# EDGAR Filing Document

**Accession Number:** 0000719269
**File Stem:** 0001410368-25-028923
**Filing Date:** 2025-11
**Character Count:** 237092
**Document Hash:** 51b4e1d723510bb0f36a736842f690cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-028923.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-028923

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS VARIABLE INSURANCE TRUST II
- **CENTRAL INDEX KEY:** 0000719269

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03732
- **FILM NUMBER:** 251509807

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

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

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

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

## Series and Classes Contracts Data

### MFS Corporate Bond Portfolio (Series ID: S000002634)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007237 | Initial Class |  |
| C000007238 | Service Class |  |

## Nport-Ex

BDS-Q3

![](img1fbfae2a1.gif)

**Quarterly Report**

September 30, 2025

MFS<sup>®</sup> Corporate Bond Portfolio

![](img40e8cb082.gif)

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

------

**Portfolio of Investments**

9/30/25 (unaudited)

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 98.0%  | Bonds – 98.0%  | Bonds – 98.0%  |
| Aerospace & Defense – 2.0% | Aerospace & Defense – 2.0% | Aerospace & Defense – 2.0% |
| Boeing Co., 2.196%, 2/04/2026  | $288000 | &nbsp;&nbsp;&nbsp; $285819 |
| Boeing Co., 5.15%, 5/01/2030  | 473000 | &nbsp;&nbsp;&nbsp; 485371 |
| Boeing Co., 5.805%, 5/01/2050  | 990000 | &nbsp;&nbsp;&nbsp; 989073 |
| Huntington Ingalls Industries, Inc., 5.749%, 1/15/2035  | 131000 | &nbsp;&nbsp;&nbsp; 137419 |
| L3Harris Technologies, Inc., 5.4%, 7/31/2033  | 200000 | &nbsp;&nbsp;&nbsp; 208468 |
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 474000 | &nbsp;&nbsp;&nbsp; 491128 |
|  |  | &nbsp;&nbsp;&nbsp; $2597278 |
| Asset-Backed & Securitized – 3.7% | Asset-Backed & Securitized – 3.7% | Asset-Backed & Securitized – 3.7% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 1.108%, 11/15/2054 (i) | $3775798 | &nbsp;&nbsp;&nbsp; $140324 |
| ACREC 2021-FL1 Ltd., "A", FLR, 5.4% ((SOFR - 1mo. + 0.11448%) + 1.15%), 10/16/2036 (n) | 211872 | &nbsp;&nbsp;&nbsp; 211874 |
| Angel Oak Mortgage Trust, 2024-13, "A1", 5.464%, 12/26/2069 (n) | 322457 | &nbsp;&nbsp;&nbsp; 324599 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "AS", FLR, 5.964% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 175000 | &nbsp;&nbsp;&nbsp; 175001 |
| ARDN Mortgage Trust, 2025-ARCP, "A", FLR, 5.9% (SOFR - 1mo. + 1.75%), 6/15/2035 (n) | 486000 | &nbsp;&nbsp;&nbsp; 485897 |
| ARI Fleet Lease Trust, 2023-A, "A2", 5.41%, 2/17/2032 (n) | 18165 | &nbsp;&nbsp;&nbsp; 18192 |
| Bayview Financial Revolving Mortgage Loan Trust, FLR, 5.88% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 22206 | &nbsp;&nbsp;&nbsp; 47834 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.349%, 7/15/2054 (i) | 6825579 | &nbsp;&nbsp;&nbsp; 343067 |
| Colt Funding LLC, 2024-6, "A1", 5.39%, 11/25/2069 (n) | 258021 | &nbsp;&nbsp;&nbsp; 259417 |
| ELM Trust, 2024-ELM, "A10", 5.994%, 6/10/2039 (n) | 345127 | &nbsp;&nbsp;&nbsp; 348652 |
| ELM Trust, 2024-ELM, "D10", 6.846%, 6/10/2039 (n) | 151693 | &nbsp;&nbsp;&nbsp; 152544 |
| KREF 2018-FT1 Ltd., "A", FLR, 5.327% ((SOFR - 1mo. + 0.11448%) + 1.07%), 2/15/2039 (n) | 140457 | &nbsp;&nbsp;&nbsp; 140340 |
| KREF 2018-FT1 Ltd., "AS", FLR, 5.557% ((SOFR - 1mo. + 0.11448%) + 1.3%), 2/15/2039 (n) | 316500 | &nbsp;&nbsp;&nbsp; 314485 |
| MF1 2024-FL5 LLC, "A", FLR, 5.823% (SOFR - 1mo. + 1.688%), 8/18/2041 (n) | 453000 | &nbsp;&nbsp;&nbsp; 454354 |
| MF1 2022-FL8 Ltd., "A", FLR, 5.483% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 357122 | &nbsp;&nbsp;&nbsp; 357120 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM3, "A-1", 5.044%, 7/25/2069 (n) | 127688 | &nbsp;&nbsp;&nbsp; 127596 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM3, "A-1", 5.53%, 5/25/2070 (n) | 125502 | &nbsp;&nbsp;&nbsp; 126409 |
| OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 94904 | &nbsp;&nbsp;&nbsp; 95676 |
| OBX Trust, 2024-NQM15, "A1", 5.316%, 10/25/2064 (n) | 81515 | &nbsp;&nbsp;&nbsp; 81875 |
| OBX Trust, 2024-NQM3, "A1", 6.129%, 12/25/2063 (n) | 122506 | &nbsp;&nbsp;&nbsp; 123960 |
| Provident Funding Mortgage Trust, 2025-3, "A4", 5.5%, 8/25/2055 (n) | 495872 | &nbsp;&nbsp;&nbsp; 497131 |
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027  | 114338 | &nbsp;&nbsp;&nbsp; 114947 |
|  |  | &nbsp;&nbsp;&nbsp; $4941294 |
| Automotive – 1.5% | Automotive – 1.5% | Automotive – 1.5% |
| Cummins, Inc., 5.45%, 2/20/2054  | $234000 | &nbsp;&nbsp;&nbsp; $233271 |
| Ford Motor Credit Co. LLC, 5.8%, 3/05/2027  | 263000 | &nbsp;&nbsp;&nbsp; 265661 |
| Ford Motor Credit Co. LLC, 4.95%, 5/28/2027  | 260000 | &nbsp;&nbsp;&nbsp; 259550 |
| Ford Motor Credit Co. LLC, 5.8%, 3/08/2029  | 295000 | &nbsp;&nbsp;&nbsp; 299363 |
| Ford Motor Credit Co. LLC, 5.113%, 5/03/2029  | 260000 | &nbsp;&nbsp;&nbsp; 258072 |
| Hyundai Capital America, 4.5%, 9/18/2030 (n) | 178000 | &nbsp;&nbsp;&nbsp; 177152 |
| Volkswagen Group of America Finance LLC, 4.45%, 9/11/2027 (n) | 200000 | &nbsp;&nbsp;&nbsp; 200486 |
| Volkswagen Group of America Finance LLC, 6.2%, 11/16/2028 (n) | 252000 | &nbsp;&nbsp;&nbsp; 263796 |
|  |  | &nbsp;&nbsp;&nbsp; $1957351 |
| Broadcasting – 1.1% | Broadcasting – 1.1% | Broadcasting – 1.1% |
| Walt Disney Co., 3.5%, 5/13/2040  | $442000 | &nbsp;&nbsp;&nbsp; $370412 |
| Walt Disney Co., 4.75%, 9/15/2044  | 72000 | &nbsp;&nbsp;&nbsp; 66688 |
| Walt Disney Co., 3.6%, 1/13/2051  | 430000 | &nbsp;&nbsp;&nbsp; 325283 |
| WMG Acquisition Corp., 3.75%, 12/01/2029 (n) | 344000 | &nbsp;&nbsp;&nbsp; 328086 |
| WMG Acquisition Corp., 3.875%, 7/15/2030 (n) | 323000 | &nbsp;&nbsp;&nbsp; 306318 |
|  |  | &nbsp;&nbsp;&nbsp; $1396787 |
| Brokerage & Asset Managers – 2.8% | Brokerage & Asset Managers – 2.8% | Brokerage & Asset Managers – 2.8% |
| Citadel Securities Global Holdings LLC, 5.5%, 6/18/2030 (n) | $500000 | &nbsp;&nbsp;&nbsp; $513179 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | 546000 | &nbsp;&nbsp;&nbsp; 553403 |
| LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 323000 | &nbsp;&nbsp;&nbsp; 322408 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Brokerage & Asset Managers – continued | Brokerage & Asset Managers – continued | Brokerage & Asset Managers – continued |
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | $530000 | &nbsp;&nbsp;&nbsp; $513066 |
| LPL Holdings, Inc., 5.65%, 3/15/2035  | 466000 | &nbsp;&nbsp;&nbsp; 474790 |
| Nomura Holdings, Inc., 7% to 1/15/2031, FLR (CMT - 5yr. + 3.084%) to 1/15/2174  | 277000 | &nbsp;&nbsp;&nbsp; 286722 |
| Osaic Holdings, Inc., 6.75%, 8/01/2032 (n) | 73000 | &nbsp;&nbsp;&nbsp; 75397 |
| The Carlyle Group, Inc., 5.05%, 9/19/2035  | 955000 | &nbsp;&nbsp;&nbsp; 951660 |
|  |  | &nbsp;&nbsp;&nbsp; $3690625 |
| Building – 1.5% | Building – 1.5% | Building – 1.5% |
| CEMEX S.A.B. de C.V., 7.2%, 12/29/2049 (n) | $228000 | &nbsp;&nbsp;&nbsp; $238374 |
| Ferguson Enterprises, Inc., 5%, 10/03/2034  | 494000 | &nbsp;&nbsp;&nbsp; 497387 |
| JH North America Holdings, Inc., 5.875%, 1/31/2031 (n) | 291000 | &nbsp;&nbsp;&nbsp; 295457 |
| JH North America Holdings, Inc., 6.125%, 7/31/2032 (n) | 291000 | &nbsp;&nbsp;&nbsp; 298064 |
| Vulcan Materials Co., 3.5%, 6/01/2030  | 141000 | &nbsp;&nbsp;&nbsp; 136205 |
| Vulcan Materials Co., 4.5%, 6/15/2047  | 322000 | &nbsp;&nbsp;&nbsp; 280526 |
| Vulcan Materials Co., 5.7%, 12/01/2054  | 235000 | &nbsp;&nbsp;&nbsp; 240312 |
|  |  | &nbsp;&nbsp;&nbsp; $1986325 |
| Business Services – 1.4% | Business Services – 1.4% | Business Services – 1.4% |
| Accenture Capital, Inc., 4.25%, 10/04/2031  | $285000 | &nbsp;&nbsp;&nbsp; $284574 |
| Accenture Capital, Inc., 4.5%, 10/04/2034  | 190000 | &nbsp;&nbsp;&nbsp; 187383 |
| Fiserv, Inc., 4.4%, 7/01/2049  | 315000 | &nbsp;&nbsp;&nbsp; 259718 |
| Mastercard, Inc., 4.55%, 1/15/2035  | 265000 | &nbsp;&nbsp;&nbsp; 264422 |
| Paychex, Inc., 5.1%, 4/15/2030  | 165000 | &nbsp;&nbsp;&nbsp; 169790 |
| Paychex, Inc., 5.35%, 4/15/2032  | 356000 | &nbsp;&nbsp;&nbsp; 369401 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032 (n) | 283000 | &nbsp;&nbsp;&nbsp; 292591 |
|  |  | &nbsp;&nbsp;&nbsp; $1827879 |
| Cable TV – 1.9% | Cable TV – 1.9% | Cable TV – 1.9% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.1%, 6/01/2029  | $437000 | &nbsp;&nbsp;&nbsp; $458585 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.85%, 12/01/2035  | 230000 | &nbsp;&nbsp;&nbsp; 232197 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.375%, 5/01/2047  | 530000 | &nbsp;&nbsp;&nbsp; 458097 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.834%, 10/23/2055  | 129000 | &nbsp;&nbsp;&nbsp; 131503 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.7%, 12/01/2055  | 204000 | &nbsp;&nbsp;&nbsp; 206438 |
| Comcast Corp., 2.887%, 11/01/2051  | 310000 | &nbsp;&nbsp;&nbsp; 190951 |
| Videotron Ltd., 3.625%, 6/15/2029 (n) | 472000 | &nbsp;&nbsp;&nbsp; 457589 |
| Videotron Ltd., 5.7%, 1/15/2035 (n) | 447000 | &nbsp;&nbsp;&nbsp; 455529 |
|  |  | &nbsp;&nbsp;&nbsp; $2590889 |
| Chemicals – 0.9% | Chemicals – 0.9% | Chemicals – 0.9% |
| Maxam Prill S.à r.l., 7.75%, 7/15/2030 (n) | $691000 | &nbsp;&nbsp;&nbsp; $695618 |
| SCIH Salt Holdings, Inc., 4.875%, 5/01/2028 (n) | 579000 | &nbsp;&nbsp;&nbsp; 565804 |
|  |  | &nbsp;&nbsp;&nbsp; $1261422 |
| Computer Software – 1.0% | Computer Software – 1.0% | Computer Software – 1.0% |
| Microsoft Corp., 2.525%, 6/01/2050  | $124000 | &nbsp;&nbsp;&nbsp; $78501 |
| Microsoft Corp., 2.5%, 9/15/2050  | 487000 | &nbsp;&nbsp;&nbsp; 305260 |
| Oracle Corp., 4.8%, 9/26/2032  | 237000 | &nbsp;&nbsp;&nbsp; 237285 |
| Oracle Corp., 5.2%, 9/26/2035  | 264000 | &nbsp;&nbsp;&nbsp; 265453 |
| Oracle Corp., 4%, 7/15/2046  | 122000 | &nbsp;&nbsp;&nbsp; 95035 |
| Oracle Corp., 5.55%, 2/06/2053  | 342000 | &nbsp;&nbsp;&nbsp; 323609 |
|  |  | &nbsp;&nbsp;&nbsp; $1305143 |
| Computer Software - Systems – 0.2% | Computer Software - Systems – 0.2% | Computer Software - Systems – 0.2% |
| Apple, Inc., 2.7%, 8/05/2051  | $377000 | &nbsp;&nbsp;&nbsp; $240609 |
| Conglomerates – 1.3% | Conglomerates – 1.3% | Conglomerates – 1.3% |
| nVent Finance S.à r.l., 5.65%, 5/15/2033  | $165000 | &nbsp;&nbsp;&nbsp; $172283 |
| Regal Rexnord Corp., 6.05%, 4/15/2028  | 248000 | &nbsp;&nbsp;&nbsp; 256539 |
| Regal Rexnord Corp., 6.3%, 2/15/2030  | 490000 | &nbsp;&nbsp;&nbsp; 519547 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Conglomerates – continued | Conglomerates – continued | Conglomerates – continued |
| Regal Rexnord Corp., 6.4%, 4/15/2033  | $323000 | &nbsp;&nbsp;&nbsp; $346756 |
| Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028  | 233000 | &nbsp;&nbsp;&nbsp; 236247 |
| Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034  | 157000 | &nbsp;&nbsp;&nbsp; 164948 |
|  |  | &nbsp;&nbsp;&nbsp; $1696320 |
| Consumer Products – 1.0% | Consumer Products – 1.0% | Consumer Products – 1.0% |
| Haleon US Capital LLC, 3.625%, 3/24/2032  | $378000 | &nbsp;&nbsp;&nbsp; $358208 |
| HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 1/15/2029 (n) | 349000 | &nbsp;&nbsp;&nbsp; 341573 |
| HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.625%, 7/15/2030 (n) | 161000 | &nbsp;&nbsp;&nbsp; 164503 |
| L'Oréal S.A., 5%, 5/20/2035 (n) | 297000 | &nbsp;&nbsp;&nbsp; 305768 |
| Mattel, Inc., 3.75%, 4/01/2029 (n) | 216000 | &nbsp;&nbsp;&nbsp; 209678 |
|  |  | &nbsp;&nbsp;&nbsp; $1379730 |
| Consumer Services – 0.6% | Consumer Services – 0.6% | Consumer Services – 0.6% |
| CBRE Group, Inc., 5.95%, 8/15/2034  | $431000 | &nbsp;&nbsp;&nbsp; $459720 |
