2.375 02/15/55                                  | CUSIP: 912810UH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1857366 | PA      | $1765998.77   | 3.63%             | 2055-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Sempra Infrastructure Partners LP                                                    | SMPINF 3.25 01/15/32 144A                           | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    206000 | PA      | $182565.15    | 0.38%             | 2032-01-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | TMO 5.404 08/10/43                                  | CUSIP: 883556CY6<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    113000 | PA      | $114025.91    | 0.23%             | 2043-08-10      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                               | UAL 4.625 04/15/29 144A                             | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    176000 | PA      | $175220.60    | 0.36%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V2.894 11/24/32                                | CUSIP: 06738EBV6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    187000 | PA      | $170139.75    | 0.35%             | 2032-11-24      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Becton, Dickinson and Company                                                        | BDX 4.685 12/15/44                                  | CUSIP: 075887BG3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    133000 | PA      | $118129.41    | 0.24%             | 2044-12-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| DH Europe Finance II SARL                                                            | DHR 3.25 11/15/39                                   | CUSIP: 23291KAJ4<br>LEI: 222100KDGL314CKTZ511 | Long             | DBT              | CORP              | LU        |    147000 | PA      | $120749.90    | 0.25%             | 2039-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DCP Midstream Operating LP                                                           | DCP 6.75 09/15/37                                   | CUSIP: 23311RAA4<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    229000 | PA      | $249501.63    | 0.51%             | 2037-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DEEPHAVEN RESIDENTIAL MTG TR 2022-2                                                  | DRMT 2022-2 A1                                      | CUSIP: 24380XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    238524 | PA      | $233597.94    | 0.48%             | 2067-03-25      | Variable      | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Alt A Securities Mortgage Loan Trust Series 2006 Af1                        | DBALT 2003-2XS A6                                   | CUSIP: 251510AW3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        27 | PA      | $27.15        | 0.00%             | 2033-09-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management Funds                                             | Dreyfus Government Cash Management Funds SH BEN INT | CUSIP: 262006208<br>LEI: 549300F7IDB6WRO7VJ11 | Long             | STIV             | RF                | US        |   1239852 | NS      | $1239851.79   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ERAC USA Finance LLC                                                                 | ENTERP 4.2 11/01/46 144A                            | CUSIP: 26884TAS1<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |    118000 | PA      | $98197.94     | 0.20%             | 2046-11-01      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| EverBank Mortgage Loan Trust                                                         | EVER 2018-1 B2                                      | CUSIP: 29978CCC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340975 | PA      | $315101.47    | 0.65%             | 2048-02-25      | Variable      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Citizens Bank National Association                                                   | CFG V4.575 08/09/28                                 | CUSIP: 75524KPG3<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |    155000 | PA      | $156178.78    | 0.32%             | 2028-08-09      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Skymiles IP Ltd. & Delta Air Lines Inc.                                              | DAL 4.75 10/20/28 144A                              | CUSIP: 830867AB3<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | KY        |    128000 | PA      | $128790.43    | 0.27%             | 2028-10-20      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BBCMS MORTGAGE TRUST 2024-5C27                                                       | BBCMS 2024-5C27 AS                                  | CUSIP: 05555FAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $115795.81    | 0.24%             | 2057-07-17      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Finance Corporation                                               | BRK 4.25 01/15/49                                   | CUSIP: 084664CR0<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     89000 | PA      | $74964.51     | 0.15%             | 2049-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 4.85 02/26/29                                  | CUSIP: 17275RBR2<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    203000 | PA      | $208497.79    | 0.43%             | 2029-02-26      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust 2016 P6                                          | CGCMT 2017-P8 AS                                    | CUSIP: 17326DAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $61286.17     | 0.13%             | 2050-09-16      | Variable      | 3.79%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.174 05/25/34                                   | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     91000 | PA      | $96787.37     | 0.20%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.542 09/19/30                                   | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    189000 | PA      | $190641.55    | 0.39%             | 2030-09-19      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust 2020-Gc46                                        | CGCMT 2020-GC46 A5                                  | CUSIP: 17328RAZ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $232700.33    | 0.48%             | 2053-02-18      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Polaris Inc.                                                                         | PII 5.6 03/01/31                                    | CUSIP: 731068AB8<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131454.03    | 0.27%             | 2031-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2013-5                                                        | SEMT 2013-5 B1                                      | CUSIP: 81745AAE7<br>LEI: 549300671OK77JNRLK28 | Long             | ABS-O            | CORP              | US        |     37272 | PA      | $36641.66     | 0.08%             | 2043-05-25      | Variable      | 3.49%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                       | SEMT 2013-10 B2                                     | CUSIP: 81745GAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27636 | PA      | $27077.81     | 0.06%             | 2043-08-25      | Variable      | 3.54%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.875 04/15/30                                 | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    168000 | PA      | $165383.42    | 0.34%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 5.75 01/15/54                                  | CUSIP: 87264ADB8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     74000 | PA      | $72883.28     | 0.15%             | 2054-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.282 07/27/29                                 | CUSIP: 025816DH9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    178000 | PA      | $183385.00    | 0.38%             | 2029-07-27      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                           | AMT 5.9 11/15/33                                    | CUSIP: 03027XCF5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    212000 | PA      | $226817.70    | 0.47%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 5.15 03/02/28                                  | CUSIP: 031162DP2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    152000 | PA      | $155608.15    | 0.32%             | 2028-03-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide Inc                    | ABIBB 4.9 02/01/46 *                                | CUSIP: 03522AAJ9<br>LEI: 5493002J2SVENP0PVK27 | Long             | DBT              | CORP              | US        |     93000 | PA      | $86410.22     | 0.18%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| Bank of America Corp.                                                                | BAC V3.705 04/24/28                                 | CUSIP: 06051GGL7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    126000 | PA      | $125441.44    | 0.26%             | 2028-04-24      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.687 04/22/32                                 | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    101000 | PA      | $92776.40     | 0.19%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.511 01/24/36                                 | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     39000 | PA      | $40775.09     | 0.08%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                     | BMO V3.803 12/15/32                                 | CUSIP: 06368BGS1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    168000 | PA      | $166030.95    | 0.34%             | 2032-12-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK V5.834 10/25/33 MTN                              | CUSIP: 06406RBM8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    154000 | PA      | $166270.25    | 0.34%             | 2033-10-25      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.125 07/20/45                                  | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    121000 | PA      | $109565.82    | 0.23%             | 2045-07-20      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 6.484 10/23/45                                 | CUSIP: 161175BA1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    103000 | PA      | $97028.75     | 0.20%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                          | CQP 4 03/01/31                                      | CUSIP: 16411QAK7<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     52000 | PA      | $50689.04     | 0.10%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                          | CQP 3.25 01/31/32                                   | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    165000 | PA      | $152212.68    | 0.31%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | DELL 4.85 02/01/35                                  | CUSIP: 24703DBQ3<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    112000 | PA      | $110759.28    | 0.23%             | 2035-02-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR QD2143                                           | CUSIP: 3133AYLY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    454916 | PA      | $370214.91    | 0.76%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 4991 HB                                         | CUSIP: 3137FUUM4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    230000 | PA      | $169457.45    | 0.35%             | 2050-07-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                              | FHR 5178 CV                                         | CUSIP: 3137H53J4<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-O            | USGSE             | US        |    725000 | PA      | $547360.43    | 1.13%             | 2040-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN 561741                                           | CUSIP: 31386FBJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1655 | PA      | $1702.96      | 0.00%             | 2031-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AH2666                                           | CUSIP: 3138A36C6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         3 | PA      | $3.15         | 0.00%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AH3493                                           | CUSIP: 3138A43B9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        17 | PA      | $16.54        | 0.00%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AL0054                                           | CUSIP: 3138EGBY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61964 | PA      | $62434.28     | 0.13%             | 2041-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FN MA4166                                           | CUSIP: 31418DTY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    233699 | PA      | $218216.30    | 0.45%             | 2040-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FN MA4783                                           | CUSIP: 31418EJ50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    322149 | PA      | $307383.38    | 0.63%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AD3795                                           | CUSIP: 31418RGD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27995 | PA      | $28252.93     | 0.06%             | 2040-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AD9150                                           | CUSIP: 31418XEY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34985 | PA      | $36016.41     | 0.07%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guardian Life Global Funding                                                         | GUARDN 4.327 10/06/30 144A                          | CUSIP: 40139LBN2<br>LEI: 635400NHILJ5JEKILC36 | Long             | DBT              | CORP              | US        |     92000 | PA      | $92250.68     | 0.19%             | 2030-10-06      | Fixed         | 4.33%                 | Yes           |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.5 03/01/32                                    | CUSIP: 404119DA4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    170000 | PA      | $177413.82    | 0.37%             | 2032-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tyson Foods, Inc.                                                                    | TSN 5.4 03/15/29                                    | CUSIP: 902494BL6<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |     96000 | PA      | $99210.84     | 0.20%             | 2029-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.25 08/15/54                                     | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    830000 | PA      | $753743.75    | 1.55%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.75 02/15/45                                     | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1450000 | PA      | $1447904.30   | 2.98%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.75 08/15/55                                     | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    365000 | PA      | $360437.50    | 0.74%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.625 11/15/45                                    | CUSIP: 912810UQ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1070000 | PA      | $1049435.94   | 2.16%             | 2045-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.75 04/15/28                                     | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1970000 | PA      | $1980619.52   | 4.08%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 05/31/30                                        | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3050000 | PA      | $3091341.80   | 6.36%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 08/15/35                                     | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2650000 | PA      | $2674843.75   | 5.51%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 11/15/35                                        | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     44000 | PA      | $43463.75     | 0.09%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 3.5 08/15/39                                    | CUSIP: 91324PDT6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    156000 | PA      | $130260.55    | 0.27%             | 2039-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FG G03217                                           | CUSIP: 3128M44A8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6903 | PA      | $7167.84      | 0.01%             | 2037-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FG G03781                                           | CUSIP: 3128M5RA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2730 | PA      | $2891.19      | 0.01%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FG A95946                                           | CUSIP: 312944TB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     32539 | PA      | $31933.02     | 0.07%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FG A96485                                           | CUSIP: 312945F29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18048 | PA      | $18207.80     | 0.04%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                          | WMT 4.5 09/09/52                                    | CUSIP: 931142EZ2<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     99000 | PA      | $87530.91     | 0.18%             | 2052-09-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

**Name of Applicant:** Touchstone Variable Series Trust

**Signature:** Terri Lucas

**Name of Signer:** Terri Lucas

**Title:** Controller & Treasurer