# EDGAR Filing Document

**Accession Number:** 0000837274
**File Stem:** 0001752724-23-033151
**Filing Date:** 2023-2
**Character Count:** 112811
**Document Hash:** 5d975a3627cee6c45c8bed2520d8cc79
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-033151.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001752724-23-033151

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0000837274
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05583
- **FILM NUMBER:** 23651817

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN VALUEMARK FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN VALUEMARK ANNUITY FUNDS
- **DATE OF NAME CHANGE:** 19881129

## Series and Classes Contracts Data

### FRANKLIN INCOME VIP FUND (Series ID: S000007329)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020129 | Class 1      |  |
| C000020130 | Class 2      |  |
| C000061791 | Class 4      |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Franklin Templeton Variable Insurance Products Trust

- **b. Investment Company Act file number:** 811-05583

- **c. CIK number of Registrant:** 0000837274

- **d. LEI of Registrant:** 549300PIBKZH7YTTWU55

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

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

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

- **a. Name of Series:** Franklin Income VIP Fund

- **b. EDGAR series identifier (if any):** S000007329

- **c. LEI of Series:** EC5RL2TXCF76ZEXHFH77

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3106687848.17

**Total Liabilities:** $13280185.66

**Net Assets:** $3093407662.51

**Cash Not Reported:** $751856.59

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -18772.45000000 | **5-Year:** -124292.83000000 | **10-Year:** -353798.25000000 | **30-Year:** -71091.45000000