| Rentokil Terminix LLC, 5%, 4/28/2030 (n) | 200000 | &nbsp;&nbsp;&nbsp; 203768 |
| Service Corp. International, 5.75%, 10/15/2032  | 180000 | &nbsp;&nbsp;&nbsp; 182354 |
|  |  | &nbsp;&nbsp;&nbsp; $845842 |
| Electrical Equipment – 0.4% | Electrical Equipment – 0.4% | Electrical Equipment – 0.4% |
| Arrow Electronics, Inc., 5.875%, 4/10/2034  | $458000 | &nbsp;&nbsp;&nbsp; $480009 |
| Electronics – 1.5% | Electronics – 1.5% | Electronics – 1.5% |
| Broadcom, Inc., 5.05%, 7/12/2029  | $277000 | &nbsp;&nbsp;&nbsp; $285334 |
| Broadcom, Inc., 5.2%, 7/15/2035  | 373000 | &nbsp;&nbsp;&nbsp; 384414 |
| Broadcom, Inc., 4.8%, 2/15/2036  | 261000 | &nbsp;&nbsp;&nbsp; 260203 |
| Intel Corp., 5.7%, 2/10/2053  | 231000 | &nbsp;&nbsp;&nbsp; 223394 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc., 5%, 1/15/2033  | 108000 | &nbsp;&nbsp;&nbsp; 109419 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc., 5.25%, 8/19/2035  | 625000 | &nbsp;&nbsp;&nbsp; 631381 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.125%, 2/15/2042  | 183000 | &nbsp;&nbsp;&nbsp; 135042 |
|  |  | &nbsp;&nbsp;&nbsp; $2029187 |
| Emerging Market Quasi-Sovereign – 0.2% | Emerging Market Quasi-Sovereign – 0.2% | Emerging Market Quasi-Sovereign – 0.2% |
| GACI First Investment Co. (Kingdom of Saudi Arabia), 5.125%, 2/14/2053  | $250000 | &nbsp;&nbsp;&nbsp; $228260 |
| Emerging Market Sovereign – 1.4% | Emerging Market Sovereign – 1.4% | Emerging Market Sovereign – 1.4% |
| Eagle Funding LuxCo. S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n) | $561000 | &nbsp;&nbsp;&nbsp; $569168 |
| Kingdom of Saudi Arabia, 5.125%, 1/13/2028 (n) | 397000 | &nbsp;&nbsp;&nbsp; 405437 |
| United Mexican States, 5.85%, 7/02/2032  | 405000 | &nbsp;&nbsp;&nbsp; 418122 |
| United Mexican States, 6.625%, 1/29/2038  | 400000 | &nbsp;&nbsp;&nbsp; 420404 |
|  |  | &nbsp;&nbsp;&nbsp; $1813131 |
| Energy - Independent – 1.3% | Energy - Independent – 1.3% | Energy - Independent – 1.3% |
| Occidental Petroleum Corp., 6.125%, 1/01/2031  | $245000 | &nbsp;&nbsp;&nbsp; $258074 |
| Occidental Petroleum Corp., 4.4%, 4/15/2046  | 531000 | &nbsp;&nbsp;&nbsp; 416549 |
| Pioneer Natural Resources Co., 1.9%, 8/15/2030  | 94000 | &nbsp;&nbsp;&nbsp; 84420 |
| Pioneer Natural Resources Co., 2.15%, 1/15/2031  | 592000 | &nbsp;&nbsp;&nbsp; 532269 |
| Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 417000 | &nbsp;&nbsp;&nbsp; 458607 |
|  |  | &nbsp;&nbsp;&nbsp; $1749919 |
| Energy - Integrated – 0.2% | Energy - Integrated – 0.2% | Energy - Integrated – 0.2% |
| BP Capital Markets America, Inc., 3.001%, 3/17/2052  | $305000 | &nbsp;&nbsp;&nbsp; $198489 |
| Entertainment – 1.5% | Entertainment – 1.5% | Entertainment – 1.5% |
| Carnival Corp., 5.75%, 8/01/2032 (n) | $438000 | &nbsp;&nbsp;&nbsp; $445743 |
| Royal Caribbean Cruises Ltd., 4.25%, 7/01/2026 (n) | 566000 | &nbsp;&nbsp;&nbsp; 565559 |
| Royal Caribbean Cruises Ltd., 5.625%, 9/30/2031 (n) | 207000 | &nbsp;&nbsp;&nbsp; 211073 |
| Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n) | 261000 | &nbsp;&nbsp;&nbsp; 267651 |
| Royal Caribbean Cruises Ltd., 5.375%, 1/15/2036 (w) | 153000 | &nbsp;&nbsp;&nbsp; 153892 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Entertainment – continued | Entertainment – continued | Entertainment – continued |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | $392000 | &nbsp;&nbsp;&nbsp; $399375 |
|  |  | &nbsp;&nbsp;&nbsp; $2043293 |
| Financial Institutions – 2.1% | Financial Institutions – 2.1% | Financial Institutions – 2.1% |
| Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | $208000 | &nbsp;&nbsp;&nbsp; $207860 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 381000 | &nbsp;&nbsp;&nbsp; 365895 |
| Avolon Holdings Funding Ltd., 4.95%, 10/15/2032 (n) | 277000 | &nbsp;&nbsp;&nbsp; 273656 |
| Fortress Transportation and Infrastructure Investors LLC, 7%, 5/01/2031 (n) | 307000 | &nbsp;&nbsp;&nbsp; 321140 |
| Macquarie AirFinance Holdings Ltd., 8.125%, 3/30/2029 (n) | 177000 | &nbsp;&nbsp;&nbsp; 184260 |
| Macquarie AirFinance Holdings Ltd., 5.15%, 3/17/2030 (n) | 132000 | &nbsp;&nbsp;&nbsp; 133845 |
| Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n) | 237000 | &nbsp;&nbsp;&nbsp; 253875 |
| Rocket Cos., Inc., 6.125%, 8/01/2030 (n) | 162000 | &nbsp;&nbsp;&nbsp; 166264 |
| Rocket Cos., Inc., 6.375%, 8/01/2033 (n) | 162000 | &nbsp;&nbsp;&nbsp; 167203 |
| Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031 (n) | 238000 | &nbsp;&nbsp;&nbsp; 222255 |
| SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n) | 525000 | &nbsp;&nbsp;&nbsp; 539097 |
|  |  | &nbsp;&nbsp;&nbsp; $2835350 |
| Food & Beverages – 4.3% | Food & Beverages – 4.3% | Food & Beverages – 4.3% |
| Anheuser-Busch InBev Worldwide, Inc., 4.439%, 10/06/2048  | $505000 | &nbsp;&nbsp;&nbsp; $438865 |
| Bacardi-Martini B.V., 5.4%, 6/15/2033 (n) | 569000 | &nbsp;&nbsp;&nbsp; 574843 |
| Flowers Foods, Inc., 5.75%, 3/15/2035  | 366000 | &nbsp;&nbsp;&nbsp; 372790 |
| Flowers Foods, Inc., 6.2%, 3/15/2055  | 130000 | &nbsp;&nbsp;&nbsp; 128886 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/2031  | 515000 | &nbsp;&nbsp;&nbsp; 486518 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032  | 170000 | &nbsp;&nbsp;&nbsp; 158468 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.5%, 12/01/2052  | 366000 | &nbsp;&nbsp;&nbsp; 385669 |
| Kraft Heinz Foods Co., 4.875%, 10/01/2049  | 75000 | &nbsp;&nbsp;&nbsp; 65610 |
| Kraft Heinz Foods Co., 5.5%, 6/01/2050  | 419000 | &nbsp;&nbsp;&nbsp; 395762 |
| Mars, Inc., 4.55%, 4/20/2028 (n) | 273000 | &nbsp;&nbsp;&nbsp; 276468 |
| Mars, Inc., 5%, 3/01/2032 (n) | 587000 | &nbsp;&nbsp;&nbsp; 600541 |
| Mars, Inc., 5.2%, 3/01/2035 (n) | 102000 | &nbsp;&nbsp;&nbsp; 104258 |
| Mars, Inc., 3.95%, 4/01/2049 (n) | 307000 | &nbsp;&nbsp;&nbsp; 245935 |
| Mars, Inc., 5.7%, 5/01/2055 (n) | 415000 | &nbsp;&nbsp;&nbsp; 420373 |
| Primo Water Holdings Inc./Triton Water Holdings, 4.375%, 4/30/2029 (n) | 523000 | &nbsp;&nbsp;&nbsp; 507259 |
| SYSCO Corp., 4.45%, 3/15/2048  | 320000 | &nbsp;&nbsp;&nbsp; 272680 |
| U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n) | 263000 | &nbsp;&nbsp;&nbsp; 264377 |
|  |  | &nbsp;&nbsp;&nbsp; $5699302 |
| Gaming & Lodging – 2.1% | Gaming & Lodging – 2.1% | Gaming & Lodging – 2.1% |
| Flutter Treasury DAC, 6.375%, 4/29/2029 (n) | $418000 | &nbsp;&nbsp;&nbsp; $431635 |
| Flutter Treasury DAC, 5.875%, 6/04/2031 (n) | 482000 | &nbsp;&nbsp;&nbsp; 489240 |
| Las Vegas Sands Corp., 5.9%, 6/01/2027  | 198000 | &nbsp;&nbsp;&nbsp; 202002 |
| Las Vegas Sands Corp., 6.2%, 8/15/2034  | 289000 | &nbsp;&nbsp;&nbsp; 302428 |
| Marriott International, Inc., 2.85%, 4/15/2031  | 213000 | &nbsp;&nbsp;&nbsp; 196010 |
| Melco Resorts Finance Ltd., 7.625%, 4/17/2032 (n) | 260000 | &nbsp;&nbsp;&nbsp; 272374 |
| Sands China Ltd., 2.85%, 3/08/2029  | 400000 | &nbsp;&nbsp;&nbsp; 376327 |
| VICI Properties LP/VICI Note Co., Inc., 4.25%, 12/01/2026 (n) | 266000 | &nbsp;&nbsp;&nbsp; 264983 |
| Wynn Macau Ltd., 5.5%, 10/01/2027 (n) | 256000 | &nbsp;&nbsp;&nbsp; 255999 |
|  |  | &nbsp;&nbsp;&nbsp; $2790998 |
| Industrial – 0.3% | Industrial – 0.3% | Industrial – 0.3% |
| Booz Allen Hamilton, Inc., 5.95%, 4/15/2035  | $379000 | &nbsp;&nbsp;&nbsp; $395110 |
| Insurance – 2.9% | Insurance – 2.9% | Insurance – 2.9% |
| Corebridge Financial, Inc., 3.9%, 4/05/2032  | $436000 | &nbsp;&nbsp;&nbsp; $416293 |
| Corebridge Financial, Inc., 4.35%, 4/05/2042  | 96000 | &nbsp;&nbsp;&nbsp; 82869 |
| Corebridge Financial, Inc., 6.875% to 12/15/2027, FLR (CMT - 5yr. + 3.846%) to 12/15/2052  | 275000 | &nbsp;&nbsp;&nbsp; 282004 |
| Corebridge Global Funding, 4.9%, 8/21/2032 (n) | 285000 | &nbsp;&nbsp;&nbsp; 286269 |
| Lincoln National Corp., 5.852%, 3/15/2034  | 390000 | &nbsp;&nbsp;&nbsp; 407987 |
| MetLife, Inc., 5.3%, 12/15/2034  | 386000 | &nbsp;&nbsp;&nbsp; 401491 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Insurance – continued | Insurance – continued | Insurance – continued |
| Northwestern Mutual Life Insurance Co., 6.17%, 5/29/2055 (n) | $694000 | &nbsp;&nbsp;&nbsp; $746573 |
| Pacific Life Insurance Co., 5.95%, 9/15/2055 (n) | 574000 | &nbsp;&nbsp;&nbsp; 593152 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 547000 | &nbsp;&nbsp;&nbsp; 602307 |
|  |  | &nbsp;&nbsp;&nbsp; $3818945 |
| Insurance - Health – 1.6% | Insurance - Health – 1.6% | Insurance - Health – 1.6% |
| Elevance Health, Inc., 5.65%, 6/15/2054  | $439000 | &nbsp;&nbsp;&nbsp; $431464 |
| Humana, Inc., 5.375%, 4/15/2031  | 265000 | &nbsp;&nbsp;&nbsp; 272582 |
| Humana, Inc., 5.55%, 5/01/2035  | 266000 | &nbsp;&nbsp;&nbsp; 270990 |
| Humana, Inc., 4.95%, 10/01/2044  | 232000 | &nbsp;&nbsp;&nbsp; 205950 |
| UnitedHealth Group, Inc., 5.3%, 2/15/2030  | 262000 | &nbsp;&nbsp;&nbsp; 272742 |
| UnitedHealth Group, Inc., 5.5%, 7/15/2044  | 348000 | &nbsp;&nbsp;&nbsp; 348657 |
| UnitedHealth Group, Inc., 5.875%, 2/15/2053  | 335000 | &nbsp;&nbsp;&nbsp; 344409 |
|  |  | &nbsp;&nbsp;&nbsp; $2146794 |
| Insurance - Property & Casualty – 3.2% | Insurance - Property & Casualty – 3.2% | Insurance - Property & Casualty – 3.2% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 4/15/2028 (n) | $391000 | &nbsp;&nbsp;&nbsp; $397931 |
| American International Group, Inc., 4.85%, 5/07/2030  | 241000 | &nbsp;&nbsp;&nbsp; 246521 |
| American International Group, Inc., 5.125%, 3/27/2033  | 499000 | &nbsp;&nbsp;&nbsp; 513334 |
| Arthur J. Gallagher & Co., 6.5%, 2/15/2034  | 337000 | &nbsp;&nbsp;&nbsp; 373661 |
| Arthur J. Gallagher & Co., 6.75%, 2/15/2054  | 378000 | &nbsp;&nbsp;&nbsp; 426015 |
| Brown & Brown, Inc., 5.25%, 6/23/2032  | 82000 | &nbsp;&nbsp;&nbsp; 84076 |
| Brown & Brown, Inc., 6.25%, 6/23/2055  | 105000 | &nbsp;&nbsp;&nbsp; 110489 |
| Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031  | 345000 | &nbsp;&nbsp;&nbsp; 325431 |
| Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032  | 189000 | &nbsp;&nbsp;&nbsp; 196398 |
| Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054  | 349000 | &nbsp;&nbsp;&nbsp; 368845 |
| Fairfax Financial Holdings Ltd., 6.5%, 5/20/2055 (n) | 223000 | &nbsp;&nbsp;&nbsp; 239687 |
| Marsh & McLennan Cos., Inc., 4.85%, 11/15/2031  | 506000 | &nbsp;&nbsp;&nbsp; 517505 |
| Marsh & McLennan Cos., Inc., 5.4%, 3/15/2055  | 365000 | &nbsp;&nbsp;&nbsp; 357854 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 131000 | &nbsp;&nbsp;&nbsp; 136255 |
|  |  | &nbsp;&nbsp;&nbsp; $4294002 |
| International Market Quasi-Sovereign – 0.7% | International Market Quasi-Sovereign – 0.7% | International Market Quasi-Sovereign – 0.7% |
| NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n) | $499000 | &nbsp;&nbsp;&nbsp; $521521 |
| Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n) | 499000 | &nbsp;&nbsp;&nbsp; 445028 |
|  |  | &nbsp;&nbsp;&nbsp; $966549 |
| International Market Sovereign – 0.6% | International Market Sovereign – 0.6% | International Market Sovereign – 0.6% |
| Government of Bermuda, 5%, 7/15/2032 (n)  | $783000 | &nbsp;&nbsp;&nbsp; $801541 |
| Machinery & Tools – 1.3% | Machinery & Tools – 1.3% | Machinery & Tools – 1.3% |
| AGCO Corp., 5.8%, 3/21/2034  | $236000 | &nbsp;&nbsp;&nbsp; $245326 |
| Ashtead Capital, Inc., 5.55%, 5/30/2033 (n) | 200000 | &nbsp;&nbsp;&nbsp; 206289 |
| Ashtead Capital, Inc., 5.95%, 10/15/2033 (n) | 200000 | &nbsp;&nbsp;&nbsp; 211405 |
| CNH Industrial Capital LLC, 5.5%, 1/12/2029  | 326000 | &nbsp;&nbsp;&nbsp; 337374 |
| CNH Industrial N.V., 3.85%, 11/15/2027  | 701000 | &nbsp;&nbsp;&nbsp; 697490 |
|  |  | &nbsp;&nbsp;&nbsp; $1697884 |
| Major Banks – 15.4% | Major Banks – 15.4% | Major Banks – 15.4% |
| Bank of America Corp., 4.376% to 4/27/2027, FLR (SOFR - 1 day + 1.58%) to 4/27/2028  | $392000 | &nbsp;&nbsp;&nbsp; $393413 |
| Bank of America Corp., 5.819% to 9/15/2028, FLR (SOFR - 1 day + 1.57%) to 9/15/2029  | 199000 | &nbsp;&nbsp;&nbsp; 208093 |
| Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032  | 452000 | &nbsp;&nbsp;&nbsp; 411763 |
| Bank of America Corp., 5.872% to 9/15/2033, FLR (SOFR - 1 day + 1.84%) to 9/15/2034  | 261000 | &nbsp;&nbsp;&nbsp; 279663 |
| Barclays PLC, 2.894% to 11/24/2031, FLR (CMT - 1yr. + 1.3%) to 11/24/2032  | 451000 | &nbsp;&nbsp;&nbsp; 406455 |
| Citigroup, Inc., 6.875% to 8/15/2030, FLR (CMT - 5yr. + 2.89%) to 11/15/2173  | 468000 | &nbsp;&nbsp;&nbsp; 482301 |
| Commonwealth Bank of Australia, 3.61% to 9/12/2029, FLR (CMT - 1yr. + 2.05%) to 9/12/2034 (n) | 631000 | &nbsp;&nbsp;&nbsp; 605688 |
| Commonwealth Bank of Australia, 3.305%, 3/11/2041 (n) | 280000 | &nbsp;&nbsp;&nbsp; 214891 |
| Credit Agricole S.A., 1.247% to 1/26/2026, FLR (SOFR - 1 day + 0.89162%) to 1/26/2027 (n) | 488000 | &nbsp;&nbsp;&nbsp; 482860 |
| Danske Bank A.S., 5.705% to 3/01/2029, FLR (CMT - 1yr. + 1.4%) to 3/01/2030 (n) | 499000 | &nbsp;&nbsp;&nbsp; 519172 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Major Banks – continued | Major Banks – continued | Major Banks – continued |
| Deutsche Bank AG, 5.706% to 2/08/2027, FLR (SOFR - 1 day + 1.594%) to 2/08/2028  | $362000 | &nbsp;&nbsp;&nbsp; $368577 |
| Deutsche Bank AG, 5.373% to 1/10/2028, FLR (SOFR - 1 day + 1.21%) to 1/10/2029  | 436000 | &nbsp;&nbsp;&nbsp; 445373 |
| Deutsche Bank AG, 4.95% to 8/04/2030, FLR (SOFR - 1 day + 1.3%) to 8/04/2031  | 213000 | &nbsp;&nbsp;&nbsp; 215014 |
| Deutsche Bank AG, 7.079% to 2/10/2033, FLR (SOFR - 1 day + 3.65%) to 2/10/2034  | 283000 | &nbsp;&nbsp;&nbsp; 311086 |
| Goldman Sachs Group, Inc., 4.692% to 10/23/2029, FLR (SOFR - 1 day + 1.135%) to 10/23/2030  | 282000 | &nbsp;&nbsp;&nbsp; 285594 |
| Goldman Sachs Group, Inc., 5.016% to 10/23/2034, FLR (SOFR - 1 day + 1.42%) to 10/23/2035  | 389000 | &nbsp;&nbsp;&nbsp; 391586 |
| HSBC Holdings PLC, 5.13% to 3/03/2030, FLR (SOFR - 1 day + 1.29%) to 3/03/2031  | 350000 | &nbsp;&nbsp;&nbsp; 358450 |
| HSBC Holdings PLC, 2.871% to 11/22/2031, FLR (SOFR - 1 day + 1.41%) to 11/22/2032  | 908000 | &nbsp;&nbsp;&nbsp; 818412 |
| HSBC Holdings PLC, 5.45% to 3/03/2035, FLR (SOFR - 1 day + 1.56%) to 3/03/2036  | 239000 | &nbsp;&nbsp;&nbsp; 246638 |
| JPMorgan Chase & Co., 6.07% to 10/22/2026, FLR (SOFR - 1 day + 1.33%) to 10/22/2027  | 624000 | &nbsp;&nbsp;&nbsp; 636408 |
| JPMorgan Chase & Co., 4.323% to 4/26/2027, FLR (SOFR - 1 day + 1.56%) to 4/26/2028  | 512000 | &nbsp;&nbsp;&nbsp; 513265 |
| JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030  | 298000 | &nbsp;&nbsp;&nbsp; 311257 |
| JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032  | 1166000 | &nbsp;&nbsp;&nbsp; 1045809 |
| JPMorgan Chase & Co., 5.336% to 1/23/2034, FLR (SOFR - 1 day + 1.62%) to 1/23/2035  | 246000 | &nbsp;&nbsp;&nbsp; 255686 |
| JPMorgan Chase & Co., 4.946% to 10/22/2034, FLR (SOFR - 1 day + 1.34%) to 10/22/2035  | 593000 | &nbsp;&nbsp;&nbsp; 598037 |
| Mitsubishi UFJ Financial Group, Inc., 1.64% to 10/13/2026, FLR (CMT - 1yr. + 0.67%) to 10/13/2027  | 423000 | &nbsp;&nbsp;&nbsp; 411966 |
| Mitsubishi UFJ Financial Group, Inc., 5.159%, 4/24/2031  | 200000 | &nbsp;&nbsp;&nbsp; 206082 |
| Mitsubishi UFJ Financial Group, Inc., 5.188%, 9/12/2036  | 463000 | &nbsp;&nbsp;&nbsp; 470460 |
| Morgan Stanley, 0.985% to 12/10/2025, FLR (SOFR - 1 day + 0.72%) to 12/10/2026  | 593000 | &nbsp;&nbsp;&nbsp; 589105 |
| Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029  | 235000 | &nbsp;&nbsp;&nbsp; 242828 |
| Morgan Stanley, 4.431% to 1/23/2029, FLR ((SOFR - 3mo. + 0.26161%) + 1.628%) to 1/23/2030  | 277000 | &nbsp;&nbsp;&nbsp; 278326 |
| Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031  | 150000 | &nbsp;&nbsp;&nbsp; 145546 |
| Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034  | 339000 | &nbsp;&nbsp;&nbsp; 353205 |
| National Australia Bank Ltd., 3.347% to 1/12/2032, FLR (CMT - 5yr. + 1.7%) to 1/12/2037 (n) | 673000 | &nbsp;&nbsp;&nbsp; 609899 |
| Nationwide Building Society, 4.351%, 9/30/2030 (n) | 461000 | &nbsp;&nbsp;&nbsp; 459271 |
| Nordea Bank Abp, 1.5%, 9/30/2026 (n) | 721000 | &nbsp;&nbsp;&nbsp; 703130 |
| PNC Financial Services Group, Inc., 5.3% to 1/21/2027, FLR (SOFR - 1 day + 1.342%) to 1/21/2028  | 200000 | &nbsp;&nbsp;&nbsp; 202964 |
| PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035  | 266000 | &nbsp;&nbsp;&nbsp; 280506 |
| PNC Financial Services Group, Inc., 5.575% to 1/29/2035, FLR (SOFR - 1 day + 1.394%) to 1/29/2036  | 302000 | &nbsp;&nbsp;&nbsp; 315107 |
| Sumitomo Mitsui Financial Group, Inc., 1.71%, 1/12/2031  | 854000 | &nbsp;&nbsp;&nbsp; 744771 |
| Toronto-Dominion Bank, 4.108%, 6/08/2027  | 336000 | &nbsp;&nbsp;&nbsp; 336491 |
| UBS Group AG, 3.126% to 8/13/2029, FLR (LIBOR - 3mo. + 1.468%) to 8/13/2030 (n) | 1128000 | &nbsp;&nbsp;&nbsp; 1077372 |
| UBS Group AG, 5.58%, 5/09/2036 (n) | 492000 | &nbsp;&nbsp;&nbsp; 512127 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2170 (n) | 500000 | &nbsp;&nbsp;&nbsp; 454790 |
| UBS Group AG, 7% to 8/05/2035, FLR (USD SOFR ICE Swap Rate - 5yr. + 3.296%) to 8/05/2172 (n) | 269000 | &nbsp;&nbsp;&nbsp; 274226 |
| UniCredit S.p.A., 1.982% to 6/03/2026, FLR (CMT - 1yr. + 1.2%) to 6/03/2027 (n) | 201000 | &nbsp;&nbsp;&nbsp; 197831 |
| Wells Fargo & Co., 5.574% to 7/25/2028, FLR (SOFR - 1 day + 1.74%) to 7/25/2029  | 267000 | &nbsp;&nbsp;&nbsp; 276706 |
| Wells Fargo & Co., 5.244% to 1/24/2030, FLR (SOFR - 1 day + 1.11%) to 1/24/2031  | 356000 | &nbsp;&nbsp;&nbsp; 368320 |
| Wells Fargo & Co., 5.389% to 4/24/2033, FLR (SOFR - 1 day + 2.02%) to 4/24/2034  | 127000 | &nbsp;&nbsp;&nbsp; 131961 |
|  |  | &nbsp;&nbsp;&nbsp; $20448481 |
| Medical & Health Technology & Services – 1.6% | Medical & Health Technology & Services – 1.6% | Medical & Health Technology & Services – 1.6% |
| Alcon Finance Corp., 2.6%, 5/27/2030 (n) | $366000 | &nbsp;&nbsp;&nbsp; $338582 |
| Alcon Finance Corp., 3.8%, 9/23/2049 (n) | 230000 | &nbsp;&nbsp;&nbsp; 177003 |
| Becton, Dickinson and Co., 4.685%, 12/15/2044  | 186000 | &nbsp;&nbsp;&nbsp; 166574 |
| ICON Investments Six DAC, 5.809%, 5/08/2027  | 360000 | &nbsp;&nbsp;&nbsp; 367296 |
| ICON Investments Six DAC, 5.849%, 5/08/2029  | 315000 | &nbsp;&nbsp;&nbsp; 328798 |
| Marin General Hospital, 7.242%, 8/01/2045  | 272000 | &nbsp;&nbsp;&nbsp; 301995 |
| Thermo Fisher Scientific, Inc., 4.473%, 10/07/2032 (w) | 476000 | &nbsp;&nbsp;&nbsp; 476073 |
|  |  | &nbsp;&nbsp;&nbsp; $2156321 |
| Medical Equipment – 0.6% | Medical Equipment – 0.6% | Medical Equipment – 0.6% |
| Danaher Corp., 2.6%, 10/01/2050  | $518000 | &nbsp;&nbsp;&nbsp; $322628 |
| Stryker Corp., 4.625%, 9/11/2034  | 480000 | &nbsp;&nbsp;&nbsp; 477658 |
|  |  | &nbsp;&nbsp;&nbsp; $800286 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Metals & Mining – 1.1% | Metals & Mining – 1.1% | Metals & Mining – 1.1% |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | $559000 | &nbsp;&nbsp;&nbsp; $533698 |
| Novelis, Inc., 4.75%, 1/30/2030 (n) | 482000 | &nbsp;&nbsp;&nbsp; 464970 |
| Rio Tinto Finance (USA) PLC, 4.875%, 3/14/2030  | 216000 | &nbsp;&nbsp;&nbsp; 221347 |
| Vale Overseas Ltd., 6.4%, 6/28/2054  | 198000 | &nbsp;&nbsp;&nbsp; 203529 |
|  |  | &nbsp;&nbsp;&nbsp; $1423544 |
| Midstream – 4.5% | Midstream – 4.5% | Midstream – 4.5% |
| Cheniere Energy Partners LP, 5.55%, 10/30/2035 (n) | $491000 | &nbsp;&nbsp;&nbsp; $501612 |
| Columbia Pipelines Holdings Co. LLC, 6.055%, 8/15/2026 (n) | 105000 | &nbsp;&nbsp;&nbsp; 106414 |
| Columbia Pipelines Operating Co. LLC, 6.497%, 8/15/2043 (n) | 258000 | &nbsp;&nbsp;&nbsp; 275169 |
| Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n) | 257000 | &nbsp;&nbsp;&nbsp; 275674 |
| Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054  | 542000 | &nbsp;&nbsp;&nbsp; 533980 |
| Energy Transfer LP, 6.5% to 2/15/2031, FLR (CMT - 5yr. + 2.676%) to 2/15/2056  | 328000 | &nbsp;&nbsp;&nbsp; 326463 |
| Energy Transfer LP, 7.125% to 5/15/2030, FLR (CMT - 5yr. + 5.306%) to 5/15/2171  | 194000 | &nbsp;&nbsp;&nbsp; 200460 |
| Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 (n) | 222878 | &nbsp;&nbsp;&nbsp; 217221 |
| Plains All American Pipeline LP, 5.95%, 6/15/2035  | 292000 | &nbsp;&nbsp;&nbsp; 304740 |
| Plains All American Pipeline LP, 5.6%, 1/15/2036  | 216000 | &nbsp;&nbsp;&nbsp; 218715 |
| Plains All American Pipeline LP, 4.9%, 2/15/2045  | 425000 | &nbsp;&nbsp;&nbsp; 370671 |
| Rockies Express Pipeline LLC, 4.95%, 7/15/2029 (n) | 454000 | &nbsp;&nbsp;&nbsp; 450317 |
| Rockies Express Pipeline LLC, 7.5%, 7/15/2038 (n) | 119000 | &nbsp;&nbsp;&nbsp; 126608 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 92000 | &nbsp;&nbsp;&nbsp; 94687 |
| Targa Resources Corp., 4.2%, 2/01/2033  | 220000 | &nbsp;&nbsp;&nbsp; 209023 |
| Targa Resources Corp., 4.95%, 4/15/2052  | 551000 | &nbsp;&nbsp;&nbsp; 471643 |
| Targa Resources Corp., 6.25%, 7/01/2052  | 200000 | &nbsp;&nbsp;&nbsp; 203988 |
| Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 140000 | &nbsp;&nbsp;&nbsp; 145957 |
| Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 399000 | &nbsp;&nbsp;&nbsp; 376595 |
| Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n) | 326000 | &nbsp;&nbsp;&nbsp; 323092 |
| Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n) | 146000 | &nbsp;&nbsp;&nbsp; 153688 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n) | 141000 | &nbsp;&nbsp;&nbsp; 149767 |
|  |  | &nbsp;&nbsp;&nbsp; $6036484 |
| Municipals – 0.7% | Municipals – 0.7% | Municipals – 0.7% |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B", 2.746%, 6/01/2034  | $340000 | &nbsp;&nbsp;&nbsp; $301606 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 6.352%, 7/01/2049  | 290000 | &nbsp;&nbsp;&nbsp; 301106 |
| National Finance Authority, NH, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), "A", 6.89%, 4/01/2034  | 285000 | &nbsp;&nbsp;&nbsp; 298808 |
|  |  | &nbsp;&nbsp;&nbsp; $901520 |
| Natural Gas - Distribution – 0.7% | Natural Gas - Distribution – 0.7% | Natural Gas - Distribution – 0.7% |
| Boston Gas Co., 5.843%, 1/10/2035 (n) | $540000 | &nbsp;&nbsp;&nbsp; $569582 |
| Sempra, 6.875% to 10/01/2029, FLR (CMT - 5yr. + 2.789%) to 10/01/2054  | 237000 | &nbsp;&nbsp;&nbsp; 245572 |
| Sempra, 6.375% to 4/01/2031, FLR (CMT - 5yr. + 2.632%) to 4/01/2056  | 158000 | &nbsp;&nbsp;&nbsp; 162147 |
|  |  | &nbsp;&nbsp;&nbsp; $977301 |
| Natural Gas - Pipeline – 0.5% | Natural Gas - Pipeline – 0.5% | Natural Gas - Pipeline – 0.5% |
| APA Infrastructure Ltd., 5%, 3/23/2035 (n) | $251000 | &nbsp;&nbsp;&nbsp; $249155 |
| APA Infrastructure Ltd., 5.75%, 9/16/2044 (n) | 431000 | &nbsp;&nbsp;&nbsp; 429867 |
|  |  | &nbsp;&nbsp;&nbsp; $679022 |
| Network & Telecom – 0.5% | Network & Telecom – 0.5% | Network & Telecom – 0.5% |
| NTT Finance Corp., 5.171%, 7/16/2032 (n) | $463000 | &nbsp;&nbsp;&nbsp; $474189 |
| NTT Finance Corp., 5.502%, 7/16/2035 (n) | 200000 | &nbsp;&nbsp;&nbsp; 206878 |
|  |  | &nbsp;&nbsp;&nbsp; $681067 |
| Oils – 0.9% | Oils – 0.9% | Oils – 0.9% |
| Marathon Petroleum Corp., 5.7%, 3/01/2035  | $373000 | &nbsp;&nbsp;&nbsp; $385022 |
| MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031  | 452456 | &nbsp;&nbsp;&nbsp; 387424 |
| Raizen Fuels Finance S.A., 6.25%, 7/08/2032 (n) | 491000 | &nbsp;&nbsp;&nbsp; 479216 |
|  |  | &nbsp;&nbsp;&nbsp; $1251662 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Other Banks & Diversified Financials – 3.0% | Other Banks & Diversified Financials – 3.0% | Other Banks & Diversified Financials – 3.0% |
| AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | $578000 | &nbsp;&nbsp;&nbsp; $613569 |
| AIB Group PLC, 5.871% to 3/28/2034, FLR (SOFR - 1 day + 1.91%) to 3/28/2035 (n) | 200000 | &nbsp;&nbsp;&nbsp; 210397 |
| BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n) | 332000 | &nbsp;&nbsp;&nbsp; 362003 |
