# EDGAR Filing Document

**Accession Number:** 0000920547
**File Stem:** 0000920547-25-000025
**Filing Date:** 2025-8
**Character Count:** 99805
**Document Hash:** 2cfa40bb2ccf291a1c603e970e8d21ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000920547-25-000025.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000920547-25-000025

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**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:** 251263000

**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 Balanced Fund (Series ID: S000059066)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000193689 | Touchstone Balanced Fund - Class I |  |
| C000226678 | 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 Balanced Fund

- **b. EDGAR series identifier (if any):** S000059066

- **c. LEI of Series:** 549300R24124F2BXT953

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $47705764.31

**Total Liabilities:** $61643.95

**Net Assets:** $47644120.36

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 244.124336883119 | **1-Year:** 410.691137861565 | **5-Year:** 2255.272180561617 | **10-Year:** 3209.744284294510 | **30-Year:** 1536.840128015887

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

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 13.535336371277 | **10-Year:** 1.777875657191 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000193689 | -1.33%               | 3.80%                | 4.73%                |
| Class ID C000226678 | -1.33%               | 3.80%                | 4.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $139855.30               | $-859023.18                                |
| Month 2  | $538476.72               | $1087903.93                                |
| Month 3  | $394897.64               | $1717084.15                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dupont De Nemours Inc                                                                | Dupont De Nemours Inc COM USD0.01                                     | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      4412 | NS      | $302619.08    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                                   | Meta Platforms Inc COM USD0.000006 CL 'A'                             | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3195 | NS      | $2358197.55   | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company                                                             | AXP V5.282 07/27/29                                                   | CUSIP: 025816DH9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     93000 | PA      | $95616.09     | 0.20%             | 2029-07-27      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corp. COM USD0.00000625                                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6042 | NS      | $3005351.22   | 6.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company                                                        | BDX 4.685 12/15/44                                                    | CUSIP: 075887BG3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |     55000 | PA      | $47916.82     | 0.10%             | 2044-12-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.5 05/15/35                                                        | CUSIP: 00206RCP5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     44000 | PA      | $41939.94     | 0.09%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                        | Netflix, Inc. COM USD0.001                                            | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       200 | NS      | $267826.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FG G05624                                                             | CUSIP: 3128M7SM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79120 | PA      | $79020.74     | 0.17%             | 2039-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                                                             | BMARK 2018-B8 A5                                                      | CUSIP: 08162UAW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $156639.92    | 0.33%             | 2052-01-18      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 3.8 12/01/57                                                        | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     88000 | PA      | $61680.71     | 0.13%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FG Q29260                                                             | CUSIP: 3132M95V2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     52057 | PA      | $49727.13     | 0.10%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Finance Corporation                                               | BRK 4.25 01/15/49                                                     | CUSIP: 084664CR0<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     57000 | PA      | $47980.14     | 0.10%             | 2049-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                   | ARCC 3.25 07/15/25                                                    | CUSIP: 04010LAY9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     91000 | PA      | $90942.10     | 0.19%             | 2025-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V4.967 07/22/33 MTN                                               | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     56000 | PA      | $55322.24     | 0.12%             | 2033-07-22      | Fixed         | 4.97%                 | No            |                  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        |     68000 | PA      | $71235.77     | 0.15%             | 2040-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.484 09/16/36                                                    | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     63000 | PA      | $53516.73     | 0.11%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.987 10/30/56                                                     | CUSIP: 92343VFW9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     80000 | PA      | $48241.19     | 0.10%             | 2056-10-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Calpine Corporation                                                                  | CPN 5 02/01/31 144A                                                   | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39569.37     | 0.08%             | 2031-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS 3.95 04/23/27                                                      | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     89000 | PA      | $88434.69     | 0.19%             | 2027-04-23      | Fixed         | 3.95%                 | 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        |     98000 | PA      | $93688.99     | 0.20%             | 2029-06-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                     | CP 3 12/02/41                                                         | CUSIP: 13645RBG8<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $58236.96     | 0.12%             | 2041-12-02      | Fixed         | 3.00%                 | 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        |     75000 | PA      | $73934.99     | 0.16%             | 2051-07-17      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                          | CQP 4 03/01/31                                                        | CUSIP: 16411QAK7<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28547.37     | 0.06%             | 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        |     71000 | PA      | $63648.58     | 0.13%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.705 04/24/28                                                   | CUSIP: 06051GGL7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     67000 | PA      | $66197.61     | 0.14%             | 2028-04-24      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| BANK 2020-BNK26                                                                      | BANK 2020-BN26 A4                                                     | CUSIP: 06540JBG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60000 | PA      | $53995.15     | 0.11%             | 2063-03-16      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK37                                                                      | BANK 2021-BN37 A5                                                     | CUSIP: 06540LBF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    280000 | PA      | $245203.70    | 0.51%             | 2064-11-18      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                                         | SHW 4.5 06/01/47                                                      | CUSIP: 824348AX4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     68000 | PA      | $56970.03     | 0.12%             | 2047-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 2.259 03/25/28                                                 | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     72000 | PA      | $68084.07     | 0.14%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| STORE Capital Corp.                                                                  | STOR 2.7 12/01/31                                                     | CUSIP: 862121AD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     46000 | PA      | $39006.64     | 0.08%             | 2031-12-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.687 04/22/32                                                   | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     61000 | PA      | $54735.86     | 0.11%             | 2032-04-22      | Fixed         | 2.69%                 | 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        |    117000 | PA      | $78508.12     | 0.16%             | 2050-05-15      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| ERAC USA Finance LLC                                                                 | ENTERP 4.2 11/01/46 144A                                              | CUSIP: 26884TAS1<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |     64000 | PA      | $52430.46     | 0.11%             | 2046-11-01      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.511 01/24/36                                                   | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30857.16     | 0.06%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Textron Financial Corporation                                                        | TXT V0 02/15/42 144A                                                  | CUSIP: 883199AR2<br>LEI: 4E8B2CNXPE5P5AY03O18 | Long             | DBT              | CORP              | US        |    106000 | PA      | $95357.99     | 0.20%             | 2042-02-15      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN 725423                                                             | CUSIP: 31402C4G4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28916 | PA      | $29622.49     | 0.06%             | 2034-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                     | BMO V3.803 12/15/32                                                   | CUSIP: 06368BGS1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     77000 | PA      | $74991.65     | 0.16%             | 2032-12-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | TMO 5.404 08/10/43                                                    | CUSIP: 883556CY6<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |     59000 | PA      | $58403.86     | 0.12%             | 2043-08-10      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN 725610                                                             | CUSIP: 31402DDP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26438 | PA      | $27011.72     | 0.06%             | 2034-07-01      | Fixed         | 5.50%                 | 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        |     65000 | PA      | $68941.11     | 0.14%             | 2033-10-25      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| The Timken Company                                                                   | TKR 4.5 12/15/28                                                      | CUSIP: 887389AK0<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80150.67     | 0.17%             | 2028-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FA0499                                                             | CUSIP: 3140W0RV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    203527 | PA      | $200075.82    | 0.42%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corporation                                                               | CMS V4.75 06/01/50                                                    | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    115000 | PA      | $111758.16    | 0.23%             | 2050-06-01      | Fixed         | 4.75%                 | 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        |     49000 | PA      | $49573.30     | 0.10%             | 2029-01-05      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                  | CATMED 4.187 10/01/49                                                 | CUSIP: 20268JAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $54097.15     | 0.11%             | 2049-10-01      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances Inc.                                              | International Flavors & Fragrances Inc. COM USD0.125                  | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      3213 | NS      | $236316.15    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                                        | iShares Trust BROAD USD HIGH                                          | CUSIP: 46435U853<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     22499 | NS      | $843937.49    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                                                    | Johnson & Johnson COM USD1.00                                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      3530 | NS      | $539207.50    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated                                                      | Jones Lang LaSalle Incorporated COM USD0.01                           | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      1509 | NS      | $385972.02    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corp. COM USD0.01                                              | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      4186 | NS      | $915185.18    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                                                           | Apple Inc. COM USD0.00001                                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      9581 | NS      | $1965733.77   | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargill Inc.                                                                         | CARGIL 4.76 11/23/45 144A                                             | CUSIP: 141781BF0<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |     64000 | PA      | $57125.75     | 0.12%             | 2045-11-23      | Fixed         | 4.76%                 | Yes           |                  2 | On Loan: No      |
