# EDGAR Filing Document

**Accession Number:** 0000896435
**File Stem:** 0000896435-25-000168
**Filing Date:** 2025-11
**Character Count:** 747937
**Document Hash:** 823b0be70942b9db972ef95b6e54ba5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000896435-25-000168.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000896435-25-000168

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
- **CENTRAL INDEX KEY:** 0000896435

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07452
- **FILM NUMBER:** 251536018

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7136261919

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM VARIABLE INSURANCE FUNDS
- **DATE OF NAME CHANGE:** 20000719

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM VARIABLE INSURANCE FUNDS INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### INVESCO V.I. EQUITY AND INCOME FUND (Series ID: S000027873)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084643 | SERIES I     |  |
| C000084644 | SERIES II    |  |

## Nport-Ex

**Schedule of Investments**<sup>(a)</sup> 

*September 30, 2025*

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | **Value** |
| **Common Stocks & Other Equity Interests–63.01%** | **Common Stocks & Other Equity Interests–63.01%** | **Common Stocks & Other Equity Interests–63.01%** |
| **Aerospace & Defense–1.33%** | **Aerospace & Defense–1.33%** | **Aerospace & Defense–1.33%** |
| RTX Corp. | 68443 | &nbsp;&nbsp; $11452569 |
| Textron, Inc. | 84315 | &nbsp;&nbsp; 7123775 |
|  |  | &nbsp;&nbsp; 18576344 |
| **Air Freight & Logistics–0.72%** | **Air Freight & Logistics–0.72%** | **Air Freight & Logistics–0.72%** |
| FedEx Corp. | 42712 | &nbsp;&nbsp; 10071917 |
| **Application Software–0.72%** | **Application Software–0.72%** | **Application Software–0.72%** |
| Salesforce, Inc. | 42267 | &nbsp;&nbsp; 10017279 |
| **Asset Management & Custody Banks–0.72%** | **Asset Management & Custody Banks–0.72%** | **Asset Management & Custody Banks–0.72%** |
| KKR & Co., Inc., Class A | 77045 | &nbsp;&nbsp; 10011998 |
| **Automobile Manufacturers–0.59%** | **Automobile Manufacturers–0.59%** | **Automobile Manufacturers–0.59%** |
| General Motors Co. | 135081 | &nbsp;&nbsp; 8235889 |
| **Biotechnology–0.46%** | **Biotechnology–0.46%** | **Biotechnology–0.46%** |
| Regeneron Pharmaceuticals, Inc. | 11505 | &nbsp;&nbsp; 6468916 |
| **Broadline Retail–1.52%** | **Broadline Retail–1.52%** | **Broadline Retail–1.52%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 97062 | &nbsp;&nbsp; 21311903 |
| **Building Products–1.25%** | **Building Products–1.25%** | **Building Products–1.25%** |
| Johnson Controls International PLC | 159295 | &nbsp;&nbsp; 17514485 |
| **Communications Equipment–0.73%** | **Communications Equipment–0.73%** | **Communications Equipment–0.73%** |
| Cisco Systems, Inc. | 149557 | &nbsp;&nbsp; 10232690 |
| **Consumer Finance–0.46%** | **Consumer Finance–0.46%** | **Consumer Finance–0.46%** |
| Capital One Financial Corp. | 30282 | &nbsp;&nbsp; 6437348 |
| **Diversified Banks–5.56%** | **Diversified Banks–5.56%** | **Diversified Banks–5.56%** |
| Bank of America Corp. | 636467 | &nbsp;&nbsp; 32835333 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. <br> (The) | 55864 | &nbsp;&nbsp; 11224753 |
| Wells Fargo & Co. | 403845 | &nbsp;&nbsp; 33850288 |
|  |  | &nbsp;&nbsp; 77910374 |
| **Electric Utilities–2.07%** | **Electric Utilities–2.07%** | **Electric Utilities–2.07%** |
| American Electric Power Co., Inc. | 67393 | &nbsp;&nbsp; 7581712 |
| FirstEnergy Corp. | 149268 | &nbsp;&nbsp; 6839460 |
| PPL Corp. | 393493 | &nbsp;&nbsp; 14622200 |
|  |  | &nbsp;&nbsp; 29043372 |
| **Electrical Components & Equipment–1.45%** | **Electrical Components & Equipment–1.45%** | **Electrical Components & Equipment–1.45%** |
| Emerson Electric Co. | 89806 | &nbsp;&nbsp; 11780751 |
| Vertiv Holdings Co., Class A | 56547 | &nbsp;&nbsp; 8530680 |
|  |  | &nbsp;&nbsp; 20311431 |
| **Electronic Components–0.82%** | **Electronic Components–0.82%** | **Electronic Components–0.82%** |
| Coherent Corp.<sup>(b)</sup>  | 106490 | &nbsp;&nbsp; 11471103 |
| **Electronic Equipment & Instruments–1.04%** | **Electronic Equipment & Instruments–1.04%** | **Electronic Equipment & Instruments–1.04%** |
| Ralliant Corp. | 154763 | &nbsp;&nbsp; 6767786 |
| Zebra Technologies Corp., Class A<sup>(b)</sup>  | 26193 | &nbsp;&nbsp; 7783512 |
|  |  | &nbsp;&nbsp; 14551298 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Fertilizers & Agricultural Chemicals–0.42%** | **Fertilizers & Agricultural Chemicals–0.42%** | **Fertilizers & Agricultural Chemicals–0.42%** |
| Corteva, Inc. | 86495 | &nbsp;&nbsp; $5849657 |
| **Food Distributors–2.29%** | **Food Distributors–2.29%** | **Food Distributors–2.29%** |
| Sysco Corp. | 210157 | &nbsp;&nbsp; 17304327 |
| US Foods Holding Corp.<sup>(b)</sup>  | 192720 | &nbsp;&nbsp; 14766207 |
|  |  | &nbsp;&nbsp; 32070534 |
| **Footwear–0.86%** | **Footwear–0.86%** | **Footwear–0.86%** |
| NIKE, Inc., Class B | 172581 | &nbsp;&nbsp; 12034073 |
| **Health Care Equipment–1.02%** | **Health Care Equipment–1.02%** | **Health Care Equipment–1.02%** |
| Medtronic PLC | 149384 | &nbsp;&nbsp; 14227332 |
| **Health Care Services–1.01%** | **Health Care Services–1.01%** | **Health Care Services–1.01%** |
| CVS Health Corp. | 187103 | &nbsp;&nbsp; 14105695 |
| **Household Products–1.00%** | **Household Products–1.00%** | **Household Products–1.00%** |
| Procter & Gamble Co. (The) | 91008 | &nbsp;&nbsp; 13983379 |
| **Industrial Gases–0.43%** | **Industrial Gases–0.43%** | **Industrial Gases–0.43%** |
| Air Products and Chemicals, Inc.<sup>(c)</sup>  | 22001 | &nbsp;&nbsp; 6000113 |
| **Industrial Machinery & Supplies & Components–2.01%** | **Industrial Machinery & Supplies & Components–2.01%** | **Industrial Machinery & Supplies & Components–2.01%** |
| Fortive Corp. | 192034 | &nbsp;&nbsp; 9407746 |
| Parker-Hannifin Corp. | 24644 | &nbsp;&nbsp; 18683848 |
|  |  | &nbsp;&nbsp; 28091594 |
| **Insurance Brokers–1.23%** | **Insurance Brokers–1.23%** | **Insurance Brokers–1.23%** |
| Willis Towers Watson PLC | 50028 | &nbsp;&nbsp; 17282173 |
| **Integrated Oil & Gas–3.13%** | **Integrated Oil & Gas–3.13%** | **Integrated Oil & Gas–3.13%** |
| Chevron Corp. | 80428 | &nbsp;&nbsp; 12489664 |
| Exxon Mobil Corp. | 106335 | &nbsp;&nbsp; 11989271 |
| Shell PLC (United Kingdom) | 325846 | &nbsp;&nbsp; 11613475 |
| Suncor Energy, Inc. (Canada) | 186098 | &nbsp;&nbsp; 7787848 |
|  |  | &nbsp;&nbsp; 43880258 |
| **Interactive Media & Services–2.14%** | **Interactive Media & Services–2.14%** | **Interactive Media & Services–2.14%** |
| Alphabet, Inc., Class A | 78285 | &nbsp;&nbsp; 19031083 |
| Meta Platforms, Inc., Class A | 14975 | &nbsp;&nbsp; 10997341 |
|  |  | &nbsp;&nbsp; 30028424 |
| **Investment Banking & Brokerage–2.18%** | **Investment Banking & Brokerage–2.18%** | **Investment Banking & Brokerage–2.18%** |
| Charles Schwab Corp. (The) | 195094 | &nbsp;&nbsp; 18625624 |
| Goldman Sachs Group, Inc. (The) | 14974 | &nbsp;&nbsp; 11924545 |
|  |  | &nbsp;&nbsp; 30550169 |
| **IT Consulting & Other Services–0.40%** | **IT Consulting & Other Services–0.40%** | **IT Consulting & Other Services–0.40%** |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A | 84288 | &nbsp;&nbsp; 5653196 |
| **Life Sciences Tools & Services–0.91%** | **Life Sciences Tools & Services–0.91%** | **Life Sciences Tools & Services–0.91%** |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 29107 | &nbsp;&nbsp; 5528584 |
| Thermo Fisher Scientific, Inc.<sup>(b)</sup>  | 14761 | &nbsp;&nbsp; 7159380 |
|  |  | &nbsp;&nbsp; 12687964 |
| **Managed Health Care–1.72%** | **Managed Health Care–1.72%** | **Managed Health Care–1.72%** |
| Elevance Health, Inc. | 22590 | &nbsp;&nbsp; 7299281 |
| Humana, Inc. | 24637 | &nbsp;&nbsp; 6409808 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Managed Health Care–(continued)** | **Managed Health Care–(continued)** | **Managed Health Care–(continued)** |
| UnitedHealth Group, Inc. | 30125 | &nbsp;&nbsp; $10402163 |
|  |  | &nbsp;&nbsp; 24111252 |
| **Movies & Entertainment–1.21%** | **Movies & Entertainment–1.21%** | **Movies & Entertainment–1.21%** |
| Walt Disney Co. (The) | 148137 | &nbsp;&nbsp; 16961686 |
| **Multi-Utilities–0.68%** | **Multi-Utilities–0.68%** | **Multi-Utilities–0.68%** |
| Sempra<sup>(c)</sup>  | 106475 | &nbsp;&nbsp; 9580620 |
| **Oil & Gas Exploration & Production–1.36%** | **Oil & Gas Exploration & Production–1.36%** | **Oil & Gas Exploration & Production–1.36%** |
| ConocoPhillips | 135126 | &nbsp;&nbsp; 12781568 |
| EQT Corp. | 115595 | &nbsp;&nbsp; 6291836 |
|  |  | &nbsp;&nbsp; 19073404 |
| **Pharmaceuticals–3.78%** | **Pharmaceuticals–3.78%** | **Pharmaceuticals–3.78%** |
| Bristol-Myers Squibb Co. | 167598 | &nbsp;&nbsp; 7558670 |
| Johnson & Johnson | 88583 | &nbsp;&nbsp; 16425060 |
| Merck & Co., Inc. | 140151 | &nbsp;&nbsp; 11762873 |
| Pfizer, Inc. | 222638 | &nbsp;&nbsp; 5672816 |
| Sanofi S.A. | 122222 | &nbsp;&nbsp; 11573685 |
|  |  | &nbsp;&nbsp; 52993104 |
| **Property & Casualty Insurance–1.24%** | **Property & Casualty Insurance–1.24%** | **Property & Casualty Insurance–1.24%** |
| Allstate Corp. (The) | 30661 | &nbsp;&nbsp; 6581383 |
| American International Group, Inc. | 137883 | &nbsp;&nbsp; 10829331 |
|  |  | &nbsp;&nbsp; 17410714 |
| **Rail Transportation–0.85%** | **Rail Transportation–0.85%** | **Rail Transportation–0.85%** |
| Norfolk Southern Corp. | 39741 | &nbsp;&nbsp; 11938594 |
| **Real Estate Services–1.06%** | **Real Estate Services–1.06%** | **Real Estate Services–1.06%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 94598 | &nbsp;&nbsp; 14904861 |
| **Regional Banks–1.28%** | **Regional Banks–1.28%** | **Regional Banks–1.28%** |
| Citizens Financial Group, Inc. | 336045 | &nbsp;&nbsp; 17864152 |
| **Restaurants–0.73%** | **Restaurants–0.73%** | **Restaurants–0.73%** |
| Starbucks Corp. | 121554 | &nbsp;&nbsp; 10283468 |
| **Semiconductor Materials & Equipment–0.64%** | **Semiconductor Materials & Equipment–0.64%** | **Semiconductor Materials & Equipment–0.64%** |
| Lam Research Corp. | 66444 | &nbsp;&nbsp; 8896852 |
| **Semiconductors–2.61%** | **Semiconductors–2.61%** | **Semiconductors–2.61%** |
| Microchip Technology, Inc.<sup>(c)</sup>  | 266081 | &nbsp;&nbsp; 17087722 |
| NVIDIA Corp. | 53281 | &nbsp;&nbsp; 9941169 |
| NXP Semiconductors N.V. (Netherlands) | 41526 | &nbsp;&nbsp; 9456716 |
|  |  | &nbsp;&nbsp; 36485607 |
| **Specialty Chemicals–0.93%** | **Specialty Chemicals–0.93%** | **Specialty Chemicals–0.93%** |
| DuPont de Nemours, Inc. | 83484 | &nbsp;&nbsp; 6503404 |
| PPG Industries, Inc. | 62139 | &nbsp;&nbsp; 6531430 |
|  |  | &nbsp;&nbsp; 13034834 |
| **Systems Software–2.18%** | **Systems Software–2.18%** | **Systems Software–2.18%** |
| Microsoft Corp. | 43136 | &nbsp;&nbsp; 22342291 |
| Oracle Corp. | 29212 | &nbsp;&nbsp; 8215583 |
|  |  | &nbsp;&nbsp; 30557874 |
| **Tobacco–1.36%** | **Tobacco–1.36%** | **Tobacco–1.36%** |
| Philip Morris International, Inc. | 117049 | &nbsp;&nbsp; 18985348 |
| **Trading Companies & Distributors–0.88%** | **Trading Companies & Distributors–0.88%** | **Trading Companies & Distributors–0.88%** |
| Ferguson Enterprises, Inc. | 54768 | &nbsp;&nbsp; 12299797 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Transaction & Payment Processing Services–1.37%** | **Transaction & Payment Processing Services–1.37%** | **Transaction & Payment Processing Services–1.37%** | **Transaction & Payment Processing Services–1.37%** |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<sup>(c)</sup>  | 152314 | &nbsp;&nbsp; $10043585 |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 70747 | &nbsp;&nbsp; 9121411 |
|  |  |  | &nbsp;&nbsp; 19164996 |
| **Wireless Telecommunication Services–0.66%** | **Wireless Telecommunication Services–0.66%** | **Wireless Telecommunication Services–0.66%** | **Wireless Telecommunication Services–0.66%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 38835 | &nbsp;&nbsp; 9296322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br> (Cost $589,062,288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br> (Cost $589,062,288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br> (Cost $589,062,288) | &nbsp;&nbsp; 882454393 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **U.S. Dollar Denominated Bonds & Notes–23.01%** | **U.S. Dollar Denominated Bonds & Notes–23.01%** | **U.S. Dollar Denominated Bonds & Notes–23.01%** | **U.S. Dollar Denominated Bonds & Notes–23.01%** |
| **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc./Omnicom <br> Capital, Inc., 3.60%, <br> 04/15/2026<br>|  | $550000 | &nbsp;&nbsp; 547931 |
| **Aerospace & Defense–0.38%** | **Aerospace & Defense–0.38%** | **Aerospace & Defense–0.38%** | **Aerospace & Defense–0.38%** |
| &nbsp;&nbsp;&nbsp; BAE Systems Holdings, Inc. (United <br> Kingdom), 3.85%, <br> 12/15/2025<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2997 |
| BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/26/2027<sup>(d)</sup> <br>|  | 311000 | &nbsp;&nbsp; 314751 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/26/2029<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206036 |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/26/2034<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207328 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/26/2054<sup>(c)(d)</sup> <br>|  | 298000 | &nbsp;&nbsp; 302760 |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The), 5.81%, <br> 05/01/2050<br>|  | 635000 | &nbsp;&nbsp; 634818 |
| L3Harris Technologies, Inc., | L3Harris Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/31/2033 |  | 3000 | &nbsp;&nbsp; 3128 |
| &nbsp;&nbsp;&nbsp; 5.60%, 07/31/2053 |  | 3000 | &nbsp;&nbsp; 3021 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 01/15/2026 |  | 1355000 | &nbsp;&nbsp; 1352274 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2029 |  | 64000 | &nbsp;&nbsp; 64958 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2034 |  | 11000 | &nbsp;&nbsp; 11108 |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/15/2034 |  | 97000 | &nbsp;&nbsp; 98187 |
| &nbsp;&nbsp;&nbsp; 4.15%, 06/15/2053 |  | 643000 | &nbsp;&nbsp; 523085 |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/2063 |  | 3000 | &nbsp;&nbsp; 3181 |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/15/2064 |  | 525000 | &nbsp;&nbsp; 495973 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 4.95%, <br> 03/15/2053<br>|  | 3000 | &nbsp;&nbsp; 2756 |
| RTX Corp., | RTX Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/27/2026 |  | 3000 | &nbsp;&nbsp; 3008 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2029 |  | 28000 | &nbsp;&nbsp; 29369 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/2031 |  | 15000 | &nbsp;&nbsp; 16201 |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/27/2033 |  | 18000 | &nbsp;&nbsp; 18650 |
| &nbsp;&nbsp;&nbsp; 6.10%, 03/15/2034 |  | 37000 | &nbsp;&nbsp; 40529 |
| &nbsp;&nbsp;&nbsp; 4.45%, 11/16/2038 |  | 308000 | &nbsp;&nbsp; 290042 |
| &nbsp;&nbsp;&nbsp; 6.40%, 03/15/2054 |  | 580000 | &nbsp;&nbsp; 649357 |
|  |  |  | &nbsp;&nbsp; 5273517 |
| **Agricultural & Farm Machinery–0.03%** | **Agricultural & Farm Machinery–0.03%** | **Agricultural & Farm Machinery–0.03%** | **Agricultural & Farm Machinery–0.03%** |
| AGCO Corp., | AGCO Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/21/2027 |  | 26000 | &nbsp;&nbsp; 26388 |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/21/2034 |  | 66000 | &nbsp;&nbsp; 68643 |
| &nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, 5.45%, <br> 10/14/2025<br>|  | 3000 | &nbsp;&nbsp; 3001 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC (United <br> Kingdom), 6.38%, <br> 07/01/2055<sup>(d)</sup> <br>|  | 340000 | &nbsp;&nbsp; 353393 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., 4.70%, <br> 06/10/2030<br>|  | $25000 | &nbsp;&nbsp; $25659 |
|  |  |  | &nbsp;&nbsp; 477084 |
| **Agricultural Products & Services–0.02%** | **Agricultural Products & Services–0.02%** | **Agricultural Products & Services–0.02%** | **Agricultural Products & Services–0.02%** |
| Cargill, Inc., | Cargill, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/10/2025<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3001 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/24/2033<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3039 |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc., 6.63%, <br> 04/15/2037<br>|  | 232000 | &nbsp;&nbsp; 257704 |
|  |  |  | &nbsp;&nbsp; 263744 |
| **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 3.40%, <br> 11/15/2046<br>|  | 240000 | &nbsp;&nbsp; 178740 |
| **Alternative Carriers–0.21%** | **Alternative Carriers–0.21%** | **Alternative Carriers–0.21%** | **Alternative Carriers–0.21%** |
| &nbsp;&nbsp;&nbsp; Match Group Financeco 2, Inc., <br> Conv., 0.88%, 06/15/2026<sup>(d)</sup> <br>|  | 1583000 | &nbsp;&nbsp; 1541380 |
| &nbsp;&nbsp;&nbsp; Match Group Financeco 3, Inc., <br> Conv., 2.00%, 01/15/2030<sup>(d)</sup> <br>|  | 1560000 | &nbsp;&nbsp; 1437540 |
|  |  |  | &nbsp;&nbsp; 2978920 |
| **Apparel Retail–0.20%** | **Apparel Retail–0.20%** | **Apparel Retail–0.20%** | **Apparel Retail–0.20%** |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc., 0.88%, <br> 04/15/2026<br>|  | 2890000 | &nbsp;&nbsp; 2837959 |
| **Application Software–0.99%** | **Application Software–0.99%** | **Application Software–0.99%** | **Application Software–0.99%** |
| &nbsp;&nbsp;&nbsp; Box, Inc., Conv., 1.50%, <br> 09/15/2029<br>|  | 2734000 | &nbsp;&nbsp; 2754505 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc., Conv., 0.00%, <br> 03/01/2026<sup>(e)</sup> <br>|  | 5636000 | &nbsp;&nbsp; 5573705 |
| &nbsp;&nbsp;&nbsp; Envestnet, Inc., Conv., 2.63%, <br> 12/01/2027<br>|  | 2597000 | &nbsp;&nbsp; 2776193 |
| Intuit, Inc., | Intuit, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/2033 |  | 31000 | &nbsp;&nbsp; 32438 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/2053 |  | 21000 | &nbsp;&nbsp; 21168 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc., 2.70%, <br> 07/15/2041<br>|  | 1413000 | &nbsp;&nbsp; 1039829 |
| Synopsys, Inc., | Synopsys, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/01/2027 |  | 619000 | &nbsp;&nbsp; 622959 |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2055 |  | 497000 | &nbsp;&nbsp; 501943 |
| Workday, Inc., | Workday, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/2027 |  | 528000 | &nbsp;&nbsp; 523533 |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/01/2029 |  | 3000 | &nbsp;&nbsp; 2956 |
|  |  |  | &nbsp;&nbsp; 13849229 |
| **Asset Management & Custody Banks–0.34%** | **Asset Management & Custody Banks–0.34%** | **Asset Management & Custody Banks–0.34%** | **Asset Management & Custody Banks–0.34%** |
| Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/15/2028 |  | 52000 | &nbsp;&nbsp; 54457 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/13/2032 |  | 3000 | &nbsp;&nbsp; 3015 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/2033 |  | 20000 | &nbsp;&nbsp; 20737 |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., 5.88%, <br> 03/01/2029<br>|  | 49000 | &nbsp;&nbsp; 50430 |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 4.54%, 02/01/2029<sup>(f)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9103 |
| &nbsp;&nbsp;&nbsp; 4.98%, 03/14/2030<sup>(f)</sup> <br>|  | 35000 | &nbsp;&nbsp; 35972 |
| &nbsp;&nbsp;&nbsp; 5.83%, 10/25/2033<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5387 |
| &nbsp;&nbsp;&nbsp; 4.71%, 02/01/2034<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5027 |
| &nbsp;&nbsp;&nbsp; 5.19%, 03/14/2035<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26813 |
| &nbsp;&nbsp;&nbsp; 5.32%, 06/06/2036<sup>(f)</sup> <br>|  | 498000 | &nbsp;&nbsp; 515476 |
| &nbsp;&nbsp;&nbsp; Series J, 4.97%, 04/26/2034<sup>(f)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12234 |
| &nbsp;&nbsp;&nbsp; Series I, 3.75%<sup>(f)(g)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4906 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc., 4.75%, <br> 05/25/2033<br>|  | $1362000 | &nbsp;&nbsp; $1392518 |
| &nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund, <br> 2.13%, 02/15/2027<br>|  | 89000 | &nbsp;&nbsp; 86135 |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The), 5.05%, <br> 09/19/2035<br>|  | 448000 | &nbsp;&nbsp; 446606 |
| &nbsp;&nbsp;&nbsp; KKR Group Finance Co. III LLC, <br> 5.13%, 06/01/2044<sup>(c)(d)</sup> <br>|  | 372000 | &nbsp;&nbsp; 353466 |
| &nbsp;&nbsp;&nbsp; KKR Group Finance Co. XII LLC, <br> 4.85%, 05/17/2032<sup>(c)(d)</sup> <br>|  | 1364000 | &nbsp;&nbsp; 1379439 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp., 6.13%, <br> 11/02/2032<br>|  | 3000 | &nbsp;&nbsp; 3281 |
| State Street Corp., | State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.99%, 03/18/2027 |  | 200000 | &nbsp;&nbsp; 203157 |
| &nbsp;&nbsp;&nbsp; 5.68%, 11/21/2029<sup>(f)</sup> <br>|  | 86000 | &nbsp;&nbsp; 90152 |
| &nbsp;&nbsp;&nbsp; 4.82%, 01/26/2034<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3041 |
| &nbsp;&nbsp;&nbsp; 6.12%, 11/21/2034<sup>(f)</sup> <br>|  | 47000 | &nbsp;&nbsp; 50888 |
|  |  |  | &nbsp;&nbsp; 4752240 |
| **Automobile Manufacturers–0.58%** | **Automobile Manufacturers–0.58%** | **Automobile Manufacturers–0.58%** | **Automobile Manufacturers–0.58%** |
| American Honda Finance Corp., | American Honda Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/09/2026 |  | 207000 | &nbsp;&nbsp; 207412 |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/12/2028 |  | 7000 | &nbsp;&nbsp; 7090 |
| &nbsp;&nbsp;&nbsp; 4.60%, 04/17/2030 |  | 3000 | &nbsp;&nbsp; 3026 |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/10/2034 |  | 43000 | &nbsp;&nbsp; 43342 |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North <br> America LLC (Germany), | &nbsp;&nbsp;&nbsp; Daimler Truck Finance North <br> America LLC (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 01/16/2026<sup>(d)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150312 |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/12/2030<sup>(c)(d)</sup> <br>|  | 919000 | &nbsp;&nbsp; 920568 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, 6.80%, <br> 11/07/2028<br>|  | 200000 | &nbsp;&nbsp; 208878 |
| &nbsp;&nbsp;&nbsp; General Motors Co., 6.60%, <br> 04/01/2036<br>|  | 377000 | &nbsp;&nbsp; 407095 |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan), <br> 2.97%, 03/10/2032<sup>(c)</sup> <br>|  | 1138000 | &nbsp;&nbsp; 1037507 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/30/2026<sup>(d)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11057 |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/26/2026<sup>(d)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19181 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/08/2027<sup>(d)</sup> <br>|  | 116000 | &nbsp;&nbsp; 117284 |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/19/2027<sup>(d)</sup> <br>|  | 182000 | &nbsp;&nbsp; 184539 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/30/2028<sup>(d)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16458 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/19/2029<sup>(d)</sup> <br>|  | 37000 | &nbsp;&nbsp; 38017 |
| &nbsp;&nbsp;&nbsp; 5.80%, 04/01/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3140 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC (Germany), | &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/09/2026<sup>(d)</sup> <br>|  | 523000 | &nbsp;&nbsp; 523853 |
| &nbsp;&nbsp;&nbsp; 4.80%, 01/11/2027<sup>(c)(d)</sup> <br>|  | 493000 | &nbsp;&nbsp; 497646 |
| &nbsp;&nbsp;&nbsp; 5.10%, 08/03/2028<sup>(d)</sup> <br>|  | 217000 | &nbsp;&nbsp; 222753 |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/11/2029<sup>(d)</sup> <br>|  | 119000 | &nbsp;&nbsp; 121147 |
| PACCAR Financial Corp., | PACCAR Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/03/2025 |  | 6000 | &nbsp;&nbsp; 6000 |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/10/2028 |  | 7000 | &nbsp;&nbsp; 7108 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/07/2026 |  | 2020000 | &nbsp;&nbsp; 2031386 |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/12/2028 |  | 3000 | &nbsp;&nbsp; 3044 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC (Germany), | &nbsp;&nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/20/2026<sup>(d)</sup> <br>|  | 549000 | &nbsp;&nbsp; 551942 |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/22/2027<sup>(d)</sup> <br>|  | 354000 | &nbsp;&nbsp; 358843 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/22/2029<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204240 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/22/2034<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204605 |
|  |  |  | &nbsp;&nbsp; 8107473 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Parts & Equipment–0.01%** | **Automotive Parts & Equipment–0.01%** | **Automotive Parts & Equipment–0.01%** | **Automotive Parts & Equipment–0.01%** |
| ERAC USA Finance LLC, | ERAC USA Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/01/2028<sup>(d)</sup> <br>|  | $14000 | &nbsp;&nbsp; $14185 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029<sup>(d)</sup> <br>|  | 53000 | &nbsp;&nbsp; 54379 |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/01/2033<sup>(d)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18322 |
|  |  |  | &nbsp;&nbsp; 86886 |
| **Automotive Retail–0.00%** | **Automotive Retail–0.00%** | **Automotive Retail–0.00%** | **Automotive Retail–0.00%** |
| AutoZone, Inc., | AutoZone, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/15/2026 |  | 17000 | &nbsp;&nbsp; 17132 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/01/2033 |  | 15000 | &nbsp;&nbsp; 15434 |
|  |  |  | &nbsp;&nbsp; 32566 |
| **Biotechnology–1.02%** | **Biotechnology–1.02%** | **Biotechnology–1.02%** | **Biotechnology–1.02%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2027 |  | 338000 | &nbsp;&nbsp; 341993 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2029 |  | 101000 | &nbsp;&nbsp; 103310 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2034 |  | 123000 | &nbsp;&nbsp; 126612 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/14/2035 |  | 694000 | &nbsp;&nbsp; 681285 |
| &nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 |  | 300000 | &nbsp;&nbsp; 268628 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/2044 |  | 48000 | &nbsp;&nbsp; 48290 |
| &nbsp;&nbsp;&nbsp; 4.85%, 06/15/2044 |  | 264000 | &nbsp;&nbsp; 249282 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/2054 |  | 124000 | &nbsp;&nbsp; 123386 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2064 |  | 97000 | &nbsp;&nbsp; 97026 |
| Amgen, Inc., | Amgen, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/02/2028 |  | 15000 | &nbsp;&nbsp; 15352 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2030 |  | 3000 | &nbsp;&nbsp; 3110 |
| &nbsp;&nbsp;&nbsp; BridgeBio Pharma, Inc., Conv., <br> 1.75%, 03/01/2031<sup>(d)</sup> <br>|  | 2369252 | &nbsp;&nbsp; 3167098 |
| Gilead Sciences, Inc., | Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/01/2026 |  | 2615000 | &nbsp;&nbsp; 2610958 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/15/2033 |  | 30000 | &nbsp;&nbsp; 31473 |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/15/2053 |  | 11000 | &nbsp;&nbsp; 11112 |
| Jazz Investments I Ltd., | Jazz Investments I Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; Conv., <br>2.00%, 06/15/2026<br>|  | 3385000 | &nbsp;&nbsp; 3605871 |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/15/2030 |  | 2370000 | &nbsp;&nbsp; 2817930 |
|  |  |  | &nbsp;&nbsp; 14302716 |
| **Brewers–0.16%** | **Brewers–0.16%** | **Brewers–0.16%** | **Brewers–0.16%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc. (Belgium), <br> 4.70%, 02/01/2036<br>|  | 959000 | &nbsp;&nbsp; 947302 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, <br> Inc. (Belgium), 8.20%, <br> 01/15/2039<br>|  | 3000 | &nbsp;&nbsp; 3873 |
| &nbsp;&nbsp;&nbsp; Heineken N.V. (Netherlands), <br> 3.50%, 01/29/2028<sup>(d)</sup> <br>|  | 945000 | &nbsp;&nbsp; 935370 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., 4.20%, <br> 07/15/2046<br>|  | 377000 | &nbsp;&nbsp; 307364 |
|  |  |  | &nbsp;&nbsp; 2193909 |
| **Broadline Retail–0.02%** | **Broadline Retail–0.02%** | **Broadline Retail–0.02%** | **Broadline Retail–0.02%** |
| Amazon.com, Inc., | Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/05/2034 |  | 9000 | &nbsp;&nbsp; 9306 |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/12/2041 |  | 406000 | &nbsp;&nbsp; 311714 |
|  |  |  | &nbsp;&nbsp; 321020 |
| **Building Products–0.00%** | **Building Products–0.00%** | **Building Products–0.00%** | **Building Products–0.00%** |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 10000 | &nbsp;&nbsp; 10736 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Building Products–(continued)** | **Building Products–(continued)** | **Building Products–(continued)** | **Building Products–(continued)** |
| &nbsp;&nbsp;&nbsp; Johnson Controls International <br> PLC/Tyco Fire & Security Finance <br> S.C.A., 2.00%, 09/16/2031<br>|  | $3000 | &nbsp;&nbsp; $2615 |
|  |  |  | &nbsp;&nbsp; 13351 |
| **Cable & Satellite–1.02%** | **Cable & Satellite–1.02%** | **Cable & Satellite–1.02%** | **Cable & Satellite–1.02%** |
| Cable One, Inc., | Cable One, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; Conv., <br>0.00%, 03/15/2026<sup>(e)</sup> <br>|  | 5466000 | &nbsp;&nbsp; 5337574 |
| &nbsp;&nbsp;&nbsp; 1.13%, 03/15/2028 |  | 2850000 | &nbsp;&nbsp; 2439600 |
| &nbsp;&nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital Corp., 6.65%, <br> 02/01/2034<br>|  | 53000 | &nbsp;&nbsp; 56657 |
| Comcast Corp., | Comcast Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 03/01/2026 |  | 1101000 | &nbsp;&nbsp; 1096671 |
| &nbsp;&nbsp;&nbsp; 4.15%, 10/15/2028 |  | 935000 | &nbsp;&nbsp; 937939 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2032 |  | 3000 | &nbsp;&nbsp; 3180 |
| &nbsp;&nbsp;&nbsp; 3.90%, 03/01/2038 |  | 756000 | &nbsp;&nbsp; 665885 |
| &nbsp;&nbsp;&nbsp; 2.89%, 11/01/2051 |  | 352000 | &nbsp;&nbsp; 217017 |
| &nbsp;&nbsp;&nbsp; 2.94%, 11/01/2056 |  | 265000 | &nbsp;&nbsp; 157397 |
| &nbsp;&nbsp;&nbsp; 2.65%, 08/15/2062 |  | 3000 | &nbsp;&nbsp; 1582 |
| Cox Communications, Inc., | Cox Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 06/15/2033<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3067 |
| &nbsp;&nbsp;&nbsp; 2.95%, 10/01/2050<sup>(d)</sup> <br>|  | 202000 | &nbsp;&nbsp; 118448 |
| &nbsp;&nbsp;&nbsp; 5.80%, 12/15/2053<sup>(d)</sup> <br>|  | 58000 | &nbsp;&nbsp; 52831 |
| &nbsp;&nbsp;&nbsp; Liberty Broadband Corp., Conv., <br> 3.13%, 04/06/2026<sup>(d)(h)</sup> <br>|  | 3270000 | &nbsp;&nbsp; 3235665 |
|  |  |  | &nbsp;&nbsp; 14323513 |
| **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., | &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/24/2026<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3024 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/12/2027<sup>(d)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9113 |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/01/2028<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3087 |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/2028<sup>(d)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12361 |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028<sup>(d)</sup> <br>|  | 20000 | &nbsp;&nbsp; 20889 |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc., 6.60%, <br> 12/01/2033<br>|  | 26000 | &nbsp;&nbsp; 29140 |
|  |  |  | &nbsp;&nbsp; 77614 |
| **Commercial & Residential Mortgage Finance–0.11%** | **Commercial & Residential Mortgage Finance–0.11%** | **Commercial & Residential Mortgage Finance–0.11%** | **Commercial & Residential Mortgage Finance–0.11%** |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/01/2025<sup>(c)(d)</sup> <br>|  | 709000 | &nbsp;&nbsp; 709000 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/14/2027<sup>(d)</sup> <br>|  | 383000 | &nbsp;&nbsp; 384904 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028<sup>(d)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10432 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/25/2028<sup>(d)</sup> <br>|  | 43000 | &nbsp;&nbsp; 45755 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United <br> Kingdom), | &nbsp;&nbsp;&nbsp; Nationwide Building Society (United <br> Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 6.56%, 10/18/2027<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204582 |
| &nbsp;&nbsp;&nbsp; 3.96%, 07/18/2030<sup>(d)(f)</sup> <br>|  | 150000 | &nbsp;&nbsp; 147612 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | 91000 | &nbsp;&nbsp; 95094 |
|  |  |  | &nbsp;&nbsp; 1597379 |
| **Commodity Chemicals–0.03%** | **Commodity Chemicals–0.03%** | **Commodity Chemicals–0.03%** | **Commodity Chemicals–0.03%** |
| &nbsp;&nbsp;&nbsp; LYB Finance Co. B.V. (Netherlands), <br> 8.10%, 03/15/2027<sup>(d)</sup> <br>|  | 339000 | &nbsp;&nbsp; 355400 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Communications Equipment–0.08%** | **Communications Equipment–0.08%** | **Communications Equipment–0.08%** | **Communications Equipment–0.08%** |
| Cisco Systems, Inc., | Cisco Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/24/2028 |  | $757000 | &nbsp;&nbsp; $768831 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/26/2054 |  | 353000 | &nbsp;&nbsp; 348697 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., 4.60%, <br> 02/23/2028<br>|  | 3000 | &nbsp;&nbsp; 3033 |
|  |  |  | &nbsp;&nbsp; 1120561 |
| **Computer & Electronics Retail–0.09%** | **Computer & Electronics Retail–0.09%** | **Computer & Electronics Retail–0.09%** | **Computer & Electronics Retail–0.09%** |
| Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 |  | 158000 | &nbsp;&nbsp; 159296 |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/2032 |  | 990000 | &nbsp;&nbsp; 1022396 |
| &nbsp;&nbsp;&nbsp; 8.35%, 07/15/2046 |  | 2000 | &nbsp;&nbsp; 2601 |
| Leidos, Inc., | Leidos, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 02/15/2031 |  | 3000 | &nbsp;&nbsp; 2678 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2033 |  | 3000 | &nbsp;&nbsp; 3170 |
|  |  |  | &nbsp;&nbsp; 1190141 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.10%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.10%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.10%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.10%** |
| &nbsp;&nbsp;&nbsp; Cummins, Inc., 5.15%, <br> 02/20/2034<br>|  | 43000 | &nbsp;&nbsp; 44528 |
| &nbsp;&nbsp;&nbsp; Komatsu Finance America, Inc., <br> 5.50%, 10/06/2027<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205145 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp., 5.50%, 05/29/2035<br>|  | 1061000 | &nbsp;&nbsp; 1099484 |
|  |  |  | &nbsp;&nbsp; 1349157 |
| **Consumer Finance–0.16%** | **Consumer Finance–0.16%** | **Consumer Finance–0.16%** | **Consumer Finance–0.16%** |
| &nbsp;&nbsp;&nbsp; American Express Co., 4.73%, <br> 04/25/2029<sup>(f)</sup> <br>|  | 593000 | &nbsp;&nbsp; 602557 |
| Capital One Financial Corp., | Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 7.15%, 10/29/2027<sup>(f)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31933 |
| &nbsp;&nbsp;&nbsp; 6.31%, 06/08/2029<sup>(f)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16786 |
| &nbsp;&nbsp;&nbsp; 7.62%, 10/30/2031<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 29413 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/08/2034<sup>(f)</sup> <br>|  | 13000 | &nbsp;&nbsp; 14066 |
| &nbsp;&nbsp;&nbsp; 6.18%, 01/30/2036<sup>(c)(f)</sup> <br>|  | 424000 | &nbsp;&nbsp; 439994 |
| General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 10/10/2025 |  | 5000 | &nbsp;&nbsp; 5002 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2026 |  | 480000 | &nbsp;&nbsp; 480811 |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/06/2026 |  | 4000 | &nbsp;&nbsp; 4023 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial, 3.95%, <br> 12/01/2027<br>|  | 556000 | &nbsp;&nbsp; 549718 |
|  |  |  | &nbsp;&nbsp; 2174303 |
| **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp., 5.50%, <br> 11/01/2052<br>|  | 3000 | &nbsp;&nbsp; 2877 |
| Target Corp., | Target Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2032 |  | 3000 | &nbsp;&nbsp; 3019 |
| &nbsp;&nbsp;&nbsp; 4.80%, 01/15/2053 |  | 3000 | &nbsp;&nbsp; 2727 |
| Walmart, Inc., 4.50%, 04/15/2053 |  | 21000 | &nbsp;&nbsp; 18827 |
|  |  |  | &nbsp;&nbsp; 27450 |
| **Data Processing & Outsourced Services–0.30%** | **Data Processing & Outsourced Services–0.30%** | **Data Processing & Outsourced Services–0.30%** | **Data Processing & Outsourced Services–0.30%** |
| &nbsp;&nbsp;&nbsp; CSG Systems International, Inc., <br> Conv., 3.88%, 09/15/2028<br>|  | 3780000 | &nbsp;&nbsp; 4208085 |
| **Distillers & Vintners–0.08%** | **Distillers & Vintners–0.08%** | **Distillers & Vintners–0.08%** | **Distillers & Vintners–0.08%** |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp., 4.75%, <br> 04/15/2033<br>|  | 4000 | &nbsp;&nbsp; 4049 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Distillers & Vintners–(continued)** | **Distillers & Vintners–(continued)** | **Distillers & Vintners–(continued)** | **Distillers & Vintners–(continued)** |
| Constellation Brands, Inc., | Constellation Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 11/15/2025 |  | $1040000 | &nbsp;&nbsp; $1039722 |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/01/2033 |  | 3000 | &nbsp;&nbsp; 3030 |
|  |  |  | &nbsp;&nbsp; 1046801 |
| **Distributors–0.01%** | **Distributors–0.01%** | **Distributors–0.01%** | **Distributors–0.01%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/01/2028 |  | 23000 | &nbsp;&nbsp; 24429 |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2033 |  | 37000 | &nbsp;&nbsp; 41448 |
|  |  |  | &nbsp;&nbsp; 65877 |
| **Diversified Banks–1.78%** | **Diversified Banks–1.78%** | **Diversified Banks–1.78%** | **Diversified Banks–1.78%** |
| &nbsp;&nbsp;&nbsp; Australia and New Zealand Banking <br> Group Ltd. (Australia), | &nbsp;&nbsp;&nbsp; Australia and New Zealand Banking <br> Group Ltd. (Australia), |  |  |
| &nbsp;&nbsp;&nbsp; 5.09%, 12/08/2025 |  | 250000 | &nbsp;&nbsp; 250347 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/18/2026 |  | 551000 | &nbsp;&nbsp; 553037 |
| &nbsp;&nbsp;&nbsp; 6.75%<sup>(d)(f)(g)</sup> <br>|  | 425000 | &nbsp;&nbsp; 430862 |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| &nbsp;&nbsp;&nbsp; 6.53%, 11/07/2027<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204929 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/14/2028<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203659 |
| &nbsp;&nbsp;&nbsp; 5.54%, 03/14/2030<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207228 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 10/21/2027 |  | 525000 | &nbsp;&nbsp; 518217 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/22/2028<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3044 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/25/2029<sup>(f)</sup> <br>|  | 24000 | &nbsp;&nbsp; 24604 |
| &nbsp;&nbsp;&nbsp; 4.27%, 07/23/2029<sup>(f)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2007 |
| &nbsp;&nbsp;&nbsp; 5.82%, 09/15/2029<sup>(f)</sup> <br>|  | 44000 | &nbsp;&nbsp; 46021 |
| &nbsp;&nbsp;&nbsp; 2.57%, 10/20/2032<sup>(f)</sup> <br>|  | 874000 | &nbsp;&nbsp; 783632 |
| &nbsp;&nbsp;&nbsp; 4.57%, 04/27/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp; 5.02%, 07/22/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3067 |
| &nbsp;&nbsp;&nbsp; 5.29%, 04/25/2034<sup>(f)</sup> <br>|  | 23000 | &nbsp;&nbsp; 23804 |
| &nbsp;&nbsp;&nbsp; 5.47%, 01/23/2035<sup>(f)</sup> <br>|  | 37000 | &nbsp;&nbsp; 38658 |
| &nbsp;&nbsp;&nbsp; 2.48%, 09/21/2036<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2605 |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/14/2038 |  | 115000 | &nbsp;&nbsp; 140511 |
| &nbsp;&nbsp;&nbsp; Bank of America N.A., 5.53%, <br> 08/18/2026<br>|  | 458000 | &nbsp;&nbsp; 463806 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada), 5.30%, <br> 06/05/2026<br>|  | 10000 | &nbsp;&nbsp; 10088 |
| Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/27/2082<sup>(f)</sup> <br>|  | 246000 | &nbsp;&nbsp; 261773 |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/27/2084<sup>(f)</sup> <br>|  | 286000 | &nbsp;&nbsp; 307375 |
| &nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom), <br> 6.69%, 09/13/2034<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 221350 |
| BPCE S.A. (France), | BPCE S.A. (France), |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/18/2027<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 253289 |
| &nbsp;&nbsp;&nbsp; 5.72%, 01/18/2030<sup>(d)(f)</sup> <br>|  | 253000 | &nbsp;&nbsp; 261735 |
| &nbsp;&nbsp;&nbsp; 6.51%, 01/18/2035<sup>(d)(f)</sup> <br>|  | 250000 | &nbsp;&nbsp; 265759 |
| &nbsp;&nbsp;&nbsp; Capital One N.A., 4.65%, <br> 09/13/2028<br>|  | 122000 | &nbsp;&nbsp; 123495 |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.67%, 07/24/2028<sup>(f)</sup> <br>|  | 511000 | &nbsp;&nbsp; 506585 |
| &nbsp;&nbsp;&nbsp; 4.08%, 04/23/2029<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3991 |
| &nbsp;&nbsp;&nbsp; 5.17%, 02/13/2030<sup>(f)</sup> <br>|  | 61000 | &nbsp;&nbsp; 62584 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/07/2031<sup>(f)</sup> <br>|  | 969000 | &nbsp;&nbsp; 987703 |
| &nbsp;&nbsp;&nbsp; 6.17%, 05/25/2034<sup>(f)</sup> <br>|  | 27000 | &nbsp;&nbsp; 28738 |
| &nbsp;&nbsp;&nbsp; 5.83%, 02/13/2035<sup>(f)</sup> <br>|  | 170000 | &nbsp;&nbsp; 176374 |
| &nbsp;&nbsp;&nbsp; 6.68%, 09/13/2043 |  | 741000 | &nbsp;&nbsp; 838776 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/06/2044 |  | 228000 | &nbsp;&nbsp; 222579 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/18/2046 |  | 356000 | &nbsp;&nbsp; 316543 |
| &nbsp;&nbsp;&nbsp; Series BB, 7.20%<sup>(f)(g)</sup> <br>|  | 215000 | &nbsp;&nbsp; 222264 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| &nbsp;&nbsp;&nbsp; Comerica, Inc., 5.98%, <br> 01/30/2030<sup>(f)</sup> <br>|  | $31000 | &nbsp;&nbsp; $32266 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia <br> (Australia), 3.31%, <br> 03/11/2041<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 153941 |
| Credit Agricole S.A. (France), | Credit Agricole S.A. (France), |  |  |
| &nbsp;&nbsp;&nbsp; 5.34%, 01/10/2030<sup>(d)(f)</sup> <br>|  | 267000 | &nbsp;&nbsp; 274841 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/10/2035<sup>(d)(f)</sup> <br>|  | 250000 | &nbsp;&nbsp; 263899 |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark), 1.55%, <br> 09/10/2027<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 194941 |
| &nbsp;&nbsp;&nbsp; Federation des caisses Desjardins du <br> Quebec (Canada), 4.55%, <br> 08/23/2027<sup>(d)</sup> <br>|  | 280000 | &nbsp;&nbsp; 283018 |
| Fifth Third Bancorp, | Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp; 1.71%, 11/01/2027<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2916 |
| &nbsp;&nbsp;&nbsp; 6.34%, 07/27/2029<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3162 |
| &nbsp;&nbsp;&nbsp; 4.77%, 07/28/2030<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4046 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/29/2032<sup>(f)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11535 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 4.04%, 03/13/2028<sup>(f)</sup> <br>|  | 135000 | &nbsp;&nbsp; 134645 |
| &nbsp;&nbsp;&nbsp; 5.21%, 08/11/2028<sup>(f)</sup> <br>|  | 205000 | &nbsp;&nbsp; 208541 |
| &nbsp;&nbsp;&nbsp; 4.58%, 06/19/2029<sup>(f)</sup> <br>|  | 183000 | &nbsp;&nbsp; 184318 |
| &nbsp;&nbsp;&nbsp; 6.33%, 03/09/2044<sup>(f)</sup> <br>|  | 256000 | &nbsp;&nbsp; 281715 |
| &nbsp;&nbsp;&nbsp; 4.60%<sup>(f)(g)</sup> <br>|  | 225000 | &nbsp;&nbsp; 213568 |
| ING Groep N.V. (Netherlands), | ING Groep N.V. (Netherlands), |  |  |
| &nbsp;&nbsp;&nbsp; 5.34%, 03/19/2030<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206453 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/19/2035<sup>(f)</sup> <br>|  | 234000 | &nbsp;&nbsp; 243204 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/15/2026 |  | 394000 | &nbsp;&nbsp; 391804 |
| &nbsp;&nbsp;&nbsp; 5.04%, 01/23/2028<sup>(f)</sup> <br>|  | 59000 | &nbsp;&nbsp; 59679 |
| &nbsp;&nbsp;&nbsp; 3.78%, 02/01/2028<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2987 |
| &nbsp;&nbsp;&nbsp; 3.54%, 05/01/2028<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2975 |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/25/2028<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4054 |
| &nbsp;&nbsp;&nbsp; 3.51%, 01/23/2029<sup>(f)</sup> <br>|  | 1058000 | &nbsp;&nbsp; 1044179 |
| &nbsp;&nbsp;&nbsp; 5.30%, 07/24/2029<sup>(f)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25763 |
| &nbsp;&nbsp;&nbsp; 6.09%, 10/23/2029<sup>(f)</sup> <br>|  | 38000 | &nbsp;&nbsp; 40109 |
| &nbsp;&nbsp;&nbsp; 5.01%, 01/23/2030<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21517 |
| &nbsp;&nbsp;&nbsp; 4.59%, 04/26/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3011 |
| &nbsp;&nbsp;&nbsp; 5.72%, 09/14/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3174 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/23/2034<sup>(f)</sup> <br>|  | 57000 | &nbsp;&nbsp; 62832 |
| &nbsp;&nbsp;&nbsp; 5.34%, 01/23/2035<sup>(f)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18715 |
| &nbsp;&nbsp;&nbsp; 4.26%, 02/22/2048<sup>(f)</sup> <br>|  | 489000 | &nbsp;&nbsp; 420899 |
| &nbsp;&nbsp;&nbsp; 3.90%, 01/23/2049<sup>(f)</sup> <br>|  | 1058000 | &nbsp;&nbsp; 853727 |
| &nbsp;&nbsp;&nbsp; Series NN, 6.88%<sup>(f)(g)</sup> <br>|  | 122000 | &nbsp;&nbsp; 128664 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A., 5.11%, <br> 12/08/2026<br>|  | 345000 | &nbsp;&nbsp; 349438 |
| Manufacturers & Traders Trust Co., | Manufacturers & Traders Trust Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/21/2025 |  | 359000 | &nbsp;&nbsp; 359223 |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/27/2028 |  | 189000 | &nbsp;&nbsp; 191558 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br> (Japan), 5.02%, 07/20/2028<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203062 |
| Morgan Stanley Bank N.A., | Morgan Stanley Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/30/2026 |  | 250000 | &nbsp;&nbsp; 254960 |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/14/2028<sup>(f)</sup> <br>|  | 399000 | &nbsp;&nbsp; 403009 |
| &nbsp;&nbsp;&nbsp; National Securities Clearing Corp., <br> 5.10%, 11/21/2027<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 255529 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 6.62%, 10/20/2027<sup>(f)</sup> <br>|  | $52000 | &nbsp;&nbsp; $53278 |
| &nbsp;&nbsp;&nbsp; 3.45%, 04/23/2029 |  | 689000 | &nbsp;&nbsp; 674753 |
| &nbsp;&nbsp;&nbsp; 5.58%, 06/12/2029<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26947 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/06/2033<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3971 |
| &nbsp;&nbsp;&nbsp; 6.04%, 10/28/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3241 |
| &nbsp;&nbsp;&nbsp; 5.07%, 01/24/2034<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3062 |
| &nbsp;&nbsp;&nbsp; 6.88%, 10/20/2034<sup>(f)</sup> <br>|  | 447000 | &nbsp;&nbsp; 506589 |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/19/2027 |  | 40000 | &nbsp;&nbsp; 40479 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/01/2029 |  | 14000 | &nbsp;&nbsp; 14394 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 |  | 3000 | &nbsp;&nbsp; 3100 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC <br> (United Kingdom), 6.83%, <br> 11/21/2026<sup>(f)</sup> <br>|  | 221000 | &nbsp;&nbsp; 221662 |
| Societe Generale S.A. (France), | Societe Generale S.A. (France), |  |  |
| &nbsp;&nbsp;&nbsp; 6.07%, 01/19/2035<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210213 |
| &nbsp;&nbsp;&nbsp; 7.13%, 01/19/2055<sup>(d)(f)</sup> <br>|  | 212000 | &nbsp;&nbsp; 226711 |
| &nbsp;&nbsp;&nbsp; Standard Chartered PLC (United <br> Kingdom), | &nbsp;&nbsp;&nbsp; Standard Chartered PLC (United <br> Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 2.68%, 06/29/2032<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 178973 |
| &nbsp;&nbsp;&nbsp; 6.30%, 07/06/2034<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 217005 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, <br> Inc. (Japan), 6.60%<sup>(f)(g)</sup> <br>|  | 234000 | &nbsp;&nbsp; 244948 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 09/14/2026<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203032 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/07/2027<sup>(d)</sup> <br>|  | 226000 | &nbsp;&nbsp; 229648 |
| &nbsp;&nbsp;&nbsp; 5.55%, 09/14/2028<sup>(d)</sup> <br>|  | 203000 | &nbsp;&nbsp; 210952 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/07/2029<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206314 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/07/2034<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208842 |
| &nbsp;&nbsp;&nbsp; Synovus Bank, 5.63%, <br> 02/15/2028<br>|  | 250000 | &nbsp;&nbsp; 255284 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) <br> (Canada), 8.13%, 10/31/2082<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 211660 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp; Series W, 3.10%, 04/27/2026<sup>(c)</sup> <br>|  | 2101000 | &nbsp;&nbsp; 2089811 |
| &nbsp;&nbsp;&nbsp; 4.55%, 07/22/2028<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5039 |
| &nbsp;&nbsp;&nbsp; 5.78%, 06/12/2029<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21859 |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/23/2030<sup>(f)</sup> <br>|  | 45000 | &nbsp;&nbsp; 46536 |
| &nbsp;&nbsp;&nbsp; 4.97%, 07/22/2033<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4017 |
| &nbsp;&nbsp;&nbsp; 5.84%, 06/12/2034<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 22384 |
| &nbsp;&nbsp;&nbsp; 5.68%, 01/23/2035<sup>(f)</sup> <br>|  | 29000 | &nbsp;&nbsp; 30544 |
| &nbsp;&nbsp;&nbsp; UBS AG (Switzerland), 5.65%, <br> 09/11/2028<br>|  | 200000 | &nbsp;&nbsp; 209155 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 06/03/2026 |  | 505000 | &nbsp;&nbsp; 504692 |
| &nbsp;&nbsp;&nbsp; 3.58%, 05/22/2028<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3965 |
| &nbsp;&nbsp;&nbsp; 5.57%, 07/25/2029<sup>(f)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19695 |
| &nbsp;&nbsp;&nbsp; 6.30%, 10/23/2029<sup>(f)</sup> <br>|  | 27000 | &nbsp;&nbsp; 28603 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/23/2030<sup>(f)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25751 |
| &nbsp;&nbsp;&nbsp; 5.39%, 04/24/2034<sup>(f)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8315 |
| &nbsp;&nbsp;&nbsp; 5.56%, 07/25/2034<sup>(f)</sup> <br>|  | 46000 | &nbsp;&nbsp; 48335 |
| &nbsp;&nbsp;&nbsp; 6.49%, 10/23/2034<sup>(f)</sup> <br>|  | 69000 | &nbsp;&nbsp; 76690 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/23/2035<sup>(f)</sup> <br>|  | 38000 | &nbsp;&nbsp; 39651 |
| &nbsp;&nbsp;&nbsp; 4.65%, 11/04/2044 |  | 540000 | &nbsp;&nbsp; 478470 |
| &nbsp;&nbsp;&nbsp; 4.61%, 04/25/2053<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3517 |
| &nbsp;&nbsp;&nbsp; 7.63%<sup>(f)(g)</sup> <br>|  | 21000 | &nbsp;&nbsp; 22508 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A., 4.81%, <br> 01/15/2026<br>|  | 250000 | &nbsp;&nbsp; 250374 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia), <br> 6.82%, 11/17/2033<br>|  | $88000 | &nbsp;&nbsp; $98620 |
|  |  |  | &nbsp;&nbsp; 24965505 |
| **Diversified Capital Markets–0.15%** | **Diversified Capital Markets–0.15%** | **Diversified Capital Markets–0.15%** | **Diversified Capital Markets–0.15%** |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC, 6.90%, <br> 04/13/2029<br>|  | 20000 | &nbsp;&nbsp; 21033 |
| &nbsp;&nbsp;&nbsp; Sixth Street Lending Partners, <br> 6.13%, 07/15/2030<sup>(d)</sup> <br>|  | 153000 | &nbsp;&nbsp; 158252 |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/17/2026 |  | 154000 | &nbsp;&nbsp; 154429 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/12/2028<sup>(d)(f)</sup> <br>|  | 205000 | &nbsp;&nbsp; 206800 |
| &nbsp;&nbsp;&nbsp; 5.43%, 02/08/2030<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206675 |
| &nbsp;&nbsp;&nbsp; 6.30%, 09/22/2034<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 218444 |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/08/2035<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210783 |
| &nbsp;&nbsp;&nbsp; 4.38%<sup>(d)(f)(g)</sup> <br>|  | 200000 | &nbsp;&nbsp; 182203 |
| &nbsp;&nbsp;&nbsp; 7.75%<sup>(d)(f)(g)</sup> <br>|  | 229000 | &nbsp;&nbsp; 247531 |
| &nbsp;&nbsp;&nbsp; Series 28, 9.25%<sup>(d)(f)(g)</sup> <br>|  | 200000 | &nbsp;&nbsp; 221139 |
| &nbsp;&nbsp;&nbsp; Series 33, 9.25%<sup>(d)(f)(g)</sup> <br>|  | 201000 | &nbsp;&nbsp; 239655 |
|  |  |  | &nbsp;&nbsp; 2066944 |
| **Diversified Financial Services–0.05%** | **Diversified Financial Services–0.05%** | **Diversified Financial Services–0.05%** | **Diversified Financial Services–0.05%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), <br> 3.85%, 10/29/2041<br>|  | 410000 | &nbsp;&nbsp; 337216 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., <br> 6.38%, 11/15/2033<br>|  | 43000 | &nbsp;&nbsp; 47494 |
| Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/04/2028<sup>(d)</sup> <br>|  | 22000 | &nbsp;&nbsp; 22955 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/2029<sup>(d)</sup> <br>|  | 114000 | &nbsp;&nbsp; 118084 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, <br> 6.25%, 01/25/2031<br>|  | 32000 | &nbsp;&nbsp; 33462 |
| Corebridge Financial, Inc., | Corebridge Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/15/2033 |  | 26000 | &nbsp;&nbsp; 27766 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034 |  | 55000 | &nbsp;&nbsp; 57892 |
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. <br> (United Kingdom), | &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. <br> (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 6.40%, 03/26/2029<sup>(d)</sup> <br>|  | 47000 | &nbsp;&nbsp; 49514 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/26/2031<sup>(d)</sup> <br>|  | 56000 | &nbsp;&nbsp; 60074 |
|  |  |  | &nbsp;&nbsp; 754457 |
| **Diversified Metals & Mining–0.07%** | **Diversified Metals & Mining–0.07%** | **Diversified Metals & Mining–0.07%** | **Diversified Metals & Mining–0.07%** |
| &nbsp;&nbsp;&nbsp; BHP Billiton Finance (USA) Ltd. <br> (Australia), | &nbsp;&nbsp;&nbsp; BHP Billiton Finance (USA) Ltd. <br> (Australia), |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/08/2028 |  | 39000 | &nbsp;&nbsp; 40128 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/08/2030 |  | 26000 | &nbsp;&nbsp; 27110 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/08/2033 |  | 45000 | &nbsp;&nbsp; 46882 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/08/2053 |  | 15000 | &nbsp;&nbsp; 15251 |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| &nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029<sup>(d)</sup> <br>|  | 84000 | &nbsp;&nbsp; 86582 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/04/2034<sup>(d)</sup> <br>|  | 153000 | &nbsp;&nbsp; 159307 |
| &nbsp;&nbsp;&nbsp; 5.89%, 04/04/2054<sup>(d)</sup> <br>|  | 61000 | &nbsp;&nbsp; 61697 |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance (USA) Ltd. <br> (Australia), 7.13%, 07/15/2028<br>|  | 182000 | &nbsp;&nbsp; 196818 |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance (USA) PLC <br> (Australia), 5.75%, 03/14/2055<br>|  | 377000 | &nbsp;&nbsp; 388268 |
|  |  |  | &nbsp;&nbsp; 1022043 |
| **Diversified REITs–0.07%** | **Diversified REITs–0.07%** | **Diversified REITs–0.07%** | **Diversified REITs–0.07%** |
| CubeSmart L.P., | CubeSmart L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 12/15/2028 |  | 3000 | &nbsp;&nbsp; 2826 |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2032 |  | 1066000 | &nbsp;&nbsp; 941131 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified REITs–(continued)** | **Diversified REITs–(continued)** | **Diversified REITs–(continued)** | **Diversified REITs–(continued)** |
| VICI Properties L.P., | VICI Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2034 |  | $30000 | &nbsp;&nbsp; $31190 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/2054 |  | 32000 | &nbsp;&nbsp; 32490 |
|  |  |  | &nbsp;&nbsp; 1007637 |
| **Diversified Support Services–0.00%** | **Diversified Support Services–0.00%** | **Diversified Support Services–0.00%** | **Diversified Support Services–0.00%** |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. <br> (Canada), 6.32%, <br> 12/04/2028<sup>(d)</sup> <br>|  | 37000 | &nbsp;&nbsp; 39203 |
| **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust, 6.04%, <br> 12/10/2028<br>|  | 260417 | &nbsp;&nbsp; 265879 |
| **Electric Utilities–1.49%** | **Electric Utilities–1.49%** | **Electric Utilities–1.49%** | **Electric Utilities–1.49%** |
| &nbsp;&nbsp;&nbsp; AEP Texas, Inc., 3.95%, <br> 06/01/2028<sup>(d)</sup> <br>|  | 172000 | &nbsp;&nbsp; 170712 |
| &nbsp;&nbsp;&nbsp; Alabama Power Co., 5.85%, <br> 11/15/2033<br>|  | 9000 | &nbsp;&nbsp; 9663 |
| American Electric Power Co., Inc., | American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/01/2027 |  | 4000 | &nbsp;&nbsp; 4131 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/2029 |  | 37000 | &nbsp;&nbsp; 38165 |
| &nbsp;&nbsp;&nbsp; Connecticut Light and Power Co. <br> (The), 5.25%, 01/15/2053<br>|  | 3000 | &nbsp;&nbsp; 2895 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc., | &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2034 |  | 21000 | &nbsp;&nbsp; 22111 |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/2053 |  | 26000 | &nbsp;&nbsp; 27159 |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 01/15/2034 |  | 9000 | &nbsp;&nbsp; 9801 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2053 |  | 279000 | &nbsp;&nbsp; 311251 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2054 |  | 88000 | &nbsp;&nbsp; 89260 |
| &nbsp;&nbsp;&nbsp; Dominion Energy South Carolina, <br> Inc., 6.25%, 10/15/2053<br>|  | 11000 | &nbsp;&nbsp; 12112 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, 5.35%, <br> 01/15/2053<br>|  | 3000 | &nbsp;&nbsp; 2947 |
| Duke Energy Corp., | Duke Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/08/2025 |  | 3000 | &nbsp;&nbsp; 3003 |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/05/2029 |  | 39000 | &nbsp;&nbsp; 39758 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2052 |  | 3000 | &nbsp;&nbsp; 2704 |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/2082<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2903 |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, 5.40%, <br> 04/01/2053<br>|  | 5000 | &nbsp;&nbsp; 4903 |
| &nbsp;&nbsp;&nbsp; Electricite de France S.A. (France), <br> 4.88%, 01/22/2044<sup>(d)</sup> <br>|  | 846000 | &nbsp;&nbsp; 754757 |
| &nbsp;&nbsp;&nbsp; Enel Finance America LLC (Italy), <br> 2.88%, 07/12/2041<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 143812 |
| &nbsp;&nbsp;&nbsp; Enel Finance International N.V. <br> (Italy), 7.05%, 10/14/2025<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200177 |
| &nbsp;&nbsp;&nbsp; Evergy Metro, Inc., 4.95%, <br> 04/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3054 |
| Eversource Energy, | Eversource Energy, |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 |  | 76000 | &nbsp;&nbsp; 76772 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2034 |  | 37000 | &nbsp;&nbsp; 38239 |
| Exelon Corp., | Exelon Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2029 |  | 48000 | &nbsp;&nbsp; 49396 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2034 |  | 46000 | &nbsp;&nbsp; 47777 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/15/2053 |  | 47000 | &nbsp;&nbsp; 45996 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Conv., 3.88%, <br> 01/15/2031<sup>(d)</sup> <br>|  | 5666000 | &nbsp;&nbsp; 6127779 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric <br> Co., 5.20%, 04/01/2028<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3070 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., 4.80%, <br> 05/15/2033<br>|  | $3000 | &nbsp;&nbsp; $3054 |
| Georgia Power Co., | Georgia Power Co., |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/16/2028 |  | 3000 | &nbsp;&nbsp; 3045 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/17/2033 |  | 3000 | &nbsp;&nbsp; 3061 |
| &nbsp;&nbsp;&nbsp; Series B, 3.70%, 01/30/2050 |  | 350000 | &nbsp;&nbsp; 268029 |
| MidAmerican Energy Co., | MidAmerican Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2034 |  | 3000 | &nbsp;&nbsp; 3138 |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/15/2054 |  | 12000 | &nbsp;&nbsp; 12651 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/01/2055 |  | 43000 | &nbsp;&nbsp; 41971 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp., | &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/05/2027 |  | 274000 | &nbsp;&nbsp; 276750 |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/07/2029 |  | 74000 | &nbsp;&nbsp; 75736 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/07/2031 |  | 69000 | &nbsp;&nbsp; 71128 |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/15/2032 |  | 1227000 | &nbsp;&nbsp; 1108994 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/15/2033 |  | 3000 | &nbsp;&nbsp; 3220 |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/2053<sup>(f)</sup> <br>|  | 235000 | &nbsp;&nbsp; 247452 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/29/2026 |  | 265000 | &nbsp;&nbsp; 265704 |
| &nbsp;&nbsp;&nbsp; 3.55%, 05/01/2027 |  | 530000 | &nbsp;&nbsp; 525730 |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/2027 |  | 3000 | &nbsp;&nbsp; 3031 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/2029 |  | 119000 | &nbsp;&nbsp; 121810 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2034 |  | 128000 | &nbsp;&nbsp; 131507 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2054 |  | 119000 | &nbsp;&nbsp; 116652 |
| Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.29%, 01/17/2034<sup>(d)</sup> <br>|  | 37000 | &nbsp;&nbsp; 37743 |
| &nbsp;&nbsp;&nbsp; 5.66%, 01/17/2054<sup>(d)</sup> <br>|  | 17000 | &nbsp;&nbsp; 16926 |
| &nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., 4.55%, <br> 06/01/2044<br>|  | 679000 | &nbsp;&nbsp; 580664 |
| &nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co., <br> 5.60%, 04/01/2053<br>|  | 3000 | &nbsp;&nbsp; 3001 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, <br> 5.65%, 11/15/2033<br>|  | 37000 | &nbsp;&nbsp; 39406 |
| PacifiCorp, | PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/15/2029 |  | 39000 | &nbsp;&nbsp; 40019 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/2031 |  | 35000 | &nbsp;&nbsp; 36312 |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/2034 |  | 49000 | &nbsp;&nbsp; 50219 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/15/2055 |  | 36000 | &nbsp;&nbsp; 35317 |
| &nbsp;&nbsp;&nbsp; PECO Energy Co., 4.90%, <br> 06/15/2033<br>|  | 11000 | &nbsp;&nbsp; 11248 |
| &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc., Conv., <br> 2.88%, 03/15/2028<br>|  | 6449000 | &nbsp;&nbsp; 7369595 |
| &nbsp;&nbsp;&nbsp; PPL Electric Utilities Corp., 6.25%, <br> 05/15/2039<br>|  | 46000 | &nbsp;&nbsp; 51332 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, <br> 5.25%, 04/01/2053<br>|  | 3000 | &nbsp;&nbsp; 2845 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of New Hampshire, <br> 5.35%, 10/01/2033<br>|  | 9000 | &nbsp;&nbsp; 9424 |
| &nbsp;&nbsp;&nbsp; Public Service Electric and Gas Co., <br> 5.13%, 03/15/2053<br>|  | 3000 | &nbsp;&nbsp; 2860 |
| San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2053 |  | 21000 | &nbsp;&nbsp; 20220 |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/15/2054 |  | 104000 | &nbsp;&nbsp; 102426 |
| &nbsp;&nbsp;&nbsp; Sierra Pacific Power Co., 5.90%, <br> 03/15/2054<br>|  | 5000 | &nbsp;&nbsp; 5111 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The), 5.70%, <br> 10/15/2032<br>|  | 3000 | &nbsp;&nbsp; 3180 |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., <br> 5.30%, 04/01/2033<br>|  | 3000 | &nbsp;&nbsp; 3074 |
| &nbsp;&nbsp;&nbsp; Union Electric Co., 5.20%, <br> 04/01/2034<br>|  | 168000 | &nbsp;&nbsp; 173366 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Virginia Electric and Power Co., | Virginia Electric and Power Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 |  | $3000 | &nbsp;&nbsp; $3055 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2054 |  | 28000 | &nbsp;&nbsp; 27003 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, 6.95%, <br> 10/15/2033<sup>(d)</sup> <br>|  | 23000 | &nbsp;&nbsp; 25670 |
| Xcel Energy, Inc., | Xcel Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/01/2032 |  | 3000 | &nbsp;&nbsp; 2979 |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/2049 |  | 964000 | &nbsp;&nbsp; 692645 |
|  |  |  | &nbsp;&nbsp; 20872610 |
| **Electrical Components & Equipment–0.05%** | **Electrical Components & Equipment–0.05%** | **Electrical Components & Equipment–0.05%** | **Electrical Components & Equipment–0.05%** |
| &nbsp;&nbsp;&nbsp; Molex Electronic Technologies LLC, <br> 4.75%, 04/30/2028<sup>(d)</sup> <br>|  | 465000 | &nbsp;&nbsp; 469768 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., 6.30%, <br> 02/15/2030<br>|  | 3000 | &nbsp;&nbsp; 3182 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc., 1.75%, <br> 08/15/2031<br>|  | 307000 | &nbsp;&nbsp; 267441 |
|  |  |  | &nbsp;&nbsp; 740391 |
| **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** |
| Republic Services, Inc., | Republic Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/2029 |  | 40000 | &nbsp;&nbsp; 41018 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2033 |  | 36000 | &nbsp;&nbsp; 37227 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 |  | 3000 | &nbsp;&nbsp; 3079 |
| Veralto Corp., | Veralto Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/18/2026 |  | 48000 | &nbsp;&nbsp; 48598 |
| &nbsp;&nbsp;&nbsp; 5.35%, 09/18/2028 |  | 37000 | &nbsp;&nbsp; 38201 |
|  |  |  | &nbsp;&nbsp; 168123 |
| **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** |
| Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/15/2033 |  | 3000 | &nbsp;&nbsp; 3027 |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/15/2052 |  | 3000 | &nbsp;&nbsp; 2802 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/15/2062 |  | 3000 | &nbsp;&nbsp; 2868 |
| Nasdaq, Inc., | Nasdaq, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 06/28/2028 |  | 3000 | &nbsp;&nbsp; 3094 |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/15/2034 |  | 4000 | &nbsp;&nbsp; 4202 |
| &nbsp;&nbsp;&nbsp; 5.95%, 08/15/2053 |  | 169000 | &nbsp;&nbsp; 177093 |
| &nbsp;&nbsp;&nbsp; 6.10%, 06/28/2063 |  | 3000 | &nbsp;&nbsp; 3174 |
| S&P Global, Inc., | S&P Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/01/2032 |  | 3000 | &nbsp;&nbsp; 2749 |
| &nbsp;&nbsp;&nbsp; 3.90%, 03/01/2062 |  | 3000 | &nbsp;&nbsp; 2305 |
|  |  |  | &nbsp;&nbsp; 201314 |
| **Food Distributors–0.11%** | **Food Distributors–0.11%** | **Food Distributors–0.11%** | **Food Distributors–0.11%** |
| Sysco Corp., 3.75%, 10/01/2025 |  | 1500000 | &nbsp;&nbsp; 1500000 |
| **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. <br> (Canada), 5.27%, <br> 02/12/2034<sup>(d)</sup> <br>|  | 64000 | &nbsp;&nbsp; 65521 |
| **Gas Utilities–0.10%** | **Gas Utilities–0.10%** | **Gas Utilities–0.10%** | **Gas Utilities–0.10%** |
| Atmos Energy Corp., | Atmos Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/2033 |  | 12000 | &nbsp;&nbsp; 13033 |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/15/2053 |  | 7000 | &nbsp;&nbsp; 7715 |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>|  | 11000 | &nbsp;&nbsp; 11462 |
| Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/15/2025 |  | 1360000 | &nbsp;&nbsp; 1359346 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033 |  | 9000 | &nbsp;&nbsp; 9557 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Gas Utilities–(continued)** | **Gas Utilities–(continued)** | **Gas Utilities–(continued)** | **Gas Utilities–(continued)** |
| &nbsp;&nbsp;&nbsp; Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | $3000 | &nbsp;&nbsp; $3084 |
|  |  |  | &nbsp;&nbsp; 1404197 |
| **Health Care Distributors–0.01%** | **Health Care Distributors–0.01%** | **Health Care Distributors–0.01%** | **Health Care Distributors–0.01%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc., 5.45%, <br> 02/15/2034<br>|  | 37000 | &nbsp;&nbsp; 38426 |
| Cencora, Inc., 5.13%, 02/15/2034 |  | 39000 | &nbsp;&nbsp; 39949 |
| &nbsp;&nbsp;&nbsp; McKesson Corp., 5.10%, <br> 07/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3110 |
|  |  |  | &nbsp;&nbsp; 81485 |
| **Health Care Equipment–0.07%** | **Health Care Equipment–0.07%** | **Health Care Equipment–0.07%** | **Health Care Equipment–0.07%** |
| &nbsp;&nbsp;&nbsp; Alcon Finance Corp., 5.38%, <br> 12/06/2032<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208710 |
| &nbsp;&nbsp;&nbsp; Becton, Dickinson and Co., 4.88%, <br> 05/15/2044<br>|  | 428000 | &nbsp;&nbsp; 387793 |
| &nbsp;&nbsp;&nbsp; Medtronic, Inc., 4.38%, <br> 03/15/2035<br>|  | 249000 | &nbsp;&nbsp; 244470 |
| Smith & Nephew PLC (United Kingdom), | Smith & Nephew PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/20/2027 |  | 52000 | &nbsp;&nbsp; 52727 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/20/2034 |  | 133000 | &nbsp;&nbsp; 137383 |
|  |  |  | &nbsp;&nbsp; 1031083 |
| **Health Care Facilities–0.00%** | **Health Care Facilities–0.00%** | **Health Care Facilities–0.00%** | **Health Care Facilities–0.00%** |
| UPMC, | UPMC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.04%, 05/15/2033 |  | 17000 | &nbsp;&nbsp; 17351 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/15/2043 |  | 8000 | &nbsp;&nbsp; 7856 |
|  |  |  | &nbsp;&nbsp; 25207 |
| **Health Care REITs–0.01%** | **Health Care REITs–0.01%** | **Health Care REITs–0.01%** | **Health Care REITs–0.01%** |
| Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/15/2034 |  | 3000 | &nbsp;&nbsp; 2593 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2036 |  | 25000 | &nbsp;&nbsp; 25157 |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/15/2054 |  | 118000 | &nbsp;&nbsp; 113977 |
| Healthcare Realty Holdings L.P., | Healthcare Realty Holdings L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/01/2026 |  | 3000 | &nbsp;&nbsp; 2979 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/15/2031 |  | 3000 | &nbsp;&nbsp; 2606 |
|  |  |  | &nbsp;&nbsp; 147312 |
| **Health Care Services–0.13%** | **Health Care Services–0.13%** | **Health Care Services–0.13%** | **Health Care Services–0.13%** |
| &nbsp;&nbsp;&nbsp; Cigna Group (The), 4.80%, <br> 08/15/2038<br>|  | 307000 | &nbsp;&nbsp; 293090 |
| CommonSpirit Health, | CommonSpirit Health, |  |  |
| &nbsp;&nbsp;&nbsp; 5.32%, 12/01/2034 |  | 129000 | &nbsp;&nbsp; 131179 |
| &nbsp;&nbsp;&nbsp; 5.55%, 12/01/2054 |  | 41000 | &nbsp;&nbsp; 39578 |
| CVS Health Corp., | CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/30/2029 |  | 10000 | &nbsp;&nbsp; 10199 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/30/2031 |  | 3000 | &nbsp;&nbsp; 3089 |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/01/2033 |  | 12000 | &nbsp;&nbsp; 12288 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2063 |  | 3000 | &nbsp;&nbsp; 2958 |
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care US Finance <br> III, Inc. (Germany), 1.88%, <br> 12/01/2026<sup>(d)</sup> <br>|  | 150000 | &nbsp;&nbsp; 145350 |
| HCA, Inc., 5.90%, 06/01/2053 |  | 16000 | &nbsp;&nbsp; 15808 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America <br> Holdings, 1.55%, 06/01/2026<sup>(c)</sup> <br>|  | 1145000 | &nbsp;&nbsp; 1126019 |
| &nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc., 2.86%, <br> 01/01/2052<br>|  | 18000 | &nbsp;&nbsp; 11473 |
| &nbsp;&nbsp;&nbsp; Providence St. Joseph Health <br> Obligated Group, Series 21-A, <br> 2.70%, 10/01/2051<br>|  | 21000 | &nbsp;&nbsp; 12559 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | $21000 | &nbsp;&nbsp; $23312 |
|  |  |  | &nbsp;&nbsp; 1826902 |
| **Health Care Supplies–0.52%** | **Health Care Supplies–0.52%** | **Health Care Supplies–0.52%** | **Health Care Supplies–0.52%** |
| &nbsp;&nbsp;&nbsp; Haemonetics Corp., Conv., 2.50%, <br> 06/01/2029<br>|  | 5621000 | &nbsp;&nbsp; 5214361 |
| &nbsp;&nbsp;&nbsp; Medtronic Global Holdings S.C.A., <br> 4.50%, 03/30/2033<br>|  | 6000 | &nbsp;&nbsp; 6006 |
| &nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc., Conv., <br> 3.00%, 02/01/2029<sup>(d)</sup> <br>|  | 1444000 | &nbsp;&nbsp; 1681538 |
| Solventum Corp., | Solventum Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/25/2027 |  | 31000 | &nbsp;&nbsp; 31516 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/01/2029 |  | 75000 | &nbsp;&nbsp; 77415 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/23/2034 |  | 265000 | &nbsp;&nbsp; 276040 |
|  |  |  | &nbsp;&nbsp; 7286876 |
| **Highways & Railtracks–0.04%** | **Highways & Railtracks–0.04%** | **Highways & Railtracks–0.04%** | **Highways & Railtracks–0.04%** |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, <br> 5.80%, 03/15/2056<br>|  | 474000 | &nbsp;&nbsp; 496459 |
| **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The), 4.90%, <br> 04/15/2029<br>|  | 41000 | &nbsp;&nbsp; 42197 |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 04/01/2027 |  | 3000 | &nbsp;&nbsp; 2972 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2033 |  | 3000 | &nbsp;&nbsp; 3071 |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2052<sup>(c)</sup> <br>|  | 497000 | &nbsp;&nbsp; 401601 |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/01/2063 |  | 21000 | &nbsp;&nbsp; 21214 |
|  |  |  | &nbsp;&nbsp; 471055 |
| **Hotels, Resorts & Cruise Lines–0.53%** | **Hotels, Resorts & Cruise Lines–0.53%** | **Hotels, Resorts & Cruise Lines–0.53%** | **Hotels, Resorts & Cruise Lines–0.53%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Conv., 0.00%, <br> 03/15/2026<sup>(e)</sup> <br>|  | 7552000 | &nbsp;&nbsp; 7400960 |
| Marriott International, Inc., | Marriott International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/2029 |  | 25000 | &nbsp;&nbsp; 25496 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2034 |  | 41000 | &nbsp;&nbsp; 42130 |
|  |  |  | &nbsp;&nbsp; 7468586 |
| **Human Resource & Employment Services–0.05%** | **Human Resource & Employment Services–0.05%** | **Human Resource & Employment Services–0.05%** | **Human Resource & Employment Services–0.05%** |
| &nbsp;&nbsp;&nbsp; Paychex, Inc., 5.35%, <br> 04/15/2032<sup>(c)</sup> <br>|  | 639000 | &nbsp;&nbsp; 663246 |
| **Industrial Conglomerates–0.13%** | **Industrial Conglomerates–0.13%** | **Industrial Conglomerates–0.13%** | **Industrial Conglomerates–0.13%** |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/01/2029 |  | 116000 | &nbsp;&nbsp; 119342 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/01/2031 |  | 131000 | &nbsp;&nbsp; 135539 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2034 |  | 1463000 | &nbsp;&nbsp; 1450161 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 |  | 89000 | &nbsp;&nbsp; 90526 |
|  |  |  | &nbsp;&nbsp; 1795568 |
| **Industrial Gases–0.11%** | **Industrial Gases–0.11%** | **Industrial Gases–0.11%** | **Industrial Gases–0.11%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., <br> 4.30%, 06/11/2028<br>|  | 1531000 | &nbsp;&nbsp; 1545403 |
| **Industrial Machinery & Supplies & Components–0.07%** | **Industrial Machinery & Supplies & Components–0.07%** | **Industrial Machinery & Supplies & Components–0.07%** | **Industrial Machinery & Supplies & Components–0.07%** |
| Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/14/2028 |  | 3000 | &nbsp;&nbsp; 3104 |
| &nbsp;&nbsp;&nbsp; 5.70%, 08/14/2033 |  | 19000 | &nbsp;&nbsp; 20192 |
| &nbsp;&nbsp;&nbsp; JBT Marel Corp., Conv., 0.38%, <br> 09/15/2030<sup>(d)</sup> <br>|  | 1003000 | &nbsp;&nbsp; 976922 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Industrial Machinery & Supplies & Components–(continued)** | **Industrial Machinery & Supplies & Components–(continued)** | **Industrial Machinery & Supplies & Components–(continued)** | **Industrial Machinery & Supplies & Components–(continued)** |
| Nordson Corp., | Nordson Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/15/2028 |  | $3000 | &nbsp;&nbsp; $3107 |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/15/2033 |  | 12000 | &nbsp;&nbsp; 12813 |
| &nbsp;&nbsp;&nbsp; nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, 05/15/2033<br>|  | 12000 | &nbsp;&nbsp; 12537 |
|  |  |  | &nbsp;&nbsp; 1028675 |
| **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** |
| LXP Industrial Trust, | LXP Industrial Trust, |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/15/2028 |  | 19000 | &nbsp;&nbsp; 20214 |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/01/2031 |  | 3000 | &nbsp;&nbsp; 2607 |
|  |  |  | &nbsp;&nbsp; 22821 |
| **Insurance Brokers–0.01%** | **Insurance Brokers–0.01%** | **Insurance Brokers–0.01%** | **Insurance Brokers–0.01%** |
| &nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co., 6.75%, <br> 02/15/2054<br>|  | 21000 | &nbsp;&nbsp; 23736 |
| Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/2033 |  | 24000 | &nbsp;&nbsp; 25201 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2053 |  | 3000 | &nbsp;&nbsp; 2980 |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/2053 |  | 22000 | &nbsp;&nbsp; 22550 |
|  |  |  | &nbsp;&nbsp; 74467 |
| **Integrated Oil & Gas–0.20%** | **Integrated Oil & Gas–0.20%** | **Integrated Oil & Gas–0.20%** | **Integrated Oil & Gas–0.20%** |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc., <br> 2.94%, 06/04/2051<br>|  | 991000 | &nbsp;&nbsp; 641088 |
| &nbsp;&nbsp;&nbsp; Chevron Corp., 2.95%, <br> 05/16/2026<br>|  | 952000 | &nbsp;&nbsp; 946190 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., 3.04%, <br> 03/01/2026<br>|  | 1098000 | &nbsp;&nbsp; 1093894 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC, 2.60%, <br> 10/15/2025<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3996 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 |  | 51000 | &nbsp;&nbsp; 54237 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2045 |  | 11000 | &nbsp;&nbsp; 8685 |
|  |  |  | &nbsp;&nbsp; 2748090 |
| **Integrated Telecommunication Services–0.34%** | **Integrated Telecommunication Services–0.34%** | **Integrated Telecommunication Services–0.34%** | **Integrated Telecommunication Services–0.34%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 02/15/2030 |  | 318000 | &nbsp;&nbsp; 318752 |
| &nbsp;&nbsp;&nbsp; 2.55%, 12/01/2033 |  | 3000 | &nbsp;&nbsp; 2556 |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/15/2034 |  | 15000 | &nbsp;&nbsp; 15595 |
| &nbsp;&nbsp;&nbsp; 3.55%, 09/15/2055 |  | 157000 | &nbsp;&nbsp; 108277 |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/2056 |  | 643000 | &nbsp;&nbsp; 666956 |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/2057 |  | 255000 | &nbsp;&nbsp; 181981 |
| NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |  |  |
| &nbsp;&nbsp;&nbsp; 4.57%, 07/16/2027<sup>(d)</sup> <br>|  | 281000 | &nbsp;&nbsp; 283066 |
| &nbsp;&nbsp;&nbsp; 5.17%, 07/16/2032<sup>(c)(d)</sup> <br>|  | 764000 | &nbsp;&nbsp; 782684 |
| &nbsp;&nbsp;&nbsp; Telefonica Emisiones S.A. (Spain), <br> 5.21%, 03/08/2047<br>|  | 700000 | &nbsp;&nbsp; 629607 |
| Verizon Communications, Inc., | Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 |  | 3000 | &nbsp;&nbsp; 2632 |
| &nbsp;&nbsp;&nbsp; 4.78%, 02/15/2035 |  | 1274000 | &nbsp;&nbsp; 1253744 |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/22/2041 |  | 561000 | &nbsp;&nbsp; 443502 |
|  |  |  | &nbsp;&nbsp; 4689352 |
| **Interactive Home Entertainment–0.12%** | **Interactive Home Entertainment–0.12%** | **Interactive Home Entertainment–0.12%** | **Interactive Home Entertainment–0.12%** |
| Electronic Arts, Inc., | Electronic Arts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2026 |  | 1290000 | &nbsp;&nbsp; 1291178 |
| &nbsp;&nbsp;&nbsp; 1.85%, 02/15/2031 |  | 3000 | &nbsp;&nbsp; 2850 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc., <br> 3.70%, 04/14/2027<br>|  | 357000 | &nbsp;&nbsp; 354323 |