| BPCE S.A., 5.716% to 1/18/2029, FLR (CMT - 1yr. + 1.959%) to 1/18/2030 (n) | 406000 | &nbsp;&nbsp;&nbsp; 419865 |
| CaixaBank S.A., 5.673% to 3/15/2029, FLR (SOFR - 1 day + 1.78%) to 3/15/2030 (n) | 200000 | &nbsp;&nbsp;&nbsp; 207433 |
| CaixaBank S.A., 6.84% to 9/13/2033, FLR (SOFR - 1 day + 2.77%) to 9/13/2034 (n) | 610000 | &nbsp;&nbsp;&nbsp; 679708 |
| M&T Bank Corp., 7.413% to 10/30/2028, FLR (SOFR - 1 day + 2.80%) to 10/30/2029  | 153000 | &nbsp;&nbsp;&nbsp; 166206 |
| M&T Bank Corp., 5.053% to 1/27/2033, FLR (SOFR - 1 day + 1.850%) to 1/27/2034  | 267000 | &nbsp;&nbsp;&nbsp; 267683 |
| Macquarie Bank Ltd., 5.642% to 8/13/2035, FLR (CMT - 1yr. + 1.45%) to 8/13/2036 (n) | 399000 | &nbsp;&nbsp;&nbsp; 404173 |
| Manufacturers and Traders Trust Co., 4.7%, 1/27/2028  | 265000 | &nbsp;&nbsp;&nbsp; 268543 |
| Truist Financial Corp., 7.161% to 10/30/2028, FLR (SOFR - 1 day + 2.446%) to 10/30/2029  | 388000 | &nbsp;&nbsp;&nbsp; 420243 |
|  |  | &nbsp;&nbsp;&nbsp; $4019823 |
| Pharmaceuticals – 1.6% | Pharmaceuticals – 1.6% | Pharmaceuticals – 1.6% |
| AbbVie, Inc., 5.35%, 3/15/2044  | $468000 | &nbsp;&nbsp;&nbsp; $469506 |
| AbbVie, Inc., 5.4%, 3/15/2054  | 271000 | &nbsp;&nbsp;&nbsp; 269465 |
| Biogen, Inc., 5.05%, 1/15/2031  | 358000 | &nbsp;&nbsp;&nbsp; 368041 |
| Eli Lilly & Co., 5.5%, 2/12/2055  | 181000 | &nbsp;&nbsp;&nbsp; 184878 |
| Pfizer Investment Enterprises Pte. Ltd., 5.3%, 5/19/2053  | 285000 | &nbsp;&nbsp;&nbsp; 275420 |
| Pfizer, Inc., 2.55%, 5/28/2040  | 188000 | &nbsp;&nbsp;&nbsp; 138142 |
| Roche Holdings, Inc., 5.489%, 11/13/2030 (n) | 344000 | &nbsp;&nbsp;&nbsp; 364428 |
|  |  | &nbsp;&nbsp;&nbsp; $2069880 |
| Pollution Control – 0.2% | Pollution Control – 0.2% | Pollution Control – 0.2% |
| GFL Environmental, Inc., 3.5%, 9/01/2028 (n)  | $222000 | &nbsp;&nbsp;&nbsp; $216537 |
| Precious Metals & Minerals – 0.7% | Precious Metals & Minerals – 0.7% | Precious Metals & Minerals – 0.7% |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | $437000 | &nbsp;&nbsp;&nbsp; $436462 |
| Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | 496000 | &nbsp;&nbsp;&nbsp; 524841 |
|  |  | &nbsp;&nbsp;&nbsp; $961303 |
| Railroad & Shipping – 0.8% | Railroad & Shipping – 0.8% | Railroad & Shipping – 0.8% |
| Burlington Northern Santa Fe LLC, 5.2%, 4/15/2054  | $493000 | &nbsp;&nbsp;&nbsp; $473123 |
| Burlington Northern Sante Fe LLC, 5.5%, 3/15/2055  | 192000 | &nbsp;&nbsp;&nbsp; 192432 |
| Canadian Pacific Railway Co., 3.1%, 12/02/2051  | 649000 | &nbsp;&nbsp;&nbsp; 438829 |
|  |  | &nbsp;&nbsp;&nbsp; $1104384 |
| Real Estate - Apartment – 0.7% | Real Estate - Apartment – 0.7% | Real Estate - Apartment – 0.7% |
| American Homes 4 Rent LP, REIT, 5.5%, 7/15/2034  | $167000 | &nbsp;&nbsp;&nbsp; $172088 |
| American Homes 4 Rent LP, REIT, 5.25%, 3/15/2035  | 637000 | &nbsp;&nbsp;&nbsp; 643734 |
| American Homes 4 Rent LP, REIT, 4.3%, 4/15/2052  | 171000 | &nbsp;&nbsp;&nbsp; 137028 |
|  |  | &nbsp;&nbsp;&nbsp; $952850 |
| Real Estate - Office – 1.0% | Real Estate - Office – 1.0% | Real Estate - Office – 1.0% |
| Boston Properties LP, REIT, 2.75%, 10/01/2026  | $300000 | &nbsp;&nbsp;&nbsp; $295220 |
| COPT Defense Properties, 4.5%, 10/15/2030 (w) | 153000 | &nbsp;&nbsp;&nbsp; 151991 |
| Corporate Office Property LP, REIT, 2%, 1/15/2029  | 286000 | &nbsp;&nbsp;&nbsp; 265018 |
| Corporate Office Property LP, REIT, 2.75%, 4/15/2031  | 365000 | &nbsp;&nbsp;&nbsp; 330429 |
| Cousins Properties, Inc., REIT, 5.875%, 10/01/2034  | 232000 | &nbsp;&nbsp;&nbsp; 243416 |
|  |  | &nbsp;&nbsp;&nbsp; $1286074 |
| Real Estate - Other – 0.7% | Real Estate - Other – 0.7% | Real Estate - Other – 0.7% |
| Lexington Realty Trust Co., 2.375%, 10/01/2031  | $521000 | &nbsp;&nbsp;&nbsp; $451967 |
| Prologis LP, REIT, 5.125%, 1/15/2034  | 420000 | &nbsp;&nbsp;&nbsp; 431349 |
|  |  | &nbsp;&nbsp;&nbsp; $883316 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Real Estate - Retail – 0.9% | Real Estate - Retail – 0.9% | Real Estate - Retail – 0.9% |
| NNN REIT, Inc., 5.6%, 10/15/2033  | $303000 | &nbsp;&nbsp;&nbsp; $316947 |
| STORE Capital Corp., REIT, 4.625%, 3/15/2029  | 233000 | &nbsp;&nbsp;&nbsp; 231417 |
| STORE Capital Corp., REIT, 2.7%, 12/01/2031  | 758000 | &nbsp;&nbsp;&nbsp; 663581 |
|  |  | &nbsp;&nbsp;&nbsp; $1211945 |
| Retailers – 1.3% | Retailers – 1.3% | Retailers – 1.3% |
| Alimentation Couche-Tard, Inc., 3.8%, 1/25/2050 (n) | $360000 | &nbsp;&nbsp;&nbsp; $272566 |
| Amazon.com, Inc., 3.6%, 4/13/2032  | 381000 | &nbsp;&nbsp;&nbsp; 368270 |
| Home Depot, Inc., 4.85%, 6/25/2031  | 137000 | &nbsp;&nbsp;&nbsp; 141372 |
| Home Depot, Inc., 3.3%, 4/15/2040  | 416000 | &nbsp;&nbsp;&nbsp; 340877 |
| Home Depot, Inc., 3.9%, 6/15/2047  | 83000 | &nbsp;&nbsp;&nbsp; 67016 |
| Parkland Corp., 6.625%, 8/15/2032 (n) | 532000 | &nbsp;&nbsp;&nbsp; 546663 |
|  |  | &nbsp;&nbsp;&nbsp; $1736764 |
| Specialty Stores – 0.2% | Specialty Stores – 0.2% | Specialty Stores – 0.2% |
| DICK'S Sporting Goods, 4.1%, 1/15/2052  | $365000 | &nbsp;&nbsp;&nbsp; $271750 |
| Supermarkets – 0.2% | Supermarkets – 0.2% | Supermarkets – 0.2% |
| Kroger Co., 5.5%, 9/15/2054  | $272000 | &nbsp;&nbsp;&nbsp; $265108 |
| Telecommunications - Wireless – 2.2% | Telecommunications - Wireless – 2.2% | Telecommunications - Wireless – 2.2% |
| American Tower Corp., 5.2%, 2/15/2029  | $359000 | &nbsp;&nbsp;&nbsp; $369407 |
| American Tower Corp., 5.45%, 2/15/2034  | 292000 | &nbsp;&nbsp;&nbsp; 303369 |
| American Tower Corp., 3.7%, 10/15/2049  | 190000 | &nbsp;&nbsp;&nbsp; 142468 |
| Cellnex Finance Co. S.A., 3.875%, 7/07/2041 (n) | 565000 | &nbsp;&nbsp;&nbsp; 450180 |
| Crown Castle, Inc., REIT, 4.45%, 2/15/2026  | 238000 | &nbsp;&nbsp;&nbsp; 237865 |
| Rogers Communications, Inc., 4.5%, 3/15/2042  | 288000 | &nbsp;&nbsp;&nbsp; 250731 |
| Rogers Communications, Inc., 4.55%, 3/15/2052  | 63000 | &nbsp;&nbsp;&nbsp; 52222 |
| T-Mobile USA, Inc., 5.05%, 7/15/2033  | 204000 | &nbsp;&nbsp;&nbsp; 208378 |
| T-Mobile USA, Inc., 3%, 2/15/2041  | 553000 | &nbsp;&nbsp;&nbsp; 415537 |
| Vodafone Group PLC, 5.625%, 2/10/2053  | 480000 | &nbsp;&nbsp;&nbsp; 467205 |
|  |  | &nbsp;&nbsp;&nbsp; $2897362 |
| Tobacco – 0.9% | Tobacco – 0.9% | Tobacco – 0.9% |
| B.A.T. Capital Corp., 6.343%, 8/02/2030  | $389000 | &nbsp;&nbsp;&nbsp; $419934 |
| Imperial Brands Finance PLC, 5.5%, 2/01/2030 (n) | 325000 | &nbsp;&nbsp;&nbsp; 337168 |
| Japan Tobacco, Inc., 5.25%, 6/15/2030 (n) | 442000 | &nbsp;&nbsp;&nbsp; 457630 |
|  |  | &nbsp;&nbsp;&nbsp; $1214732 |
| Transportation - Services – 0.7% | Transportation - Services – 0.7% | Transportation - Services – 0.7% |
| Element Fleet Management Corp., 6.319%, 12/04/2028 (n) | $564000 | &nbsp;&nbsp;&nbsp; $597298 |
| Element Fleet Management Corp., 5.037%, 3/25/2030 (n) | 326000 | &nbsp;&nbsp;&nbsp; 332539 |
|  |  | &nbsp;&nbsp;&nbsp; $929837 |
| U.S. Treasury Obligations – 1.5% | U.S. Treasury Obligations – 1.5% | U.S. Treasury Obligations – 1.5% |
| U.S. Treasury Bonds, 4.75%, 5/15/2055  | $265000 | &nbsp;&nbsp;&nbsp; $265828 |
| U.S. Treasury Bonds, 4.75%, 2/15/2045 (f) | 655000 | &nbsp;&nbsp;&nbsp; 659094 |
| U.S. Treasury Bonds, 5%, 5/15/2045  | 875000 | &nbsp;&nbsp;&nbsp; 908633 |
| U.S. Treasury Bonds, 4.875%, 8/15/2045  | 129000 | &nbsp;&nbsp;&nbsp; 131882 |
|  |  | &nbsp;&nbsp;&nbsp; $1965437 |
| Utilities - Electric Power – 8.4% | Utilities - Electric Power – 8.4% | Utilities - Electric Power – 8.4% |
| Adani Electricity Mumbai Ltd., 3.867%, 7/22/2031 (n) | $200000 | &nbsp;&nbsp;&nbsp; $183441 |
| Adani Transmission Ltd., 4%, 8/03/2026  | 415000 | &nbsp;&nbsp;&nbsp; 411051 |
| Adani Transmission Ltd., 4.25%, 5/21/2036  | 146645 | &nbsp;&nbsp;&nbsp; 132976 |
| AEP Transmission Co. LLC, 5.375%, 6/15/2035  | 296000 | &nbsp;&nbsp;&nbsp; 306249 |
| AEP Transmission Co. LLC, 5.4%, 3/15/2053  | 216000 | &nbsp;&nbsp;&nbsp; 214213 |
| Algonquin Power & Utilities Corp., 5.365%, 6/15/2026  | 181000 | &nbsp;&nbsp;&nbsp; 182302 |
| American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | 181000 | &nbsp;&nbsp;&nbsp; 162386 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Utilities - Electric Power – continued | Utilities - Electric Power – continued | Utilities - Electric Power – continued |
| Berkshire Hathaway Energy Co., 5.15%, 11/15/2043  | 120000 | &nbsp;&nbsp;&nbsp; $116624 |
| Berkshire Hathaway Energy Co., 4.6%, 5/01/2053  | 100000 | &nbsp;&nbsp;&nbsp; 85958 |
| DTE Energy Co., 4.95%, 7/01/2027  | 373000 | &nbsp;&nbsp;&nbsp; 377747 |
| Duke Energy Carolinas LLC, 2.45%, 2/01/2030  | 460000 | &nbsp;&nbsp;&nbsp; 428790 |
| Duke Energy Florida LLC, 3.4%, 10/01/2046  | 158000 | &nbsp;&nbsp;&nbsp; 116967 |
| Duke Energy Florida LLC, 6.2%, 11/15/2053  | 272000 | &nbsp;&nbsp;&nbsp; 297258 |
| Enel Finance International N.V., 4.625%, 6/15/2027 (n) | 400000 | &nbsp;&nbsp;&nbsp; 402618 |
| Enel Finance International N.V., 7.75%, 10/14/2052 (n) | 296000 | &nbsp;&nbsp;&nbsp; 364525 |
| Eversource Energy, 5.5%, 1/01/2034  | 373000 | &nbsp;&nbsp;&nbsp; 385165 |
| FirstEnergy Corp., 3.9%, 7/15/2027  | 262000 | &nbsp;&nbsp;&nbsp; 260393 |
| FirstEnergy Corp., 3.4%, 3/01/2050  | 533000 | &nbsp;&nbsp;&nbsp; 372112 |
| Florida Power & Light Co., 2.45%, 2/03/2032  | 204000 | &nbsp;&nbsp;&nbsp; 183202 |
| Florida Power & Light Co., 3.95%, 3/01/2048  | 287000 | &nbsp;&nbsp;&nbsp; 234154 |
| Georgia Power Co., 4.7%, 5/15/2032  | 139000 | &nbsp;&nbsp;&nbsp; 140678 |
| Georgia Power Co., 4.95%, 5/17/2033  | 130000 | &nbsp;&nbsp;&nbsp; 132612 |
| Georgia Power Co., 5.125%, 5/15/2052  | 362000 | &nbsp;&nbsp;&nbsp; 345224 |
| Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 645000 | &nbsp;&nbsp;&nbsp; 576703 |
| Jersey Central Power & Light Co., 5.1%, 1/15/2035  | 114000 | &nbsp;&nbsp;&nbsp; 115536 |
| MidAmerican Energy Co., 5.85%, 9/15/2054  | 470000 | &nbsp;&nbsp;&nbsp; 494858 |
| Northern States Power Co. of Minnesota, 5.05%, 5/15/2035  | 474000 | &nbsp;&nbsp;&nbsp; 483438 |
| Oncor Electric Delivery Co. LLC, 5.35%, 4/01/2035 (n) | 371000 | &nbsp;&nbsp;&nbsp; 383725 |
| Pacific Gas & Electric Co., 5.45%, 6/15/2027  | 192000 | &nbsp;&nbsp;&nbsp; 195210 |
| Pacific Gas & Electric Co., 2.5%, 2/01/2031  | 442000 | &nbsp;&nbsp;&nbsp; 393779 |
| Pacific Gas & Electric Co., 4%, 12/01/2046  | 264000 | &nbsp;&nbsp;&nbsp; 199036 |
| PPL Electric Utilities Corp., 4.85%, 2/15/2034  | 367000 | &nbsp;&nbsp;&nbsp; 371195 |
| PSEG Power LLC, 5.2%, 5/15/2030 (n) | 383000 | &nbsp;&nbsp;&nbsp; 392922 |
| PSEG Power LLC, 5.75%, 5/15/2035 (n) | 301000 | &nbsp;&nbsp;&nbsp; 314886 |
| Public Service Electric & Gas Co., 5.5%, 3/01/2055  | 231000 | &nbsp;&nbsp;&nbsp; 232016 |
| Southern California Edison Co., 4.5%, 9/01/2040  | 130000 | &nbsp;&nbsp;&nbsp; 114977 |
| Xcel Energy, Inc., 5.5%, 3/15/2034  | 528000 | &nbsp;&nbsp;&nbsp; 544850 |
| Xcel Energy, Inc., 5.6%, 4/15/2035  | 65000 | &nbsp;&nbsp;&nbsp; 67381 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 118000 | &nbsp;&nbsp;&nbsp; 121153 |
| XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n) | 274000 | &nbsp;&nbsp;&nbsp; 287152 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n) | 59000 | &nbsp;&nbsp;&nbsp; 61873 |
|  |  | &nbsp;&nbsp;&nbsp; $11187335 |
| **Total Bonds**  |  | &nbsp;&nbsp; **$130236382** |
| Mutual Funds (h) – 1.6%  | Mutual Funds (h) – 1.6%  | Mutual Funds (h) – 1.6%  |
| Money Market Funds – 1.6% | Money Market Funds – 1.6% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v)  | 2204248 | &nbsp;&nbsp;&nbsp; $2204468 |
| Other Assets, Less Liabilities – 0.4% |  | &nbsp;&nbsp;&nbsp; 482735 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$132923585** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $2,204,468 and $130,236,382, respectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $52,581,939, representing 39.6% of net assets.