| Applied Materials Inc.                                                               | Applied Materials Inc. COM USD0.01                                    | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1856 | NS      | $339777.92    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | KO 2.5 03/15/51                                                       | CUSIP: 191216DC1<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    126000 | PA      | $75704.39     | 0.16%             | 2051-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ohio Power Company                                                                   | AEP 2.9 10/01/51 R                                                    | CUSIP: 677415CU3<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |     85000 | PA      | $51997.40     | 0.11%             | 2051-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corp. COM USD0.01                                     | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     16452 | NS      | $778508.64    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4 03/01/48                                                      | CUSIP: 20030NCK5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     61000 | PA      | $47185.21     | 0.10%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Becton, Dickinson and Company                                                        | Becton, Dickinson and Company COM USD1.00                             | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      2566 | NS      | $441993.50    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 4.8 09/01/28                                                      | CUSIP: 22822VBB6<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |     82000 | PA      | $82481.98     | 0.17%             | 2028-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc.                                                              | Berkshire Hathaway Inc. COM USD0.0033 CLASS'B'                        | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |       990 | NS      | $480912.30    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DH Europe Finance II SARL                                                            | DHR 3.25 11/15/39                                                     | CUSIP: 23291KAJ4<br>LEI: 222100KDGL314CKTZ511 | Long             | DBT              | CORP              | LU        |     85000 | PA      | $68406.87     | 0.14%             | 2039-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | Bristol-Myers Squibb Company COM USD0.10                              | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      7348 | NS      | $340138.92    | 0.71%             |  |  |  | No            |                  1 | 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        |     70000 | PA      | $70153.76     | 0.15%             | 2028-10-20      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | The Charles Schwab Corporation COM USD0.01                            | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      7025 | NS      | $640961.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | Goldman Sachs Group, Inc. COM USD0.01                                 | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1021 | NS      | $722612.75    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                                                          | WMT 4.5 09/09/52                                                      | CUSIP: 931142EZ2<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     51000 | PA      | $44655.89     | 0.09%             | 2052-09-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HCA Healthcare Inc                                                                   | HCA Healthcare Inc COM USD0.01                                        | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      1093 | NS      | $418728.30    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | Las Vegas Sands Corp COM USD0.001                                     | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      3528 | NS      | $153503.28    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2012-Lc5                                       | WFCM 2019-C51 A4                                                      | CUSIP: 95001VAU4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    170000 | PA      | $159287.16    | 0.33%             | 2052-06-17      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| Markel Group Inc                                                                     | Markel Group Inc COM NPV                                              | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       318 | NS      | $635160.48    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                                                        | Medtronic PLC USD0.0001                                               | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      6880 | NS      | $599729.60    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2019-C53                                       | WFCM 2019-C53 A4                                                      | CUSIP: 95002BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $136015.58    | 0.29%             | 2052-10-18      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX Corp. COM                                                         | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      2022 | NS      | $295252.44    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                                                                      | Salesforce Inc. COM USD0.001                                          | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2427 | NS      | $661818.63    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                                                                 | Schlumberger Limited COM USD0.01                                      | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      3428 | NS      | $115866.