|  |  |  | &nbsp;&nbsp; 1648351 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Interactive Media & Services–0.26%** | **Interactive Media & Services–0.26%** | **Interactive Media & Services–0.26%** | **Interactive Media & Services–0.26%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., 5.25%, <br> 05/15/2055<br>|  | $213000 | &nbsp;&nbsp; $213623 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 08/15/2062 |  | 3000 | &nbsp;&nbsp; 2576 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/2063 |  | 16000 | &nbsp;&nbsp; 16468 |
| &nbsp;&nbsp;&nbsp; Snap, Inc., Conv., 0.50%, <br> 05/01/2030<br>|  | 3966000 | &nbsp;&nbsp; 3410760 |
|  |  |  | &nbsp;&nbsp; 3643427 |
| **Investment Banking & Brokerage–1.94%** | **Investment Banking & Brokerage–1.94%** | **Investment Banking & Brokerage–1.94%** | **Investment Banking & Brokerage–1.94%** |
| &nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp., <br> 6.75%, 04/04/2029<br>|  | 327000 | &nbsp;&nbsp; 337493 |
| &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada), <br> 5.97%, 03/04/2054<br>|  | 47000 | &nbsp;&nbsp; 48492 |
| Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 5.64%, 05/19/2029<sup>(f)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16620 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/19/2034<sup>(f)</sup> <br>|  | 16000 | &nbsp;&nbsp; 17130 |
| &nbsp;&nbsp;&nbsp; 6.14%, 08/24/2034<sup>(f)</sup> <br>|  | 45000 | &nbsp;&nbsp; 49040 |
| &nbsp;&nbsp;&nbsp; Series K, 5.00%<sup>(f)(g)</sup> <br>|  | 7000 | &nbsp;&nbsp; 6977 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/21/2025 |  | 529000 | &nbsp;&nbsp; 528660 |
| &nbsp;&nbsp;&nbsp; 5.04% (SOFR + 0.79%), <br> 12/09/2026<sup>(i)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19021 |
| &nbsp;&nbsp;&nbsp; 5.06% (SOFR + 0.81%), <br> 03/09/2027<sup>(i)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12016 |
| &nbsp;&nbsp;&nbsp; 5.24% (SOFR + 0.92%), <br> 10/21/2027<sup>(i)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15053 |
| &nbsp;&nbsp;&nbsp; 5.02%, 10/23/2035<sup>(f)</sup> <br>|  | 624000 | &nbsp;&nbsp; 628450 |
| &nbsp;&nbsp;&nbsp; 2.91%, 07/21/2042<sup>(f)</sup> <br>|  | 323000 | &nbsp;&nbsp; 238462 |
| &nbsp;&nbsp;&nbsp; Series W, 7.50%<sup>(c)(f)(g)</sup> <br>|  | 437000 | &nbsp;&nbsp; 464406 |
| GS Finance Corp., | GS Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; Series 0003, Conv., <br>0.50%, 04/11/2028<sup>(d)</sup> <br>|  | 5859000 | &nbsp;&nbsp; 8935161 |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/30/2029<sup>(d)</sup> <br>|  | 5873000 | &nbsp;&nbsp; 6919915 |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/03/2032<sup>(e)</sup> <br>|  | 7584000 | &nbsp;&nbsp; 8002524 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp; 5.12%, 02/01/2029<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5108 |
| &nbsp;&nbsp;&nbsp; 4.99%, 04/12/2029<sup>(f)</sup> <br>|  | 590000 | &nbsp;&nbsp; 601855 |
| &nbsp;&nbsp;&nbsp; 5.16%, 04/20/2029<sup>(f)</sup> <br>|  | 28000 | &nbsp;&nbsp; 28665 |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/20/2029<sup>(f)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12401 |
| &nbsp;&nbsp;&nbsp; 6.41%, 11/01/2029<sup>(f)</sup> <br>|  | 34000 | &nbsp;&nbsp; 36143 |
| &nbsp;&nbsp;&nbsp; 5.17%, 01/16/2030<sup>(f)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25700 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/21/2034<sup>(f)</sup> <br>|  | 29000 | &nbsp;&nbsp; 29915 |
| &nbsp;&nbsp;&nbsp; 5.42%, 07/21/2034<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21887 |
| &nbsp;&nbsp;&nbsp; 5.47%, 01/18/2035<sup>(f)</sup> <br>|  | 25000 | &nbsp;&nbsp; 26047 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/19/2038<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5244 |
| &nbsp;&nbsp;&nbsp; 5.94%, 02/07/2039<sup>(f)</sup> <br>|  | 105000 | &nbsp;&nbsp; 109971 |
|  |  |  | &nbsp;&nbsp; 27142356 |
| **IT Consulting & Other Services–0.14%** | **IT Consulting & Other Services–0.14%** | **IT Consulting & Other Services–0.14%** | **IT Consulting & Other Services–0.14%** |
| &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp., 3.30%, 05/15/2026<br>|  | 1970000 | &nbsp;&nbsp; 1961520 |
| **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** |
| &nbsp;&nbsp;&nbsp; Brunswick Corp., 5.85%, <br> 03/18/2029<br>|  | 58000 | &nbsp;&nbsp; 60086 |
| **Life & Health Insurance–0.65%** | **Life & Health Insurance–0.65%** | **Life & Health Insurance–0.65%** | **Life & Health Insurance–0.65%** |
| &nbsp;&nbsp;&nbsp; American National Group, Inc., <br> 5.00%, 06/15/2027<br>|  | 857000 | &nbsp;&nbsp; 864528 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** |
| Athene Global Funding, | Athene Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp; 5.52%, 03/25/2027<sup>(d)</sup> <br>|  | $175000 | &nbsp;&nbsp; $178262 |
| &nbsp;&nbsp;&nbsp; 5.58%, 01/09/2029<sup>(d)</sup> <br>|  | 82000 | &nbsp;&nbsp; 84787 |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., 6.25%, <br> 04/01/2054<br>|  | 79000 | &nbsp;&nbsp; 80644 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc., 3.85%, <br> 12/22/2051<br>|  | 1296000 | &nbsp;&nbsp; 855549 |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp; 5.52% (SOFR + 1.30%), <br> 09/25/2026<sup>(d)(i)</sup> <br>|  | 223000 | &nbsp;&nbsp; 224731 |
| &nbsp;&nbsp;&nbsp; 5.90%, 09/19/2028<sup>(d)</sup> <br>|  | 23000 | &nbsp;&nbsp; 24078 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/12/2029<sup>(d)</sup> <br>|  | 64000 | &nbsp;&nbsp; 65846 |
| &nbsp;&nbsp;&nbsp; Delaware Life Global Funding, <br> Series 21-1, 2.66%, <br> 06/29/2026<sup>(d)</sup> <br>|  | 2184000 | &nbsp;&nbsp; 2142451 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc., 7.40%, <br> 01/13/2028<br>|  | 10000 | &nbsp;&nbsp; 10501 |
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust, 5.50%, <br> 01/08/2029<sup>(c)(d)</sup> <br>|  | 1378000 | &nbsp;&nbsp; 1426857 |
| &nbsp;&nbsp;&nbsp; MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(d)(j)</sup> <br>|  | 509000 | &nbsp;&nbsp; 459627 |
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp. (Canada), <br> 4.06%, 02/24/2032<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2979 |
| MetLife, Inc., | MetLife, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2052 |  | 3000 | &nbsp;&nbsp; 2807 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2054 |  | 11000 | &nbsp;&nbsp; 10727 |
| &nbsp;&nbsp;&nbsp; Nationwide Financial Services, Inc., <br> 5.30%, 11/18/2044<sup>(c)(d)</sup> <br>|  | 440000 | &nbsp;&nbsp; 419316 |
| &nbsp;&nbsp;&nbsp; New York Life Global Funding, <br> 4.55%, 01/28/2033<sup>(d)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9993 |
| Northwestern Mutual Global Funding, | Northwestern Mutual Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp; 5.07%, 03/25/2027<sup>(d)</sup> <br>|  | 164000 | &nbsp;&nbsp; 166649 |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/15/2027<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3026 |
| &nbsp;&nbsp;&nbsp; 4.71%, 01/10/2029<sup>(d)</sup> <br>|  | 169000 | &nbsp;&nbsp; 172134 |
| Pacific Life Global Funding II, | Pacific Life Global Funding II, |  |  |
| &nbsp;&nbsp;&nbsp; 4.87% (SOFR + 0.62%), <br> 06/04/2026<sup>(d)(i)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9026 |
| &nbsp;&nbsp;&nbsp; 5.37% (SOFR + 1.05%), <br> 07/28/2026<sup>(d)(i)</sup> <br>|  | 138000 | &nbsp;&nbsp; 138874 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/28/2026<sup>(c)(d)</sup> <br>|  | 1219000 | &nbsp;&nbsp; 1235710 |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/11/2029<sup>(d)</sup> <br>|  | 169000 | &nbsp;&nbsp; 172746 |
| Principal Life Global Funding II, | Principal Life Global Funding II, |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/16/2027<sup>(d)</sup> <br>|  | 46000 | &nbsp;&nbsp; 46541 |
| &nbsp;&nbsp;&nbsp; 5.10%, 01/25/2029<sup>(d)</sup> <br>|  | 211000 | &nbsp;&nbsp; 216659 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc., 3.91%, <br> 12/07/2047<br>|  | 141000 | &nbsp;&nbsp; 113125 |
| &nbsp;&nbsp;&nbsp; Reliance Standard Life Global <br> Funding II, 2.75%, <br> 01/21/2027<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3896 |
|  |  |  | &nbsp;&nbsp; 9142069 |
| **Managed Health Care–0.04%** | **Managed Health Care–0.04%** | **Managed Health Care–0.04%** | **Managed Health Care–0.04%** |
| Humana, Inc., 5.75%, 12/01/2028 |  | 20000 | &nbsp;&nbsp; 20838 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Managed Health Care–(continued)** | **Managed Health Care–(continued)** | **Managed Health Care–(continued)** | **Managed Health Care–(continued)** |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 10/15/2025 |  | $4000 | &nbsp;&nbsp; $4001 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2028 |  | 3000 | &nbsp;&nbsp; 3081 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/2030 |  | 3000 | &nbsp;&nbsp; 3124 |
| &nbsp;&nbsp;&nbsp; 5.35%, 02/15/2033 |  | 3000 | &nbsp;&nbsp; 3136 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2033 |  | 3000 | &nbsp;&nbsp; 2969 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/2039 |  | 559000 | &nbsp;&nbsp; 466522 |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/15/2053 |  | 3000 | &nbsp;&nbsp; 2751 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/15/2063 |  | 3000 | &nbsp;&nbsp; 2749 |
|  |  |  | &nbsp;&nbsp; 509171 |
| **Marine Transportation–0.00%** | **Marine Transportation–0.00%** | **Marine Transportation–0.00%** | **Marine Transportation–0.00%** |
| &nbsp;&nbsp;&nbsp; A.P. Moller - Maersk A/S (Denmark), <br> 5.88%, 09/14/2033<sup>(d)</sup> <br>|  | 19000 | &nbsp;&nbsp; 20176 |
| **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** |
| &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), | &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/2030 |  | 100000 | &nbsp;&nbsp; 103042 |
| &nbsp;&nbsp;&nbsp; 5.44%, 04/03/2034 |  | 102000 | &nbsp;&nbsp; 105907 |
| &nbsp;&nbsp;&nbsp; 5.78%, 04/03/2054 |  | 100000 | &nbsp;&nbsp; 102241 |
|  |  |  | &nbsp;&nbsp; 311190 |
| **Movies & Entertainment–0.21%** | **Movies & Entertainment–0.21%** | **Movies & Entertainment–0.21%** | **Movies & Entertainment–0.21%** |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br> One, Conv., 2.25%, <br> 08/15/2027<br>|  | 1938000 | &nbsp;&nbsp; 2574633 |
| &nbsp;&nbsp;&nbsp; TWDC Enterprises 18 Corp., 3.00%, <br> 02/13/2026<br>|  | 367000 | &nbsp;&nbsp; 365497 |
|  |  |  | &nbsp;&nbsp; 2940130 |
| **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc., <br> 5.30%, 12/07/2033<br>|  | 38000 | &nbsp;&nbsp; 39584 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio L.P., 5.50%, <br> 04/01/2034<br>|  | 58000 | &nbsp;&nbsp; 60283 |
|  |  |  | &nbsp;&nbsp; 99867 |
| **Multi-line Insurance–0.19%** | **Multi-line Insurance–0.19%** | **Multi-line Insurance–0.19%** | **Multi-line Insurance–0.19%** |
| &nbsp;&nbsp;&nbsp; Aon Corp./Aon Global Holdings PLC, <br> 5.35%, 02/28/2033<br>|  | 3000 | &nbsp;&nbsp; 3139 |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc., 3.95%, <br> 05/15/2060<sup>(d)</sup> <br>|  | 887000 | &nbsp;&nbsp; 631402 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, <br> 5.15%, 03/28/2033<sup>(d)</sup> <br>|  | 196000 | &nbsp;&nbsp; 203168 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Insurance Co., <br> 7.80%, 11/01/2025<sup>(d)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1805125 |
|  |  |  | &nbsp;&nbsp; 2642834 |
| **Multi-Utilities–0.63%** | **Multi-Utilities–0.63%** | **Multi-Utilities–0.63%** | **Multi-Utilities–0.63%** |
| &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, 06/15/2026<br>|  | 74000 | &nbsp;&nbsp; 74549 |
| &nbsp;&nbsp;&nbsp; Ameren Illinois Co., 4.95%, <br> 06/01/2033<br>|  | 4000 | &nbsp;&nbsp; 4109 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp., 6.15%, <br> 05/15/2034<br>|  | 31000 | &nbsp;&nbsp; 33176 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., Conv., <br> 3.00%, 08/01/2028<sup>(d)</sup> <br>|  | 7004000 | &nbsp;&nbsp; 7120246 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., 5.38%, <br> 11/15/2032<br>|  | 5000 | &nbsp;&nbsp; 5198 |
| &nbsp;&nbsp;&nbsp; DTE Electric Co., 5.20%, <br> 03/01/2034<br>|  | 39000 | &nbsp;&nbsp; 40428 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** |
| NiSource, Inc., | NiSource, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/30/2028 |  | $4000 | &nbsp;&nbsp; $4106 |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/30/2033 |  | 3000 | &nbsp;&nbsp; 3112 |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2034 |  | 89000 | &nbsp;&nbsp; 91695 |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2047 |  | 571000 | &nbsp;&nbsp; 481300 |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/01/2055 |  | 290000 | &nbsp;&nbsp; 294433 |
| Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/2028 |  | 44000 | &nbsp;&nbsp; 46127 |
| &nbsp;&nbsp;&nbsp; 6.13%, 10/15/2033 |  | 25000 | &nbsp;&nbsp; 27009 |
| Sempra, | Sempra, |  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/01/2038 |  | 559000 | &nbsp;&nbsp; 478287 |
| &nbsp;&nbsp;&nbsp; 6.88%, 10/01/2054<sup>(f)</sup> <br>|  | 131000 | &nbsp;&nbsp; 135917 |
| WEC Energy Group, Inc., | WEC Energy Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 10/01/2027 |  | 6000 | &nbsp;&nbsp; 6116 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028 |  | 5000 | &nbsp;&nbsp; 5072 |
| &nbsp;&nbsp;&nbsp; 1.80%, 10/15/2030 |  | 2000 | &nbsp;&nbsp; 1772 |
|  |  |  | &nbsp;&nbsp; 8852652 |
| **Office REITs–0.00%** | **Office REITs–0.00%** | **Office REITs–0.00%** | **Office REITs–0.00%** |
| &nbsp;&nbsp;&nbsp; Piedmont Operating Partnership <br> L.P., 9.25%, 07/20/2028<br>|  | 26000 | &nbsp;&nbsp; 28877 |
| **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc., 7.15%, <br> 10/01/2033<br>|  | 13000 | &nbsp;&nbsp; 13779 |
| **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** |
| &nbsp;&nbsp;&nbsp; Northern Natural Gas Co., 5.63%, <br> 02/01/2054<sup>(d)</sup> <br>|  | 23000 | &nbsp;&nbsp; 22656 |
| **Oil & Gas Exploration & Production–0.25%** | **Oil & Gas Exploration & Production–0.25%** | **Oil & Gas Exploration & Production–0.25%** | **Oil & Gas Exploration & Production–0.25%** |
| &nbsp;&nbsp;&nbsp; Cameron LNG LLC, 3.70%, <br> 01/15/2039<sup>(d)</sup> <br>|  | 622000 | &nbsp;&nbsp; 534000 |
| ConocoPhillips Co., | ConocoPhillips Co., |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 11/15/2034 |  | 230000 | &nbsp;&nbsp; 219018 |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/2063 |  | 9000 | &nbsp;&nbsp; 8935 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., 5.75%, <br> 04/18/2054<sup>(c)</sup> <br>|  | 488000 | &nbsp;&nbsp; 470066 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc., 4.40%, <br> 07/15/2028<br>|  | 250000 | &nbsp;&nbsp; 252375 |
| &nbsp;&nbsp;&nbsp; Northern Oil and Gas, Inc., Conv., <br> 3.63%, 04/15/2029<br>|  | 2005000 | &nbsp;&nbsp; 2015526 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., <br> 5.10%, 03/29/2026<br>|  | 3000 | &nbsp;&nbsp; 3015 |
|  |  |  | &nbsp;&nbsp; 3502935 |
| **Oil & Gas Refining & Marketing–0.03%** | **Oil & Gas Refining & Marketing–0.03%** | **Oil & Gas Refining & Marketing–0.03%** | **Oil & Gas Refining & Marketing–0.03%** |
| &nbsp;&nbsp;&nbsp; Phillips 66 Co., 5.30%, <br> 06/30/2033<br>|  | 11000 | &nbsp;&nbsp; 11319 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp., 4.00%, <br> 06/01/2052<br>|  | 531000 | &nbsp;&nbsp; 396645 |
|  |  |  | &nbsp;&nbsp; 407964 |
| **Oil & Gas Storage & Transportation–0.57%** | **Oil & Gas Storage & Transportation–0.57%** | **Oil & Gas Storage & Transportation–0.57%** | **Oil & Gas Storage & Transportation–0.57%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., <br> 5.95%, 06/30/2033<br>|  | 12000 | &nbsp;&nbsp; 12709 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, <br> 6.06%, 08/15/2026<sup>(d)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8109 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada), 5.70%, <br> 03/08/2033<br>|  | 11000 | &nbsp;&nbsp; 11580 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 12/01/2026 |  | $44000 | &nbsp;&nbsp; $44834 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/2030 |  | 209000 | &nbsp;&nbsp; 215585 |
| &nbsp;&nbsp;&nbsp; 6.40%, 12/01/2030 |  | 448000 | &nbsp;&nbsp; 485717 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 |  | 3000 | &nbsp;&nbsp; 3146 |
| &nbsp;&nbsp;&nbsp; 6.55%, 12/01/2033 |  | 7000 | &nbsp;&nbsp; 7660 |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/15/2034 |  | 36000 | &nbsp;&nbsp; 36953 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/2035 |  | 344000 | &nbsp;&nbsp; 334982 |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/2044 |  | 587000 | &nbsp;&nbsp; 538131 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050 |  | 724000 | &nbsp;&nbsp; 620240 |
| &nbsp;&nbsp;&nbsp; 5.95%, 05/15/2054 |  | 28000 | &nbsp;&nbsp; 27134 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/15/2031 |  | 496000 | &nbsp;&nbsp; 501437 |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/01/2040 |  | 23000 | &nbsp;&nbsp; 25647 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2048 |  | 696000 | &nbsp;&nbsp; 579847 |
| &nbsp;&nbsp;&nbsp; GreenSaif Pipelines Bidco S.a.r.l. <br> (Saudi Arabia), 6.51%, <br> 02/23/2042<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 217016 |
| &nbsp;&nbsp;&nbsp; Gulfstream Natural Gas System <br> L.L.C., 5.60%, 07/23/2035<sup>(d)</sup> <br>|  | 336000 | &nbsp;&nbsp; 344456 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/01/2030 |  | 172000 | &nbsp;&nbsp; 177473 |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/01/2033 |  | 3000 | &nbsp;&nbsp; 3001 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2033 |  | 9000 | &nbsp;&nbsp; 9219 |
| &nbsp;&nbsp;&nbsp; 5.30%, 12/01/2034 |  | 407000 | &nbsp;&nbsp; 415494 |
| MPLX L.P., | MPLX L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/01/2026 |  | 990000 | &nbsp;&nbsp; 979748 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 |  | 3000 | &nbsp;&nbsp; 3002 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2038 |  | 810000 | &nbsp;&nbsp; 733059 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/14/2052 |  | 3000 | &nbsp;&nbsp; 2562 |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/01/2028 |  | 3000 | &nbsp;&nbsp; 3112 |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/01/2030 |  | 23000 | &nbsp;&nbsp; 24245 |
| &nbsp;&nbsp;&nbsp; 6.10%, 11/15/2032 |  | 3000 | &nbsp;&nbsp; 3216 |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/01/2033 |  | 23000 | &nbsp;&nbsp; 24398 |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2053 |  | 34000 | &nbsp;&nbsp; 36192 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P./PAA <br> Finance Corp., 5.60%, <br> 01/15/2036<br>|  | 271000 | &nbsp;&nbsp; 274545 |
| &nbsp;&nbsp;&nbsp; Spectra Energy Partners L.P., <br> 4.50%, 03/15/2045<br>|  | 488000 | &nbsp;&nbsp; 418464 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., 5.20%, <br> 07/01/2027<br>|  | 3000 | &nbsp;&nbsp; 3048 |
| &nbsp;&nbsp;&nbsp; Texas Eastern Transmission L.P., <br> 7.00%, 07/15/2032<br>|  | 169000 | &nbsp;&nbsp; 189680 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating L.P., <br> 6.15%, 04/01/2033<br>|  | 8000 | &nbsp;&nbsp; 8455 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/02/2026 |  | 658000 | &nbsp;&nbsp; 661035 |
| &nbsp;&nbsp;&nbsp; 5.30%, 08/15/2028 |  | 40000 | &nbsp;&nbsp; 41252 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2033 |  | 11000 | &nbsp;&nbsp; 11561 |
|  |  |  | &nbsp;&nbsp; 8037944 |
| **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** |
| &nbsp;&nbsp;&nbsp; EPR Properties, 4.75%, <br> 12/15/2026<br>|  | 1556000 | &nbsp;&nbsp; 1560173 |
| **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co., 5.25%, <br> 05/15/2033<br>|  | 4000 | &nbsp;&nbsp; 4132 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Packaged Foods & Meats–0.15%** | **Packaged Foods & Meats–0.15%** | **Packaged Foods & Meats–0.15%** | **Packaged Foods & Meats–0.15%** |
| Campbell's Co. (The), | Campbell's Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/20/2026 |  | $35000 | &nbsp;&nbsp; $35128 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/19/2027 |  | 48000 | &nbsp;&nbsp; 48768 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/21/2029 |  | 54000 | &nbsp;&nbsp; 55470 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/21/2034 |  | 72000 | &nbsp;&nbsp; 73798 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc., 4.60%, <br> 11/01/2025<br>|  | 3000 | &nbsp;&nbsp; 2999 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc., 2.25%, <br> 10/14/2031<br>|  | 3000 | &nbsp;&nbsp; 2645 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 15000 | &nbsp;&nbsp; 16299 |
| Mars, Inc., | Mars, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/01/2027<sup>(d)</sup> <br>|  | 596000 | &nbsp;&nbsp; 600540 |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/20/2028<sup>(d)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21274 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035<sup>(d)</sup> <br>|  | 593000 | &nbsp;&nbsp; 606435 |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/2045<sup>(d)</sup> <br>|  | 325000 | &nbsp;&nbsp; 329908 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/2055<sup>(d)</sup> <br>|  | 217000 | &nbsp;&nbsp; 219966 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc., 4.95%, <br> 04/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3061 |
| &nbsp;&nbsp;&nbsp; Mead Johnson Nutrition Co. (United <br> Kingdom), 4.13%, 11/15/2025<br>|  | 63000 | &nbsp;&nbsp; 62960 |
|  |  |  | &nbsp;&nbsp; 2079251 |
| **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** |
| &nbsp;&nbsp;&nbsp; International Paper Co., 6.00%, <br> 11/15/2041<br>|  | 223000 | &nbsp;&nbsp; 232437 |
| **Passenger Airlines–0.14%** | **Passenger Airlines–0.14%** | **Passenger Airlines–0.14%** | **Passenger Airlines–0.14%** |
| American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-1, Class A, 3.70%, <br> 04/01/2028<br>|  | 200368 | &nbsp;&nbsp; 199227 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95%, <br> 07/11/2030<br>|  | 29200 | &nbsp;&nbsp; 27936 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 2.88%, <br> 07/11/2034<br>|  | 2518 | &nbsp;&nbsp; 2286 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 5.02%, 10/20/2029<sup>(d)</sup> <br>|  | 247000 | &nbsp;&nbsp; 247239 |
| &nbsp;&nbsp;&nbsp; 5.31%, 10/20/2031<sup>(d)</sup> <br>|  | 283000 | &nbsp;&nbsp; 281851 |
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust <br> (United Kingdom), Series 2021-1, <br> Class A, 2.90%, 03/15/2035<sup>(d)</sup> <br>|  | 9780 | &nbsp;&nbsp; 8899 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., 4.95%, <br> 07/10/2028<br>|  | 649000 | &nbsp;&nbsp; 657050 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/20/2025<sup>(d)</sup> <br>|  | 1088 | &nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028<sup>(d)</sup> <br>|  | 10309 | &nbsp;&nbsp; 10371 |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-2, Class A, 3.75%, <br> 09/03/2026<br>|  | 234681 | &nbsp;&nbsp; 232766 |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | 1844 | &nbsp;&nbsp; 1897 |
| &nbsp;&nbsp;&nbsp; Series 2018-1, Class AA, 3.50%, <br> 03/01/2030<br>|  | 333105 | &nbsp;&nbsp; 320164 |
|  |  |  | &nbsp;&nbsp; 1990773 |
| **Passenger Ground Transportation–0.02%** | **Passenger Ground Transportation–0.02%** | **Passenger Ground Transportation–0.02%** | **Passenger Ground Transportation–0.02%** |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 4.80%, <br> 09/15/2035<br>|  | 267000 | &nbsp;&nbsp; 264745 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Personal Care Products–0.00%** | **Personal Care Products–0.00%** | **Personal Care Products–0.00%** | **Personal Care Products–0.00%** |
| Kenvue, Inc., | Kenvue, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/22/2028 |  | $3000 | &nbsp;&nbsp; $3066 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/22/2030 |  | 11000 | &nbsp;&nbsp; 11304 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/22/2033 |  | 15000 | &nbsp;&nbsp; 15254 |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/22/2043 |  | 3000 | &nbsp;&nbsp; 2896 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/22/2063 |  | 3000 | &nbsp;&nbsp; 2785 |
|  |  |  | &nbsp;&nbsp; 35305 |
| **Pharmaceuticals–0.42%** | **Pharmaceuticals–0.42%** | **Pharmaceuticals–0.42%** | **Pharmaceuticals–0.42%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca Finance LLC (United <br> Kingdom), | &nbsp;&nbsp;&nbsp; AstraZeneca Finance LLC (United <br> Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/26/2027 |  | 207000 | &nbsp;&nbsp; 209420 |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/26/2029 |  | 53000 | &nbsp;&nbsp; 54378 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/26/2031 |  | 96000 | &nbsp;&nbsp; 99168 |
| &nbsp;&nbsp;&nbsp; Bayer US Finance II LLC (Germany), <br> 4.38%, 12/15/2028<sup>(d)</sup> <br>|  | 985000 | &nbsp;&nbsp; 981694 |
| Bayer US Finance LLC (Germany), | Bayer US Finance LLC (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/21/2029<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210397 |
| &nbsp;&nbsp;&nbsp; 6.38%, 11/21/2030<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 213815 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/21/2033<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 215825 |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/21/2053<sup>(d)</sup> <br>|  | 274000 | &nbsp;&nbsp; 298497 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/20/2026 |  | 87000 | &nbsp;&nbsp; 87284 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/22/2027 |  | 26000 | &nbsp;&nbsp; 26350 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/22/2029 |  | 28000 | &nbsp;&nbsp; 28757 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2031 |  | 37000 | &nbsp;&nbsp; 39586 |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/2033 |  | 22000 | &nbsp;&nbsp; 23925 |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2039 |  | 621000 | &nbsp;&nbsp; 562864 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/15/2053 |  | 562000 | &nbsp;&nbsp; 614111 |
| &nbsp;&nbsp;&nbsp; 6.40%, 11/15/2063 |  | 21000 | &nbsp;&nbsp; 23205 |
| Eli Lilly and Co., | Eli Lilly and Co., |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/09/2027 |  | 236000 | &nbsp;&nbsp; 238115 |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/27/2033 |  | 6000 | &nbsp;&nbsp; 6125 |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/09/2034 |  | 170000 | &nbsp;&nbsp; 171961 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/27/2053 |  | 6000 | &nbsp;&nbsp; 5600 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/09/2054 |  | 53000 | &nbsp;&nbsp; 50183 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/27/2063 |  | 3000 | &nbsp;&nbsp; 2773 |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/09/2064 |  | 63000 | &nbsp;&nbsp; 59627 |
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital, Inc. (United <br> Kingdom), 6.38%, 05/15/2038<br>|  | 64000 | &nbsp;&nbsp; 71985 |
| &nbsp;&nbsp;&nbsp; Haleon US Capital LLC, 4.00%, <br> 03/24/2052<br>|  | 315000 | &nbsp;&nbsp; 251933 |
| Merck & Co., Inc., | Merck & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/17/2044 |  | 24000 | &nbsp;&nbsp; 22765 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/17/2053 |  | 3000 | &nbsp;&nbsp; 2821 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/17/2063 |  | 3000 | &nbsp;&nbsp; 2828 |
| Pfizer Investment Enterprises Pte. Ltd., | Pfizer Investment Enterprises Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/19/2026 |  | 840000 | &nbsp;&nbsp; 841789 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/19/2033 |  | 17000 | &nbsp;&nbsp; 17180 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. <br> (Japan), 5.00%, 11/26/2028<br>|  | 160000 | &nbsp;&nbsp; 163538 |
| Zoetis, Inc., 4.70%, 02/01/2043 |  | 333000 | &nbsp;&nbsp; 308254 |
|  |  |  | &nbsp;&nbsp; 5906753 |
| **Property & Casualty Insurance–0.12%** | **Property & Casualty Insurance–0.12%** | **Property & Casualty Insurance–0.12%** | **Property & Casualty Insurance–0.12%** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The), 3.28%, <br> 12/15/2026<br>|  | 302000 | &nbsp;&nbsp; 299280 |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. <br> (Canada), 6.35%, 03/22/2054<br>|  | 86000 | &nbsp;&nbsp; 91003 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** |
| Markel Group, Inc., | Markel Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/30/2043 |  | $351000 | &nbsp;&nbsp; $322443 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/20/2049 |  | 497000 | &nbsp;&nbsp; 449692 |
| Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 08/01/2043 |  | 605000 | &nbsp;&nbsp; 552869 |
| &nbsp;&nbsp;&nbsp; 5.45%, 05/25/2053 |  | 3000 | &nbsp;&nbsp; 3006 |
|  |  |  | &nbsp;&nbsp; 1718293 |
| **Rail Transportation–0.19%** | **Rail Transportation–0.19%** | **Rail Transportation–0.19%** | **Rail Transportation–0.19%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. <br> (Canada), 3.00%, 12/02/2041<br>|  | 399000 | &nbsp;&nbsp; 299256 |
| Norfolk Southern Corp., | Norfolk Southern Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 08/01/2030 |  | 11000 | &nbsp;&nbsp; 11412 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2034 |  | 22000 | &nbsp;&nbsp; 23345 |
| &nbsp;&nbsp;&nbsp; 3.40%, 11/01/2049 |  | 461000 | &nbsp;&nbsp; 333718 |
| &nbsp;&nbsp;&nbsp; 5.35%, 08/01/2054<sup>(c)</sup> <br>|  | 485000 | &nbsp;&nbsp; 478191 |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/15/2064 |  | 26000 | &nbsp;&nbsp; 27513 |
| Union Pacific Corp., | Union Pacific Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 02/05/2027 |  | 4000 | &nbsp;&nbsp; 3909 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/20/2033 |  | 5000 | &nbsp;&nbsp; 5033 |
| &nbsp;&nbsp;&nbsp; 3.20%, 05/20/2041 |  | 1018000 | &nbsp;&nbsp; 800165 |
| &nbsp;&nbsp;&nbsp; 4.15%, 01/15/2045 |  | 426000 | &nbsp;&nbsp; 352469 |
| &nbsp;&nbsp;&nbsp; 3.84%, 03/20/2060 |  | 519000 | &nbsp;&nbsp; 385068 |
| &nbsp;&nbsp;&nbsp; 5.15%, 01/20/2063 |  | 7000 | &nbsp;&nbsp; 6578 |
|  |  |  | &nbsp;&nbsp; 2726657 |
| **Real Estate Development–0.00%** | **Real Estate Development–0.00%** | **Real Estate Development–0.00%** | **Real Estate Development–0.00%** |
| &nbsp;&nbsp;&nbsp; Essential Properties L.P., 2.95%, <br> 07/15/2031<br>|  | 3000 | &nbsp;&nbsp; 2705 |
| **Regional Banks–0.03%** | **Regional Banks–0.03%** | **Regional Banks–0.03%** | **Regional Banks–0.03%** |
| Citizens Financial Group, Inc., | Citizens Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/30/2030 |  | 3000 | &nbsp;&nbsp; 2841 |
| &nbsp;&nbsp;&nbsp; 2.64%, 09/30/2032 |  | 3000 | &nbsp;&nbsp; 2564 |
| &nbsp;&nbsp;&nbsp; 6.65%, 04/25/2035<sup>(f)</sup> <br>|  | 295000 | &nbsp;&nbsp; 324721 |
| &nbsp;&nbsp;&nbsp; 5.64%, 05/21/2037<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3031 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp., 5.05%, <br> 01/27/2034<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3009 |
| Truist Financial Corp., | Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 06/08/2027<sup>(f)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19223 |
| &nbsp;&nbsp;&nbsp; 4.87%, 01/26/2029<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3046 |
| &nbsp;&nbsp;&nbsp; 7.16%, 10/30/2029<sup>(f)</sup> <br>|  | 23000 | &nbsp;&nbsp; 24917 |
| &nbsp;&nbsp;&nbsp; 5.44%, 01/24/2030<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26907 |
| &nbsp;&nbsp;&nbsp; 4.92%, 07/28/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2991 |
| &nbsp;&nbsp;&nbsp; 6.12%, 10/28/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3233 |
| &nbsp;&nbsp;&nbsp; 5.87%, 06/08/2034<sup>(f)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15898 |
|  |  |  | &nbsp;&nbsp; 432381 |
| **Reinsurance–0.08%** | **Reinsurance–0.08%** | **Reinsurance–0.08%** | **Reinsurance–0.08%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., <br> 2.85%, 10/15/2050<br>|  | 3000 | &nbsp;&nbsp; 1970 |
| &nbsp;&nbsp;&nbsp; Global Atlantic (Fin) Co., 6.75%, <br> 03/15/2054<sup>(d)</sup> <br>|  | 398000 | &nbsp;&nbsp; 421738 |
| &nbsp;&nbsp;&nbsp; PartnerRe Finance B LLC, 3.70%, <br> 07/02/2029<br>|  | 500000 | &nbsp;&nbsp; 489734 |
| &nbsp;&nbsp;&nbsp; Swiss Re Subordinated Finance PLC <br> (United Kingdom), 5.70%, <br> 04/05/2035<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207696 |
|  |  |  | &nbsp;&nbsp; 1121138 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Renewable Electricity–0.00%** | **Renewable Electricity–0.00%** | **Renewable Electricity–0.00%** | **Renewable Electricity–0.00%** |
| &nbsp;&nbsp;&nbsp; NSTAR Electric Co., 4.55%, <br> 06/01/2052<br>|  | $3000 | &nbsp;&nbsp; $2614 |
| **Research & Consulting Services–0.01%** | **Research & Consulting Services–0.01%** | **Research & Consulting Services–0.01%** | **Research & Consulting Services–0.01%** |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., 4.50%, <br> 08/15/2030<br>|  | 112000 | &nbsp;&nbsp; 112385 |
| **Restaurants–0.06%** | **Restaurants–0.06%** | **Restaurants–0.06%** | **Restaurants–0.06%** |
| McDonald's Corp., | McDonald's Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/14/2028 |  | 59000 | &nbsp;&nbsp; 60295 |
| &nbsp;&nbsp;&nbsp; 4.95%, 08/14/2033 |  | 43000 | &nbsp;&nbsp; 44321 |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/09/2052 |  | 5000 | &nbsp;&nbsp; 4740 |
| &nbsp;&nbsp;&nbsp; 5.45%, 08/14/2053 |  | 14000 | &nbsp;&nbsp; 13910 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp., 3.55%, <br> 08/15/2029<br>|  | 705000 | &nbsp;&nbsp; 691345 |
|  |  |  | &nbsp;&nbsp; 814611 |
| **Retail REITs–0.55%** | **Retail REITs–0.55%** | **Retail REITs–0.55%** | **Retail REITs–0.55%** |
| Agree L.P., 2.00%, 06/15/2028 |  | 3000 | &nbsp;&nbsp; 2831 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership L.P., <br> 5.50%, 02/15/2034<br>|  | 948000 | &nbsp;&nbsp; 979422 |
| &nbsp;&nbsp;&nbsp; Federal Realty OP L.P., Conv., <br> 3.25%, 01/15/2029<sup>(d)</sup> <br>|  | 4235000 | &nbsp;&nbsp; 4311230 |
| &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, 3.20%, <br> 04/01/2032<br>|  | 1500000 | &nbsp;&nbsp; 1383539 |
| NNN REIT, Inc., | NNN REIT, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 10/15/2033 |  | 6000 | &nbsp;&nbsp; 6281 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/15/2051 |  | 3000 | &nbsp;&nbsp; 2138 |
| Realty Income Corp., | Realty Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/15/2027 |  | 3000 | &nbsp;&nbsp; 2966 |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/13/2032 |  | 3000 | &nbsp;&nbsp; 3182 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 09/15/2029 |  | 753000 | &nbsp;&nbsp; 719257 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2034 |  | 26000 | &nbsp;&nbsp; 26739 |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/2049 |  | 256000 | &nbsp;&nbsp; 225267 |
|  |  |  | &nbsp;&nbsp; 7662852 |
| **Self-Storage REITs–0.08%** | **Self-Storage REITs–0.08%** | **Self-Storage REITs–0.08%** | **Self-Storage REITs–0.08%** |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2026 |  | 404000 | &nbsp;&nbsp; 402217 |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 |  | 371000 | &nbsp;&nbsp; 383270 |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/01/2034 |  | 55000 | &nbsp;&nbsp; 56633 |
| Prologis L.P., | Prologis L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/2028 |  | 13000 | &nbsp;&nbsp; 13301 |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2033 |  | 3000 | &nbsp;&nbsp; 3021 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2033 |  | 21000 | &nbsp;&nbsp; 21194 |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/2034 |  | 11000 | &nbsp;&nbsp; 11304 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2034 |  | 129000 | &nbsp;&nbsp; 131157 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2053 |  | 25000 | &nbsp;&nbsp; 24204 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2054 |  | 36000 | &nbsp;&nbsp; 34878 |
| Public Storage Operating Co., | Public Storage Operating Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/2029 |  | 4000 | &nbsp;&nbsp; 4132 |
| &nbsp;&nbsp;&nbsp; 5.10%, 08/01/2033 |  | 23000 | &nbsp;&nbsp; 23895 |
| &nbsp;&nbsp;&nbsp; 5.35%, 08/01/2053 |  | 13000 | &nbsp;&nbsp; 12864 |
|  |  |  | &nbsp;&nbsp; 1122070 |
| **Semiconductor Materials & Equipment–0.59%** | **Semiconductor Materials & Equipment–0.59%** | **Semiconductor Materials & Equipment–0.59%** | **Semiconductor Materials & Equipment–0.59%** |
| &nbsp;&nbsp;&nbsp; MKS, Inc., Conv., 1.25%, <br> 06/01/2030<br>|  | 7515000 | &nbsp;&nbsp; 8247713 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Semiconductors–1.19%** | **Semiconductors–1.19%** | **Semiconductors–1.19%** | **Semiconductors–1.19%** |
| Broadcom, Inc., | Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.47%, 04/15/2034<sup>(d)</sup> <br>|  | $640000 | &nbsp;&nbsp; $584327 |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/15/2035 |  | 1083000 | &nbsp;&nbsp; 1116560 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/25/2034<sup>(d)</sup> <br>|  | 272000 | &nbsp;&nbsp; 283633 |
| &nbsp;&nbsp;&nbsp; 6.20%, 01/25/2037<sup>(d)</sup> <br>|  | 918000 | &nbsp;&nbsp; 980406 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc., 2.45%, <br> 04/15/2028<br>|  | 1210000 | &nbsp;&nbsp; 1159254 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc., Conv., <br> 0.75%, 06/01/2027<sup>(h)</sup> <br>|  | 10998000 | &nbsp;&nbsp; 10690056 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.66%, 02/15/2030<sup>(c)</sup> <br>|  | 680000 | &nbsp;&nbsp; 686455 |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/15/2031 |  | 34000 | &nbsp;&nbsp; 35194 |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/01/2032 |  | 269000 | &nbsp;&nbsp; 282451 |
| &nbsp;&nbsp;&nbsp; 3.37%, 11/01/2041 |  | 179000 | &nbsp;&nbsp; 138572 |
| &nbsp;&nbsp;&nbsp; NXP B.V./NXP Funding LLC <br> (Netherlands), 5.35%, <br> 03/01/2026<br>|  | 676000 | &nbsp;&nbsp; 677203 |
| Skyworks Solutions, Inc., | Skyworks Solutions, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 1.80%, 06/01/2026 |  | 2000 | &nbsp;&nbsp; 1967 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2031 |  | 3000 | &nbsp;&nbsp; 2716 |
|  |  |  | &nbsp;&nbsp; 16638794 |
| **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** |
| &nbsp;&nbsp;&nbsp; Sun Communities Operating L.P., <br> 2.70%, 07/15/2031<br>|  | 3000 | &nbsp;&nbsp; 2716 |
| **Specialized Finance–0.08%** | **Specialized Finance–0.08%** | **Specialized Finance–0.08%** | **Specialized Finance–0.08%** |
| &nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC, <br> 1.60%, 03/30/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2601 |
| &nbsp;&nbsp;&nbsp; State Street Bank and Trust Co., <br> 4.59%, 11/25/2026<sup>(c)</sup> <br>|  | 1120000 | &nbsp;&nbsp; 1129198 |
|  |  |  | &nbsp;&nbsp; 1131799 |
| **Specialty Chemicals–0.12%** | **Specialty Chemicals–0.12%** | **Specialty Chemicals–0.12%** | **Specialty Chemicals–0.12%** |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc., 4.49%, <br> 11/15/2025<br>|  | 1525000 | &nbsp;&nbsp; 1524509 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The), 4.50%, <br> 06/01/2047<br>|  | 159000 | &nbsp;&nbsp; 137553 |
|  |  |  | &nbsp;&nbsp; 1662062 |
| **Systems Software–0.38%** | **Systems Software–0.38%** | **Systems Software–0.38%** | **Systems Software–0.38%** |
| Microsoft Corp., | Microsoft Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/03/2025 |  | 870000 | &nbsp;&nbsp; 869118 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/12/2035<sup>(c)</sup> <br>|  | 404000 | &nbsp;&nbsp; 381987 |
| &nbsp;&nbsp;&nbsp; Nebius Group N.V. (Netherlands), <br> Conv., 2.75%, 09/15/2032<sup>(d)</sup> <br>|  | 2109000 | &nbsp;&nbsp; 2456985 |
| Oracle Corp., | Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/26/2032 |  | 773000 | &nbsp;&nbsp; 774191 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 |  | 9000 | &nbsp;&nbsp; 9784 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/06/2033 |  | 11000 | &nbsp;&nbsp; 11103 |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/2040 |  | 965000 | &nbsp;&nbsp; 775446 |
| &nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 |  | 4000 | &nbsp;&nbsp; 4453 |
| VMware LLC, 3.90%, 08/21/2027 |  | 2000 | &nbsp;&nbsp; 1993 |
|  |  |  | &nbsp;&nbsp; 5285060 |
| **Technology Distributors–0.05%** | **Technology Distributors–0.05%** | **Technology Distributors–0.05%** | **Technology Distributors–0.05%** |