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

- **3-Month:** -555.91000000 | **1-Year:** -40562.34000000 | **5-Year:** -207787.25000000 | **10-Year:** -65360.19000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020129 | 4.13%                | 5.17%                | -1.66%               |
| Class ID C000061791 | 4.12%                | 5.18%                | -1.75%               |
| Class ID C000020130 | 4.09%                | 5.20%                | -1.67%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14243283.28            | $125225284.46                              |
| Month 2  | $-14193437.66            | $158214058.04                              |
| Month 3  | $5963328.42              | $-68827930.82                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States of America                                                | U.S. Treasury Bonds                                                     | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  40000000 | PA      | $32968750.00  | 1.07%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.                       | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.                       | CUSIP: 983130AV7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18518000 | PA      | $17618135.57  | 0.57%             | 2025-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                          | Broadcom, Inc.                                                          | CUSIP: 11135FBH3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3949770.70   | 0.13%             | 2031-02-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                                          | DISH DBS Corp.                                                          | CUSIP: 25470XAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  20859000 | PA      | $19425859.25  | 0.63%             | 2024-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Shell plc                                                               | Shell plc                                                               | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    200000 | NS      | $11390000.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp.                           | CCO Holdings LLC / CCO Holdings Capital Corp.                           | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5153000 | PA      | $4690234.84   | 0.15%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                       | Exxon Mobil Corp.                                                       | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    400000 | NS      | $44120000.00  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Financial Co., Inc.                                      | General Motors Financial Co., Inc.                                      | CUSIP: 37045XDH6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5056558.32   | 0.16%             | 2028-04-10      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                         | TransDigm, Inc.                                                         | CUSIP: 893647BB2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9744147.60   | 0.31%             | 2026-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                | Celanese US Holdings LLC                                                | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $11855170.20  | 0.38%             | 2027-07-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| HP, Inc.                                                                | HP, Inc.                                                                | CUSIP: 40434LAK1<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4574324.10   | 0.15%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc. into Alphabet, Inc.             | Citigroup Global Markets Holdings, Inc. into Alphabet, Inc.             | CUSIP: 17330M478<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |      4800 | NS      | $8797166.06   | 0.28%             | 2023-06-22      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Crown Castle, Inc.                                                      | Crown Castle, Inc.                                                      | CUSIP: 22822VAR2<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4385776.35   | 0.14%             | 2030-07-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                      | General Motors Financial Co., Inc.                                      | CUSIP: 37045XDV5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4488517.40   | 0.15%             | 2029-04-06      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                               | HCA, Inc.                                                               | CUSIP: 404119BN8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |  10400000 | PA      | $10345202.09  | 0.33%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corp.                                                    | Carrier Global Corp.                                                    | CUSIP: 14448CAQ7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2110258.85   | 0.07%             | 2030-02-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                                                | UnitedHealth Group, Inc.                                                | CUSIP: 91324PER9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10349844.60  | 0.33%             | 2033-02-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Barrick Gold Corp.                                                      | Barrick Gold Corp.                                                      | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   1022976 | NS      | $17574727.68  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| 1375209 BC Ltd.                                                         | 1375209 BC Ltd.                                                         | CUSIP: 68251PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   6374000 | PA      | $6238552.50   | 0.20%             | 2028-01-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                                      | General Motors Co.                                                      | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4659221.35   | 0.15%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                                | Bausch Health Cos., Inc.                                                | CUSIP: 91911KAN2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |  18750000 | PA      | $15967062.19  | 0.52%             | 2025-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Woodside Finance Ltd.                                                   | Woodside Finance Ltd.                                                   | CUSIP: 980236AQ6<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |   4685000 | PA      | $4401514.16   | 0.14%             | 2029-03-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                                          | DISH DBS Corp.                                                          | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6500000 | PA      | $5487365.00   | 0.18%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Univision Communications, Inc.                                          | Univision Communications, Inc.                                          | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8218947.50   | 0.27%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                                | Bausch Health Cos., Inc.                                                | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |  13865000 | PA      | $10881870.66  | 0.35%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| BP plc                                                                  | BP plc                                                                  | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    300000 | NS      | $10479000.00  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                                                        | CVS Health Corp.                                                        | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7752854.40   | 0.25%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International Bank into NextEra Energy Partners LP        | Goldman Sachs International Bank into NextEra Energy Partners LP        | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | Long             | SN               | CORP              | GB        |    100000 | NS      | $4898974.28   | 0.16%             | 2023-07-05      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Utah Acquisition Sub, Inc.                                              | Utah Acquisition Sub, Inc.                                              | CUSIP: 62854AAN4<br>LEI: 254900JOFV74IJ7H9933 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9360965.30   | 0.30%             | 2026-06-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Sprint LLC                                                              | Sprint LLC                                                              | CUSIP: 85207UAF2<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12702325.00  | 0.41%             | 2023-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                    | Clear Channel Outdoor Holdings, Inc.                                    | CUSIP: 18453HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4343250.00   | 0.14%             | 2027-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GSK Consumer Healthcare Capital US LLC                                  | GSK Consumer Healthcare Capital US LLC                                  | CUSIP: 36264FAM3<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $7485725.09   | 0.24%             | 2032-03-24      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States of America                                                | U.S. Treasury Notes                                                     | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 130000000 | PA      | $119843750.00 | 3.87%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub, Inc.                                           | Dornoch Debt Merger Sub, Inc.                                           | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11945000 | PA      | $8395019.22   | 0.27%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FMG Resources August 2006 Pty. Ltd.                                     | FMG Resources August 2006 Pty. Ltd.                                     | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   5000000 | PA      | $4664862.60   | 0.15%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                        | Boeing Co. (The)                                                        | CUSIP: 097023CU7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |  11500000 | PA      | $11391477.38  | 0.37%             | 2027-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                        | Goodyear Tire & Rubber Co. (The)                                        | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $12531744.00  | 0.41%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CommScope Technologies LLC                                              | CommScope Technologies LLC                                              | CUSIP: 20337YAA5<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |  14602868 | PA      | $13318691.79  | 0.43%             | 2025-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP into Microchip Technology, Inc.                | Mizuho Markets Cayman LP into Microchip Technology, Inc.                | CUSIP: 6068FP851<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |    100000 | NS      | $6996853.86   | 0.23%             | 2023-06-26      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Merrill Lynch International & Co. CV into Broadcom, Inc.                | Merrill Lynch International & Co. CV into Broadcom, Inc.                | CUSIP: 59027E138<br>LEI: AHYI0DDQ2LCHPGHJC422 | Long             | SN               | CORP              | CW        |     35000 | NS      | $17968974.74  | 0.58%             | 2023-12-05      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CommScope, Inc.                                                         | CommScope, Inc.                                                         | CUSIP: 20338QAD5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4624750.00   | 0.15%             | 2026-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International & Co. CV into Union Pacific Corp.           | Merrill Lynch International & Co. CV into Union Pacific Corp.           | CUSIP: 59027E104<br>LEI: AHYI0DDQ2LCHPGHJC422 | Long             | SN               | CORP              | CW        |     50750 | NS      | $10392150.32  | 0.34%             | 2023-11-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                              | Occidental Petroleum Corp.                                              | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6213810.00   | 0.20%             | 2030-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Edison International                                                    | Edison International                                                    | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    250000 | NS      | $15905000.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines, Inc. / SkyMiles IP Ltd.                                | Delta Air Lines, Inc. / SkyMiles IP Ltd.                                | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8775000 | PA      | $8261746.13   | 0.27%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                       | Johnson & Johnson                                                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    100000 | NS      | $17665000.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                          | Morgan Stanley                                                          | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   8650000 | PA      | $9091179.06   | 0.29%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                          | DTE Energy Co.                                                          | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |    100000 | NS      | $11753000.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Calumet Specialty Products Partners LP / Calumet Finance Corp.          | Calumet Specialty Products Partners LP / Calumet Finance Corp.          | CUSIP: 131477AT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15657574.50  | 0.51%             | 2025-04-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                      | CHS/Community Health Systems, Inc.                                      | CUSIP: 12543DBC3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  22500000 | PA      | $20531250.00  | 0.66%             | 2026-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Pfizer, Inc.                                                            | Pfizer, Inc.                                                            | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    275000 | NS      | $14091000.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Calpine Corp.                                                           | Calpine Corp.                                                           | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4471639.00   | 0.14%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                | PNC Financial Services Group, Inc. (The)                                | CUSIP: 693475BJ3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8354575.04   | 0.27%             | 2033-10-28      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                      | CHS/Community Health Systems, Inc.                                      | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $7558221.50   | 0.24%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ford Motor Co.                                                          | Ford Motor Co.                                                          | CUSIP: 345370CR9<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6653781.40   | 0.22%             | 2026-12-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: —       |
| Ford Motor Co.                                                          | Ford Motor Co.                                                          | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2775847.50   | 0.09%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                      | CHS/Community Health Systems, Inc.                                      | CUSIP: 12543DBD1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9066929.10   | 0.29%             | 2027-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas Issuance BV into Morgan Stanley                             | BNP Paribas Issuance BV into Morgan Stanley                             | CUSIP: N/A<br>LEI: 7245009UXRIGIRYOBR48       | Long             | SN               | CORP              | NL        |    125000 | NS      | $10659280.71  | 0.34%             | 2023-05-22      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                         | Citigroup, Inc.                                                         | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12417689.40  | 0.40%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                     | Medline Borrower LP                                                     | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |  16800000 | PA      | $13570116.00  | 0.44%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                             | United Parcel Service, Inc., Class B                                    | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |    157700 | NS      | $27414568.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.                       | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.                       | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5424305.22   | 0.18%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Merrill Lynch International & Co. CV into Amazon.com, Inc.              | Merrill Lynch International & Co. CV into Amazon.com, Inc.              | CUSIP: 59027C827<br>LEI: AHYI0DDQ2LCHPGHJC422 | Long             | SN               | CORP              | CW        |     11700 | NS      | $19746668.79  | 0.64%             | 2023-01-11      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                         | TransDigm, Inc.                                                         | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5930340.00   | 0.19%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States of America                                                | U.S. Treasury Bonds                                                     | CUSIP: 912810TK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $13410937.50  | 0.43%             | 2042-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada into Walt Disney Co. (The)                         | Royal Bank of Canada into Walt Disney Co. (The)                         | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    139700 | NS      | $12612509.65  | 0.41%             | 2023-05-26      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                      | CHS/Community Health Systems, Inc.                                      | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  52000000 | PA      | $26823315.48  | 0.87%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                              | US Bancorp                                                              | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10413725.30  | 0.34%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                                  | Home Depot, Inc. (The)                                                  | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     32000 | NS      | $10107520.