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                                         | Taiwan Semiconductor Manufacturing Co., Ltd. SPON ADS REP 5 ORD TWD10 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      2497 | NS      | $565545.53    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated                                                       | Texas Instruments Incorporated COM USD1.00                            | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      2940 | NS      | $610402.80    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| 7-Eleven Inc.                                                                        | SVELEV 1.8 02/10/31 144A                                              | CUSIP: 817826AE0<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |    125000 | PA      | $105831.22    | 0.22%             | 2031-02-10      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| NGPL Pipe Co LLC                                                                     | NGPLCO 7.768 12/15/37 144A                                            | CUSIP: 62912XAC8<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |     79000 | PA      | $90165.61     | 0.19%             | 2037-12-15      | Fixed         | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Workday Inc                                                                          | Workday Inc COM USD0.001 CL A                                         | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      1515 | NS      | $363600.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RA7357                                                             | CUSIP: 3133KPE61<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    136215 | PA      | $130502.93    | 0.27%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RA7483                                                             | CUSIP: 3133KPJ41<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    141326 | PA      | $131674.04    | 0.28%             | 2052-06-01      | Fixed         | 4.00%                 | 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        |    623360 | NS      | $623360.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Progress LLC                                                             | DUK 4.15 12/01/44                                                     | CUSIP: 26442RAD3<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     61000 | PA      | $49778.91     | 0.10%             | 2044-12-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Edison International                                                                 | EIX 4.125 03/15/28                                                    | CUSIP: 281020AM9<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     59000 | PA      | $56947.26     | 0.12%             | 2028-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                 | ELV 4.75 02/15/33                                                     | CUSIP: 28622HAB7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     59000 | PA      | $58644.19     | 0.12%             | 2033-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 3.1 01/12/32                                                       | CUSIP: 37045XDS2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    131000 | PA      | $115114.56    | 0.24%             | 2032-01-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| HF Sinclair Corp.                                                                    | DINO 5 02/01/28                                                       | CUSIP: 403949AQ3<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71018.54     | 0.15%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 5.65 03/15/55                                                       | CUSIP: 927804GU2<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59075.89     | 0.12%             | 2055-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.45 05/14/46                                                    | CUSIP: 00287YAW9<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     69000 | PA      | $59479.52     | 0.12%             | 2046-05-14      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                            | AER 3 10/29/28                                                        | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |     85000 | PA      | $80962.46     | 0.17%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Meritage Homes Corp                                                                  | MTH 3.875 04/15/29 144A                                               | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     92000 | PA      | $88644.66     | 0.19%             | 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        |    113000 | PA      | $69934.12     | 0.15%             | 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        |     41000 | PA      | $35668.19     | 0.07%             | 2032-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                               | MU 6.75 11/01/29                                                      | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21612.31     | 0.05%             | 2029-11-01      | Fixed         | 6.75%                 | 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        |     78000 | PA      | $77320.55     | 0.16%             | 2029-04-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS2906                                                             | CUSIP: 3140XJGQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    225166 | PA      | $221743.24    | 0.47%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS9194                                                             | CUSIP: 3140XRGC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    146189 | PA      | $132183.23    | 0.28%             | 2052-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN 890310                                                             | CUSIP: 31410LDP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6405 | PA      | $6383.06      | 0.01%             | 2040-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AD9193                                                             | CUSIP: 31418XGB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22668 | PA      | $22950.72     | 0.05%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR QX4026                                                             | CUSIP: 31425YPL5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    195281 | PA      | $196247.55    | 0.41%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| First Maryland Capital I                                                             | MTB F 01/15/27                                                        | CUSIP: 320808AD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52000 | PA      | $51226.95     | 0.11%             | 2027-01-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Walt Disney Company                                                                  | Walt Disney Company COM DISNEY USD0.01                                | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      2504 | NS      | $310521.04    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd                                                    | MCAIRH 6.4 03/26/29 144A                                              | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     70000 | PA      | $73063.76     | 0.15%             | 2029-03-26      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Mars Inc.                                                                            | MARS 3.6 04/01/34 144A                                                | CUSIP: 571676AC9<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     33000 | PA      | $29888.76     | 0.06%             | 2034-04-01      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Mars Inc.                                                                            | MARS 5.2 03/01/35 144A                                                | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     72000 | PA      | $72817.01     | 0.15%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                     | MMC 5.35 11/15/44                                                     | CUSIP: 571748CE0<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51126.00     | 0.11%             | 2044-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                                                               | MRVL 2.95 04/15/31                                                    | CUSIP: 573874AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     86000 | PA      | $78294.91     | 0.16%             | 2031-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                              | MA 2 11/18/31                                                         | CUSIP: 57636QAU8<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     91000 | PA      | $79296.05     | 0.17%             | 2031-11-18      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Mattel, Inc.                                                                         | MAT 5.45 11/01/41                                                     | CUSIP: 577081AW2<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |     52000 | PA      | $46245.61     | 0.10%             | 2041-11-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                             | Visa Inc COM STK USD0.0001                                            | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2541 | NS      | $902182.05    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                                                           | Airbnb Inc COM CL A                                                   | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      3824 | NS      | $506068.16    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.125 07/20/45                                                    | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53199.77     | 0.11%             | 2045-07-20      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | DELL 4.85 02/01/35                                                    | CUSIP: 24703DBQ3<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     48000 | PA      | $46332.25     | 0.10%             | 2035-02-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                          | BRKHEC 5.75 04/01/37                                                  | CUSIP: 695114CD8<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     73000 | PA      | $74243.30     | 0.16%             | 2037-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 5.1 04/11/34 MTN                                                   | CUSIP: 24422EXP9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     72000 | PA      | $73611.23     | 0.15%             | 2034-04-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                              | HYNMTR 5.35 03/19/29 144A                                             | CUSIP: 44891ACY1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     69000 | PA      | $70245.15     | 0.15%             | 2029-03-19      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust 2015-Jp1                                  | JPMCC 2016-JP2 A4                                                     | CUSIP: 46590MAR1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $230539.18    | 0.48%             | 2049-08-17      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                           | JPMMT 2021-13 A4                                                      | CUSIP: 46592XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119192 | PA      | $106480.11    | 0.22%             | 2052-04-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 4.5 04/15/30                                                      | CUSIP: 548661DU8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     92000 | PA      | $92688.73     | 0.19%             | 2030-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2021-INV2                                        | NRZT 2021-INV2 A7                                                     | CUSIP: 64831GAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    132999 | PA      | $119235.63    | 0.25%             | 2051-09-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.3 07/08/34                                                     | CUSIP: 68389XAV7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22797.23     | 0.05%             | 2034-07-08      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 2.65 07/15/26                                                    | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37316.06     | 0.08%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 3.6 04/01/40                                                     | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     22000 | PA      | $17605.56     | 0.04%             | 2040-04-01      | Fixed         | 3.60%                 | 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        |     44000 | PA      | $44497.59     | 0.09%             | 2027-01-12      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN 5.3 02/15/34                                                    | CUSIP: 775109DF5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     85000 | PA      | $85118.82     | 0.18%             | 2034-02-15      | Fixed         | 5.30%                 | 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        |     80000 | PA      | $81111.44     | 0.17%             | 2030-08-02      | Fixed         | 4.97%                 | 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        |     78000 | PA      | $78660.59     | 0.17%             | 2030-03-25      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SB0762                                                             | CUSIP: 3132CWZ31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    137258 | PA      | $128099.24    | 0.27%             | 2037-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corp. COM USD0.001                                             | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     10250 | NS      | $1619397.50   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc.                                                      | SS&C Technologies Holdings Inc. COM USD0.01                           | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |      5282 | NS      | $437349.60    | 0.92%             |  |  |  | No            |                  1 | 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        |     48000 | PA      | $44024.55     | 0.09%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 4.65 02/23/46                                                    | CUSIP: 037833BX7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     87000 | PA      | $79659.65     | 0.17%             | 2046-02-23      | Fixed         | 4.65%                 | 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        |     49000 | PA      | $48557.83     | 0.10%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Phillips 66                                                                          | DCP 6.75 09/15/37                                                     | CUSIP: 23311RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     87000 | PA      | $91619.15     | 0.19%             | 2037-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Hubbell Incorporated                                                                 | Hubbell Incorporated COM USD0.001                                     | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |       691 | NS      | $282211.31    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 7.95 06/15/39                                                     | CUSIP: 674599DH5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     73000 | PA      | $81932.72     | 0.17%             | 2039-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| PNC Capital Trust C                                                                  | PNC F 06/01/28                                                        | CUSIP: 69349AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $83748.24     | 0.18%             | 2028-06-01      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| PSMC TRUST                                                                           | PSMC 2021-3 A3                                                        | CUSIP: 69376DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    140891 | PA      | $126130.12    | 0.26%             | 2051-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International Inc. COM NPV                              | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      4287 | NS      | $780791.31    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PROVIDENT FUNDING MORTGAGE TRUST 2021-J1                                             | PFMT 2021-J1 A3                                                       | CUSIP: 74387MAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145295 | PA      | $128284.66    | 0.27%             | 2051-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Sempra Infrastructure Partners LP                                                    | SMPINF 3.25 01/15/32 144A                                             | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |     86000 | PA      | $73283.71     | 0.15%             | 2032-01-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Sabra Health Care Ltd Partnership / Sabra Capital Corp                               | SBRA 5.125 08/15/26                                                   | CUSIP: 14162VAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     61000 | PA      | $61041.25     | 0.13%             | 2026-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD1436                                                             | CUSIP: 3132DNSZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    271986 | PA      | $261543.23    | 0.55%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD1515                                                             | CUSIP: 3132DNVG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    247242 | PA      | $237749.11    | 0.50%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD1620                                                             | CUSIP: 3132DNYR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    231400 | PA      | $229306.64    | 0.48%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD1638                                                             | CUSIP: 3132DNZB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    248125 | PA      | $244319.08    | 0.51%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD8212                                                             | CUSIP: 3132DWDR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    315468 | PA      | $262543.89    | 0.55%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD8220                                                             | CUSIP: 3132DWDZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    155249 | PA      | $134344.24    | 0.28%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR QE9228                                                             | CUSIP: 3133BKHD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    258863 | PA      | $247949.06    | 0.52%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST                                                         | GSMS 2020-GC47 A5                                                     | CUSIP: 36258RBA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80000 | PA      | $72101.17     | 0.15%             | 2053-05-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| GS MBS TRUST 2021-PJ10                                                               | GSMBS 2021-PJ10 A8                                                    | CUSIP: 36262PAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183418 | PA      | $162884.53    | 0.34%             | 2052-03-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.5 03/01/32                                                      | CUSIP: 404119DA4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     76000 | PA      | $78426.43     | 0.16%             | 2032-03-01      | Fixed         | 5.50%                 | 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        |    170000 | PA      | $165343.55    | 0.35%             | 2050-09-16      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V3.509 01/23/29                                                   | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     82000 | PA      | $80318.17     | 0.17%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.956 05/13/31                                                   | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    104000 | PA      | $96141.65     | 0.20%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Keysight Technologies, Inc.                                                          | KEYS 4.95 10/15/34                                                    | CUSIP: 49338LAG8<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |     54000 | PA      | $53392.35     | 0.11%             | 2034-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| The Kroger Co.                                                                       | KR 5 04/15/42                                                         | CUSIP: 501044CR0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     52000 | PA      | $47366.21     | 0.10%             | 2042-04-15      | Fixed         | 5.00%                 | 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        |     61000 | PA      | $59702.91     | 0.13%             | 2033-01-28      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Norfolk Southern Corporation                                                         | NSC 4.837 10/01/41                                                    | CUSIP: 655844BH0<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     66000 | PA      | $60480.34     | 0.13%             | 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        |     93000 | PA      | $70888.65     | 0.15%             | 2047-09-30      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 1.625 05/01/30                                                    | CUSIP: 713448EZ7<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39944.75     | 0.08%             | 2030-05-01      | Fixed         | 1.62%                 | 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        |    131000 | PA      | $110438.50    | 0.23%             | 2031-04-01      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Peru (Republic Of)                                                                   | PERU 2.78 12/01/60                                                    | CUSIP: 715638DQ2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    119000 | PA      | $63712.60     | 0.13%             | 2060-12-01      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.375 02/15/33                                                     | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    102000 | PA      | $105391.68    | 0.22%             | 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        |     52000 | PA      | $57069.53     | 0.12%             | 2054-03-15      | Fixed         | 6.40%                 | 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        |     38000 | PA      | $38668.51     | 0.08%             | 2035-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                           | AMT 5.9 11/15/33                                                      | CUSIP: 03027XCF5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     87000 | PA      | $91838.99     | 0.19%             | 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        |     74000 | PA      | $75600.76     | 0.16%             | 2028-03-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Amcor Flexibles North America Inc                                                    | AMCR 2.63 06/19/30                                                    | CUSIP: 081437AT2<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |     82000 | PA      | $74385.87     | 0.16%             | 2030-06-19      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 4.97 10/17/29                                                    | CUSIP: 10373QBZ2<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87189.70     | 0.18%             | 2029-10-17      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 3.419 04/15/33 144A                                              | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     91000 | PA      | $82517.48     | 0.17%             | 2033-04-15      | Fixed         | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 4.85 02/26/29                                                    | CUSIP: 17275RBR2<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    104000 | PA      | $106553.57    | 0.22%             | 2029-02-26      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.174 05/25/34                                                     | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     49000 | PA      | $51290.05     | 0.11%             | 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        |    106000 | PA      | $105519.52    | 0.22%             | 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        |    255000 | PA      | $233965.51    | 0.49%             | 2053-02-18      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST 2021-J3                                                          | RATE 2021-J3 A7                                                       | CUSIP: 75409TAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    144252 | PA      | $127140.07    | 0.27%             | 2051-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Starbucks Corp.                                                                      | SBUX 3.35 03/12/50                                                    | CUSIP: 855244AX7<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |     53000 | PA      | $35759.24     | 0.08%             | 2050-03-12      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT F 06/15/47                                                        | CUSIP: 857477AY9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     96000 | PA      | $84272.99     | 0.18%             | 2047-06-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| STORE Capital Corp.                                                                  | STOR 4.625 03/15/29                                                   | CUSIP: 862121AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     44000 | PA      | $43257.38     | 0.09%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| STORE Capital Corp.                                                                  | STOR 2.75 11/18/30                                                    | CUSIP: 862121AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8000 | PA      | $7048.09      | 0.01%             | 2030-11-18      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC F 05/15/27 A                                                      | CUSIP: 86787XAA3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    151000 | PA      | $149113.69    | 0.31%             | 2027-05-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.875 04/15/30                                                   | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     96000 | PA      | $93232.88     | 0.20%             | 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        |     35000 | PA      | $34343.60     | 0.07%             | 2054-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                                                       | TXN 5.1 05/23/35                                                      | CUSIP: 882508CM4<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     56000 | PA      | $57051.58     | 0.12%             | 2035-05-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Toll Brothers Finance Corp.                                                          | TOL 3.8 11/01/29                                                      | CUSIP: 88947EAU4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $87335.16     | 0.18%             | 2029-11-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Tyson Foods, Inc.                                                                    | TSN 5.4 03/15/29                                                      | CUSIP: 902494BL6<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |     57000 | PA      | $58753.58     | 0.12%             | 2029-03-15      | 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        |     76000 | PA      | $73770.75     | 0.15%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                          | UPS 5.95 05/14/55                                                     | CUSIP: 911312CK0<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     72000 | PA      | $73993.55     | 0.16%             | 2055-05-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.125 08/15/44                                                      | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    155000 | PA      | $142182.23    | 0.30%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.625 02/15/55                                                      | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    525000 | PA      | $511875.00    | 1.07%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.75 02/15/45                                                       | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    545000 | PA      | $542700.78    | 1.14%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 02/15/35                                                      | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    130000 | PA      | $134164.06    | 0.28%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 05/31/30                                                          | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1175000 | PA      | $1186199.22   | 2.49%             | 2030-05-31      | 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        |     87000 | PA      | $70184.67     | 0.15%             | 2039-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                       | WES 5.25 02/01/50                                                     | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     65000 | PA      | $54730.92     | 0.11%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Westvaco Corp.                                                                       | SW 8.2 01/15/30                                                       | CUSIP: 961548AV6<br>LEI: 4DL8C98Z5G5IXZLH3578 | Long             | DBT              | CORP              | US        |     43000 | PA      | $49210.65     | 0.10%             | 2030-01-15      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP USD0.001 CL C                                       | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      9520 | NS      | $1688752.80   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                                                     | Amazon.com, Inc. COM USD0.01                                          | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      8010 | NS      | $1757313.90   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                                                         | Biomarin Pharmaceutical Inc. COM USD0.001                             | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      3000 | NS      | $164910.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| The Boeing Company                                                                   | The Boeing Company COM USD5.00                                        | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      3051 | NS      | $639276.03    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                                                                  | Comcast Corporation COM USD0.01 CL A                                  | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      9684 | NS      | $345621.96    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                                                           | Diageo PLC ADR REPR 4 ORD GBX28.935185                                | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      1646 | NS      | $165982.64    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                                                                    | Exxon Mobil Corp. COM NPV                                             | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      5663 | NS      | $610471.40    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Georgia Power Company                                                                | SO 5.95 02/01/39                                                      | CUSIP: 373334JN2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43907.77     | 0.09%             | 2039-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V3.691 06/05/28                                                    | CUSIP: 38141GWL4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44349.58     | 0.09%             | 2028-06-05      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V2.615 04/22/32                                                    | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88806.41     | 0.19%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 5.95 04/01/41                                                      | CUSIP: 437076AV4<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     48000 | PA      | $50616.79     | 0.11%             | 2041-04-01      | Fixed         | 5.95%                 | 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        |     77000 | PA      | $72916.76     | 0.15%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Monster Beverage Corp                                                                | Monster Beverage Corp COM USD0.005                                    | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      5070 | NS      | $317584.80    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Poland (Republic of)                                                                 | POLAND 5.5 03/18/54 30Y                                               | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     61000 | PA      | $56538.04     | 0.12%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                                                         | Stanley Black & Decker, Inc. COM USD2.50                              | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      3096 | NS      | $209754.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                                                                      | Starbucks Corp. COM USD0.001                                          | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      3011 | NS      | $275897.93    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                                                                | Uber Technologies Inc COM USD0.00001                                  | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      3060 | NS      | $285498.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UnitedHealth Group Inc. COM USD0.01                                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1304 | NS      | $406808.88    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                                                          | XYL 1.95 01/30/28                                                     | CUSIP: 98419MAM2<br>LEI: 549300DF5MV96DRYLQ48 | Long             | DBT              | CORP              | US        |     96000 | PA      | $90757.56     | 0.19%             | 2028-01-30      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-26

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

**Signature:** Terri Lucas

**Name of Signer:** Terri Lucas

**Title:** Controller & Treasurer