| Avnet, Inc., 4.63%, 04/15/2026<sup>(c)</sup> <br>|  | 671000 | &nbsp;&nbsp; 670515 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Technology Hardware, Storage & Peripherals–0.13%** | **Technology Hardware, Storage & Peripherals–0.13%** | **Technology Hardware, Storage & Peripherals–0.13%** | **Technology Hardware, Storage & Peripherals–0.13%** |
| Apple, Inc., | Apple, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 02/09/2027 |  | $315000 | &nbsp;&nbsp; $313347 |
| &nbsp;&nbsp;&nbsp; 4.20%, 05/12/2030 |  | 1510000 | &nbsp;&nbsp; 1526870 |
|  |  |  | &nbsp;&nbsp; 1840217 |
| **Telecom Tower REITs–0.15%** | **Telecom Tower REITs–0.15%** | **Telecom Tower REITs–0.15%** | **Telecom Tower REITs–0.15%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp., 1.60%, <br> 04/15/2026<br>|  | 852000 | &nbsp;&nbsp; 840602 |
| Crown Castle, Inc., | Crown Castle, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/15/2031 |  | 1413000 | &nbsp;&nbsp; 1258745 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2047 |  | 46000 | &nbsp;&nbsp; 40686 |
|  |  |  | &nbsp;&nbsp; 2140033 |
| **Tobacco–0.24%** | **Tobacco–0.24%** | **Tobacco–0.24%** | **Tobacco–0.24%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc., 5.80%, <br> 02/14/2039<br>|  | 1124000 | &nbsp;&nbsp; 1166223 |
| B.A.T. Capital Corp. (United Kingdom), | B.A.T. Capital Corp. (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 5.83%, 02/20/2031 |  | 69000 | &nbsp;&nbsp; 73009 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/20/2034 |  | 18000 | &nbsp;&nbsp; 19237 |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/2043 |  | 3000 | &nbsp;&nbsp; 3398 |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/2053 |  | 3000 | &nbsp;&nbsp; 3441 |
| &nbsp;&nbsp;&nbsp; B.A.T. International Finance PLC <br> (United Kingdom), 1.67%, <br> 03/25/2026<br>|  | 1235000 | &nbsp;&nbsp; 1220237 |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/12/2027 |  | 172000 | &nbsp;&nbsp; 173667 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/17/2027 |  | 3000 | &nbsp;&nbsp; 3066 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/2028 |  | 32000 | &nbsp;&nbsp; 32579 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/07/2028 |  | 35000 | &nbsp;&nbsp; 36145 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/13/2029 |  | 144000 | &nbsp;&nbsp; 147149 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/13/2031 |  | 35000 | &nbsp;&nbsp; 36238 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/07/2033 |  | 26000 | &nbsp;&nbsp; 27589 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/13/2034 |  | 69000 | &nbsp;&nbsp; 71276 |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/15/2043 |  | 300000 | &nbsp;&nbsp; 280476 |
|  |  |  | &nbsp;&nbsp; 3293730 |
| **Transaction & Payment Processing Services–0.68%** | **Transaction & Payment Processing Services–0.68%** | **Transaction & Payment Processing Services–0.68%** | **Transaction & Payment Processing Services–0.68%** |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services, Inc., 1.15%, <br> 03/01/2026<br>|  | 1450000 | &nbsp;&nbsp; 1431730 |
| Fiserv, Inc., | Fiserv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/21/2028 |  | 48000 | &nbsp;&nbsp; 49509 |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/15/2031 |  | 371000 | &nbsp;&nbsp; 372540 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033 |  | 25000 | &nbsp;&nbsp; 26258 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2034 |  | 144000 | &nbsp;&nbsp; 148893 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc., Conv., <br> 1.50%, 03/01/2031<br>|  | 8191000 | &nbsp;&nbsp; 7517330 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 4.85%, <br> 03/09/2033<br>|  | 20000 | &nbsp;&nbsp; 20551 |
|  |  |  | &nbsp;&nbsp; 9566811 |
| **Wireless Telecommunication Services–0.20%** | **Wireless Telecommunication Services–0.20%** | **Wireless Telecommunication Services–0.20%** | **Wireless Telecommunication Services–0.20%** |
| &nbsp;&nbsp;&nbsp; America Movil S.A.B. de C.V. <br> (Mexico), 4.38%, 07/16/2042<br>|  | 600000 | &nbsp;&nbsp; 525742 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Wireless Telecommunication Services–(continued)** | **Wireless Telecommunication Services–(continued)** | **Wireless Telecommunication Services–(continued)** | **Wireless Telecommunication Services–(continued)** |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/15/2032<sup>(c)</sup> <br>|  | $1074000 | &nbsp;&nbsp; $963053 |
| &nbsp;&nbsp;&nbsp; 3.40%, 10/15/2052 |  | 750000 | &nbsp;&nbsp; 514294 |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2053 |  | 9000 | &nbsp;&nbsp; 8899 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/2054 |  | 301000 | &nbsp;&nbsp; 311861 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/15/2055 |  | 496000 | &nbsp;&nbsp; 507004 |
|  |  |  | &nbsp;&nbsp; 2830853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $319,714,140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $319,714,140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $319,714,140) | &nbsp;&nbsp; 322317539 |
| **U.S. Treasury Securities–7.91%** | **U.S. Treasury Securities–7.91%** | **U.S. Treasury Securities–7.91%** | **U.S. Treasury Securities–7.91%** |
| **U.S. Treasury Bills–0.00%** | **U.S. Treasury Bills–0.00%** | **U.S. Treasury Bills–0.00%** | **U.S. Treasury Bills–0.00%** |
| &nbsp;&nbsp;&nbsp; 4.10% - 4.11%, <br> 05/14/2026<sup>(k)(l)</sup> <br>|  | 35000 | &nbsp;&nbsp; 34210 |
| **U.S. Treasury Bonds–1.34%** | **U.S. Treasury Bonds–1.34%** | **U.S. Treasury Bonds–1.34%** | **U.S. Treasury Bonds–1.34%** |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 |  | 2636800 | &nbsp;&nbsp; 2725071 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2039 |  | 36400 | &nbsp;&nbsp; 36685 |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2040 |  | 72800 | &nbsp;&nbsp; 72069 |
| &nbsp;&nbsp;&nbsp; 4.88%, 08/15/2045 |  | 13368500 | &nbsp;&nbsp; 13668247 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2055 |  | 2240500 | &nbsp;&nbsp; 2248202 |
|  |  |  | &nbsp;&nbsp; 18750274 |
| **U.S. Treasury Notes–6.57%** | **U.S. Treasury Notes–6.57%** | **U.S. Treasury Notes–6.57%** | **U.S. Treasury Notes–6.57%** |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/28/2026 |  | 55000 | &nbsp;&nbsp; 55158 |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2027 |  | 28457600 | &nbsp;&nbsp; 28397572 |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2028 |  | 20962300 | &nbsp;&nbsp; 20820641 |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/2030 |  | 13425000 | &nbsp;&nbsp; 13357351 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2031 |  | 28000 | &nbsp;&nbsp; 28635 |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/30/2032 |  | 18758100 | &nbsp;&nbsp; 18698015 |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 |  | 10514900 | &nbsp;&nbsp; 10601155 |
|  |  |  | &nbsp;&nbsp; 91958527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br> (Cost $111,127,366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br> (Cost $111,127,366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br> (Cost $111,127,366) | &nbsp;&nbsp; 110743011 |
| **Asset-Backed Securities–0.93%** | **Asset-Backed Securities–0.93%** | **Asset-Backed Securities–0.93%** | **Asset-Backed Securities–0.93%** |
| &nbsp;&nbsp;&nbsp; AGL CLO 29 Ltd., Series 2024-29A, <br> Class A1, 5.90% (3 mo. Term <br> SOFR + 1.57%), <br> 04/21/2037<sup>(d)(i)</sup> <br>|  | 533000 | &nbsp;&nbsp; 535217 |
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust, <br> Series 2005-29CB, Class A4, <br> 5.00%, 07/25/2035<br>|  | 62757 | &nbsp;&nbsp; 33925 |
| &nbsp;&nbsp;&nbsp; AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, 10/17/2038<sup>(d)</sup> <br>|  | 235000 | &nbsp;&nbsp; 227788 |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.16%, <br> 12/25/2059<sup>(d)(m)</sup> <br>|  | 12021 | &nbsp;&nbsp; 11752 |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.69%, <br> 04/25/2065<sup>(d)(m)</sup> <br>|  | 53116 | &nbsp;&nbsp; 50781 |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.07%, <br> 05/25/2066<sup>(d)(m)</sup> <br>|  | 37873 | &nbsp;&nbsp; 32956 |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 1.98%, <br> 10/25/2066<sup>(d)(m)</sup> <br>|  | 99014 | &nbsp;&nbsp; 86574 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.88%, <br> 12/25/2066<sup>(d)</sup> <br>|  | 181049 | &nbsp;&nbsp; 170318 |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class A1, 6.50%, <br> 12/25/2067<sup>(d)</sup> <br>|  | 65567 | &nbsp;&nbsp; 66269 |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(d)</sup> <br>|  | 248569 | &nbsp;&nbsp; 251267 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding (AESOP) <br> LLC, | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding (AESOP) <br> LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 3.83%, <br> 08/21/2028<sup>(d)</sup> <br>|  | $415000 | &nbsp;&nbsp; $412907 |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.25%, <br> 04/20/2029<sup>(d)</sup> <br>|  | 100000 | &nbsp;&nbsp; 102387 |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(d)</sup> <br>|  | 291000 | &nbsp;&nbsp; 299741 |
| Banc of America Funding Trust, | Banc of America Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A3, <br> 6.00%, 01/25/2037<br>|  | 14904 | &nbsp;&nbsp; 12966 |
| &nbsp;&nbsp;&nbsp; Series 2007-C, Class 1A4, <br> 4.38%, 05/20/2036<sup>(m)</sup> <br>|  | 3662 | &nbsp;&nbsp; 3195 |
| &nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust, <br> Series 2004-E, Class 2A6, <br> 5.70%, 06/25/2034<sup>(m)</sup> <br>|  | 9551 | &nbsp;&nbsp; 9176 |
| &nbsp;&nbsp;&nbsp; Bank, Series 2019-BNK16, Class XA, <br> IO, 1.09%, 02/15/2052<sup>(n)</sup> <br>|  | 1412773 | &nbsp;&nbsp; 34341 |
| &nbsp;&nbsp;&nbsp; Bayview MSR Opportunity Master Fund <br> Trust, | &nbsp;&nbsp;&nbsp; Bayview MSR Opportunity Master Fund <br> Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 3.00%, <br> 10/25/2051<sup>(d)(m)</sup> <br>|  | 162464 | &nbsp;&nbsp; 140200 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A4, 2.50%, <br> 10/25/2051<sup>(d)(m)</sup> <br>|  | 162464 | &nbsp;&nbsp; 134660 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A8, 2.50%, <br> 10/25/2051<sup>(d)(m)</sup> <br>|  | 141952 | &nbsp;&nbsp; 127613 |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 3.00%, <br> 11/25/2051<sup>(d)(m)</sup> <br>|  | 167925 | &nbsp;&nbsp; 145625 |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A2, 2.50%, <br> 11/25/2051<sup>(d)(m)</sup> <br>|  | 204903 | &nbsp;&nbsp; 170358 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Adjustable Rate Mortgage <br> Trust, | &nbsp;&nbsp;&nbsp; Bear Stearns Adjustable Rate Mortgage <br> Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class A1, 0.76% <br> (1 yr. U.S. Treasury Yield Curve <br> Rate + 2.30%), 10/25/2035<sup>(i)</sup> <br>|  | 63445 | &nbsp;&nbsp; 60755 |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A1, 0.65% <br> (1 yr. U.S. Treasury Yield Curve <br> Rate + 2.25%), 02/25/2036<sup>(i)</sup> <br>|  | 23086 | &nbsp;&nbsp; 22280 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, IO, <br> 0.67%, 01/15/2051<sup>(n)</sup> <br>|  | 1376427 | &nbsp;&nbsp; 13017 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, <br> 0.97%, 03/25/2060<sup>(d)(m)</sup> <br>|  | 15842 | &nbsp;&nbsp; 15491 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class A, <br> 5.11% (1 mo. Term SOFR + <br> 0.96%), 11/15/2038<sup>(d)(i)</sup> <br>|  | 85818 | &nbsp;&nbsp; 85788 |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class A, <br> 4.96% (1 mo. Term SOFR + <br> 0.81%), 09/15/2036<sup>(d)(i)</sup> <br>|  | 203454 | &nbsp;&nbsp; 202875 |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class B, <br> 5.21% (1 mo. Term SOFR + <br> 1.06%), 09/15/2036<sup>(d)(i)</sup> <br>|  | 184077 | &nbsp;&nbsp; 183565 |
| BX Trust, | BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, <br> 5.15% (1 mo. Term SOFR + <br> 1.00%), 01/15/2039<sup>(d)(i)</sup> <br>|  | 185000 | &nbsp;&nbsp; 184987 |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class B, <br> 5.45% (1 mo. Term SOFR + <br> 1.30%), 01/15/2039<sup>(d)(i)</sup> <br>|  | 110000 | &nbsp;&nbsp; 110010 |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class C, <br> 5.75% (1 mo. Term SOFR + <br> 1.60%), 01/15/2039<sup>(d)(i)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100025 |
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2017-<br> CD6, Class XA, IO, 1.06%, <br> 11/13/2050<sup>(n)</sup> <br>|  | 653096 | &nbsp;&nbsp; 8367 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust, <br> Series 2019-ATR1, Class A15, <br> 4.00%, 04/25/2049<sup>(d)(m)</sup> <br>|  | $2950 | &nbsp;&nbsp; $2818 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.85%, 01/25/2036<sup>(m)</sup> <br>|  | 27374 | &nbsp;&nbsp; 25430 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage <br> Trust, Series 2017-C4, Class XA, <br> IO, 1.12%, 10/12/2050<sup>(n)</sup> <br>|  | 1756521 | &nbsp;&nbsp; 28403 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, <br> 6.56% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.40%), <br> 10/25/2035<sup>(i)</sup> <br>|  | 50215 | &nbsp;&nbsp; 48478 |
| &nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(d)(m)</sup> <br>|  | 161894 | &nbsp;&nbsp; 134397 |
| COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.28%, <br> 12/27/2066<sup>(d)(m)</sup> <br>|  | 98837 | &nbsp;&nbsp; 89511 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 2.99%, <br> 02/25/2067<sup>(d)</sup> <br>|  | 106467 | &nbsp;&nbsp; 102099 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 3.90%, <br> 02/25/2067<sup>(d)(m)</sup> <br>|  | 175656 | &nbsp;&nbsp; 173086 |
| &nbsp;&nbsp;&nbsp; Countrywide Home Loans Mortgage <br> Pass-Through Trust, | &nbsp;&nbsp;&nbsp; Countrywide Home Loans Mortgage <br> Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-26, Class 1A8, <br> 5.50%, 11/25/2035<br>|  | 20793 | &nbsp;&nbsp; 12316 |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class A3, 6.00%, <br> 04/25/2036<br>|  | 16139 | &nbsp;&nbsp; 7583 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, <br> 0.81%, 05/25/2065<sup>(d)(m)</sup> <br>|  | 22137 | &nbsp;&nbsp; 20158 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, <br> 1.18%, 02/25/2066<sup>(d)(m)</sup> <br>|  | 33505 | &nbsp;&nbsp; 30129 |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1A, <br> 2.87%, 01/25/2067<sup>(d)(m)</sup> <br>|  | 114895 | &nbsp;&nbsp; 111845 |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1B, <br> 3.35%, 01/25/2067<sup>(d)(m)</sup> <br>|  | 100000 | &nbsp;&nbsp; 92965 |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class A1, <br> 4.55%, 05/25/2067<sup>(d)(m)</sup> <br>|  | 177553 | &nbsp;&nbsp; 177056 |
| &nbsp;&nbsp;&nbsp; Cross Mortgage Trust, <br> Series 2024-H2, Class A1, <br> 6.09%, 04/25/2069<sup>(d)</sup> <br>|  | 110758 | &nbsp;&nbsp; 112020 |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2020-C19, Class A3, <br> 2.56%, 03/15/2053<br>|  | 571000 | &nbsp;&nbsp; 518758 |
| &nbsp;&nbsp;&nbsp; CSMC Mortgage-Backed Trust, <br> Series 2006-6, Class 1A4, <br> 6.00%, 07/25/2036<br>|  | 78781 | &nbsp;&nbsp; 35709 |
| &nbsp;&nbsp;&nbsp; DLLST LLC, Series 2024-1A, <br> Class A3, 5.05%, <br> 08/20/2027<sup>(d)</sup> <br>|  | 170280 | &nbsp;&nbsp; 171071 |
| Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.01%, <br> 05/25/2065<sup>(d)(m)</sup> <br>|  | 967 | &nbsp;&nbsp; 963 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.80%, <br> 02/25/2066<sup>(d)(m)</sup> <br>|  | 23673 | &nbsp;&nbsp; 20763 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.21%, <br> 01/25/2067<sup>(d)(m)</sup> <br>|  | 98135 | &nbsp;&nbsp; 86927 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 5.00%, <br> 08/25/2067<sup>(d)</sup> <br>|  | 180531 | &nbsp;&nbsp; 180043 |
| &nbsp;&nbsp;&nbsp; Empower CLO Ltd., Series 2024-1A, <br> Class A1, 5.92% (3 mo. Term <br> SOFR + 1.60%), <br> 04/25/2037<sup>(d)(i)</sup> <br>|  | 250000 | &nbsp;&nbsp; 251029 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, <br> Series 2021-ESH, Class B, 5.64% <br> (1 mo. Term SOFR + 1.49%), <br> 07/15/2038<sup>(d)(i)</sup> <br>|  | $88544 | &nbsp;&nbsp; $88630 |
| &nbsp;&nbsp;&nbsp; First Horizon Alternative Mortgage <br> Securities Trust, Series 2005-<br> FA8, Class 1A6, 4.92% (1 mo. <br> Term SOFR + 0.76%), <br> 11/25/2035<sup>(i)</sup> <br>|  | 33246 | &nbsp;&nbsp; 12928 |
| Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-11IN, Class A6, <br> 3.70%, 11/25/2051<sup>(d)(m)</sup> <br>|  | 237224 | &nbsp;&nbsp; 212817 |
| &nbsp;&nbsp;&nbsp; Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(d)(m)</sup> <br>|  | 61594 | &nbsp;&nbsp; 55413 |
| &nbsp;&nbsp;&nbsp; Frontier Issuer LLC, Series 2023-1, <br> Class A2, 6.60%, <br> 08/20/2053<sup>(d)</sup> <br>|  | 266934 | &nbsp;&nbsp; 271214 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, <br> Series 2020-GC47, Class A5, <br> 2.38%, 05/12/2053<br>|  | 225000 | &nbsp;&nbsp; 206068 |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities <br> Trust, Series 2021-INV1, <br> Class A6, 2.50%, <br> 12/25/2051<sup>(d)(m)</sup> <br>|  | 130776 | &nbsp;&nbsp; 117104 |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 5.01%, 07/25/2035<sup>(m)</sup> <br>|  | 1422 | &nbsp;&nbsp; 1357 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III L.P., <br> Series 2021-2A, Class A, 1.68%, <br> 12/27/2027<sup>(d)</sup> <br>|  | 113000 | &nbsp;&nbsp; 110198 |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(m)</sup> <br>|  | 10069 | &nbsp;&nbsp; 10043 |
| &nbsp;&nbsp;&nbsp; Series 2021-LTV2, Class A1, <br> 2.52%, 05/25/2052<sup>(d)(m)</sup> <br>|  | 177720 | &nbsp;&nbsp; 150590 |
| &nbsp;&nbsp;&nbsp; Series 2024-VIS1, Class A1, <br> 5.99%, 07/25/2064<sup>(d)(m)</sup> <br>|  | 167574 | &nbsp;&nbsp; 169372 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities <br> Trust, | &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities <br> Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-C24, Class B, <br> 4.12%, 11/15/2047<sup>(m)</sup> <br>|  | 270000 | &nbsp;&nbsp; 248898 |
| &nbsp;&nbsp;&nbsp; Series 2014-C25, Class AS, <br> 4.07%, 11/15/2047<br>|  | 105000 | &nbsp;&nbsp; 102191 |
| &nbsp;&nbsp;&nbsp; Series 2015-C27, Class XA, IO, <br> 0.86%, 02/15/2048<sup>(n)</sup> <br>|  | 260501 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-<br> BMR, Class C, 5.36% (1 mo. Term <br> SOFR + 1.21%), <br> 03/15/2038<sup>(d)(i)</sup> <br>|  | 11214 | &nbsp;&nbsp; 11168 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XLVIII Ltd., <br> Series 2021-48A, Class A, <br> 5.74% (3 mo. Term SOFR + <br> 1.41%), 04/19/2033<sup>(d)(i)</sup> <br>|  | 556287 | &nbsp;&nbsp; 557244 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXIII Ltd., <br> Series 2019-33A, Class AR, <br> 5.61% (3 mo. Term SOFR + <br> 1.29%), 10/15/2032<sup>(d)(i)</sup> <br>|  | 248386 | &nbsp;&nbsp; 248639 |
| &nbsp;&nbsp;&nbsp; MASTR Adjustable Rate Mortgages <br> Trust, Series 2004-13, <br> Class 2A2, 6.59%, <br> 04/21/2034<sup>(m)</sup> <br>|  | 5535 | &nbsp;&nbsp; 5511 |
| &nbsp;&nbsp;&nbsp; Mello Mortgage Capital Acceptance <br> Trust, | &nbsp;&nbsp;&nbsp; Mello Mortgage Capital Acceptance <br> Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A4, <br> 2.50%, 08/25/2051<sup>(d)(m)</sup> <br>|  | 99677 | &nbsp;&nbsp; 89266 |
| &nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(d)(m)</sup> <br>|  | 100009 | &nbsp;&nbsp; 89720 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, <br> 11/25/2056<sup>(d)(m)</sup> <br>|  | $114099 | &nbsp;&nbsp; $102896 |
| MHP Commercial Mortgage Trust, | MHP Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-STOR, Class A, <br> 4.97% (1 mo. Term SOFR + <br> 0.81%), 07/15/2038<sup>(d)(i)</sup> <br>|  | 105000 | &nbsp;&nbsp; 105038 |
| &nbsp;&nbsp;&nbsp; Series 2021-STOR, Class B, <br> 5.17% (1 mo. Term SOFR + <br> 1.01%), 07/15/2038<sup>(d)(i)</sup> <br>|  | 105000 | &nbsp;&nbsp; 105045 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, <br> Series 2017-HR2, Class XA, IO, <br> 0.99%, 12/15/2050<sup>(n)</sup> <br>|  | 603000 | &nbsp;&nbsp; 9223 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Re-REMIC Trust, <br> Series 2012-R3, Class 1B, <br> 6.00%, 11/26/2036<sup>(d)(m)</sup> <br>|  | 94650 | &nbsp;&nbsp; 84448 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan <br> Trust, Series 2022-NQM2, <br> Class A1, 3.08%, <br> 03/27/2062<sup>(d)(m)</sup> <br>|  | 119614 | &nbsp;&nbsp; 113766 |
| OBX Trust, | OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A1, <br> 1.96%, 10/25/2061<sup>(d)(m)</sup> <br>|  | 152024 | &nbsp;&nbsp; 130642 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, <br> 2.31%, 11/25/2061<sup>(d)(m)</sup> <br>|  | 124950 | &nbsp;&nbsp; 113439 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1B, <br> 3.38%, 01/25/2062<sup>(d)</sup> <br>|  | 110000 | &nbsp;&nbsp; 101010 |
| &nbsp;&nbsp;&nbsp; Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, 2.50%, <br> 07/25/2051<sup>(d)(m)</sup> <br>|  | 114069 | &nbsp;&nbsp; 102806 |
| &nbsp;&nbsp;&nbsp; PRKCM Trust, Series 2023-AFC4, <br> Class A1, 7.23%, 11/25/2058<sup>(d)</sup> <br>|  | 202779 | &nbsp;&nbsp; 206258 |
| Progress Residential Trust, | Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, <br> 2.39%, 12/17/2040<sup>(d)</sup> <br>|  | 95836 | &nbsp;&nbsp; 90853 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR5, Class A, <br> 4.45%, 06/17/2039<sup>(d)</sup> <br>|  | 198095 | &nbsp;&nbsp; 198169 |
| &nbsp;&nbsp;&nbsp; Residential Accredit Loans, Inc. <br> Trust, Series 2006-QS13, <br> Class 1A8, 6.00%, 09/25/2036<br>|  | 2620 | &nbsp;&nbsp; 2103 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(d)(m)</sup> <br>|  | 2669 | &nbsp;&nbsp; 2652 |
| &nbsp;&nbsp;&nbsp; RUN Trust, Series 2022-NQM1, <br> Class A1, 4.00%, <br> 03/25/2067<sup>(d)</sup> <br>|  | 109179 | &nbsp;&nbsp; 108137 |
| SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 3.17%, <br> 03/27/2062<sup>(d)(m)</sup> <br>|  | 225607 | &nbsp;&nbsp; 212481 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A2, 3.58%, <br> 03/27/2062<sup>(d)(m)</sup> <br>|  | 99429 | &nbsp;&nbsp; 91509 |
| Sonic Capital LLC, | Sonic Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, <br> 2.19%, 08/20/2051<sup>(d)</sup> <br>|  | 96000 | &nbsp;&nbsp; 88871 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II, <br> 2.64%, 08/20/2051<sup>(d)</sup> <br>|  | 96000 | &nbsp;&nbsp; 83083 |
| &nbsp;&nbsp;&nbsp; STAR Trust, Series 2021-1, <br> Class A1, 1.22%, <br> 05/25/2065<sup>(d)(m)</sup> <br>|  | 55546 | &nbsp;&nbsp; 52270 |
| Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.28%, <br> 02/25/2050<sup>(d)(m)</sup> <br>|  | 4593 | &nbsp;&nbsp; 4403 |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.92%, <br> 11/25/2066<sup>(d)(m)</sup> <br>|  | 174674 | &nbsp;&nbsp; 154532 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.45%, <br> 12/25/2066<sup>(d)(m)</sup> <br>|  | 128404 | &nbsp;&nbsp; 116186 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Textainer Marine Containers VII Ltd., <br> Series 2021-2A, Class A, 2.23%, <br> 04/20/2046<sup>(d)</sup> <br>|  | $122867 | &nbsp;&nbsp; $115388 |
| &nbsp;&nbsp;&nbsp; Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, <br> 1.48%, 11/17/2039<sup>(d)</sup> <br>|  | 220374 | &nbsp;&nbsp; 208425 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C5, Class XA, IO, <br> 1.24%, 11/15/2050<sup>(n)</sup> <br>|  | 870312 | &nbsp;&nbsp; 14015 |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1B, <br> 0.82%, 01/25/2066<sup>(d)(m)</sup> <br>|  | 28595 | &nbsp;&nbsp; 25766 |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 1.83%, <br> 10/25/2066<sup>(d)</sup> <br>|  | 144482 | &nbsp;&nbsp; 132279 |
| &nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, <br> 0.82%, 10/25/2063<sup>(d)(m)</sup> <br>|  | 23779 | &nbsp;&nbsp; 22915 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.72%, <br> 01/25/2067<sup>(d)</sup> <br>|  | 100312 | &nbsp;&nbsp; 94132 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 4.13%, <br> 02/25/2067<sup>(d)</sup> <br>|  | 135598 | &nbsp;&nbsp; 130726 |
| &nbsp;&nbsp;&nbsp; Series 2022-INV2, Class A1, <br> 6.79%, 10/25/2067<sup>(d)</sup> <br>|  | 80642 | &nbsp;&nbsp; 80416 |
| &nbsp;&nbsp;&nbsp; Visio Trust, Series 2020-1R, <br> Class A1, 1.31%, 11/25/2055<sup>(d)</sup> <br>|  | 17801 | &nbsp;&nbsp; 17216 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Ctfs. <br> Trust, | &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Ctfs. <br> Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-AR10, Class A7, <br> 6.20%, 10/25/2033<sup>(m)</sup> <br>|  | 14808 | &nbsp;&nbsp; 14316 |
| &nbsp;&nbsp;&nbsp; Series 2005-AR14, Class 1A4, <br> 4.92%, 12/25/2035<sup>(m)</sup> <br>|  | 20797 | &nbsp;&nbsp; 19768 |
| &nbsp;&nbsp;&nbsp; Series 2005-AR16, Class 1A1, <br> 4.64%, 12/25/2035<sup>(m)</sup> <br>|  | 19061 | &nbsp;&nbsp; 17531 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, <br> Class XA, IO, 0.98%, <br> 12/15/2050<sup>(n)</sup> <br>|  | 932005 | &nbsp;&nbsp; 14839 |
| &nbsp;&nbsp;&nbsp; WF Card Issuance Trust, <br> Series 2024-A1, Class A, 4.94%, <br> 02/15/2029<br>|  | 421000 | &nbsp;&nbsp; 427269 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2013-C14, Class AS, <br> 3.49%, 06/15/2046<br>|  | 19365 | &nbsp;&nbsp; 18942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br> (Cost $13,863,734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br> (Cost $13,863,734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br> (Cost $13,863,734) | &nbsp;&nbsp; 12972872 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** |  |
| **Preferred Stocks–0.57%** | **Preferred Stocks–0.57%** | **Preferred Stocks–0.57%** | **Preferred Stocks–0.57%** |
| **Asset Management & Custody Banks–0.21%** | **Asset Management & Custody Banks–0.21%** | **Asset Management & Custody Banks–0.21%** | **Asset Management & Custody Banks–0.21%** |
| AMG Capital Trust II, 5.15%, Conv. Pfd. | AMG Capital Trust II, 5.15%, Conv. Pfd. | 44432 | &nbsp;&nbsp; 2860310 |
| **Diversified Financial Services–0.02%** | **Diversified Financial Services–0.02%** | **Diversified Financial Services–0.02%** | **Diversified Financial Services–0.02%** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(f)</sup>  | &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(f)</sup>  | 11550 | &nbsp;&nbsp; 303072 |
| **Oil & Gas Storage & Transportation–0.34%** | **Oil & Gas Storage & Transportation–0.34%** | **Oil & Gas Storage & Transportation–0.34%** | **Oil & Gas Storage & Transportation–0.34%** |
| &nbsp;&nbsp;&nbsp; El Paso Energy Capital Trust I, 4.75%, <br> Conv. Pfd. | &nbsp;&nbsp;&nbsp; El Paso Energy Capital Trust I, 4.75%, <br> Conv. Pfd. | 95499 | &nbsp;&nbsp; 4766355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $5,976,676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $5,976,676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $5,976,676) | &nbsp;&nbsp; 7929737 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.14%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.14%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.14%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.14%** |
| **Collateralized Mortgage Obligations–0.02%** | **Collateralized Mortgage Obligations–0.02%** | **Collateralized Mortgage Obligations–0.02%** | **Collateralized Mortgage Obligations–0.02%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>6.50%, 02/25/2032 to <br> 02/25/2033<sup>(n)(o)</sup> <br>|  | $50641 | &nbsp;&nbsp; $5906 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/25/2032<sup>(o)</sup> <br>|  | 1772 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/25/2033 to <br> 09/25/2035<sup>(n)(o)</sup> <br>|  | 45252 | &nbsp;&nbsp; 6385 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/25/2033 to <br> 06/25/2035<sup>(o)</sup> <br>|  | 91053 | &nbsp;&nbsp; 11883 |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>3.00%, 11/25/2027<sup>(o)</sup> <br>|  | 11782 | &nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp; 2.63% (7.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2030<sup>(i)(o)</sup> <br>|  | 9522 | &nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp; 3.43% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2031<sup>(i)(o)</sup> <br>|  | 18412 | &nbsp;&nbsp; 1591 |
| &nbsp;&nbsp;&nbsp; 3.48% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032<sup>(i)(o)</sup> <br>|  | 4166 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp; 3.63% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2032<sup>(i)(o)</sup> <br>|  | 5091 | &nbsp;&nbsp; 510 |
| &nbsp;&nbsp;&nbsp; 3.53% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032 to <br> 12/25/2032<sup>(i)(o)</sup> <br>|  | 58526 | &nbsp;&nbsp; 6262 |
| &nbsp;&nbsp;&nbsp; 3.60% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(i)(o)</sup> <br>|  | 3832 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; 3.78% (8.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2033 to <br> 05/25/2033<sup>(i)(o)</sup> <br>|  | 27514 | &nbsp;&nbsp; 4062 |
| &nbsp;&nbsp;&nbsp; 3.08% (7.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2033<sup>(i)(o)</sup> <br>|  | 3816 | &nbsp;&nbsp; 440 |
| &nbsp;&nbsp;&nbsp; 1.58% (6.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 to <br> 07/25/2038<sup>(i)(o)</sup> <br>|  | 15429 | &nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp; 2.28% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035<sup>(i)(o)</sup> <br>|  | 1598 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; 2.13% (6.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(i)(o)</sup> <br>|  | 90725 | &nbsp;&nbsp; 4360 |
| &nbsp;&nbsp;&nbsp; 2.23% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(i)(o)</sup> <br>|  | 36638 | &nbsp;&nbsp; 3186 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/25/2035<sup>(o)</sup> <br>|  | 128830 | &nbsp;&nbsp; 13075 |
| &nbsp;&nbsp;&nbsp; 1.63% (6.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2035<sup>(i)(o)</sup> <br>|  | 12170 | &nbsp;&nbsp; 1203 |
| &nbsp;&nbsp;&nbsp; 2.07% (6.54% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2037<sup>(i)(o)</sup> <br>|  | 22247 | &nbsp;&nbsp; 1809 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/25/2041 to <br> 08/25/2047<sup>(o)</sup> <br>|  | 56136 | &nbsp;&nbsp; 7261 |
| &nbsp;&nbsp;&nbsp; 2.08% (6.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2041<sup>(i)(o)</sup> <br>|  | 23359 | &nbsp;&nbsp; 2007 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| &nbsp;&nbsp;&nbsp; 1.68% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/25/2042<sup>(i)(o)</sup> <br>|  | $96708 | &nbsp;&nbsp; $11983 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/25/2046<sup>(o)</sup> <br>|  | 36733 | &nbsp;&nbsp; 4796 |
| &nbsp;&nbsp;&nbsp; 1.43% (5.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/25/2047<sup>(i)(o)</sup> <br>|  | 265002 | &nbsp;&nbsp; 27500 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/25/2028 |  | 4678 | &nbsp;&nbsp; 4758 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/25/2035 |  | 53186 | &nbsp;&nbsp; 54889 |
| &nbsp;&nbsp;&nbsp; 4.72% (30 Day Average SOFR + <br> 0.36%), 08/25/2035<sup>(i)</sup> <br>|  | 4805 | &nbsp;&nbsp; 4768 |
| &nbsp;&nbsp;&nbsp; 8.17% (24.57% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 03/25/2036<sup>(i)</sup> <br>|  | 15021 | &nbsp;&nbsp; 17906 |
| &nbsp;&nbsp;&nbsp; 7.81% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(i)</sup> <br>|  | 1393 | &nbsp;&nbsp; 1661 |
| &nbsp;&nbsp;&nbsp; 7.81% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(i)</sup> <br>|  | 7455 | &nbsp;&nbsp; 8243 |
| &nbsp;&nbsp;&nbsp; 5.41% (30 Day Average SOFR + <br> 1.05%), 06/25/2037<sup>(i)</sup> <br>|  | 7658 | &nbsp;&nbsp; 7739 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/25/2041 |  | 5010 | &nbsp;&nbsp; 4811 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| &nbsp;&nbsp;&nbsp; Series K734, Class X1, IO, <br>0.78%, 02/25/2026<sup>(n)</sup> <br>|  | 1249570 | &nbsp;&nbsp; 1174 |
| &nbsp;&nbsp;&nbsp; Series K735, Class X1, IO, <br>1.10%, 05/25/2026<sup>(n)</sup> <br>|  | 1918685 | &nbsp;&nbsp; 7128 |
| &nbsp;&nbsp;&nbsp; Series K093, Class X1, IO, <br>1.08%, 05/25/2029<sup>(n)</sup> <br>|  | 1514530 | &nbsp;&nbsp; 43266 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>3.16% (7.65% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/15/2026 to <br> 03/15/2029<sup>(i)(o)</sup> <br>|  | 5308 | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/2027 to <br> 12/15/2027<sup>(o)</sup> <br>|  | 38700 | &nbsp;&nbsp; 656 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/2028<sup>(o)</sup> <br>|  | 11516 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; 2.21% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2035<sup>(i)(o)</sup> <br>|  | 76215 | &nbsp;&nbsp; 4939 |
| &nbsp;&nbsp;&nbsp; 2.26% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2035<sup>(i)(o)</sup> <br>|  | 3970 | &nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp; 2.23% (6.72% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2035<sup>(i)(o)</sup> <br>|  | 20767 | &nbsp;&nbsp; 1323 |
| &nbsp;&nbsp;&nbsp; 2.51% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2037<sup>(i)(o)</sup> <br>|  | 4448 | &nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; 1.51% (6.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2038<sup>(i)(o)</sup> <br>|  | 3086 | &nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp; 1.58% (6.07% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2038<sup>(i)(o)</sup> <br>|  | 16726 | &nbsp;&nbsp; 1391 |
| &nbsp;&nbsp;&nbsp; 1.76% (6.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2039<sup>(i)(o)</sup> <br>|  | 7278 | &nbsp;&nbsp; 690 |
| &nbsp;&nbsp;&nbsp; 1.61% (6.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2044<sup>(i)(o)</sup> <br>|  | 36084 | &nbsp;&nbsp; 3735 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/2032 to <br> 06/15/2032<br>|  | $23420 | &nbsp;&nbsp; $24448 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/15/2032 |  | 4948 | &nbsp;&nbsp; 4866 |
| &nbsp;&nbsp;&nbsp; 8.30% (24.75% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 08/15/2035<sup>(i)</sup> <br>|  | 2853 | &nbsp;&nbsp; 3394 |
| &nbsp;&nbsp;&nbsp; 4.89% (30 Day Average SOFR + <br> 0.51%), 09/15/2035<sup>(i)</sup> <br>|  | 14239 | &nbsp;&nbsp; 14148 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>7.00%, 04/01/2027<sup>(o)</sup> <br>|  | 2807 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/15/2027<sup>(o)</sup> <br>|  | 13884 | &nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/15/2027<sup>(n)</sup> <br>|  | 4125 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/2028<sup>(o)</sup> <br>|  | 1061 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/15/2032<sup>(o)</sup> <br>|  | 6945 | &nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp; PO, <br>0.00%, 06/01/2026<sup>(e)</sup> <br>|  | 218 | &nbsp;&nbsp; 216 |
|  |  |  | &nbsp;&nbsp; 335763 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–0.09%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.09%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.09%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.09%** |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2028 to <br> 04/01/2034<br>|  | 4274 | &nbsp;&nbsp; 4421 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2031 |  | 682000 | &nbsp;&nbsp; 779901 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/2031 to <br> 10/01/2037<br>|  | 12307 | &nbsp;&nbsp; 12871 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 |  | 264 | &nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2037 to <br> 06/01/2053<br>|  | 376118 | &nbsp;&nbsp; 383341 |
|  |  |  | &nbsp;&nbsp; 1180799 |
| **Federal National Mortgage Association (FNMA)–0.03%** | **Federal National Mortgage Association (FNMA)–0.03%** | **Federal National Mortgage Association (FNMA)–0.03%** | **Federal National Mortgage Association (FNMA)–0.03%** |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/2033 |  | 7488 | &nbsp;&nbsp; 7702 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2037 |  | 24193 | &nbsp;&nbsp; 25507 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2052 |  | 465692 | &nbsp;&nbsp; 443722 |
|  |  |  | &nbsp;&nbsp; 476931 |
| **Government National Mortgage Association (GNMA)–0.00%** | **Government National Mortgage Association (GNMA)–0.00%** | **Government National Mortgage Association (GNMA)–0.00%** | **Government National Mortgage Association (GNMA)–0.00%** |
| &nbsp;&nbsp;&nbsp; IO, <br>2.29% (6.55% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2037<sup>(i)(o)</sup> <br>|  | 64659 | &nbsp;&nbsp; 3620 |
| &nbsp;&nbsp;&nbsp; 2.39% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(i)(o)</sup> <br>|  | 26162 | &nbsp;&nbsp; 1784 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/16/2047<sup>(o)</sup> <br>|  | 102414 | &nbsp;&nbsp; 18641 |
| &nbsp;&nbsp;&nbsp; 1.94% (6.20% - (1 mo. Term <br> SOFR + 0.11%)), <br> 10/16/2047<sup>(i)(o)</sup> <br>|  | 95110 | &nbsp;&nbsp; 12299 |
|  |  |  | &nbsp;&nbsp; 36344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $2,623,659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $2,623,659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $2,623,659) | &nbsp;&nbsp; 2029837 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agency Credit Risk Transfer Notes–0.01%** | **Agency Credit Risk Transfer Notes–0.01%** | **Agency Credit Risk Transfer Notes–0.01%** | **Agency Credit Risk Transfer Notes–0.01%** |
| &nbsp;&nbsp;&nbsp; Fannie Mae Connecticut Avenue <br> Securities, Series 2023-R02, <br> Class 1M1, 6.66% (30 Day <br> Average SOFR + 2.30%), <br> 01/25/2043<sup>(d)(i)</sup> <br>|  | $52383 | &nbsp;&nbsp; $53359 |
| Freddie Mac, | Freddie Mac, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1, <br> STACR<sup>®</sup>, 6.51% (30 Day Average <br> SOFR + 2.15%), <br> 09/25/2042<sup>(d)(i)</sup> <br>|  | 25147 | &nbsp;&nbsp; 25292 |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 6.45% (30 Day Average <br> SOFR + 2.10%), <br> 03/25/2043<sup>(d)(i)</sup> <br>|  | 38447 | &nbsp;&nbsp; 39008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $115,977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $115,977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $115,977) | &nbsp;&nbsp; 117659 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** |  |
| **Money Market Funds–4.16%** | **Money Market Funds–4.16%** | **Money Market Funds–4.16%** | **Money Market Funds–4.16%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.05%<sup>(p)(q)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.05%<sup>(p)(q)</sup>  | 20380130 | &nbsp;&nbsp; 20380130 |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class, 3.99%<sup>(p)(q)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class, 3.99%<sup>(p)(q)</sup>  | 37849400 | &nbsp;&nbsp; 37849400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $58,229,530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $58,229,530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $58,229,530) | &nbsp;&nbsp; 58229530 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.74% <br> (Cost $1,100,713,370)<br>|  |  | &nbsp;&nbsp; 1396794578 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.00%** | **Money Market Funds–2.00%** | **Money Market Funds–2.00%** | **Money Market Funds–2.00%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.14%<sup>(p)(q)(r)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.14%<sup>(p)(q)(r)</sup>  | 7782798 | &nbsp;&nbsp; 7782798 |
| &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 4.26%<sup>(p)(q)(r)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 4.26%<sup>(p)(q)(r)</sup>  | 20208545 | &nbsp;&nbsp; 20214607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $27,997,869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $27,997,869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $27,997,869) | &nbsp;&nbsp; 27997405 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES–101.74% <br> (Cost $1,128,711,239) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES–101.74% <br> (Cost $1,128,711,239) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES–101.74% <br> (Cost $1,128,711,239) | &nbsp;&nbsp; 1424791983 |
| OTHER ASSETS LESS LIABILITIES—(1.74)% | OTHER ASSETS LESS LIABILITIES—(1.74)% | OTHER ASSETS LESS LIABILITIES—(1.74)% | &nbsp;&nbsp; (24309709)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1400482274 |