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope Technologies LLC                                              | CommScope Technologies LLC                                              | CUSIP: 20338HAB9<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $1701953.95   | 0.06%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corp.                        | MPT Operating Partnership LP / MPT Finance Corp.                        | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3437867.95   | 0.11%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                        | Amazon.com, Inc.                                                        | CUSIP: 023135CH7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3672318.12   | 0.12%             | 2032-04-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                  | Mauser Packaging Solutions Holding Co.                                  | CUSIP: 12429TAE4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |  20432000 | PA      | $18935901.74  | 0.61%             | 2025-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Calumet Specialty Products Partners LP / Calumet Finance Corp.          | Calumet Specialty Products Partners LP / Calumet Finance Corp.          | CUSIP: 131477AV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8820000 | PA      | $8257725.00   | 0.27%             | 2027-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                        | CSC Holdings LLC                                                        | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $12615395.85  | 0.41%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc into JPMorgan Chase & Co.                             | Barclays Bank plc into JPMorgan Chase & Co.                             | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    187500 | NS      | $23991090.16  | 0.78%             | 2023-09-08      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP into Microchip Technology, Inc.                | Mizuho Markets Cayman LP into Microchip Technology, Inc.                | CUSIP: 6068FP877<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |    144400 | NS      | $9704273.75   | 0.31%             | 2023-11-03      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                                | Bausch Health Cos., Inc.                                                | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | CA        |    750000 | NS      | $4710000.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG into Fidelity National Information Services, Inc.                | UBS AG into Fidelity National Information Services, Inc.                | CUSIP: 90278V362<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | SN               | CORP              | CH        |    100000 | NS      | $7043597.22   | 0.23%             | 2023-10-19      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.   | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.   | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $5932745.00   | 0.19%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                     | U.S. Treasury 10 Year Notes                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       550 | NC      | $-261448.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                                                         | Citigroup, Inc.                                                         | CUSIP: 172967KU4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $11657987.88  | 0.38%             | 2028-07-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada into NextEra Energy, Inc.                       | National Bank of Canada into NextEra Energy, Inc.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    102000 | NS      | $8019568.77   | 0.26%             | 2023-12-05      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                    | JPMorgan Chase & Co., Series R                                          | CUSIP: 48126HAA8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3200000 | PA      | $3137920.00   | 0.10%             | 2023-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| General Motors Co.                                                      | General Motors Co.                                                      | CUSIP: 37045VAP5<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $6497254.73   | 0.21%             | 2038-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                   | Bank of America Corp., Series AA                                        | CUSIP: 060505EN0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7725560.00   | 0.25%             | 2025-03-17      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                      | Southern Co. (The)                                                      | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    400000 | NS      | $28564000.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada into Bank of America Corp.                         | Royal Bank of Canada into Bank of America Corp.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    450000 | NS      | $14936422.11  | 0.48%             | 2023-08-14      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                         | Citigroup, Inc.                                                         | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    250000 | NS      | $11307500.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                      | CHS/Community Health Systems, Inc.                                      | CUSIP: 12543DBE9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $9694100.00   | 0.31%             | 2028-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                             | Capital One Financial Corp.                                             | CUSIP: 14040HCV5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2863541.58   | 0.09%             | 2030-07-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                          | Broadcom, Inc.                                                          | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $8805963.80   | 0.28%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Vistra Corp.                                                            | Vistra Corp.                                                            | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $11392227.63  | 0.37%             | 2026-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                                            | DaVita, Inc.                                                            | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $1871387.50   | 0.06%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                    | Glencore Funding LLC                                                    | CUSIP: 378272AY4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $8139780.70   | 0.26%             | 2030-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                                        | ArcelorMittal SA                                                        | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |  12000000 | PA      | $11967647.64  | 0.39%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Calpine Corp.                                                           | Calpine Corp.                                                           | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4470916.00   | 0.14%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                      | VICI Properties LP                                                      | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9278750.00   | 0.30%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances, Inc.                                | International Flavors & Fragrances, Inc.                                | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $7956669.90   | 0.26%             | 2030-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| CommScope, Inc.                                                         | CommScope, Inc.                                                         | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $7765800.00   | 0.25%             | 2027-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Calumet Specialty Products Partners LP / Calumet Finance Corp.          | Calumet Specialty Products Partners LP / Calumet Finance Corp.          | CUSIP: 131477AU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5185000 | PA      | $5272600.58   | 0.17%             | 2024-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Sprint LLC                                                              | Sprint LLC                                                              | CUSIP: 85207UAH8<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |   8200000 | PA      | $8378268.00   | 0.27%             | 2024-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SCIH Salt Holdings, Inc.                                                | SCIH Salt Holdings, Inc.                                                | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $8067794.80   | 0.26%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc. into Ford Motor Co.             | Citigroup Global Markets Holdings, Inc. into Ford Motor Co.             | CUSIP: 17329T377<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |    877000 | NS      | $10344213.10  | 0.33%             | 2023-01-12      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| AstraZeneca plc                                                         | AstraZeneca plc                                                         | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    300000 | NS      | $20340000.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                                                  | Truist Financial Corp.                                                  | CUSIP: 89788NAA8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3763678.32   | 0.12%             | 2033-07-28      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.                | Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.                | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4341315.40   | 0.14%             | 2026-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                    | FNMA                                                                    | CUSIP: 313586810<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EP               | CORP              | US        |       475 | NS      | $3443750.00   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| FMG Resources August 2006 Pty. Ltd.                                     | FMG Resources August 2006 Pty. Ltd.                                     | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   6000000 | PA      | $5001650.94   | 0.16%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                            | Barclays plc                                                            | CUSIP: 06738EBY0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2300000 | PA      | $2231349.92   | 0.07%             | 2028-08-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas Issuance BV into AbbVie, Inc.                               | BNP Paribas Issuance BV into AbbVie, Inc.                               | CUSIP: N/A<br>LEI: 7245009UXRIGIRYOBR48       | Long             | SN               | CORP              | NL        |    125000 | NS      | $19177344.10  | 0.62%             | 2023-02-23      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                            | Pacific Gas and Electric Co.                                            | CUSIP: 694308JM0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4543699.10   | 0.15%             | 2030-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                          | Broadcom, Inc.                                                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     53000 | NS      | $29633890.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Energy Corp.                                                 | Chesapeake Energy Corp., Escrow Account                                 | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $9014836.43   | 0.29%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                                                    | NextEra Energy, Inc.                                                    | CUSIP: 65339F770<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    400000 | NS      | $20280000.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                                           | Medtronic plc                                                           | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |    160000 | NS      | $12435200.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Directv Financing LLC / Directv Financing Co-Obligor, Inc.              | Directv Financing LLC / Directv Financing Co-Obligor, Inc.              | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9500000 | PA      | $8517320.00   | 0.28%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada into Analog Devices, Inc.                          | Royal Bank of Canada into Analog Devices, Inc.                          | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    178000 | NS      | $28547116.14  | 0.92%             | 2023-05-19      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                                       | Philip Morris International, Inc.                                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    200000 | NS      | $20242000.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE, Inc.                                                               | BCE, Inc.                                                               | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |    275000 | NS      | $12082533.23  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Inc/AAdvantage Loyalty IP Ltd.                        | American Airlines Inc/AAdvantage Loyalty IP Ltd.                        | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14451022.50  | 0.47%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corp.                                             | Raytheon Technologies Corp.                                             | CUSIP: 913017DD8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7334558.63   | 0.24%             | 2025-08-16      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Boyd Gaming Corp.                                                       | Boyd Gaming Corp.                                                       | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |   3130000 | PA      | $2726793.40   | 0.09%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                           | Comcast Corp., Class A                                                  | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    512769 | NS      | $17931531.93  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International Bank into Intel Corp.                       | Goldman Sachs International Bank into Intel Corp.                       | CUSIP: 83370G607<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | SN               | CORP              | FR        |    650000 | NS      | $18059765.66  | 0.58%             | 2023-08-09      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                                      | United Rentals North America, Inc.                                      | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7965400.00   | 0.26%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                                | Bausch Health Cos., Inc.                                                | CUSIP: 071734AP2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |  23409673 | PA      | $16173274.88  | 0.52%             | 2027-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                  | Tenet Healthcare Corp.                                                  | CUSIP: 88033GDJ6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8076870.00   | 0.26%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC   | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC   | CUSIP: 76174LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4443251.90   | 0.14%             | 2027-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International Bank into Honeywell International, Inc.     | Goldman Sachs International Bank into Honeywell International, Inc.     | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | Long             | SN               | CORP              | GB        |     45400 | NS      | $9126350.36   | 0.30%             | 2023-04-04      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                              | US Bancorp                                                              | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    325000 | NS      | $14173250.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                  | Mauser Packaging Solutions Holding Co.                                  | CUSIP: 12429TAD6<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |  16500000 | PA      | $16077718.14  | 0.52%             | 2024-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DISH Network Corp.                                                      | DISH Network Corp.                                                      | CUSIP: 25470MAD1<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   4555000 | PA      | $4121136.25   | 0.13%             | 2024-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA into Pfizer, Inc.                                   | Societe Generale SA into Pfizer, Inc.                                   | CUSIP: 83370G565<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | SN               | CORP              | FR        |    260000 | NS      | $13402774.90  | 0.43%             | 2023-06-09      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Workday, Inc.                                                           | Workday, Inc.                                                           | CUSIP: 98138HAJ0<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $8855318.80   | 0.29%             | 2032-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP into International Paper Co.                   | Mizuho Markets Cayman LP into International Paper Co.                   | CUSIP: 6068FR303<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |    400000 | NS      | $14071060.51  | 0.45%             | 2023-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                                  | Freeport-McMoRan, Inc.                                                  | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7464595.92   | 0.24%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                    | JPMorgan Chase & Co.                                                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    360000 | NS      | $48276000.00  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International & Co. CV into Chevron Corp.                 | Merrill Lynch International & Co. CV into Chevron Corp.                 | CUSIP: 59027C884<br>LEI: AHYI0DDQ2LCHPGHJC422 | Long             | SN               | CORP              | CW        |     47600 | NS      | $7998560.98   | 0.26%             | 2023-12-04      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                            | MPH Acquisition Holdings LLC                                            | CUSIP: 553283AC6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $13344244.20  | 0.43%             | 2028-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| Weatherford International Ltd.                                          | Weatherford International Ltd.                                          | CUSIP: 947075AP2<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   1255000 | PA      | $1284836.55   | 0.04%             | 2024-12-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                          | Morgan Stanley                                                          | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    310000 | NS      | $26356200.