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

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

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

------

*Portfolio of Investments (unaudited) – continued*

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** |
| **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  |
| **Description** | **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value/Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  |  |  |
| U.S. Treasury Bond 30 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 28 | $3264625 | December – 2025 | &nbsp;&nbsp; $64090 |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 23 | 4793164 | December – 2025 | &nbsp;&nbsp; 3002 |
| U.S. Treasury Note 5 yr | &nbsp;&nbsp; Short | &nbsp;&nbsp; USD | &nbsp;&nbsp; 9 | 982758 | December – 2025 | &nbsp;&nbsp; 347 |
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 15 | 1800938 | December – 2025 | &nbsp;&nbsp; 38148 |
|  |  |  |  |  |  | &nbsp;&nbsp; $105587 |

---

At September 30, 2025, the fund had liquid securities with an aggregate value of $224,394 to cover any collateral or margin obligations for certain derivative contracts.

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

------

**Supplemental Information**

9/30/25 (unaudited)

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

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

**(1) Investment Valuations**

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

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

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

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

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

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

asset value per share.

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

------

*Supplemental Information (unaudited) – continued*

Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of September 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1965437 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1965437 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3809481 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3809481 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 901520 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 901520 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 82850325 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 82850325 |
| Residential Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1684497 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1684497 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1470484 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1470484 |
| Asset-Backed Securities (including CDOs) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1786313 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1786313 |
| Foreign Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35768325 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35768325 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 2204468 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2204468 |
| Total | &nbsp;&nbsp;&nbsp; $2204468 | &nbsp;&nbsp;&nbsp; $130236382 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $132440850 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Assets | &nbsp;&nbsp;&nbsp; $105587 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $105587 |

---

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

**(2) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended September 30, 2025:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $3213365 | &nbsp;&nbsp; $30601508 | &nbsp;&nbsp; $31609439 | &nbsp;&nbsp; $(627)<br>| &nbsp;&nbsp; $(339)<br>| &nbsp;&nbsp; $2204468<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $67969 | &nbsp;&nbsp; $— |

---

**(3) Issuer Country Weightings**

Issuer country weighting percentages of portfolio holdings based on net assets, as of September 30, 2025, are as follows:

---

| | |
|:---|:---|
| United States | 70.0% |
| Canada | 4.2% |
| Australia | 3.6% |
| United Kingdom | 3.5% |
| Japan | 2.5% |
| Ireland | 2.4% |
| Switzerland | 1.8% |
| Mexico | 1.5% |
| Germany | 1.4% |
| Other Countries | 9.1% |

---

The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

- **a. Name of Series:** MFS Corporate Bond Portfolio

- **b. EDGAR series identifier (if any):** S000002634

- **c. LEI of Series:** 549300EBTH38BN20LW52

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $133694395.86

**Total Liabilities:** $579335.06

**Net Assets:** $133115060.80

**Delayed Delivery Securities:** $304953.48

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -226.44000000 | **1-Year:** -5358.40000000 | **5-Year:** -22130.47000000 | **10-Year:** -30090.05000000 | **30-Year:** -17046.35000000

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

- **3-Month:** -40.00000000 | **1-Year:** -1136.54000000 | **5-Year:** -3417.73000000 | **10-Year:** -1441.22000000 | **30-Year:** -337.82000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007237 | 0.10%                | 1.04%                | 1.48%                |
| Class ID C000007238 | 0.10%                | 1.01%                | 1.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-81898.74               | $-217611.14                                |
| Month 2  | $-38851.92               | $855105.36                                 |
| Month 3  | $-152252.72              | $1454615.77                                |