---

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| Conv. | – Convertible |
| Ctfs. | – Certificates |
| IO | – Interest Only |
| Pfd. | – Preferred |
| PO | – Principal Only |
| REIT | – Real Estate Investment Trust |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at September 30, 2025.

<sup>(d)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at September 30, 2025 was $97,627,865, which represented 6.97% of the Fund's Net Assets. 

<sup>(e)</sup> Zero coupon bond issued at a discount.

<sup>(f)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(g)</sup> Perpetual bond with no specified maturity date.

<sup>(h)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(i)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on September 30, 2025.

<sup>(j)</sup> Security valued using significant unobservable inputs (Level 3). See Note 1.

<sup>(k)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. 

<sup>(l)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(m)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on September 30, 2025. 

<sup>(n)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on September 30, 2025. 

<sup>(o)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(p)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the nine months ended September 30, 2025. 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**September 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $22398474 | &nbsp;&nbsp; $88194897 | &nbsp;&nbsp; $(90213241) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $20380130 | &nbsp;&nbsp; $655526 |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; 41597754 | &nbsp;&nbsp; 163790523 | &nbsp;&nbsp; (167538877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; 37849400 | &nbsp;&nbsp; 1208133 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | &nbsp;&nbsp;&nbsp; 4850356 | &nbsp;&nbsp; 214761790 | &nbsp;&nbsp; (211829348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7782798 | &nbsp;&nbsp;&nbsp; 349,056\* |
| Invesco Private Prime Fund | &nbsp;&nbsp; 20683684 | &nbsp;&nbsp; 434914865 | &nbsp;&nbsp; (435381566) | &nbsp;&nbsp; (464) | &nbsp;&nbsp; (1912) | &nbsp;&nbsp; 20214607 | &nbsp;&nbsp;&nbsp; 951,857\* |
| Total | $89530268 | &nbsp;&nbsp; $901662075 | &nbsp;&nbsp; $(904963032) | &nbsp;&nbsp; $(464) | &nbsp;&nbsp; $(1912) | &nbsp;&nbsp; $86226935 | &nbsp;&nbsp; $3164572 |

---

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

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

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

<sup>(q)</sup> The rate shown is the 7-day SEC standardized yield as of September 30, 2025. <br> <sup>(r)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 7 | December-2025 | &nbsp;&nbsp;&nbsp; $(764367)<br>| &nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp; $44 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 4 | December-2025 | &nbsp;&nbsp;&nbsp; (480250)<br>| &nbsp;&nbsp;&nbsp; (11320)<br>| &nbsp;&nbsp;&nbsp; (11320)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(11276)<br>| &nbsp;&nbsp;&nbsp; $(11276)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 10/08/2025 | Bank of New York Mellon (The) | CAD | 7986395 | USD | 5797637 | &nbsp;&nbsp;&nbsp; $57113 |
| 10/08/2025 | State Street Bank & Trust Co. | CAD | 711826 | USD | 515207 | &nbsp;&nbsp;&nbsp; 3555 |
| 10/08/2025 | State Street Bank & Trust Co. | GBP | 90422 | USD | 122375 | &nbsp;&nbsp;&nbsp; 762 |
| 10/08/2025 | State Street Bank & Trust Co. | USD | 983991 | EUR | 838748 | &nbsp;&nbsp;&nbsp; 1104 |
| 10/08/2025 | State Street Bank & Trust Co. | USD | 119853 | GBP | 89200 | &nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 62650 |
| **Currency Risk** |  |  |  |  |  |  |
| 10/08/2025 | Bank of New York Mellon (The) | EUR | 7763236 | USD | 9073033 | &nbsp;&nbsp;&nbsp; (44759)<br>|
| 10/08/2025 | Bank of New York Mellon (The) | GBP | 6578831 | USD | 8844107 | &nbsp;&nbsp;&nbsp; (4081)<br>|
| 10/08/2025 | State Street Bank & Trust Co. | CAD | 142364 | USD | 102194 | &nbsp;&nbsp;&nbsp; (135)<br>|
| 10/08/2025 | State Street Bank & Trust Co. | EUR | 296999 | USD | 347436 | &nbsp;&nbsp;&nbsp; (1384)<br>|
| 10/08/2025 | State Street Bank & Trust Co. | GBP | 355579 | USD | 476704 | &nbsp;&nbsp;&nbsp; (1532)<br>|
| 10/08/2025 | State Street Bank & Trust Co. | USD | 491715 | CAD | 679723 | &nbsp;&nbsp;&nbsp; (3139)<br>|
| 10/08/2025 | State Street Bank & Trust Co. | USD | 137225 | EUR | 115500 | &nbsp;&nbsp;&nbsp; (1573)<br>|
| 10/08/2025 | State Street Bank & Trust Co. | USD | 470377 | GBP | 347026 | &nbsp;&nbsp;&nbsp; (3644)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (60247)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $2403 |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CAD | – Canadian Dollar |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – U.S. Dollar |

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

**Invesco V.I. Equity and Income Fund**

------

**Notes to Quarterly Schedule of Portfolio Holdings**

*September 30, 2025*

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.'s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of September 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $859267233 | &nbsp;&nbsp;&nbsp;&nbsp; $23187160 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $882454393 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 321857912 | &nbsp;&nbsp;&nbsp;&nbsp; 459627 | &nbsp;&nbsp;&nbsp;&nbsp; 322317539 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110743011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110743011 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12972872 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12972872 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 5069427 | &nbsp;&nbsp;&nbsp;&nbsp; 2860310 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7929737 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2029837 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2029837 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117659 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117659 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 58229530 | &nbsp;&nbsp;&nbsp;&nbsp; 27997405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86226935 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 922566190 | &nbsp;&nbsp;&nbsp;&nbsp; 501766166 | &nbsp;&nbsp;&nbsp;&nbsp; 459627 | &nbsp;&nbsp;&nbsp;&nbsp; 1424791983 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 62650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62694 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (11320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11320)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (60247)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (60247)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (11320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60247)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (71567)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (11276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2403 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8873)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $922554914 | &nbsp;&nbsp;&nbsp;&nbsp; $501768569 | &nbsp;&nbsp;&nbsp;&nbsp; $459627 | &nbsp;&nbsp;&nbsp;&nbsp; $1424783110 |

---

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

\* Unrealized appreciation (depreciation).

**Invesco V.I. Equity and Income Fund**

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

- **b. Investment Company Act file number:** 811-07452

- **c. CIK number of Registrant:** 0000896435

- **d. LEI of Registrant:** FC4UULIMJMGKBDUARB13

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

  - **Street Address 1:** 11 Greenway Plaza

  - **City:** Houston

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 77046-1173

  - **Telephone number:** 800-959-4246

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

- **a. Name of Series:** Invesco V.I. Equity and Income Fund

- **b. EDGAR series identifier (if any):** S000027873

- **c. LEI of Series:** 549300OMRSAT1M3Z5487

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1430145066.56

**Total Liabilities:** $28961833.78

**Net Assets:** $1401183232.78

**Cash Not Reported:** $196646.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1143.51151811 | **1-Year:** -12487.86644550 | **5-Year:** -34916.10777007 | **10-Year:** -42725.27980705 | **30-Year:** -21817.53245826

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

- **3-Month:** -881.22144722 | **1-Year:** -5920.35977567 | **5-Year:** -13358.82819170 | **10-Year:** -1491.95785046 | **30-Year:** -1.32654985