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                       | Wells Fargo & Co.                                                       | CUSIP: 95000U2F9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7430506.80   | 0.24%             | 2027-06-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada into MetLife, Inc.                                 | Royal Bank of Canada into MetLife, Inc.                                 | CUSIP: 78015V290<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | SN               | CORP              | CA        |    420000 | NS      | $28959324.34  | 0.94%             | 2023-09-22      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse AG into Air Products and Chemicals, Inc.                  | Credit Suisse AG into Air Products and Chemicals, Inc.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     49560 | NS      | $13014741.58  | 0.42%             | 2023-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Weatherford International Ltd.                                          | Weatherford International Ltd.                                          | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |  14500000 | PA      | $13950351.69  | 0.45%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| HP, Inc.                                                                | HP, Inc.                                                                | CUSIP: 40434LAN5<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9424038.80   | 0.30%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                                       | Lowe's Cos., Inc.                                                       | CUSIP: 548661EL7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |  13000000 | PA      | $12732819.84  | 0.41%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Endo Dac / Endo Finance LLC / Endo Finco, Inc.                          | Endo Dac / Endo Finance LLC / Endo Finco, Inc.                          | CUSIP: 29273DAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $3577500.00   | 0.12%             | 2024-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                                           | Chevron Corp.                                                           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    250000 | NS      | $44872500.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co. (The)                                                        | Boeing Co. (The)                                                        | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $24452292.25  | 0.79%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                             | Capital One Financial Corp.                                             | CUSIP: 14040HCN3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $5998325.41   | 0.19%             | 2030-03-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                                               | Michaels Cos., Inc. (The)                                               | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3222942.68   | 0.10%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                                            | Target Corp.                                                            | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     50000 | NS      | $7452000.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pharmaceutical, Inc.                                                | Par Pharmaceutical, Inc.                                                | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |   8429000 | PA      | $6423738.03   | 0.21%             | 2027-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                                        | TotalEnergies SE                                                        | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    300000 | NS      | $18624000.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO Distribution, Inc.                                                | WESCO Distribution, Inc.                                                | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |  14000000 | PA      | $14205969.68  | 0.46%             | 2025-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                                       | American Electric Power Co., Inc.                                       | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    200000 | NS      | $18990000.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                                                      | Southern Co. (The)                                                      | CUSIP: 842587DL8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10260330.00  | 0.33%             | 2032-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                             | Capital One Financial Corp.                                             | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |  10398356 | PA      | $10082925.09  | 0.33%             | 2028-05-10      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Consolidated Energy Finance SA                                          | Consolidated Energy Finance SA                                          | CUSIP: 20914UAE6<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |  10000000 | PA      | $9363729.80   | 0.30%             | 2026-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Rio Tinto plc                                                           | Rio Tinto plc                                                           | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    365529 | NS      | $26025664.80  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                                                             | Apple, Inc.                                                             | CUSIP: 037833EP1<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7286602.16   | 0.24%             | 2032-08-08      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| SCIH Salt Holdings, Inc.                                                | SCIH Salt Holdings, Inc.                                                | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7900000 | PA      | $6793562.74   | 0.22%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                  | Tenet Healthcare Corp.                                                  | CUSIP: 88033GCX6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  29000000 | PA      | $27913660.00  | 0.90%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Structured Products BV into Goldman Sachs Group, Inc. (The) | J.P. Morgan Structured Products BV into Goldman Sachs Group, Inc. (The) | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     26000 | NS      | $8991164.11   | 0.29%             | 2023-03-09      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                                 | Micron Technology, Inc.                                                 | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8144268.72   | 0.26%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                                            | AbbVie, Inc.                                                            | CUSIP: 00287YCX5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |  10500000 | PA      | $10242288.53  | 0.33%             | 2025-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                                 | Bayer US Finance II LLC                                                 | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $10670328.24  | 0.34%             | 2025-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BASF SE                                                                 | BASF SE                                                                 | CUSIP: N/A<br>LEI: 529900PM64WH8AF1E917       | Long             | EC               | CORP              | DE        |    225000 | NS      | $11078175.78  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Expedia Group, Inc.                                                     | Expedia Group, Inc.                                                     | CUSIP: 30212PAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6915792.87   | 0.22%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                                      | United Airlines Pass-Through Trust, Series 2020-1, Class A              | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7903833 | PA      | $7803685.45   | 0.25%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                                          | DISH DBS Corp.                                                          | CUSIP: 25470XAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11000000 | PA      | $10971784.45  | 0.35%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                   | Bank of America Corp., Series X                                         | CUSIP: 060505EH3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5777165.22   | 0.19%             | 2024-09-05      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Warnermedia Holdings, Inc.                                              | Warnermedia Holdings, Inc.                                              | CUSIP: 55903VAG8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $5862694.24   | 0.19%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co. (The)                                              | Procter & Gamble Co. (The)                                              | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    120000 | NS      | $18187200.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                                                  | Truist Financial Corp.                                                  | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    495000 | NS      | $21299850.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global, Inc.                                                   | Coinbase Global, Inc.                                                   | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |   2171790 | PA      | $1048783.26   | 0.03%             | 2031-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                             | Capital One Financial Corp.                                             | CUSIP: 14040HBJ3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7739130.72   | 0.25%             | 2025-10-29      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                          | Broadcom, Inc.                                                          | CUSIP: 11135FBR1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4552505.55   | 0.15%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MetLife, Inc.                                                           | MetLife, Inc.                                                           | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |    125000 | NS      | $9046250.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Markets Cayman LP into Bristol-Myers Squibb Co.                  | Mizuho Markets Cayman LP into Bristol-Myers Squibb Co.                  | CUSIP: 6068FR204<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |    240000 | NS      | $17917474.64  | 0.58%             | 2023-12-04      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                            | Verizon Communications, Inc.                                            | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    400000 | NS      | $15760000.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                         | Goldman Sachs Group, Inc. (The)                                         | CUSIP: 38141GWQ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8678656.44   | 0.28%             | 2025-09-29      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                  | Cleveland-Cliffs, Inc.                                                  | CUSIP: 185899AG6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5021100.00   | 0.16%             | 2026-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                    | Clear Channel Outdoor Holdings, Inc.                                    | CUSIP: 18453HAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10500000 | PA      | $7729522.50   | 0.25%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                               | Ford Motor Credit Co. LLC                                               | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14021550.00  | 0.45%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                  | Tenet Healthcare Corp.                                                  | CUSIP: 88033GDP2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $11931937.50  | 0.39%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Rocket Software, Inc.                                                   | Rocket Software, Inc.                                                   | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $8685888.20   | 0.28%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                   | Bank of America Corp.                                                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   1100000 | NS      | $36432000.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co.                                                          | Ford Motor Co.                                                          | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2255165.10   | 0.07%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States of America                                                | U.S. Treasury Notes                                                     | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  75000000 | PA      | $68308593.75  | 2.21%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                   | Bank of America Corp.                                                   | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4536086.70   | 0.15%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                           | Netflix, Inc.                                                           | CUSIP: 64110LAS5<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |  22000000 | PA      | $21292400.14  | 0.69%             | 2028-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                                            | Target Corp.                                                            | CUSIP: 87612EBP0<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3894751.84   | 0.13%             | 2032-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Institutional Fiduciary Trust Money Market Portfolio                    | Institutional Fiduciary Trust Money Market Portfolio                    | CUSIP: 457756500<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  11170000 | NS      | $11170000.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Stagwell Global LLC                                                     | Stagwell Global LLC                                                     | CUSIP: 59565JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4132275.00   | 0.13%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                             | Caesars Entertainment, Inc.                                             | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $19474110.00  | 0.63%             | 2025-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corp.                                             | Raytheon Technologies Corp.                                             | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    225000 | NS      | $22707000.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Warnermedia Holdings, Inc.                                              | Warnermedia Holdings, Inc.                                              | CUSIP: 55903VAL7<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $5370739.21   | 0.17%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Sprint LLC                                                              | Sprint LLC                                                              | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7908795.00   | 0.26%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Structured Products BV into Bank of America Corp.           | J.P. Morgan Structured Products BV into Bank of America Corp.           | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    250000 | NS      | $8463464.73   | 0.27%             | 2023-05-12      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                                            | AbbVie, Inc.                                                            | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    115000 | NS      | $18585150.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                                                     | Union Pacific Corp.                                                     | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     20000 | NS      | $4141400.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| APX Group, Inc.                                                         | APX Group, Inc.                                                         | CUSIP: 00213MAW4<br>LEI: 549300OMQVKPRU98OE64 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $12442302.30  | 0.40%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                                            | DaVita, Inc.                                                            | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $16130833.80  | 0.52%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Sempra Energy                                                           | Sempra Energy                                                           | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     90000 | NS      | $13908600.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank plc into Cisco Systems, Inc.                              | Barclays Bank plc into Cisco Systems, Inc.                              | CUSIP: 06748B612<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | SN               | CORP              | GB        |    350000 | NS      | $16783250.06  | 0.54%             | 2023-03-10      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Camelot Return Merger Sub, Inc.                                         | Camelot Return Merger Sub, Inc.                                         | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7351400.00   | 0.24%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                    | FNMA, 30 Year                                                           | CUSIP: 3140QBMZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1585956 | PA      | $1514138.43   | 0.05%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CommScope, Inc.                                                         | CommScope, Inc.                                                         | CUSIP: 203372AV9<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   7141000 | PA      | $5116482.30   | 0.17%             | 2028-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                       | Duke Energy Corp.                                                       | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    150000 | NS      | $15448500.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Univision Communications, Inc.                                          | Univision Communications, Inc.                                          | CUSIP: 914906AS1<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   7140000 | PA      | $6814560.23   | 0.22%             | 2025-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                    | Clear Channel Outdoor Holdings, Inc.                                    | CUSIP: 18453HAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2047652.10   | 0.07%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital, Inc.                                                   | Ashtead Capital, Inc.                                                   | CUSIP: 045054AL7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4043223.59   | 0.13%             | 2029-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GE HealthCare Technologies, Inc.                                        | GE HealthCare Technologies, Inc.                                        | CUSIP: 36267VAJ2<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7795309.95   | 0.25%             | 2032-11-22      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                                                    | NextEra Energy, Inc.                                                    | CUSIP: 65339F739<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    230200 | NS      | $11622798.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MPH Acquisition Holdings LLC                                            | MPH Acquisition Holdings LLC                                            | CUSIP: 553283AD4<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |   8890000 | PA      | $6953224.60   | 0.22%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alcoa Nederland Holding BV                                              | Alcoa Nederland Holding BV                                              | CUSIP: 013822AG6<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |   8500000 | PA      | $7553131.03   | 0.24%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                                      | United Rentals North America, Inc.                                      | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |  11300000 | PA      | $10733361.50  | 0.35%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Institutional Fiduciary Trust - Money Market Portfolio                  | Institutional Fiduciary Trust - Money Market Portfolio                  | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        |  45134528 | NS      | $45134528.22  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.   | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.   | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4100000 | PA      | $3314747.50   | 0.11%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                               | Vistra Operations Co. LLC                                               | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   8255000 | PA      | $7129281.33   | 0.23%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                                       | BAT Capital Corp.                                                       | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $18303003.00  | 0.59%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                            | Oracle Corp.                                                            | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $12473763.45  | 0.40%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                   | Dominion Energy, Inc.                                                   | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    400000 | NS      | $24528000.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                            | Oracle Corp.                                                            | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $7086016.22   | 0.23%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                      | T-Mobile USA, Inc.                                                      | CUSIP: 87264ACV5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7456399.95   | 0.24%             | 2033-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                      | T-Mobile USA, Inc.                                                      | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $3972125.25   | 0.13%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| QUALCOMM, Inc.                                                          | QUALCOMM, Inc.                                                          | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     45000 | NS      | $4947300.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                                | U.S. Treasury Notes                                                     | CUSIP: 91282CFX4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25000000 | PA      | $25002929.75  | 0.81%             | 2024-11-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                               | Ford Motor Credit Co. LLC                                               | CUSIP: 345397A60<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $19270832.00  | 0.62%             | 2025-06-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                            | Barclays plc                                                            | CUSIP: 06738ECA1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  15000000 | PA      | $14212624.20  | 0.46%             | 2033-08-09      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas Issuance BV into Comcast Corp.                              | BNP Paribas Issuance BV into Comcast Corp.                              | CUSIP: N/A<br>LEI: 7245009UXRIGIRYOBR48       | Long             | SN               | CORP              | NL        |    700000 | NS      | $25145852.33  | 0.81%             | 2023-08-10      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                   | Lockheed Martin Corp.                                                   | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     90000 | NS      | $43784100.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Medline Borrower LP                                                     | Medline Borrower LP                                                     | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |  18000000 | PA      | $14328990.00  | 0.46%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                        | McDonald's Corp.                                                        | CUSIP: 58013MFS8<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7847679.36   | 0.25%             | 2032-09-09      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Texas Instruments, Inc.                                                 | Texas Instruments, Inc.                                                 | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    363966 | NS      | $60134462.52  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Altice France SA                                                        | Altice France SA                                                        | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |  11500000 | PA      | $8789622.50   | 0.28%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                | U.S. Treasury Notes                                                     | CUSIP: 91282CFQ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9972265.60   | 0.32%             | 2024-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                                     | Union Pacific Corp.                                                     | CUSIP: 907818GB8<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7848212.00   | 0.25%             | 2033-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ROBLOX Corp.                                                            | ROBLOX Corp.                                                            | CUSIP: 771049AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9100000 | PA      | $7184450.00   | 0.23%             | 2030-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International Bank into Cummins, Inc.                     | Goldman Sachs International Bank into Cummins, Inc.                     | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | Long             | SN               | CORP              | GB        |     60000 | NS      | $14498336.35  | 0.47%             | 2023-01-10      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                            | Oracle Corp.                                                            | CUSIP: 68389XBN4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4600786.45   | 0.15%             | 2027-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                           | Centene Corp.                                                           | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9160908.20   | 0.30%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Penn Entertainment, Inc.                                                | Penn Entertainment, Inc.                                                | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $6330429.28   | 0.20%             | 2029-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                                | Bausch Health Cos., Inc.                                                | CUSIP: 071734AC1<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |  10000000 | PA      | $6822200.00   | 0.22%             | 2027-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                                    | American Tower Corp.                                                    | CUSIP: 03027XBA7<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $6792409.68   | 0.22%             | 2030-01-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corp.                        | MPT Operating Partnership LP / MPT Finance Corp.                        | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8750000 | PA      | $7374150.00   | 0.24%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.               | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.               | CUSIP: 46590XAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7650240.00   | 0.25%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                            | Barclays plc                                                            | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  10000000 | PA      | $10508600.20  | 0.34%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Franklin Templeton Variable Insurance Products Trust

**Signature:** Ryan Wheeler

**Name of Signer:** Ryan Wheeler

**Title:** Assistant Treasurer