**Designated Index Information**

- **Index Name:** BBG Barclays US Credit

- **Index Identifier:** LUCRTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BANK OF AMERICA CORP                            | Bank of America Corp                                                            | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    392000 | PA      | $393412.75    | 0.30%             | 2028-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| COPT DEFENSE PROP LP                            | COPT Defense Properties LP                                                      | CUSIP: 12713UAA4<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    153000 | PA      | $151991.04    | 0.11%             | 2030-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                                        | Mars Inc                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    102000 | PA      | $104257.93    | 0.08%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                  | CUSIP: 6174468P7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145545.50    | 0.11%             | 2031-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                           | MidAmerican Energy Co                                                           | CUSIP: 595620AY1<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |    470000 | PA      | $494858.40    | 0.37%             | 2054-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MARS INC                                        | Mars Inc                                                                        | CUSIP: 571676AT2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    273000 | PA      | $276467.42    | 0.21%             | 2028-04-20      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                        | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668CB6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    252000 | PA      | $263795.75    | 0.20%             | 2028-11-16      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                | LPL Holdings Inc                                                                | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    466000 | PA      | $474789.60    | 0.36%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO                           | Becton Dickinson & Co                                                           | CUSIP: 075887BG3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    186000 | PA      | $166574.29    | 0.13%             | 2044-12-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                    | Broadcom Inc                                                                    | CUSIP: 11135FCY5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    261000 | PA      | $260203.73    | 0.20%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                        | Primo Water Holdings Inc / Triton Water Holdings Inc                            | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    523000 | PA      | $507259.24    | 0.38%             | 2029-04-30      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                          | CNH Industrial Capital LLC                                                      | CUSIP: 12592BAR5<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    326000 | PA      | $337374.15    | 0.25%             | 2029-01-12      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                          | NXP BV / NXP Funding LLC / NXP USA Inc                                          | CUSIP: 62954HBH0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    625000 | PA      | $631380.89    | 0.47%             | 2035-08-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                             | American Tower Corp                                                             | CUSIP: 03027XAY6<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    190000 | PA      | $142468.41    | 0.11%             | 2049-10-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                        | Ford Motor Credit Co LLC                                                        | CUSIP: 345397E58<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    295000 | PA      | $299363.58    | 0.22%             | 2029-03-08      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                           | Melco Resorts Finance Ltd                                                       | CUSIP: 58547DAH2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    260000 | PA      | $272373.76    | 0.20%             | 2032-04-17      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| INTEL CORP                                      | Intel Corp                                                                      | CUSIP: 458140CJ7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    231000 | PA      | $223393.94    | 0.17%             | 2053-02-10      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co                        | Florida Power & Light Co                                                        | CUSIP: 341081FQ5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    287000 | PA      | $234154.03    | 0.18%             | 2048-03-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                  | Mastercard Inc                                                                  | CUSIP: 57636QBC7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    265000 | PA      | $264422.05    | 0.20%             | 2035-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                           | Duke Energy Carolinas LLC                                                       | CUSIP: 26442CBA1<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    460000 | PA      | $428790.34    | 0.32%             | 2030-02-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526DB2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    213000 | PA      | $215014.30    | 0.16%             | 2031-08-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                        | Plains All American Pipeline LP                                                 | CUSIP: 72650RBQ4<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    292000 | PA      | $304740.32    | 0.23%             | 2035-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                  | ELM Trust 2024-ELM                                                              | CUSIP: 26860XBE0<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |    151693 | PA      | $152543.89    | 0.11%             | 2039-06-10      | Variable      | 6.85%                 | Yes           |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                         | Walt Disney Co/The                                                              | CUSIP: 254687FZ4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    430000 | PA      | $325283.44    | 0.24%             | 2051-01-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                                      | Pfizer Inc                                                                      | CUSIP: 717081EZ2<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    188000 | PA      | $138141.77    | 0.10%             | 2040-05-28      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                       | Kroger Co/The                                                                   | CUSIP: 501044DW8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    272000 | PA      | $265107.58    | 0.20%             | 2054-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FERGUSON ENTERPRISES INC                        | Ferguson Enterprises Inc                                                        | CUSIP: 31488VAA5<br>LEI: 2138003JYQMRP3SLX189 | Long             | DBT              | CORP              | US        |    494000 | PA      | $497386.78    | 0.37%             | 2034-10-03      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                          | Marriott International Inc/MD                                                   | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    213000 | PA      | $196009.85    | 0.15%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                          | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    118000 | PA      | $121153.43    | 0.09%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                          | U.S. Treasury Bonds                                                             | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    655000 | PA      | $659093.75    | 0.50%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                          | NXP BV / NXP Funding LLC / NXP USA Inc                                          | CUSIP: 62954HBB3<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    108000 | PA      | $109418.99    | 0.08%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                  | Home Depot Inc/The                                                              | CUSIP: 437076BS0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     83000 | PA      | $67015.49     | 0.05%             | 2047-06-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC                                  | PSEG Power LLC                                                                  | CUSIP: 69362BBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    383000 | PA      | $392921.87    | 0.30%             | 2030-05-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                          | UnitedHealth Group Inc                                                          | CUSIP: 91324PFK3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    348000 | PA      | $348657.12    | 0.26%             | 2044-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                    | Comcast Corp                                                                    | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    310000 | PA      | $190951.01    | 0.14%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                           | GFL Environmental Inc                                                           | CUSIP: 36168QAM6<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    222000 | PA      | $216537.29    | 0.16%             | 2028-09-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                         | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    258000 | PA      | $275168.46    | 0.21%             | 2043-08-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                           | Wells Fargo & Co                                                                | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    127000 | PA      | $131960.71    | 0.10%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG                          | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    392000 | PA      | $399374.70    | 0.30%             | 2032-05-01      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PEC6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    246000 | PA      | $255686.41    | 0.19%             | 2035-01-23      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE INSURANCE C                        | Pacific Life Insurance Co                                                       | CUSIP: 69448FAB7<br>LEI: 8WC3XYHE06SQFW7CQK10 | Long             | DBT              | CORP              | US        |    574000 | PA      | $593151.72    | 0.45%             | 2055-09-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                        | International Flavors & Fragrances Inc                                          | CUSIP: 459506AL5<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21974.43     | 0.02%             | 2048-09-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                  | Microsoft Corp                                                                  | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    124000 | PA      | $78500.93     | 0.06%             | 2050-06-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                  | Rocket Cos Inc                                                                  | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    162000 | PA      | $166263.84    | 0.12%             | 2030-08-01      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                            | Bank of America Corp                                                            | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    452000 | PA      | $411763.03    | 0.31%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                     | MetLife Inc                                                                     | CUSIP: 59156RCN6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    386000 | PA      | $401490.88    | 0.30%             | 2034-12-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| MANUF & TRADERS TRUST CO                        | Manufacturers & Traders Trust Co                                                | CUSIP: 55279HAW0<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |    265000 | PA      | $268543.48    | 0.20%             | 2028-01-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                        | Corebridge Financial Inc                                                        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    275000 | PA      | $282003.72    | 0.21%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                           | Panther Escrow Issuer LLC                                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    131000 | PA      | $136255.46    | 0.10%             | 2031-06-01      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                          | UnitedHealth Group Inc                                                          | CUSIP: 91324PEQ1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    262000 | PA      | $272742.37    | 0.20%             | 2030-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                          | APA Infrastructure Ltd                                                          | CUSIP: 00188LAB3<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |    431000 | PA      | $429866.95    | 0.32%             | 2044-09-16      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                           | Truist Financial Corp                                                           | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    388000 | PA      | $420243.20    | 0.32%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                        | Florida Power & Light Co                                                        | CUSIP: 341081GG6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    204000 | PA      | $183202.34    | 0.14%             | 2032-02-03      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                         | AEP Transmission Co LLC                                                         | CUSIP: 00115AAQ2<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |    216000 | PA      | $214213.37    | 0.16%             | 2053-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                          | Sempra                                                                          | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    158000 | PA      | $162147.12    | 0.12%             | 2056-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                         | Duke Energy Florida LLC                                                         | CUSIP: 26444HAR2<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    272000 | PA      | $297258.21    | 0.22%             | 2053-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                        | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    216000 | PA      | $218714.71    | 0.16%             | 2036-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                        | Rockies Express Pipeline LLC                                                    | CUSIP: 77340RAD9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    119000 | PA      | $126608.38    | 0.10%             | 2038-07-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                        | Berkshire Hathaway Energy Co                                                    | CUSIP: 084659BF7<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85957.79     | 0.06%             | 2053-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                          | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    302000 | PA      | $315107.34    | 0.24%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                            | Boston Properties LP                                                            | CUSIP: 10112RAY0<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295220.07    | 0.22%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                          | Mitsubishi UFJ Financial Group Inc                                              | CUSIP: 606822DQ4<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    463000 | PA      | $470459.68    | 0.35%             | 2036-09-12      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                    | CaixaBank SA                                                                    | CUSIP: 12803RAG9<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $207433.29    | 0.16%             | 2030-03-15      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                        | Northern States Power Co/MN                                                     | CUSIP: 665772CZ0<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    474000 | PA      | $483437.69    | 0.36%             | 2035-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                          | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX    | CUSIP: 07336UAB9<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    332000 | PA      | $362003.17    | 0.27%             | 2039-01-08      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                           | Mexico Government International Bond                                            | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    400000 | PA      | $420404.00    | 0.32%             | 2038-01-29      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Bayview Financial Revolving Mortgage Loan Trust | Bayview Financial Revolving Asset Trust 2005-E                                  | CUSIP: 073250BW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22206 | PA      | $47834.39     | 0.04%             | 2040-12-28      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                          | Mitsubishi UFJ Financial Group Inc                                              | CUSIP: 606822BZ6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    423000 | PA      | $411965.77    | 0.31%             | 2027-10-13      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                        | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    437000 | PA      | $458584.85    | 0.34%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                        | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    391000 | PA      | $397930.48    | 0.30%             | 2028-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                            | Raizen Fuels Finance SA                                                         | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |    491000 | PA      | $479216.00    | 0.36%             | 2032-07-08      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                        | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAE8<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    132000 | PA      | $133845.31    | 0.10%             | 2030-03-17      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                          | Westinghouse Air Brake Technologies Corp                                        | CUSIP: 960386AR1<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |    157000 | PA      | $164948.11    | 0.12%             | 2034-03-11      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| COPT DEFENSE PROP LP                            | COPT Defense Properties LP                                                      | CUSIP: 22003BAN6<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    286000 | PA      | $265018.46    | 0.20%             | 2029-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                   | AIB Group PLC                                                                   | CUSIP: 00135TAE4<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $210397.04    | 0.16%             | 2035-03-28      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                            | Flutter Treasury DAC                                                            | CUSIP: 344045AA7<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    418000 | PA      | $431634.74    | 0.32%             | 2029-04-29      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                        | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAV3<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    491000 | PA      | $501611.80    | 0.38%             | 2035-10-30      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                        | Pioneer Natural Resources Co                                                    | CUSIP: 723787AR8<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |    592000 | PA      | $532268.84    | 0.40%             | 2031-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                          | US 2YR NOTE (CBT) DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        23 | NC      | $3002.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX INC                                     | Paychex Inc                                                                     | CUSIP: 704326AB3<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    356000 | PA      | $369400.94    | 0.28%             | 2032-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| VULCAN MATERIALS CO                             | Vulcan Materials Co                                                             | CUSIP: 929160AZ2<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |    141000 | PA      | $136205.38    | 0.10%             | 2030-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                              | Regal Rexnord Corp                                                              | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    490000 | PA      | $519546.52    | 0.39%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                          | US ULTRA BOND CBT DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        15 | NC      | $38147.54     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust     | MF1 2024-FL15                                                                   | CUSIP: 58003MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    453000 | PA      | $454354.02    | 0.34%             | 2041-08-18      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                        | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAB4<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    177000 | PA      | $184259.90    | 0.14%             | 2029-03-30      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN TRANSMISSION SY                        | American Transmission Systems Inc                                               | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    181000 | PA      | $162386.44    | 0.12%             | 2032-01-15      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| REGAL REXNORD CORP                              | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    323000 | PA      | $346755.45    | 0.26%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Wynn Macau Ltd                                  | Wynn Macau Ltd                                                                  | CUSIP: 98313RAD8<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    256000 | PA      | $255998.65    | 0.19%             | 2027-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                            | Targa Resources Corp                                                            | CUSIP: 87612GAB7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    551000 | PA      | $471643.01    | 0.35%             | 2052-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                            | M&T Bank Corp                                                                   | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    153000 | PA      | $166206.28    | 0.12%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL PWR & LT                         | Jersey Central Power & Light Co                                                 | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |    645000 | PA      | $576702.87    | 0.43%             | 2032-03-01      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| ABBVIE INC                                      | AbbVie Inc                                                                      | CUSIP: 00287YDW6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    271000 | PA      | $269464.48    | 0.20%             | 2054-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                          | US 5YR NOTE (CBT) DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -9 | NC      | $346.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust     | MF1 2022-FL8 Ltd                                                                | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    357122 | PA      | $357119.59    | 0.27%             | 2037-02-19      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| DTE ENERGY CO                                   | DTE Energy Co                                                                   | CUSIP: 233331BM8<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    373000 | PA      | $377746.91    | 0.28%             | 2027-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                        | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    237000 | PA      | $253875.40    | 0.19%             | 2031-03-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                  | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    339000 | PA      | $353204.48    | 0.27%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                           | Wells Fargo & Co                                                                | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    356000 | PA      | $368320.37    | 0.28%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE                        | Northwestern Mutual Life Insurance Co/The                                       | CUSIP: 668138AF7<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |    694000 | PA      | $746573.01    | 0.56%             | 2055-05-29      | Fixed         | 6.17%                 | Yes           |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                          | Commonwealth Bank of Australia                                                  | CUSIP: 202712BQ7<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    280000 | PA      | $214890.62    | 0.16%             | 2041-03-11      | Fixed         | 3.31%                 | Yes           |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                        | Corebridge Financial Inc                                                        | CUSIP: 21871XAH2<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    436000 | PA      | $416292.91    | 0.31%             | 2032-04-05      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| COUSINS PROPERTIES LP                           | Cousins Properties LP                                                           | CUSIP: 222793AA9<br>LEI: 254900ZQIHJ5FQH4C329 | Long             | DBT              | CORP              | US        |    232000 | PA      | $243415.83    | 0.18%             | 2034-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                         | Corebridge Global Funding                                                       | CUSIP: 00138CBH0<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    285000 | PA      | $286268.79    | 0.22%             | 2032-08-21      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2024-NQM1 Trust                                                             | CUSIP: 67448LAA0<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |     94904 | PA      | $95676.29     | 0.07%             | 2063-11-25      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| L'OREAL SA                                      | L'Oreal SA                                                                      | CUSIP: 502117AA2<br>LEI: 529900JI1GG6F7RKVI53 | Long             | DBT              | CORP              | FR        |    297000 | PA      | $305767.78    | 0.23%             | 2035-05-20      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NTT FINANCE CORP                                | NTT Finance Corp                                                                | CUSIP: 62954WAV7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206877.58    | 0.16%             | 2035-07-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GEORGIA POWER CO                                | Georgia Power Co                                                                | CUSIP: 373334KR1<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    362000 | PA      | $345223.53    | 0.26%             | 2052-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                          | UnitedHealth Group Inc                                                          | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    335000 | PA      | $344408.53    | 0.26%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                             | Southern California Edison Co                                                   | CUSIP: 842400FQ1<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    130000 | PA      | $114976.79    | 0.09%             | 2040-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | U.S. Treasury Bonds                                                             | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    875000 | PA      | $908632.81    | 0.68%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                         | Nationwide Building Society                                                     | CUSIP: 63861VAP2<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    461000 | PA      | $459271.12    | 0.35%             | 2030-09-30      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                        | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    260000 | PA      | $259550.34    | 0.19%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                         | FTAI Aviation Investors LLC                                                     | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    307000 | PA      | $321139.81    | 0.24%             | 2031-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| HOME DEPOT INC                                  | Home Depot Inc/The                                                              | CUSIP: 437076DD1<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    137000 | PA      | $141372.09    | 0.11%             | 2031-06-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                         | Sammons Financial Group Inc                                                     | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |    547000 | PA      | $602307.72    | 0.45%             | 2034-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| ACCENTURE CAPITAL INC                           | Accenture Capital Inc                                                           | CUSIP: 00440KAD5<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |    190000 | PA      | $187382.58    | 0.14%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                   | Carnival Corp                                                                   | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    438000 | PA      | $445742.96    | 0.33%             | 2032-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                        | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    208000 | PA      | $207860.13    | 0.16%             | 2026-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC                                | T-Mobile USA Inc                                                                | CUSIP: 87264ACY9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    204000 | PA      | $208378.40    | 0.16%             | 2033-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                        | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                      | CUSIP: 46590XAU0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    170000 | PA      | $158467.77    | 0.12%             | 2032-01-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                         | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAG4<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    378000 | PA      | $426015.02    | 0.32%             | 2054-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                 | Xcel Energy Inc                                                                 | CUSIP: 98389BBE9<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67381.43     | 0.05%             | 2035-04-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                        | Corebridge Financial Inc                                                        | CUSIP: 21871XAK5<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     96000 | PA      | $82869.13     | 0.06%             | 2042-04-05      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                           | Lincoln National Corp                                                           | CUSIP: 534187BT5<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    390000 | PA      | $407987.11    | 0.31%             | 2034-03-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                               | L3Harris Technologies Inc                                                       | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208467.71    | 0.16%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                          | Sempra                                                                          | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    237000 | PA      | $245572.30    | 0.18%             | 2054-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                        | Berkshire Hathaway Energy Co                                                    | CUSIP: 59562VBD8<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    120000 | PA      | $116623.76    | 0.09%             | 2043-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                           | Toronto-Dominion Bank/The                                                       | CUSIP: 89115A2C5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    336000 | PA      | $336491.29    | 0.25%             | 2027-06-08      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                               | Sysco Corp                                                                      | CUSIP: 871829BH9<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    320000 | PA      | $272680.40    | 0.20%             | 2048-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                            | M&T Bank Corp                                                                   | CUSIP: 55261FAR5<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    267000 | PA      | $267682.65    | 0.20%             | 2034-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                        | Rockies Express Pipeline LLC                                                    | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    454000 | PA      | $450317.15    | 0.34%             | 2029-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                        | Ford Motor Credit Co LLC                                                        | CUSIP: 345397D83<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    263000 | PA      | $265660.58    | 0.20%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP                              | Alcon Finance Corp                                                              | CUSIP: 01400EAC7<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |    230000 | PA      | $177002.86    | 0.13%             | 2049-09-23      | Fixed         | 3.80%                 | Yes           |                  2 | On Loan: No      |