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000084643 | 0.82%                | 1.68%                | 1.01%                |
| Class ID C000084644 | 0.82%                | 1.64%                | 0.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $410153.66               | $8514610.82                                |
| Month 2  | $2880124.66              | $17866910.16                               |
| Month 3  | $10681781.30             | $739950.14                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Electric Power Co., Inc.                                                   | American Electric Power Co., Inc.                                                   | CUSIP: 025537AY7<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     37000 | PA      | $38165.46     | 0.00%             | 2029-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                  | Altria Group, Inc.                                                                  | CUSIP: 02209SBE2<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1124000 | PA      | $1166222.96   | 0.08%             | 2039-02-14      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| GS Finance Corp.                                                                    | GS Finance Corp., Series 0003, Conv.                                                | CUSIP: 36255HBY3<br>LEI: 549300FR80KBVO6DRL61 | Long             | DBT              | CORP              | US        |   5859000 | PA      | $8935161.32   | 0.64%             | 2028-04-11      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management, Inc.                                                      | Apollo Global Management, Inc.                                                      | CUSIP: 03769MAA4<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |     43000 | PA      | $47493.60     | 0.00%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                       | NiSource Inc.                                                                       | CUSIP: 65473PAN5<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4106.44      | 0.00%             | 2028-03-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                   | CUSIP: 532457CM8<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     53000 | PA      | $50183.27     | 0.00%             | 2054-02-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                               | CUSIP: 539830CE7<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    525000 | PA      | $495972.51    | 0.04%             | 2064-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                                           | Bank of Nova Scotia (The)                                                           | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    246000 | PA      | $261772.78    | 0.02%             | 2082-10-27      | Variable      | 8.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                      | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28665.09     | 0.00%             | 2029-04-20      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PAA4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    489000 | PA      | $420899.14    | 0.03%             | 2048-02-22      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31392BJ98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      5091 | PA      | $510.23       | 0.00%             | 2032-03-25      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L.P./ PAA Finance Corp.                                | Plains All American Pipeline L.P./ PAA Finance Corp.                                | CUSIP: 72650RBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    271000 | PA      | $274545.05    | 0.02%             | 2036-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Gulfstream Natural Gas System, L.L.C.                                               | Gulfstream Natural Gas System, L.L.C.                                               | CUSIP: 402740AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    336000 | PA      | $344455.64    | 0.02%             | 2035-07-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                      | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5243.95      | 0.00%             | 2038-01-19      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                                             | Mello Mortgage Capital Acceptance Trust, Series 2021-INV2, Class A4                 | CUSIP: 58549XAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99677 | PA      | $89265.94     | 0.01%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                        | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    773000 | PA      | $774191.12    | 0.06%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Manufacturers and Traders Trust Co.                                                 | Manufacturers and Traders Trust Co.                                                 | CUSIP: 55279HAT7<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |    359000 | PA      | $359222.72    | 0.03%             | 2025-11-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage L.P.                                                            | Extra Space Storage L.P.                                                            | CUSIP: 30225VAL1<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    404000 | PA      | $402216.55    | 0.03%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                              | Truist Financial Corp.                                                              | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19223.26     | 0.00%             | 2027-06-08      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                         | Kenvue Inc.                                                                         | CUSIP: 49177JAH5<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11303.81     | 0.00%             | 2030-03-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                                             | Mercedes-Benz Finance North America LLC                                             | CUSIP: 58769JAP2<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    523000 | PA      | $523853.16    | 0.04%             | 2026-01-09      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                                 | New Residential Mortgage Loan Trust, Series 2022-NQM2, Class A1                     | CUSIP: 64831MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    119613 | PA      | $113766.38    | 0.01%             | 2062-03-27      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                                     | BAE Systems PLC                                                                     | CUSIP: 05523RAM9<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    298000 | PA      | $302760.28    | 0.02%             | 2054-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Mello Mortgage Capital Acceptance Trust                                             | Mello Mortgage Capital Acceptance Trust, Series 2021-INV3, Class A4                 | CUSIP: 585491AF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100009 | PA      | $89719.86     | 0.01%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Medtronic PLC                                                                       | Medtronic PLC                                                                       | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    149384 | NS      | $14227332.16  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Mortgage Residential Trust                                                 | Starwood Mortgage Residential Trust, Series 2020-1, Class A1                        | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4593 | PA      | $4402.51      | 0.00%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                                  | Ellington Financial Mortgage Trust, Series 2022-1, Class A1                         | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     98135 | PA      | $86927.01     | 0.01%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                                             | Mercedes-Benz Finance North America LLC                                             | CUSIP: 58769JAR8<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    119000 | PA      | $121146.86    | 0.01%             | 2029-01-11      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                        | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11102.83     | 0.00%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                              | Truist Financial Corp.                                                              | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15897.81     | 0.00%             | 2034-06-08      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Banco Santander S.A.                                                                | Banco Santander S.A.                                                                | CUSIP: 05964HBA2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $203659.10    | 0.01%             | 2028-03-14      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| New York Life Global Funding                                                        | New York Life Global Funding                                                        | CUSIP: 64952WEZ2<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9992.94      | 0.00%             | 2033-01-28      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 3136B1BQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       424 | PA      | $0.78         | 0.00%             | 2044-12-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Agree L.P.                                                                          | Agree L.P.                                                                          | CUSIP: 008513AB9<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2831.40      | 0.00%             | 2028-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                                                         | ONEOK, Inc.                                                                         | CUSIP: 682680BL6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     23000 | PA      | $24397.47     | 0.00%             | 2033-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                                        | Nasdaq, Inc.                                                                        | CUSIP: 63111XAK7<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |    169000 | PA      | $177093.14    | 0.01%             | 2053-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FAJF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1772 | PA      | $241.75       | 0.00%             | 2032-04-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                                     | WFRBS Commercial Mortgage Trust, Series 2013-C14, Class AS                          | CUSIP: 92890PAG9<br>LEI: 549300GADFYEKC4OLM57 | Long             | ABS-MBS          | CORP              | US        |     19365 | PA      | $18941.82     | 0.00%             | 2046-06-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The)                                                 | CUSIP: 06406RBW6<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26812.98     | 0.00%             | 2035-03-14      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| Northern Trust Corp.                                                                | Northern Trust Corp.                                                                | CUSIP: 665859AX2<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3281.28      | 0.00%             | 2032-11-02      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                      | CUSIP: 74340XCJ8<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    129000 | PA      | $131156.84    | 0.01%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                                                 | Union Pacific Corp.                                                                 | CUSIP: 907818GB8<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5033.00      | 0.00%             | 2033-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AS Mileage Plan IP Ltd.                                                             | AS Mileage Plan IP Ltd.                                                             | CUSIP: 00218QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    247000 | PA      | $247239.03    | 0.02%             | 2029-10-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                           | CUSIP: 75513ECU3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     28000 | PA      | $29368.58     | 0.00%             | 2029-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 3137B26D7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     11516 | PA      | $251.16       | 0.00%             | 2028-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Manufacturers and Traders Trust Co.                                                 | Manufacturers and Traders Trust Co.                                                 | CUSIP: 55279HAW0<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |    189000 | PA      | $191557.78    | 0.01%             | 2028-01-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 31394YF74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       986 | PA      | $7.61         | 0.00%             | 2026-07-15      | Floating      | 3.16%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                 | CUSIP: 316773DG2<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4045.97      | 0.00%             | 2030-07-28      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                                        | American Honda Finance Corp.                                                        | CUSIP: 02665WEY3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    207000 | PA      | $207412.43    | 0.01%             | 2026-01-09      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                                                         | ONEOK, Inc.                                                                         | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     23000 | PA      | $24245.10     | 0.00%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                                                                  | Smith & Nephew PLC                                                                  | CUSIP: 83192PAC2<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |     52000 | PA      | $52726.61     | 0.00%             | 2027-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                                                       | Chevron Corp.                                                                       | CUSIP: 166764BL3<br>LEI: LJOF0JWZSCIUPEC3LQ45 | Long             | DBT              | CORP              | US        |    952000 | PA      | $946190.32    | 0.07%             | 2026-05-16      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                            | CUSIP: 693475BM6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3062.02      | 0.00%             | 2034-01-24      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance LLC                                                                | Bayer US Finance LLC                                                                | CUSIP: 07274EAJ2<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    200000 | PA      | $210396.84    | 0.02%             | 2029-01-21      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Veralto Corp.                                                                       | Veralto Corp.                                                                       | CUSIP: 92338CAD5<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |     37000 | PA      | $38201.08     | 0.00%             | 2028-09-18      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                 | Kinder Morgan, Inc.                                                                 | CUSIP: 49456BAV3<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3001.30      | 0.00%             | 2033-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-4081.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-42.42       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Principal Life Global Funding II                                                    | Principal Life Global Funding II                                                    | CUSIP: 74256LEX3<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46540.70     | 0.00%             | 2027-01-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FCQE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      5123 | PA      | $694.17       | 0.00%             | 2035-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | Avolon Holdings Funding Ltd.                                                        | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    114000 | PA      | $118084.56    | 0.01%             | 2029-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                                     | BAE Systems PLC                                                                     | CUSIP: 05523RAL1<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $207328.46    | 0.01%             | 2034-03-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Willis Towers Watson PLC                                                            | Willis Towers Watson PLC                                                            | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |     50028 | NS      | $17282172.60  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone, Inc.                                                                      | AutoZone, Inc.                                                                      | CUSIP: 053332BE1<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17131.72     | 0.00%             | 2026-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                    | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    187103 | NS      | $14105695.17  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware LLC                                                                          | VMware LLC                                                                          | CUSIP: 928563AC9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1993.09      | 0.00%             | 2027-08-21      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                         | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    123000 | PA      | $126612.31    | 0.01%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                  | CUSIP: 31393VKX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      4948 | PA      | $4865.75      | 0.00%             | 2032-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                      | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    105000 | PA      | $109970.81    | 0.01%             | 2039-02-07      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Trust                                                       | Banc of America Funding Trust, Series 2007-1, Class 1A3                             | CUSIP: 05951FBD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14904 | PA      | $12965.68     | 0.00%             | 2037-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                                   | Duke Energy Corp.                                                                   | CUSIP: 26441CBP9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2902.55      | 0.00%             | 2082-01-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                    | CUSIP: 31283HB20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1458 | PA      | $1510.19      | 0.00%             | 2028-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                                               | Gilead Sciences, Inc.                                                               | CUSIP: 375558CA9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11111.47     | 0.00%             | 2053-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Duke Energy Indiana, LLC                                                            | Duke Energy Indiana, LLC                                                            | CUSIP: 26443TAD8<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4902.98      | 0.00%             | 2053-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                                                        | Fiserv, Inc.                                                                        | CUSIP: 337738BP2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    371000 | PA      | $372540.36    | 0.03%             | 2031-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                                   | Duke Energy Corp.                                                                   | CUSIP: 26441CBV6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3003.05      | 0.00%             | 2025-12-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The)                                                 | CUSIP: 06406RBV8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35972.46     | 0.00%             | 2030-03-14      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Markel Group Inc.                                                                   | Markel Group Inc.                                                                   | CUSIP: 570535AT1<br>LEI: 549300SCNO12JLWIK605 | Long             | DBT              | CORP              | US        |    497000 | PA      | $449692.19    | 0.03%             | 2049-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| J. M. Smucker Co. (The)                                                             | J. M. Smucker Co. (The)                                                             | CUSIP: 832696AX6<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |     15000 | PA      | $16299.41     | 0.00%             | 2033-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                      | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    590000 | PA      | $601855.51    | 0.04%             | 2029-04-12      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, IO                                        | CUSIP: 38380HQY1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |     95110 | PA      | $12298.78     | 0.00%             | 2047-10-16      | Floating      | 1.94%                 | No            |                  2 | On Loan: No      |
| Electricite de France                                                               | Electricite de France                                                               | CUSIP: 268317AK0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    846000 | PA      | $754757.23    | 0.05%             | 2044-01-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                     | CUSIP: 38141GXX7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12016.00     | 0.00%             | 2027-03-09      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Workday, Inc.                                                                       | Workday, Inc.                                                                       | CUSIP: 98138HAH4<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2956.11      | 0.00%             | 2029-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                     | Danske Bank A/S                                                                     | CUSIP: 23636ABB6<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    200000 | PA      | $194940.67    | 0.01%             | 2027-09-10      | Variable      | 1.55%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                 | Cisco Systems, Inc.                                                                 | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    149557 | NS      | $10232689.94  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                                                                 | Union Pacific Corp.                                                                 | CUSIP: 907818GD4<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6577.78      | 0.00%             | 2063-01-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                               | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    272000 | PA      | $283633.10    | 0.02%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                           | Toyota Motor Credit Corp.                                                           | CUSIP: 89236TMJ1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   2020000 | PA      | $2031386.24   | 0.14%             | 2026-08-07      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                               | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K093, Class X1, IO    | CUSIP: 3137FMCT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   1514530 | PA      | $43266.33     | 0.00%             | 2029-05-25      | Variable      | 1.08%                 | No            |                  2 | On Loan: No      |
| Walmart Inc.                                                                        | Walmart Inc.                                                                        | CUSIP: 931142FE8<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     21000 | PA      | $18826.46     | 0.00%             | 2053-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                           | OBX Trust, Series 2021-NQM4, Class A1                                               | CUSIP: 67115DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    152024 | PA      | $130641.53    | 0.01%             | 2061-10-25      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                         | Capital One Financial Corp.                                                         | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     26000 | PA      | $29413.33     | 0.00%             | 2031-10-30      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp.                                  | CUSIP: 63743HFP2<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     69000 | PA      | $71128.11     | 0.01%             | 2031-02-07      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                         | CUSIP: 00287YDA4<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    264000 | PA      | $249282.37    | 0.02%             | 2044-06-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24604.45     | 0.00%             | 2029-04-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2022-1, Class A1                                 | CUSIP: 92538WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100312 | PA      | $94132.51     | 0.01%             | 2067-01-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                   | CUSIP: 31359UT21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      4678 | PA      | $4757.50      | 0.00%             | 2028-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                         | Kenvue Inc.                                                                         | CUSIP: 49177JAF9<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3065.88      | 0.00%             | 2028-03-22      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| American National Group Inc.                                                        | American National Group Inc.                                                        | CUSIP: 025676AM9<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    857000 | PA      | $864527.85    | 0.06%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gray Oak Pipeline, LLC                                                              | Gray Oak Pipeline, LLC                                                              | CUSIP: 38937LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4000 | PA      | $3996.22      | 0.00%             | 2025-10-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                      | CUSIP: 74340XCH2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11304.20     | 0.00%             | 2034-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp.                                                              | Norfolk Southern Corp.                                                              | CUSIP: 655844CR7<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11411.54     | 0.00%             | 2030-08-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Snap Inc.                                                                           | Snap Inc., Conv.                                                                    | CUSIP: 83304AAK2<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   3966000 | PA      | $3410760.00   | 0.24%             | 2030-05-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                                  | General Motors Financial Co., Inc.                                                  | CUSIP: 37045XDZ6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5001.87      | 0.00%             | 2025-10-10      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The)                                                 | CUSIP: 06406RBP1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5026.77      | 0.00%             | 2034-02-01      | Variable      | 4.71%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                               | CUSIP: 350930AJ2<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    918000 | PA      | $980405.92    | 0.07%             | 2037-01-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Dropbox, Inc.                                                                       | Dropbox, Inc., Conv.                                                                | CUSIP: 26210CAC8<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |   5636000 | PA      | $5573705.18   | 0.40%             | 2026-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                               | CUSIP: 539830BH1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |   1355000 | PA      | $1352274.38   | 0.10%             | 2026-01-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                     | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    624000 | PA      | $628450.56    | 0.04%             | 2035-10-23      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                      | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29914.77     | 0.00%             | 2034-04-21      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| MPLX L.P.                                                                           | MPLX L.P.                                                                           | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    990000 | PA      | $979748.34    | 0.07%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | U.S. Treasury 5 Year Notes Future                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        -7 | NC      | $44.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| A.P. Moller - Maersk A/S                                                            | A.P. Moller - Maersk A/S                                                            | CUSIP: 00203QAF4<br>LEI: 549300D2K6PKKKXVNN73 | Long             | DBT              | CORP              | DK        |     19000 | PA      | $20175.76     | 0.00%             | 2033-09-14      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EOG Resources, Inc.                                                                 | EOG Resources, Inc.                                                                 | CUSIP: 26875PAX9<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252374.60    | 0.02%             | 2028-07-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Bayview MSR Opportunity Master Fund Trust                                           | Bayview MSR Opportunity Master Fund Trust, Series 2021-4, Class A4                  | CUSIP: 07336GAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    162464 | PA      | $134659.77    | 0.01%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                      | CUSIP: 172967HA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    741000 | PA      | $838775.85    | 0.06%             | 2043-09-13      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                      | ING Groep N.V.                                                                      | CUSIP: 456837BM4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    234000 | PA      | $243203.82    | 0.02%             | 2035-03-19      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| DLLST LLC                                                                           | DLLST LLC, Series 2024-1A, Class A3                                                 | CUSIP: 23346HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    170280 | PA      | $171071.42    | 0.01%             | 2027-08-20      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                                                       | Chevron Corp.                                                                       | CUSIP: 166764100<br>LEI: LJOF0JWZSCIUPEC3LQ45 | Long             | EC               | CORP              | US        |     80428 | NS      | $12489664.12  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 3133TJPC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      4322 | PA      | $173.37       | 0.00%             | 2029-03-15      | Floating      | 3.16%                 | No            |                  2 | On Loan: No      |
| JBT Marel Corp.                                                                     | JBT Marel Corp., Conv.                                                              | CUSIP: 477839AD6<br>LEI: 5493007CT6ATBZ2L6826 | Long             | DBT              | CORP              | US        |   1003000 | PA      | $976922.00    | 0.07%             | 2030-09-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding XXXIII Ltd.                                                    | Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR                         | CUSIP: 55819JAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    248386 | PA      | $248638.53    | 0.02%             | 2032-10-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                   | CUSIP: 532457CL0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    170000 | PA      | $171961.17    | 0.01%             | 2034-02-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                     | CUSIP: 38141GXN9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19020.61     | 0.00%             | 2026-12-09      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, IO                                        | CUSIP: 38377VGZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |     26162 | PA      | $1783.88      | 0.00%             | 2041-04-16      | Floating      | 2.39%                 | No            |                  2 | On Loan: No      |
| MHPA Commercial Mortgage Trust                                                      | MHPA Commercial Mortgage Trust, Series 2021-STOR, Class A                           | CUSIP: 55293BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    105000 | PA      | $105038.26    | 0.01%             | 2038-07-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Salesforce, Inc.                                                                    | Salesforce, Inc.                                                                    | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     42267 | NS      | $10017279.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     69000 | PA      | $76689.74     | 0.01%             | 2034-10-23      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2022-LBA6, Class A                                                 | CUSIP: 12433EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    185000 | PA      | $184987.38    | 0.01%             | 2039-01-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31394CXB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      7023 | PA      | $613.49       | 0.00%             | 2035-03-25      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                                                | American Tower Corp.                                                                | CUSIP: 03027XBL3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    852000 | PA      | $840602.19    | 0.06%             | 2026-04-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| AT&T Inc.                                                                           | AT&T Inc.                                                                           | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    318000 | PA      | $318751.96    | 0.02%             | 2030-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                    | CUSIP: 718172CV9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3065.45      | 0.00%             | 2027-11-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    403845 | NS      | $33850287.90  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1364.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                               | Alexandria Real Estate Equities, Inc.                                               | CUSIP: 015271BD0<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    118000 | PA      | $113977.54    | 0.01%             | 2054-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                              | CUSIP: 31325UP42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      4125 | PA      | $98.60        | 0.00%             | 2027-12-15      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| Blackrock, Inc.                                                                     | Blackrock, Inc.                                                                     | CUSIP: 09247XAT8<br>LEI: 529900VBK42Y5HHRMD23 | Long             | DBT              | CORP              | US        |   1362000 | PA      | $1392518.18   | 0.10%             | 2033-05-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance, LLC                                            | Volkswagen Group of America Finance, LLC                                            | CUSIP: 928668CF7<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    354000 | PA      | $358843.18    | 0.03%             | 2027-03-22      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc.                                                       | Thermo Fisher Scientific Inc.                                                       | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     14761 | NS      | $7159380.22   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile USA, Inc.                                                                  | T-Mobile USA, Inc.                                                                  | CUSIP: 87264ADD4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    301000 | PA      | $311861.01    | 0.02%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd./New York NY                              | Australia & New Zealand Banking Group Ltd./New York NY                              | CUSIP: 05254JAA8<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $250347.18    | 0.02%             | 2025-12-08      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Ctfs. Trust                                              | WaMu Mortgage Pass-Through Ctfs. Trust, Series 2005-AR16, Class 1A1                 | CUSIP: 92922F6W3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19061 | PA      | $17531.36     | 0.00%             | 2035-12-25      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac, Series 2022-DNA6, Class M1                                             | CUSIP: 35564KH36<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-MBS          | USGSE             | US        |     25147 | PA      | $25291.62     | 0.00%             | 2042-09-25      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Laboratory Corp. of America Holdings                                                | Laboratory Corp. of America Holdings                                                | CUSIP: 50540RAX0<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1126018.64   | 0.08%             | 2026-06-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: —       |
| TWDC Enterprises 18 Corp.                                                           | TWDC Enterprises 18 Corp.                                                           | CUSIP: 25468PDK9<br>LEI: 7260JQNI6SCF9FIV2392 | Long             | DBT              | CORP              | US        |    367000 | PA      | $365497.08    | 0.03%             | 2026-02-13      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PEA0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     59000 | PA      | $59679.06     | 0.00%             | 2028-01-23      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| BPCE S.A.                                                                           | BPCE S.A.                                                                           | CUSIP: 05571AAV7<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    253000 | PA      | $261735.27    | 0.02%             | 2030-01-18      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                                                 | Realty Income Corp.                                                                 | CUSIP: 756109BP8<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3182.20      | 0.00%             | 2032-10-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Electronic Arts Inc.                                                                | Electronic Arts Inc.                                                                | CUSIP: 285512AD1<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1291178.07   | 0.09%             | 2026-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes Trust                                                         | Tricon American Homes Trust, Series 2020-SFR2, Class A                              | CUSIP: 89613JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220373 | PA      | $208425.07    | 0.01%             | 2039-11-17      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| Mead Johnson Nutrition Co.                                                          | Mead Johnson Nutrition Co.                                                          | CUSIP: 582839AH9<br>LEI: E4BJRFT3MF4GJDY1SC50 | Long             | DBT              | CORP              | US        |     63000 | PA      | $62961.15     | 0.00%             | 2025-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac, Series 2023-DNA1, Class M1                                             | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | USGSE             | US        |     38447 | PA      | $39008.57     | 0.00%             | 2043-03-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp                                                                        | U.S. Bancorp                                                                        | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4016.80      | 0.00%             | 2033-07-22      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Capital Trust                                                | Credit Suisse Mortgage Capital Trust, Series 2021-NQM1, Class A1                    | CUSIP: 126407AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22137 | PA      | $20158.11     | 0.00%             | 2065-05-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Ctfs. Trust                                              | WaMu Mortgage Pass-Through Ctfs. Trust, Series 2005-AR14, Class 1A4                 | CUSIP: 92922F4D7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20797 | PA      | $19767.52     | 0.00%             | 2035-12-25      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                               | Targa Resources Corp.                                                               | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3048.20      | 0.00%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Banco Santander S.A.                                                                | Banco Santander S.A.                                                                | CUSIP: 05964HAX3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $204929.23    | 0.01%             | 2027-11-07      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                                                   | Lowe's Cos., Inc.                                                                   | CUSIP: 548661EL7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3070.62      | 0.00%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                           | CUSIP: 91282CPB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  28457600 | PA      | $28397572.11  | 2.03%             | 2027-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                                  | ConocoPhillips Co.                                                                  | CUSIP: 20826FBH8<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8934.81      | 0.00%             | 2063-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Trust                                                       | Banc of America Funding Trust, Series 2007-C, Class 1A4                             | CUSIP: 059522AW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3662 | PA      | $3195.34      | 0.00%             | 2036-05-20      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                             | CUSIP: 44891ACY1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     37000 | PA      | $38017.23     | 0.00%             | 2029-03-19      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, PO                                                              | CUSIP: 31282XVL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       218 | PA      | $215.56       | 0.00%             | 2026-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Synovus Bank                                                                        | Synovus Bank                                                                        | CUSIP: 87164DVJ6<br>LEI: DX0JX77PRMOELF7VG772 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255284.39    | 0.02%             | 2028-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                             | CUSIP: 91324PER9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3136.50      | 0.00%             | 2033-02-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Campbell's Co. (The)                                                                | Campbell's Co. (The)                                                                | CUSIP: 134429BP3<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |     72000 | PA      | $73797.80     | 0.01%             | 2034-03-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                             | Republic Services, Inc.                                                             | CUSIP: 760759BB5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41018.06     | 0.00%             | 2029-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sysco Corp.                                                                         | Sysco Corp.                                                                         | CUSIP: 871829AZ0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.11%             | 2025-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co.                                                                   | Alabama Power Co.                                                                   | CUSIP: 010392GB8<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9663.41      | 0.00%             | 2033-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3516.63      | 0.00%             | 2053-04-25      | Variable      | 4.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FCWD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     16882 | PA      | $2319.05      | 0.00%             | 2035-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management, Inc.                                                      | Apollo Global Management, Inc., Pfd.                                                | CUSIP: 03769M205<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |     11550 | NS      | $303072.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                                                                        | Target Corp.                                                                        | CUSIP: 87612EBP0<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3019.23      | 0.00%             | 2032-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp                                                                        | U.S. Bancorp                                                                        | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     29000 | PA      | $30543.97     | 0.00%             | 2035-01-23      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                        | Honeywell International Inc.                                                        | CUSIP: 438516CM6<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |   1463000 | PA      | $1450161.34   | 0.10%             | 2034-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp                                                                        | U.S. Bancorp                                                                        | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21858.78     | 0.00%             | 2029-06-12      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                                                               | Elevance Health, Inc.                                                               | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     22590 | NS      | $7299280.80   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1711.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regency Centers, L.P.                                                               | Regency Centers, L.P.                                                               | CUSIP: 75884RBB8<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26738.79     | 0.00%             | 2034-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                       | NiSource Inc.                                                                       | CUSIP: 65473PAU9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    290000 | PA      | $294433.12    | 0.02%             | 2055-04-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     44000 | PA      | $44833.90     | 0.00%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                            | CUSIP: 110122EB0<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    562000 | PA      | $614110.81    | 0.04%             | 2053-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                             | CUSIP: 44891ACG0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19180.73     | 0.00%             | 2026-06-26      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1295.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                  | T-Mobile USA, Inc.                                                                  | CUSIP: 87264ADU6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    496000 | PA      | $507003.95    | 0.04%             | 2055-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2022-3, Class A1                                 | CUSIP: 92538UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135598 | PA      | $130725.88    | 0.01%             | 2067-02-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc.                                                                     | S&P Global Inc.                                                                     | CUSIP: 78409VBM5<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2305.20      | 0.00%             | 2062-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                                                         | Extended Stay America Trust, Series 2021-ESH, Class B                               | CUSIP: 30227FAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88544 | PA      | $88629.68     | 0.01%             | 2038-07-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Empower CLO Ltd.                                                                    | Empower CLO Ltd., Series 2024-1A, Class A1                                          | CUSIP: 29244RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251028.75    | 0.02%             | 2037-04-25      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Air Products and Chemicals, Inc.                                                    | Air Products and Chemicals, Inc.                                                    | CUSIP: 009158BN5<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |   1531000 | PA      | $1545402.96   | 0.11%             | 2028-06-11      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Invesco Treasury Portfolio                                                          | Invesco Treasury Portfolio, Institutional Class                                     | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  37849400 | NS      | $37849400.10  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. Gas Capital Corp.                                                      | Southern Co. Gas Capital Corp.                                                      | CUSIP: 001192AL7<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1359345.95   | 0.10%             | 2025-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bayview MSR Opportunity Master Fund Trust                                           | Bayview MSR Opportunity Master Fund Trust, Series 2021-4, Class A8                  | CUSIP: 07336GAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    141952 | PA      | $127613.09    | 0.01%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| US Foods Holding Corp.                                                              | US Foods Holding Corp.                                                              | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    192720 | NS      | $14766206.40  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                    | CUSIP: 31296XJA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2817 | PA      | $2911.21      | 0.00%             | 2034-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EQT Corp.                                                                           | EQT Corp.                                                                           | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    115595 | NS      | $6291835.85   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Finance S.a.r.l.                                                              | nVent Finance S.a.r.l.                                                              | CUSIP: 67078AAF0<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |     12000 | PA      | $12536.70     | 0.00%             | 2033-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Match Group FinanceCo 2, Inc.                                                       | Match Group FinanceCo 2, Inc., Conv.                                                | CUSIP: 44932FAA5<br>LEI: 549300IPGK4BWL134U96 | Long             | DBT              | CORP              | US        |   1583000 | PA      | $1541379.56   | 0.11%             | 2026-06-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                  | State Street Corp.                                                                  | CUSIP: 857477CL5<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203157.10    | 0.01%             | 2027-03-18      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Essential Properties, L.P.                                                          | Essential Properties, L.P.                                                          | CUSIP: 29670VAA7<br>LEI: 254900XX9FNFCDE1NX02 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2705.38      | 0.00%             | 2031-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31393Y5U5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      3816 | PA      | $440.25       | 0.00%             | 2033-10-25      | Floating      | 3.08%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group Inc.                                                | Public Service Enterprise Group Inc.                                                | CUSIP: 744573AW6<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     44000 | PA      | $46127.42     | 0.00%             | 2028-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Pacific Life Global Funding II                                                      | Pacific Life Global Funding II                                                      | CUSIP: 6944PL2V0<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |    138000 | PA      | $138874.42    | 0.01%             | 2026-07-28      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp.                                                                 | Regal Rexnord Corp.                                                                 | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3182.23      | 0.00%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                         | CUSIP: 00287YCA5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    300000 | PA      | $268627.50    | 0.02%             | 2039-11-21      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                                                   | Merck & Co., Inc.                                                                   | CUSIP: 58933YBM6<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2821.03      | 0.00%             | 2053-05-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.                                                            | Marvell Technology, Inc.                                                            | CUSIP: 573874AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1159254.14   | 0.08%             | 2028-04-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Cencora, Inc.                                                                       | Cencora, Inc.                                                                       | CUSIP: 03073EAU9<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     39000 | PA      | $39949.17     | 0.00%             | 2034-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Global Atlantic (Fin) Co.                                                           | Global Atlantic (Fin) Co.                                                           | CUSIP: 37959GAF4<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    398000 | PA      | $421737.85    | 0.03%             | 2054-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3145.79      | 0.00%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe, LLC                                                   | Burlington Northern Santa Fe, LLC                                                   | CUSIP: 12189LBM2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    474000 | PA      | $496458.62    | 0.04%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                                  | ConocoPhillips Co.                                                                  | CUSIP: 20826FAF3<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    230000 | PA      | $219018.50    | 0.02%             | 2034-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Piedmont Natural Gas Co., Inc.                                                      | Piedmont Natural Gas Co., Inc.                                                      | CUSIP: 720186AQ8<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11462.23     | 0.00%             | 2033-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Rockwell Automation, Inc.                                                           | Rockwell Automation, Inc.                                                           | CUSIP: 773903AL3<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | DBT              | CORP              | US        |    307000 | PA      | $267440.83    | 0.02%             | 2031-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Swiss Re Subordinated Finance PLC                                                   | Swiss Re Subordinated Finance PLC                                                   | CUSIP: 87088QAA2<br>LEI: 636700H29EH5Z8ZU8L04 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $207696.06    | 0.01%             | 2035-04-05      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                         | CUSIP: 00287YDR7<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    338000 | PA      | $341993.24    | 0.02%             | 2027-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BPCE S.A.                                                                           | BPCE S.A.                                                                           | CUSIP: 05571AAU9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $265759.36    | 0.02%             | 2035-01-18      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| Microchip Technology Inc.                                                           | Microchip Technology Inc., Conv.                                                    | CUSIP: 595017BG8<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |  10998000 | PA      | $10690056.00  | 0.76%             | 2027-06-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| GS Finance Corp.                                                                    | GS Finance Corp.                                                                    | CUSIP: 36255HEC8<br>LEI: 549300FR80KBVO6DRL61 | Long             | DBT              | CORP              | US        |   7584000 | PA      | $8002524.48   | 0.57%             | 2032-03-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                                                         | Marsh & McLennan Cos., Inc.                                                         | CUSIP: 571748BU5<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     24000 | PA      | $25200.91     | 0.00%             | 2033-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FAKM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     15821 | PA      | $1740.44      | 0.00%             | 2032-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                                   | Exxon Mobil Corp.                                                                   | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    106335 | NS      | $11989271.25  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies, Inc.                                                         | L3Harris Technologies, Inc.                                                         | CUSIP: 502431AR0<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3020.53      | 0.00%             | 2053-07-31      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                                                   | Lowe's Cos., Inc.                                                                   | CUSIP: 548661EG8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2972.04      | 0.00%             | 2027-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc.                                                       | Alimentation Couche-Tard Inc.                                                       | CUSIP: 01626PAU0<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |     64000 | PA      | $65521.35     | 0.00%             | 2034-02-12      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co.                                                     | Virginia Electric and Power Co.                                                     | CUSIP: 927804GK4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3054.53      | 0.00%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                        | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $221138.80    | 0.02%             | N/A             | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                   | Crown Castle Inc.                                                                   | CUSIP: 22822VAY7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1413000 | PA      | $1258744.98   | 0.09%             | 2031-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                            | CUSIP: 110122EF1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28757.50     | 0.00%             | 2029-02-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                | CUSIP: 86765BAP4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    587000 | PA      | $538131.08    | 0.04%             | 2044-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Corteva, Inc.                                                                       | Corteva, Inc.                                                                       | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     86495 | NS      | $5849656.85   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2021-1, Class A1B                                | CUSIP: 92537QAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28595 | PA      | $25765.92     | 0.00%             | 2066-01-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bills                                                                 | U.S. Treasury Bills                                                                 | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     35000 | PA      | $34209.66     | 0.00%             | 2026-05-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                        | Exelon Corp.                                                                        | CUSIP: 30161NBN0<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     46000 | PA      | $47777.47     | 0.00%             | 2034-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31394AHA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      9522 | PA      | $515.16       | 0.00%             | 2030-11-25      | Floating      | 2.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31392HRF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      9206 | PA      | $1193.74      | 0.00%             | 2033-02-25      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| General Mills, Inc.                                                                 | General Mills, Inc.                                                                 | CUSIP: 370334CQ5<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2645.28      | 0.00%             | 2031-10-14      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CVS Pass-Through Trust                                                              | CVS Pass-Through Trust                                                              | CUSIP: 126650BP4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260418 | PA      | $265879.07    | 0.02%             | 2028-12-10      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, N.A.                                                           | JPMorgan Chase Bank, N.A.                                                           | CUSIP: 48125LRU8<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |    345000 | PA      | $349438.04    | 0.02%             | 2026-12-08      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2020-3, Class A1                                   | CUSIP: 03465LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     53116 | PA      | $50781.42     | 0.00%             | 2065-04-25      | Variable      | 1.69%                 | No            |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                                                            | COLT Mortgage Loan Trust, Series 2022-3, Class A1                                   | CUSIP: 12659YAA2<br>LEI: 213800PIMH7Q7M27DB82 | Long             | ABS-MBS          | CORP              | US        |    175656 | PA      | $173085.71    | 0.01%             | 2067-02-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                    | Amazon.com, Inc.                                                                    | CUSIP: 023135CA2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    406000 | PA      | $311713.79    | 0.02%             | 2041-05-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FAZ94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     41199 | PA      | $5289.86      | 0.00%             | 2033-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Medtronic, Inc.                                                                     | Medtronic, Inc.                                                                     | CUSIP: 585055BT2<br>LEI: D56MRZY2INAN94ZONZ37 | Long             | DBT              | CORP              | US        |    249000 | PA      | $244469.63    | 0.02%             | 2035-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation, LLC                                                | Constellation Energy Generation, LLC                                                | CUSIP: 210385AD2<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9800.97      | 0.00%             | 2034-01-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Intuit Inc.                                                                         | Intuit Inc.                                                                         | CUSIP: 46124HAG1<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |     31000 | PA      | $32437.54     | 0.00%             | 2033-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                               | Dominion Energy, Inc.                                                               | CUSIP: 25746UDR7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5198.13      | 0.00%             | 2032-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UPMC                                                                                | UPMC                                                                                | CUSIP: 90320WAH6<br>LEI: 5493001YCBUGKVU74S74 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7856.35      | 0.00%             | 2043-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                      | CUSIP: 74340XCG4<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13301.26     | 0.00%             | 2028-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Connecticut Light and Power Co. (The)                                               | Connecticut Light and Power Co. (The)                                               | CUSIP: 207597EP6<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2895.15      | 0.00%             | 2053-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                  | CUSIP: 31396AKM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     14239 | PA      | $14147.99     | 0.00%             | 2035-09-15      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp.                                                                   | FirstEnergy Corp., Conv.                                                            | CUSIP: 337932AU1<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |   5666000 | PA      | $6127779.00   | 0.44%             | 2031-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PDU7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25762.58     | 0.00%             | 2029-07-24      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                | CUSIP: 378272BU1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    153000 | PA      | $159307.06    | 0.01%             | 2034-04-04      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Capital Trust                                                | Credit Suisse Mortgage Capital Trust, Series 2022-ATH2, Class A1                    | CUSIP: 12665WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    177553 | PA      | $177056.06    | 0.01%             | 2067-05-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| Spectra Energy Partners, L.P.                                                       | Spectra Energy Partners, L.P.                                                       | CUSIP: 84756NAG4<br>LEI: 2HKVXE7U4NF5B6UGSU72 | Long             | DBT              | CORP              | US        |    488000 | PA      | $418463.85    | 0.03%             | 2045-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CubeSmart, L.P.                                                                     | CubeSmart, L.P.                                                                     | CUSIP: 22966RAJ5<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |   1066000 | PA      | $941130.71    | 0.07%             | 2032-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| McKesson Corp.                                                                      | McKesson Corp.                                                                      | CUSIP: 581557BU8<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3109.75      | 0.00%             | 2033-07-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                        | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    965000 | PA      | $775445.69    | 0.06%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $762.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                   | CUSIP: 532457CN6<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     63000 | PA      | $59626.97     | 0.00%             | 2064-02-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Cox Communications, Inc.                                                            | Cox Communications, Inc.                                                            | CUSIP: 224044CS4<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3066.75      | 0.00%             | 2033-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                                                         | ONEOK, Inc.                                                                         | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3112.00      | 0.00%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                                        | American Honda Finance Corp.                                                        | CUSIP: 02665WED9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7090.31      | 0.00%             | 2028-01-12      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) Ltd.                                                        | Rio Tinto Finance (USA) Ltd.                                                        | CUSIP: 767201AD8<br>LEI: 213800RX94ZKEZXPKH58 | Long             | DBT              | CORP              | AU        |    182000 | PA      | $196817.74    | 0.01%             | 2028-07-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                          | Ameriprise Financial, Inc.                                                          | CUSIP: 03076CAN6<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |     52000 | PA      | $54456.73     | 0.00%             | 2028-12-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CBRE Group, Inc.                                                                    | CBRE Group, Inc., Class A                                                           | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     94598 | NS      | $14904860.88  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp.                                                                       | Comcast Corp.                                                                       | CUSIP: 20030NEB3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3180.46      | 0.00%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                      | CUSIP: 74340XBT7<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3021.36      | 0.00%             | 2033-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                | CUSIP: 29273RBE8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    344000 | PA      | $334981.70    | 0.02%             | 2035-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp.                                  | CUSIP: 637432PB5<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    235000 | PA      | $247452.42    | 0.02%             | 2053-09-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                                               | Athene Global Funding                                                               | CUSIP: 04685A3Q2<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     82000 | PA      | $84787.30     | 0.01%             | 2029-01-09      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Aon Corp. / Aon Global Holdings PLC                                                 | Aon Corp. / Aon Global Holdings PLC                                                 | CUSIP: 03740LAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | U2        |      3000 | PA      | $3138.92      | 0.00%             | 2033-02-28      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | U.S. Treasury Ultra Bonds Future                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        -4 | NC      | $-11319.78    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                               | NextEra Energy Capital Holdings, Inc.                                               | CUSIP: 65339KCS7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    265000 | PA      | $265704.12    | 0.02%             | 2026-01-29      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8315.06      | 0.00%             | 2034-04-24      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                     | Solventum Corp.                                                                     | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77415.01     | 0.01%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp.                                                              | Norfolk Southern Corp.                                                              | CUSIP: 655844CU0<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     26000 | PA      | $27512.89     | 0.00%             | 2064-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31394F4M4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     12170 | PA      | $1203.23      | 0.00%             | 2035-10-25      | Floating      | 1.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                   | CUSIP: 31395DUU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1393 | PA      | $1661.25      | 0.00%             | 2036-06-25      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| KKR Group Finance Co. III LLC                                                       | KKR Group Finance Co. III LLC                                                       | CUSIP: 48250AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    372000 | PA      | $353465.71    | 0.03%             | 2044-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| Walt Disney Co. (The)                                                               | Walt Disney Co. (The)                                                               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    148137 | NS      | $16961686.50  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                            | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    167598 | NS      | $7558669.80   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife, Inc.                                                                       | MetLife, Inc.                                                                       | CUSIP: 59156RCC0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2807.06      | 0.00%             | 2052-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.                                                     | Regeneron Pharmaceuticals, Inc.                                                     | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     11505 | NS      | $6468916.35   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, Inc.                                                                         | ONEOK, Inc.                                                                         | CUSIP: 682680BN2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     34000 | PA      | $36192.36     | 0.00%             | 2053-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank, Ltd.                                                    | Sumitomo Mitsui Trust Bank, Ltd.                                                    | CUSIP: 86563VBQ1<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206313.64    | 0.01%             | 2029-03-07      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     38000 | PA      | $39650.65     | 0.00%             | 2035-01-23      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                         | United Parcel Service, Inc.                                                         | CUSIP: 911312AZ9<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    240000 | PA      | $178739.49    | 0.01%             | 2046-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc.                                                                       | Broadcom Inc.                                                                       | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    640000 | PA      | $584326.49    | 0.04%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                   | CUSIP: 404280CN7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    225000 | PA      | $213568.09    | 0.02%             | N/A             | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Markel Group Inc.                                                                   | Markel Group Inc.                                                                   | CUSIP: 570535AP9<br>LEI: 549300SCNO12JLWIK605 | Long             | DBT              | CORP              | US        |    351000 | PA      | $322443.23    | 0.02%             | 2043-03-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SG Residential Mortgage Trust                                                       | SG Residential Mortgage Trust, Series 2022-1, Class A1                              | CUSIP: 78433QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225607 | PA      | $212480.62    | 0.02%             | 2062-03-27      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                           | CUSIP: 91282CNY3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20962300 | PA      | $20820640.76  | 1.49%             | 2028-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 31398LPG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      7278 | PA      | $689.53       | 0.00%             | 2039-12-15      | Floating      | 1.76%                 | No            |                  2 | On Loan: No      |
| International Paper Co.                                                             | International Paper Co.                                                             | CUSIP: 460146CH4<br>LEI: 824LMFJDH41EY779Q875 | Long             | DBT              | CORP              | US        |    223000 | PA      | $232437.21    | 0.02%             | 2041-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                             | CUSIP: 91324PEN8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4000.94      | 0.00%             | 2025-10-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                                                 | Realty Income Corp.                                                                 | CUSIP: 756109BZ6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2966.21      | 0.00%             | 2027-01-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                       | Comcast Corp.                                                                       | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    352000 | PA      | $217016.80    | 0.02%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Bayview MSR Opportunity Master Fund Trust                                           | Bayview MSR Opportunity Master Fund Trust, Series 2021-5, Class A2                  | CUSIP: 07336JAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    204903 | PA      | $170358.14    | 0.01%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) PLC                                                         | Rio Tinto Finance (USA) PLC                                                         | CUSIP: 76720AAV8<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    377000 | PA      | $388267.96    | 0.03%             | 2055-03-14      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                                                           | Corebridge Global Funding                                                           | CUSIP: 00138CAW8<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    223000 | PA      | $224730.97    | 0.02%             | 2026-09-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Fortive Corp.                                                                       | Fortive Corp.                                                                       | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    192034 | NS      | $9407745.66   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2020-1, Class A1                                   | CUSIP: 03464RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12021 | PA      | $11751.52     | 0.00%             | 2059-12-25      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| Synopsys, Inc.                                                                      | Synopsys, Inc.                                                                      | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    619000 | PA      | $622959.37    | 0.04%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International PLC                                                  | Johnson Controls International PLC                                                  | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |    159295 | NS      | $17514485.25  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Financial Corp.                                                              | PACCAR Financial Corp.                                                              | CUSIP: 69371RS31<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7108.40      | 0.00%             | 2028-01-10      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                                                          | Charles Schwab Corp. (The)                                                          | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    195094 | NS      | $18625624.18  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Carolinas, LLC                                                          | Duke Energy Carolinas, LLC                                                          | CUSIP: 26442CBK9<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2946.56      | 0.00%             | 2053-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2023-6, Class A1                                   | CUSIP: 03464UAA4<br>LEI: 254900QAUT3NUZVCSB04 | Long             | ABS-MBS          | CORP              | US        |     65567 | PA      | $66269.04     | 0.00%             | 2067-12-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                  | State Street Corp.                                                                  | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     47000 | PA      | $50887.64     | 0.00%             | 2034-11-21      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                          | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    593000 | PA      | $606434.73    | 0.04%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                                             | Daimler Truck Finance North America LLC                                             | CUSIP: 233853AP5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150312.06    | 0.01%             | 2026-01-16      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                                                  | Ryder System, Inc.                                                                  | CUSIP: 78355HKY4<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |     26000 | PA      | $29140.00     | 0.00%             | 2033-12-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| B.A.T Capital Corp.                                                                 | B.A.T Capital Corp.                                                                 | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3397.40      | 0.00%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                                     | CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3                          | CUSIP: 12597NAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    571000 | PA      | $518757.84    | 0.04%             | 2053-03-15      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Pacific Life Global Funding II                                                      | Pacific Life Global Funding II                                                      | CUSIP: 6944PL2W8<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |   1219000 | PA      | $1235710.10   | 0.09%             | 2026-08-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Verisk Analytics, Inc.                                                              | Verisk Analytics, Inc.                                                              | CUSIP: 92345YAM8<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |    112000 | PA      | $112384.91    | 0.01%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                               | NextEra Energy Capital Holdings, Inc.                                               | CUSIP: 65339KAT7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    530000 | PA      | $525729.86    | 0.04%             | 2027-05-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46625HRS1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    394000 | PA      | $391803.80    | 0.03%             | 2026-06-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $234.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Airlines Pass-Through Trust                                                | American Airlines Pass-Through Trust, Series A                                      | CUSIP: 02377AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200368 | PA      | $199227.00    | 0.01%             | 2028-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Brown-Forman Corp.                                                                  | Brown-Forman Corp.                                                                  | CUSIP: 115637AU4<br>LEI: 549300873K3LXF7ARU34 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4049.37      | 0.00%             | 2033-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LYB Finance Co. B.V.                                                                | LYB Finance Co. B.V.                                                                | CUSIP: 61238QAA6<br>LEI: 549300BBGA3CFHX0KS75 | Long             | DBT              | CORP              | NL        |    339000 | PA      | $355399.69    | 0.03%             | 2027-03-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                             | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     30125 | NS      | $10402162.50  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                               | CUSIP: 31410KWY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24193 | PA      | $25506.58     | 0.00%             | 2037-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co.                                                              | MidAmerican Energy Co.                                                              | CUSIP: 595620AY1<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12651.41     | 0.00%             | 2054-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co.                                                              | MidAmerican Energy Co.                                                              | CUSIP: 595620AX3<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3138.02      | 0.00%             | 2034-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2022-INV2, Class A1                              | CUSIP: 924923AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80642 | PA      | $80415.78     | 0.01%             | 2067-10-25      | Variable      | 6.79%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                               | CUSIP: 539830CD9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     97000 | PA      | $98187.39     | 0.01%             | 2034-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corp.                                                                | Carrier Global Corp.                                                                | CUSIP: 14448CBC7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10736.29     | 0.00%             | 2034-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2022-LBA6, Class C                                                 | CUSIP: 12433EAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100024.89    | 0.01%             | 2039-01-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                           | CUSIP: 91282CNZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  18758100 | PA      | $18698015.55  | 1.33%             | 2032-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Alcon Finance Corp.                                                                 | Alcon Finance Corp.                                                                 | CUSIP: 01400EAE3<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208710.00    | 0.01%             | 2032-12-06      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                             | CUSIP: 91324PEV0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2969.26      | 0.00%             | 2033-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                            | CUSIP: 110122DY1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     37000 | PA      | $39586.05     | 0.00%             | 2031-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                    | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    117049 | NS      | $18985347.80  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66 Co.                                                                     | Phillips 66 Co.                                                                     | CUSIP: 718547AR3<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11319.43     | 0.00%             | 2033-06-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                        | Barclays PLC                                                                        | CUSIP: 06738ECL7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $221349.70    | 0.02%             | 2034-09-13      | Variable      | 6.69%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                  | T-Mobile USA, Inc.                                                                  | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1074000 | PA      | $963052.96    | 0.07%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: —       |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $116.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                | CUSIP: 78016FZX5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      3000 | PA      | $3099.92      | 0.00%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAG Mutual Holding Co.                                                              | MAG Mutual Holding Co.                                                              | CUSIP: 55261HAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    509000 | PA      | $459627.00    | 0.03%             | 2041-04-30      | Fixed         | 4.75%                 | No            |                  3 | On Loan: No      |
| Truist Financial Corp.                                                              | Truist Financial Corp.                                                              | CUSIP: 89788NAA8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2991.22      | 0.00%             | 2033-07-28      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                                   | CD Mortgage Trust, Series 2017-CD6, Class XA                                        | CUSIP: 125039AG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    653096 | PA      | $8366.75      | 0.00%             | 2050-11-13      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| Synopsys, Inc.                                                                      | Synopsys, Inc.                                                                      | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    497000 | PA      | $501943.34    | 0.04%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31392EGP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     19032 | PA      | $1806.29      | 0.00%             | 2032-09-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc.                                                             | Brookfield Finance Inc.                                                             | CUSIP: 11271LAL6<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     47000 | PA      | $48492.11     | 0.00%             | 2054-03-04      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Nordson Corp.                                                                       | Nordson Corp.                                                                       | CUSIP: 655663AA0<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3106.98      | 0.00%             | 2028-09-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                                                               | Bank of America, N.A.                                                               | CUSIP: 06428CAA2<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DBT              | CORP              | US        |    458000 | PA      | $463805.67    | 0.03%             | 2026-08-18      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Paychex, Inc.                                                                       | Paychex, Inc.                                                                       | CUSIP: 704326AB3<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    639000 | PA      | $663246.48    | 0.05%             | 2032-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: —       |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                             | CUSIP: 91324PEQ1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3123.81      | 0.00%             | 2030-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips                                                                      | ConocoPhillips                                                                      | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    135126 | NS      | $12781568.34  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargill, Inc.                                                                       | Cargill, Inc.                                                                       | CUSIP: 141781CB8<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3039.36      | 0.00%             | 2033-04-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 3137ARKB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     27364 | PA      | $452.14       | 0.00%             | 2027-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     46000 | PA      | $48334.68     | 0.00%             | 2034-07-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                                                         | Nationwide Building Society                                                         | CUSIP: 63861VAJ6<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204581.66    | 0.01%             | 2027-10-18      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| AT&T Inc.                                                                           | AT&T Inc.                                                                           | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    255000 | PA      | $181981.24    | 0.01%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Airbnb, Inc.                                                                        | Airbnb, Inc., Conv.                                                                 | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |   7552000 | PA      | $7400960.00   | 0.53%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31397L5D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      8406 | PA      | $434.33       | 0.00%             | 2038-07-25      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                                                                  | Smith & Nephew PLC                                                                  | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |    133000 | PA      | $137383.01    | 0.01%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance, LLC                                            | Volkswagen Group of America Finance, LLC                                            | CUSIP: 928668CG5<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204239.91    | 0.01%             | 2029-03-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AGCO Corp.                                                                          | AGCO Corp.                                                                          | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26388.31     | 0.00%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc.                                                                      | AEP Texas Inc.                                                                      | CUSIP: 00108WAG5<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |    172000 | PA      | $170711.78    | 0.01%             | 2028-06-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MHPA Commercial Mortgage Trust                                                      | MHPA Commercial Mortgage Trust, Series 2021-STOR, Class B                           | CUSIP: 55293BAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    105000 | PA      | $105045.44    | 0.01%             | 2038-07-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                             | AstraZeneca Finance LLC                                                             | CUSIP: 04636NAM5<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |     96000 | PA      | $99167.86     | 0.01%             | 2031-02-26      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Campbell's Co. (The)                                                                | Campbell's Co. (The)                                                                | CUSIP: 134429BL2<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35128.42     | 0.00%             | 2026-03-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                               | Alexandria Real Estate Equities, Inc.                                               | CUSIP: 015271AY5<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2592.79      | 0.00%             | 2034-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bonds                                                                 | U.S. Treasury Bonds                                                                 | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2240500 | PA      | $2248201.72   | 0.16%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                                 | Starwood Mortgage Residential Trust, Series 2022-1, Class A1                        | CUSIP: 85573TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    128404 | PA      | $116186.45    | 0.01%             | 2066-12-25      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                          | Occidental Petroleum Corp.                                                          | CUSIP: 674599CF0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     11000 | PA      | $8684.74      | 0.00%             | 2045-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                       | Alphabet Inc., Class A                                                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     78285 | NS      | $19031083.50  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 3136AXQT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     23177 | PA      | $4702.50      | 0.00%             | 2047-08-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Anheuser Busch InBev Worldwide Inc.                                                 | Anheuser Busch InBev Worldwide Inc.                                                 | CUSIP: 03523TBF4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3873.03      | 0.00%             | 2039-01-15      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                    | Amazon.com, Inc.                                                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     97062 | NS      | $21311903.34  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                                                                | LXP Industrial Trust                                                                | CUSIP: 529537AA0<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2606.46      | 0.00%             | 2031-10-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                             | CUSIP: 44891ACX3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    182000 | PA      | $184539.36    | 0.01%             | 2027-03-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                             | CUSIP: 91324PEX6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2749.11      | 0.00%             | 2063-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Cox Communications, Inc.                                                            | Cox Communications, Inc.                                                            | CUSIP: 224044CT2<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |     58000 | PA      | $52830.63     | 0.00%             | 2053-12-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                        | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     29212 | NS      | $8215582.88   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BP Capital Markets America Inc.                                                     | BP Capital Markets America Inc.                                                     | CUSIP: 10373QBP4<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    991000 | PA      | $641087.62    | 0.05%             | 2051-06-04      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                        | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9783.59      | 0.00%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PECO Energy Co.                                                                     | PECO Energy Co.                                                                     | CUSIP: 693304BF3<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11248.13     | 0.00%             | 2033-06-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                    | CUSIP: 718172DF3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    172000 | PA      | $173666.73    | 0.01%             | 2027-02-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                         | Visio Trust, Series 2020-1R, Class A1                                               | CUSIP: 92837MAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17801 | PA      | $17216.31     | 0.00%             | 2055-11-25      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| AGL CLO 29 Ltd.                                                                     | AGL CLO 29 Ltd., Series 2024-29A, Class A1                                          | CUSIP: 00119BAA1<br>LEI: 254900MM5EQZ35CZG002 | Long             | ABS-CBDO         | CORP              | JE        |    533000 | PA      | $535217.28    | 0.04%             | 2037-04-21      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                      | Blackstone Private Credit Fund                                                      | CUSIP: 09261HBG1<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     32000 | PA      | $33461.75     | 0.00%             | 2031-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                        | Exelon Corp.                                                                        | CUSIP: 30161NBM2<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     48000 | PA      | $49396.50     | 0.00%             | 2029-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential Trust, Series 2022-SFR5, Class A                               | CUSIP: 74332YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    198094 | PA      | $198169.36    | 0.01%             | 2039-06-17      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                                             | Bayer US Finance II LLC                                                             | CUSIP: 07274NAL7<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    985000 | PA      | $981693.65    | 0.07%             | 2028-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                      | ING Groep N.V.                                                                      | CUSIP: 456837BL6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $206452.86    | 0.01%             | 2030-03-19      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                                             | Mercedes-Benz Finance North America LLC                                             | CUSIP: 58769JAQ0<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    493000 | PA      | $497645.86    | 0.04%             | 2027-01-11      | Fixed         | 4.80%                 | No            |                  2 | On Loan: —       |
| Fidelity National Information Services, Inc.                                        | Fidelity National Information Services, Inc.                                        | CUSIP: 31620MBR6<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1431730.25   | 0.10%             | 2026-03-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                 | Cisco Systems, Inc.                                                                 | CUSIP: 17275RBW1<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    757000 | PA      | $768830.85    | 0.05%             | 2028-02-24      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                         | CUSIP: 00287YDV8<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48289.70     | 0.00%             | 2044-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                    | CUSIP: 3128M4TZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       264 | PA      | $264.64       | 0.00%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                          | Prudential Financial, Inc.                                                          | CUSIP: 744320AY8<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    141000 | PA      | $113125.15    | 0.01%             | 2047-12-07      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                         | Capital One Financial Corp.                                                         | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31933.29     | 0.00%             | 2027-10-29      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                   | CUSIP: 31394EC97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      4805 | PA      | $4768.02      | 0.00%             | 2035-08-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                          | JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class XA               | CUSIP: 46644ABH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    260501 | PA      | $5.47         | 0.00%             | 2048-02-15      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                | CUSIP: 29273VAU4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7659.69      | 0.00%             | 2033-12-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                                                   | Merck & Co., Inc.                                                                   | CUSIP: 58933YBN4<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2827.59      | 0.00%             | 2063-05-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PPL Electric Utilities Corp.                                                        | PPL Electric Utilities Corp.                                                        | CUSIP: 69351UAM5<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |     46000 | PA      | $51331.61     | 0.00%             | 2039-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Ctfs. Trust                                              | WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7                  | CUSIP: 92922FEB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14808 | PA      | $14316.36     | 0.00%             | 2033-10-25      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc.                                                                       | Broadcom Inc.                                                                       | CUSIP: 11135FCM1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1083000 | PA      | $1116559.35   | 0.08%             | 2035-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                                                 | Union Pacific Corp.                                                                 | CUSIP: 907818FG8<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    519000 | PA      | $385068.50    | 0.03%             | 2060-03-20      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                                                  | United Airlines Pass-Through Trust, Series A                                        | CUSIP: 90932QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    234681 | PA      | $232766.57    | 0.02%             | 2026-09-03      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                                                          | Charles Schwab Corp. (The)                                                          | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     16000 | PA      | $17130.20     | 0.00%             | 2034-05-19      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                   | Enterprise Products Operating LLC                                                   | CUSIP: 29379VBQ5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    696000 | PA      | $579846.85    | 0.04%             | 2048-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                          | Apple Inc.                                                                          | CUSIP: 037833CJ7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    315000 | PA      | $313347.62    | 0.02%             | 2027-02-09      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                               | CUSIP: 31403C5V9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7488 | PA      | $7702.54      | 0.00%             | 2033-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Capital Trust                                                | Credit Suisse Mortgage Capital Trust, Series 2022-ATH1, Class A1A                   | CUSIP: 12660BAM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114895 | PA      | $111844.69    | 0.01%             | 2067-01-25      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31392DVZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     12018 | PA      | $1388.68      | 0.00%             | 2032-04-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                       | NiSource Inc.                                                                       | CUSIP: 65473PAP0<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3111.80      | 0.00%             | 2033-06-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                    | Bank of Montreal                                                                    | CUSIP: 06368LNT9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10087.69     | 0.00%             | 2026-06-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                                                        | Fiserv, Inc.                                                                        | CUSIP: 337738BL1<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    144000 | PA      | $148892.67    | 0.01%             | 2034-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                                                 | Union Pacific Corp.                                                                 | CUSIP: 907818FJ2<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3908.79      | 0.00%             | 2027-02-05      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                  | State Street Corp.                                                                  | CUSIP: 857477CA9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3041.01      | 0.00%             | 2034-01-26      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                   | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    205000 | PA      | $208541.22    | 0.01%             | 2028-08-11      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Northern Natural Gas Co.                                                            | Northern Natural Gas Co.                                                            | CUSIP: 665501AN2<br>LEI: 5493007M02M6CT9EXE41 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22655.51     | 0.00%             | 2054-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                                               | Cardinal Health, Inc.                                                               | CUSIP: 14149YBP2<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     37000 | PA      | $38425.58     | 0.00%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Emerson Electric Co.                                                                | Emerson Electric Co.                                                                | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     89806 | NS      | $11780751.08  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                                                                | PPG Industries, Inc.                                                                | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     62139 | NS      | $6531430.29   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                 | CUSIP: 316773DD9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2915.92      | 0.00%             | 2027-11-01      | Variable      | 1.71%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                          | J.P. Morgan Mortgage Trust, Series 2021-LTV2, Class A1                              | CUSIP: 46654VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    177720 | PA      | $150589.56    | 0.01%             | 2052-05-25      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                     | Intercontinental Exchange, Inc.                                                     | CUSIP: 45866FAX2<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2801.40      | 0.00%             | 2052-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 3136APZR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |    128830 | PA      | $13075.20     | 0.00%             | 2035-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BPCE S.A.                                                                           | BPCE S.A.                                                                           | CUSIP: 05571AAT2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $253289.11    | 0.02%             | 2027-01-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Skyworks Solutions, Inc.                                                            | Skyworks Solutions, Inc.                                                            | CUSIP: 83088MAL6<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2716.14      | 0.00%             | 2031-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Radian Group Inc.                                                                   | Radian Group Inc.                                                                   | CUSIP: 750236AY7<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |     91000 | PA      | $95094.42     | 0.01%             | 2029-05-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                    | CUSIP: 126650DX5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3088.80      | 0.00%             | 2031-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSMC Mortgage-Backed Trust                                                          | CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4                                | CUSIP: 22942JAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     78781 | PA      | $35709.07     | 0.00%             | 2036-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                                                        | Target Corp.                                                                        | CUSIP: 87612EBR6<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2726.93      | 0.00%             | 2053-01-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group Inc.                                                | Public Service Enterprise Group Inc.                                                | CUSIP: 744573AX4<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27008.70     | 0.00%             | 2033-10-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                     | Solventum Corp.                                                                     | CUSIP: 83444MAN1<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31516.22     | 0.00%             | 2027-02-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                   | CUSIP: 404280DW6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    256000 | PA      | $281715.38    | 0.02%             | 2044-03-09      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                                                           | Corebridge Global Funding                                                           | CUSIP: 00138CAX6<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |     64000 | PA      | $65846.12     | 0.00%             | 2029-01-12      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                     | BHP Billiton Finance (USA) Ltd.                                                     | CUSIP: 055451BD9<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     26000 | PA      | $27110.44     | 0.00%             | 2030-09-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                                       | UBS Commercial Mortgage Trust, Series 2017-C5, Class XA                             | CUSIP: 90276TAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    870312 | PA      | $14015.33     | 0.00%             | 2050-11-15      | Variable      | 1.24%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     21000 | PA      | $22508.33     | 0.00%             | N/A             | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 31395LMA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     76215 | PA      | $4939.18      | 0.00%             | 2035-01-15      | Floating      | 2.21%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                                 | Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA                       | CUSIP: 17326FAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1756521 | PA      | $28403.47     | 0.00%             | 2050-10-12      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| NXP B.V.                                                                            | NXP B.V.                                                                            | CUSIP: 62947QBB3<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    676000 | PA      | $677203.35    | 0.05%             | 2026-03-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co.                                                                 | Vertiv Holdings Co., Class A                                                        | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     56547 | NS      | $8530680.42   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos., Inc.                                                                   | Lowe's Cos., Inc.                                                                   | CUSIP: 548661EJ2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    497000 | PA      | $401600.86    | 0.03%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Exxon Mobil Corp.                                                                   | Exxon Mobil Corp.                                                                   | CUSIP: 30231GAT9<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |   1098000 | PA      | $1093893.93   | 0.08%             | 2026-03-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                                  | Ellington Financial Mortgage Trust, Series 2022-3, Class A1                         | CUSIP: 31573EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    180531 | PA      | $180043.29    | 0.01%             | 2067-08-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                                                          | Charles Schwab Corp. (The)                                                          | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     45000 | PA      | $49039.79     | 0.00%             | 2034-08-24      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                    | CUSIP: 718172BD0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    300000 | PA      | $280476.21    | 0.02%             | 2043-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Coherent Corp.                                                                      | Coherent Corp.                                                                      | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |    106490 | NS      | $11471102.80  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology, Inc.                                                             | Micron Technology, Inc.                                                             | CUSIP: 595112BQ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    680000 | PA      | $686454.99    | 0.05%             | 2030-02-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: —       |
| Verizon Communications Inc.                                                         | Verizon Communications Inc.                                                         | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    561000 | PA      | $443502.44    | 0.03%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                             | CUSIP: 44891ACD7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16457.79     | 0.00%             | 2028-03-30      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| First Horizon Alternative Mortgage Securities Trust                                 | First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6     | CUSIP: 32051GYL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     33246 | PA      | $12927.56     | 0.00%             | 2035-11-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Allstate Corp. (The)                                                                | Allstate Corp. (The)                                                                | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     30661 | NS      | $6581383.65   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTR Adjustable Rate Mortgages Trust                                               | MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2                    | CUSIP: 576433WE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5534 | PA      | $5510.68      | 0.00%             | 2034-04-21      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding (AESOP) LLC                                          | Avis Budget Rental Car Funding (AESOP) LLC, Series 2023-4A, Class A                 | CUSIP: 05377RGY4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    291000 | PA      | $299740.68    | 0.02%             | 2029-06-20      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                         | Capital One Financial Corp.                                                         | CUSIP: 14040HCZ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16786.32     | 0.00%             | 2029-06-08      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3066.67      | 0.00%             | 2033-07-22      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Federal Realty OP L.P.                                                              | Federal Realty OP L.P., Conv.                                                       | CUSIP: 313747BD8<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              | CORP              | US        |   4235000 | PA      | $4311230.00   | 0.31%             | 2029-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                            | Diamondback Energy, Inc.                                                            | CUSIP: 25278XBA6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    488000 | PA      | $470065.82    | 0.03%             | 2054-04-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                    | CUSIP: 126650DY3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12287.73     | 0.00%             | 2033-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bonds                                                                 | U.S. Treasury Bonds                                                                 | CUSIP: 912810FT0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2636800 | PA      | $2725070.99   | 0.19%             | 2036-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp.                                                              | Norfolk Southern Corp.                                                              | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     39741 | NS      | $11938593.81  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                                                                         | Kenvue Inc.                                                                         | CUSIP: 49177JAM4<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2896.32      | 0.00%             | 2043-03-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                              | Sempra                                                                              | CUSIP: 816851BH1<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    559000 | PA      | $478286.62    | 0.03%             | 2038-02-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| AS Mileage Plan IP Ltd.                                                             | AS Mileage Plan IP Ltd.                                                             | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    283000 | PA      | $281850.66    | 0.02%             | 2031-10-20      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp.                                                                  | Atmos Energy Corp.                                                                  | CUSIP: 049560AZ8<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |     12000 | PA      | $13033.03     | 0.00%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                            | CUSIP: 693475BE4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3971.46      | 0.00%             | 2033-06-06      | Variable      | 4.63%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                                                         | Marsh & McLennan Cos., Inc.                                                         | CUSIP: 571748BV3<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22549.60     | 0.00%             | 2053-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                               | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K735, Class X1, IO    | CUSIP: 3137FMU83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   1918685 | PA      | $7128.30      | 0.00%             | 2026-05-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp.                                                              | Northrop Grumman Corp.                                                              | CUSIP: 666807CJ9<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2756.36      | 0.00%             | 2053-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                     | Microsoft Corp.                                                                     | CUSIP: 594918BJ2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    870000 | PA      | $869118.15    | 0.06%             | 2025-11-03      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| AGCO Corp.                                                                          | AGCO Corp.                                                                          | CUSIP: 001084AS1<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |     66000 | PA      | $68642.69     | 0.00%             | 2034-03-21      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 3136AAQJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     96708 | PA      | $11983.25     | 0.00%             | 2042-12-25      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                     | Intercontinental Exchange, Inc.                                                     | CUSIP: 45866FAW4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3026.70      | 0.00%             | 2033-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Molson Coors Beverage Co.                                                           | Molson Coors Beverage Co.                                                           | CUSIP: 60871RAH3<br>LEI: 54930073LBBH6ZCBE225 | Long             | DBT              | CORP              | US        |    377000 | PA      | $307363.99    | 0.02%             | 2046-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                                   | Duke Energy Corp.                                                                   | CUSIP: 26441CCC7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     39000 | PA      | $39758.21     | 0.00%             | 2029-01-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                      | Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA                           | CUSIP: 61691NAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    603000 | PA      | $9223.43      | 0.00%             | 2050-12-15      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Public Service Co. of Colorado                                                      | Public Service Co. of Colorado                                                      | CUSIP: 744448CY5<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2844.79      | 0.00%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                        | Exelon Corp.                                                                        | CUSIP: 30161NBL4<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     47000 | PA      | $45995.92     | 0.00%             | 2053-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                      | CUSIP: 74340XCK5<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |     36000 | PA      | $34878.40     | 0.00%             | 2054-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PDC7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3010.55      | 0.00%             | 2033-04-26      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bonds                                                                 | U.S. Treasury Bonds                                                                 | CUSIP: 912810QH4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     72800 | PA      | $72069.16     | 0.01%             | 2040-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Global Funding                                                  | Northwestern Mutual Global Funding                                                  | CUSIP: 66815L2Q1<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |    169000 | PA      | $172134.37    | 0.01%             | 2029-01-10      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Texas Eastern Transmission, L.P.                                                    | Texas Eastern Transmission, L.P.                                                    | CUSIP: 882389CC1<br>LEI: 549300SIOULUXXIDGA69 | Long             | DBT              | CORP              | US        |    169000 | PA      | $189679.85    | 0.01%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                    | CUSIP: 31297BTP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1232 | PA      | $1287.91      | 0.00%             | 2031-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Gas and Electric Co.                                                       | Oklahoma Gas and Electric Co.                                                       | CUSIP: 678858BY6<br>LEI: 549300VJ8YXGPO8EV472 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3001.46      | 0.00%             | 2053-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    874000 | PA      | $783631.89    | 0.06%             | 2032-10-20      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| Cargill, Inc.                                                                       | Cargill, Inc.                                                                       | CUSIP: 141781BY9<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3000.39      | 0.00%             | 2025-10-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                            | HCA Inc.                                                                            | CUSIP: 404119CR8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15808.21     | 0.00%             | 2053-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                           | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13425000 | PA      | $13357350.62  | 0.95%             | 2030-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Bank                                                                                | Bank, Series 2019-BN16, Class XA                                                    | CUSIP: 065405AJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   1412773 | PA      | $34340.99     | 0.00%             | 2052-02-15      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| Shell PLC                                                                           | Shell PLC                                                                           | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    325846 | NS      | $11613474.86  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The), Series I                                       | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4906.14      | 0.00%             | N/A             | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                                                          | CNH Industrial Capital LLC                                                          | CUSIP: 12592BAP9<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3000.95      | 0.00%             | 2025-10-14      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Frontier Issuer LLC                                                                 | Frontier Issuer LLC, Series 2023-1, Class A2                                        | CUSIP: 35910EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    266934 | PA      | $271213.73    | 0.02%             | 2053-08-20      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Public Service Co. of New Hampshire                                                 | Public Service Co. of New Hampshire                                                 | CUSIP: 744538AF6<br>LEI: 549300SHPFALUPKK2351 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9423.70      | 0.00%             | 2033-10-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | Avolon Holdings Funding Ltd.                                                        | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     22000 | PA      | $22954.88     | 0.00%             | 2028-05-04      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Workday, Inc.                                                                       | Workday, Inc.                                                                       | CUSIP: 98138HAG6<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |    528000 | PA      | $523532.50    | 0.04%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating LLC/Charter Communications Operating Capital Corp. | CUSIP: 161175CP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     53000 | PA      | $56656.96     | 0.00%             | 2034-02-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                     | Solventum Corp.                                                                     | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    265000 | PA      | $276039.92    | 0.02%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Box, Inc.                                                                           | Box, Inc., Conv.                                                                    | CUSIP: 10316TAD6<br>LEI: 549300KQUCPD8687YS68 | Long             | DBT              | CORP              | US        |   2734000 | PA      | $2754505.00   | 0.20%             | 2029-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                  | T-Mobile USA, Inc.                                                                  | CUSIP: 87264ACT0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    750000 | PA      | $514293.83    | 0.04%             | 2052-10-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                            | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     55864 | NS      | $11224753.52  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                | CUSIP: 025816ED7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    593000 | PA      | $602556.48    | 0.04%             | 2029-04-25      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                               | NextEra Energy Capital Holdings, Inc.                                               | CUSIP: 65339KCH1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3030.60      | 0.00%             | 2027-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                          | JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class AS               | CUSIP: 46643PBJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    105000 | PA      | $102191.25    | 0.01%             | 2047-11-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                                | Meta Platforms, Inc.                                                                | CUSIP: 30303M8R6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16468.55     | 0.00%             | 2063-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                    | CUSIP: 718172DC0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36145.21     | 0.00%             | 2028-09-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Avnet, Inc.                                                                         | Avnet, Inc.                                                                         | CUSIP: 053807AS2<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |    671000 | PA      | $670515.08    | 0.05%             | 2026-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: —       |
| Bayer US Finance LLC                                                                | Bayer US Finance LLC                                                                | CUSIP: 07274EAM5<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    274000 | PA      | $298497.10    | 0.02%             | 2053-11-21      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                                                     | Residential Mortgage Loan Trust, Series 2020-1, Class A1                            | CUSIP: 76119CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2669 | PA      | $2652.31      | 0.00%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                            | CUSIP: 693475AW5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    689000 | PA      | $674753.00    | 0.05%             | 2029-04-23      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Lam Research Corp.                                                                  | Lam Research Corp.                                                                  | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     66444 | NS      | $8896851.60   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp. (The)                                                          | Charles Schwab Corp. (The)                                                          | CUSIP: 808513CD5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16619.61     | 0.00%             | 2029-05-19      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FAHB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      4860 | PA      | $603.69       | 0.00%             | 2032-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Allstate Corp. (The)                                                                | Allstate Corp. (The)                                                                | CUSIP: 020002BD2<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    302000 | PA      | $299279.92    | 0.02%             | 2026-12-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                     | Intercontinental Exchange, Inc.                                                     | CUSIP: 45866FAY0<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2868.00      | 0.00%             | 2062-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corp.                                                                      | M&T Bank Corp.                                                                      | CUSIP: 55261FAR5<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3008.58      | 0.00%             | 2034-01-27      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| Cable One, Inc.                                                                     | Cable One, Inc., Conv.                                                              | CUSIP: 12685JAE5<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |   5466000 | PA      | $5337574.53   | 0.38%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sun Communities Operating L.P.                                                      | Sun Communities Operating L.P.                                                      | CUSIP: 866677AE7<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2715.75      | 0.00%             | 2031-07-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                             | CUSIP: 91324PEW8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2750.87      | 0.00%             | 2053-04-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                               | International Business Machines Corp.                                               | CUSIP: 459200JZ5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1961520.31   | 0.14%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FAB58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     11126 | PA      | $1293.94      | 0.00%             | 2033-02-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Evergy Metro, Inc.                                                                  | Evergy Metro, Inc.                                                                  | CUSIP: 30037DAB1<br>LEI: 1128SIJQ26096WL7IO82 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3053.78      | 0.00%             | 2033-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp.                                                              | Norfolk Southern Corp.                                                              | CUSIP: 655844CS5<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    485000 | PA      | $478190.71    | 0.03%             | 2054-08-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: —       |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                               | CUSIP: 539830BY4<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3181.13      | 0.00%             | 2063-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3043.66      | 0.00%             | 2028-07-22      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                         | Capital One Financial Corp.                                                         | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    424000 | PA      | $439994.16    | 0.03%             | 2036-01-30      | Variable      | 6.18%                 | No            |                  2 | On Loan: —       |
| PartnerRe Finance B LLC                                                             | PartnerRe Finance B LLC                                                             | CUSIP: 70213BAB7<br>LEI: 549300O0FAGHK2F79881 | Long             | DBT              | CORP              | US        |    500000 | PA      | $489734.02    | 0.03%             | 2029-07-02      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Pfizer Investment Enterprises Pte. Ltd.                                             | Pfizer Investment Enterprises Pte. Ltd.                                             | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |     17000 | PA      | $17179.74     | 0.00%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial, Inc.                                                          | Corebridge Financial, Inc.                                                          | CUSIP: 21871XAR0<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     26000 | PA      | $27765.87     | 0.00%             | 2033-09-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31396XUE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     22247 | PA      | $1808.99      | 0.00%             | 2037-06-25      | Floating      | 2.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                              | CUSIP: 31325UP26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      5804 | PA      | $106.80       | 0.00%             | 2027-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp                                                                        | U.S. Bancorp                                                                        | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     21000 | PA      | $22384.30     | 0.00%             | 2034-06-12      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                | CUSIP: 78016HZV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     14000 | PA      | $14393.50     | 0.00%             | 2029-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-898.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, IO                                        | CUSIP: 38380HHZ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |    102414 | PA      | $18641.51     | 0.00%             | 2047-09-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Becton, Dickinson and Co.                                                           | Becton, Dickinson and Co.                                                           | CUSIP: 075887BM0<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    428000 | PA      | $387793.58    | 0.03%             | 2044-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                              | Sempra                                                                              | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    104685 | NS      | $9419556.30   | 0.67%             |  |  |  | No            |                  1 | On Loan: —       |
| BX Trust                                                                            | BX Trust, Series 2022-LBA6, Class B                                                 | CUSIP: 12433EAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $110010.03    | 0.01%             | 2039-01-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Nebius Group N.V.                                                                   | Nebius Group N.V., Conv.                                                            | CUSIP: 63954QAF3<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | DBT              | CORP              | NL        |   2109000 | PA      | $2456985.00   | 0.18%             | 2032-09-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Haleon US Capital LLC                                                               | Haleon US Capital LLC                                                               | CUSIP: 36264FAN1<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    315000 | PA      | $251933.31    | 0.02%             | 2052-03-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Veralto Corp.                                                                       | Veralto Corp.                                                                       | CUSIP: 92338CAB9<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48597.97     | 0.00%             | 2026-09-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                                                      | Citizens Financial Group, Inc.                                                      | CUSIP: 174610AW5<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2563.98      | 0.00%             | 2032-09-30      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                                  | Ellington Financial Mortgage Trust, Series 2021-1, Class A1                         | CUSIP: 31574XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23673 | PA      | $20763.19     | 0.00%             | 2066-02-25      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| Public Service Electric and Gas Co.                                                 | Public Service Electric and Gas Co.                                                 | CUSIP: 74456QCM6<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2860.27      | 0.00%             | 2053-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                          | Ameriprise Financial, Inc.                                                          | CUSIP: 03076CAM8<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20736.75     | 0.00%             | 2033-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                                             | Micron Technology, Inc.                                                             | CUSIP: 595112CG6<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    269000 | PA      | $282450.94    | 0.02%             | 2032-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                               | NextEra Energy Capital Holdings, Inc.                                               | CUSIP: 65339KCU2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    128000 | PA      | $131506.96    | 0.01%             | 2034-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                                                        | Fiserv, Inc.                                                                        | CUSIP: 337738BG2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     48000 | PA      | $49508.88     | 0.00%             | 2028-08-21      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                  | CUSIP: 31395XLV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      2853 | PA      | $3393.71      | 0.00%             | 2035-08-15      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Mastercard Inc.                                                                     | Mastercard Inc.                                                                     | CUSIP: 57636QAX2<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20551.27     | 0.00%             | 2033-03-09      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| T-Mobile US, Inc.                                                                   | T-Mobile US, Inc.                                                                   | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     38835 | NS      | $9296322.30   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT Finance Corp.                                                                   | NTT Finance Corp.                                                                   | CUSIP: 62954WAP0<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    281000 | PA      | $283065.97    | 0.02%             | 2027-07-16      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Regency Centers, L.P.                                                               | Regency Centers, L.P.                                                               | CUSIP: 75884RAY9<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |    256000 | PA      | $225267.35    | 0.02%             | 2049-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-135.26      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KKR & Co. Inc.                                                                      | KKR & Co. Inc., Class A                                                             | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     77045 | NS      | $10011997.75  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp.                                                              | Norfolk Southern Corp.                                                              | CUSIP: 655844CT3<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     22000 | PA      | $23345.16     | 0.00%             | 2034-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                      | CUSIP: 172967LP4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    511000 | PA      | $506585.45    | 0.04%             | 2028-07-24      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                                             | Mercedes-Benz Finance North America LLC                                             | CUSIP: 58769JAL1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    217000 | PA      | $222752.65    | 0.02%             | 2028-08-03      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage L.P.                                                            | Extra Space Storage L.P.                                                            | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56632.86     | 0.00%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential Trust, Series 2021-SFR10, Class A                              | CUSIP: 74333WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95836 | PA      | $90853.47     | 0.01%             | 2040-12-17      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                     | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     14974 | NS      | $11924544.90  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc. (The)                                                            | Carlyle Group Inc. (The)                                                            | CUSIP: 14316JAA6<br>LEI: 529900NGGVF94UK6PG95 | Long             | DBT              | CORP              | US        |    448000 | PA      | $446606.41    | 0.03%             | 2035-09-19      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 3137AXEJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     11337 | PA      | $204.45       | 0.00%             | 2027-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc / SkyMiles IP Ltd.                                              | Delta Air Lines Inc / SkyMiles IP Ltd.                                              | CUSIP: 830867AA5<br>LEI: 2549008L7P4I8VB90936 | Long             | DBT              | CORP              | US        |      1088 | PA      | $1086.81      | 0.00%             | 2025-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46625HRY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2987.32      | 0.00%             | 2028-02-01      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FCCL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     14959 | PA      | $1900.27      | 0.00%             | 2034-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                           | Ford Motor Credit Co. LLC                                                           | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208878.02    | 0.01%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                      | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5108.30      | 0.00%             | 2029-02-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Public Storage Operating Co.                                                        | Public Storage Operating Co.                                                        | CUSIP: 74460WAG2<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23895.34     | 0.00%             | 2033-08-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Delaware Life Global Funding                                                        | Delaware Life Global Funding, Series 21-1                                           | CUSIP: 246114AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2184000 | PA      | $2142451.26   | 0.15%             | 2026-06-29      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25751.35     | 0.00%             | 2030-01-23      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Blackstone Secured Lending Fund                                                     | Blackstone Secured Lending Fund                                                     | CUSIP: 09261XAD4<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |     89000 | PA      | $86135.28     | 0.01%             | 2027-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 94974BGE4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    540000 | PA      | $478470.35    | 0.03%             | 2044-11-04      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Brighthouse Financial, Inc.                                                         | Brighthouse Financial, Inc.                                                         | CUSIP: 10922NAH6<br>LEI: 5493003T8SZSHOGGAW52 | Long             | DBT              | CORP              | US        |   1296000 | PA      | $855549.23    | 0.06%             | 2051-12-22      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Banc of America Mortgage Trust                                                      | Banc of America Mortgage Trust, Series 2004-E, Class 2A6                            | CUSIP: 05949AHA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9551 | PA      | $9175.73      | 0.00%             | 2034-06-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | McDonald's Corp.                                                                    | CUSIP: 58013MFW9<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13909.64     | 0.00%             | 2053-08-14      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                                             | Daimler Truck Finance North America LLC                                             | CUSIP: 233853BH2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    919000 | PA      | $920567.85    | 0.07%             | 2030-10-12      | Fixed         | 4.65%                 | No            |                  2 | On Loan: —       |
| Cox Communications, Inc.                                                            | Cox Communications, Inc.                                                            | CUSIP: 224044CM7<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |    202000 | PA      | $118448.50    | 0.01%             | 2050-10-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                                           | Bank of Nova Scotia (The)                                                           | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    286000 | PA      | $307375.35    | 0.02%             | 2084-01-27      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Capital One, N.A.                                                                   | Capital One, N.A.                                                                   | CUSIP: 25466AAP6<br>LEI: 207ALC1P1YM0OVDV0K75 | Long             | DBT              | CORP              | US        |    122000 | PA      | $123494.67    | 0.01%             | 2028-09-13      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                | CUSIP: 378272BS6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     84000 | PA      | $86581.44     | 0.01%             | 2029-04-04      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| GS Finance Corp.                                                                    | GS Finance Corp., Series 0003, Conv.                                                | CUSIP: 36255HBG2<br>LEI: 549300FR80KBVO6DRL61 | Long             | DBT              | CORP              | US        |   5873000 | PA      | $6919915.05   | 0.49%             | 2029-07-30      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Healthcare Realty Holdings, L.P.                                                    | Healthcare Realty Holdings, L.P.                                                    | CUSIP: 42225UAH7<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2605.55      | 0.00%             | 2031-03-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                | CUSIP: 78016HZT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $40479.20     | 0.00%             | 2027-01-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 95000U2A0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3964.65      | 0.00%             | 2028-05-22      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                           | Williams Cos., Inc. (The)                                                           | CUSIP: 969457CH1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    658000 | PA      | $661034.96    | 0.05%             | 2026-03-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                              | CUSIP: 31282YCE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      1061 | PA      | $54.11        | 0.00%             | 2028-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc.                                                                    | Xcel Energy Inc.                                                                    | CUSIP: 98389BAX8<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    964000 | PA      | $692644.65    | 0.05%             | 2049-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                        | NVIDIA Corp.                                                                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     53281 | NS      | $9941168.98   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2007.34      | 0.00%             | 2029-07-23      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| Smurfit Kappa Treasury Unlimited Co.                                                | Smurfit Kappa Treasury Unlimited Co.                                                | CUSIP: 83272GAD3<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $103041.42    | 0.01%             | 2030-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                   | CUSIP: 31397QWP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      5010 | PA      | $4810.98      | 0.00%             | 2041-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 31395U5B3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     20767 | PA      | $1322.95      | 0.00%             | 2035-05-15      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FCHX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      7359 | PA      | $1004.11      | 0.00%             | 2034-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wabtec Corp.                                                                        | Wabtec Corp.                                                                        | CUSIP: 960386AT7<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |   1061000 | PA      | $1099483.71   | 0.08%             | 2035-05-29      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                      | CUSIP: 172967QA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    969000 | PA      | $987703.23    | 0.07%             | 2031-05-07      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                      | CUSIP: 61747YFK6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25699.58     | 0.00%             | 2030-01-16      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                     | BHP Billiton Finance (USA) Ltd.                                                     | CUSIP: 055451BE7<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     45000 | PA      | $46882.11     | 0.00%             | 2033-09-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc.                                                                    | Xcel Energy Inc.                                                                    | CUSIP: 98388MAD9<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2978.63      | 0.00%             | 2032-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Textron Inc.                                                                        | Textron Inc.                                                                        | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     84315 | NS      | $7123774.35   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Corp.                                                                 | Southwest Gas Corp.                                                                 | CUSIP: 845011AH8<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3083.98      | 0.00%             | 2028-03-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3000.47      | 0.00%             | 2033-04-27      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                 | Cisco Systems, Inc.                                                                 | CUSIP: 17275RBU5<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    353000 | PA      | $348697.63    | 0.02%             | 2054-02-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| American International Group, Inc.                                                  | American International Group, Inc.                                                  | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    137883 | NS      | $10829330.82  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Mortgage Trust                                                            | Benchmark Mortgage Trust, Series 2018-B1, Class XA                                  | CUSIP: 08162PAY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1376427 | PA      | $13016.73     | 0.00%             | 2051-01-15      | Variable      | 0.67%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                          | CUSIP: 571676AW5<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    596000 | PA      | $600539.99    | 0.04%             | 2027-03-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Union Electric Co.                                                                  | Union Electric Co.                                                                  | CUSIP: 906548CY6<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |    168000 | PA      | $173366.03    | 0.01%             | 2034-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank, N.A.                                                              | Wells Fargo Bank, N.A.                                                              | CUSIP: 94988J6H5<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250373.95    | 0.02%             | 2026-01-15      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                          | Constellation Brands, Inc.                                                          | CUSIP: 21036PBB3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1039721.57   | 0.07%             | 2025-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                 | GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6                     | CUSIP: 36263KAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130776 | PA      | $117103.68    | 0.01%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| American Airlines Pass-Through Trust                                                | American Airlines Pass-Through Trust, Series B                                      | CUSIP: 02376LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     29200 | PA      | $27935.89     | 0.00%             | 2030-07-11      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    636467 | NS      | $32835332.53  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp                                                                        | U.S. Bancorp                                                                        | CUSIP: 91159HJF8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5039.29      | 0.00%             | 2028-07-22      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| PACCAR Financial Corp.                                                              | PACCAR Financial Corp.                                                              | CUSIP: 69371RS23<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6000.21      | 0.00%             | 2025-10-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                   | CUSIP: 532457CH9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2772.67      | 0.00%             | 2063-02-27      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                                                  | General Motors Co., Class C                                                         | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    135081 | NS      | $8235888.57   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                          | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    217000 | PA      | $219965.68    | 0.02%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Bayview MSR Opportunity Master Fund Trust                                           | Bayview MSR Opportunity Master Fund Trust, Series 2021-4, Class A3                  | CUSIP: 07336GAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    162464 | PA      | $140200.32    | 0.01%             | 2051-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                       | Comcast Corp.                                                                       | CUSIP: 20030NDQ1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      3000 | PA      | $1581.57      | 0.00%             | 2062-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The), Series W                                           | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    437000 | PA      | $464406.46    | 0.03%             | N/A             | Variable      | 7.50%                 | No            |                  2 | On Loan: —       |
| Heineken N.V.                                                                       | Heineken N.V.                                                                       | CUSIP: 423012AF0<br>LEI: 724500K5PTPSST86UQ23 | Long             | DBT              | CORP              | NL        |    945000 | PA      | $935370.31    | 0.07%             | 2028-01-29      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                            | CUSIP: 110122CQ9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    621000 | PA      | $562864.51    | 0.04%             | 2039-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                                                   | Merck & Co., Inc.                                                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    140151 | NS      | $11762873.43  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage Operating Co.                                                        | Public Storage Operating Co.                                                        | CUSIP: 74460WAH0<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12863.42     | 0.00%             | 2053-08-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31392DWM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     11035 | PA      | $1215.84      | 0.00%             | 2032-08-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2022-1, Class A1                                   | CUSIP: 03464BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    181049 | PA      | $170318.10    | 0.01%             | 2066-12-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                         | CUSIP: 00287YDS5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    101000 | PA      | $103309.83    | 0.01%             | 2029-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp                                                                        | U.S. Bancorp                                                                        | CUSIP: 91159HJQ4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46535.75     | 0.00%             | 2030-01-23      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| Jazz Investments I Ltd.                                                             | Jazz Investments I Ltd., Conv.                                                      | CUSIP: 472145AH4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2370000 | PA      | $2817930.00   | 0.20%             | 2030-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FCYZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     13264 | PA      | $1897.25      | 0.00%             | 2035-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                                       | Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A1                           | CUSIP: 17307G2Z0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50215 | PA      | $48478.24     | 0.00%             | 2035-10-25      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                  | Dell International LLC / EMC Corp.                                                  | CUSIP: 24703TAK2<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2600.79      | 0.00%             | 2046-07-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                           | CUSIP: 75513ECV1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     15000 | PA      | $16200.52     | 0.00%             | 2031-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NSTAR Electric Co.                                                                  | NSTAR Electric Co.                                                                  | CUSIP: 67021CAS6<br>LEI: 54930080R72Y2Z31UR68 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2614.05      | 0.00%             | 2052-06-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                        | Honeywell International Inc.                                                        | CUSIP: 438516CQ7<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    116000 | PA      | $119341.81    | 0.01%             | 2029-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Manulife Financial Corp.                                                            | Manulife Financial Corp.                                                            | CUSIP: 56501RAE6<br>LEI: 5493007GBX87QOZACS27 | Long             | DBT              | CORP              | CA        |      3000 | PA      | $2979.37      | 0.00%             | 2032-02-24      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                                 | Synchrony Financial                                                                 | CUSIP: 87165BAM5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    556000 | PA      | $549717.47    | 0.04%             | 2027-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust                                         | Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1                | CUSIP: 07387AGZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23086 | PA      | $22279.83     | 0.00%             | 2036-02-25      | Floating      | 0.65%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co.                                                                   | Genuine Parts Co.                                                                   | CUSIP: 372460AD7<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |     37000 | PA      | $41447.35     | 0.00%             | 2033-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 3136ASXP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     36733 | PA      | $4795.73      | 0.00%             | 2046-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Australia and New Zealand Banking Group Ltd.                                        | Australia and New Zealand Banking Group Ltd.                                        | CUSIP: 05254HAA2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    425000 | PA      | $430862.03    | 0.03%             | N/A             | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp.                                  | CUSIP: 63743HFM9<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    274000 | PA      | $276750.23    | 0.02%             | 2027-02-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | CUSIP: 709599BW3<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20888.57     | 0.00%             | 2028-08-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                   | CUSIP: 532457CF3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6124.60      | 0.00%             | 2033-02-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NTT Finance Corp.                                                                   | NTT Finance Corp.                                                                   | CUSIP: 62954WAU9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    764000 | PA      | $782684.35    | 0.06%             | 2032-07-16      | Fixed         | 5.17%                 | No            |                  2 | On Loan: —       |
| Omnicom Group Inc / Omnicom Capital Inc.                                            | Omnicom Group Inc / Omnicom Capital Inc.                                            | CUSIP: 68217FAA0<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |    550000 | PA      | $547930.69    | 0.04%             | 2026-04-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                                        | American Honda Finance Corp.                                                        | CUSIP: 02665WEZ0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43341.59     | 0.00%             | 2034-01-10      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp.                                                                   | FirstEnergy Corp.                                                                   | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |    149268 | NS      | $6839459.76   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Residential Accredit Loans, Inc. Trust                                              | Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8                 | CUSIP: 75115DAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2620 | PA      | $2103.37      | 0.00%             | 2036-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| American Airlines Pass-Through Trust                                                | American Airlines Pass-Through Trust, Series A                                      | CUSIP: 02379KAA2<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |      2518 | PA      | $2286.04      | 0.00%             | 2034-07-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial, Inc.                                                          | Corebridge Financial, Inc.                                                          | CUSIP: 21871XAS8<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     55000 | PA      | $57891.73     | 0.00%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     37000 | PA      | $38658.46     | 0.00%             | 2035-01-23      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                         | Kenvue Inc.                                                                         | CUSIP: 49177JAK8<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15254.36     | 0.00%             | 2033-03-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                                             | Flagstar Mortgage Trust, Series 2021-8INV, Class A6                                 | CUSIP: 33852HAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61594 | PA      | $55413.07     | 0.00%             | 2051-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                             | AstraZeneca Finance LLC                                                             | CUSIP: 04636NAK9<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    207000 | PA      | $209420.17    | 0.01%             | 2027-02-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                        | Honeywell International Inc.                                                        | CUSIP: 438516CR5<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    131000 | PA      | $135539.50    | 0.01%             | 2031-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                          | J.P. Morgan Mortgage Trust, Series 2024-VIS1, Class A1                              | CUSIP: 465970AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    167574 | PA      | $169372.04    | 0.01%             | 2064-07-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Comerica Inc.                                                                       | Comerica Inc.                                                                       | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |     31000 | PA      | $32266.34     | 0.00%             | 2030-01-30      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                    | CUSIP: 718172DE6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     26000 | PA      | $27589.38     | 0.00%             | 2033-09-07      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                     | BHP Billiton Finance (USA) Ltd.                                                     | CUSIP: 055451BC1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     39000 | PA      | $40128.23     | 0.00%             | 2028-09-08      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                          | PacifiCorp                                                                          | CUSIP: 695114DE5<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35317.16     | 0.00%             | 2055-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                              | CUSIP: 31325UPL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      8080 | PA      | $174.81       | 0.00%             | 2027-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                              | CUSIP: 853254CC2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $178972.49    | 0.01%             | 2032-06-29      | Variable      | 2.68%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                                                                | ERAC USA Finance LLC                                                                | CUSIP: 26884TAY8<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |     53000 | PA      | $54379.15     | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc.                                                                     | S&P Global Inc.                                                                     | CUSIP: 78409VBK9<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2749.10      | 0.00%             | 2032-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                                | Meta Platforms, Inc., Class A                                                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     14975 | NS      | $10997340.50  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FA2E9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     15106 | PA      | $2169.01      | 0.00%             | 2033-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                                                          | Charles Schwab Corp. (The), Series K                                                | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6976.62      | 0.00%             | N/A             | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                                        | BX Commercial Mortgage Trust, Series 2021-ACNT, Class A                             | CUSIP: 05609QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85818 | PA      | $85787.93     | 0.01%             | 2038-11-15      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                                               | Gilead Sciences, Inc.                                                               | CUSIP: 375558BZ5<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31473.30     | 0.00%             | 2033-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                                                    | DTE Electric Co.                                                                    | CUSIP: 23338VAV8<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |     39000 | PA      | $40428.42     | 0.00%             | 2034-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Regency Centers, L.P.                                                               | Regency Centers, L.P.                                                               | CUSIP: 75884RAZ6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |    753000 | PA      | $719256.89    | 0.05%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                         | CUSIP: 00287YDX4<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     97000 | PA      | $97026.09     | 0.01%             | 2064-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Co. of New York, Inc.                                           | Consolidated Edison Co. of New York, Inc.                                           | CUSIP: 209111GF4<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     21000 | PA      | $22111.09     | 0.00%             | 2034-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                     | BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1                         | CUSIP: 10569EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15842 | PA      | $15490.68     | 0.00%             | 2060-03-25      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                                                               | Delta Air Lines, Inc.                                                               | CUSIP: 247361A24<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    649000 | PA      | $657049.61    | 0.05%             | 2028-07-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc.                                                                | Global Payments Inc., Conv.                                                         | CUSIP: 37940XAU6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   8191000 | PA      | $7517329.89   | 0.54%             | 2031-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN LIFE INSURANCE Co.                                                     | METROPOLITAN LIFE INSURANCE Co.                                                     | CUSIP: 592173AE8<br>LEI: 549300H7EXFMRS487544 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1805125.54   | 0.13%             | 2025-11-01      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp.                                  | CUSIP: 637432NY7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   1227000 | PA      | $1108993.69   | 0.08%             | 2032-04-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                 | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3161.59      | 0.00%             | 2029-07-27      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| Enel Finance America LLC                                                            | Enel Finance America LLC                                                            | CUSIP: 29280HAB8<br>LEI: 549300EGNLVUJX1DEC60 | Long             | DBT              | CORP              | US        |    200000 | PA      | $143812.38    | 0.01%             | 2041-07-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                          | Apple Inc.                                                                          | CUSIP: 037833EZ9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1526869.64   | 0.11%             | 2030-05-12      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp.                                                                  | Atmos Energy Corp.                                                                  | CUSIP: 049560BA2<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7715.21      | 0.00%             | 2053-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| FedEx Corp.                                                                         | FedEx Corp.                                                                         | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     42712 | NS      | $10071916.72  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                           | CUSIP: 75513ECQ2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3007.69      | 0.00%             | 2026-02-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SG Residential Mortgage Trust                                                       | SG Residential Mortgage Trust, Series 2022-1, Class A2                              | CUSIP: 78433QAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99429 | PA      | $91509.15     | 0.01%             | 2062-03-27      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                 | CommonSpirit Health                                                                 | CUSIP: 20268JAS2<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    129000 | PA      | $131178.71    | 0.01%             | 2034-12-01      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | CUSIP: 709599BU7<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3024.28      | 0.00%             | 2026-05-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CSG Systems International, Inc.                                                     | CSG Systems International, Inc., Conv.                                              | CUSIP: 126349AH2<br>LEI: 549300D7FJZUOHHXUA81 | Long             | DBT              | CORP              | US        |   3780000 | PA      | $4208085.00   | 0.30%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                                                      | Element Fleet Management Corp.                                                      | CUSIP: 286181AK8<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |     37000 | PA      | $39203.39     | 0.00%             | 2028-12-04      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                                             | GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1                                 | CUSIP: 362341FR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1422 | PA      | $1357.20      | 0.00%             | 2035-07-25      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                      | CUSIP: 172967HS3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    228000 | PA      | $222578.50    | 0.02%             | 2044-05-06      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Pfizer Investment Enterprises Pte. Ltd.                                             | Pfizer Investment Enterprises Pte. Ltd.                                             | CUSIP: 716973AB8<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    840000 | PA      | $841789.54    | 0.06%             | 2026-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance LLC                                                                | Bayer US Finance LLC                                                                | CUSIP: 07274EAK9<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    200000 | PA      | $213815.28    | 0.02%             | 2030-11-21      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| B.A.T Capital Corp.                                                                 | B.A.T Capital Corp.                                                                 | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     18000 | PA      | $19237.07     | 0.00%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Leidos, Inc.                                                                        | Leidos, Inc.                                                                        | CUSIP: 52532XAJ4<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3169.93      | 0.00%             | 2033-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Smurfit Kappa Treasury Unlimited Co.                                                | Smurfit Kappa Treasury Unlimited Co.                                                | CUSIP: 83272GAF8<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $102241.08    | 0.01%             | 2054-04-03      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                  | Dell International LLC / EMC Corp.                                                  | CUSIP: 24703TAN6<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    990000 | PA      | $1022396.62   | 0.07%             | 2032-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $506.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Extra Space Storage L.P.                                                            | Extra Space Storage L.P.                                                            | CUSIP: 30225VAJ6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    371000 | PA      | $383270.32    | 0.03%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Match Group FinanceCo 3, Inc.                                                       | Match Group FinanceCo 3, Inc., Conv.                                                | CUSIP: 44932KAA4<br>LEI: 5493003IEL8HSZKWUI17 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1437540.00   | 0.10%             | 2030-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $57112.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The)                                                 | CUSIP: 06406RCJ4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    498000 | PA      | $515476.01    | 0.04%             | 2036-06-06      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                          | PacifiCorp                                                                          | CUSIP: 695114DC9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36312.23     | 0.00%             | 2031-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| McCormick & Co., Inc.                                                               | McCormick & Co., Inc.                                                               | CUSIP: 579780AT4<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3060.63      | 0.00%             | 2033-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                     | CUSIP: 38141GVR2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    529000 | PA      | $528660.27    | 0.04%             | 2025-10-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NNN REIT, Inc.                                                                      | NNN REIT, Inc.                                                                      | CUSIP: 637417AS5<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6280.73      | 0.00%             | 2033-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp.                                                               | Parker-Hannifin Corp.                                                               | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     24644 | NS      | $18683848.60  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                                                                    | McDonald's Corp.                                                                    | CUSIP: 58013MFV1<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     43000 | PA      | $44320.74     | 0.00%             | 2033-08-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                                                         | Nationwide Building Society                                                         | CUSIP: 63861VAE7<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $147611.48    | 0.01%             | 2030-07-18      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                                        | BX Commercial Mortgage Trust, Series 2021-VOLT, Class B                             | CUSIP: 05609VAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    184077 | PA      | $183565.35    | 0.01%             | 2036-09-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FAXN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     18834 | PA      | $2267.53      | 0.00%             | 2033-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                     | Starbucks Corp.                                                                     | CUSIP: 855244AT6<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    705000 | PA      | $691345.09    | 0.05%             | 2029-08-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-422.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Federation des caisses Desjardins du Quebec                                         | Federation des caisses Desjardins du Quebec                                         | CUSIP: 31429KAH6<br>LEI: 549300B2Q47IR0CR5B54 | Long             | DBT              | CORP              | CA        |    280000 | PA      | $283018.39    | 0.02%             | 2027-08-23      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Public Storage Operating Co.                                                        | Public Storage Operating Co.                                                        | CUSIP: 74460WAF4<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4132.02      | 0.00%             | 2029-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                              | UBS AG                                                                              | CUSIP: 902674ZW3<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $209155.17    | 0.01%             | 2028-09-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                                                           | Corebridge Global Funding                                                           | CUSIP: 00138CAV0<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |     23000 | PA      | $24077.64     | 0.00%             | 2028-09-19      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Invesco Private Prime Fund                                                          | Invesco Private Prime Fund                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  20214608 | NS      | $20214607.56  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                  | Ares Capital Corp.                                                                  | CUSIP: 04010LBF9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     49000 | PA      | $50429.56     | 0.00%             | 2029-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AT&T Inc.                                                                           | AT&T Inc.                                                                           | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    643000 | PA      | $666955.66    | 0.05%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Trust                                                   | Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A1                       | CUSIP: 16158RAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2950 | PA      | $2817.99      | 0.00%             | 2049-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Niagara Mohawk Power Corp.                                                          | Niagara Mohawk Power Corp.                                                          | CUSIP: 65364UAU0<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16926.07     | 0.00%             | 2054-01-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Georgia Power Co.                                                                   | Georgia Power Co., Series B                                                         | CUSIP: 373334KN0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    350000 | PA      | $268029.12    | 0.02%             | 2050-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                    | CUSIP: 3132DQKL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    322527 | PA      | $327889.78    | 0.02%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                              | CUSIP: 31282YW70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      6945 | PA      | $750.29       | 0.00%             | 2032-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                    | CUSIP: 126650EA4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2957.71      | 0.00%             | 2063-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                  | T-Mobile USA, Inc.                                                                  | CUSIP: 87264ACW3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8898.52      | 0.00%             | 2053-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                              | Sempra                                                                              | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    131000 | PA      | $135917.09    | 0.01%             | 2054-10-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                                               | Sumitomo Mitsui Financial Group, Inc.                                               | CUSIP: 86562MDK3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    234000 | PA      | $244948.16    | 0.02%             | N/A             | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The), Series J                                       | CUSIP: 06406RBR7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12234.01     | 0.00%             | 2034-04-26      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                | CUSIP: 29273VAT7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    448000 | PA      | $485717.31    | 0.03%             | 2030-12-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 31395MTC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      3970 | PA      | $249.33       | 0.00%             | 2035-02-15      | Floating      | 2.26%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                         | CUSIP: 00287YDW6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    124000 | PA      | $123386.31    | 0.01%             | 2054-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Sanofi                                                                              | Sanofi                                                                              | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |    122222 | NS      | $11573684.92  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                       | Enbridge Inc.                                                                       | CUSIP: 29250NBR5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     11000 | PA      | $11579.85     | 0.00%             | 2033-03-08      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                              | CUSIP: 853254CU2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $217005.43    | 0.02%             | 2034-07-06      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                      | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     34000 | PA      | $36142.75     | 0.00%             | 2029-11-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                         | CUSIP: 00287YAR0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    694000 | PA      | $681284.75    | 0.05%             | 2035-05-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                          | Aviation Capital Group LLC                                                          | CUSIP: 05367AAH6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    709000 | PA      | $709000.00    | 0.05%             | 2025-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| San Diego Gas & Electric Co.                                                        | San Diego Gas & Electric Co.                                                        | CUSIP: 797440CD4<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20219.99     | 0.00%             | 2053-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Co.                                                     | State Street Bank and Trust Co.                                                     | CUSIP: 857449AC6<br>LEI: 571474TGEMMWANRLN572 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1129198.57   | 0.08%             | 2026-11-25      | Fixed         | 4.59%                 | No            |                  2 | On Loan: —       |