| FLOWERS FOODS INC                               | Flowers Foods Inc                                                               | CUSIP: 343498AE1<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128886.10    | 0.10%             | 2055-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                          | Galaxy Pipeline Assets Bidco Ltd                                                | CUSIP: 36321PAA8<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    222878 | PA      | $217221.35    | 0.16%             | 2027-09-30      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                        | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAP6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    381000 | PA      | $365894.91    | 0.27%             | 2028-02-21      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| NORTHERN STAR RESOU                             | Northern Star Resources Ltd                                                     | CUSIP: 66573RAA6<br>LEI: 254900XFXCRYYZAX6M78 | Long             | DBT              | CORP              | AU        |    496000 | PA      | $524840.66    | 0.39%             | 2033-04-11      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                            | Bank of America Corp                                                            | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    199000 | PA      | $208093.36    | 0.16%             | 2029-09-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                  | ELM Trust 2024-ELM                                                              | CUSIP: 26860XAU5<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |    345127 | PA      | $348652.20    | 0.26%             | 2039-06-10      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                            | Las Vegas Sands Corp                                                            | CUSIP: 517834AL1<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    289000 | PA      | $302428.54    | 0.23%             | 2034-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                    | UBS Group AG                                                                    | CUSIP: 902613BS6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    269000 | PA      | $274226.40    | 0.21%             | 2035-02-05      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                | FirstEnergy Corp                                                                | CUSIP: 337932AM9<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    533000 | PA      | $372111.75    | 0.28%             | 2050-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CADILLAC FAIRVIEW PRP TR                        | Ontario Teachers' Cadillac Fairview Properties Trust                            | CUSIP: 68327LAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    499000 | PA      | $445027.94    | 0.33%             | 2031-10-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| ACCENTURE CAPITAL INC                           | Accenture Capital Inc                                                           | CUSIP: 00440KAC7<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |    285000 | PA      | $284574.53    | 0.21%             | 2031-10-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                    | UBS Group AG                                                                    | CUSIP: 902613BQ0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    492000 | PA      | $512126.53    | 0.38%             | 2036-05-09      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                 | Cemex SAB de CV                                                                 | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    228000 | PA      | $238374.00    | 0.18%             | 2030-06-10      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                          | CUSIP: 03880RAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    175000 | PA      | $175000.54    | 0.13%             | 2036-11-15      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                             | Elevance Health Inc                                                             | CUSIP: 036752BA0<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    439000 | PA      | $431464.18    | 0.32%             | 2054-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Humana Inc                                      | Humana Inc                                                                      | CUSIP: 444859BE1<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    232000 | PA      | $205950.33    | 0.15%             | 2044-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CELLNEX FINANCE                                 | Cellnex Finance Co SA                                                           | CUSIP: 15118JAA3<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    565000 | PA      | $450180.36    | 0.34%             | 2041-07-07      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| RENTOKIL TERMINIX LLC                           | Rentokil Terminix Funding LLC                                                   | CUSIP: 760130AA2<br>LEI: 984500D5BAA7560EKJ44 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203767.62    | 0.15%             | 2030-04-28      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FLOWERS FOODS INC                               | Flowers Foods Inc                                                               | CUSIP: 343498AD3<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |    366000 | PA      | $372790.39    | 0.28%             | 2035-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CNH Industrial NV                               | CNH Industrial NV                                                               | CUSIP: 12594KAB8<br>LEI: 549300WGC2HZ5J67V817 | Long             | DBT              | CORP              | NL        |    701000 | PA      | $697490.52    | 0.52%             | 2027-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                         | Walt Disney Co/The                                                              | CUSIP: 254687FY7<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    442000 | PA      | $370411.51    | 0.28%             | 2040-05-13      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                    | US Foods Inc                                                                    | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    263000 | PA      | $264377.33    | 0.20%             | 2033-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                        | Canadian Pacific Railway Co                                                     | CUSIP: 13645RBH6<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    649000 | PA      | $438828.92    | 0.33%             | 2051-12-02      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                     | Prologis LP                                                                     | CUSIP: 74340XCH2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    420000 | PA      | $431348.87    | 0.32%             | 2034-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                             | American Tower Corp                                                             | CUSIP: 03027XCH1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    292000 | PA      | $303368.76    | 0.23%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                        | Rockies Express Pipeline LLC                                                    | CUSIP: 77340RAM9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |     92000 | PA      | $94686.77     | 0.07%             | 2040-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                        | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $232197.03    | 0.17%             | 2035-12-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                            | Kraft Heinz Foods Co                                                            | CUSIP: 50077LAZ9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     75000 | PA      | $65610.31     | 0.05%             | 2049-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                      | Biogen Inc                                                                      | CUSIP: 09062XAN3<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    358000 | PA      | $368041.38    | 0.28%             | 2031-01-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                               | HSBC Holdings PLC                                                               | CUSIP: 404280CY3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    908000 | PA      | $818412.15    | 0.61%             | 2032-11-22      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp        | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT                     | CUSIP: 38122NB50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $301605.81    | 0.23%             | 2034-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                               | Eversource Energy                                                               | CUSIP: 30040WAX6<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    373000 | PA      | $385164.97    | 0.29%             | 2034-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                            | Targa Resources Corp                                                            | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    220000 | PA      | $209023.01    | 0.16%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                         | Oncor Electric Delivery Co LLC                                                  | CUSIP: 68233JCZ5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    371000 | PA      | $383724.48    | 0.29%             | 2035-04-01      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                          | Pacific Gas and Electric Co                                                     | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    442000 | PA      | $393778.73    | 0.30%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                           | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    141000 | PA      | $149766.96    | 0.11%             | 2036-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                         | Hyundai Capital America                                                         | CUSIP: 44891AEA1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    178000 | PA      | $177152.51    | 0.13%             | 2030-09-18      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                        | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC            | CUSIP: 22207AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    161000 | PA      | $164503.20    | 0.12%             | 2030-07-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                         | BPCE SA                                                                         | CUSIP: 05571AAV7<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    406000 | PA      | $419864.69    | 0.32%             | 2030-01-18      | Fixed         | 5.72%                 | Yes           |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                             | ACREC 2021-FL1 Ltd                                                              | CUSIP: 00500RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    211872 | PA      | $211873.66    | 0.16%             | 2036-10-16      | Floating      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                         | Royal Caribbean Cruises Ltd                                                     | CUSIP: 78017TAB9<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    153000 | PA      | $153892.25    | 0.12%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                            | Targa Resources Corp                                                            | CUSIP: 87612KAC6<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203987.86    | 0.15%             | 2052-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                               | Brown & Brown Inc                                                               | CUSIP: 115236AN1<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    105000 | PA      | $110488.94    | 0.08%             | 2055-06-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BOSTON GAS COMPANY                              | Boston Gas Co                                                                   | CUSIP: 100743AP8<br>LEI: FN7P4E7K9JOBORDEUX61 | Long             | DBT              | CORP              | US        |    540000 | PA      | $569581.65    | 0.43%             | 2035-01-10      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                         | Pfizer Investment Enterprises Pte Ltd                                           | CUSIP: 716973AG7<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    285000 | PA      | $275420.18    | 0.21%             | 2053-05-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PDW3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    624000 | PA      | $636407.90    | 0.48%             | 2027-10-22      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                                 | Nordea Bank Abp                                                                 | CUSIP: 65559CAE1<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    721000 | PA      | $703129.98    | 0.53%             | 2026-09-30      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                         | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    566000 | PA      | $565558.96    | 0.42%             | 2026-07-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                        | Marsh & McLennan Cos Inc                                                        | CUSIP: 571748CD2<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    365000 | PA      | $357853.88    | 0.27%             | 2055-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                            | Bank of America Corp                                                            | CUSIP: 06051GLU1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    261000 | PA      | $279663.11    | 0.21%             | 2034-09-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2024-NQM15 Trust                                                            | CUSIP: 67449DAA7<br>LEI: 254900YXEB756F6RCA13 | Long             | ABS-MBS          | CORP              | US        |     81515 | PA      | $81875.07     | 0.06%             | 2064-10-25      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                          | Pacific Gas and Electric Co                                                     | CUSIP: 694308HR1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    264000 | PA      | $199035.53    | 0.15%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                           | Wells Fargo & Co                                                                | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    267000 | PA      | $276705.95    | 0.21%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                          | APA Infrastructure Ltd                                                          | CUSIP: 00205GAC1<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |    251000 | PA      | $249155.22    | 0.19%             | 2035-03-23      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust  | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3                        | CUSIP: 61778LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125502 | PA      | $126408.93    | 0.09%             | 2070-05-25      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY                         | Algonquin Power & Utilities Corp                                                | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    181000 | PA      | $182301.77    | 0.14%             | 2026-06-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC                           | Arrow Electronics Inc                                                           | CUSIP: 04273WAE1<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |    458000 | PA      | $480008.98    | 0.36%             | 2034-04-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CARLYLE GROUP INC/THE                           | Carlyle Group Inc/The                                                           | CUSIP: 14316JAA6<br>LEI: 529900NGGVF94UK6PG95 | Long             | DBT              | CORP              | US        |    955000 | PA      | $951660.38    | 0.71%             | 2035-09-19      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                          | US LONG BOND(CBT) DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        28 | NC      | $64090.32     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    512000 | PA      | $513265.00    | 0.39%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                         | Public Service Electric and Gas Co                                              | CUSIP: 74456QCV6<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    231000 | PA      | $232016.45    | 0.17%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                | T-Mobile USA Inc                                                                | CUSIP: 87264ABL8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    553000 | PA      | $415536.95    | 0.31%             | 2041-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                   | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    468000 | PA      | $482300.68    | 0.36%             | 2030-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NVENT FINANCE SARL                              | nVent Finance Sarl                                                              | CUSIP: 67078AAF0<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |    165000 | PA      | $172283.28    | 0.13%             | 2033-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                | COLT 2024-6 Mortgage Loan Trust                                                 | CUSIP: 19688XAA4<br>LEI: 213800U2X2TO1PQH1O75 | Long             | ABS-MBS          | CORP              | US        |    258021 | PA      | $259417.24    | 0.19%             | 2069-11-25      | Variable      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| HOME DEPOT INC                                  | Home Depot Inc/The                                                              | CUSIP: 437076CC4<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    416000 | PA      | $340877.40    | 0.26%             | 2040-04-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                | Georgia Power Co                                                                | CUSIP: 373334KQ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    139000 | PA      | $140678.36    | 0.11%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                      | Humana Inc                                                                      | CUSIP: 444859CD2<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    266000 | PA      | $270989.78    | 0.20%             | 2035-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                           | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    146000 | PA      | $153687.98    | 0.12%             | 2034-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| SMBC AVIATION CAPITAL FI                        | SMBC Aviation Capital Finance DAC                                               | CUSIP: 78448TAL6<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |    525000 | PA      | $539097.27    | 0.40%             | 2029-04-03      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust  | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3                        | CUSIP: 61776UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    127688 | PA      | $127596.38    | 0.10%             | 2069-07-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| ROCKET COS INC                                  | Rocket Cos Inc                                                                  | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    162000 | PA      | $167202.47    | 0.13%             | 2033-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                             | Ashtead Capital Inc                                                             | CUSIP: 045054AR4<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $211404.74    | 0.16%             | 2033-10-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                              | Energy Transfer LP                                                              | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    328000 | PA      | $326462.57    | 0.25%             | 2056-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CT4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    283000 | PA      | $311085.86    | 0.23%             | 2034-02-10      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                        | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    291000 | PA      | $298063.73    | 0.22%             | 2032-07-31      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP                                     | Oracle Corp                                                                     | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    237000 | PA      | $237284.99    | 0.18%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                        | Rogers Communications Inc                                                       | CUSIP: 775109CJ8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    288000 | PA      | $250730.88    | 0.19%             | 2042-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                          | NXP BV / NXP Funding LLC / NXP USA Inc                                          | CUSIP: 62954HAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    183000 | PA      | $135041.98    | 0.10%             | 2042-02-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                       | Apple Inc                                                                       | CUSIP: 037833EK2<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    377000 | PA      | $240609.36    | 0.18%             | 2051-08-05      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| HALEON US CAPITAL LLC                           | Haleon US Capital LLC                                                           | CUSIP: 36264FAM3<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    378000 | PA      | $358208.23    | 0.27%             | 2032-03-24      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                        | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                      | CUSIP: 46590XAX4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    366000 | PA      | $385668.84    | 0.29%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES GLOBA                        | Citadel Securities Global Holdings LLC                                          | CUSIP: 17289RAA4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513179.04    | 0.39%             | 2030-06-18      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                       | Boeing Co/The                                                                   | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    288000 | PA      | $285818.79    | 0.21%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                        | JH North America Holdings Inc                                                   | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    291000 | PA      | $295456.56    | 0.22%             | 2031-01-31      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| AGCO CORP                                       | AGCO Corp                                                                       | CUSIP: 001084AS1<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |    236000 | PA      | $245325.63    | 0.18%             | 2034-03-21      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                           | American Homes 4 Rent LP                                                        | CUSIP: 02666TAH0<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |    167000 | PA      | $172087.56    | 0.13%             | 2034-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Florida LLC                         | Duke Energy Florida LLC                                                         | CUSIP: 26444HAA9<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    158000 | PA      | $116966.70    | 0.09%             | 2046-10-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                          | Mitsubishi UFJ Financial Group Inc                                              | CUSIP: 606822DK7<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206082.37    | 0.15%             | 2031-04-24      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                        | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    399000 | PA      | $376595.39    | 0.28%             | 2031-08-15      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD                        | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAN6<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |    360000 | PA      | $272565.95    | 0.20%             | 2050-01-25      | Fixed         | 3.80%                 | Yes           |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                         | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAF6<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    337000 | PA      | $373661.28    | 0.28%             | 2034-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NNN REIT INC                                    | NNN REIT Inc                                                                    | CUSIP: 637417AS5<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    303000 | PA      | $316947.31    | 0.24%             | 2033-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL                          | American International Group Inc                                                | CUSIP: 026874DW4<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    241000 | PA      | $246521.14    | 0.19%             | 2030-05-07      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ADANI TRANS STEP-ONE LTD                        | Adani Transmission Step-One Ltd                                                 | CUSIP: 000000000<br>LEI: 335800Z8CGS7O7D72N41 | Long             | DBT              | CORP              | IN        |    415000 | PA      | $411051.16    | 0.31%             | 2026-08-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                                      | Kenvue Inc                                                                      | CUSIP: 49177JAM4<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |     79000 | PA      | $76204.51     | 0.06%             | 2043-03-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                              | Osaic Holdings Inc                                                              | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     73000 | PA      | $75397.03     | 0.06%             | 2032-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                  | Morgan Stanley                                                                  | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    277000 | PA      | $278326.04    | 0.21%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                                | FirstEnergy Corp                                                                | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    262000 | PA      | $260393.20    | 0.20%             | 2027-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| EASTERN ENERGY GAS                              | Eastern Energy Gas Holdings LLC                                                 | CUSIP: 27636AAA0<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |    542000 | PA      | $533980.42    | 0.40%             | 2054-10-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                           | ARI Fleet Lease Trust 2023-A                                                    | CUSIP: 00218GAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18165 | PA      | $18192.10     | 0.01%             | 2032-02-17      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                        | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668CV2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200485.76    | 0.15%             | 2027-09-11      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                        | Ford Motor Credit Co LLC                                                        | CUSIP: 345397ZR7<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    260000 | PA      | $258071.59    | 0.19%             | 2029-05-03      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                              | Energy Transfer LP                                                              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    194000 | PA      | $200459.62    | 0.15%             | 2030-05-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                               | Store Capital LLC                                                               | CUSIP: 862121AD2<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    758000 | PA      | $663581.39    | 0.50%             | 2031-12-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                           | Mexico Government International Bond                                            | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    405000 | PA      | $418122.00    | 0.31%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                          | BP Capital Markets America Inc                                                  | CUSIP: 10373QBS8<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    427000 | PA      | $277884.67    | 0.21%             | 2052-03-17      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ADANI TRANS STEP-ONE LTD                        | Adani Transmission Step-One Ltd                                                 | CUSIP: 000000000<br>LEI: 335800Z8CGS7O7D72N41 | Long             | DBT              | CORP              | IN        |    146645 | PA      | $132975.68    | 0.10%             | 2036-05-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                          | SCIH Salt Holdings Inc                                                          | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    579000 | PA      | $565803.55    | 0.43%             | 2028-05-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                           | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    365000 | PA      | $271749.61    | 0.20%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                         | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    546000 | PA      | $553403.31    | 0.42%             | 2032-11-01      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                        | Saudi Government International Bond                                             | CUSIP: 80413TBJ7<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    397000 | PA      | $405436.84    | 0.30%             | 2028-01-13      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| IAMGOLD CORP                                    | IAMGOLD Corp                                                                    | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |    437000 | PA      | $436462.32    | 0.33%             | 2028-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| GEORGIA POWER CO                                | Georgia Power Co                                                                | CUSIP: 373334KT7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132612.11    | 0.10%             | 2033-05-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust 2024-13                                                | CUSIP: 03466PAA3<br>LEI: 254900WA697298AD1C53 | Long             | ABS-MBS          | CORP              | US        |    322457 | PA      | $324599.49    | 0.24%             | 2069-12-26      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                        | Occidental Petroleum Corp                                                       | CUSIP: 674599CJ2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    531000 | PA      | $416549.16    | 0.31%             | 2046-04-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                        | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $370671.26    | 0.28%             | 2045-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                          | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    266000 | PA      | $280506.47    | 0.21%             | 2035-01-22      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| 3650R Commercial Mortgage Trust                 | 3650R 2021-PF1 Commercial Mortgage Trust                                        | CUSIP: 88581EAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3775798 | PA      | $140323.74    | 0.11%             | 2054-11-15      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PCR5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1166000 | PA      | $1045809.02   | 0.79%             | 2032-11-08      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio        | MFS Institutional Money Market Portfolio                                        | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | EC               | RF                | US        |   2198256 | NS      | $2198476.11   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                                    | Danaher Corp                                                                    | CUSIP: 235851AV4<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | DBT              | CORP              | US        |    518000 | PA      | $322628.16    | 0.24%             | 2050-10-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                         | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    207000 | PA      | $211073.68    | 0.16%             | 2031-09-30      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP                                     | Oracle Corp                                                                     | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    342000 | PA      | $323608.79    | 0.24%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                          | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BL5<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    189000 | PA      | $196398.19    | 0.15%             | 2032-08-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LXP INDUSTRIAL TRUST                            | LXP Industrial Trust                                                            | CUSIP: 529537AA0<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              | CORP              | US        |    521000 | PA      | $451967.17    | 0.34%             | 2031-10-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MARIN GENERAL HOSPITAL                          | Marin General Hospital                                                          | CUSIP: 568039AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    272000 | PA      | $301995.14    | 0.23%             | 2045-08-01      | Fixed         | 7.24%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                             | Ashtead Capital Inc                                                             | CUSIP: 045054AQ6<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206288.92    | 0.15%             | 2033-05-30      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority        | NATIONAL FIN AUTH NH UTL REV                                                    | CUSIP: 63610HAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $298807.97    | 0.22%             | 2034-04-01      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                  | Microsoft Corp                                                                  | CUSIP: 594918CW2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    487000 | PA      | $305259.76    | 0.23%             | 2050-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                  | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    235000 | PA      | $242827.77    | 0.18%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                 | Danske Bank A/S                                                                 | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    499000 | PA      | $519171.53    | 0.39%             | 2030-03-01      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                          | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    266000 | PA      | $264983.44    | 0.20%             | 2026-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                | LPL Holdings Inc                                                                | CUSIP: 50212YAF1<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    530000 | PA      | $513066.08    | 0.39%             | 2031-05-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                          | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BW1<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    223000 | PA      | $239686.66    | 0.18%             | 2055-05-20      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                        | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                             | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    238000 | PA      | $222254.82    | 0.17%             | 2031-03-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CBRE SERVICES INC                               | CBRE Services Inc                                                               | CUSIP: 12505BAG5<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |    431000 | PA      | $459720.01    | 0.35%             | 2034-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                    | Broadcom Inc                                                                    | CUSIP: 11135FCM1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    373000 | PA      | $384414.21    | 0.29%             | 2035-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                              | Vodafone Group PLC                                                              | CUSIP: 92857WBY5<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    480000 | PA      | $467204.57    | 0.35%             | 2053-02-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                | BAT Capital Corp                                                                | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    389000 | PA      | $419934.03    | 0.32%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| ADANI ELECTRICITY MUMBAI                        | Adani Electricity Mumbai Ltd                                                    | CUSIP: 00654GAB9<br>LEI: 335800AIC1B5EBFVUC38 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $183441.28    | 0.14%             | 2031-07-22      | Fixed         | 3.87%                 | Yes           |                  2 | On Loan: No      |