| UBS Group AG                                                                        | UBS Group AG                                                                        | CUSIP: 902613BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $206674.63    | 0.01%             | 2030-02-08      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                                   | Duke Energy Corp.                                                                   | CUSIP: 26441CBU8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2704.39      | 0.00%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                      | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    170000 | PA      | $176373.94    | 0.01%             | 2035-02-13      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-193.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity National Information Services, Inc.                                        | Fidelity National Information Services, Inc.                                        | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    152314 | NS      | $10043585.16  | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| AT&T Inc.                                                                           | AT&T Inc.                                                                           | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2555.76      | 0.00%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                                                   | American Electric Power Co., Inc.                                                   | CUSIP: 025537AV3<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4130.71      | 0.00%             | 2027-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Microchip Technology Inc.                                                           | Microchip Technology Inc.                                                           | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    266081 | NS      | $17087721.82  | 1.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FCHZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      2056 | PA      | $280.84       | 0.00%             | 2034-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                             | AstraZeneca Finance LLC                                                             | CUSIP: 04636NAL7<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |     53000 | PA      | $54377.57     | 0.00%             | 2029-02-26      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                           | Toyota Motor Credit Corp.                                                           | CUSIP: 89236TKQ7<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3043.99      | 0.00%             | 2028-01-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                                                | Credit Agricole S.A.                                                                | CUSIP: 22535WAK3<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    267000 | PA      | $274840.61    | 0.02%             | 2030-01-10      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                              | CUSIP: 31282YB40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      2807 | PA      | $94.76        | 0.00%             | 2027-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NNN REIT, Inc.                                                                      | NNN REIT, Inc.                                                                      | CUSIP: 637417AQ9<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2137.97      | 0.00%             | 2051-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp.                                  | CUSIP: 637432PA7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3220.03      | 0.00%             | 2033-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Northern Oil and Gas, Inc.                                                          | Northern Oil and Gas, Inc., Conv.                                                   | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   2005000 | PA      | $2015526.25   | 0.14%             | 2029-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PEC6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18715.03     | 0.00%             | 2035-01-23      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners, L.P.                                                      | Cheniere Energy Partners, L.P.                                                      | CUSIP: 16411QAQ4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12708.63     | 0.00%             | 2033-06-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Brunswick Corp.                                                                     | Brunswick Corp.                                                                     | CUSIP: 117043AW9<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |     58000 | PA      | $60085.66     | 0.00%             | 2029-03-18      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                  | Dell International LLC / EMC Corp.                                                  | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    158000 | PA      | $159295.93    | 0.01%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27134.25     | 0.00%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Campbell's Co. (The)                                                                | Campbell's Co. (The)                                                                | CUSIP: 134429BM0<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48767.83     | 0.00%             | 2027-03-19      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Lowe`s Cos., Inc.                                                                   | Lowe`s Cos., Inc.                                                                   | CUSIP: 548661ES2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21214.03     | 0.00%             | 2063-04-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                       | NiSource Inc.                                                                       | CUSIP: 65473PAQ8<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     89000 | PA      | $91695.43     | 0.01%             | 2034-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                           | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     71162 | NS      | $11907537.46  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                          | CUSIP: 571676AT2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21273.49     | 0.00%             | 2028-04-20      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation, LLC                                                | Constellation Energy Generation, LLC                                                | CUSIP: 210385AF7<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     88000 | PA      | $89259.90     | 0.01%             | 2054-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc.                                                                  | Suncor Energy Inc.                                                                  | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |    186098 | NS      | $7787847.61   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Providence St. Joseph Health Obligated Group                                        | Providence St. Joseph Health Obligated Group, Series 21A                            | CUSIP: 743820AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $12559.13     | 0.00%             | 2051-10-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                        | CUSIP: 225401BG2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $218444.22    | 0.02%             | 2034-09-22      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co.                                                     | Virginia Electric and Power Co.                                                     | CUSIP: 927804GQ1<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27002.99     | 0.00%             | 2054-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc.                                                                 | Ingersoll Rand Inc.                                                                 | CUSIP: 45687VAA4<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3104.06      | 0.00%             | 2028-08-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MetLife, Inc.                                                                       | MetLife, Inc.                                                                       | CUSIP: 59156RCD8<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10727.41     | 0.00%             | 2054-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc.                        | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc.                        | CUSIP: 03522AAH3<br>LEI: 5493000EYEKDT0FBSQ91 | Long             | DBT              | CORP              | US        |    959000 | PA      | $947302.10    | 0.07%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Southern Co. Gas Capital Corp.                                                      | Southern Co. Gas Capital Corp.                                                      | CUSIP: 8426EPAG3<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9556.76      | 0.00%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Medtronic Global Holdings S.C.A.                                                    | Medtronic Global Holdings S.C.A.                                                    | CUSIP: 58507LBC2<br>LEI: 549300JXMTTP8GKYIX14 | Long             | DBT              | CORP              | LU        |      6000 | PA      | $6006.53      | 0.00%             | 2033-03-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co. (The)                                                          | Procter & Gamble Co. (The)                                                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     91008 | NS      | $13983379.20  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Healthcare, Inc.                                                           | Piedmont Healthcare, Inc.                                                           | CUSIP: 72014TAE9<br>LEI: 254900D1I6W7J0DSAY11 | Long             | DBT              | CORP              | US        |     18000 | PA      | $11473.52     | 0.00%             | 2052-01-01      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co.                                                              | MidAmerican Energy Co.                                                              | CUSIP: 595620AZ8<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |     43000 | PA      | $41971.15     | 0.00%             | 2055-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 94974BFY1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    505000 | PA      | $504691.55    | 0.04%             | 2026-06-03      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                                 | Starwood Mortgage Residential Trust, Series 2021-6, Class A1                        | CUSIP: 85573RAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    174674 | PA      | $154531.62    | 0.01%             | 2066-11-25      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                               | CUSIP: 539830BS7<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    643000 | PA      | $523085.39    | 0.04%             | 2053-06-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                            | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26946.57     | 0.00%             | 2029-06-12      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank, Ltd.                                                    | Sumitomo Mitsui Trust Bank, Ltd.                                                    | CUSIP: 86563VBM0<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    203000 | PA      | $210951.71    | 0.02%             | 2028-09-14      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                     | CUSIP: 38141GYK4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    323000 | PA      | $238461.92    | 0.02%             | 2042-07-21      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                  | CUSIP: 31339W2H8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     16208 | PA      | $16953.18     | 0.00%             | 2032-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                      | CUSIP: 74340XCE9<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21194.22     | 0.00%             | 2033-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                                                        | Fiserv, Inc.                                                                        | CUSIP: 337738BH0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26257.77     | 0.00%             | 2033-08-21      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1607.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Travelers Cos., Inc. (The)                                                          | Travelers Cos., Inc. (The)                                                          | CUSIP: 89417EAJ8<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |    605000 | PA      | $552868.66    | 0.04%             | 2043-08-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                            | CUSIP: 693475BU8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    447000 | PA      | $506589.08    | 0.04%             | 2034-10-20      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                            | CUSIP: 110122EE4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26350.10     | 0.00%             | 2027-02-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                                                         | Toronto-Dominion Bank (The)                                                         | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $211660.15    | 0.02%             | 2082-10-31      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                         | Capital One Financial Corp.                                                         | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     13000 | PA      | $14066.05     | 0.00%             | 2034-06-08      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| AT&T Inc.                                                                           | AT&T Inc.                                                                           | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    157000 | PA      | $108276.77    | 0.01%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                           | OBX Trust, Series 2022-NQM1, Class A1                                               | CUSIP: 67114VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    124950 | PA      | $113438.65    | 0.01%             | 2061-11-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                              | Truist Financial Corp.                                                              | CUSIP: 89788MAL6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3045.55      | 0.00%             | 2029-01-26      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                                              | Home Depot, Inc. (The)                                                              | CUSIP: 437076CW0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     41000 | PA      | $42197.58     | 0.00%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp                                                                        | U.S. Bancorp                                                                        | CUSIP: 91159HHM5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   2101000 | PA      | $2089811.04   | 0.15%             | 2026-04-27      | Fixed         | 3.10%                 | No            |                  2 | On Loan: —       |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3173.94      | 0.00%             | 2033-09-14      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| MPLX L.P.                                                                           | MPLX L.P.                                                                           | CUSIP: 55336VBV1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3002.02      | 0.00%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dollar General Corp.                                                                | Dollar General Corp.                                                                | CUSIP: 256677AM7<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2877.27      | 0.00%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VICI Properties L.P.                                                                | VICI Properties L.P.                                                                | CUSIP: 925650AG8<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32490.34     | 0.00%             | 2054-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                    | CUSIP: 718172DH9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36237.57     | 0.00%             | 2031-02-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | McDonald's Corp.                                                                    | CUSIP: 58013MFT6<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4740.24      | 0.00%             | 2052-09-09      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Global Funding                                                  | Northwestern Mutual Global Funding                                                  | CUSIP: 66815L2R9<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |    164000 | PA      | $166648.53    | 0.01%             | 2027-03-25      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     36000 | PA      | $36952.52     | 0.00%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     57000 | PA      | $62832.41     | 0.00%             | 2034-10-23      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                          | Amgen Inc.                                                                          | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3110.44      | 0.00%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mitsubishi Ufj Financial Group, Inc.                                                | Mitsubishi Ufj Financial Group, Inc.                                                | CUSIP: 606822CL6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $203062.41    | 0.01%             | 2028-07-20      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                        | GS Mortgage Securities Trust, Series 2020-GC47, Class A5                            | CUSIP: 36258RBA0<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $206067.53    | 0.01%             | 2053-05-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                           | CUSIP: 75513ECR0<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18649.60     | 0.00%             | 2033-02-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MPLX L.P.                                                                           | MPLX L.P.                                                                           | CUSIP: 55336VBT6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2561.44      | 0.00%             | 2052-03-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                                                     | Santander UK Group Holdings PLC                                                     | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    221000 | PA      | $221662.23    | 0.02%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                          | Aviation Capital Group LLC                                                          | CUSIP: 05369AAR2<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    383000 | PA      | $384904.32    | 0.03%             | 2027-04-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank, Ltd.                                                    | Sumitomo Mitsui Trust Bank, Ltd.                                                    | CUSIP: 86563VBP3<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    226000 | PA      | $229648.44    | 0.02%             | 2027-03-07      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                                                        | Canadian Pacific Railway Co.                                                        | CUSIP: 13645RBG8<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    399000 | PA      | $299255.95    | 0.02%             | 2041-12-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Telefonica Emisiones, S.A.                                                          | Telefonica Emisiones, S.A.                                                          | CUSIP: 87938WAU7<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |    700000 | PA      | $629606.76    | 0.04%             | 2047-03-08      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc / SkyMiles IP Ltd.                                              | Delta Air Lines Inc / SkyMiles IP Ltd.                                              | CUSIP: 830867AB3<br>LEI: 2549008L7P4I8VB90936 | Long             | DBT              | CORP              | US        |     10309 | PA      | $10371.26     | 0.00%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Blackstone Holdings Finance Co. L.L.C.                                              | Blackstone Holdings Finance Co. L.L.C.                                              | CUSIP: 09261BAA8<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2600.83      | 0.00%             | 2031-03-30      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                                               | Athene Global Funding                                                               | CUSIP: 04685A3T6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178262.23    | 0.01%             | 2027-03-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                            | John Deere Capital Corp.                                                            | CUSIP: 24422EWZ8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25659.20     | 0.00%             | 2030-06-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp.                                                              | Norfolk Southern Corp.                                                              | CUSIP: 655844CD8<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    461000 | PA      | $333718.24    | 0.02%             | 2049-11-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                                                  | United Airlines Pass-Through Trust, Series 20-1                                     | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1844 | PA      | $1896.72      | 0.00%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                              | Truist Financial Corp.                                                              | CUSIP: 89788MAK8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3233.31      | 0.00%             | 2033-10-28      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                             | CUSIP: 44891ACT2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    116000 | PA      | $117283.57    | 0.01%             | 2027-01-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                          | PacifiCorp                                                                          | CUSIP: 695114DB1<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     39000 | PA      | $40019.24     | 0.00%             | 2029-02-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                                                 | Union Pacific Corp.                                                                 | CUSIP: 907818FT0<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |   1018000 | PA      | $800164.93    | 0.06%             | 2041-05-20      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Imperial Brands Finance PLC                                                         | Imperial Brands Finance PLC                                                         | CUSIP: 45262BAL7<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    340000 | PA      | $353392.41    | 0.03%             | 2055-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                    | CUSIP: 3134A4AA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    682000 | PA      | $779901.37    | 0.06%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                                       | Citigroup Mortgage Loan Trust, Series 2021-INV3, Class A3                           | CUSIP: 17329VBA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    161894 | PA      | $134397.17    | 0.01%             | 2051-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co., Series NN                                                     | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    122000 | PA      | $128663.88    | 0.01%             | N/A             | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd./New York NY                              | Australia & New Zealand Banking Group Ltd./New York NY                              | CUSIP: 05253JB26<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    551000 | PA      | $553037.40    | 0.04%             | 2026-03-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                                  | Ellington Financial Mortgage Trust, Series 2020-1, Class A1                         | CUSIP: 31574PAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       967 | PA      | $963.17       | 0.00%             | 2065-05-25      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                              | Truist Financial Corp.                                                              | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26907.54     | 0.00%             | 2030-01-24      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | McDonald's Corp.                                                                    | CUSIP: 58013MFU3<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     59000 | PA      | $60295.34     | 0.00%             | 2028-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance, LLC                                            | Volkswagen Group of America Finance, LLC                                            | CUSIP: 928668CH3<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204604.53    | 0.01%             | 2034-03-22      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co.                                                                   | Genuine Parts Co.                                                                   | CUSIP: 372460AE5<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |     23000 | PA      | $24429.35     | 0.00%             | 2028-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Georgia Power Co.                                                                   | Georgia Power Co.                                                                   | CUSIP: 373334KT7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3061.49      | 0.00%             | 2033-05-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fresenius Medical Care US Finance III, Inc.                                         | Fresenius Medical Care US Finance III, Inc.                                         | CUSIP: 35805BAC2<br>LEI: 5299006ZHLMXOOUVTU44 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145350.55    | 0.01%             | 2026-12-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                       | Comcast Corp.                                                                       | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    265000 | PA      | $157397.40    | 0.01%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Co. of New York, Inc.                                           | Consolidated Edison Co. of New York, Inc.                                           | CUSIP: 209111GG2<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     26000 | PA      | $27158.83     | 0.00%             | 2053-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                                                   | Merck & Co., Inc.                                                                   | CUSIP: 58933YBL8<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22764.93     | 0.00%             | 2044-05-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                      | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12401.32     | 0.00%             | 2029-07-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 59023VAA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    115000 | PA      | $140510.98    | 0.01%             | 2038-05-14      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                          | PacifiCorp                                                                          | CUSIP: 695114DD7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     49000 | PA      | $50218.59     | 0.00%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                          | JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B                | CUSIP: 46643GAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $248898.20    | 0.02%             | 2047-11-15      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| IQVIA Holdings Inc.                                                                 | IQVIA Holdings Inc.                                                                 | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     29107 | NS      | $5528583.58   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Molex Electronic Technologies, LLC                                                  | Molex Electronic Technologies, LLC                                                  | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |    465000 | PA      | $469768.10    | 0.03%             | 2028-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AT&T Inc.                                                                           | AT&T Inc.                                                                           | CUSIP: 00206RMT6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15595.29     | 0.00%             | 2034-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Reliance Standard Life Global Funding II                                            | Reliance Standard Life Global Funding II                                            | CUSIP: 75951AAN8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4000 | PA      | $3896.33      | 0.00%             | 2027-01-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                             | CUSIP: 91324PEP3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3080.89      | 0.00%             | 2028-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                                  | Southern Co. (The)                                                                  | CUSIP: 842587DL8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3179.58      | 0.00%             | 2032-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                                             | Micron Technology, Inc.                                                             | CUSIP: 595112CD3<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     34000 | PA      | $35194.31     | 0.00%             | 2031-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                 | CommonSpirit Health                                                                 | CUSIP: 20268JAT0<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |     41000 | PA      | $39577.74     | 0.00%             | 2054-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                          | Amgen Inc.                                                                          | CUSIP: 031162DP2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15352.44     | 0.00%             | 2028-03-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1683.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| B.A.T Capital Corp.                                                                 | B.A.T Capital Corp.                                                                 | CUSIP: 054989AD0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3440.83      | 0.00%             | 2053-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                        | Marriott International, Inc.                                                        | CUSIP: 571903BP7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25496.26     | 0.00%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sysco Corp.                                                                         | Sysco Corp.                                                                         | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    210157 | NS      | $17304327.38  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Life Global Funding II                                                    | Principal Life Global Funding II                                                    | CUSIP: 74256LEY1<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |    211000 | PA      | $216658.62    | 0.02%             | 2029-01-25      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance LLC                                                                | Bayer US Finance LLC                                                                | CUSIP: 07274EAL7<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    200000 | PA      | $215825.44    | 0.02%             | 2033-11-21      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                        | Honeywell International Inc.                                                        | CUSIP: 438516CS3<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |     89000 | PA      | $90525.79     | 0.01%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31392FJ81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     16441 | PA      | $1851.01      | 0.00%             | 2032-12-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21516.92     | 0.00%             | 2030-01-23      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                                                | Credit Agricole S.A.                                                                | CUSIP: 225313AQ8<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $263898.69    | 0.02%             | 2035-01-10      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                        | CUSIP: 902613AP3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    205000 | PA      | $206799.76    | 0.01%             | 2028-05-12      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| NIKE, Inc.                                                                          | NIKE, Inc., Class B                                                                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    172581 | NS      | $12034073.13  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                               | CUSIP: 3140QPA31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    465692 | PA      | $443722.38    | 0.03%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                  | State Street Corp.                                                                  | CUSIP: 857477CF8<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     86000 | PA      | $90152.01     | 0.01%             | 2029-11-21      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 31397TEH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     16726 | PA      | $1391.16      | 0.00%             | 2038-05-15      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                                                  | United Airlines Pass-Through Trust, Series AA                                       | CUSIP: 909318AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    333105 | PA      | $320163.81    | 0.02%             | 2030-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Salesforce, Inc.                                                                    | Salesforce, Inc.                                                                    | CUSIP: 79466LAK0<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |   1413000 | PA      | $1039829.00   | 0.07%             | 2041-07-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                                  | General Motors Financial Co., Inc.                                                  | CUSIP: 37045XBG0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    480000 | PA      | $480811.04    | 0.03%             | 2026-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership L.P.                                                  | Brixmor Operating Partnership L.P.                                                  | CUSIP: 11120VAM5<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    948000 | PA      | $979421.69    | 0.07%             | 2034-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sierra Pacific Power Co.                                                            | Sierra Pacific Power Co.                                                            | CUSIP: 826418BQ7<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5111.31      | 0.00%             | 2054-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| STAR Trust                                                                          | STAR Trust, Series 2021-1, Class A1                                                 | CUSIP: 85573GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     55546 | PA      | $52269.83     | 0.00%             | 2065-05-25      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| Black Hills Corp.                                                                   | Black Hills Corp.                                                                   | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     31000 | PA      | $33175.73     | 0.00%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Ferguson Enterprises Inc.                                                           | Ferguson Enterprises Inc.                                                           | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     54768 | NS      | $12299797.44  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                                                                     | BAE Systems PLC                                                                     | CUSIP: 05523RAJ6<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $206035.62    | 0.01%             | 2029-03-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co. (The)                                                          | Sherwin-Williams Co. (The)                                                          | CUSIP: 824348AX4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    159000 | PA      | $137552.37    | 0.01%             | 2047-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                | CUSIP: 29278NAR4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    724000 | PA      | $620240.04    | 0.04%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cable One, Inc.                                                                     | Cable One, Inc., Conv.                                                              | CUSIP: 12685JAG0<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2439600.00   | 0.17%             | 2028-03-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | CUSIP: 709599BY9<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9112.66      | 0.00%             | 2027-01-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                        | CUSIP: 902613BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $210783.15    | 0.02%             | 2035-02-08      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                 | Kinder Morgan, Inc.                                                                 | CUSIP: 49456BBB6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    172000 | PA      | $177473.40    | 0.01%             | 2030-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Ingredion Inc.                                                                      | Ingredion Inc.                                                                      | CUSIP: 219023AC2<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | DBT              | CORP              | US        |    232000 | PA      | $257703.87    | 0.02%             | 2037-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Cameron LNG, LLC                                                                    | Cameron LNG, LLC                                                                    | CUSIP: 133434AD2<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |    622000 | PA      | $534000.07    | 0.04%             | 2039-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                   | Crown Castle Inc.                                                                   | CUSIP: 22822VAF8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |     46000 | PA      | $40686.28     | 0.00%             | 2047-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Merit Medical Systems, Inc.                                                         | Merit Medical Systems, Inc., Conv.                                                  | CUSIP: 589889AA2<br>LEI: 549300OYTY138SP2CE83 | Long             | DBT              | CORP              | US        |   1444000 | PA      | $1681538.00   | 0.12%             | 2029-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                                | Meta Platforms, Inc.                                                                | CUSIP: 30303M8K1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2576.07      | 0.00%             | 2062-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc.                                                                 | Ingersoll Rand Inc.                                                                 | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     19000 | PA      | $20192.12     | 0.00%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                               | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K734, Class X1, IO    | CUSIP: 3137FLN59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   1249570 | PA      | $1174.47      | 0.00%             | 2026-02-25      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| Sonic Capital LLC                                                                   | Sonic Capital LLC, Series 2021-1A, Class A2II                                       | CUSIP: 83546DAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     96000 | PA      | $83083.46     | 0.01%             | 2051-08-20      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| BridgeBio Pharma, Inc.                                                              | BridgeBio Pharma, Inc., Conv.                                                       | CUSIP: 10806XAH5<br>LEI: 54930028YG89VTY2J114 | Long             | DBT              | CORP              | US        |   2369252 | PA      | $3167097.61   | 0.23%             | 2031-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                      | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26047.28     | 0.00%             | 2035-01-18      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp.                                                                 | Valero Energy Corp.                                                                 | CUSIP: 91913YBE9<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    531000 | PA      | $396644.78    | 0.03%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2021-3, Class A1                                   | CUSIP: 03465EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     37873 | PA      | $32955.83     | 0.00%             | 2066-05-25      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                               | NextEra Energy Capital Holdings, Inc.                                               | CUSIP: 65339KCT5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    119000 | PA      | $121809.89    | 0.01%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2021-7, Class A1                                   | CUSIP: 03464JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99014 | PA      | $86574.41     | 0.01%             | 2066-10-25      | Variable      | 1.98%                 | No            |                  2 | On Loan: No      |
| Sixth Street Lending Partners                                                       | Sixth Street Lending Partners                                                       | CUSIP: 829932AE2<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |    153000 | PA      | $158252.25    | 0.01%             | 2030-07-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding XLVIII Ltd.                                                    | Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A                          | CUSIP: 55821UAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    556287 | PA      | $557244.22    | 0.04%             | 2033-04-19      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                          | AMSR Trust, Series 2021-SFR3, Class B                                               | CUSIP: 00180UAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235000 | PA      | $227787.57    | 0.02%             | 2038-10-17      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| MPLX L.P.                                                                           | MPLX L.P.                                                                           | CUSIP: 55336VAM2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    810000 | PA      | $733059.04    | 0.05%             | 2038-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                                     | BAE Systems PLC                                                                     | CUSIP: 05523RAH0<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    311000 | PA      | $314751.26    | 0.02%             | 2027-03-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kimco Realty OP, LLC                                                                | Kimco Realty OP, LLC                                                                | CUSIP: 49446RAZ2<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1383538.67   | 0.10%             | 2032-04-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| San Diego Gas & Electric Co.                                                        | San Diego Gas & Electric Co.                                                        | CUSIP: 797440CF9<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    104000 | PA      | $102425.66    | 0.01%             | 2054-04-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Pennsylvania Electric Co.                                               | FirstEnergy Pennsylvania Electric Co.                                               | CUSIP: 591894CE8<br>LEI: TBL0FUJQXXOVZMZFHZ71 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3069.51      | 0.00%             | 2028-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Piedmont Operating Partnership, L.P.                                                | Piedmont Operating Partnership, L.P.                                                | CUSIP: 720198AG5<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              | CORP              | US        |     26000 | PA      | $28877.44     | 0.00%             | 2028-07-20      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                     | Microsoft Corp.                                                                     | CUSIP: 594918BC7<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    404000 | PA      | $381986.79    | 0.03%             | 2035-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| Florida Power & Light Co.                                                           | Florida Power & Light Co.                                                           | CUSIP: 341081GQ4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3053.92      | 0.00%             | 2033-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Pacific Life Global Funding II                                                      | Pacific Life Global Funding II                                                      | CUSIP: 6944PL2Z1<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |    169000 | PA      | $172745.76    | 0.01%             | 2029-01-11      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing III L.P.                                                    | Hertz Vehicle Financing III L.P., Series 2021-2A, Class A                           | CUSIP: 42806MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    113000 | PA      | $110198.24    | 0.01%             | 2027-12-27      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1961.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                           | Williams Cos., Inc. (The)                                                           | CUSIP: 969457CJ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11560.76     | 0.00%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                           | CUSIP: 92840VAQ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     23000 | PA      | $25670.30     | 0.00%             | 2033-10-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Inc.                                                              | Quest Diagnostics Inc.                                                              | CUSIP: 74834LBD1<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |     21000 | PA      | $23312.44     | 0.00%             | 2033-11-30      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| GreenSaif Pipelines Bidco S.a.r.l.                                                  | GreenSaif Pipelines Bidco S.a.r.l.                                                  | CUSIP: 39541EAC7<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $217016.10    | 0.02%             | 2042-02-23      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                    | CUSIP: 3129354W6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     53588 | PA      | $55447.41     | 0.00%             | 2039-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                      | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     61000 | PA      | $62584.35     | 0.00%             | 2030-02-13      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| WF Card Issuance Trust                                                              | WF Card Issuance Trust, Series 2024-A1, Class A                                     | CUSIP: 92970QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    421000 | PA      | $427269.45    | 0.03%             | 2029-02-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-44758.89    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Mutual Group Inc.                                                           | Liberty Mutual Group Inc.                                                           | CUSIP: 53079EBK9<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    887000 | PA      | $631402.00    | 0.05%             | 2060-05-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                             | Republic Services, Inc.                                                             | CUSIP: 760759BC3<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3079.08      | 0.00%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies, Inc.                                                         | L3Harris Technologies, Inc.                                                         | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3128.14      | 0.00%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                               | Alexandria Real Estate Equities, Inc.                                               | CUSIP: 015271BC2<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25157.13     | 0.00%             | 2036-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes                                                                 | U.S. Treasury Notes                                                                 | CUSIP: 91282CKB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     55000 | PA      | $55157.75     | 0.00%             | 2026-02-28      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corp.                                                   | Algonquin Power & Utilities Corp.                                                   | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |     74000 | PA      | $74548.86     | 0.01%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Holding Co. LLC                                                  | Columbia Pipelines Holding Co. LLC                                                  | CUSIP: 19828AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8000 | PA      | $8109.39      | 0.00%             | 2026-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2605.23      | 0.00%             | 2036-09-21      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                               | Westpac Banking Corp.                                                               | CUSIP: 961214FP3<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     88000 | PA      | $98620.07     | 0.01%             | 2033-11-17      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 06051GGA1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    525000 | PA      | $518216.69    | 0.04%             | 2027-10-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                               | WEC Energy Group Inc.                                                               | CUSIP: 92939UAL0<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5071.83      | 0.00%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                            | CUSIP: 110122ED6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     87000 | PA      | $87284.28     | 0.01%             | 2026-02-20      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                                | Cross Mortgage Trust, Series 2024-H2, Class A1                                      | CUSIP: 22757BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110758 | PA      | $112019.93    | 0.01%             | 2069-04-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| Invesco Government & Agency Portfolio                                               | Invesco Government & Agency Portfolio, Institutional Class                          | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |  20380130 | NS      | $20380129.80  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Bank, N.A.                                                           | Morgan Stanley Bank, N.A.                                                           | CUSIP: 61690U7W4<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254959.52    | 0.02%             | 2026-10-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                        | Marriott International, Inc.                                                        | CUSIP: 571903BQ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     41000 | PA      | $42129.76     | 0.00%             | 2034-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                          | J.P. Morgan Mortgage Trust, Series 2007-A1, Class 5A1                               | CUSIP: 46630GAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10069 | PA      | $10042.91     | 0.00%             | 2035-07-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                   | CUSIP: 31394CY63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     53186 | PA      | $54889.08     | 0.00%             | 2035-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                   | Enterprise Products Operating LLC                                                   | CUSIP: 29379VCK7<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    496000 | PA      | $501437.09    | 0.04%             | 2031-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| UPMC                                                                                | UPMC                                                                                | CUSIP: 90320WAG8<br>LEI: 5493001YCBUGKVU74S74 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17351.09     | 0.00%             | 2033-05-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Envestnet, Inc.                                                                     | Envestnet, Inc., Conv.                                                              | CUSIP: 29404KAG1<br>LEI: 549300HLWZ5OKIDM8737 | Long             | DBT              | CORP              | US        |   2597000 | PA      | $2776193.00   | 0.20%             | 2027-12-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Electronic Arts Inc.                                                                | Electronic Arts Inc.                                                                | CUSIP: 285512AE9<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2850.45      | 0.00%             | 2031-02-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                                                     | Oncor Electric Delivery Co. LLC                                                     | CUSIP: 68233JCS1<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     37000 | PA      | $39405.57     | 0.00%             | 2033-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BAE Systems Holdings Inc.                                                           | BAE Systems Holdings Inc.                                                           | CUSIP: 05523UAP5<br>LEI: MF62XBVMNYTYMC18DL76 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2996.94      | 0.00%             | 2025-12-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The)                                                 | CUSIP: 06406RBN6<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9102.69      | 0.00%             | 2029-02-01      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                          | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    325000 | PA      | $329907.55    | 0.02%             | 2045-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                                               | Gilead Sciences, Inc.                                                               | CUSIP: 375558BF9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |   2615000 | PA      | $2610957.52   | 0.19%             | 2026-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31394DXZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     90725 | PA      | $4359.78      | 0.00%             | 2035-05-25      | Floating      | 2.13%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                     | Starbucks Corp.                                                                     | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    121554 | NS      | $10283468.40  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart, L.P.                                                                     | CubeSmart, L.P.                                                                     | CUSIP: 22966RAH9<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2825.80      | 0.00%             | 2028-12-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Oglethorpe Power Corp. (An Electric Membership Corp.)                               | Oglethorpe Power Corp. (An Electric Membership Corp.)                               | CUSIP: 677050AK2<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |    679000 | PA      | $580663.94    | 0.04%             | 2044-06-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PDX1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     38000 | PA      | $40108.89     | 0.00%             | 2029-10-23      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating, L.P.                                                   | Western Midstream Operating, L.P.                                                   | CUSIP: 958667AE7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8455.29      | 0.00%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Jazz Investments I Ltd.                                                             | Jazz Investments I Ltd., Conv.                                                      | CUSIP: 472145AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3385000 | PA      | $3605871.25   | 0.26%             | 2026-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                                      | Commonwealth Bank of Australia                                                      | CUSIP: 202712BQ7<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $153940.90    | 0.01%             | 2041-03-11      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                    | Amazon.com, Inc.                                                                    | CUSIP: 023135AP1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9306.10      | 0.00%             | 2034-12-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solutions BDC                                                           | Apollo Debt Solutions BDC                                                           | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21033.54     | 0.00%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 3136A1QW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     23359 | PA      | $2007.11      | 0.00%             | 2041-10-25      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 31397PM49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      4448 | PA      | $476.92       | 0.00%             | 2037-12-15      | Floating      | 2.51%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                    | CUSIP: 3128M5F54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11075 | PA      | $11583.20     | 0.00%             | 2037-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                   | Johnson & Johnson                                                                   | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     88583 | NS      | $16425059.86  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| COLT Mortgage Loan Trust                                                            | COLT Mortgage Loan Trust, Series 2022-1, Class A1                                   | CUSIP: 19688HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     98837 | PA      | $89511.18     | 0.01%             | 2066-12-27      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                   | CUSIP: 404280BT5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    183000 | PA      | $184317.88    | 0.01%             | 2029-06-19      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 31397T4E9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      3086 | PA      | $279.91       | 0.00%             | 2038-04-15      | Floating      | 1.51%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                    | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     69000 | PA      | $71276.36     | 0.01%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                      | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21886.87     | 0.00%             | 2034-07-21      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans Mortgage Pass-Through Trust                                  | Countrywide Home Loans Mortgage Pass-Through Trust, Series 2005-26, Class 1A8       | CUSIP: 126694MS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20793 | PA      | $12316.31     | 0.00%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                                                      | Citizens Financial Group, Inc.                                                      | CUSIP: 174610BG9<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    295000 | PA      | $324720.98    | 0.02%             | 2035-04-25      | Variable      | 6.64%                 | No            |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd.                                                  | Macquarie Airfinance Holdings Ltd.                                                  | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     47000 | PA      | $49514.37     | 0.00%             | 2029-03-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Smurfit Kappa Treasury Unlimited Co.                                                | Smurfit Kappa Treasury Unlimited Co.                                                | CUSIP: 83272GAE1<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    102000 | PA      | $105907.25    | 0.01%             | 2034-04-03      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FCQG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      2743 | PA      | $391.74       | 0.00%             | 2035-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                       | Comcast Corp.                                                                       | CUSIP: 20030NCJ8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    756000 | PA      | $665884.61    | 0.05%             | 2038-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Oceanview Mortgage Trust                                                            | Oceanview Mortgage Trust, Series 2021-3, Class A5                                   | CUSIP: 67647WAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114069 | PA      | $102805.67    | 0.01%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| AMG Capital Trust II                                                                | AMG Capital Trust II, Conv. Pfd.                                                    | CUSIP: 00170F209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     44432 | NS      | $2860310.00   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                            | CUSIP: 110122DZ8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     22000 | PA      | $23925.08     | 0.00%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                            | CUSIP: 110122EC8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     21000 | PA      | $23204.60     | 0.00%             | 2063-11-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                          | Constellation Brands, Inc.                                                          | CUSIP: 21036PBP2<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3029.77      | 0.00%             | 2033-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| KKR Group Finance Co. XII LLC                                                       | KKR Group Finance Co. XII LLC                                                       | CUSIP: 48255GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1364000 | PA      | $1379438.87   | 0.10%             | 2032-05-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: —       |
| VICI Properties L.P.                                                                | VICI Properties L.P.                                                                | CUSIP: 925650AF0<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31190.30     | 0.00%             | 2034-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Societe Generale                                                                    | Societe Generale                                                                    | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $210213.33    | 0.02%             | 2035-01-19      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                    | CUSIP: 718172DG1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    144000 | PA      | $147149.36    | 0.01%             | 2029-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GlaxoSmithKline Capital Inc.                                                        | GlaxoSmithKline Capital Inc.                                                        | CUSIP: 377372AE7<br>LEI: 5493007Q8VD7Q3ZYZS59 | Long             | DBT              | CORP              | US        |     64000 | PA      | $71984.82     | 0.01%             | 2038-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MKS Inc.                                                                            | MKS Inc., Conv.                                                                     | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |   7515000 | PA      | $8247712.50   | 0.59%             | 2030-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                                  | General Motors Financial Co., Inc.                                                  | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4022.71      | 0.00%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P. / PTL Finance Corp.                                   | Penske Truck Leasing Co. L.P. / PTL Finance Corp.                                   | CUSIP: 709599BS2<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3087.33      | 0.00%             | 2028-02-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Nordson Corp.                                                                       | Nordson Corp.                                                                       | CUSIP: 655663AB8<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12812.77     | 0.00%             | 2033-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                 | Kinder Morgan, Inc.                                                                 | CUSIP: 49456BAX9<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9219.21      | 0.00%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                         | Pfizer Inc.                                                                         | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    222638 | NS      | $5672816.24   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen Group of America Finance, LLC                                            | Volkswagen Group of America Finance, LLC                                            | CUSIP: 928668CE0<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    549000 | PA      | $551941.50    | 0.04%             | 2026-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                       | NiSource Inc.                                                                       | CUSIP: 65473QBF9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    571000 | PA      | $481299.82    | 0.03%             | 2047-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                       | Comcast Corp.                                                                       | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    935000 | PA      | $937938.62    | 0.07%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Enel Finance International N.V.                                                     | Enel Finance International N.V.                                                     | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $200177.11    | 0.01%             | 2025-10-14      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                           | OBX Trust, Series 2022-NQM2, Class A1B                                              | CUSIP: 67448DAM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $101009.68    | 0.01%             | 2062-01-25      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 3136A9XT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     11782 | PA      | $189.38       | 0.00%             | 2027-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| El Paso Energy Capital Trust I                                                      | El Paso Energy Capital Trust I, Conv. Pfd.                                          | CUSIP: 283678209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     95499 | NS      | $4766355.09   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Capital LLC                                                                   | Sonic Capital LLC, Series 2021-1A, Class A2I                                        | CUSIP: 83546DAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     96000 | PA      | $88870.57     | 0.01%             | 2051-08-20      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| Campbell's Co. (The)                                                                | Campbell's Co. (The)                                                                | CUSIP: 134429BN8<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |     54000 | PA      | $55470.44     | 0.00%             | 2029-03-21      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                        | CUSIP: 902613BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    154000 | PA      | $154429.28    | 0.01%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| B.A.T Capital Corp.                                                                 | B.A.T Capital Corp.                                                                 | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     69000 | PA      | $73009.29     | 0.01%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                                                         | AvalonBay Communities, Inc.                                                         | CUSIP: 053484AE1<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |     38000 | PA      | $39584.06     | 0.00%             | 2033-12-07      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                    | CUSIP: 126650DW7<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10198.76     | 0.00%             | 2029-01-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                                                 | Take-Two Interactive Software, Inc.                                                 | CUSIP: 874054AG4<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |    357000 | PA      | $354322.93    | 0.03%             | 2027-04-14      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Invesco Private Government Fund                                                     | Invesco Private Government Fund                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   7782798 | NS      | $7782797.75   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co., Ltd.                                                               | Honda Motor Co., Ltd.                                                               | CUSIP: 438127AC6<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |   1138000 | PA      | $1037506.70   | 0.07%             | 2032-03-10      | Fixed         | 2.97%                 | No            |                  2 | On Loan: —       |
| Citigroup Inc.                                                                      | Citigroup Inc., Series BB                                                           | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    215000 | PA      | $222263.99    | 0.02%             | N/A             | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 3136A5AX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     32535 | PA      | $2556.60      | 0.00%             | 2041-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                       | Alphabet Inc.                                                                       | CUSIP: 02079KAM9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    213000 | PA      | $213622.85    | 0.02%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Life Mortgage Trust                                                                 | Life Mortgage Trust, Series 2021-BMR, Class C                                       | CUSIP: 53218CAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11214 | PA      | $11167.60     | 0.00%             | 2038-03-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $598.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| F&G Annuities & Life, Inc.                                                          | F&G Annuities & Life, Inc.                                                          | CUSIP: 30190AAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10500.99     | 0.00%             | 2028-01-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                                                 | Union Pacific Corp.                                                                 | CUSIP: 907818DZ8<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    426000 | PA      | $352469.11    | 0.03%             | 2045-01-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Finance Corp.                                                    | Berkshire Hathaway Finance Corp.                                                    | CUSIP: 084664CV1<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |      3000 | PA      | $1970.32      | 0.00%             | 2050-10-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 313921A65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     18412 | PA      | $1590.90      | 0.00%             | 2031-11-25      | Floating      | 3.43%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                      | CUSIP: 172967KR1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    356000 | PA      | $316542.97    | 0.02%             | 2046-05-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| British Airways Pass-Through Trust                                                  | British Airways Pass-Through Trust                                                  | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9780 | PA      | $8899.29      | 0.00%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                           | CUSIP: 91282CKC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     28000 | PA      | $28635.47     | 0.00%             | 2031-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Banco Santander S.A.                                                                | Banco Santander S.A.                                                                | CUSIP: 05964HBB0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $207228.19    | 0.01%             | 2030-03-14      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Capital Trust                                                | Credit Suisse Mortgage Capital Trust, Series 2021-NQM2, Class A1                    | CUSIP: 12662EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     33505 | PA      | $30128.54     | 0.00%             | 2066-02-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                                                      | Takeda Pharmaceutical Co. Ltd.                                                      | CUSIP: 874060AW6<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |    160000 | PA      | $163538.53    | 0.01%             | 2028-11-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                               | WEC Energy Group Inc.                                                               | CUSIP: 92939UAE6<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1771.72      | 0.00%             | 2030-10-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                                                                | ERAC USA Finance LLC                                                                | CUSIP: 26884TAV4<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14184.74     | 0.00%             | 2028-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                         | Verizon Communications Inc.                                                         | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1274000 | PA      | $1253744.55   | 0.09%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                                        | BX Commercial Mortgage Trust, Series 2021-VOLT, Class A                             | CUSIP: 05609VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    203454 | PA      | $202875.37    | 0.01%             | 2036-09-15      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans Mortgage Pass-Through Trust                                  | Countrywide Home Loans Mortgage Pass-Through Trust, Series 2006-6, Class A3         | CUSIP: 126694K56<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16138 | PA      | $7582.94      | 0.00%             | 2036-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                                                                | ERAC USA Finance LLC                                                                | CUSIP: 26884TAW2<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18321.82     | 0.00%             | 2033-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                                                         | ONEOK, Inc.                                                                         | CUSIP: 682680BG7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3216.43      | 0.00%             | 2032-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Cummins Inc.                                                                        | Cummins Inc.                                                                        | CUSIP: 231021AW6<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |     43000 | PA      | $44527.98     | 0.00%             | 2034-02-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                             | Republic Services, Inc.                                                             | CUSIP: 760759BH2<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     36000 | PA      | $37226.83     | 0.00%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                   | Eversource Energy                                                                   | CUSIP: 30040WAX6<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     37000 | PA      | $38238.50     | 0.00%             | 2034-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                               | CUSIP: 539830CA5<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11107.62     | 0.00%             | 2034-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                                        | Nasdaq, Inc.                                                                        | CUSIP: 63111XAH4<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3094.00      | 0.00%             | 2028-06-28      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International PLC / Tyco Fire & Security Finance S.C.A.            | Johnson Controls International PLC / Tyco Fire & Security Finance S.C.A.            | CUSIP: 47837RAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      3000 | PA      | $2614.64      | 0.00%             | 2031-09-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Tractor Supply Co.                                                                  | Tractor Supply Co.                                                                  | CUSIP: 892356AB2<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4131.77      | 0.00%             | 2033-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Liberty Media Corp.-Liberty Formula One                                             | Liberty Media Corp.-Liberty Formula One, Conv.                                      | CUSIP: 531229AQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1938000 | PA      | $2574633.00   | 0.18%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| B.A.T. International Finance PLC                                                    | B.A.T. International Finance PLC                                                    | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |   1235000 | PA      | $1220237.22   | 0.09%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                           | CUSIP: 75513ECX7<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    580000 | PA      | $649356.92    | 0.05%             | 2054-03-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Liberty Broadband Corp.                                                             | Liberty Broadband Corp., Conv.                                                      | CUSIP: 530307AE7<br>LEI: 549300MIX43II8JLN536 | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3235665.00   | 0.23%             | 2026-04-06      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                         | Kenvue Inc.                                                                         | CUSIP: 49177JAR3<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2784.94      | 0.00%             | 2063-03-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Dominion Energy South Carolina, Inc.                                                | Dominion Energy South Carolina, Inc.                                                | CUSIP: 25731VAB0<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |     11000 | PA      | $12112.14     | 0.00%             | 2053-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                         | Humana Inc.                                                                         | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     24637 | NS      | $6409808.29   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                        | CUSIP: 902613AD0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $182202.90    | 0.01%             | N/A             | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                               | Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA                    | CUSIP: 95001GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    932005 | PA      | $14838.82     | 0.00%             | 2050-12-15      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31392F6J1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      3832 | PA      | $224.82       | 0.00%             | 2032-12-18      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                          | Aviation Capital Group LLC                                                          | CUSIP: 05369AAP6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     43000 | PA      | $45755.31     | 0.00%             | 2028-10-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                     | Microsoft Corp.                                                                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     43136 | NS      | $22342291.20  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     27000 | PA      | $28603.35     | 0.00%             | 2029-10-23      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                    | CUSIP: 3128KLAK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         3 | PA      | $2.87         | 0.00%             | 2037-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                             | CUSIP: 44891ACB1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11057.16     | 0.00%             | 2026-03-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DuPont de Nemours, Inc.                                                             | DuPont de Nemours, Inc.                                                             | CUSIP: 26078JAC4<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1524509.32   | 0.11%             | 2025-11-15      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31394DQF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     36638 | PA      | $3185.55      | 0.00%             | 2035-05-25      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                     | BHP Billiton Finance (USA) Ltd.                                                     | CUSIP: 055451BF4<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     15000 | PA      | $15250.78     | 0.00%             | 2053-09-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                                             | Micron Technology, Inc.                                                             | CUSIP: 595112BT9<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    179000 | PA      | $138572.32    | 0.01%             | 2041-11-01      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                   | CUSIP: 532457CG1<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5600.14      | 0.00%             | 2053-02-27      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                            | CUSIP: 693475BT1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     52000 | PA      | $53277.87     | 0.00%             | 2027-10-20      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2021-R1, Class A1                                | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23779 | PA      | $22915.50     | 0.00%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                                        | Nasdaq, Inc.                                                                        | CUSIP: 63111XAL5<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3174.11      | 0.00%             | 2063-06-28      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Ralliant Corp.                                                                      | Ralliant Corp.                                                                      | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    154763 | NS      | $6767785.99   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| RUN Trust                                                                           | RUN Trust, Series 2022-NQM1, Class A1                                               | CUSIP: 74981CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    109179 | PA      | $108136.84    | 0.01%             | 2067-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                                                            | COLT Mortgage Loan Trust, Series 2022-2, Class A1                                   | CUSIP: 19685EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    106467 | PA      | $102099.12    | 0.01%             | 2067-02-25      | Variable      | 2.99%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd.                                                                 | Athene Holding Ltd.                                                                 | CUSIP: 04686JAH4<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |     79000 | PA      | $80643.85     | 0.01%             | 2054-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The)                                                 | CUSIP: 06406RBM8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5387.30      | 0.00%             | 2033-10-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust                                                        | Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3                             | CUSIP: 16162WPX1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27374 | PA      | $25430.09     | 0.00%             | 2036-01-25      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                      | CUSIP: 3136FA6K1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     17614 | PA      | $2321.74      | 0.00%             | 2033-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PPL Corp.                                                                           | PPL Corp.                                                                           | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    393493 | NS      | $14622199.88  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Bank, N.A.                                                           | Morgan Stanley Bank, N.A.                                                           | CUSIP: 61690U8A1<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    399000 | PA      | $403009.36    | 0.03%             | 2028-01-14      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 3136AYAT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |    265002 | PA      | $27499.49     | 0.00%             | 2047-09-25      | Floating      | 1.43%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                           | Williams Cos., Inc. (The)                                                           | CUSIP: 969457CK4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41252.26     | 0.00%             | 2028-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Leidos, Inc.                                                                        | Leidos, Inc.                                                                        | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2677.65      | 0.00%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Nationwide Financial Services, Inc.                                                 | Nationwide Financial Services, Inc.                                                 | CUSIP: 638612AL5<br>LEI: 5493001H7AZNDS6BKJ36 | Long             | DBT              | CORP              | US        |    440000 | PA      | $419315.83    | 0.03%             | 2044-11-18      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                   | CUSIP: 31394V7G9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     15021 | PA      | $17906.14     | 0.00%             | 2036-03-25      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                   | CUSIP: 532457CJ5<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    236000 | PA      | $238114.73    | 0.02%             | 2027-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                               | CUSIP: 539830CC1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     64000 | PA      | $64958.24     | 0.00%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                      | CUSIP: 172967LW9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3990.80      | 0.00%             | 2029-04-23      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                        | CUSIP: 902613BK3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    229000 | PA      | $247530.68    | 0.02%             | N/A             | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                                             | Flagstar Mortgage Trust, Series 2021-11IN, Class A6                                 | CUSIP: 33851TAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    237224 | PA      | $212817.12    | 0.02%             | 2051-11-25      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| America Movil, S.A.B. de C.V.                                                       | America Movil, S.A.B. de C.V.                                                       | CUSIP: 02364WBE4<br>LEI: 5493000FNR3UCEAONM59 | Long             | DBT              | CORP              | MX        |    600000 | PA      | $525742.49    | 0.04%             | 2042-07-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                                                      | Citizens Financial Group, Inc.                                                      | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    336045 | NS      | $17864152.20  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                      | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     27000 | PA      | $28738.10     | 0.00%             | 2034-05-25      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31394CKG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1598 | PA      | $82.42        | 0.00%             | 2035-03-25      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Ameren Illinois Co.                                                                 | Ameren Illinois Co.                                                                 | CUSIP: 02361DBA7<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4108.91      | 0.00%             | 2033-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd.                                                  | Macquarie Airfinance Holdings Ltd.                                                  | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     56000 | PA      | $60073.86     | 0.00%             | 2031-03-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy, Inc.                                                            | CenterPoint Energy, Inc., Conv.                                                     | CUSIP: 15189TBQ9<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |   7004000 | PA      | $7120246.37   | 0.51%             | 2028-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | CUSIP: 709599BT0<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12361.08     | 0.00%             | 2028-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| AutoZone, Inc.                                                                      | AutoZone, Inc.                                                                      | CUSIP: 053332BF8<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15434.30     | 0.00%             | 2033-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| EPR Properties                                                                      | EPR Properties                                                                      | CUSIP: 26884UAC3<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   1556000 | PA      | $1560172.82   | 0.11%             | 2026-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                           | CUSIP: 75513ECW9<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     37000 | PA      | $40529.00     | 0.00%             | 2034-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                   | Eversource Energy                                                                   | CUSIP: 30040WAY4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     76000 | PA      | $76772.48     | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                              | Truist Financial Corp.                                                              | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     23000 | PA      | $24917.13     | 0.00%             | 2029-10-30      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                        | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4453.46      | 0.00%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                 | Kinder Morgan, Inc.                                                                 | CUSIP: 49456BAG6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    407000 | PA      | $415493.74    | 0.03%             | 2034-12-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-962.07      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                    | CUSIP: 718172CZ0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32579.18     | 0.00%             | 2028-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DuPont de Nemours, Inc.                                                             | DuPont de Nemours, Inc.                                                             | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     83484 | NS      | $6503403.60   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc.                                                               | WEC Energy Group Inc.                                                               | CUSIP: 92939UAJ5<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6115.91      | 0.00%             | 2027-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                               | NextEra Energy Capital Holdings, Inc.                                               | CUSIP: 65339KCV0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    119000 | PA      | $116651.59    | 0.01%             | 2054-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2024-2, Class A1                                   | CUSIP: 034942AA0<br>LEI: 254900NLG610771ZLP05 | Long             | ABS-MBS          | CORP              | US        |    248569 | PA      | $251266.78    | 0.02%             | 2069-01-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                      | CUSIP: 74340XCF6<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24203.59     | 0.00%             | 2053-06-15      | Fixed         | 5.25%                 | 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        |      3000 | PA      | $3241.22      | 0.00%             | 2033-10-28      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, IO                                        | CUSIP: 38375JSQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |     64659 | PA      | $3619.58      | 0.00%             | 2037-04-16      | Floating      | 2.29%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding (AESOP) LLC                                          | Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-1A, Class A                 | CUSIP: 05377REZ3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    415000 | PA      | $412907.07    | 0.03%             | 2028-08-21      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank, Ltd.                                                    | Sumitomo Mitsui Trust Bank, Ltd.                                                    | CUSIP: 86563VBK4<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $203031.83    | 0.01%             | 2026-09-14      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                    | Boeing Co. (The)                                                                    | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    635000 | PA      | $634818.17    | 0.05%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                        | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    201000 | PA      | $239654.71    | 0.02%             | N/A             | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Global Funding                                                  | Northwestern Mutual Global Funding                                                  | CUSIP: 66815L2K4<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3026.44      | 0.00%             | 2027-09-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                   | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19694.88     | 0.00%             | 2029-07-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Textainer Marine Containers VII Ltd.                                                | Textainer Marine Containers VII Ltd., Series 2021-2A, Class A                       | CUSIP: 88315LAQ1<br>LEI: 549300X48KLHDDGPK024 | Long             | ABS-O            | CORP              | BM        |    122867 | PA      | $115387.55    | 0.01%             | 2046-04-20      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1572.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                                              | Alternative Loan Trust, Series 2005-29CB, Class A4                                  | CUSIP: 12667GUG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     62756 | PA      | $33924.98     | 0.00%             | 2035-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                             | CUSIP: 91324PDT6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    559000 | PA      | $466521.55    | 0.03%             | 2039-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions, Inc.                                                            | Motorola Solutions, Inc.                                                            | CUSIP: 620076BL2<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3032.77      | 0.00%             | 2028-02-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Healthcare Realty Holdings, L.P.                                                    | Healthcare Realty Holdings, L.P.                                                    | CUSIP: 42225UAD6<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2979.15      | 0.00%             | 2026-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Capital Trust                                                | Credit Suisse Mortgage Capital Trust, Series 2022-ATH1, Class A1B                   | CUSIP: 12660BAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $92964.87     | 0.01%             | 2067-01-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Ross Stores, Inc.                                                                   | Ross Stores, Inc.                                                                   | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   2890000 | PA      | $2837959.48   | 0.20%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                           | CUSIP: 913017CW7<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    308000 | PA      | $290042.15    | 0.02%             | 2038-11-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Re-REMIC Trust                                                       | Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B                             | CUSIP: 61761KAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     94650 | PA      | $84447.66     | 0.01%             | 2036-11-26      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NXP Semiconductors N.V.                                                             | NXP Semiconductors N.V.                                                             | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     41526 | NS      | $9456715.98   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group (The)                                                                   | Cigna Group (The)                                                                   | CUSIP: 125523AJ9<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    307000 | PA      | $293089.69    | 0.02%             | 2038-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Pacific Life Global Funding II                                                      | Pacific Life Global Funding II                                                      | CUSIP: 6944PL2G3<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9025.53      | 0.00%             | 2026-06-04      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                                                  | General Motors Co.                                                                  | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    377000 | PA      | $407095.44    | 0.03%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                       | Comcast Corp.                                                                       | CUSIP: 20030NBS9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1101000 | PA      | $1096670.87   | 0.08%             | 2026-03-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                                                         | Zoetis Inc.                                                                         | CUSIP: 98978VAH6<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    333000 | PA      | $308253.54    | 0.02%             | 2043-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Haemonetics Corp.                                                                   | Haemonetics Corp., Conv.                                                            | CUSIP: 405024AD2<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |   5621000 | PA      | $5214360.67   | 0.37%             | 2029-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                   | CUSIP: 31397NP41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      7658 | PA      | $7738.71      | 0.00%             | 2037-06-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                           | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                           | CUSIP: 00774MAZ8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    410000 | PA      | $337216.07    | 0.02%             | 2041-10-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation, LLC                                                | Constellation Energy Generation, LLC                                                | CUSIP: 210385AE0<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    279000 | PA      | $311251.22    | 0.02%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Komatsu Finance America Inc.                                                        | Komatsu Finance America Inc.                                                        | CUSIP: 50048WAA6<br>LEI: 549300SRAAFEEQ8Z4D68 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205145.70    | 0.01%             | 2027-10-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp.                                  | CUSIP: 63743HFN7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     74000 | PA      | $75736.24     | 0.01%             | 2029-02-07      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Georgia Power Co.                                                                   | Georgia Power Co.                                                                   | CUSIP: 373334KS9<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3045.42      | 0.00%             | 2028-05-16      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                   | CUSIP: 404280BK4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    135000 | PA      | $134644.84    | 0.01%             | 2028-03-13      | Variable      | 4.04%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     44000 | PA      | $46021.49     | 0.00%             | 2029-09-15      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Southwestern Electric Power Co.                                                     | Southwestern Electric Power Co.                                                     | CUSIP: 845437BU5<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3073.77      | 0.00%             | 2033-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| PPL Capital Funding, Inc.                                                           | PPL Capital Funding, Inc., Conv.                                                    | CUSIP: 69352PAS2<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |   6449000 | PA      | $7369594.75   | 0.53%             | 2028-03-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                            | Fannie Mae Connecticut Avenue Securities, Series 2023-R02, Class 1M1                | CUSIP: 20755AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     52383 | PA      | $53358.92     | 0.00%             | 2043-01-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes                                                                 | U.S. Treasury Notes                                                                 | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10514900 | PA      | $10601154.99  | 0.76%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                             | Uber Technologies, Inc.                                                             | CUSIP: 90353TAU4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    267000 | PA      | $264744.70    | 0.02%             | 2035-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                                                  | Metropolitan Life Global Funding I                                                  | CUSIP: 59217GFP9<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    196000 | PA      | $203167.65    | 0.01%             | 2033-03-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Skyworks Solutions, Inc.                                                            | Skyworks Solutions, Inc.                                                            | CUSIP: 83088MAK8<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1967.29      | 0.00%             | 2026-06-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                                                   | American Electric Power Co., Inc.                                                   | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     67393 | NS      | $7581712.50   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group, Inc.                                                      | Citizens Financial Group, Inc.                                                      | CUSIP: 174610BE4<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3031.10      | 0.00%             | 2037-05-21      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Travelers Cos., Inc. (The)                                                          | Travelers Cos., Inc. (The)                                                          | CUSIP: 89417EAS8<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3005.88      | 0.00%             | 2053-05-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                     | CUSIP: 38141GYR9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15052.56     | 0.00%             | 2027-10-21      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                | CUSIP: 378272BV9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     61000 | PA      | $61697.19     | 0.00%             | 2054-04-04      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PAF3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2974.92      | 0.00%             | 2028-05-01      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| Arthur J. Gallagher & Co.                                                           | Arthur J. Gallagher & Co.                                                           | CUSIP: 04316JAG4<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     21000 | PA      | $23735.94     | 0.00%             | 2054-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Niagara Mohawk Power Corp.                                                          | Niagara Mohawk Power Corp.                                                          | CUSIP: 65364UAT3<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37742.55     | 0.00%             | 2034-01-17      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                  | CUSIP: 31392MJE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      7212 | PA      | $7495.07      | 0.00%             | 2032-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fairfax Financial Holdings Ltd.                                                     | Fairfax Financial Holdings Ltd.                                                     | CUSIP: 303901BR2<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |     86000 | PA      | $91003.50     | 0.01%             | 2054-03-22      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                 | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11535.32     | 0.00%             | 2032-01-29      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                              | CUSIP: 3137B93W3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     36084 | PA      | $3735.43      | 0.00%             | 2044-01-15      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| Blue Owl Technology Finance Corp.                                                   | Blue Owl Technology Finance Corp.                                                   | CUSIP: 69121JAB3<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    327000 | PA      | $337492.66    | 0.02%             | 2029-04-04      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank, Ltd.                                                    | Sumitomo Mitsui Trust Bank, Ltd.                                                    | CUSIP: 86563VBR9<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $208842.30    | 0.01%             | 2034-03-07      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                                         | PRKCM Trust, Series 2023-AFC4, Class A1                                             | CUSIP: 69380GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    202779 | PA      | $206257.63    | 0.01%             | 2058-11-25      | Variable      | 7.22%                 | No            |                  2 | On Loan: No      |
| GA Global Funding Trust                                                             | GA Global Funding Trust                                                             | CUSIP: 36143L2L8<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |   1378000 | PA      | $1426856.48   | 0.10%             | 2029-01-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Conagra Brands, Inc.                                                                | Conagra Brands, Inc.                                                                | CUSIP: 205887CB6<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2999.14      | 0.00%             | 2025-11-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                | CUSIP: 29273VBD1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    209000 | PA      | $215585.07    | 0.02%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PAN6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1058000 | PA      | $853726.83    | 0.06%             | 2049-01-23      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                         | Capital One Financial Corp.                                                         | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     30282 | NS      | $6437347.56   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4053.78      | 0.00%             | 2028-07-25      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| Bayview MSR Opportunity Master Fund Trust                                           | Bayview MSR Opportunity Master Fund Trust, Series 2021-5, Class A1                  | CUSIP: 07336JAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    167925 | PA      | $145625.46    | 0.01%             | 2051-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Air Products and Chemicals, Inc.                                                    | Air Products and Chemicals, Inc.                                                    | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     22001 | NS      | $6000112.72   | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1058000 | PA      | $1044179.29   | 0.07%             | 2029-01-23      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                          | Occidental Petroleum Corp.                                                          | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     51000 | PA      | $54237.07     | 0.00%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Societe Generale                                                                    | Societe Generale                                                                    | CUSIP: 83368RBY7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    212000 | PA      | $226710.54    | 0.02%             | 2055-01-19      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                                                        | Fiserv, Inc.                                                                        | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     70747 | NS      | $9121410.71   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy, Inc.                                                          | Patterson-UTI Energy, Inc.                                                          | CUSIP: 703481AD3<br>LEI: 254900XGFBKIXD6G0697 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13778.82     | 0.00%             | 2033-10-01      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                          | Aviation Capital Group LLC                                                          | CUSIP: 05369AAN1<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10431.75     | 0.00%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LXP Industrial Trust                                                                | LXP Industrial Trust                                                                | CUSIP: 529043AF8<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              | CORP              | US        |     19000 | PA      | $20214.16     | 0.00%             | 2028-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| National Securities Clearing Corp.                                                  | National Securities Clearing Corp.                                                  | CUSIP: 637639AH8<br>LEI: 549300RYC9NELN2ICA34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255528.51    | 0.02%             | 2027-11-21      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                             | CUSIP: 44891ACE5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3139.74      | 0.00%             | 2030-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding (AESOP) LLC                                          | Avis Budget Rental Car Funding (AESOP) LLC, Series 2023-1A, Class A                 | CUSIP: 05377RGC2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $102387.28    | 0.01%             | 2029-04-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bonds                                                                 | U.S. Treasury Bonds                                                                 | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13368500 | PA      | $13668246.90  | 0.98%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust                                         | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1                | CUSIP: 07387AEG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     63445 | PA      | $60754.80     | 0.00%             | 2035-10-25      | Floating      | 0.76%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2021-7, Class A1                                 | CUSIP: 92538QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    144482 | PA      | $132278.76    | 0.01%             | 2066-10-25      | Variable      | 1.83%                 | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                                        | Nasdaq, Inc.                                                                        | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4202.03      | 0.00%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Intuit Inc.                                                                         | Intuit Inc.                                                                         | CUSIP: 46124HAH9<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21168.04     | 0.00%             | 2053-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio, L.P.                                                               | Essex Portfolio, L.P.                                                               | CUSIP: 29717PBA4<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |     58000 | PA      | $60282.69     | 0.00%             | 2034-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                          | Ameriprise Financial, Inc.                                                          | CUSIP: 03076CAL0<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3014.76      | 0.00%             | 2032-05-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31393BGX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     18308 | PA      | $2868.01      | 0.00%             | 2033-05-25      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                                                      | Citizens Financial Group, Inc.                                                      | CUSIP: 174610AT2<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2841.01      | 0.00%             | 2030-04-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                   | CUSIP: 31395D7F0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      7455 | PA      | $8243.41      | 0.00%             | 2036-06-25      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions Corp.                                                | Cognizant Technology Solutions Corp., Class A                                       | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     84288 | NS      | $5653196.16   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                               | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23803.64     | 0.00%             | 2034-04-25      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                         | Humana Inc.                                                                         | CUSIP: 444859BZ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20838.23     | 0.00%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                               | CUSIP: 31392BMY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      4166 | PA      | $376.78       | 0.00%             | 2032-01-25      | Floating      | 3.48%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bonds                                                                 | U.S. Treasury Bonds                                                                 | CUSIP: 912810QC5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     36400 | PA      | $36685.09     | 0.00%             | 2039-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                   | Enterprise Products Operating LLC                                                   | CUSIP: 29379VAQ6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     23000 | PA      | $25646.96     | 0.00%             | 2040-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-867.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Co.                                                       | Pioneer Natural Resources Co.                                                       | CUSIP: 723787AV9<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3015.18      | 0.00%             | 2026-03-29      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                                        | American Honda Finance Corp.                                                        | CUSIP: 02665WEH0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3026.38      | 0.00%             | 2030-04-17      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Zebra Technologies Corp.                                                            | Zebra Technologies Corp., Class A                                                   | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     26193 | NS      | $7783511.88   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA Trust                                                                           | MFA Trust, Series 2021-INV2, Class A1                                               | CUSIP: 552732AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114099 | PA      | $102895.64    | 0.01%             | 2056-11-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                         | Verizon Communications Inc.                                                         | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2631.68      | 0.00%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                                                         | Marsh & McLennan Cos., Inc.                                                         | CUSIP: 571748BT8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2980.42      | 0.00%             | 2053-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Principal Financial Officer and Treasurer