| STRYKER CORP                                    | Stryker Corp                                                                    | CUSIP: 863667BF7<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    480000 | PA      | $477657.38    | 0.36%             | 2034-09-11      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                        | Huntington Ingalls Industries Inc                                               | CUSIP: 446413BB1<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    131000 | PA      | $137418.68    | 0.10%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                        | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    204000 | PA      | $206437.83    | 0.16%             | 2055-12-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL                          | American International Group Inc                                                | CUSIP: 026874DS3<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    499000 | PA      | $513333.78    | 0.39%             | 2033-03-27      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                  | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    593000 | PA      | $589105.11    | 0.44%             | 2026-12-10      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| COPT DEFENSE PROP LP                            | COPT Defense Properties LP                                                      | CUSIP: 22003BAM8<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    365000 | PA      | $330428.75    | 0.25%             | 2031-04-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                          | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BJ0<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    345000 | PA      | $325430.81    | 0.24%             | 2031-03-03      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2024-NQM3 Trust                                                             | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |    122506 | PA      | $123960.44    | 0.09%             | 2063-12-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                        | Columbia Pipelines Holding Co LLC                                               | CUSIP: 19828AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $106413.99    | 0.08%             | 2026-08-15      | Fixed         | 6.06%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                             | American Tower Corp                                                             | CUSIP: 03027XCG3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    359000 | PA      | $369406.62    | 0.28%             | 2029-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                        | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC            | CUSIP: 222070AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    349000 | PA      | $341573.07    | 0.26%             | 2029-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| MATTEL INC                                      | Mattel Inc                                                                      | CUSIP: 577081BF8<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |    216000 | PA      | $209677.75    | 0.16%             | 2029-04-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                               | KREF 2021-FL2 Ltd                                                               | CUSIP: 48275RAA5<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    140457 | PA      | $140340.17    | 0.11%             | 2039-02-15      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                            | Las Vegas Sands Corp                                                            | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    198000 | PA      | $202002.09    | 0.15%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                               | Brown & Brown Inc                                                               | CUSIP: 115236AL5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     82000 | PA      | $84076.16     | 0.06%             | 2032-06-23      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                         | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    282000 | PA      | $285594.00    | 0.21%             | 2030-10-23      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Co                             | Vulcan Materials Co                                                             | CUSIP: 929160AV1<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |    322000 | PA      | $280526.10    | 0.21%             | 2047-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                    | UBS Group AG                                                                    | CUSIP: 902613AD0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    500000 | PA      | $454789.75    | 0.34%             | 2031-02-10      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                        | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                      | CUSIP: 46590XAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    515000 | PA      | $486518.29    | 0.37%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    298000 | PA      | $311257.01    | 0.23%             | 2030-04-22      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| VIRGINIA POWER FUEL SEC                         | Virginia Power Fuel Securitization LLC                                          | CUSIP: 92808VAA0<br>LEI: 254900BELJ95ONW6U791 | Long             | DBT              | CORP              | US        |    114338 | PA      | $114947.19    | 0.09%             | 2027-05-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                          | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 98380MAB1<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     59000 | PA      | $61872.65     | 0.05%             | 2033-03-15      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| UNICREDIT SPA                                   | UniCredit SpA                                                                   | CUSIP: 904678AW9<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    201000 | PA      | $197831.09    | 0.15%             | 2027-06-03      | Fixed         | 1.98%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                          | Venture Global LNG Inc                                                          | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    326000 | PA      | $323091.95    | 0.24%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                        | Pioneer Natural Resources Co                                                    | CUSIP: 723787AQ0<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |     94000 | PA      | $84419.74     | 0.06%             | 2030-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                        | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    129000 | PA      | $131503.35    | 0.10%             | 2055-10-23      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| VULCAN MATERIALS CO                             | Vulcan Materials Co                                                             | CUSIP: 929160BD0<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |    235000 | PA      | $240312.20    | 0.18%             | 2054-12-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                 | Sands China Ltd                                                                 | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $376326.84    | 0.28%             | 2029-03-08      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MARS INC                                        | Mars Inc                                                                        | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    587000 | PA      | $600540.63    | 0.45%             | 2032-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CUMMINS INC                                     | Cummins Inc                                                                     | CUSIP: 231021AX4<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |    234000 | PA      | $233270.81    | 0.18%             | 2054-02-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                            | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    482000 | PA      | $489239.64    | 0.37%             | 2031-06-04      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                              | Macquarie Bank Ltd                                                              | CUSIP: 556079AG6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    399000 | PA      | $404172.59    | 0.30%             | 2036-08-13      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| NBN CO LTD                                      | NBN Co Ltd                                                                      | CUSIP: 62878U2F8<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | CORP              | AU        |    499000 | PA      | $521520.87    | 0.39%             | 2028-10-06      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                        | Occidental Petroleum Corp                                                       | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    245000 | PA      | $258074.66    | 0.19%             | 2031-01-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    593000 | PA      | $598037.10    | 0.45%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                   | AIB Group PLC                                                                   | CUSIP: 00135TAD6<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |    578000 | PA      | $613568.93    | 0.46%             | 2029-09-13      | Fixed         | 6.61%                 | Yes           |                  2 | On Loan: No      |
| MARS INC                                        | Mars Inc                                                                        | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    415000 | PA      | $420372.67    | 0.32%             | 2055-05-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                       | Boeing Co/The                                                                   | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    473000 | PA      | $485371.58    | 0.36%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                            | Kraft Heinz Foods Co                                                            | CUSIP: 50077LBJ4<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    419000 | PA      | $395762.07    | 0.30%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                | Deutsche Bank AG/New York NY                                                    | CUSIP: 25160PAQ0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    436000 | PA      | $445372.81    | 0.33%             | 2029-01-10      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL PWR & LT                         | Jersey Central Power & Light Co                                                 | CUSIP: 476556DF9<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |    114000 | PA      | $115536.33    | 0.09%             | 2035-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                          | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    274000 | PA      | $287152.00    | 0.22%             | 2031-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                        | Anheuser-Busch InBev Worldwide Inc                                              | CUSIP: 03523TBT4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    505000 | PA      | $438864.75    | 0.33%             | 2048-10-06      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                                 | Bermuda Government International Bond                                           | CUSIP: 085209AJ3<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |    783000 | PA      | $801541.44    | 0.60%             | 2032-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                           | Vale Overseas Ltd                                                               | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |    198000 | PA      | $203528.56    | 0.15%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                            | Enel Finance International NV                                                   | CUSIP: 29278GAW8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $402617.63    | 0.30%             | 2027-06-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| PARKLAND CORP                                   | Parkland Corp                                                                   | CUSIP: 70137WAN8<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    532000 | PA      | $546662.98    | 0.41%             | 2032-08-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| VIDEOTRON LTD                                   | Videotron Ltd                                                                   | CUSIP: 92660FAT1<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |    447000 | PA      | $455528.57    | 0.34%             | 2035-01-15      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                        | Rogers Communications Inc                                                       | CUSIP: 775109CK5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     63000 | PA      | $52222.56     | 0.04%             | 2052-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                        | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401ABC4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    277000 | PA      | $273655.67    | 0.21%             | 2032-10-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                         | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    261000 | PA      | $267650.71    | 0.20%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ALCON FINANCE CORP                              | Alcon Finance Corp                                                              | CUSIP: 01400EAD5<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |    366000 | PA      | $338581.68    | 0.25%             | 2030-05-27      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                                   | TransDigm Inc                                                                   | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    474000 | PA      | $491127.99    | 0.37%             | 2030-12-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp                                     | Oracle Corp                                                                     | CUSIP: 68389XBJ3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    122000 | PA      | $95034.78     | 0.07%             | 2046-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WMG ACQUISITION CORP                            | WMG Acquisition Corp                                                            | CUSIP: 92933BAQ7<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |    323000 | PA      | $306318.31    | 0.23%             | 2030-07-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                               | HSBC Holdings PLC                                                               | CUSIP: 404280ES4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    239000 | PA      | $246638.37    | 0.19%             | 2036-03-03      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | U.S. Treasury Bonds                                                             | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    265000 | PA      | $265828.13    | 0.20%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                            | Enel Finance International NV                                                   | CUSIP: 29278GBB3<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    296000 | PA      | $364524.76    | 0.27%             | 2052-10-14      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                        | Sumitomo Mitsui Financial Group Inc                                             | CUSIP: 86562MCE8<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    854000 | PA      | $744771.35    | 0.56%             | 2031-01-12      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                         | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    325000 | PA      | $337167.96    | 0.25%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                        | Fortescue Treasury Pty Ltd                                                      | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    559000 | PA      | $533698.26    | 0.40%             | 2031-04-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FISERV INC                                      | Fiserv Inc                                                                      | CUSIP: 337738AV0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    315000 | PA      | $259717.65    | 0.20%             | 2049-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                         | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    379000 | PA      | $395110.03    | 0.30%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                              | Credit Agricole SA                                                              | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    488000 | PA      | $482860.19    | 0.36%             | 2027-01-26      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK                         | National Australia Bank Ltd                                                     | CUSIP: 632525BB6<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    673000 | PA      | $609898.77    | 0.46%             | 2037-01-12      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| PAYCHEX INC                                     | Paychex Inc                                                                     | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    165000 | PA      | $169790.51    | 0.13%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MARATHON PETROLEUM CORP                         | Marathon Petroleum Corp                                                         | CUSIP: 56585ABL5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    373000 | PA      | $385022.04    | 0.29%             | 2035-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                         | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                           | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    283000 | PA      | $292591.15    | 0.22%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                         | AEP Transmission Co LLC                                                         | CUSIP: 00115AAS8<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |    296000 | PA      | $306249.43    | 0.23%             | 2035-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Mars Inc                                        | Mars Inc                                                                        | CUSIP: 571676AF2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    307000 | PA      | $245934.67    | 0.18%             | 2049-04-01      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP                                     | Oracle Corp                                                                     | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    264000 | PA      | $265453.70    | 0.20%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BACARDI LTD / MARTINI BV                        | Bacardi Ltd / Bacardi-Martini BV                                                | CUSIP: 05635JAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    569000 | PA      | $574843.36    | 0.43%             | 2033-06-15      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| ELI LILLY & CO                                  | Eli Lilly & Co                                                                  | CUSIP: 532457CY2<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    181000 | PA      | $184878.35    | 0.14%             | 2055-02-12      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS INC                              | Roche Holdings Inc                                                              | CUSIP: 771196CG5<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |    344000 | PA      | $364427.41    | 0.27%             | 2030-11-13      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                       | Boeing Co/The                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    990000 | PA      | $989073.13    | 0.74%             | 2050-05-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                               | HSBC Holdings PLC                                                               | CUSIP: 404280ER6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $358449.76    | 0.27%             | 2031-03-03      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                        | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145957.00    | 0.11%             | 2030-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| PPL ELECTRIC UTILITIES                          | PPL Electric Utilities Corp                                                     | CUSIP: 69351UBC6<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |    367000 | PA      | $371195.08    | 0.28%             | 2034-02-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                        | Eagle Funding Luxco Sarl                                                        | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    561000 | PA      | $569168.16    | 0.43%             | 2030-08-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                         | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    257000 | PA      | $275674.06    | 0.21%             | 2053-11-15      | Fixed         | 6.54%                 | Yes           |                  2 | On Loan: No      |
| VIDEOTRON LTD                                   | Videotron Ltd                                                                   | CUSIP: 92660FAN4<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |    472000 | PA      | $457589.26    | 0.34%             | 2029-06-15      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| CAIXABANK SA                                    | CaixaBank SA                                                                    | CUSIP: 12803RAC8<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    610000 | PA      | $679707.66    | 0.51%             | 2034-09-13      | Fixed         | 6.84%                 | Yes           |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM                               | MC Brazil Downstream Trading SARL                                               | CUSIP: 000000000<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |    452456 | PA      | $387424.15    | 0.29%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                        | Element Fleet Management Corp                                                   | CUSIP: 286181AP7<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    326000 | PA      | $332539.42    | 0.25%             | 2030-03-25      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Gaci First Investment Co.                       | Gaci First Investment Co.                                                       | CUSIP: 000000000<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $228259.98    | 0.17%             | 2053-02-14      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ARDN 2025-ARCP Mortgage Trust                   | ARDN 2025-ARCP Mortgage Trust                                                   | CUSIP: 039961AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    486000 | PA      | $485896.53    | 0.37%             | 2035-06-15      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                          | Commonwealth Bank of Australia                                                  | CUSIP: 202712BK0<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    631000 | PA      | $605687.54    | 0.46%             | 2034-09-12      | Fixed         | 3.61%                 | Yes           |                  2 | On Loan: No      |
| WMG ACQUISITION CORP                            | WMG Acquisition Corp                                                            | CUSIP: 92933BAT1<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |    344000 | PA      | $328086.22    | 0.25%             | 2029-12-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                        | Icon Investments Six DAC                                                        | CUSIP: 45115AAB0<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    315000 | PA      | $328797.46    | 0.25%             | 2029-05-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                        | Marsh & McLennan Cos Inc                                                        | CUSIP: 571748CB6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    506000 | PA      | $517505.36    | 0.39%             | 2031-11-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                               | Store Capital LLC                                                               | CUSIP: 862121AB6<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    233000 | PA      | $231416.46    | 0.17%             | 2029-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                           | American Homes 4 Rent LP                                                        | CUSIP: 02666TAF4<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |    171000 | PA      | $137028.07    | 0.10%             | 2052-04-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                          | Westinghouse Air Brake Technologies Corp                                        | CUSIP: 960386AM2<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |    233000 | PA      | $236247.35    | 0.18%             | 2028-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CV9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    362000 | PA      | $368576.98    | 0.28%             | 2028-02-08      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                         | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    389000 | PA      | $391586.38    | 0.29%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                | NTT Finance Corp                                                                | CUSIP: 62954WAU9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    463000 | PA      | $474189.58    | 0.36%             | 2032-07-16      | Fixed         | 5.17%                 | Yes           |                  2 | On Loan: No      |
| SANTOS FINANCE LTD                              | Santos Finance Ltd                                                              | CUSIP: 803014AB5<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |    417000 | PA      | $458607.01    | 0.34%             | 2033-09-19      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                           | Rio Tinto Finance USA PLC                                                       | CUSIP: 76720AAS5<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    216000 | PA      | $221347.37    | 0.17%             | 2030-03-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                    | UBS Group AG                                                                    | CUSIP: 902613AA6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1128000 | PA      | $1077371.68   | 0.81%             | 2030-08-13      | Fixed         | 3.13%                 | Yes           |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                          | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BV6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202964.34    | 0.15%             | 2028-01-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                | LPL Holdings Inc                                                                | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    323000 | PA      | $322407.64    | 0.24%             | 2027-11-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| SERVICE CORP INTL                               | Service Corp International/US                                                   | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    180000 | PA      | $182354.04    | 0.14%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                    | Novelis Corp                                                                    | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    482000 | PA      | $464970.02    | 0.35%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                               | KREF 2021-FL2 Ltd                                                               | CUSIP: 48275RAC1<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    316500 | PA      | $314484.53    | 0.24%             | 2039-02-15      | Floating      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| BROADCOM INC                                    | Broadcom Inc                                                                    | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    277000 | PA      | $285333.78    | 0.21%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                        | Icon Investments Six DAC                                                        | CUSIP: 45115AAA2<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    360000 | PA      | $367295.90    | 0.28%             | 2027-05-08      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| JAPAN TOBACCO INC                               | Japan Tobacco Inc                                                               | CUSIP: 471105AD8<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |    442000 | PA      | $457629.63    | 0.34%             | 2030-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                          | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BR2<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    349000 | PA      | $368844.91    | 0.28%             | 2054-03-22      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                | Provident Funding Mortgage Trust 2025-3                                         | CUSIP: 74388PAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    495872 | PA      | $497130.60    | 0.37%             | 2055-08-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                        | Burlington Northern Santa Fe LLC                                                | CUSIP: 12189LBK6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    493000 | PA      | $473122.86    | 0.36%             | 2054-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                        | Benchmark 2021-B27 Mortgage Trust                                               | CUSIP: 08163HAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6825579 | PA      | $343067.27    | 0.26%             | 2054-07-15      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                         | Walt Disney Co/The                                                              | CUSIP: 254687EV4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |     72000 | PA      | $66687.89     | 0.05%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                        | Burlington Northern Santa Fe LLC                                                | CUSIP: 12189LBL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    192000 | PA      | $192431.98    | 0.14%             | 2055-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                                | Maxam Prill Sarl                                                                | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    691000 | PA      | $695618.49    | 0.52%             | 2030-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| PSEG POWER LLC                                  | PSEG Power LLC                                                                  | CUSIP: 69362BBE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    301000 | PA      | $314885.95    | 0.24%             | 2035-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AMAZON.COM INC                                  | Amazon.com Inc                                                                  | CUSIP: 023135CH7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    381000 | PA      | $368270.45    | 0.28%             | 2032-04-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                        | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $458096.77    | 0.34%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                      | Humana Inc                                                                      | CUSIP: 444859CA8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    265000 | PA      | $272581.85    | 0.20%             | 2031-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                    | Barclays PLC                                                                    | CUSIP: 06738EBV6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    451000 | PA      | $406454.87    | 0.31%             | 2032-11-24      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                           | American Homes 4 Rent LP                                                        | CUSIP: 02666TAJ6<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |    637000 | PA      | $643734.11    | 0.48%             | 2035-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                 | Xcel Energy Inc                                                                 | CUSIP: 98389BBB5<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    528000 | PA      | $544849.95    | 0.41%             | 2034-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                          | Pacific Gas and Electric Co                                                     | CUSIP: 694308KF3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    192000 | PA      | $195209.77    | 0.15%             | 2027-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                | Crown Castle Inc                                                                | CUSIP: 22822VAB7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    238000 | PA      | $237865.00    | 0.18%             | 2026-02-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                              | Regal Rexnord Corp                                                              | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    248000 | PA      | $256539.18    | 0.19%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority   | MASSACHUSETTS ST EDUCTNL FING AUTH                                              | CUSIP: 57563RTX7<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    290000 | PA      | $301106.65    | 0.23%             | 2049-07-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                      | AbbVie Inc                                                                      | CUSIP: 00287YDV8<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    468000 | PA      | $469506.38    | 0.35%             | 2044-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                        | Element Fleet Management Corp                                                   | CUSIP: 286181AK8<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    564000 | PA      | $597297.42    | 0.45%             | 2028-12-04      | Fixed         | 6.32%                 | Yes           |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                             | Nomura Holdings Inc                                                             | CUSIP: 65535HCC1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    277000 | PA      | $286721.59    | 0.22%             | 2030-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer