# EDGAR Filing Document

**Accession Number:** 0001011378
**File Stem:** 0001410368-25-031661
**Filing Date:** 2025-11
**Character Count:** 971336
**Document Hash:** 806e1167d8178f6fc29ba3c04554d9ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-031661.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-031661

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY VARIABLE INSURANCE FUND INC.
- **CENTRAL INDEX KEY:** 0001011378

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07607
- **FILM NUMBER:** 251524524

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNIVERSAL INSTITUTIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 20020322

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY UNIVERSAL FUNDS INC
- **DATE OF NAME CHANGE:** 19960328

## Series and Classes Contracts Data

### Global Strategist Portfolio (Series ID: S000004181)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011764 | Class I      | MIMPX           |
| C000097939 | Class II     | MGTPX           |

## Nport-Ex

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (91.4%)** | **Common Stocks (91.4%)** | **Common Stocks (91.4%)** |
| **Beverages (0.7%)** | **Beverages (0.7%)** | **Beverages (0.7%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. (a) | 26823 | $1542 |
| **Biotechnology (4.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. (a) | 1679 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argenx SE ADR (Belgium) (a) | 835 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProKidney Corp. (a) | 126796 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. (a) | 490017 | 7414 |
|  |  | 9102 |
| **Broadline Retail (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global-e Online Ltd. (Israel) (a) | 94621 | 3384 |
| **Entertainment (7.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (a) | 121535 | 16835 |
| **Financial Services (9.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (a) | 200235 | 14633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association (a) | 464779 | 5601 |
|  |  | 20234 |
| **Health Care Providers & Services (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilon Health, Inc. (a) | 1269583 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc. (a) | 12543 | 1189 |
|  |  | 2496 |
| **Information Technology Services (16.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (a) | 137203 | 29442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. (a) | 26795 | 8317 |
|  |  | 37759 |
| **Machinery (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symbotic, Inc. (a) | 41195 | 2220 |
| **Media (2.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A (a) | 127091 | 6229 |
| **Metals & Mining (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corp. (a) | 17933 | 1203 |
| **Personal Care Products (3.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oddity Tech Ltd., Class A (Israel) (a) | 140804 | 8772 |
| **Pharmaceuticals (4.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 298360 | 10526 |
| **Real Estate Management & Development (2.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landbridge Co. LLC, Class A | 80480 | 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc. (a) | 132921 | 1059 |
|  |  | 5353 |
| **Software (12.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurora Innovation, Inc. (a) | 1527634 | 8234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BitMine Immersion Technologies, Inc. (a) | 85185 | 4424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Circle Internet Group, Inc. (a) | 4468 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figma, Inc., Class A (a)(b) | 80608 | 4181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsara, Inc., Class A (a) | 90209 | 3360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy, Inc., Class A (a) | 24738 | 7971 |
|  |  | 28762 |
| **Specialty Retail (5.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. (a) | 15386 | 5804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A (a) | 99914 | 7364 |
|  |  | 13168 |
| **Tech Hardware, Storage & Peripherals (7.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc. (a) | 272337 | 16749 |
| **Trading Companies & Distributors (9.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A (a) | 165779 | 8924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO, Inc. (a) | 672322 | 12814 |
|  |  | 21738 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $153,100)** |  | 206072 |
| **Preferred Stocks (2.3%)** |  |  |
| **Software (2.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $2,666; acquired 8/31/21) | 36279 | 4098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $709; acquired 9/15/23) | 9645 | 1090 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks (Cost $3,375)** |  | 5188 |
| **Investment Company (3.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF (a) **(Cost $4,064)** | 105046 | 6828 |
| **Short-Term Investments (5.5%)** |  |  |
| **Investment Company (4.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (e) **(Cost $9,438)** | 9438206 | 9438 |
| **Securities held as Collateral on Loaned Securities (1.3%)** |  |  |
| **Investment Company (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (e) | 2422592 | 2423 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Repurchase Agreements(0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., (4.00%, dated 9/30/25, due 10/1/25; proceeds $265; fully collateralized by U.S. Government obligations; 4.50% - 4.63% due 11/15/25 - 9/15/26; valued at $270) | $265 | $265 |
| &nbsp;&nbsp;&nbsp;Merrill Lynch & Co., Inc., (4.20%, dated 9/30/25, due 10/1/25; proceeds $357; fully collateralized by U.S. Government obligations; 0.13% - 4.13% due 12/31/26 - 8/15/53; valued at $364) | 357 | 357 |
|  |  | 622 |
| &nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $3,045)** |  | 3045 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $12,483)** |  | 12483 |
| **Total Investments Excluding Purchased Options (102.2%) (Cost $173,022)** |  | 230571 |
| **Total Purchased Options Outstanding (0.1%) (Cost $1,182)** |  | 110 |
| **Total Investments (102.3%) (Cost $174,204) including $2,911 of Securities Loaned (f)(g)(h)** |  | 230681 |
| Liabilities in Excess of Other Assets (–2.3%) |  | (5232) |
| **Net Assets (100.0%)** |  | $225449 |

---

The Fund had the following Derivative Contracts - PIPE open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced<br> Obligation** | **Notional<br> Amount** | **Settlement<br> Date** | **Unrealized<br> Depreciation<br> (000)** | **% of<br> Net<br> Assets** |
| Cantor Equity Partners, Inc. | Twenty One Capital, Inc. (a)(c)(d)(i)(j) | $4245 | 12/31/25 | $(965) | (0.43)% |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2025, were approximately $2,911,000 and $3,045,000, respectively. The Fund received cash collateral of approximately $3,045,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at September 30, 2025 amounts to approximately $4,223,000 and represents 1.9% of net assets. |
| (d) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Fund. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (g) | Securities are available for collateral in connection with purchased options. |
| (h) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $73,995,000 and the aggregate gross unrealized depreciation is approximately $18,483,000, resulting in net unrealized appreciation of approximately $55,512,000. |
| (i) | Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy. |
| (j) | Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 202,154 shares at $21.00 per share on the settlement date pursuant to the closing of the business combination between Twenty One Capital, Inc., and Cantor Equity Partners, Inc., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Cantor Equity Partners, Inc., and Twenty One Capital, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Cantor Equity Partners, Inc., and Twenty One Capital, Inc. The investment is restricted from resale until the settlement date. |
| ADR | American Depositary Receipt. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Premiums<br> Paid<br> (000)** | **Unrealized<br> Depreciation<br> (000)** |
| Standard Chartered Bank | USD/CNH | 7.58 | Aug–26 | 69521536 | $69522 | $83 | $228 | $(145) |
| Goldman Sachs & Co. LLC | USD/CNH | 7.71 | May–26 | 50125188 | 50125 | 19 | 208 | (189) |
| Standard Chartered Bank | USD/CNH | 7.77 | Oct–25 | 40532709 | 40533 |  | 176 | (176) |
| JPMorgan Chase Bank NA | USD/CNH | 7.82 | Feb–26 | 47784367 | 47784 | 4 | 197 | (193) |
| Standard Chartered Bank | USD/CNH | 7.90 | Apr–26 | 32277816 | 32278 | 4 | 157 | (153) |
| Goldman Sachs & Co. LLC | USD/CNH | 8.02 | Dec–25 | 45434046 | 45434 |  | 216 | (216) |
|  |  |  |  |  |  | $110 | $1182 | $(1072) |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |

---

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

---

| | |
|:---|:---|
| **Portfolio Composition\***<br>**Classification** |<br>**Percentage of<br> Total Investments** |
| Other\*\* | 29.4% |
| Information Technology Services | 16.6 |
| Software | 14.9 |
| Trading Companies & Distributors | 9.6 |
| Financial Services | 8.9 |
| Entertainment | 7.4 |
| Tech Hardware, Storage & Peripherals | 7.4 |
| Specialty Retail | 5.8 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2025.

\*\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Fixed Income Securities (97.0%)** |  |  |
| **Albania (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albania Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/23/31 | 100 | $116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/14/35 | 690 | 818 |
|  |  | 934 |
| **Angola (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azule Energy Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 1/23/30 (a) | $866 | 874 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angolan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 4/14/32 | 250 | 240 |
|  |  | 1114 |
| **Argentina (3.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Macro SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 6/23/29 (a) | 342 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresa Distribuidora de Electricidad de Mendoza SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 7/28/31 (a)(b) | 450 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generacion Mediterranea SA/Central Termica Roca SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 11/1/31 (a)(c)(d) | 284 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YPF SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 1/17/34 (a) | 310 | 300 |
|  |  | 1206 |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month SOFR + 7.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.58%, 5/28/27 (e) | 195 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecom Argentina SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 5.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20%, 2/23/29 (e) | 187 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMOS SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month SOFR + 5.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.70%, 7/8/30 (e) | 216 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month SOFR + 5.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.48%, 7/8/30 (f) | 584 | 584 |
|  |  | 1188 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine Republic Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 7/9/30 (b) | 160 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 7/9/29 | 160 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/9/41 (b) | 150 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 7/9/35 (b) | 200 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/9/38 (b) | 200 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincia de Cordoba, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 7/2/32 (a) | 638 | 610 |
|  |  | 1126 |
|  |  | 3520 |
| **Armenia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Armenia International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/12/35 | 200 | 204 |
| **Azerbaijan (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Azerbaijan International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/1/32 | 230 | 215 |
| **Bahamas (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Bahamas, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 EUR Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month EURIBOR + 6.85%, 8.89%, 11/24/28 (e) | 866 | 1050 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bahamas Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 6/24/36 (a) | $245 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 10/15/32 | 200 | 223 |
|  |  | 488 |
|  |  | 1538 |
| **Benin (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benin Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 1/22/35 | 302 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 1/19/52 | 487 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 2/13/38 | $400 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 1/23/41 | 274 | 287 |
|  |  | 1547 |
| **Bosnia and Herzegovina (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federation of Bosnia & Herzegovina Eurobond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/17/30 | 210 | 255 |
| **Brazil (6.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (6.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adecoagro SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 7/29/32 (a) | $205 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/31/30 | 955 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 1/23/81 | 404 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Oil Services Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 11/7/29 (a) | 550 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embraer Netherlands Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 1/9/38 (g) | 247 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORESEA Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/15/30 | 685 | 671 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Corporate Bonds (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gol Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.38%, 6/6/30 (a) | $574 | $591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV24 Capital BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 6/1/34 | 420 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceanica Lux, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 10/2/29 (a) | 560 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHI Group SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 7/22/29 (a) | 846 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OI SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% Cash, 6.00% PIK, 13.50%, 6/30/27 (a)(h) | 321 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 7/8/32 (a) | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 2/25/37 | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samarco Mineracao SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% Cash, 9.00% PIK, 9.00%, 6/30/31 (c)(d)(h) | 1116 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unigel Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.50% Cash or 15.00% PIK, 13.50%, 12/31/27 (h) | 23 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yinson Boronia Production BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 7/31/42 (a) | 196 | 219 |
|  |  | 6545 |
| **Bulgaria (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulgaria Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/5/37 | 190 | 190 |
| **Cameroon (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golar LNG Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 9/19/29 | 400 | 406 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Cameroon International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 7/31/31 | 200 | 192 |
|  |  | 598 |
| **Chile (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 7/27/33 | 700 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 1/25/50 | 800 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 1/5/36 | 800 | 805 |
|  |  | 1992 |
| **China (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 6/1/31 | 123 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Oil & Gas Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 6/30/26 | 790 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H World Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/1/26 | 95 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KWG Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 8/30/24 (c)(d) | 450 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longfor Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 9/16/29 | 255 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/1/25 | 97 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shimao Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/21/26 (a)(c)(d) | 115 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% Cash or 3.00% PIK, 2.00%, 7/21/32 - 1/21/34 (a)(c)(d)(h) | 529 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% Cash or 6.00% PIK, 5.00%, 7/21/31 (a)(c)(d)(h) | 722 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunac China Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% Cash, 1.00% PIK, 1.00%, 9/30/32 (c)(d)(h) | 85 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% Cash, 6.00% PIK, 11.00%, 9/30/26 (c)(d)(h) | 72 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% Cash, 6.25% PIK, 11.50%, 9/30/27 (c)(d)(h) | 72 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% Cash, 6.50% PIK, 12.00%, 9/30/27 (c)(d)(h) | 145 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% Cash, 6.75% PIK, 12.50%, 9/30/28 (c)(d)(h) | 218 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% Cash, 7.00% PIK, 13.00%, 9/30/29 (c)(d)(h) | 219 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% Cash, 7.25% PIK, 13.50%, 9/30/30 (c)(d)(h) | 103 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Times China Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 6/4/24 (c)(d) | 1376 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 7/16/23 (c)(d) | 280 | 10 |
|  |  | 1717 |
| **Colombia (3.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABRA Global Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% Cash, 8.00% PIK, 14.00%, 10/22/29 (a)(h) | 594 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avianca Midco 2 PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 12/1/28 (a) | 684 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 2/14/30 (a) | 202 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Davivienda SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 yr. CMT + 5.10%, 6.65%, 4/22/31 (i) | 208 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 7/2/35 (a) | 402 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Occidente SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 8/13/34 | 430 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canacol Energy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/24/28 | 500 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/30/30 | 200 | 186 |
|  |  | 2922 |
| **Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/7/36 | 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/7/54 | 200 | 212 |
|  |  | 632 |
|  |  | 3554 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Costa Rica (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costa Rica Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 4/3/34 | $800 | $859 |
| **Dominican Republic (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/30/30 | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 9/23/32 | 1200 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 1/21/41 | 200 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/22/33 | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 1/27/45 | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 4/30/44 (a) | 400 | 440 |
|  |  | 2380 |
| **Ecuador (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecuador Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/31/30 | 1136 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 7/31/30 - 7/31/35 (b) | 2418 | 2043 |
|  |  | 2916 |
| **Egypt (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 4/16/30 | 400 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 4/11/31 | 900 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 9/30/33 | $200 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90%, 2/21/48 | 400 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 1/31/47 | 800 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45%, 2/4/33 | 251 | 268 |
|  |  | 2960 |
| **El Salvador (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Salvador Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%, 6/15/35 | 140 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 4/10/32 | 300 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 4/17/30 | 150 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65%, 11/21/54 (a) | 165 | 179 |
|  |  | 805 |
| **Ethiopia (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethiopia International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 12/11/24 (c)(d) | 2042 | 1963 |
| **Gabon (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabon Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 2/6/31 | 200 | 162 |
| **Georgia (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Georgia JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 7/16/29 (i) | 490 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBC Bank JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 7/30/29 (i) | 528 | 542 |
|  |  | 1040 |
| **Ghana (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kosmos Energy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 10/1/31 | 686 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tullow Oil PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 5/15/26 | 341 | 293 |
|  |  | 826 |
| **Greece (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Bank SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/10/30 (i) | 277 | 357 |
| **Guatemala (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guatemala Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 10/7/33 | $500 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 4/24/32 | 400 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 2/6/37 | 300 | 317 |
|  |  | 1166 |
| **Guyana (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure International Finance Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 6/3/29 (a) | 176 | 177 |
| **Honduras (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honduras Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/27/34 (a) | 949 | 1043 |
| **Hong Kong (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAS Capital No. 1 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/12/26 (i) | 400 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li & Fung Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 2/5/29 | 270 | 282 |
|  |  | 678 |
| **Hungary (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBH Bank Nyrt, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 1/29/30 | 230 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/8/35 | 200 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTP Bank Nyrt, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 7/30/35 | $225 | 240 |
|  |  | 768 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 3/26/36 | $1200 | $1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/22/32 | 400 | 429 |
|  |  | 1641 |
|  |  | 2409 |
| **India (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 8/25/26 (i) | 363 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piramal Capital & Housing Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80%, 1/29/28 | 370 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vedanta Resources Finance II PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 6/3/28 (a) | 280 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 12/3/31 (a) | 280 | 301 |
|  |  | 1327 |
| **Iraq (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iraq International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 1/15/28 | 88 | 87 |
| **Jamaica (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance Ltd./Difl U.S. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 8/1/32 (a) | 270 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCB Financial Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 7/31/30 (a) | 470 | 470 |
|  |  | 748 |
| **Senior Loan Interests (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 5.25%, 9.48%, 8/6/32 (e) | 200 | 200 |
|  |  | 948 |
| **Jordan (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 7/7/30 | 707 | 706 |
| **Kazakhstan (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ForteBank JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 2/4/30 (a) | 690 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/26/30 | 275 | 283 |
|  |  | 990 |
| **Kenya (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Kenya Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 2/28/48 | 257 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 3/5/36 | 450 | 463 |
|  |  | 696 |
| **Kuwait (2.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuwait International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/9/35 | 1460 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Kuwait, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/9/30 | 1370 | 1370 |
|  |  | 2830 |
| **Lebanon (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lebanon Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 4/14/20 (c)(d) | 845 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/27/23 (c)(d) | 439 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/4/22 (c)(d) | 807 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 6/19/20 (c)(d) | 17 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 2/26/25 (c)(d) | 98 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 5/27/22 - 6/12/25 (c)(d) | 309 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/9/49 (c)(d) | 50 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 5/26/23 (c)(d) | 1839 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 11/27/26 (c)(d) | 7 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 11/3/28 - 4/22/49 (c)(d) | 384 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 3/23/27 - 5/25/29 (c)(d) | 1380 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 3/20/28 - 3/23/32 (c)(d) | 548 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 3/23/37 (c)(d) | 106 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 4/12/21 (c)(d) | 19 | 4 |
|  |  | 1545 |
| **Malaysia (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petronas Capital Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 1/28/32 | 800 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 4/21/50 | 200 | 177 |
|  |  | 899 |
| **Mexico (3.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Mercantil del Norte SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 5/20/31 (a)(i) | 320 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65%, 5.13%, 1/18/33 | 265 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45%, 6/29/38 | 336 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Idesa SAPI, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99%, 2/20/32 | 214 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00% Cash, 2.00% PIK,13.00%, 9/12/30 (h) | 539 | 310 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Corporate Bonds (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/15/31 (a) | $538 | $539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Play Telecomunicaciones SA de CV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13%, 12/31/32 (a) | 321 | 317 |
|  |  | 2264 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 2/12/52 | 300 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 7/2/32 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 2/9/35 | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/23/26 | 219 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 9/21/47 | 453 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 1/23/30 | 168 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 8/4/26 | 132 | 134 |
|  |  | 1646 |
|  |  | 3910 |
| **Mongolia (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golomt Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 5/20/27 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mongolian Mining Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44%, 4/3/30 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Bank LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.90%, 9/25/28 | 280 | 279 |
|  |  | 689 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mongolia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 2/25/30 | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 6/5/29 | 200 | 212 |
|  |  | 416 |
|  |  | 1105 |
| **Montenegro (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montenegro Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 4/1/32 | 1080 | 1275 |
| **Morocco (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/15/32 | $500 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/50 (a) | 300 | 221 |
|  |  | 664 |
| **Mozambique (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mozambique International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 9/15/31 (b) | 215 | 192 |
| **Nicaragua (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Renewable Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 12/3/29 | 250 | 262 |
| **Nigeria (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access Bank PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 9/21/26 | 483 | 483 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nigeria Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70%, 2/23/38 | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.38%, 12/9/34 | 1223 | 1362 |
|  |  | 1548 |
|  |  | 2031 |
| **Oman (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 3/8/27 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/1/29 | 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/25/31 | 500 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 1/17/48 | 440 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/28/32 | 600 | 700 |
|  |  | 2243 |
| **Pakistan (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veon Midco BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/25/27 |  |  |
|  | 439 | 413 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pakistan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/5/27 | 267 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 4/8/31 | 481 | 472 |
|  |  | 740 |
|  |  | 1153 |
| **Panama (2.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coral-U.S. Co-Borrower LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B7, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 3.25%, 7.57%, 1/31/32 (e) | 217 | 215 |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 9/17/32 (a)(i) | 205 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 4/1/56 | 1331 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 1/26/36 | 555 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 3/1/31 | 500 | 550 |
|  |  | 2325 |
|  |  | 2540 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Paraguay (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frigorifico Concepcion SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 5.50%, 9.63%, 12/8/26 (e) | $557 | $566 |
| **Peru (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auna SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 12/18/29 (a) | 493 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camposol SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/3/27 | 157 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru LNG Srl, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 3/22/30 | 175 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos del Peru SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 6/19/47 | 540 | 400 |
|  |  | 1246 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peruvian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/15/34 | 300 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 3/11/41 | 300 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 8/8/54 | 300 | 302 |
|  |  | 796 |
|  |  | 2042 |
| **Philippines (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippine Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/5/35 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/17/33 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/17/48 | 520 | 532 |
|  |  | 1747 |
| **Romania (5.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (5.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 7/13/30 | 98 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 4/14/33 | 79 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 12/2/40 | 146 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 4/14/41 | 78 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 4/13/42 | 84 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 1/28/50 | 49 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/29/35 | 603 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 4/3/49 | 444 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 6/15/48 | $48 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 2/22/36 | 148 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/24/35 | $1422 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 7/11/32 | 192 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 5/25/34 | $48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 9/24/44 | 418 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/10/34 | 98 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 7/11/39 | 488 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 2/10/37 | $1002 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 1/17/53 | 96 | 103 |
|  |  | 5668 |
| **Saudi Arabia (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riyad Sukuk Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21%, 7/14/35 | 270 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Awwal Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 9/4/35 | 280 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SNB Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/24/35 | 270 | 277 |
|  |  | 837 |
| **Senegal (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senegal Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 6/8/37 | 240 | 186 |
| **Serbia (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serbia International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 9/23/36 | 270 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 12/1/30 | $200 | 175 |
|  |  | 424 |
| **Sri Lanka (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 1/15/30 (a)(b)(c)(d) | 534 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 3/15/33 (a)(b)(c)(d) | 650 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 6/15/35 - 2/15/38 (a)(b)(c)(d) | 980 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/28 (a)(c)(d) | 525 | 503 |
|  |  | 2413 |
| **Suriname (4.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staatsolie Maatschappij Suriname NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Revolver,1.93%, 4/25/32 (f) | 1900 | 1900 |
| &nbsp;&nbsp;&nbsp;**Sovereign (2.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suriname Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% Cash, 3.00% PIK, 7.95%, 7/15/33 (a)(c)(d)(h) | 1548 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 12/31/50 (a)(c)(d)(e) | 1026 | 1211 |
|  |  | 2755 |
|  |  | 4655 |
| **Tanzania, United Republic Of (3.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (3.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTA Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan Tranche A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.31%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.73%, 9/13/28 (e) | 80 | 80 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Senior Loan Interests (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Tranche C Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.31%, 8.71%, 9/13/28 (e) | $500 | $497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanzania, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month SOFR + 5.45%, 9.46%, 2/27/31 (e) | 3700 | 3700 |
|  |  | 4277 |
| **Togo (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecobank Transnational, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13%, 10/15/29 (a) | 532 | 566 |
| **Trinidad And Tobago (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinidad & Tobago Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 1/14/31 | 200 | 204 |
| **Turkey (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 7/10/36 | 253 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limak Yenilenebilir Enerji AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 8/12/30 (a) | 353 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zorlu Enerji Elektrik Uretim AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 4/23/30 | 461 | 425 |
|  |  | 1033 |
| **Ukraine (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kernel Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/27/27 | 404 | 369 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ukraine Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/1/30 - 2/1/36 (b)(c)(d) | 1026 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/1/29 - 2/1/36 (b)(c)(d) | 2335 | 1354 |
|  |  | 1835 |
|  |  | 2204 |
| **United Arab Emirates (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bond (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ittihad International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 11/9/28 | 520 | 547 |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abu Dhabi Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 4/16/30 | 400 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 4/16/50 | 600 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/30/34 | 700 | 743 |
|  |  | 1625 |
|  |  | 2172 |
| **Uruguay (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 6/18/50 | 550 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 2/14/37 | 900 | 943 |
|  |  | 1465 |
| **Uzbekistan (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jscb Agrobank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/2/29 | 750 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzbek Industrial & Construction Bank ATB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 7/24/29 | 370 | 402 |
|  |  | 1217 |
| &nbsp;&nbsp;&nbsp;**Senior Loan Interests (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.76%, 9.09%, 4/23/27 (e) | 75 | 75 |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Uzbekistan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 7/5/29 | 740 | 796 |
|  |  | 2088 |
| **Venezuela (3.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (3.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 4/12/27 (c)(d) | 1819 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/12/37 (c)(d) | 732 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/28/22 - 11/15/26 (c)(d) | 4609 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 10/27/20 - 10/20/27 (c)(d) | 757 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 11/17/21 (c)(d) | 840 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 5/17/35 (c)(d) | 1077 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 2/17/22 (c)(d) | 573 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venezuela Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/9/20 (c)(d) | 552 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/1/18 - 3/31/38 (c)(d) | 431 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%, 4/21/25 (c)(d) | 500 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/13/49 (c)(d) | 791 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 10/13/24 (c)(d) | 740 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 5/7/23 (c)(d) | 456 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 9/15/27 - 5/7/28 (c)(d) | 1962 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 1/13/34 (c)(d) | 89 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75%, 10/21/26 (c)(d) | 292 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.95%, 8/5/31 (c)(d) | 529 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 8/23/22 (c)(d) | 711 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.63%, 8/15/18 - 8/15/49 (c)(d) | 122 | 29 |
|  |  | 3977 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Zambia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/30/33 (b)(c)(d) | $134 | $128 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $106,123)** |  | 105719 |

---

---

| | | |
|:---|:---|:---|
|  | **No. of<br> Warrants** | |
| **Warrants (2.7%)** |  |  |
| **Ukraine (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ukraine Government International Bond expires 8/1/41 (j) | 3673000 | 2944 |
| **Venezuela (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venezuela Government International Bond, Oil-Linked Payment Obligation expires 4/15/20 (i)(j) | 3750 | 22 |
| &nbsp;&nbsp;&nbsp;**Total Warrants (Cost $2,723)** |  | 2966 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investments (2.7%)** |  |  |
| **Investment Company (2.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (k) **(Cost $2,655)** | 2654455 | 2655 |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount<br> (000)** | |
| **United States (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Security (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31%, 11/20/25 (l)(m) **(Cost $308)** | $310 | 308 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $2,963)** |  | 2963 |
| **Total Investments (102.4%) (Cost $111,809) (n)(o)** |  | 111648 |
| Liabilities in Excess of Other Assets (-2.4%) |  | (2658) |
| **Net Assets (100.0%)** |  | $108990 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (b) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2025. Maturity date disclosed is the ultimate maturity date. |
| (c) | Issuer in bankruptcy. |
| (d) | Non-income producing security; bond in default. |
| (e) | Floating or variable rate securities: The rates disclosed are as of September 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (f) | In addition to the term loan, the Fund has an unfunded loan commitment of approximately $1,900,000, which could be extended at the option of the borrower. As of September 30, 2025, Staatsolie Maatschappij Suriname NV, did not draw down any of the commitment. |
| (g) | When-issued security. |
| (h) | Income may be paid in additional securities and/or cash at the discretion of the issuer. |
| (i) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of September 30, 2025. |
| (j) | Non-income producing security. |
| (k) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Fund. |
| (l) | Rate shown is the yield to maturity at September 30, 2025. |
| (m) | All or a portion of the security was pledged to cover margin requirements for swap agreements. |
| (n) | Securities are available for collateral in connection with purchase of when-issued security, securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
| (o) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,111,000 and the aggregate gross unrealized depreciation is approximately $7,272,000, resulting in net unrealized depreciation of approximately $161,000. |
| CMT | Constant Maturity Treasury Note Rate. |
| EUR | EURO |
| EURIBOR | Euro Interbank Offered Rate. |
| PIK | Payment-in-Kind. |
| SOFR | Secured Overnight Financing Rate. |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Barclays Bank PLC | 1000 | $1170 | 10/10/25 | $(5) |
| Barclays Bank PLC | 1000 | $1170 | 10/10/25 | (5) |
| Barclays Bank PLC | 1000 | $1170 | 10/10/25 | (5) |
| HSBC Bank PLC | $187 | 160 | 10/10/25 | 1 |
| HSBC Bank PLC | $948 | 800 | 10/10/25 | (8) |
| State Street Bank and Trust Co. | 990 | $1158 | 10/10/25 | (5) |
| State Street Bank and Trust Co. | 829 | $970 | 10/10/25 | (4) |
| State Street Bank and Trust Co. | 210 | $246 | 10/10/25 | (1) |
| State Street Bank and Trust Co. | 89 | $104 | 10/10/25 | (— |
| State Street Bank and Trust Co. | 259 | $303 | 10/10/25 | (1) |
| State Street Bank and Trust Co. | 924 | $1081 | 10/10/25 | (5) |
| State Street Bank and Trust Co. | 162 | $190 | 10/10/25 | (1) |
| State Street Bank and Trust Co. | 945 | $1105 | 10/10/25 | (5) |
| State Street Bank and Trust Co. | 342 | $399 | 10/10/25 | (2) |
| State Street Bank and Trust Co. | 491 | $574 | 10/10/25 | (3) |
| State Street Bank and Trust Co. | 1571 | $1837 | 10/10/25 | (8) |
| State Street Bank and Trust Co. | 365 | $427 | 10/10/25 | (2) |
| State Street Bank and Trust Co. | $248 | 210 | 10/10/25 | (1 |
|  |  |  |  | $(60 |

---

**Futures Contracts:**

The Fund had the following futures contracts open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** |  |  |  | | |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 yr. Note (United States) | 11 | Dec-25 | $2200 | $2292 | $3 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 yr. Note (United States) | 14 | Dec-25 | 1400 | 1529 | (2) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Ultra Note (United States) | 82 | Dec-25 | 8200 | 9436 | 112 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond (United States) | 54 | Dec-25 | 5400 | 6296 | 126 |
| &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Bond (United States) | 87 | Dec-25 | 8700 | 10446 | 277 |
| **Short:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;German Euro-Schatz Index (Germany) | 13 | Dec-25 | (1300) | (1633) | 2 |
| &nbsp;&nbsp;&nbsp;German Euro-Bobl Index (Germany) | 25 | Dec-25 | (2500) | (3458) | 1 |
| &nbsp;&nbsp;&nbsp;German Euro-Bund Index (Germany) | 38 | Dec-25 | (3800) | (5736) | (26) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Note (United States) | 46 | Dec-25 | $(4600) | (5175) | 15 |
|  |  |  |  |  | $508 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Debt Portfolio

**Credit Default Swap Agreements:**

The Fund had the following credit default swap agreements open at September 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap <br> Counterparty<br> and Reference <br> Obligation** | **Credit<br> Rating of<br> Reference<br> Obligation†** | **Buy/Sell<br> Protection** | **Pay/<br> Received<br> Fixed <br> Rate** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Upfront<br> Payment<br> Paid<br> (Received)<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Morgan Stanley & Co. LLC\* Egypt Government International Bonds | NR | Sell | 1.00% | Quarterly | 12/20/28 | $188 | $(12) | $(55) | $43 |
| Barclays Bank PLC Pan American Energy LLC | NR | Sell | 1.00 | Quarterly | 12/20/25 | 240 |  | (3) | 3 |
| Goldman Sachs International Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/26 | 261 | (— | (12) | 12 |
| Morgan Stanley & Co. LLC\* Petrobras Global Finance BV | NR | Buy | 1.00 | Quarterly | 12/20/30 | 1985 | 44 | 50 | (6) |
| Goldman Sachs International Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 710 | (8) | (18) | 10 |
| JPMorgan Chase Bank NA Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 312 | (4) | (9) | 5 |
| Barclays Bank PLC Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 12/20/26 | 634 | (4) | (11) | 7 |
| Barclays Bank PLC Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 476 | (5) | (12) | 7 |
| Barclays Bank PLC Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 100 | (1 | (3) | 2 |
|  |  |  |  |  |  |  | $10 | (73) | $83 |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| † | Credit rating as issued by Standard & Poor's. |
| \* | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. |
| NR | Not rated. |
| EUR | Euro |

---

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Sovereign | 58.1 | % |
| Corporate Bonds | 28.1 |  |
| Senior Loan Interests | 8.5 |  |
| Other\* | 5.3 |  |
| Total Investments | 100.0 | %\*\* |

---

\* Industries and/or investment types representing less than 5% of total investments.

\*\* Does not include open futures contracts with a value of approximately $46,001,000 and net unrealized appreciation of approximately $508,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $60,000. Also does not include open swap agreements with net unrealized appreciation of approximately $83,000.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Equity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (98.9%)** |  |  |
| **Brazil (5.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banco BTG Pactual SA (Units) (a) | 55489 | $503 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA (Preference) | 282518 | 2074 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil SA | 342985 | 1187 |
| &nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz SA | 242138 | 1914 |
| &nbsp;&nbsp;&nbsp;Vale SA | 84174 | 911 |
| &nbsp;&nbsp;&nbsp;WEG SA | 340050 | 2338 |
|  |  | 8927 |
| **Chile (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 8074317 | 1226 |
| **China (23.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (b) | 319300 | 7141 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu Co. Ltd., Class A | 728000 | 1026 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo Co. Ltd., Class A | 210500 | 782 |
| &nbsp;&nbsp;&nbsp;BYD Co. Ltd., H Shares (b) | 51000 | 721 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares (b) | 3188230 | 3058 |
| &nbsp;&nbsp;&nbsp;China International Capital Corp. Ltd., Class H (b) | 282800 | 774 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd., H Shares (b) | 375000 | 2244 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 22300 | 1265 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 162509 | 1635 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology (b) | 81000 | 876 |
| &nbsp;&nbsp;&nbsp;NARI Technology Co. Ltd., Class A | 310700 | 1004 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group Co. Ltd., Class A | 17620 | 1123 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. (b) | 48500 | 1473 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., Class H (b) | 123500 | 840 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd., Class A | 107200 | 1266 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. (b) | 134400 | 11452 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | 26127 | 1965 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B (b)(c) | 237600 | 1651 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | 18426 | 791 |
|  |  | 41087 |
| **Czech Republic (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Komercni Banka AS | 21676 | 1088 |
| **India (21.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;360 ONE WAM Ltd. | 70979 | 818 |
| &nbsp;&nbsp;&nbsp;Avenue Supermarts Ltd. (c) | 17201 | 867 |
| &nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 109358 | 1393 |
| &nbsp;&nbsp;&nbsp;Bajaj Auto Ltd. | 13040 | 1275 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance Ltd. | 155361 | 1748 |
| &nbsp;&nbsp;&nbsp;CG Power & Industrial Solutions Ltd. | 67768 | 566 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive India Ltd. | 13912 | 348 |
| &nbsp;&nbsp;&nbsp;Grasim Industries Ltd. | 40419 | 1255 |
| &nbsp;&nbsp;&nbsp;HDFC Asset Management Co. Ltd. | 26296 | 1638 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 102963 | 1104 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 47400 | 1619 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries Ltd. | 74570 | 640 |
| &nbsp;&nbsp;&nbsp;Hitachi Energy India Ltd. | 7029 | 1425 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 198683 | 3011 |
| &nbsp;&nbsp;&nbsp;IDFC First Bank Ltd. | 1890478 | 1485 |
| &nbsp;&nbsp;&nbsp;Infosys Ltd. ADR (d) | 109907 | 1788 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro Ltd. | 26123 | 1077 |
| &nbsp;&nbsp;&nbsp;Lodha Developers Ltd. | 92412 | 1182 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 64717 | 2498 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd. (c) | 7865 | 736 |
| &nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | 116851 | 1467 |
| &nbsp;&nbsp;&nbsp;Pidilite Industries Ltd. | 67282 | 1112 |
| &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 202874 | 3116 |
| &nbsp;&nbsp;&nbsp;Samvardhana Motherson International Ltd. | 644469 | 768 |
| &nbsp;&nbsp;&nbsp;Shriram Finance Ltd. | 114548 | 794 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 227630 | 2235 |
| &nbsp;&nbsp;&nbsp;Swiggy Ltd. (c) | 110906 | 528 |
| &nbsp;&nbsp;&nbsp;United Breweries Ltd. | 46792 | 949 |
|  |  | 37442 |
| **Indonesia (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Cisarua Mountain Dairy Tbk. PT | 2529000 | 698 |
| **Korea, Republic of (10.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;HYBE Co. Ltd. | 2290 | 435 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | 8063 | 1236 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | 20791 | 1716 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | 12879 | 924 |
| &nbsp;&nbsp;&nbsp;KT&G Corp. | 9703 | 924 |
| &nbsp;&nbsp;&nbsp;NAVER Corp. | 8749 | 1679 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 162668 | 9752 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 5246 | 1301 |
|  |  | 17967 |
| **Malaysia (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings Bhd. | 655000 | 1144 |
| &nbsp;&nbsp;&nbsp;Malayan Banking Bhd. | 401600 | 946 |
|  |  | 2090 |
| **Mexico (4.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV Series O | 265590 | 2668 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico SAB de CV, Class A | 967350 | 2037 |
| &nbsp;&nbsp;&nbsp;Prologis Property Mexico SA de CV REIT | 218795 | 896 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | 614758 | 1899 |
|  |  | 7500 |
| **Peru (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp Ltd. | 3239 | 863 |
| **Poland (3.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Allegro.eu SA (c) | 242971 | 2384 |
| &nbsp;&nbsp;&nbsp;Budimex SA | 6619 | 928 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski SA | 96712 | 1879 |
|  |  | 5191 |

---

Morgan Stanley Variable Insurance Fund, Inc. <br> Third Quarter Report – September 30, 2025 (unaudited)<br> Portfolio of Investments (cont'd) <br> Emerging Markets Equity Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Saudi Arabia (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alinma Bank | 144084 | $1028 |
| &nbsp;&nbsp;&nbsp;Bupa Arabia for Cooperative Insurance Co. | 25468 | 1120 |
|  |  | 2148 |
| **South Africa (3.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;AVI Ltd. | 243808 | 1398 |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings Ltd. | 10696 | 2158 |
| &nbsp;&nbsp;&nbsp;Clicks Group Ltd. | 52900 | 1079 |
| &nbsp;&nbsp;&nbsp;OUTsurance Group Ltd. | 192628 | 800 |
|  |  | 5435 |
| **Taiwan (21.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Airtac International Group | 26901 | 668 |
| &nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | 14000 | 1608 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | 244000 | 1332 |
| &nbsp;&nbsp;&nbsp;Chailease Holding Co. Ltd. | 200980 | 737 |
| &nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | 48000 | 1352 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | 377000 | 2692 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | 44000 | 1908 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 565000 | 24543 |
| &nbsp;&nbsp;&nbsp;Unimicron Technology Corp. | 255000 | 1278 |
| &nbsp;&nbsp;&nbsp;Wiwynn Corp. | 20242 | 2218 |
|  |  | 38336 |
| **United Kingdom (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 65564 | 2438 |
| **United States (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (c) | 556 | 1299 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $109,247)** |  | 173735 |
| **Short-Term Investments (3.6%)** | **Short-Term Investments (3.6%)** | **Short-Term Investments (3.6%)** |
| **Investment Company (2.5%)** | **Investment Company (2.5%)** | **Investment Company (2.5%)** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.04% (e) **(Cost $4,469)** | 4469212 | 4469 |
| **Securities held as Collateral on Loaned Securities (1.1%)** | **Securities held as Collateral on Loaned Securities (1.1%)** | **Securities held as Collateral on Loaned Securities (1.1%)** |
| **Investment Company (1.1%)** | **Investment Company (1.1%)** | **Investment Company (1.1%)** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.04% (e) **(Cost $1,841)** | 1840942 | 1841 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $6,310)** |  | 6310 |
| **Total Investments (102.5%) (Cost $115,557) including $1,788 of Securities Loaned (f)(g)(h)** |  | 180045 |
| Liabilities in Excess of Other Assets (–2.5%) |  | (4361) |
| **Net Assets (100.0%)** |  | $175684 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

---

| | |
|:---|:---|
| (a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | Non-income producing security. |
| (d) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2025, were approximately $1,788,000 and $1,841,000, respectively. The Fund received cash collateral of approximately $1,841,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (g) | The approximate fair value and percentage of net assets, $148,246,000 and 84.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (h) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $67,533,000 and the aggregate gross unrealized depreciation is approximately $3,045,000, resulting in net unrealized appreciation of approximately $64,488,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |

---

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\*\* | 41.0% |
| Banks | 19.5 |
| Semiconductors & Semiconductor Equipment | 17.9 |
| Interactive Media & Services | 7.9 |
| Tech Hardware, Storage & Peripherals | 7.6 |
| Broadline Retail | 6.1 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2025.

\*\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Fixed Income Securities (40.0%)** | **Fixed Income Securities (40.0%)** | **Fixed Income Securities (40.0%)** |
| **Agency Fixed Rate Mortgages (3.9%)** | **Agency Fixed Rate Mortgages (3.9%)** | **Agency Fixed Rate Mortgages (3.9%)** |
| &nbsp;&nbsp;&nbsp;**United States (3.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 6/1/52 | $566 | $458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/1/52 | 89 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/1/49 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 2/1/45 - 6/1/45 | 140 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/1/49 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/1/51 | 263 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/1/52 | 344 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 1/1/51 | 350 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/41 - 1/1/46 | 141 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/1/41 - 11/1/44 | 52 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/41 - 3/1/41 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/1/55 | 227 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/1/38 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/1/53 | 17 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October TBA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/1/55 (a) | 530 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/1/55 (a) | 60 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/55 (a) | 60 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/1/55 (a) | 60 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/55 (a) | 140 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/1/54 (a) | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/44 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/20/49 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;**Total Agency Fixed Rate Mortgages (Cost $3,434)** |  | 3315 |
| **Asset-Backed Securities (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Ireland (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Residential Loan Securitisation 2019-NPL1 DAC, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month EURIBOR + 3.25%, 5.16%, 7/24/54 (b) | 35 | 41 |
| &nbsp;&nbsp;&nbsp;**United States (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Capital Holdco LP, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, 11/22/49 (c) | $150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer II LLC, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18%, 9/27/55 (c) | 160 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renaissance Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 0.87%, 5.03%, 12/25/32 (b) | 69 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Class A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/48 (c) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.55%, 2.49%, 7/25/39 (b) | 43 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Trust, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.75%, 5.90%, 10/17/41 (b)(c) | $200 | 200 |
|  |  | 728 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities (Cost $751)** |  | 769 |
| **Commercial Mortgage-Backed Securities (0.5%)** | **Commercial Mortgage-Backed Securities (0.5%)** | **Commercial Mortgage-Backed Securities (0.5%)** |
| &nbsp;&nbsp;&nbsp;**Germany (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berg Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 1.05%, 3.05%, 4/22/33 (b) | 15 | 17 |
| &nbsp;&nbsp;&nbsp;**United States (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAMLL Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 2.35%, 6.50%, 8/15/39 (b)(c) | $200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 3.00%, 7.15%, 5/15/39 (b)(c) | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JW Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.62%, 5.77%, 6/15/39 (b)(c) | 100 | 100 |
|  |  | 402 |
| &nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities (Cost $418)** |  | 419 |
| **Corporate Bonds (7.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Australia (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBN Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 5/5/31 (c) | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westpac Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 11/15/35 | 125 | 112 |
|  |  | 295 |
| &nbsp;&nbsp;&nbsp;**Canada (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Quebec Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/29/30 | 210 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 3/15/32 | $100 | 95 |
|  |  | 310 |
| &nbsp;&nbsp;&nbsp;**France (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AXA SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/28/49 | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 6/11/26 | 225 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/1/33 | 100 | 126 |
|  |  | 506 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| &nbsp;&nbsp;&nbsp;**Germany (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82%, 7/25/53 | 100 | $133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RWE AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 1/10/32 | 30 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen International Finance NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 10Y |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 3/30/27 | 200 | 232 |
|  |  | 401 |
| &nbsp;&nbsp;&nbsp;**Japan (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JT International Financial Services BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 4/11/34 | 100 | 116 |
| &nbsp;&nbsp;&nbsp;**Korea, Republic of (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Southern Power Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 1/27/26 (c) | $200 | 198 |
| &nbsp;&nbsp;&nbsp;**Luxembourg (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Property Partners Europe Holdings SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 4/26/27 | 100 | 115 |
| &nbsp;&nbsp;&nbsp;**Netherlands (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliander NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/27/32 (d) | 100 | 122 |
| &nbsp;&nbsp;&nbsp;**Spain (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CaixaBank SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/5/37 | 100 | 119 |
| &nbsp;&nbsp;&nbsp;**United Arab Emirates (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 3/31/36 (c) | $225 | 198 |
| &nbsp;&nbsp;&nbsp;**United Kingdom (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 8/15/27 | 108 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%, 11/13/26 | 100 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 11/22/32 | $200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 4/12/28 | 100 | 130 |
|  |  | 551 |
| &nbsp;&nbsp;&nbsp;**United States (4.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 3/1/34 | $100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 12/4/26 | 100 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 6/1/51 | $75 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 3/14/35 | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 5/1/50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 5/1/27 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 5/1/29 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 5/19/34 | 90 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/1/42 | 25 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 5/1/47 | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79%, 3/17/33 | 275 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/15/33 | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 1/31/60 | 50 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 2/15/35 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 6/1/28 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 3/23/32 | 90 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 4/25/35 | $100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 6/24/29 (c) | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 10/15/31 | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/23/34 | 175 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 6/1/30 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 6/15/28 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 6/1/27 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/29 - 6/14/30 | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic Global Holdings SCA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 7/2/31 | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 4/9/30 (c) | $150 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 1/15/31 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 4/15/34 (c) | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/1/34 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 9/26/35 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 5/19/63 | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/20/34 | 125 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis Euro Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 1/5/29 | 100 | 114 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **United States (cont'd)** |  | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 10/1/31 | 100 | $104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 3/15/48 | $125 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68%, 1/23/35 | 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%, 6/12/34 | 75 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upjohn Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%, 6/23/32 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 3/21/31 | $50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 10/27/36 | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 4/1/28 | $50 | 48 |
|  |  | 3607 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $6,434)** |  | 6538 |
| **Mortgages - Other (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;**United Kingdom (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landmark Mortgage Securities No. 3 PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 day GBP SONIA + 2.22%, 6.28%, 4/17/44 (b) | 46 | 60 |
| &nbsp;&nbsp;&nbsp;**United States (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 5/25/68 (c) | $150 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VIA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/25/52 (b)(c) | 81 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/25/55 (b)(c) | 140 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/25/57 | 69 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/25/58 | 74 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/25/58 | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/25/58 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/25/45 | 14 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/25/46 | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/25/47 | 32 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 5/25/45 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/25/45 | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/25/46 | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/25/45 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/25/46 | 26 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCAT Trust, Class 2A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 1/25/54 (b)(c) | 90 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/25/56 (b)(c) | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hundred Acre Wood Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/25/51 (b)(c) | 76 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/25/52 (b)(c) | 140 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/25/52 (b)(c) | 153 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 7/25/52 (b)(c) | 74 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRKCM 2023-AFC1 Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 2/25/58 (c) | 106 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRMI Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/25/51 (b)(c) | 76 | 63 |
|  |  | 1351 |
| &nbsp;&nbsp;&nbsp;**Total Mortgages - Other (Cost $1,505)** |  | 1411 |
| **Sovereign (20.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Australia (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 5/21/32 | 190 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Queensland Treasury Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/21/35 (c) | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Australian Government Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 5/24/34 | 200 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury Corp. of Victoria, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 9/17/35 | 420 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 9/15/33 | 389 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 9/10/31 | 260 | 147 |
|  |  | 904 |
| &nbsp;&nbsp;&nbsp;**Austria (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Austria Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 2/20/30 | 60 | 63 |
| &nbsp;&nbsp;&nbsp;**Belgium (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Belgium Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 6/22/50 | 80 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 6/22/43 | 100 | 111 |
|  |  | 171 |
| &nbsp;&nbsp;&nbsp;**Canada (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Columbia Investment Management Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/2/35 | 200 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/1/51 | 20 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 12/1/33 | 950 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Alberta Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 4/2/35 | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Ontario Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 7/3/35 | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Quebec Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/22/35 | 100 | 117 |
|  |  | 1202 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| &nbsp;&nbsp;&nbsp;**Chile (0.3%)** |  | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 1/14/32 | 100 | $120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 7/1/35 | 30 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 7/9/31 | 100 | 121 |
|  |  | 276 |
| &nbsp;&nbsp;&nbsp;**China (3.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%, 1/25/30 | 2640 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 11/25/34 | 1390 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%, 1/20/27 | 1200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 7/15/28 | 1000 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 8/15/32 | 1300 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 11/15/32 | 3390 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 10/25/52 | 400 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/21/29 | 3550 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%, 11/19/30 | 2510 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52%, 4/25/46 | 50 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53%, 10/18/51 | 200 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 9/14/50 | 300 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86%, 7/22/49 | 1410 | 256 |
|  |  | 2918 |
| &nbsp;&nbsp;&nbsp;**Czech Republic (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%, 3/13/31 | 1100 | 46 |
| &nbsp;&nbsp;&nbsp;**Denmark (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 11/15/27 | 580 | 89 |
| &nbsp;&nbsp;&nbsp;**Estonia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estonia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 1/17/34 | 60 | 71 |
| &nbsp;&nbsp;&nbsp;**Finland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 4/15/36 | 220 | 188 |
| &nbsp;&nbsp;&nbsp;**France (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agence Francaise de Developpement EPIC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/31/34 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;French Republic Government Bond OAT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/25/29 | 630 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 2/25/31 | 110 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SNCF Reseau, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 3/30/34 | 100 | 103 |
|  |  | 996 |
| &nbsp;&nbsp;&nbsp;**Germany (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bundesobligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 10/15/27 | 1110 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 2/15/29 | 240 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 2/15/34 | 160 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 8/15/54 | 340 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of North Rhine-Westphalia Germany, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 2/22/38 | 230 | 227 |
|  |  | 2303 |
| &nbsp;&nbsp;&nbsp;**Greece (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellenic Republic Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 7/18/38 | 30 | 38 |
| &nbsp;&nbsp;&nbsp;**Hungary (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 8/21/30 | 8480 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/22/32 | $200 | 215 |
|  |  | 237 |
| &nbsp;&nbsp;&nbsp;**Indonesia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 3/15/34 | 1646000 | 112 |
| &nbsp;&nbsp;&nbsp;**Ireland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 5/15/35 | 60 | 55 |
| &nbsp;&nbsp;&nbsp;**Italy (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45%, 2/15/29 | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/1/32 | 80 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 7/1/34 | 230 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/30 | 210 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 9/1/43 | 58 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/1/53 | 100 | 120 |
|  |  | 877 |
| &nbsp;&nbsp;&nbsp;**Japan (2.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Ten Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 3/20/34 | 31150 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%, 9/20/34 | 68150 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%, 6/20/34 | 16900 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 3/20/35 | 78900 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Thirty Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30%, 6/20/46 | 31200 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 9/20/49 | 37000 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 12/20/51 | 22200 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Twenty Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 6/20/41 | 65050 | 331 |
|  |  | 1962 |
| &nbsp;&nbsp;&nbsp;**Korea, Republic of (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of Korea, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 2/9/26 | $200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 7/19/26 | 200 | 195 |
|  |  | 393 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| &nbsp;&nbsp;&nbsp;**Lithuania (0.3%)** |  | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithuania Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/3/31 | 240 | $290 |
| &nbsp;&nbsp;&nbsp;**Malaysia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 7/15/32 | 390 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89%, 8/15/29 | 410 | 100 |
|  |  | 193 |
| &nbsp;&nbsp;&nbsp;**Mexico (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/3/27 | 1700 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/23/34 | 1000 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 5/31/29 | 800 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/19/29 | 100 | 118 |
|  |  | 307 |
| &nbsp;&nbsp;&nbsp;**Netherlands (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/15/30 | 180 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 1/15/47 | 20 | 21 |
|  |  | 210 |
| &nbsp;&nbsp;&nbsp;**New Zealand (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 5/15/34 | 60 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/15/35 | 21 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand Local Government Funding Agency Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 9/8/27 | 310 | 207 |
|  |  | 255 |
| &nbsp;&nbsp;&nbsp;**Norway (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 6/12/35 | 160 | 16 |
| &nbsp;&nbsp;&nbsp;**Poland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 3/18/30 | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 4/25/32 | 200 | 45 |
|  |  | 164 |
| &nbsp;&nbsp;&nbsp;**Portugal (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal Obrigacoes do Tesouro OT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 6/12/54 | 30 | 33 |
| &nbsp;&nbsp;&nbsp;**Romania (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/10/30 | 70 | 85 |
| &nbsp;&nbsp;&nbsp;**Saudi Arabia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 3/5/32 (c) | 160 | 190 |
| &nbsp;&nbsp;&nbsp;**Singapore (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 8/1/32 | 100 | 82 |
| &nbsp;&nbsp;&nbsp;**Slovakia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Slovakia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 2/27/40 | 130 | 150 |
| &nbsp;&nbsp;&nbsp;**Slovenia (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Slovenia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/19/33 (c) | $200 | 207 |
| &nbsp;&nbsp;&nbsp;**Spain (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 1/31/28 | 50 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 10/31/48 | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/31/34 | 410 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 5/31/29 | 160 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/31/54 | 20 | 23 |
|  |  | 805 |
| &nbsp;&nbsp;&nbsp;**Sweden (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 5/11/35 | 400 | 41 |
| &nbsp;&nbsp;&nbsp;**Switzerland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Confederation Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 6/23/35 | 110 | 139 |
| &nbsp;&nbsp;&nbsp;**Thailand (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%, 12/17/35 | 2560 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/17/31 | 3660 | 118 |
|  |  | 198 |
| &nbsp;&nbsp;&nbsp;**United Kingdom (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom Gilt, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 10/22/50 | 320 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 7/31/33 | 220 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/22/25 | 360 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 7/31/34 | 230 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/22/43 | 80 | 100 |
|  |  | 1261 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign (Cost $17,770)** |  | 17527 |
| **Supranational (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp. Andina de Fomento, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/24/29 - 1/22/30 | $140 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 2/19/29 | 160 | 108 |
| &nbsp;&nbsp;&nbsp;**Total Supranational (Cost $243)** |  | 252 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **U.S. Treasury Securities (4.0%)** |  | |
| &nbsp;&nbsp;&nbsp;**United States (4.0%)** |  | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 5/15/40 | $620 | $395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 8/15/45 | 325 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 5/15/33 | 720 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/31/32 | 460 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 9/30/27—8/31/30 | 1490 | 1512 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Securities (Cost $3,470)** |  | 3393 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $34,025)** |  | 33624 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Common Stocks (49.0%)** |  |  |
| **Australia (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | 1670 | 37 |
| &nbsp;&nbsp;&nbsp;APA Group | 738 | 4 |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure Ltd. | 313 | 14 |
| &nbsp;&nbsp;&nbsp;ASX Ltd. | 111 | 4 |
| &nbsp;&nbsp;&nbsp;BHP Group Ltd. | 2911 | 81 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel Ltd. | 250 | 4 |
| &nbsp;&nbsp;&nbsp;Brambles Ltd. | 774 | 13 |
| &nbsp;&nbsp;&nbsp;CAR Group Ltd. | 214 | 5 |
| &nbsp;&nbsp;&nbsp;Cochlear Ltd. | 37 | 7 |
| &nbsp;&nbsp;&nbsp;Coles Group Ltd. | 760 | 12 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | 933 | 103 |
| &nbsp;&nbsp;&nbsp;Computershare Ltd. | 290 | 7 |
| &nbsp;&nbsp;&nbsp;CSL Ltd. | 269 | 35 |
| &nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | 1092 | 8 |
| &nbsp;&nbsp;&nbsp;Fortescue Ltd. | 985 | 12 |
| &nbsp;&nbsp;&nbsp;Goodman Group REIT | 1150 | 25 |
| &nbsp;&nbsp;&nbsp;Insurance Australia Group Ltd. | 1324 | 7 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC (e) | 327 | 6 |
| &nbsp;&nbsp;&nbsp;Lottery Corp. Ltd. | 1267 | 5 |
| &nbsp;&nbsp;&nbsp;Macquarie Group Ltd. | 203 | 29 |
| &nbsp;&nbsp;&nbsp;Medibank Pvt Ltd. | 1555 | 5 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | 1718 | 50 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | 749 | 12 |
| &nbsp;&nbsp;&nbsp;Origin Energy Ltd. | 978 | 8 |
| &nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | 33 | 7 |
| &nbsp;&nbsp;&nbsp;Qantas Airways Ltd. | 424 | 3 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group Ltd. | 858 | 12 |
| &nbsp;&nbsp;&nbsp;REA Group Ltd. | 30 | 5 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Ltd. | 215 | 17 |
| &nbsp;&nbsp;&nbsp;Santos Ltd. | 1849 | 8 |
| &nbsp;&nbsp;&nbsp;Scentre Group REIT | 2958 | 8 |
| &nbsp;&nbsp;&nbsp;SGH Ltd. | 115 | 4 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare Ltd. | 2629 | 5 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | 266 | 4 |
| &nbsp;&nbsp;&nbsp;South32 Ltd. | 2578 | 5 |
| &nbsp;&nbsp;&nbsp;Stockland REIT | 1359 | 6 |
| &nbsp;&nbsp;&nbsp;Suncorp Group Ltd. | 609 | 8 |
| &nbsp;&nbsp;&nbsp;Telstra Group Ltd. | 2260 | 7 |
| &nbsp;&nbsp;&nbsp;Transurban Group (Units) | 1766 | 16 |
| &nbsp;&nbsp;&nbsp;Vicinity Ltd. REIT | 2206 | 4 |
| &nbsp;&nbsp;&nbsp;Washington H Soul Pattinson & Co. Ltd. | 198 | 5 |
| &nbsp;&nbsp;&nbsp;Wesfarmers Ltd. | 644 | 39 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 1909 | 49 |
| &nbsp;&nbsp;&nbsp;WiseTech Global Ltd. | 116 | 7 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. | 1077 | 16 |
| &nbsp;&nbsp;&nbsp;Woolworths Group Ltd. | 693 | 12 |
| &nbsp;&nbsp;&nbsp;Xero Ltd. (e) | 94 | 10 |
|  |  | 750 |
| **Austria (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | 180 | 18 |
| &nbsp;&nbsp;&nbsp;OMV AG | 86 | 4 |
| &nbsp;&nbsp;&nbsp;Verbund AG | 39 | 3 |
|  |  | 25 |
| **Belgium (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ageas SA | 81 | 6 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA | 539 | 32 |
| &nbsp;&nbsp;&nbsp;Argenx SE (e) | 34 | 25 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group | 12 | 2 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | 24 | 3 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | 43 | 4 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | 126 | 15 |
| &nbsp;&nbsp;&nbsp;Sofina SA | 9 | 3 |
| &nbsp;&nbsp;&nbsp;Syensqo SA | 40 | 3 |
| &nbsp;&nbsp;&nbsp;UCB SA | 60 | 17 |
|  |  | 110 |
| **Canada (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 281 | 47 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A | 236 | 8 |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. | 427 | 23 |
| &nbsp;&nbsp;&nbsp;AltaGas Ltd. | 169 | 5 |
| &nbsp;&nbsp;&nbsp;ARC Resources Ltd. | 336 | 6 |
| &nbsp;&nbsp;&nbsp;AtkinsRealis Group, Inc. | 94 | 7 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | 410 | 53 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 706 | 46 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 989 | 33 |
| &nbsp;&nbsp;&nbsp;BCE, Inc. | 40 | 1 |
| &nbsp;&nbsp;&nbsp;Bombardier, Inc., Class B (e) | 49 | 7 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., Class A | 232 | 13 |
| &nbsp;&nbsp;&nbsp;Brookfield Corp. | 769 | 53 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. | 78 | 3 |
| &nbsp;&nbsp;&nbsp;CAE, Inc. (e) | 167 | 5 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 252 | 21 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 539 | 43 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 300 | 28 |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 1205 | 39 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 521 | 39 |
| &nbsp;&nbsp;&nbsp;Canadian Tire Corp. Ltd., Class A | 29 | 3 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Canada (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Utilities Ltd., Class A | 76 | $2 |
| &nbsp;&nbsp;&nbsp;CCL Industries, Inc., Class B | 85 | 5 |
| &nbsp;&nbsp;&nbsp;Celestica, Inc. (e) | 64 | 16 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 794 | 14 |
| &nbsp;&nbsp;&nbsp;CGI, Inc. | 112 | 10 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 11 | 30 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (e) | 48 | 5 |
| &nbsp;&nbsp;&nbsp;Dollarama, Inc. | 158 | 21 |
| &nbsp;&nbsp;&nbsp;Element Fleet Management Corp. | 228 | 6 |
| &nbsp;&nbsp;&nbsp;Emera, Inc. | 168 | 8 |
| &nbsp;&nbsp;&nbsp;Empire Co. Ltd., Class A | 72 | 3 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 1240 | 63 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 11 | 19 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd. (e) | 372 | 8 |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | 23 | 4 |
| &nbsp;&nbsp;&nbsp;Fortis, Inc. | 282 | 14 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 109 | 24 |
| &nbsp;&nbsp;&nbsp;George Weston Ltd. | 98 | 6 |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 140 | 7 |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | 82 | 5 |
| &nbsp;&nbsp;&nbsp;Great-West Lifeco, Inc. | 156 | 6 |
| &nbsp;&nbsp;&nbsp;Hydro One Ltd. | 186 | 7 |
| &nbsp;&nbsp;&nbsp;iA Financial Corp., Inc. | 52 | 6 |
| &nbsp;&nbsp;&nbsp;IGM Financial, Inc. | 47 | 2 |
| &nbsp;&nbsp;&nbsp;Imperial Oil Ltd. | 103 | 9 |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. | 101 | 20 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines Ltd., Class A (e) | 405 | 4 |
| &nbsp;&nbsp;&nbsp;Keyera Corp. | 131 | 4 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 689 | 17 |
| &nbsp;&nbsp;&nbsp;Loblaw Cos. Ltd. | 338 | 13 |
| &nbsp;&nbsp;&nbsp;Lundin Gold, Inc. | 61 | 4 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp. | 378 | 6 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. | 152 | 7 |
| &nbsp;&nbsp;&nbsp;Manulife Financial Corp. | 962 | 30 |
| &nbsp;&nbsp;&nbsp;Metro, Inc. | 116 | 8 |
| &nbsp;&nbsp;&nbsp;National Bank of Canada | 225 | 24 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 281 | 17 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. | 145 | 5 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 237 | 9 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | 333 | 13 |
| &nbsp;&nbsp;&nbsp;Power Corp. of Canada | 316 | 14 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | 105 | 11 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | 176 | 11 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc., Class B | 208 | 7 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 797 | 118 |
| &nbsp;&nbsp;&nbsp;Saputo, Inc. | 140 | 3 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A (e) | 661 | 98 |
| &nbsp;&nbsp;&nbsp;Stantec, Inc. | 65 | 7 |
| &nbsp;&nbsp;&nbsp;Sun Life Financial, Inc. | 318 | 19 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 711 | 30 |
| &nbsp;&nbsp;&nbsp;TC Energy Corp. | 595 | 32 |
| &nbsp;&nbsp;&nbsp;Teck Resources Ltd., Class B | 251 | 11 |
| &nbsp;&nbsp;&nbsp;TELUS Corp. | 285 | 5 |
| &nbsp;&nbsp;&nbsp;TFI International, Inc. | 45 | 4 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | 90 | 14 |
| &nbsp;&nbsp;&nbsp;TMX Group Ltd. | 156 | 6 |
| &nbsp;&nbsp;&nbsp;Toromont Industries Ltd. | 46 | 5 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 981 | 78 |
| &nbsp;&nbsp;&nbsp;Tourmaline Oil Corp. | 211 | 9 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 254 | 28 |
| &nbsp;&nbsp;&nbsp;Whitecap Resources, Inc. | 716 | 5 |
| &nbsp;&nbsp;&nbsp;WSP Global, Inc. | 74 | 15 |
|  |  | 1494 |
| **China (0.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;China Common Rich Renewable Energy Investments Ltd. (e)(f) | 18000 |  |
| **Denmark (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;AP Moller - Maersk AS Series B | 4 | 8 |
| &nbsp;&nbsp;&nbsp;Carlsberg AS Series B | 53 | 6 |
| &nbsp;&nbsp;&nbsp;Coloplast AS Series B | 71 | 6 |
| &nbsp;&nbsp;&nbsp;Danske Bank AS | 378 | 16 |
| &nbsp;&nbsp;&nbsp;Demant AS (e) | 48 | 2 |
| &nbsp;&nbsp;&nbsp;DSV AS | 115 | 23 |
| &nbsp;&nbsp;&nbsp;Genmab AS (e) | 34 | 10 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk AS, Class B | 1790 | 100 |
| &nbsp;&nbsp;&nbsp;Novonesis Novozymes B Series B | 194 | 12 |
| &nbsp;&nbsp;&nbsp;Orsted AS (e) | 292 | 5 |
| &nbsp;&nbsp;&nbsp;Pandora AS | 44 | 6 |
| &nbsp;&nbsp;&nbsp;Rockwool AS, Class B | 55 | 2 |
| &nbsp;&nbsp;&nbsp;Tryg AS | 188 | 5 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems AS | 558 | 10 |
|  |  | 211 |
| **Finland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Elisa OYJ | 81 | 4 |
| &nbsp;&nbsp;&nbsp;Fortum OYJ | 245 | 5 |
| &nbsp;&nbsp;&nbsp;Kesko OYJ, Class B | 153 | 3 |
| &nbsp;&nbsp;&nbsp;Kone OYJ, Class B | 192 | 13 |
| &nbsp;&nbsp;&nbsp;Metso OYJ | 380 | 5 |
| &nbsp;&nbsp;&nbsp;Neste OYJ | 240 | 4 |
| &nbsp;&nbsp;&nbsp;Nokia OYJ | 2909 | 14 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | 1752 | 29 |
| &nbsp;&nbsp;&nbsp;Orion OYJ, Class B | 61 | 5 |
| &nbsp;&nbsp;&nbsp;Sampo OYJ, Class A | 1360 | 16 |
| &nbsp;&nbsp;&nbsp;Stora Enso OYJ, Class R | 323 | 4 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene OYJ | 295 | 8 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | 283 | 8 |
|  |  | 118 |
| **France (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Accor SA | 111 | 5 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | 20 | 3 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | 326 | 68 |
| &nbsp;&nbsp;&nbsp;Airbus SE | 336 | 79 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **France (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Alstom SA (e) | 196 | $5 |
| &nbsp;&nbsp;&nbsp;Amundi SA | 35 | 3 |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | 267 | 10 |
| &nbsp;&nbsp;&nbsp;Arkema SA | 32 | 2 |
| &nbsp;&nbsp;&nbsp;AXA SA | 1006 | 48 |
| &nbsp;&nbsp;&nbsp;BioMerieux | 24 | 3 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | 577 | 53 |
| &nbsp;&nbsp;&nbsp;Bollore SE | 389 | 2 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | 108 | 5 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | 190 | 6 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | 91 | 13 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | 332 | 5 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | 255 | 28 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 383 | 14 |
| &nbsp;&nbsp;&nbsp;Covivio SA REIT | 31 | 2 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | 598 | 12 |
| &nbsp;&nbsp;&nbsp;Danone SA | 365 | 32 |
| &nbsp;&nbsp;&nbsp;Dassault Aviation SA | 11 | 4 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | 377 | 13 |
| &nbsp;&nbsp;&nbsp;Edenred SE | 135 | 3 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | 39 | 5 |
| &nbsp;&nbsp;&nbsp;Engie SA | 1038 | 22 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 169 | 55 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | 67 | 5 |
| &nbsp;&nbsp;&nbsp;Euronext NV | 44 | 7 |
| &nbsp;&nbsp;&nbsp;FDJ UNITED | 63 | 2 |
| &nbsp;&nbsp;&nbsp;Gecina SA REIT | 26 | 3 |
| &nbsp;&nbsp;&nbsp;Getlink SE | 172 | 3 |
| &nbsp;&nbsp;&nbsp;Hermes International SCA | 17 | 42 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | 21 | 3 |
| &nbsp;&nbsp;&nbsp;Kering SA | 40 | 13 |
| &nbsp;&nbsp;&nbsp;Klepierre SA REIT | 122 | 5 |
| &nbsp;&nbsp;&nbsp;Legrand SA | 149 | 25 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | 137 | 60 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 140 | 86 |
| &nbsp;&nbsp;&nbsp;Orange SA | 1059 | 17 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 114 | 11 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | 129 | 12 |
| &nbsp;&nbsp;&nbsp;Renault SA | 109 | 5 |
| &nbsp;&nbsp;&nbsp;Rexel SA | 126 | 4 |
| &nbsp;&nbsp;&nbsp;Safran SA | 204 | 72 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 626 | 59 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | 17 | 3 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | 312 | 88 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | 413 | 28 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | 51 | 3 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | 385 | 11 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | 30 | 2 |
| &nbsp;&nbsp;&nbsp;Thales SA | 52 | 16 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | 1189 | 72 |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield REIT | 68 | 7 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | 359 | 12 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 281 | 39 |
|  |  | 1215 |
| **Germany (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;adidas AG | 96 | 20 |
| &nbsp;&nbsp;&nbsp;Allianz SE (Registered) | 220 | 93 |
| &nbsp;&nbsp;&nbsp;BASF SE | 504 | 25 |
| &nbsp;&nbsp;&nbsp;Bayer AG (Registered) | 547 | 18 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 159 | 16 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference) | 32 | 3 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | 55 | 6 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | 70 | 4 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | 450 | 17 |
| &nbsp;&nbsp;&nbsp;Continental AG | 63 | 4 |
| &nbsp;&nbsp;&nbsp;Covestro AG (e) | 102 | 7 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | 35 | 3 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 271 | 11 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE (e) | 109 | 3 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG (Registered) | 1067 | 38 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | 106 | 28 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG (Registered) | 339 | 3 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG (Registered) | 545 | 24 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG (Registered) | 1968 | 67 |
| &nbsp;&nbsp;&nbsp;Dr. Ing hc F Porsche AG (Preference) | 65 | 3 |
| &nbsp;&nbsp;&nbsp;E.ON SE | 1276 | 24 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | 146 | 3 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | 124 | 7 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | 239 | 13 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | 84 | 6 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE (Registered) | 34 | 10 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | 78 | 18 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | 59 | 4 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference) | 91 | 7 |
| &nbsp;&nbsp;&nbsp;Hensoldt AG | 34 | 4 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | 731 | 29 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | 41 | 4 |
| &nbsp;&nbsp;&nbsp;LEG Immobilien SE | 42 | 3 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG (Registered) | 405 | 26 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 73 | 10 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | 30 | 14 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 73 | 47 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | 32 | 4 |
| &nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE (Preference) | 86 | 3 |
| &nbsp;&nbsp;&nbsp;Qiagen NV | 122 | 6 |
| &nbsp;&nbsp;&nbsp;Rational AG | 3 | 2 |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG | 26 | 61 |
| &nbsp;&nbsp;&nbsp;RWE AG | 359 | 16 |
| &nbsp;&nbsp;&nbsp;SAP SE | 590 | 158 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference) | 15 | 4 |
| &nbsp;&nbsp;&nbsp;Scout24 SE | 42 | 5 |
| &nbsp;&nbsp;&nbsp;Siemens AG (Registered) | 435 | 118 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Germany (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG (e) | 383 | $45 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG | 190 | 10 |
| &nbsp;&nbsp;&nbsp;Symrise AG | 75 | 7 |
| &nbsp;&nbsp;&nbsp;Talanx AG | 37 | 5 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG (Preference) | 115 | 13 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | 420 | 13 |
| &nbsp;&nbsp;&nbsp;Zalando SE (e) | 127 | 4 |
|  |  | 1096 |
| **Hong Kong (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 5883 | 56 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings Ltd. | 2147 | 10 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings Ltd. | 1066 | 5 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | 1502 | 10 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings Ltd. | 361 | 2 |
| &nbsp;&nbsp;&nbsp;CLP Holdings Ltd. | 942 | 8 |
| &nbsp;&nbsp;&nbsp;Futu Holdings Ltd. ADR | 35 | 6 |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 1220 | 7 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank Ltd. | 435 | 7 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co. Ltd. | 817 | 3 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT Ltd. | 2173 | 3 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co. Ltd. | 6359 | 5 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 672 | 38 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings Ltd. | 615 | 4 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings Ltd. | 93 | 6 |
| &nbsp;&nbsp;&nbsp;Link REIT | 1476 | 7 |
| &nbsp;&nbsp;&nbsp;MTR Corp. Ltd. | 886 | 3 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings Ltd. | 796 | 5 |
| &nbsp;&nbsp;&nbsp;Sands China Ltd. | 1332 | 4 |
| &nbsp;&nbsp;&nbsp;Sino Land Co. Ltd. | 2086 | 3 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co. Ltd. | 764 | 3 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | 818 | 10 |
| &nbsp;&nbsp;&nbsp;Swire Pacific Ltd., Class A | 199 | 2 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | 822 | 10 |
| &nbsp;&nbsp;&nbsp;WH Group Ltd. | 4763 | 5 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings Ltd. | 608 | 2 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co. Ltd. | 924 | 3 |
|  |  | 227 |
| **Ireland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | 1288 | 12 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | 583 | 9 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | 97 | 9 |
| &nbsp;&nbsp;&nbsp;Kingspan Group PLC | 94 | 8 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC | 512 | 15 |
|  |  | 53 |
| **Israel (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Azrieli Group Ltd. | 22 | 2 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | 665 | 14 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | 785 | 15 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. (e) | 48 | 10 |
| &nbsp;&nbsp;&nbsp;CyberArk Software Ltd. (e) | 26 | 13 |
| &nbsp;&nbsp;&nbsp;Elbit Systems Ltd. | 15 | 8 |
| &nbsp;&nbsp;&nbsp;ICL Group Ltd. | 420 | 3 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank Ltd., Class A | 648 | 6 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank Ltd. | 82 | 5 |
| &nbsp;&nbsp;&nbsp;Monday.com Ltd. (e) | 23 | 4 |
| &nbsp;&nbsp;&nbsp;Nice Ltd. (e) | 36 | 5 |
| &nbsp;&nbsp;&nbsp;Nova Ltd. (e) | 16 | 5 |
| &nbsp;&nbsp;&nbsp;Phoenix Financial Ltd. | 116 | 4 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR (e) | 627 | 13 |
| &nbsp;&nbsp;&nbsp;Wix.com Ltd. (e) | 31 | 6 |
|  |  | 113 |
| **Italy (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banca Mediolanum SpA | 126 | 3 |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA | 657 | 10 |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | 838 | 9 |
| &nbsp;&nbsp;&nbsp;Davide Campari-Milano NV | 346 | 2 |
| &nbsp;&nbsp;&nbsp;Enel SpA | 4565 | 43 |
| &nbsp;&nbsp;&nbsp;Eni SpA | 1169 | 20 |
| &nbsp;&nbsp;&nbsp;Ferrari NV | 70 | 34 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | 345 | 8 |
| &nbsp;&nbsp;&nbsp;Generali | 479 | 19 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA | 156 | 2 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | 8008 | 53 |
| &nbsp;&nbsp;&nbsp;Leonardo SpA | 223 | 14 |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA | 312 | 6 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | 127 | 8 |
| &nbsp;&nbsp;&nbsp;Nexi SpA | 307 | 2 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA | 256 | 6 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | 155 | 15 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | 64 | 4 |
| &nbsp;&nbsp;&nbsp;Snam SpA | 1128 | 7 |
| &nbsp;&nbsp;&nbsp;Stellantis NV | 1121 | 10 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA (e) | 6486 | 3 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | 209 | 4 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | 790 | 8 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | 810 | 62 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | 203 | 4 |
|  |  | 356 |
| **Netherlands (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA | 328 | 10 |
| &nbsp;&nbsp;&nbsp;Adyen NV (e) | 14 | 22 |
| &nbsp;&nbsp;&nbsp;Aegon Ltd. | 755 | 6 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | 101 | 12 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | 96 | 7 |
| &nbsp;&nbsp;&nbsp;ASM International NV | 26 | 16 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | 219 | 214 |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | 89 | 6 |
| &nbsp;&nbsp;&nbsp;Basic-Fit NV (e) | 788 | 24 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | 40 | 6 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | 131 | 12 |
| &nbsp;&nbsp;&nbsp;CVC Capital Partners PLC | 119 | 2 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Netherlands (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | 104 | $9 |
| &nbsp;&nbsp;&nbsp;EXOR NV | 52 | 5 |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV | 73 | 5 |
| &nbsp;&nbsp;&nbsp;Heineken NV | 163 | 13 |
| &nbsp;&nbsp;&nbsp;IMCD NV | 33 | 3 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | 1713 | 45 |
| &nbsp;&nbsp;&nbsp;InPost SA (e) | 140 | 2 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | 96 | 3 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | 512 | 21 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 2199 | 10 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV | 435 | 12 |
| &nbsp;&nbsp;&nbsp;NN Group NV | 152 | 11 |
| &nbsp;&nbsp;&nbsp;Prosus NV (e) | 724 | 51 |
| &nbsp;&nbsp;&nbsp;Randstad NV | 61 | 3 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV | 613 | 18 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | 133 | 18 |
|  |  | 566 |
| **New Zealand (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Auckland International Airport Ltd. | 812 | 4 |
| &nbsp;&nbsp;&nbsp;Contact Energy Ltd. | 402 | 2 |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp. Ltd. | 280 | 6 |
| &nbsp;&nbsp;&nbsp;Infratil Ltd. | 439 | 3 |
| &nbsp;&nbsp;&nbsp;Meridian Energy Ltd. | 639 | 2 |
|  |  | 17 |
| **Norway (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | 184 | 5 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | 504 | 14 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | 449 | 11 |
| &nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | 109 | 3 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | 247 | 8 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | 265 | 6 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | 761 | 5 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | 399 | 4 |
| &nbsp;&nbsp;&nbsp;Salmar ASA | 38 | 2 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | 350 | 6 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | 94 | 3 |
|  |  | 67 |
| **Portugal (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Comercial Portugues SA, Class R | 5075 | 4 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA | 192 | 3 |
| &nbsp;&nbsp;&nbsp;EDP SA | 1909 | 9 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | 259 | 5 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | 171 | 4 |
|  |  | 25 |
| **Singapore (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | 2250 | 5 |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust REIT | 3347 | 6 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment Ltd. | 1346 | 3 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 1225 | 49 |
| &nbsp;&nbsp;&nbsp;Genting Singapore Ltd. | 3465 | 2 |
| &nbsp;&nbsp;&nbsp;Grab Holdings Ltd., Class A (e) | 1377 | 8 |
| &nbsp;&nbsp;&nbsp;Keppel Ltd. | 838 | 6 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. | 1942 | 25 |
| &nbsp;&nbsp;&nbsp;Sea Ltd. ADR (e) | 225 | 40 |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries Ltd. | 515 | 2 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines Ltd. | 869 | 4 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange Ltd. | 495 | 6 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering Ltd. | 877 | 6 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | 4432 | 14 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | 726 | 20 |
| &nbsp;&nbsp;&nbsp;Wilmar International Ltd. | 1108 | 2 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings Ltd. | 1513 | 4 |
|  |  | 202 |
| **South Africa (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Valterra Platinum Ltd. | 79 | 6 |
| **Spain (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Acciona SA | 14 | 3 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | 101 | 8 |
| &nbsp;&nbsp;&nbsp;Aena SME SA | 425 | 12 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA | 253 | 20 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3291 | 63 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | 1782 | 7 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | 8483 | 89 |
| &nbsp;&nbsp;&nbsp;Bankinter SA | 379 | 6 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | 2205 | 23 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA | 274 | 9 |
| &nbsp;&nbsp;&nbsp;Endesa SA | 178 | 6 |
| &nbsp;&nbsp;&nbsp;Ferrovial SE | 288 | 17 |
| &nbsp;&nbsp;&nbsp;Grifols SA | 164 | 2 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | 3560 | 67 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | 609 | 34 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA | 698 | 4 |
| &nbsp;&nbsp;&nbsp;Redeia Corp. SA | 229 | 4 |
| &nbsp;&nbsp;&nbsp;Repsol SA | 661 | 12 |
| &nbsp;&nbsp;&nbsp;Telefonica SA | 2087 | 11 |
|  |  | 397 |
| **Sweden (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | 150 | 5 |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | 166 | 8 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | 569 | 20 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | 2435 | 39 |
| &nbsp;&nbsp;&nbsp;Beijer Ref AB | 225 | 3 |
| &nbsp;&nbsp;&nbsp;Boliden AB (e) | 155 | 6 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | 605 | 12 |
| &nbsp;&nbsp;&nbsp;EQT AB | 207 | 7 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | 343 | 9 |
| &nbsp;&nbsp;&nbsp;Evolution AB | 81 | 7 |
| &nbsp;&nbsp;&nbsp;Fastighets AB Balder, Class B (e) | 406 | 3 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB, Class B | 323 | 6 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Sweden (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | 1189 | $14 |
| &nbsp;&nbsp;&nbsp;Holmen AB, Class B | 44 | 2 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | 157 | 7 |
| &nbsp;&nbsp;&nbsp;Indutrade AB | 161 | 4 |
| &nbsp;&nbsp;&nbsp;Investment AB Latour, Class B | 84 | 2 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | 979 | 31 |
| &nbsp;&nbsp;&nbsp;L E Lundbergforetagen AB, Class B | 43 | 2 |
| &nbsp;&nbsp;&nbsp;Lifco AB, Class B | 133 | 4 |
| &nbsp;&nbsp;&nbsp;Nibe Industrier AB, Class B | 824 | 3 |
| &nbsp;&nbsp;&nbsp;Saab AB, Class B | 180 | 11 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | 125 | 3 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | 610 | 17 |
| &nbsp;&nbsp;&nbsp;Securitas AB, Class B | 280 | 4 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | 866 | 17 |
| &nbsp;&nbsp;&nbsp;Skanska AB, Class B | 194 | 5 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class B | 195 | 5 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA (e) | 86 | 60 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | 343 | 5 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | 835 | 11 |
| &nbsp;&nbsp;&nbsp;Swedbank AB, Class A | 481 | 15 |
| &nbsp;&nbsp;&nbsp;Swedish Orphan Biovitrum AB (e) | 109 | 3 |
| &nbsp;&nbsp;&nbsp;Tele2 AB, Class B | 311 | 5 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | 1592 | 13 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | 1354 | 5 |
| &nbsp;&nbsp;&nbsp;Trelleborg AB, Class B | 115 | 4 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | 928 | 27 |
|  |  | 404 |
| **Switzerland (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;ABB Ltd. (Registered) | 882 | 64 |
| &nbsp;&nbsp;&nbsp;Alcon AG | 282 | 21 |
| &nbsp;&nbsp;&nbsp;Amrize Ltd. (e) | 288 | 14 |
| &nbsp;&nbsp;&nbsp;Avolta AG (Registered) | 50 | 3 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG (Registered) | 24 | 6 |
| &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise (Registered) | 17 | 2 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG (Registered) | 2 | 3 |
| &nbsp;&nbsp;&nbsp;Belimo Holding AG (Registered) | 6 | 6 |
| &nbsp;&nbsp;&nbsp;BKW AG | 12 | 3 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | 1 | 15 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A (Registered) | 300 | 58 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG (Registered) | 4 | 3 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG | 74 | 13 |
| &nbsp;&nbsp;&nbsp;Geberit AG (Registered) | 19 | 14 |
| &nbsp;&nbsp;&nbsp;Givaudan SA (Registered) | 5 | 20 |
| &nbsp;&nbsp;&nbsp;Helvetia Holding AG (Registered) | 21 | 5 |
| &nbsp;&nbsp;&nbsp;Holcim AG (e) | 292 | 25 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | 115 | 8 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG (Registered) | 28 | 5 |
| &nbsp;&nbsp;&nbsp;Logitech International SA (Registered) | 87 | 10 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG (Registered) | 40 | 27 |
| &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 1438 | 132 |
| &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | 1068 | 137 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | 13 | 17 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 18 | 6 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (Genusschein) | 393 | 131 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | 235 | 14 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | 23 | 9 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Registered) | 13 | 5 |
| &nbsp;&nbsp;&nbsp;SGS SA (Registered) | 93 | 10 |
| &nbsp;&nbsp;&nbsp;SIG Group AG (e) | 172 | 2 |
| &nbsp;&nbsp;&nbsp;Sika AG (Registered) (e) | 86 | 19 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG (Registered) | 29 | 8 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG (Registered) | 63 | 7 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG | 16 | 3 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG (Registered) | 16 | 17 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG (Registered) (e) | 45 | 6 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | 169 | 31 |
| &nbsp;&nbsp;&nbsp;Swisscom AG (Registered) | 15 | 11 |
| &nbsp;&nbsp;&nbsp;UBS Group AG (Registered) | 1793 | 74 |
| &nbsp;&nbsp;&nbsp;VAT Group AG | 15 | 6 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 83 | 59 |
|  |  | 1029 |
| **United Kingdom (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;3i Group PLC | 553 | 31 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | 143 | 7 |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | 622 | 23 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 213 | 8 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | 242 | 16 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | 183 | 5 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | 874 | 134 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC | 489 | 5 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | 1737 | 16 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | 1684 | 47 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | 8077 | 42 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | 767 | 4 |
| &nbsp;&nbsp;&nbsp;BP PLC | 9242 | 53 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | 1191 | 63 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | 3439 | 9 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | 187 | 6 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | 2781 | 6 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG (e) | 128 | 6 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | 967 | 33 |
| &nbsp;&nbsp;&nbsp;DCC PLC | 56 | 4 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | 1251 | 30 |
| &nbsp;&nbsp;&nbsp;Entain PLC | 345 | 4 |
| &nbsp;&nbsp;&nbsp;Evraz PLC (e)(f) | 464 |  |
| &nbsp;&nbsp;&nbsp;Experian PLC | 520 | 26 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | 126 | 4 |
| &nbsp;&nbsp;&nbsp;Glencore PLC (e) | 5666 | 26 |
| &nbsp;&nbsp;&nbsp;GSK PLC | 2273 | 49 |
| &nbsp;&nbsp;&nbsp;Haleon PLC | 5099 | 23 |
| &nbsp;&nbsp;&nbsp;Halma PLC | 213 | 10 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | 94 | 2 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United Kingdom (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 9904 | $140 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | 442 | 19 |
| &nbsp;&nbsp;&nbsp;Informa PLC | 739 | 9 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | 84 | 10 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | 88 | 6 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC | 981 | 4 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | 1380 | 2 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | 988 | 4 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC REIT | 400 | 3 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | 3252 | 10 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 34131 | 39 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | 267 | 31 |
| &nbsp;&nbsp;&nbsp;M&G PLC | 1295 | 4 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | 1163 | 6 |
| &nbsp;&nbsp;&nbsp;Melrose Industries PLC | 721 | 6 |
| &nbsp;&nbsp;&nbsp;Mondi PLC | 249 | 3 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | 2785 | 40 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | 4616 | 33 |
| &nbsp;&nbsp;&nbsp;Next PLC | 66 | 11 |
| &nbsp;&nbsp;&nbsp;Paragon Offshore PLC (e)(f) | 67 |  |
| &nbsp;&nbsp;&nbsp;Pearson PLC | 331 | 5 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | 398 | 3 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | 1449 | 20 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | 388 | 30 |
| &nbsp;&nbsp;&nbsp;RELX PLC | 1035 | 49 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | 1447 | 7 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | 631 | 42 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 4881 | 79 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | 543 | 8 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | 409 | 2 |
| &nbsp;&nbsp;&nbsp;Segro PLC REIT | 723 | 6 |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | 154 | 5 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 3396 | 121 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | 472 | 9 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | 188 | 6 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | 42 | 4 |
| &nbsp;&nbsp;&nbsp;SSE PLC | 629 | 15 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | 1129 | 22 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | 3738 | 22 |
| &nbsp;&nbsp;&nbsp;Unilever PLC CVA | 1402 | 83 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | 387 | 6 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 11082 | 13 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | 99 | 4 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A (e) | 375 | 5 |
| &nbsp;&nbsp;&nbsp;WPP PLC | 603 | 3 |
|  |  | 1641 |
| **United States (37.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 286 | 44 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 927 | 124 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 904 | 209 |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 322 | 79 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. (e) | 232 | 82 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. (e) | 861 | 139 |
| &nbsp;&nbsp;&nbsp;AECOM | 70 | 9 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (e) | 151 | 11 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 277 | 31 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 147 | 19 |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 117 | 32 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A (e) | 236 | 29 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. (e) | 79 | 6 |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | 196 | 3 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 85 | 7 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc. (e) | 38 | 5 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | 45 | 8 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 135 | 9 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 141 | 30 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. (e) | 68 | 31 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 5872 | 1429 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 897 | 59 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (e) | 5130 | 1126 |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 1212 | 10 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 145 | 15 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 278 | 31 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 311 | 103 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 36 | 5 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A REIT | 176 | 6 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 308 | 24 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. REIT | 254 | 49 |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 102 | 14 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 52 | 26 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 122 | 23 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 276 | 78 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 647 | 80 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 269 | 66 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. REIT | 338 | 7 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | 110 | 39 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 246 | 33 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 8060 | 2052 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 428 | 88 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A (e) | 116 | 83 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC (e) | 118 | 10 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 202 | 18 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 259 | 15 |
| &nbsp;&nbsp;&nbsp;ARES Management Corp., Class A | 121 | 19 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. (e) | 566 | 82 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 135 | 42 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 3860 | 109 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A (e) | 93 | 15 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 84 | 14 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc. (e) | 117 | 37 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 218 | 64 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. (e) | 9 | 39 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. REIT | 77 | 15 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 42 | 7 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. (e) | 39 | $28 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 553 | 27 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 139 | 7 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3903 | 201 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 387 | 42 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 265 | 6 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 152 | 28 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | 88 | 5 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B (e) | 722 | 363 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 109 | 8 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. (e) | 77 | 11 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. (e) | 102 | 6 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 79 | 92 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 409 | 70 |
| &nbsp;&nbsp;&nbsp;Block, Inc., Class A (e) | 304 | 22 |
| &nbsp;&nbsp;&nbsp;Boeing Co. (e) | 416 | 90 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 18 | 97 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 66 | 7 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. (e) | 798 | 78 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1059 | 48 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2445 | 807 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 62 | 15 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 159 | 15 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 97 | 3 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. (e) | 58 | 7 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | 76 | 6 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc. (e) | 35 | 9 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. REIT | 82 | 6 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. (e) | 146 | 51 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust REIT | 58 | 6 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 364 | 77 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 125 | 20 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 23 | 8 |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 131 | 8 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. (e) | 599 | 17 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 410 | 24 |
| &nbsp;&nbsp;&nbsp;Carvana Co. (e) | 64 | 24 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 248 | 118 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 56 | 14 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A (e) | 161 | 25 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 73 | 12 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 97 | 30 |
| &nbsp;&nbsp;&nbsp;Centene Corp. (e) | 260 | 9 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 350 | 14 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 89 | 8 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 64 | 8 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 932 | 89 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A (e) | 46 | 13 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 121 | 28 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 1089 | 169 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. (e) | 739 | 29 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 204 | 58 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 130 | 11 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 142 | 41 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 84 | 13 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 194 | 40 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2097 | 143 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 1015 | 103 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 236 | 13 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 66 | 8 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (e) | 168 | 36 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 192 | 52 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 157 | 12 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | 472 | 5 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2160 | 143 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 264 | 18 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A (e) | 101 | 34 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 408 | 33 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 2000 | 63 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 709 | 67 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 191 | 19 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 79 | 11 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 168 | 55 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (e) | 105 | 7 |
| &nbsp;&nbsp;&nbsp;Copart, Inc. (e) | 492 | 22 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 149 | 5 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 426 | 35 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc. (e) | 37 | 11 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 368 | 25 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc. (e) | 226 | 19 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 234 | 217 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 414 | 10 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 346 | 41 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A (e) | 132 | 65 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. REIT | 232 | 22 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 63 | 6 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 964 | 34 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 74 | 31 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 683 | 52 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 325 | 64 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 62 | 12 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A (e) | 152 | 22 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. (e) | 22 | 3 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. (e) | 84 | 9 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 140 | 64 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 163 | 23 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 89 | 5 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 348 | 12 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc. (e) | 211 | 14 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 106 | 15 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 37 | 8 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. REIT | 180 | 31 |
| &nbsp;&nbsp;&nbsp;Docusign, Inc. (e) | 121 | 9 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 118 | 12 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc. (e) | 107 | 10 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 451 | $28 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 18 | 8 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A (e) | 186 | 51 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 74 | 12 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 385 | 9 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 147 | 25 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A (e) | 269 | 10 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 109 | 15 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 414 | 51 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 221 | 17 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc. (e) | 167 | 8 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 206 | 77 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 247 | 22 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 135 | 37 |
| &nbsp;&nbsp;&nbsp;Edison International | 205 | 11 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. (e) | 308 | 24 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 123 | 25 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 119 | 38 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 411 | 314 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 24 | 16 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 297 | 39 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 83 | 8 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 238 | 22 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 308 | 35 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 315 | 17 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 66 | 17 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. REIT | 53 | 42 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 168 | 9 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. REIT | 96 | 6 |
| &nbsp;&nbsp;&nbsp;Equity Residential REIT | 193 | 13 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 14 | 4 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 146 | 6 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. REIT | 35 | 9 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | 124 | 11 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 23 | 8 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 120 | 9 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 194 | 14 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 531 | 24 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 120 | 13 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 68 | 15 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 73 | 9 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. REIT | 113 | 16 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2415 | 272 |
| &nbsp;&nbsp;&nbsp;F5, Inc. (e) | 31 | 10 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 20 | 6 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. (e) | 13 | 19 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 611 | 30 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 124 | 29 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 106 | 24 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 140 | 8 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 275 | 18 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 369 | 16 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 5 | 9 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. (e) | 54 | 12 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 290 | 13 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. (e) | 299 | 39 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC (e) | 104 | 26 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 2097 | 25 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc. (e) | 350 | 29 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 182 | 9 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 187 | 11 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 710 | 28 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. REIT | 148 | 7 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 86 | 21 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. (e) | 41 | 11 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 239 | 18 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 145 | 89 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 288 | 8 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 119 | 41 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 564 | 170 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 289 | 15 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 518 | 32 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 74 | 10 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 660 | 73 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 134 | 11 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A (e) | 79 | 11 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 167 | 133 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 89 | 8 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 474 | 12 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 152 | 20 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 95 | 40 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. REIT | 370 | 7 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 64 | 18 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 80 | 15 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 695 | 17 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 128 | 33 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. (e) | 119 | 8 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 539 | 218 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 342 | 72 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 161 | 4 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 203 | 40 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 498 | 14 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 28 | 12 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc. (e) | 30 | 14 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 63 | 16 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 795 | 14 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A | 23 | 3 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 40 | 7 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. (e) | 43 | 27 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 150 | 39 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. (e) | 83 | 8 |
| &nbsp;&nbsp;&nbsp;Incyte Corp. (e) | 86 | 7 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 216 | 18 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. (e) | 39 | 12 |
| &nbsp;&nbsp;&nbsp;Intel Corp. (e) | 2491 | 84 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 227 | $16 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 307 | 52 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 500 | 141 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 136 | 8 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 265 | 12 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 152 | 104 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (e) | 190 | 85 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. REIT | 311 | 9 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. (e) | 88 | 17 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 158 | 16 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 57 | 6 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 57 | 12 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 39 | 6 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 64 | 10 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 42 | 6 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1247 | 231 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 345 | 38 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1497 | 472 |
| &nbsp;&nbsp;&nbsp;Kellanova | 141 | 12 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 1039 | 17 |
| &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc. | 689 | 18 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 510 | 10 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. (e) | 92 | 16 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 175 | 22 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. REIT | 360 | 8 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 1069 | 30 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 352 | 46 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 71 | 77 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 476 | 12 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 328 | 22 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 97 | 30 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 44 | 13 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 662 | 89 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 191 | 10 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 64 | 12 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 122 | 15 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 17 | 9 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C (e) | 114 | 12 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 251 | 119 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. (e) | 85 | 14 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 111 | 55 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 95 | 10 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 308 | 77 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 44 | 15 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. (e) | 58 | 10 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 140 | 7 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 88 | 17 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 171 | 33 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. (e) | 7 | 13 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 127 | 33 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 262 | 53 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 32 | 20 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 462 | 39 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 114 | 8 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 456 | 259 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 133 | 9 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 385 | 117 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 66 | 51 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 680 | 65 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (e) | 26 | 61 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 1263 | 106 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1182 | 868 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 305 | 25 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. (e) | 11 | 14 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 294 | 19 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 570 | 95 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3743 | 1939 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | 63 | 9 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. (e) | 29 | 6 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 94 | 4 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 700 | 44 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. (e) | 45 | 14 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 25 | 23 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp. (e) | 380 | 26 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 87 | 41 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 89 | 41 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 42 | 24 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 228 | 20 |
| &nbsp;&nbsp;&nbsp;Natera, Inc. (e) | 70 | 11 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 110 | 13 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. (e) | 231 | 277 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. (e) | 53 | 7 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 600 | 51 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 197 | 6 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 1111 | 84 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 629 | 44 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 248 | 11 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 29 | 7 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 120 | 36 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 105 | 14 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 72 | 44 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 109 | 18 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 126 | 17 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A (e) | 142 | 11 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 12504 | 2333 |
| &nbsp;&nbsp;&nbsp;NVR, Inc. (e) | 1 | 8 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 136 | 31 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 403 | 19 |
| &nbsp;&nbsp;&nbsp;Okta, Inc. (e) | 90 | 8 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 101 | 14 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 98 | 8 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. (e) | 233 | 12 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 339 | 25 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 921 | 259 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. (e) | 449 | $48 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 209 | 19 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 46 | 7 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 287 | 28 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 48 | 10 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A (e) | 1190 | 217 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. (e) | 356 | 72 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 68 | 52 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 177 | 22 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 29 | 6 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. (e) | 497 | 33 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 88 | 10 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 732 | 103 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 2855 | 73 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 1171 | 18 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 843 | 137 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 226 | 31 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A (e) | 333 | 11 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 216 | 43 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 19 | 6 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 120 | 13 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 391 | 15 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 121 | 10 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 1244 | 191 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 310 | 77 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. REIT | 499 | 57 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 192 | 20 |
| &nbsp;&nbsp;&nbsp;PTC, Inc. (e) | 64 | 13 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 264 | 22 |
| &nbsp;&nbsp;&nbsp;Public Storage REIT | 84 | 24 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 107 | 14 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A (e) | 166 | 14 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 591 | 98 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 78 | 32 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 59 | 11 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 105 | 18 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. REIT | 481 | 29 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A (e) | 58 | 13 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. REIT | 91 | 7 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 56 | 31 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 491 | 13 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 29 | 8 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 116 | 27 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 77 | 21 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 61 | 5 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A (e) | 441 | 6 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A (e) | 338 | 48 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (e) | 297 | 41 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp. (e) | 227 | 11 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 60 | 21 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 154 | 9 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 58 | 29 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 175 | 27 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 140 | 45 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 202 | 7 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 68 | 8 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 702 | 117 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 169 | 82 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 523 | 124 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A (e) | 158 | 6 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. REIT | 58 | 11 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | 839 | 29 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 106 | 25 |
| &nbsp;&nbsp;&nbsp;Sempra | 343 | 31 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. (e) | 114 | 105 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 126 | 44 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. REIT | 174 | 33 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 279 | 12 |
| &nbsp;&nbsp;&nbsp;Snap, Inc., Class A (e) | 615 | 5 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 28 | 10 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A (e) | 169 | 38 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc. (e) | 634 | 17 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. (e) | 82 | 6 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 585 | 55 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 118 | 10 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 599 | 51 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 154 | 18 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 76 | 11 |
| &nbsp;&nbsp;&nbsp;Steris PLC | 53 | 13 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A (e) | 135 | 44 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 184 | 68 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. REIT | 68 | 9 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. (e) | 262 | 13 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 216 | 15 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. (e) | 99 | 49 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 258 | 21 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 120 | 12 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. (e) | 97 | 25 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 108 | 12 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 121 | 20 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 244 | 22 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 158 | 35 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. (e) | 25 | 15 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 86 | 12 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. (e) | 1542 | 686 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 493 | 91 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 11 | 10 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 96 | 8 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 194 | 94 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 593 | 86 |
| &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 270 | 65 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A (e) | 247 | 9 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 282 | 16 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A (e) | 227 | 11 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | 62 | 7 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 118 | $50 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 30 | 40 |
| &nbsp;&nbsp;&nbsp;TransUnion | 107 | 9 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 121 | 34 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. (e) | 128 | 10 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 716 | 33 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A (e) | 83 | 8 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. (e) | 23 | 12 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 153 | 8 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 862 | 42 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. (e) | 1071 | 105 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. REIT | 168 | 6 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. | 53 | 3 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. (e) | 24 | 13 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 320 | 76 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. (e) | 45 | 4 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 397 | 33 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 35 | 33 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp. (e) | 23 | 10 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 484 | 167 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 30 | 6 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 174 | 30 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A (e) | 81 | 24 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. REIT | 239 | 17 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 131 | 14 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 46 | 13 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 73 | 18 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 2248 | 99 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. (e) | 134 | 52 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 181 | 27 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 566 | 18 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 906 | 309 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 193 | 38 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 69 | 21 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | 162 | 12 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 2350 | 242 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 957 | 110 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. (e) | 1270 | 25 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 135 | 24 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 213 | 47 |
| &nbsp;&nbsp;&nbsp;Waters Corp. (e) | 31 | 9 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 18 | 7 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 168 | 19 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1762 | 148 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. REIT | 344 | 61 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 38 | 10 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 169 | 20 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 90 | 18 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. REIT | 385 | 10 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 660 | 42 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 68 | 13 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 53 | 18 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A (e) | 117 | 28 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. REIT | 119 | 8 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 25 | 24 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 304 | 25 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 126 | 19 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 149 | 23 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A (e) | 28 | 8 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C (e) | 89 | 7 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 106 | 10 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 234 | 34 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc., Class A (e) | 135 | 11 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc. (e) | 54 | 16 |
|  |  | 31062 |
| **Total Common Stocks (Cost $27,996)** |  | 41184 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Rights** |
| **Rights (0.0%)‡** |  |
| **United States (0.0%)‡** |  |
| &nbsp;&nbsp;&nbsp;Abiomed, Inc., CVR expires 12/22/28(e) **(Cost $—@)** | 14 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Warrants** |
| **Warrants (0.0%)** |  |
| **Canada (0.0%)** |  |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. expires 3/31/40(e)(f) **(Cost $—)** | 16 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investment (11.1%)** |  |  |
| **Investment Company (11.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.04% (g)<br> **(Cost $9,288)** | 9287827 | 9288 |
| **Total Investments (100.1%) (Cost $71,309) (h)(i)(j)** |  | 84096 |
| Liabilities in Excess of Other Assets (–0.1%) |  | (47) |
| **Net Assets (100.0%)** |  | $84049 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| ‡ | Amount is less than 0.05%. |
| (a) | Security is subject to delayed delivery. |
| (b) | Floating or variable rate securities: The rates disclosed are as of September 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments. |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | |
|:---|:---|
| (c) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (d) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of September 30, 2025. |
| (e) | Non-income producing security. |
| (f) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (g) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $12,000 relating to the Fund's investment in the Liquidity Fund. |
| (h) | Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
| (i) | The approximate fair value and percentage of net assets, $8,417,000 and 10.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Consolidated Portfolio of Investments. |
| (j) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,757,000 and the aggregate gross unrealized depreciation is approximately $2,454,000, resulting in net unrealized appreciation of approximately $13,303,000. |
| ADR | American Depositary Receipt. |
| CVA | Certificaten Van Aandelen. |
| CVR | Contingent Value Rights |
| DAC | Designated Activity Company. |
| EURIBOR | Euro Interbank Offered Rate. |
| MTN | Medium Term Note. |
| OAT | Obligations Assimilables du Trésor (French Treasury Obligation). |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average. |
| TBA | To Be Announced. |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Bank of America NA | 738 | $104 | 12/18/25 | $— |
| Bank of America NA | 340 | $48 | 12/17/25 | (— |
| Bank of America NA | $460 | 437 | 1/6/26 | 56 |
| Bank of America NA | $4 | 15 | 12/18/25 |  |
| Bank of America NA | $11 | 1602 | 12/18/25 | (— |
| Barclays Bank PLC | 16 | $2 | 12/18/25 |  |
| Barclays Bank PLC | 10370 | $71 | 12/17/25 |  |
| Barclays Bank PLC | 69 | $7 | 12/18/25 |  |
| Barclays Bank PLC | 21 | $12 | 12/17/25 | (— |
| Barclays Bank PLC | 2083 | $66 | 12/17/25 | 1 |
| Barclays Bank PLC | 1826 | $34 | 4/6/26 | (4) |
| Barclays Bank PLC | 4138 | $77 | 4/6/26 | (9) |
| Barclays Bank PLC | 17516 | $334 | 4/6/26 | (29) |
| Barclays Bank PLC | 2272 | $44 | 4/6/26 | (3) |
| Barclays Bank PLC | $13 | 18 | 12/18/25 | (— |
| Barclays Bank PLC | $3 | 2 | 12/18/25 | (— |
| Barclays Bank PLC | $400 | 339 | 12/18/25 | (1) |
| Barclays Bank PLC | $82 | 60 | 12/18/25 | (1) |
| Barclays Bank PLC | $27 | 20 | 12/17/25 | (— |
| Barclays Bank PLC | $2 | 7 | 12/18/25 |  |
| Barclays Bank PLC | $71 | 10396 | 12/18/25 | (— |
| Barclays Bank PLC | $— | 6 | 12/18/25 |  |
| Barclays Bank PLC | $3 | 4 | 12/18/25 | (— |
| Barclays Bank PLC | $297 | 17232 | 4/6/26 | 60 |
| BNP Paribas SA | 127 | $83 | 12/18/25 | (1) |
| BNP Paribas SA | 351 | $253 | 12/18/25 |  |
| BNP Paribas SA | 77 | $97 | 12/18/25 | (— |
| BNP Paribas SA | 1074 | $151 | 12/18/25 |  |
| BNP Paribas SA | 2678 | $1 | 12/18/25 |  |
| BNP Paribas SA | 65 | $10 | 12/18/25 |  |
| BNP Paribas SA | 39734 | $270 | 12/18/25 | (1) |
| BNP Paribas SA | 78 | $8 | 12/18/25 |  |
| BNP Paribas SA | 431 | $14 | 12/18/25 |  |
| BNP Paribas SA | 1377 | $45 | 12/18/25 |  |
| BNP Paribas SA | $53 | 42 | 12/17/25 | (— |
| BNP Paribas SA | $14 | 13453 | 12/18/25 | (— |
| BNP Paribas SA | $472 | 400 | 12/18/25 | (1) |
| BNP Paribas SA | $98 | 764 | 12/18/25 | (— |
| BNP Paribas SA | $4 | 69 | 12/18/25 |  |
| BNP Paribas SA | $52 | 1561 | 12/18/25 | (— |
| BNP Paribas SA | 11 | $1 | 12/18/25 | (— |
| Citibank NA | 216 | $155 | 12/18/25 | (— |
| Citibank NA | $27 | 37 | 12/18/25 | (— |
| Citibank NA | $8 | 168 | 12/18/25 | (— |
| Citibank NA | $15 | 51 | 12/18/25 |  |
| Citibank NA | $459 | 67359 | 1/6/26 | 1 |
| Citibank NA | $26 | 3776 | 12/18/25 | (— |
| Citibank NA | $28 | 122 | 12/17/25 | (— |
| Credit Agricole CIB | 1844 | $2184 | 12/17/25 | 9 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Foreign Currency Forward Exchange Contracts (cont'd):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Deutsche Bank AG | 968 | $642 | 12/17/25 | $— |
| Deutsche Bank AG | $69 | 95 | 12/17/25 | (1) |
| Goldman Sachs International | 145 | $96 | 12/18/25 | (1) |
| Goldman Sachs International | 332 | $60 | 12/18/25 | (1) |
| Goldman Sachs International | 6 | $1 | 12/18/25 |  |
| Goldman Sachs International | 64 | $70 | 1/6/26 | (5) |
| Goldman Sachs International | 599 | $693 | 1/6/26 | (14) |
| Goldman Sachs International | 280 | $325 | 4/28/26 | (8) |
| Goldman Sachs International | 285 | $329 | 4/28/26 | (9) |
| Goldman Sachs International | 543 | $639 | 12/18/25 | (1) |
| Goldman Sachs International | 589 | $695 | 12/18/25 |  |
| Goldman Sachs International | 20 | $27 | 12/18/25 |  |
| Goldman Sachs International | 6888 | $47 | 1/6/26 |  |
| Goldman Sachs International | 96155 | $694 | 1/6/26 | 37 |
| Goldman Sachs International | 44709 | $325 | 4/28/26 | 16 |
| Goldman Sachs International | 45762 | $328 | 4/28/26 | 13 |
| Goldman Sachs International | 3846 | $208 | 12/18/25 | (— |
| Goldman Sachs International | 38 | $9 | 12/18/25 |  |
| Goldman Sachs International | 299 | $72 | 12/17/25 |  |
| Goldman Sachs International | 6 | $1 | 12/18/25 |  |
| Goldman Sachs International | 15 | $12 | 12/17/25 |  |
| Goldman Sachs International | 39607 | $1168 | 1/6/26 | (64) |
| Goldman Sachs International | 36390 | $1090 | 1/6/26 | (42) |
| Goldman Sachs International | 37497 | $1103 | 1/6/26 | (63) |
| Goldman Sachs International | 107296 | $3285 | 4/28/26 | (79) |
| Goldman Sachs International | 293 | $9 | 12/18/25 |  |
| Goldman Sachs International | 1943 | $35 | 4/6/26 | (5) |
| Goldman Sachs International | 49955 | $997 | 4/6/26 | (39) |
| Goldman Sachs International | 30175 | $506 | 1/25/27 | 6 |
| Goldman Sachs International | 28393 | $468 | 1/25/27 | (2) |
| Goldman Sachs International | $4 | 7 | 12/18/25 | (— |
| Goldman Sachs International | $58 | 317 | 12/18/25 |  |
| Goldman Sachs International | $178 | 245 | 12/18/25 | (1) |
| Goldman Sachs International | $14 | 11 | 12/18/25 | (— |
| Goldman Sachs International | $241 | 1699 | 12/17/25 | (1) |
| Goldman Sachs International | $250 | 226 | 1/6/26 | 17 |
| Goldman Sachs International | $657 | 565 | 4/28/26 | 13 |
| Goldman Sachs International | $659 | 90471 | 4/28/26 | (35) |
| Goldman Sachs International | $105 | 1950 | 12/18/25 |  |
| Goldman Sachs International | $16 | 161 | 12/17/25 | (— |
| Goldman Sachs International | $39 | 142 | 12/17/25 | (— |
| Goldman Sachs International | $84 | 2802 | 1/6/26 | 3 |
| Goldman Sachs International | $3373 | 110692 | 1/6/26 | 70 |
| Goldman Sachs International | $1703 | 54034 | 4/28/26 | (8) |
| Goldman Sachs International | $1666 | 53262 | 4/28/26 | 4 |
| Goldman Sachs International | $320 | 18398 | 4/6/26 | 62 |
| Goldman Sachs International | $309 | 16846 | 4/6/26 | 40 |
| Goldman Sachs International | $379 | 21090 | 4/6/26 | 58 |
| Goldman Sachs International | $72 | 4084 | 4/6/26 | 13 |
| Goldman Sachs International | $968 | 58568 | 1/25/27 | 1 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Foreign Currency Forward Exchange Contracts (cont'd):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| JPMorgan Chase Bank NA | 216 | $31 | 12/18/25 | $— |
| JPMorgan Chase Bank NA | 26 | $4 | 12/18/25 |  |
| JPMorgan Chase Bank NA | 425 | $577 | 12/17/25 | 5 |
| JPMorgan Chase Bank NA | 131 | $175 | 12/18/25 | (1) |
| JPMorgan Chase Bank NA | 166 | $223 | 12/18/25 | (— |
| JPMorgan Chase Bank NA | 967 | $11 | 12/18/25 |  |
| JPMorgan Chase Bank NA | 5395 | $61 | 12/18/25 |  |
| JPMorgan Chase Bank NA | 1558 | $84 | 12/17/25 | (— |
| JPMorgan Chase Bank NA | 28 | $17 | 12/18/25 |  |
| JPMorgan Chase Bank NA | 38 | $4 | 12/18/25 |  |
| JPMorgan Chase Bank NA | $135 | 203 | 12/18/25 | (1) |
| JPMorgan Chase Bank NA | $172 | 237 | 12/18/25 | (1) |
| JPMorgan Chase Bank NA | $17 | 15810 | 12/17/25 | (— |
| JPMorgan Chase Bank NA | $835 | 706 | 12/18/25 | (2) |
| JPMorgan Chase Bank NA | $10 | 7 | 12/18/25 | (— |
| JPMorgan Chase Bank NA | $37 | 287 | 12/18/25 | (— |
| JPMorgan Chase Bank NA | $16 | 259533 | 12/17/25 | (— |
| JPMorgan Chase Bank NA | $18 | 60 | 12/18/25 |  |
| JPMorgan Chase Bank NA | $65 | 5759 | 12/18/25 |  |
| JPMorgan Chase Bank NA | $920 | 134842 | 12/17/25 | (1) |
| JPMorgan Chase Bank NA | $321 | 440506 | 12/17/25 | (5) |
| JPMorgan Chase Bank NA | $104 | 1921 | 12/18/25 |  |
| JPMorgan Chase Bank NA | $18 | 31 | 12/17/25 | (— |
| JPMorgan Chase Bank NA | $19 | 67 | 12/17/25 |  |
| JPMorgan Chase Bank NA | $10 | 36 | 12/18/25 | (— |
| JPMorgan Chase Bank NA | $73 | 685 | 12/17/25 | (— |
| JPMorgan Chase Bank NA | $53 | 68 | 12/18/25 | (— |
| JPMorgan Chase Bank NA | 29 | $2 | 12/18/25 | (— |
| Royal Bank of Canada | 51 | $37 | 12/17/25 |  |
| Royal Bank of Canada | 363 | $426 | 12/18/25 | (3) |
| Royal Bank of Canada | $71 | 60 | 12/17/25 |  |
| Royal Bank of Canada | $122 | 90 | 12/18/25 | (1) |
| Standard Chartered Bank | $50 | 7370 | 12/17/25 |  |
| State Street Bank and Trust Co. | 20 | $15 | 12/17/25 |  |
| State Street Bank and Trust Co. | 9 | $11 | 12/17/25 |  |
| State Street Bank and Trust Co. | 20 | $24 | 12/17/25 |  |
| State Street Bank and Trust Co. | $1 |  | 12/18/25 | (— |
| UBS AG | 154 | $24 | 12/17/25 |  |
| UBS AG | 213 | $27 | 12/18/25 |  |
| UBS AG | 130179 | $8 | 12/18/25 |  |
| UBS AG | 1003 | $7 | 12/17/25 | (— |
| UBS AG | 38087 | $257 | 12/18/25 | (2) |
| UBS AG | 129067 | $93 | 12/18/25 | 1 |
| UBS AG | 97307 | $70 | 12/18/25 |  |
| UBS AG | 212 | $21 | 12/18/25 |  |
| UBS AG | 69 | $54 | 12/18/25 |  |
| UBS AG | $38 | 58 | 12/18/25 | (— |
| UBS AG | $75 | 104 | 12/18/25 | (1) |
| UBS AG | $17 | 23 | 12/17/25 | (— |
| UBS AG | $26 | 35 | 12/18/25 | (— |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Foreign Currency Forward Exchange Contracts (cont'd):**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| UBS AG | $7 | CHF | 5 | 12/18/25 | $(— |
| UBS AG | $30 | CHF | 24 | 12/18/25 | (— |
| UBS AG | $726 | CNY | 5126 | 12/18/25 | (2) |
| UBS AG | $315 | EUR | 266 | 12/18/25 | (1) |
| UBS AG | $106 | GBP | 78 | 12/18/25 | (1) |
| UBS AG | $19 | HKD | 151 | 12/18/25 | (— |
| UBS AG | $1 | HUF | 419 | 12/18/25 | (— |
| UBS AG | $— | HUF | 90 | 12/17/25 | (— |
| UBS AG | $248 | JPY | 35683 | 1/6/26 | (4) |
| UBS AG | $80 | JPY | 11707 | 12/18/25 | (— |
| UBS AG | $79 | JPY | 11650 | 12/18/25 | (— |
| UBS AG | $60 | KRW | 84238 | 12/18/25 |  |
| UBS AG | $1 | MXN | 25 | 12/18/25 |  |
| UBS AG | $1 | TRY | 62 | 12/18/25 |  |
|  |  |  |  |  | $31 |

---

**Futures Contracts:**

The Fund had the following futures contracts open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro-Buxl 30 yr. Bond Index (Germany) | 1 | Dec-25 | 100 | $135 | $(— |
| &nbsp;&nbsp;&nbsp;German Euro-Schatz Index (Germany) | 4 | Dec-25 | 400 | 502 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;KFE 10 yr. Treasury Bond Index (Korea, Republic of) | 5 | Dec-25 | 500000 | 418 | (4) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 yr. Note (United States) | 6 | Dec-25 | $1200 | 1250 | (1) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 yr. Note (United States) | 4 | Dec-25 | 400 | 437 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond (United States) | 2 | Dec-25 | 200 | 233 | 5 |
| &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Bond (United States) | 3 | Dec-25 | 300 | 360 | 9 |
| **Short:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro-BTP Italian Bond Index (Germany) | 1 | Dec-25 | (100) | (141) | (2) |
| &nbsp;&nbsp;&nbsp;Euro Stoxx 50 Index (Germany) | 1 | Dec-25 | (— | (65) | (1) |
| &nbsp;&nbsp;&nbsp;French Government Bond Index (Germany) | 1 | Dec-25 | (100) | (142) | (1) |
| &nbsp;&nbsp;&nbsp;German Euro-Bobl Index (Germany) | 8 | Dec-25 | (800) | (1106) | (— |
| &nbsp;&nbsp;&nbsp;German Euro-Bund Index (Germany) | 6 | Dec-25 | (600) | (906) | (3) |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Market Index (United States) | 10 | Dec-25 | $(1) | (680) | (5) |
| &nbsp;&nbsp;&nbsp;Nikkei 225 Index (Japan) | 2 | Dec-25 | (1) | (303) | 4 |
| &nbsp;&nbsp;&nbsp;SFE 10 yr. Australian Bond Index (Australia) | 6 | Dec-25 | (600) | (450) | 1 |
| &nbsp;&nbsp;&nbsp;SFE 3 yr. Australian Bond Index (Australia) | 3 | Dec-25 | (300) | (212) | 1 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Note (United States) | 2 | Dec-25 | $(200) | (225) |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Ultra Note (United States) | 1 | Dec-25 | (100) | (115) | (1 |
|  |  |  |  |  | $2 |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Total Return Swap Agreements:**

The Fund had the following total return swap agreements open at September 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Index** | **Pay/<br> Receive<br> Total Return<br> of Reference<br> Index** | **Floating Rate** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Upfront<br> Payment<br> Paid<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| BNP Paribas SA | MSCI Japan Net Total Return USD Index | Pay | SOFR + 0.36% | Quarterly | 2/10/26 | $2658 | $163 | $— | $163 |
| Goldman Sachs International | MSCI Emerging Markets Net Total Return Index | Pay | SOFR + 0.38% | Quarterly | 1/28/26 | 5782 | 324 |  | 324 |
| UBS AG | MSCI USA Index | Pay | SOFR + 0.00% | Maturity | 10/23/25 | 1761 | (4) |  | (4) |
|  |  |  |  |  |  |  | $483 | $— | $483 |

---

---

| | |
|:---|:---|
| @ | Value/Notional amount is less than $500. |
| KFE | Korean Futures Exchange. |
| MSCI | Morgan Stanley Capital International. |
| SFE | Sydney Futures Exchange. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| AUD — | Australian Dollar |
| BRL — | Brazilian Real |
| CAD — | Canadian Dollar |
| CHF — | Swiss Franc |
| CLP — | Chilean Peso |
| CNH — | Chinese Yuan Renminbi Offshore |
| CNY — | Chinese Yuan Renminbi |
| COP — | Colombian Peso |
| CZK — | Czech Koruna |
| DKK — | Danish Krone |
| EUR — | Euro |
| GBP — | British Pound |
| HKD — | Hong Kong Dollar |
| HUF — | Hungarian Forint |
| IDR — | Indonesian Rupiah |
| ILS — | Israeli Shekel |
| INR — | Indian Rupee |
| JPY — | Japanese Yen |
| KRW — | South Korean Won |
| MXN — | Mexican Peso |
| MYR — | Malaysian Ringgit |
| NOK — | Norwegian Krone |
| NZD — | New Zealand Dollar |
| PEN — | Peruvian Nuevo Sol |
| PLN — | Polish Zloty |
| RON — | Romanian New Leu |
| SEK — | Swedish Krona |
| SGD — | Singapore Dollar |
| THB — | Thai Baht |
| TRY — | Turkish Lira |
| TWD — | Taiwan Dollar |
| ZAR — | South African Rand |

---

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Common Stocks | 49.0 | % |
| Sovereign | 20.8 |  |
| Other\* | 11.4 |  |
| Short-Term Investment | 11.0 |  |
| Corporate Bonds | 7.8 |  |
| Total Investments | 100.0 | %\*\* |

---

\* Industries and/or investment types representing less than 5% of total investments.

\*\* Does not include open futures contracts with a value of approximately $7,680,000 and net unrealized appreciation of approximately $2,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $31,000. Also does not include open swap agreements with net unrealized appreciation of approximately $483,000.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Growth Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (93.6%)** |  |  |
| **Automobiles (7.4%)** | **Automobiles (7.4%)** | **Automobiles (7.4%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. (a) | 137413 | $61110 |
| **Biotechnology (1.7%)** | **Biotechnology (1.7%)** | **Biotechnology (1.7%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. (a) | 906905 | 13722 |
| **Broadline Retail (4.4%)** | **Broadline Retail (4.4%)** | **Broadline Retail (4.4%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (a) | 15639 | 36547 |
| **Capital Markets (1.2%)** | **Capital Markets (1.2%)** | **Capital Markets (1.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A (a) | 12530 | 4229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 35484 | 5978 |
|  |  | 10207 |
| **Electronic Equipment, Instruments & Components (0.0%)** | **Electronic Equipment, Instruments & Components (0.0%)** | **Electronic Equipment, Instruments & Components (0.0%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magic Leap, Inc., Class A (a)(b)(c) (acquisition cost — $1,526; acquired 12/22/15) | 3138 |  |
| **Entertainment (7.2%)** | **Entertainment (7.2%)** | **Entertainment (7.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (a) | 429130 | 59443 |
| **Financial Services (8.8%)** | **Financial Services (8.8%)** | **Financial Services (8.8%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (a) | 727213 | 53145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association (a) | 1592133 | 19185 |
|  |  | 72330 |
| **Hotels, Restaurants & Leisure (4.8%)** | **Hotels, Restaurants & Leisure (4.8%)** | **Hotels, Restaurants & Leisure (4.8%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A (a) | 144373 | 39268 |
| **Information Technology Services (22.2%)** | **Information Technology Services (22.2%)** | **Information Technology Services (22.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (a) | 485897 | 104269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A (Canada) (a) | 274870 | 40848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A (a) | 166593 | 37575 |
|  |  | 182692 |
| **Pharmaceuticals (4.4%)** | **Pharmaceuticals (4.4%)** | **Pharmaceuticals (4.4%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 1023943 | 36125 |
| **Software (22.2%)** | **Software (22.2%)** | **Software (22.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A (a) | 105097 | 75516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurora Innovation, Inc. (a) | 5176786 | 27903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BitMine Immersion Technologies, Inc. (a) | 186788 | 9700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsara, Inc., Class A (a) | 788512 | 29372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy, Inc., Class A (a) | 126120 | 40637 |
|  |  | 183128 |
| **Tech Hardware, Storage & Peripherals (5.1%)** | **Tech Hardware, Storage & Peripherals (5.1%)** | **Tech Hardware, Storage & Peripherals (5.1%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc. (a) | 682633 | 41982 |
| **Trading Companies & Distributors (4.2%)** | **Trading Companies & Distributors (4.2%)** | **Trading Companies & Distributors (4.2%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A (a) | 179589 | 9667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO, Inc. (a) | 1330619 | 25362 |
|  |  | 35029 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $445,466)** |  | 771583 |
| **Preferred Stocks (2.2%)** |  |  |
| **Financial Services (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Stripe, Inc., Series I (a)(b)(c) (acquisition cost — $1,061; acquired 3/17/23) | 52681 | 1617 |
| **Software (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Databricks, Inc., Series H (a)(b)(c) (acquisition cost — $8,310; acquired 8/31/21) | 113088 | 12776 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc., Series I (a)(b)(c) (acquisition cost — $2,242; acquired 9/15/23) | 30506 | 3446 |
| &nbsp;&nbsp;&nbsp;Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $1,618; acquired 6/17/14) | 141612 | 579 |
|  |  | 16801 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks (Cost $13,231)** |  | 18418 |
| **Investment Company (2.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF (a) **(Cost $13,615)** | 351849 | 22870 |
| **Short-Term Investment (3.8%)** | **Short-Term Investment (3.8%)** | **Short-Term Investment (3.8%)** |
| **Investment Company (3.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) **(Cost $31,617)** | 31617232 | 31617 |
| **Total Investments Excluding Purchased Options (102.4%) (Cost $503,929)** |  | 844488 |
| **Total Purchased Options Outstanding (0.1%) (Cost $4,032)** |  | 385 |
| **Total Investments (102.5%) (Cost $507,961) (e)(f)(g)** |  | 844873 |
| Liabilities in Excess of Other Assets (–2.5%) |  | (20686) |
| **Net Assets (100.0%)** |  | $824187 |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2025 amounts to approximately $18,418,000 and represents 2.2% of net assets. |
| (c) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $37,000 relating to the Fund's investment in the Liquidity Fund. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (f) | Securities are available for collateral in connection with purchased options. |
| (g) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $348,064,000 and the aggregate gross unrealized depreciation is approximately $11,152,000, resulting in net unrealized appreciation of approximately $336,912,000. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Premiums<br> Paid<br> (000)** | **Unrealized<br> Depreciation<br> (000)** |
| Standard Chartered Bank | USD/CNH | 7.58 | Aug–26 | 245535661 | $245536 | $294 | $804 | $(510) |
| Goldman Sachs & Co. LLC | USD/CNH | 7.71 | May–26 | 169787952 | 169788 | 66 | 707 | (641) |
| Standard Chartered Bank | USD/CNH | 7.77 | Oct–25 | 127991317 | 127991 |  | 557 | (557) |
| JPMorgan Chase Bank NA | USD/CNH | 7.82 | Feb–26 | 173385312 | 173385 | 13 | 716 | (703) |
| Standard Chartered Bank | USD/CNH | 7.90 | Apr–26 | 112218546 | 112219 | 12 | 544 | (532) |
| Goldman Sachs & Co. LLC | USD/CNH | 8.02 | Dec–25 | 148521048 | 148521 |  | 704 | (704) |
|  |  |  |  |  |  | $385 | $4032 | $(3647) |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |

---

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 26.7% |
| Software | 23.7 |
| Information Technology Services | 21.6 |
| Financial Services | 8.8 |
| Automobiles | 7.2 |
| Entertainment | 7.0 |
| Tech Hardware, Storage & Peripherals | 5.0 |
| Total Investments | 100.0% |

---

\* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments

**Security Valuation:** (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") and Morgan Stanley Investment Management Company ("MSIM Company") (together, the "Sub-Advisers"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) certain senior loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (4) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (5) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (6) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (7) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a reputable broker/dealer or valued by a pricing service/vendor; (8) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (9) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; (10) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (11) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Directors have designated the Company's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Company's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Company's valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

**Fair Value Measurement:** Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), 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. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

● Level 1 – unadjusted quoted prices in active markets for identical investments

● Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable inputs<br> (000)** | **Level 3<br> Significant<br> unobservable inputs<br> (000)** | **Total<br> (000)** |
| **Discovery** | | | | |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $206072<sup>(1)</sup> | $— | $— | $206072 |
| **Preferred Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Software |  |  | 5188 | 5188 |
| **Investment Company** | 6828 |  |  | 6828 |
| **Call Options Purchased** |  | 110 |  | 110 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 11861 |  |  | 11861 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 622 |  | 622 |
| **Total Short-Term Investments** | **11861** | **622** | **—** | **12483** |
| **Total Assets** | **224761** | **732** | **5188** | **230681** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Derivative Contract — PIPE** |  |  | (965) | (965) |
| **Total** | $**224761** | $**732** | $**4223** | $**229716** |

---

(1) The
level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | |
|:---|:---|:---|
| **Discovery** | **Preferred<br> Stocks<br> (000)** | **Derivative<br> Contract —<br> PIPE<br> (000)** |
| **Beginning Balance** | $4248 | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;PIPE transactions |  | (965) |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 940 |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $5188 | $(965) |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $940 | $(965) |

---

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Discovery** | **Fair Value at<br> September 30, 2025<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Amount** | **Impact to<br> Valuation from an<br> Increase in Input\*** |
| Preferred Stocks | $5188 | Market Transaction Method | Precedent Transaction | $150.00 | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 14.5% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 11.9x | Increase |
|  |  |  | Discount for Lack of Marketability | 15.0% | Decrease |
| PIPE | $(965) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 27.5% | Decrease |

---

\* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Emerging Markets Debt** | | | | |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $31406 | $— | $31406 |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 64842 |  | 64842 |
| &nbsp;&nbsp;&nbsp;Senior Loan Interests |  | 9471 |  | 9471 |
| **Total Fixed Income Securities** | **—** | **105719** | **—** | **105719** |
| **Warrants** |  | 2966 |  | 2966 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 308 |  | 308 |
| &nbsp;&nbsp;&nbsp;Investment Company | 2655 |  |  | 2655 |
| **Total Short-Term Investments** | **2655** | **308** | **—** | **2963** |
| **Foreign Currency Forward Exchange Contract** |  | 1 |  | 1 |
| **Futures Contracts** | 536 |  |  | 536 |
| **Credit Default Swap Agreements** |  | 89 |  | 89 |
| **Total Assets** | **3191** | **109083** | **—** | **112274** |
| **Liabilities:** |  |  |  |  |
| **Foreign Currency Forward Exchange Contracts** |  | (61) |  | (61) |
| **Futures Contracts** | (28) |  |  | (28) |
| **Credit Default Swap Agreement** |  | (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (6) |
| **Total Liabilities** | **(28)** | **(67)** | **—** | **(95)** |
| **Total** | $**3163** | $**109016** | $**—** | $**112179** |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Emerging Markets Equity** | | | | |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobile Components | $— | $768 | $— | $768 |
| &nbsp;&nbsp;&nbsp;Automobiles |  | 6654 |  | 6654 |
| &nbsp;&nbsp;&nbsp;Banks | 7224 | 27523 |  | 34747 |
| &nbsp;&nbsp;&nbsp;Beverages |  | 949 |  | 949 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 1299 | 9525 |  | 10824 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 503 | 3230 |  | 3733 |
| &nbsp;&nbsp;&nbsp;Chemicals |  | 1112 |  | 1112 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering |  | 2005 |  | 2005 |
| &nbsp;&nbsp;&nbsp;Construction Materials |  | 1255 |  | 1255 |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  | 2542 |  | 2542 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 3086 | 1946 |  | 5032 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment | 2338 | 4259 |  | 6597 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 5322 |  | 5322 |
| &nbsp;&nbsp;&nbsp;Entertainment |  | 1908 |  | 1908 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 737 |  | 737 |
| &nbsp;&nbsp;&nbsp;Food Products |  | 2096 |  | 2096 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 1915 | 1467 |  | 3382 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 3492 | 528 |  | 4020 |
| &nbsp;&nbsp;&nbsp;Household Products | 2037 |  |  | 2037 |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 896 |  |  | 896 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 1788 |  |  | 1788 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 2760 |  | 2760 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 14007 |  | 14007 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 1935 |  | 1935 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 911 | 3078 |  | 3989 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels |  | 3116 |  | 3116 |
| &nbsp;&nbsp;&nbsp;Personal Care Products |  | 348 |  | 348 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 1635 |  | 1635 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 1182 |  | 1182 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 31814 |  | 31814 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals |  | 13621 |  | 13621 |
| &nbsp;&nbsp;&nbsp;Tobacco |  | 924 |  | 924 |
| **Total Common Stocks** | **25489** | **148246** | **—** | **173735** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 6310 |  |  | 6310 |
| **Total Assets** | $**31799** | $**148246** | $**—** | $**180045** |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |  |
| **Global Strategist** | | | |  | |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency Fixed Rate Mortgages | $— | $3315 | $— |  | $3315 |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 769 |  |  | 769 |  |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 419 |  |  | 419 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 6538 |  |  | 6538 |  |
| &nbsp;&nbsp;&nbsp;Mortgages - Other |  | 1411 |  |  | 1411 |  |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 17527 |  |  | 17527 |  |
| &nbsp;&nbsp;&nbsp;Supranational |  | 252 |  |  | 252 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 3393 |  |  | 3393 |  |
| **Total Fixed Income Securities** | **—** | **33624** | **—** |  | **33624** |  |
| **Common Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | 708 | 425 |  |  | 1133 |  |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | 79 | 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 128 |  |
| &nbsp;&nbsp;&nbsp;Automobile Components | 17 | 18 |  |  | 35 |  |
| &nbsp;&nbsp;&nbsp;Automobiles | 749 | 113 |  |  | 862 |  |
| &nbsp;&nbsp;&nbsp;Banks | 1500 | 1325 |  |  | 2825 |  |
| &nbsp;&nbsp;&nbsp;Beverages | 320 | 105 |  |  | 425 |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 526 | 75 |  |  | 601 |  |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 1273 | 101 |  |  | 1374 |  |
| &nbsp;&nbsp;&nbsp;Building Products | 165 | 75 |  |  | 240 |  |
| &nbsp;&nbsp;&nbsp;Capital Markets | 1078 | 325 |  |  | 1403 |  |
| &nbsp;&nbsp;&nbsp;Chemicals | 344 | 191 |  |  | 535 |  |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 207 | 24 |  |  | 231 |  |
| &nbsp;&nbsp;&nbsp;Communications Equipment | 276 | 27 |  |  | 303 |  |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | 86 | 79 |  |  | 165 |  |
| &nbsp;&nbsp;&nbsp;Construction Materials | 82 | 63 |  |  | 145 |  |
| &nbsp;&nbsp;&nbsp;Consumer Finance | 212 |  |  |  | 212 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 602 | 89 |  |  | 691 |  |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 69 | 2 |  |  | 71 |  |
| &nbsp;&nbsp;&nbsp;Distributors | 16 | 2 |  |  | 18 |  |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services |  | 5 |  |  | 5 |  |
| &nbsp;&nbsp;&nbsp;Diversified REITs | 8 | 17 |  |  | 25 |  |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunication Services | 214 | 178 |  |  | 392 |  |
| &nbsp;&nbsp;&nbsp;Electric Utilities | 483 | 194 |  |  | 677 |  |
| &nbsp;&nbsp;&nbsp;Electrical Equipment | 288 | 247 |  |  | 535 |  |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 239 | 24 |  |  | 263 |  |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services | 68 | 4 |  | † | 72 | † |
| &nbsp;&nbsp;&nbsp;Entertainment | 589 | 23 |  |  | 612 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 1138 | 99 |  |  | 1237 |  |
| &nbsp;&nbsp;&nbsp;Food Products | 149 | 218 |  |  | 367 |  |
| &nbsp;&nbsp;&nbsp;Gas Utilities | 19 | 16 |  |  | 35 |  |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 353 | 3 |  |  | 356 |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 619 | 146 |  |  | 765 |  |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 503 | 29 |  |  | 532 |  |
| &nbsp;&nbsp;&nbsp;Health Care REITs | 92 |  |  |  | 92 |  |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 24 | 7 |  |  | 31 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 620 | 147 |  |  | 767 |  |
| &nbsp;&nbsp;&nbsp;Household Durables | 83 | 4 |  |  | 87 |  |
| &nbsp;&nbsp;&nbsp;Household Products | 265 | 50 |  |  | 315 |  |
| &nbsp;&nbsp;&nbsp;Independent Power & Renewable Electricity Producers | 41 | 26 |  |  | 67 |  |
| &nbsp;&nbsp;&nbsp;Industrial Conglomerates | 116 | 158 |  |  | 274 |  |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 57 | 36 |  |  | 93 |  |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |
| **Assets: (cont'd)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology Services | $497 | $13 | $— |  | $510 |
| &nbsp;&nbsp;&nbsp;Insurance | 705 | 547 |  |  | 1252 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 2326 | 20 |  |  | 2346 |
| &nbsp;&nbsp;&nbsp;Investment Company |  |  |  | † |  |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 240 | 45 |  |  | 285 |
| &nbsp;&nbsp;&nbsp;Machinery | 474 | 208 |  |  | 682 |
| &nbsp;&nbsp;&nbsp;Marine Transportation |  | 16 |  |  | 16 |
| &nbsp;&nbsp;&nbsp;Media | 112 | 24 |  |  | 136 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 318 | 265 |  | † | 583 |
| &nbsp;&nbsp;&nbsp;Mortgage Real Estate Investment | 7 |  |  |  | 7 |
| &nbsp;&nbsp;&nbsp;Multi-Utilities | 188 | 106 |  |  | 294 |
| &nbsp;&nbsp;&nbsp;Office REITs | 6 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 9 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 1123 | 331 |  |  | 1454 |
| &nbsp;&nbsp;&nbsp;Paper & Forest Products |  | 22 |  |  | 22 |
| &nbsp;&nbsp;&nbsp;Passenger Airlines | 9 | 29 |  |  | 38 |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 28 | 149 |  |  | 177 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 826 | 725 |  |  | 1551 |
| &nbsp;&nbsp;&nbsp;Professional Services | 204 | 127 |  |  | 331 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 55 | 63 |  |  | 118 |
| &nbsp;&nbsp;&nbsp;Residential REITs | 88 |  |  |  | 88 |
| &nbsp;&nbsp;&nbsp;Retail REITs | 77 | 31 |  |  | 108 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 4128 | 276 |  |  | 4404 |
| &nbsp;&nbsp;&nbsp;Software | 3553 | 205 |  |  | 3758 |
| &nbsp;&nbsp;&nbsp;Specialized REITs | 246 |  |  |  | 246 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 586 | 53 |  |  | 639 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 2191 | 10 |  |  | 2201 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 80 | 236 |  |  | 316 |
| &nbsp;&nbsp;&nbsp;Tobacco | 196 | 82 |  |  | 278 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 135 | 45 |  |  | 180 |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 38 |  |  | 38 |
| &nbsp;&nbsp;&nbsp;Water Utilities | 20 | 11 |  |  | 31 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 72 | 18 |  |  | 90 |
| **Total Common Stocks** | **32767** | **8417** | **—** | **†** | **41184** |
| **Rights** |  |  |  |  |  |
| **Warrants** |  |  |  | † |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 9288 |  |  |  | 9288 |
| **Foreign Currency Forward Exchange Contracts** |  | 486 |  |  | 486 |
| **Futures Contracts** | 20 |  |  |  | 20 |
| **Total Return Swap Agreements** |  | 487 |  |  | 487 |
| **Total Assets** | **42075** | **43014** | **—** | **†** | **85089** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward Exchange Contracts** |  | (455) |  |  | (455) |
| **Futures Contracts** | (18) |  |  |  | (18) |
| **Total Return Swap Agreement** |  | (4 |  |  | (4 |
| **Total Liabilities** | **(18)** | **(459** | **—** |  | **(477** |
| **Total** | $**42057** | $**42555** | $**—** | **†** | $**84612** |

---

† Includes
one or more securities valued at zero.

---

| | |
|:---|:---|
| @ | Value is less than $500. |

---

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | |
|:---|:---|:---|
| **Global Strategist** | **Common<br> Stocks<br> (000)** | **Warrants<br> (000)** |
| **Beginning Balance** | $— | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $— | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— | $— |

---

†† Includes one or more securities valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |  |
| **Growth** | | | |  | |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles | $61110 | $— | $— |  | $61110 |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 13722 |  |  |  | 13722 |  |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 36547 |  |  |  | 36547 |  |
| &nbsp;&nbsp;&nbsp;Capital Markets | 10207 |  |  |  | 10207 |  |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  |  |  | † |  | † |
| &nbsp;&nbsp;&nbsp;Entertainment | 59443 |  |  |  | 59443 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 72330 |  |  |  | 72330 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 39268 |  |  |  | 39268 |  |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 182692 |  |  |  | 182692 |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 36125 |  |  |  | 36125 |  |
| &nbsp;&nbsp;&nbsp;Software | 183128 |  |  |  | 183128 |  |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 41982 |  |  |  | 41982 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 35029 |  |  |  | 35029 |  |
| **Total Common Stocks** | **771583** | **—** | **—** | **†** | **771583** | **†** |
| **Preferred Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial Services |  |  | 1617 |  | 1617 |  |
| &nbsp;&nbsp;&nbsp;Software |  |  | 16801 |  | 16801 |  |
| **Total Preferred Stocks** | **—** | **—** | **18418** |  | **18418** |  |
| **Investment Company** | 22870 |  |  |  | 22870 |  |
| **Call Options Purchased** |  | 385 |  |  | 385 |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 31617 |  |  |  | 31617 |  |
| **Total Assets** | $**826070** | $**385** | $**18418** | **†** | $**844873** | **†** |

---

† Includes
a security valued at zero.

Morgan Stanley Variable Insurance Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | |
|:---|:---|:---|
| **Growth** | **Common<br> Stock<br> (000)** | **Preferred<br> Stocks<br> (000)** |
| **Beginning Balance** | $— | $15472 |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  | 2946 |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $18418 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $— | $2946 |

---

† Includes
a security valued at zero.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Growth** | **Fair Value at<br> September 30, 2025<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Range/<br> Weighted Average** | **Impact to<br> Valuation from an<br> Increase in Input\*** |
| Preferred Stocks | $18418 | Market Transaction Method | Precedent Transaction | $4.08-$150.00/$135.36 | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 13.5%-16.5%/14.6% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.0%-4.0%/3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 1.5x-35.1x/11.4x | Increase |
|  |  |  | Discount for Lack of Marketability | 8.0%-15.0%/14.5% | Decrease |

---

\* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MORGAN STANLEY VARIABLE INSURANCE FUND INC.

- **b. Investment Company Act file number:** 811-07607

- **c. CIK number of Registrant:** 0001011378

- **d. LEI of Registrant:** KRX6WCBD0RZHNUHCX346

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

  - **Street Address 1:** 1585 Broadway

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-869-6397

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

- **a. Name of Series:** Global Strategist Portfolio

- **b. EDGAR series identifier (if any):** S000004181

- **c. LEI of Series:** 54930060BDYEN0LP3272

**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:** $109654721.80

**Total Liabilities:** $25532682.22

**Net Assets:** $84122039.58

**Amount of Assets Invested in Other Investment Companies:** $1967299.21

**Cash Not Reported:** $415215.51

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -43.24000000 | **1-Year:** -518.87000000 | **5-Year:** -2537.17000000 | **10-Year:** -2480.44000000 | **30-Year:** -323.81000000

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

- **3-Month:** -1.07000000 | **1-Year:** -30.31000000 | **5-Year:** -103.68000000 | **10-Year:** -86.14000000 | **30-Year:** -10.34000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000097939 | -0.21%               | 2.38%                | 2.22%                |
| Class ID C000011764 | -0.11%               | 2.35%                | 2.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $135001.70               | $-373863.90                                |
| Month 2  | $36216.55                | $1335511.37                                |
| Month 3  | $96770.07                | $1255958.70                                |

**Designated Index Information**

- **Index Name:** Blended: (60% MSCI ACWI / 40% BBG Global Aggregate Index)

- **Index Identifier:** MSAWIF_A_BBG_GA

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UBS AG                                                                              | Long: 1343562   TRS USD R E II9117500250923 EQUITYTRS / Short: 1343562   TRS USD P V 00MSOFR II1049580250923 EQUITYTRS      | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | GB        |    1761290 | OU      | $-2756.52     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                                                         | Honeywell International Inc                                                                                                 | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |        355 | NS      | $74727.50     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEENSLAND TREASURY CORP                                                            | Queensland Treasury Corp                                                                                                    | CUSIP: 000000000<br>LEI: 98INKCEEHOU5YJS0HQ88 | Long             | DBT              | NUSS              | AU        |     100000 | PA      | $117080.00    | 0.14%             | 2035-05-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd                                                  | Hong Kong Exchanges & Clearing Ltd                                                                                          | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |        206 | NS      | $11694.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedish Orphan Biovitrum AB                                                         | Swedish Orphan Biovitrum AB                                                                                                 | CUSIP: 000000000<br>LEI: 549300124Y3MQI87PT35 | Long             | EC               | CORP              | SE        |        116 | NS      | $3545.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nemetschek SE                                                                       | Nemetschek SE                                                                                                               | CUSIP: 000000000<br>LEI: 529900R0S2IX1S358J38 | Long             | EC               | CORP              | DE        |         34 | NS      | $4437.05      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH COL INV                                                                     | British Columbia Investment Management Corp                                                                                 | CUSIP: 110610AD4<br>LEI: 549300C74Y46JUAO4N13 | Long             | DBT              | NUSS              | CA        |     200000 | PA      | $146205.36    | 0.17%             | 2035-06-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3138Y6Y40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      15414 | PA      | $15362.91     | 0.02%             | 2044-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EQT Corp                                                                            | EQT Corp                                                                                                                    | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |        321 | NS      | $17472.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group NV                                                            | Universal Music Group NV                                                                                                    | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |        646 | NS      | $18667.76     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordson Corp                                                                        | Nordson Corp                                                                                                                | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |         30 | NS      | $6808.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                                                   | EURO-BOBL FUTURE DEC25                                                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -7 | NC      | $-90.72       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc                                                                    | Pure Storage Inc                                                                                                            | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |        131 | NS      | $10979.11     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                                                              | Equitable Holdings Inc                                                                                                      | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |        169 | NS      | $8581.82      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE                                                 | LVMH Moet Hennessy Louis Vuitton SE                                                                                         | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |        151 | NS      | $92922.59     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Jabil Inc                                                                           | Jabil Inc                                                                                                                   | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |         59 | NS      | $12813.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingfisher PLC                                                                      | Kingfisher PLC                                                                                                              | CUSIP: 000000000<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |       1048 | NS      | $4365.72      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BOC Hong Kong Holdings Ltd                                                          | BOC Hong Kong Holdings Ltd                                                                                                  | CUSIP: 000000000<br>LEI: 254900JB98W77JDJMW15 | Long             | EC               | CORP              | HK        |        640 | NS      | $2998.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP SA                                                                              | EDP SA                                                                                                                      | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |       1621 | NS      | $7693.21      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                                                                   | Cisco Systems Inc                                                                                                           | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |       2164 | NS      | $148060.88    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED JPY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | JP        |          1 | NC      | $-387.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| L E Lundbergforetagen AB                                                            | L E Lundbergforetagen AB                                                                                                    | CUSIP: 000000000<br>LEI: 529900BPSFZS6O3A9R04 | Long             | EC               | CORP              | SE        |         46 | NS      | $2390.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OMV AG                                                                              | OMV AG                                                                                                                      | CUSIP: 000000000<br>LEI: 549300V62YJ9HTLRI486 | Long             | EC               | CORP              | AT        |         93 | NS      | $4968.78      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce Inc                                                                      | Salesforce Inc                                                                                                              | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |        517 | NS      | $122529.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED JPY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | JP        |          1 | NC      | $-4278.92     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Intuit Inc                                                                          | Intuit Inc                                                                                                                  | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |        152 | NS      | $103802.32    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                                                       | Dynatrace Inc                                                                                                               | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |        163 | NS      | $7897.35      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America NA                                                                  | PURCHASED JPY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | JP        |          1 | NC      | $-52.34       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dow Inc                                                                             | Dow Inc                                                                                                                     | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |        396 | NS      | $9080.28      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP                                                              | Bank of New York Mellon Corp/The                                                                                            | CUSIP: 06406RBW6<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      75000 | PA      | $77345.13     | 0.09%             | 2035-03-14      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Imperial Brands PLC                                                                 | Imperial Brands PLC                                                                                                         | CUSIP: 000000000<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |        459 | NS      | $19498.96     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Washington H Soul Pattinson & Co Ltd                                                | Washington H Soul Pattinson & Co Ltd                                                                                        | CUSIP: 000000000<br>LEI: 254900CV4BQYQLH2KI62 | Long             | EC               | CORP              | AU        |        133 | NS      | $3386.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Basic-Fit NV                                                                        | Basic-Fit NV                                                                                                                | CUSIP: 000000000<br>LEI: 724500HUXGTQC07CAZ61 | Long             | EC               | CORP              | NL        |        788 | NS      | $23987.37     | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |      30000 | PA      | $4934.88      | 0.01%             | 2052-10-25      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                                                        | New Zealand Government Bonds                                                                                                | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |      40000 | PA      | $23479.78     | 0.03%             | 2034-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LEG Immobilien SE                                                                   | LEG Immobilien SE                                                                                                           | CUSIP: 000000000<br>LEI: 391200SO40AKONBO0Z96 | Long             | EC               | CORP              | DE        |         44 | NS      | $3506.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sigma Healthcare Ltd                                                                | Sigma Healthcare Ltd                                                                                                        | CUSIP: 000000000<br>LEI: 529900BZSP3BK7GYAO50 | Long             | EC               | CORP              | AU        |       2573 | NS      | $5052.87      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| L3Harris Technologies Inc                                                           | L3Harris Technologies Inc                                                                                                   | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |        103 | NS      | $31457.23     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp                                                                   | Hyatt Hotels Corp                                                                                                           | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |         23 | NS      | $3264.39      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp                                                             | Zebra Technologies Corp                                                                                                     | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |         28 | NS      | $8320.48      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kone Oyj                                                                            | Kone Oyj                                                                                                                    | CUSIP: 000000000<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |        197 | NS      | $13437.20     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Warner Bros Discovery Inc                                                           | Warner Bros Discovery Inc                                                                                                   | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |       1295 | NS      | $25291.35     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED JPY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |          1 | NC      | $-962.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BT Group PLC                                                                        | BT Group PLC                                                                                                                | CUSIP: 000000000<br>LEI: 213800LRO7NS5CYQMN21 | Long             | EC               | CORP              | GB        |       3495 | NS      | $8991.57      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United Parcel Service Inc                                                           | United Parcel Service Inc                                                                                                   | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |        411 | NS      | $34330.83     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                             | Mexican Bonos                                                                                                               | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    1000000 | PA      | $51716.88     | 0.06%             | 2034-11-23      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Nokia Oyj                                                                           | Nokia Oyj                                                                                                                   | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |       3182 | NS      | $15301.59     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                                                                   | Galderma Group AG                                                                                                           | CUSIP: 000000000<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |         66 | NS      | $11668.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollar General Corp                                                                 | Dollar General Corp                                                                                                         | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |        121 | NS      | $12505.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Clear (Futures)                                                                 | AUST 10Y BOND FUT DEC25                                                                                                     | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         -6 | NC      | $1365.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                              | Verizon Communications Inc                                                                                                  | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      50000 | PA      | $45471.89     | 0.05%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Blackrock Inc                                                                       | Blackrock Inc                                                                                                               | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |         82 | NS      | $95601.34     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED CAD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CA        |          1 | NC      | $-1497.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Accenture PLC                                                                       | Accenture PLC                                                                                                               | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |        347 | NS      | $85570.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc                                        | BAMLL Trust 2024-BHP                                                                                                        | CUSIP: 05493WAA0<br>LEI: 5493001M1XQ4INMTAE48 | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $200915.78    | 0.24%             | 2039-08-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Equity Residential                                                                  | Equity Residential                                                                                                          | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |        200 | NS      | $12946.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                                                   | Italy Buoni Poliennali Del Tesoro                                                                                           | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     210000 | PA      | $260547.20    | 0.31%             | 2030-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| L'Oreal SA                                                                          | L'Oreal SA                                                                                                                  | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |        134 | NS      | $58221.29     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Telecom Italia SpA/Milano                                                           | Telecom Italia SpA/Milano                                                                                                   | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | EC               | CORP              | IT        |       2079 | NS      | $1089.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMETEK Inc                                                                          | AMETEK Inc                                                                                                                  | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |        127 | NS      | $23876.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chase Mortgage Finance Corporation                                                  | Chase Home Lending Mortgage Trust 2024-8                                                                                    | CUSIP: 16159XAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     140424 | PA      | $141466.58    | 0.17%             | 2055-08-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Fidelity National Financial Inc                                                     | Fidelity National Financial Inc                                                                                             | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |        147 | NS      | $8892.03      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                                                    | PURCHASED USD / SOLD AUD                                                                                                    | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $244.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Saab AB                                                                             | Saab AB                                                                                                                     | CUSIP: 000000000<br>LEI: 549300ZHO4JCQQI13M69 | Long             | EC               | CORP              | SE        |        183 | NS      | $11243.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc                                                      | American Electric Power Co Inc                                                                                              | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |        297 | NS      | $33412.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED CHF / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CH        |          1 | NC      | $-9.27        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Co                                                                   | General Motors Co                                                                                                           | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |        537 | NS      | $32740.89     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp                                                                | Western Digital Corp                                                                                                        | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |        190 | NS      | $22811.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Boliden AB                                                                          | Boliden AB                                                                                                                  | CUSIP: 000000000<br>LEI: 21380059QU7IM1ONDJ56 | Long             | EC               | CORP              | SE        |        163 | NS      | $6653.39      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| European Residential Loan Securitization                                            | European Residential Loan Securitisation 2019-NPL1 DAC                                                                      | CUSIP: 000000000<br>LEI: 635400NCOLE2BYYWTZ86 | Long             | ABS-O            | CORP              | IE        |      34672 | PA      | $41021.20     | 0.05%             | 2054-07-24      | Floating      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                                                         | Alnylam Pharmaceuticals Inc                                                                                                 | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |         72 | NS      | $32832.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp                                                                 | Barrick Mining Corp                                                                                                         | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |        906 | NS      | $29757.32     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VONTIER CORP                                                                        | Vontier Corp                                                                                                                | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |      50000 | PA      | $47591.09     | 0.06%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Spain Government Bonds                                                              | Spain Government Bonds                                                                                                      | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |      20000 | PA      | $23128.21     | 0.03%             | 2054-10-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Amundi SA                                                                           | Amundi SA                                                                                                                   | CUSIP: 000000000<br>LEI: 96950010FL2T1TJKR531 | Long             | EC               | CORP              | FR        |         34 | NS      | $2702.14      | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Teledyne Technologies Inc                                                           | Teledyne Technologies Inc                                                                                                   | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |         26 | NS      | $15237.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                                                         | Vistra Corp                                                                                                                 | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |        183 | NS      | $35853.36     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED CAD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CA        |          1 | NC      | $-33.06       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                    | PURCHASED CAD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CA        |          1 | NC      | $-618.09      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Welltower Inc                                                                       | Welltower Inc                                                                                                               | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |        363 | NS      | $64664.82     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Washington Inc                                          | Expeditors International of Washington Inc                                                                                  | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |         77 | NS      | $9439.43      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Australia Government Bonds                                                          | Australia Government Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     190000 | PA      | $106088.83    | 0.13%             | 2032-05-21      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| KBC Group NV                                                                        | KBC Group NV                                                                                                                | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |        137 | NS      | $16417.95     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Genuine Parts Co                                                                    | Genuine Parts Co                                                                                                            | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |         77 | NS      | $10672.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                                                            | MSCI Inc                                                                                                                    | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |         43 | NS      | $24398.63     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SKF AB                                                                              | SKF AB                                                                                                                      | CUSIP: 000000000<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |        200 | NS      | $4974.24      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chipotle Mexican Grill Inc                                                          | Chipotle Mexican Grill Inc                                                                                                  | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        753 | NS      | $29510.07     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hungary Government International Bonds                                              | Hungary Government International Bonds                                                                                      | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     200000 | PA      | $214736.14    | 0.26%             | 2032-09-22      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FDJ UNITED                                                                          | FDJ UNITED                                                                                                                  | CUSIP: 000000000<br>LEI: 969500R4CLSQFTYYI535 | Long             | EC               | CORP              | FR        |         61 | NS      | $2045.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ONTARIO (PROVINCE OF)                                                               | Province of Ontario Canada                                                                                                  | CUSIP: 000000000<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |     100000 | PA      | $117162.85    | 0.14%             | 2035-07-03      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Volvo AB                                                                            | Volvo AB                                                                                                                    | CUSIP: 000000000<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |        942 | NS      | $27089.64     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                                                                       | Beiersdorf AG                                                                                                               | CUSIP: 000000000<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |         59 | NS      | $6173.52      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Progressive Corp/The                                                                | Progressive Corp/The                                                                                                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |        323 | NS      | $79764.85     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                                                         | Jack Henry & Associates Inc                                                                                                 | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |         40 | NS      | $5957.20      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                                                                           | Pool Corp                                                                                                                   | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |         20 | NS      | $6201.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                                                           | Argenx SE                                                                                                                   | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |         36 | NS      | $26598.60     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| American Water Works Co Inc                                                         | American Water Works Co Inc                                                                                                 | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |        109 | NS      | $15171.71     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                                                                      | Atlassian Corp                                                                                                              | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |         89 | NS      | $14213.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                                                          | Vertex Pharmaceuticals Inc                                                                                                  | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |        142 | NS      | $55612.88     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY INC                                                               | Micron Technology Inc                                                                                                       | CUSIP: 595112CD3<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     200000 | PA      | $207025.37    | 0.25%             | 2031-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                 | Dominion Energy Inc                                                                                                         | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |        474 | NS      | $28994.58     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                                                          | Mondelez International Inc                                                                                                  | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |        722 | NS      | $45103.34     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                                                                            | Okta Inc                                                                                                                    | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |         92 | NS      | $8436.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                                       | PURCHASED USD / SOLD EUR                                                                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $4.40         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EXPORT-IMPORT BANK KOREA                                                            | Export-Import Bank of Korea                                                                                                 | CUSIP: 302154DF3<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |     200000 | PA      | $197569.69    | 0.23%             | 2026-02-09      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                                              | JW Commercial Mortgage Trust 2024-MRCO                                                                                      | CUSIP: 46657XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100440.98    | 0.12%             | 2039-06-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                                                   | Kinder Morgan Inc                                                                                                           | CUSIP: 49456BBB6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103182.21    | 0.12%             | 2030-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                                                  | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1                                                               | CUSIP: 35563PHZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      73795 | PA      | $64274.56     | 0.08%             | 2058-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp                                                                  | Union Pacific Corp                                                                                                          | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |        329 | NS      | $77765.73     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Skanska AB                                                                          | Skanska AB                                                                                                                  | CUSIP: 000000000<br>LEI: 549300UINV5RINHGMG07 | Long             | EC               | CORP              | SE        |        200 | NS      | $5191.18      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd                                                              | Aristocrat Leisure Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |        315 | NS      | $14582.44     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                   | Johnson & Johnson                                                                                                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       1337 | NS      | $247906.54    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED SGD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | SG        |          1 | NC      | $-23.39       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REA Group Ltd                                                                       | REA Group Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 894500KA4UBDATOFPN36 | Long             | EC               | CORP              | AU        |         29 | NS      | $4434.63      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Realty Income Corp                                                                  | Realty Income Corp                                                                                                          | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               |  | US        |        504 | NS      | $30638.16     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                                                     | McDonald's Corp                                                                                                             | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |        394 | NS      | $119732.66    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                                                          | NetApp Inc                                                                                                                  | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |        107 | NS      | $12675.22     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                                                         | BNP Paribas SA                                                                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     225000 | PA      | $262323.87    | 0.31%             | 2026-06-11      | Fixed         | 1.13%                 | Yes           |                  2 | On Loan: No      |
| ASX Ltd                                                                             | ASX Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 549300VSBVYUCBIQKT71 | Long             | EC               | CORP              | AU        |        108 | NS      | $4185.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD EUR                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-8984.40     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                                                            | Rolls-Royce Holdings PLC                                                                                                    | CUSIP: 000000000<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |       4991 | NS      | $80226.55     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                                     | BAE Systems PLC                                                                                                             | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |       1741 | NS      | $48463.20     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken Holding NV                                                                 | Heineken Holding NV                                                                                                         | CUSIP: 000000000<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |         77 | NS      | $5287.07      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                                                              | UnitedHealth Group Inc                                                                                                      | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |        504 | NS      | $174031.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Snam SpA                                                                            | Snam SpA                                                                                                                    | CUSIP: 000000000<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |        396 | NS      | $2377.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                                                         | CUSIP: 91282CHC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     720000 | PA      | $691706.25    | 0.82%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BP PLC                                                                              | BP PLC                                                                                                                      | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |       9398 | NS      | $53960.02     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Canada                                                             | National Bank of Canada                                                                                                     | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |        209 | NS      | $22200.52     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                                                                       | Clorox Co/The                                                                                                               | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |         69 | NS      | $8507.70      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Montreal                                                                    | Bank of Montreal                                                                                                            | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               | CORP              | CA        |        381 | NS      | $49647.45     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Stora Enso Oyj                                                                      | Stora Enso Oyj                                                                                                              | CUSIP: 000000000<br>LEI: 7437000ZP669LKUTZ738 | Long             | EC               | CORP              | FI        |        329 | NS      | $3620.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cochlear Ltd                                                                        | Cochlear Ltd                                                                                                                | CUSIP: 000000000<br>LEI: 5493001OLLWY8KV5UC08 | Long             | EC               | CORP              | AU        |         36 | NS      | $6634.29      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Molson Coors Beverage Co                                                            | Molson Coors Beverage Co                                                                                                    | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |         99 | NS      | $4479.75      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Toromont Industries Ltd                                                             | Toromont Industries Ltd                                                                                                     | CUSIP: 891102105<br>LEI: 5493008W5EPRSLQ0B737 | Long             | EC               | CORP              | CA        |         43 | NS      | $4774.28      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                                                     | ASML Holding NV                                                                                                             | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |        237 | NS      | $231119.30    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International Inc                                                     | Philip Morris International Inc                                                                                             | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |        851 | NS      | $138032.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                                                                  | United Rentals Inc                                                                                                          | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |         36 | NS      | $34367.76     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                                                                     | Brookfield Corp                                                                                                             | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |        721 | NS      | $49470.64     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Cellulosa AB SCA                                                            | Svenska Cellulosa AB SCA                                                                                                    | CUSIP: 000000000<br>LEI: 549300FW5JDRV1IJ0M67 | Long             | EC               | CORP              | SE        |        355 | NS      | $4698.96      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KOREA SOUTHERN POWER                                                                | Korea Southern Power Co Ltd                                                                                                 | CUSIP: 50065AAC8<br>LEI: 9884001B6VSIQS4ZY558 | Long             | DBT              | CORP              | KR        |     200000 | PA      | $197773.90    | 0.24%             | 2026-01-27      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp                                                | International Business Machines Corp                                                                                        | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |        513 | NS      | $144748.08    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC                                                        | British American Tobacco PLC                                                                                                | CUSIP: 000000000<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |       1195 | NS      | $63558.79     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG                                              | Chocoladefabriken Lindt & Spruengli AG                                                                                      | CUSIP: 000000000<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |          1 | NS      | $15288.68     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Pentair PLC                                                                         | Pentair PLC                                                                                                                 | CUSIP: 000000000<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |         91 | NS      | $10079.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Land Securities Group PLC                                                           | Land Securities Group PLC                                                                                                   | CUSIP: 000000000<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               |  | GB        |        413 | NS      | $3239.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                                                                 | Macquarie Group Ltd                                                                                                         | CUSIP: 000000000<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |        199 | NS      | $28884.84     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED THB / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TH        |          1 | NC      | $69794.57     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3140XBNR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     350033 | PA      | $323784.10    | 0.38%             | 2051-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3140A12P1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      17171 | PA      | $17804.75     | 0.02%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp                                                                  | Valero Energy Corp                                                                                                          | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |        172 | NS      | $29284.72     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                                                                       | Amphenol Corp                                                                                                               | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |        657 | NS      | $81303.75     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                                                    | Wells Fargo & Co                                                                                                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |       1785 | NS      | $149618.70    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                                                                 | Northern Trust Corp                                                                                                         | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |        107 | NS      | $14402.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                                                                           | News Corp                                                                                                                   | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |        210 | NS      | $6449.10      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP                                                                | Las Vegas Sands Corp                                                                                                        | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      25000 | PA      | $26046.01     | 0.03%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED USD / SOLD AUD                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $-748.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                                                             | Marathon Petroleum Corp                                                                                                     | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |        169 | NS      | $32573.06     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED MXN / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | MX        |          1 | NC      | $17.41        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bundesrepublik Deutschland Bundesanleihe                                            | Bundesrepublik Deutschland Bundesanleihe                                                                                    | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |     340000 | PA      | $342720.79    | 0.41%             | 2054-08-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Revvity Inc                                                                         | Revvity Inc                                                                                                                 | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |         65 | NS      | $5697.25      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CZECH REPUBLIC                                                                      | Czech Republic Government Bond                                                                                              | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    1100000 | PA      | $45596.79     | 0.05%             | 2031-03-13      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Scentre Group                                                                       | Scentre Group                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |       2894 | NS      | $7806.21      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD JPY                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $16396.66     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Straumann Holding AG                                                                | Straumann Holding AG                                                                                                        | CUSIP: 000000000<br>LEI: 50670046ML5FVIM60Z37 | Long             | EC               | CORP              | CH        |         63 | NS      | $6753.95      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Telecommunications Ltd                                                    | Singapore Telecommunications Ltd                                                                                            | CUSIP: 000000000<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |       3624 | NS      | $11586.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding AG                                                           | Partners Group Holding AG                                                                                                   | CUSIP: 000000000<br>LEI: 549300I3IVVWZWDHI788 | Long             | EC               | CORP              | CH        |         13 | NS      | $17009.33     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                                                                  | NextEra Energy Inc                                                                                                          | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |       1160 | NS      | $87568.40     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                                       | PURCHASED EUR / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |          1 | NC      | $-1.33        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings Inc                                                       | Hilton Worldwide Holdings Inc                                                                                               | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |        131 | NS      | $33986.64     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                                                                        | WP Carey Inc                                                                                                                | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               |  | US        |        122 | NS      | $8243.54      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                                                             | UDR Inc                                                                                                                     | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               |  | US        |        175 | NS      | $6520.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BPER Banca SPA                                                                      | BPER Banca SPA                                                                                                              | CUSIP: 000000000<br>LEI: N747OI7JINV7RUUH6190 | Long             | EC               | CORP              | IT        |        198 | NS      | $2202.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| General Mills Inc                                                                   | General Mills Inc                                                                                                           | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |        304 | NS      | $15327.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                                                                       | DR Horton Inc                                                                                                               | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |        152 | NS      | $25759.44     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                                                         | Paychex Inc                                                                                                                 | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |        179 | NS      | $22690.04     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - SCRT                                                                  | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-2                                                               | CUSIP: 35563PFA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      69149 | PA      | $60556.83     | 0.07%             | 2057-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tesco PLC                                                                           | Tesco PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |       3975 | NS      | $23824.89     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Interactive Brokers Group Inc                                                       | Interactive Brokers Group Inc                                                                                               | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |        237 | NS      | $16307.97     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INDONESIA GOVERNMENT                                                                | Indonesia Treasury Bond                                                                                                     | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 1646000000 | PA      | $112308.26    | 0.13%             | 2034-03-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                            | Lloyds Banking Group PLC                                                                                                    | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $129608.49    | 0.15%             | 2028-04-12      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Continental AG                                                                      | Continental AG                                                                                                              | CUSIP: 000000000<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |         66 | NS      | $4366.29      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Terna - Rete Elettrica Nazionale                                                    | Terna - Rete Elettrica Nazionale                                                                                            | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |        276 | NS      | $2800.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED USD / SOLD TRY                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-3011.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mowi ASA                                                                            | Mowi ASA                                                                                                                    | CUSIP: 000000000<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |        287 | NS      | $6071.66      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger NV                                                                     | Schlumberger NV                                                                                                             | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |        821 | NS      | $28217.77     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sembcorp Industries Ltd                                                             | Sembcorp Industries Ltd                                                                                                     | CUSIP: 000000000<br>LEI: 254900J0FF14U6TPQM96 | Long             | EC               | CORP              | SG        |        433 | NS      | $2023.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zscaler Inc                                                                         | Zscaler Inc                                                                                                                 | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |         54 | NS      | $16181.64     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Lufthansa AG                                                               | Deutsche Lufthansa AG                                                                                                       | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | EC               | CORP              | DE        |        355 | NS      | $3012.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Airlines Ltd                                                              | Singapore Airlines Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 549300ZG62N2599PWR15 | Long             | EC               | CORP              | SG        |        718 | NS      | $3629.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                              | PURCHASED CAD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CA        |          1 | NC      | $-626.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie Inc                                                                          | AbbVie Inc                                                                                                                  | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |        980 | NS      | $226909.20    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                                                                   | Tractor Supply Co                                                                                                           | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |        293 | NS      | $16662.91     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc                                                       | Universal Health Services Inc                                                                                               | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |         32 | NS      | $6542.08      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Insurance Australia Group Ltd                                                       | Insurance Australia Group Ltd                                                                                               | CUSIP: 000000000<br>LEI: 549300PFEWKNHRG25N08 | Long             | EC               | CORP              | AU        |       1314 | NS      | $7120.22      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                                                                  | Publicis Groupe SA                                                                                                          | CUSIP: 000000000<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |        125 | NS      | $12029.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED MXN / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | MX        |          1 | NC      | $1.55         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ball Corp                                                                           | Ball Corp                                                                                                                   | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |        147 | NS      | $7411.74      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC                                                     | Seagate Technology Holdings PLC                                                                                             | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |        114 | NS      | $26910.84     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED USD / SOLD TWD                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $152.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wesfarmers Ltd                                                                      | Wesfarmers Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |        630 | NS      | $38324.99     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Check Point Software Technologies Ltd                                               | Check Point Software Technologies Ltd                                                                                       | CUSIP: 000000000<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |         51 | NS      | $10552.41     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                                                        | Unilever PLC                                                                                                                | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |       1508 | NS      | $89135.75     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Products and Chemicals Inc                                                      | Air Products and Chemicals Inc                                                                                              | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |        123 | NS      | $33544.56     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY CORP VICTORIA                                                              | Treasury Corp of Victoria                                                                                                   | CUSIP: 000000000<br>LEI: 549300ZJM7BQW1P9UV75 | Long             | DBT              | NUSS              | AU        |     389000 | PA      | $216253.11    | 0.26%             | 2033-09-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                                                         | PURCHASED USD / SOLD CAD                                                                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-237.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                                      | Commonwealth Bank of Australia                                                                                              | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |        914 | NS      | $100936.24    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3138WELB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      75670 | PA      | $73033.05     | 0.09%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd                                                              | Singapore Exchange Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |        400 | NS      | $5134.96      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ventas Inc                                                                          | Ventas Inc                                                                                                                  | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |        251 | NS      | $17567.49     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd                                                                   | ARC Resources Ltd                                                                                                           | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |        308 | NS      | $5616.90      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 31414AYQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       3592 | PA      | $3776.54      | 0.00%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Ltd                                                                       | Rio Tinto Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 529900X2VMAQT2PE0V24 | Long             | EC               | CORP              | AU        |        207 | NS      | $16697.24     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                                                                   | Sonova Holding AG                                                                                                           | CUSIP: 000000000<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |         29 | NS      | $7954.88      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                                             | Freddie Mac Whole Loan Securities Trust                                                                                     | CUSIP: 3137G1BK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      25860 | PA      | $22283.02     | 0.03%             | 2046-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAP SE                                                                              | SAP SE                                                                                                                      | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |        622 | NS      | $166551.30    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Tradeweb Markets Inc                                                                | Tradeweb Markets Inc                                                                                                        | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         65 | NS      | $7213.70      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp                                                                 | Tourmaline Oil Corp                                                                                                         | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |        193 | NS      | $8323.53      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amadeus IT Group SA                                                                 | Amadeus IT Group SA                                                                                                         | CUSIP: 000000000<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |        150 | NS      | $11923.46     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Borsa Italiana SpA                                                                  | FTSE/MIB IDX FUT DEC25                                                                                                      | CUSIP: 000000000<br>LEI: 8156005391EE905D3124 | N/A              | DE               |  | IT        |          1 | NC      | $-563.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                                                   | EURO-BUND FUTURE DEC25                                                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -5 | NC      | $-3464.14     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Acciona SA                                                                          | Acciona SA                                                                                                                  | CUSIP: 000000000<br>LEI: 54930002KP75TLLLNO21 | Long             | EC               | CORP              | ES        |          8 | NS      | $1607.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Life Holding AG                                                               | Swiss Life Holding AG                                                                                                       | CUSIP: 000000000<br>LEI: 5493000KUC3Z24U77V93 | Long             | EC               | CORP              | CH        |         16 | NS      | $17273.78     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ASR Nederland NV                                                                    | ASR Nederland NV                                                                                                            | CUSIP: 000000000<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |         88 | NS      | $5988.34      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED TRY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TR        |          1 | NC      | $1318.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                                                  | PURCHASED ILS / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | IL        |          1 | NC      | $48.04        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                        | Thermo Fisher Scientific Inc                                                                                                | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |        209 | NS      | $101369.18    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                                                               | Costco Wholesale Corp                                                                                                       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |        245 | NS      | $226779.35    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                                                                   | Expedia Group Inc                                                                                                           | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |         67 | NS      | $14321.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED HKD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | HK        |          1 | NC      | $-32.71       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3138A4JG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       1768 | PA      | $1802.92      | 0.00%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Holcim AG                                                                           | Holcim AG                                                                                                                   | CUSIP: 000000000<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |        299 | NS      | $25512.02     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Endesa SA                                                                           | Endesa SA                                                                                                                   | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |        105 | NS      | $3355.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cloudflare Inc                                                                      | Cloudflare Inc                                                                                                              | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |        163 | NS      | $34978.17     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                                       | PURCHASED USD / SOLD EUR                                                                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $0.93         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Everest Group Ltd                                                                   | Everest Group Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |         24 | NS      | $8405.52      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF CHILE                                                                   | Chile Government International Bond                                                                                         | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      30000 | PA      | $35320.05     | 0.04%             | 2035-07-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Carrefour SA                                                                        | Carrefour SA                                                                                                                | CUSIP: 000000000<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |        325 | NS      | $4925.30      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MTR Corp Ltd                                                                        | MTR Corp Ltd                                                                                                                | CUSIP: 000000000<br>LEI: 254900IH4U9NHH9AQM97 | Long             | EC               | CORP              | HK        |        256 | NS      | $866.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc/Canada                                                   | Constellation Software Inc/Canada                                                                                           | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |         11 | NS      | $29861.16     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                                                               | Uber Technologies Inc                                                                                                       | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |       1094 | NS      | $107179.18    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Aeroports de Paris SA                                                               | Aeroports de Paris SA                                                                                                       | CUSIP: 000000000<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |         19 | NS      | $2517.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Brown-Forman Corp                                                                   | Brown-Forman Corp                                                                                                           | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |        106 | NS      | $2870.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                                                        | Teradyne Inc                                                                                                                | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |         87 | NS      | $11974.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CLP Holdings Ltd                                                                    | CLP Holdings Ltd                                                                                                            | CUSIP: 000000000<br>LEI: 25490002BUTSMP94GO68 | Long             | EC               | CORP              | HK        |        284 | NS      | $2349.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel SA                                                                            | Rexel SA                                                                                                                    | CUSIP: 000000000<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |        122 | NS      | $4016.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED CLP / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CL        |          1 | NC      | $-170.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                                                        | CaixaBank SA                                                                                                                | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |     100000 | PA      | $118514.70    | 0.14%             | 2037-03-05      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BKW AG                                                                              | BKW AG                                                                                                                      | CUSIP: 000000000<br>LEI: 549300IE30SKTUO98Q38 | Long             | EC               | CORP              | CH        |         12 | NS      | $2573.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions Corp                                                 | Cognizant Technology Solutions Corp                                                                                         | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |        274 | NS      | $18377.18     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp                                                                         | Keyera Corp                                                                                                                 | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |        123 | NS      | $4126.51      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AddTech AB                                                                          | AddTech AB                                                                                                                  | CUSIP: 000000000<br>LEI: 549300QZ5U2IDRHPWL60 | Long             | EC               | CORP              | SE        |        152 | NS      | $4944.60      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Masco Corp                                                                          | Masco Corp                                                                                                                  | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |        119 | NS      | $8376.41      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                      | BNP Paribas SA                                                                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |        554 | NS      | $50670.39     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Hapoalim BM                                                                    | Bank Hapoalim BM                                                                                                            | CUSIP: 000000000<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |        730 | NS      | $14838.84     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| eBay Inc                                                                            | eBay Inc                                                                                                                    | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |        258 | NS      | $23465.10     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                                                                | WEC Energy Group Inc                                                                                                        | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |        178 | NS      | $20397.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                                                   | EOG Resources Inc                                                                                                           | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |        299 | NS      | $33523.88     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| M&G PLC                                                                             | M&G PLC                                                                                                                     | CUSIP: 000000000<br>LEI: 254900TWUJUQ44TQJY84 | Long             | EC               | CORP              | GB        |       1344 | NS      | $4583.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Arch Capital Group Ltd                                                              | Arch Capital Group Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |        209 | NS      | $18962.57     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                                                               | 3M Co                                                                                                                       | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |        296 | NS      | $45933.28     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                                                            | NIKE Inc                                                                                                                    | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |        651 | NS      | $45394.23     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                                                           | Airbus SE                                                                                                                   | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |        321 | NS      | $74961.82     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Agilent Technologies Inc                                                            | Agilent Technologies Inc                                                                                                    | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |        151 | NS      | $19380.85     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MALAYSIA GOVERNMENT                                                                 | Malaysia Government Bond                                                                                                    | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     390000 | PA      | $93638.75     | 0.11%             | 2032-07-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Shell PLC                                                                           | Shell PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |       3515 | NS      | $125278.08    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| BioMarin Pharmaceutical Inc                                                         | BioMarin Pharmaceutical Inc                                                                                                 | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |        108 | NS      | $5849.28      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc                                                               | TFI International Inc                                                                                                       | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |         42 | NS      | $3696.31      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                                                                       | Owens Corning                                                                                                               | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |         48 | NS      | $6790.08      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3140LVRB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     262725 | PA      | $221716.60    | 0.26%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 31418ECR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     344277 | PA      | $303846.82    | 0.36%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc                                                               | Micron Technology Inc                                                                                                       | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |        597 | NS      | $99890.04     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                                                                | Regency Centers Corp                                                                                                        | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               |  | US        |         96 | NS      | $6998.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                                                           | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $134120.61    | 0.16%             | 2026-11-13      | Fixed         | 2.26%                 | Yes           |                  2 | On Loan: No      |
| Covivio SA/France                                                                   | Covivio SA/France                                                                                                           | CUSIP: 000000000<br>LEI: 969500P8M3W2XX376054 | Long             | EC               |  | FR        |         30 | NS      | $2021.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | Long: 1340215   TRS USD R E II6454740250127 EQUITYTRS / Short: 1340215   TRS USD P V 00MSOFR II4998320250127 EQUITYTRS      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | GB        |    5782376 | OU      | $376562.81    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Bonds                                                                                                         | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     325000 | PA      | $332287.11    | 0.40%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Jeronimo Martins SGPS SA                                                            | Jeronimo Martins SGPS SA                                                                                                    | CUSIP: 000000000<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |        146 | NS      | $3554.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB                                                                   | Industrivarden AB                                                                                                           | CUSIP: 000000000<br>LEI: 549300TM1DLIQI3B3T37 | Long             | EC               | CORP              | SE        |         72 | NS      | $2860.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Burlington Stores Inc                                                               | Burlington Stores Inc                                                                                                       | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |         33 | NS      | $8398.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                                                                | Williams Cos Inc/The                                                                                                        | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |        670 | NS      | $42444.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VAT Group AG                                                                        | VAT Group AG                                                                                                                | CUSIP: 000000000<br>LEI: 529900MVFK7NVALR7Y83 | Long             | EC               | CORP              | CH        |         15 | NS      | $5987.51      | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HubSpot Inc                                                                         | HubSpot Inc                                                                                                                 | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |         27 | NS      | $12630.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED TRY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TR        |          1 | NC      | $58494.37     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TMX Group Ltd                                                                       | TMX Group Ltd                                                                                                               | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |        145 | NS      | $5547.03      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Investment AB Latour                                                                | Investment AB Latour                                                                                                        | CUSIP: 000000000<br>LEI: 5493006GFBLNB3Y0Y789 | Long             | EC               | CORP              | SE        |         87 | NS      | $2065.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                                                                  | Deutsche Boerse AG                                                                                                          | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |        110 | NS      | $29457.01     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Snap-on Inc                                                                         | Snap-on Inc                                                                                                                 | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |         29 | NS      | $10049.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                                                       | Citigroup Inc                                                                                                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       1017 | NS      | $103225.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Mining Ltd                                                                | Evolution Mining Ltd                                                                                                        | CUSIP: 000000000<br>LEI: 254900BCFW5QO5LW8F27 | Long             | EC               | CORP              | AU        |       1123 | NS      | $8005.34      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Prologis Euro Finance LLC                                                           | Prologis Euro Finance LLC                                                                                                   | CUSIP: 74341EAA0<br>LEI: 549300MI5D1784PRQH06 | Long             | DBT              |  | US        |     100000 | PA      | $114127.03    | 0.14%             | 2029-01-05      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Bank Leumi Le-Israel BM                                                             | Bank Leumi Le-Israel BM                                                                                                     | CUSIP: 000000000<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |        873 | NS      | $17200.36     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Randstad NV                                                                         | Randstad NV                                                                                                                 | CUSIP: 000000000<br>LEI: 7245009EAAUUQJ0U4T57 | Long             | EC               | CORP              | NL        |         63 | NS      | $2686.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US 2YR NOTE (CBT) DEC25                                                                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          8 | NC      | $-815.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED USD / SOLD MXN                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-360.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chubb Ltd                                                                           | Chubb Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |        210 | NS      | $59272.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Government Ten Year Bonds                                                     | Japan Government Ten Year Bonds                                                                                             | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   16900000 | PA      | $109962.85    | 0.13%             | 2034-06-20      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Syensqo SA                                                                          | Syensqo SA                                                                                                                  | CUSIP: 000000000<br>LEI: 549300060XNJ90PLNS10 | Long             | EC               | CORP              | BE        |         43 | NS      | $3491.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rational AG                                                                         | Rational AG                                                                                                                 | CUSIP: 000000000<br>LEI: 529900K139N6UFJ1A758 | Long             | EC               | CORP              | DE        |          3 | NS      | $2292.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Omnicom Group Inc                                                                   | Omnicom Group Inc                                                                                                           | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |        108 | NS      | $8805.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                                                             | Sea Ltd                                                                                                                     | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |        186 | NS      | $33243.78     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent PLC                                                                    | Severn Trent PLC                                                                                                            | CUSIP: 000000000<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |        158 | NS      | $5508.91      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Amcor PLC                                                                           | Amcor PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |       1262 | NS      | $10323.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Futures Exchange Ltd.                                                     | HANG SENG IDX FUT OCT25                                                                                                     | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | N/A              | DE               |  | HK        |          1 | NC      | $2349.78      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                                                         | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     460000 | PA      | $462228.13    | 0.55%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                                                        | New Zealand Government Bonds                                                                                                | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |      20000 | PA      | $11739.89     | 0.01%             | 2034-05-15      | Fixed         | 4.25%                 | 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        |        219 | NS      | $44003.67     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKWOOL A/S                                                                        | ROCKWOOL A/S                                                                                                                | CUSIP: 000000000<br>LEI: 213800QRC7LNX935OZ09 | Long             | EC               | CORP              | DK        |         55 | NS      | $2050.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cooper Cos Inc/The                                                                  | Cooper Cos Inc/The                                                                                                          | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |        123 | NS      | $8432.88      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizrahi Tefahot Bank Ltd                                                            | Mizrahi Tefahot Bank Ltd                                                                                                    | CUSIP: 000000000<br>LEI: YZO9YEGEO4VYDZMDWF93 | Long             | EC               | CORP              | IL        |         91 | NS      | $5979.23      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                                                            | CUSIP: 31329Q5L1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      11206 | PA      | $11063.86     | 0.01%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US ULTRA BOND CBT DEC25                                                                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          3 | NC      | $8742.19      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hang Seng Bank Ltd                                                                  | Hang Seng Bank Ltd                                                                                                          | CUSIP: 000000000<br>LEI: 5493009Z5F07LWZYMK62 | Long             | EC               | CORP              | HK        |        130 | NS      | $1978.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Porsche Automobil Holding SE                                                        | Porsche Automobil Holding SE                                                                                                | CUSIP: 000000000<br>LEI: 52990053Z17ZYM1KFV27 | Long             | EP               | CORP              | DE        |         93 | NS      | $3664.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                                                               | Spotify Technology SA                                                                                                       | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |         91 | NS      | $63518.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Spain Government Bonds                                                              | Spain Government Bonds                                                                                                      | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     410000 | PA      | $492961.20    | 0.59%             | 2034-10-31      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Iberdrola SA                                                                        | Iberdrola SA                                                                                                                | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |       1910 | NS      | $36155.03     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| General Dynamics Corp                                                               | General Dynamics Corp                                                                                                       | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |        126 | NS      | $42966.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                                                               | Robinhood Markets Inc                                                                                                       | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |        400 | NS      | $57272.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| New Zealand Government Bonds                                                        | New Zealand Government Bonds                                                                                                | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |      21000 | PA      | $12470.53     | 0.01%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd                                                         | Northern Star Resources Ltd                                                                                                 | CUSIP: 000000000<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |        775 | NS      | $12101.86     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanergy Thin Film Power Group Ltd.                                                  | Hanergy Thin Film Power Group Ltd.                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      18000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DBS Group Holdings Ltd                                                              | DBS Group Holdings Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |       1024 | NS      | $40609.56     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                              | PNC Financial Services Group Inc/The                                                                                        | CUSIP: 693475BU8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     125000 | PA      | $141663.61    | 0.17%             | 2034-10-20      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                                                     | Xcel Energy Inc                                                                                                             | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |        320 | NS      | $25808.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Government Ten Year Bonds                                                     | Japan Government Ten Year Bonds                                                                                             | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   68150000 | PA      | $434563.68    | 0.52%             | 2034-09-20      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Bollore SE                                                                          | Bollore SE                                                                                                                  | CUSIP: 000000000<br>LEI: 969500LEKCHH6VV86P94 | Long             | EC               | CORP              | FR        |        389 | NS      | $2206.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD TRY                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-38710.91    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| DaVita Inc                                                                          | DaVita Inc                                                                                                                  | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |         23 | NS      | $3056.01      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Helvetia Holding AG                                                                 | Helvetia Holding AG                                                                                                         | CUSIP: 000000000<br>LEI: 529900SUJBXTORH0LT80 | Long             | EC               | CORP              | CH        |         21 | NS      | $5160.54      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                                                                 | Cheniere Energy Inc                                                                                                         | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |        122 | NS      | $28667.56     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                                                                         | Samsara Inc                                                                                                                 | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        153 | NS      | $5699.25      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                                                                        | Allegion plc                                                                                                                | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |         48 | NS      | $8512.80      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                                                        | Comcast Corp                                                                                                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |       2080 | NS      | $65353.60     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BERG Finance                                                                        | Berg Finance 2021 DAC                                                                                                       | CUSIP: 000000000<br>LEI: 635400MVCRPAUVUGGY60 | Long             | ABS-MBS          | CORP              | IE        |      14831 | PA      | $17384.79     | 0.02%             | 2033-04-22      | Floating      | 3.05%                 | Yes           |                  2 | On Loan: No      |
| PPG Industries Inc                                                                  | PPG Industries Inc                                                                                                          | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |        127 | NS      | $13348.97     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank/The                                                           | Toronto-Dominion Bank/The                                                                                                   | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |        953 | NS      | $76201.65     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC                                                         | James Hardie Industries PLC                                                                                                 | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |        236 | NS      | $4380.01      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                  | Canadian Imperial Bank of Commerce                                                                                          | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |        486 | NS      | $38836.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL Group Ltd                                                                       | ICL Group Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |        451 | NS      | $2816.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Talanx AG                                                                           | Talanx AG                                                                                                                   | CUSIP: 000000000<br>LEI: 5299006ZIILJ6VJVSJ32 | Long             | EC               | CORP              | DE        |         38 | NS      | $5066.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ACS Actividades de Construccion y Servicios SA                                      | ACS Actividades de Construccion y Servicios SA                                                                              | CUSIP: 000000000<br>LEI: 95980020140005558665 | Long             | EC               | CORP              | ES        |         58 | NS      | $4649.17      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Atmos Energy Corp                                                                   | Atmos Energy Corp                                                                                                           | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |         88 | NS      | $15026.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD                                                       | Marriott International Inc/MD                                                                                               | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |        128 | NS      | $33336.32     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Xero Ltd                                                                            | Xero Ltd                                                                                                                    | CUSIP: 000000000<br>LEI: 254900UG5D8YST164N14 | Long             | EC               | CORP              | NZ        |         81 | NS      | $8451.95      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Moody's Corp                                                                        | Moody's Corp                                                                                                                | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |         89 | NS      | $42406.72     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                                                            | Fox Corp                                                                                                                    | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |        119 | NS      | $7504.14      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Akzo Nobel NV                                                                       | Akzo Nobel NV                                                                                                               | CUSIP: 000000000<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |        101 | NS      | $7208.14      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Orange SA                                                                           | Orange SA                                                                                                                   | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |       1013 | NS      | $16431.86     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GEA Group AG                                                                        | GEA Group AG                                                                                                                | CUSIP: 000000000<br>LEI: 549300PHUU0ZZWO8EO07 | Long             | EC               | CORP              | DE        |         87 | NS      | $6432.10      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PPL Corp                                                                            | PPL Corp                                                                                                                    | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |        408 | NS      | $15161.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                                                                 | Sun Communities Inc                                                                                                         | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               |  | US        |         71 | NS      | $9159.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                                                         | Exelon Corp                                                                                                                 | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |        563 | NS      | $25340.63     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                                                          | Carvana Co                                                                                                                  | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |         65 | NS      | $24520.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                                                                             | ABB Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |        895 | NS      | $64765.18     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Spain Government Bonds                                                              | Spain Government Bonds                                                                                                      | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     160000 | PA      | $195046.26    | 0.23%             | 2029-05-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                                                            | CUSIP: 3132DWDX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     565868 | PA      | $457680.65    | 0.54%             | 2052-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Nucor Corp                                                                          | Nucor Corp                                                                                                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |        128 | NS      | $17335.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia/The                                                             | Bank of Nova Scotia/The                                                                                                     | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |        654 | NS      | $42288.90     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                                                                 | CUSIP: 000000000<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      90000 | PA      | $90920.47     | 0.11%             | 2032-03-23      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                                 | Societe Generale SA                                                                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |        397 | NS      | $26430.79     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV                                                                | ASM International NV                                                                                                        | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |         28 | NS      | $16888.19     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Metro Inc/CN                                                                        | Metro Inc/CN                                                                                                                | CUSIP: 59162N109<br>LEI: 549300KQ7DCG4IXSNW78 | Long             | EC               | CORP              | CA        |        110 | NS      | $7387.87      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                                                                         | Cintas Corp                                                                                                                 | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        207 | NS      | $42488.82     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED CAD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CA        |          1 | NC      | $-109.98      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC                                                            | Thermo Fisher Scientific Inc                                                                                                | CUSIP: 883556CC4<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103706.82    | 0.12%             | 2031-10-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Medtronic PLC                                                                       | Medtronic PLC                                                                                                               | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |        708 | NS      | $67429.92     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                                                                 | Paycom Software Inc                                                                                                         | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |         29 | NS      | $6036.06      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Evraz PLC                                                                           | Evraz PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 5493005B7DAN39RXLK23 | Long             | EC               | CORP              | GB        |        464 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Truist Financial Corp                                                               | Truist Financial Corp                                                                                                       | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |        726 | NS      | $33192.72     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD EUR                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-14080.83    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                                                                            | Next PLC                                                                                                                    | CUSIP: 000000000<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |         69 | NS      | $11502.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Corteva Inc                                                                         | Corteva Inc                                                                                                                 | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |        383 | NS      | $25902.29     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED NOK / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | NO        |          1 | NC      | $-157.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                                                         | Reckitt Benckiser Group PLC                                                                                                 | CUSIP: 000000000<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |        408 | NS      | $31416.78     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| UPJOHN FINANCE BV                                                                   | Upjohn Finance BV                                                                                                           | CUSIP: 000000000<br>LEI: 254900OG32E8F3XO5O83 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $102724.88    | 0.12%             | 2032-06-23      | Fixed         | 1.91%                 | Yes           |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                                                          | Advanced Micro Devices Inc                                                                                                  | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |        889 | NS      | $143831.31    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH                                                        | Huntington Bancshares Inc/OH                                                                                                | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |        807 | NS      | $13936.89     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM STUDENT LOAN TR 04-2                                                            | SLM Student Loan Trust 2004-2                                                                                               | CUSIP: 000000000<br>LEI: 549300Y3YMECZJOAL893 | Long             | DBT              | CORP              | US        |      43434 | PA      | $48171.46     | 0.06%             | 2039-07-25      | Variable      | 2.49%                 | Yes           |                  2 | On Loan: No      |
| Coterra Energy Inc                                                                  | Coterra Energy Inc                                                                                                          | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |        418 | NS      | $9885.70      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                                                         | PepsiCo Inc                                                                                                                 | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |        763 | NS      | $107155.72    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Jardine Matheson Holdings Ltd                                                       | Jardine Matheson Holdings Ltd                                                                                               | CUSIP: 000000000<br>LEI: 2138009KENVUNWOLPK41 | Long             | EC               | CORP              | BM        |         26 | NS      | $1640.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                                                                 | CUSIP: 38141GA95<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     100000 | PA      | $106582.06    | 0.13%             | 2035-04-25      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc                                                                      | Bombardier Inc                                                                                                              | CUSIP: 097751861<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | EC               | CORP              | CA        |         47 | NS      | $6586.48      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BUONI POLIENNALI DEL TES                                                            | Italy Buoni Poliennali Del Tesoro                                                                                           | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     100000 | PA      | $119581.58    | 0.14%             | 2053-10-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Texas Instruments Inc                                                               | Texas Instruments Inc                                                                                                       | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |        504 | NS      | $92599.92     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                                                       | CME Group Inc                                                                                                               | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |        202 | NS      | $54578.38     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc                                                            | Super Micro Computer Inc                                                                                                    | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |        284 | NS      | $13614.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifco AB                                                                            | Lifco AB                                                                                                                    | CUSIP: 000000000<br>LEI: 549300RTLL4VDQRCTW41 | Long             | EC               | CORP              | SE        |        138 | NS      | $4672.64      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                                                           | Thales SA                                                                                                                   | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |         50 | NS      | $15805.72     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Vulcan Materials Co                                                                 | Vulcan Materials Co                                                                                                         | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |         73 | NS      | $22456.26     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                                                                 | PayPal Holdings Inc                                                                                                         | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |        506 | NS      | $33932.36     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                                                                        | Centene Corp                                                                                                                | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |        279 | NS      | $9954.72      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Getlink SE                                                                          | Getlink SE                                                                                                                  | CUSIP: 000000000<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | EC               | CORP              | FR        |        164 | NS      | $3024.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED PEN / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PE        |          1 | NC      | $71.11        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dell Technologies Inc                                                               | Dell Technologies Inc                                                                                                       | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |        177 | NS      | $25093.29     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Renault SA                                                                          | Renault SA                                                                                                                  | CUSIP: 000000000<br>LEI: 969500F7JLTX36OUI695 | Long             | EC               | CORP              | FR        |        107 | NS      | $4399.67      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                                                                        | Alphabet Inc                                                                                                                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       3147 | NS      | $765035.70    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Avolta AG                                                                           | Avolta AG                                                                                                                   | CUSIP: 000000000<br>LEI: 549300X53WDBVW7TIF57 | Long             | EC               | CORP              | CH        |         50 | NS      | $2730.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Meridian Energy Ltd                                                                 | Meridian Energy Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 254900IFKXIGNCY3A092 | Long             | EC               | CORP              | NZ        |        931 | NS      | $3005.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barry Callebaut AG                                                                  | Barry Callebaut AG                                                                                                          | CUSIP: 000000000<br>LEI: 213800Y5RWKLDPUTT265 | Long             | EC               | CORP              | CH        |          2 | NS      | $2754.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3138AXVR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       6085 | PA      | $5934.18      | 0.01%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BXP Inc                                                                             | BXP Inc                                                                                                                     | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |         84 | NS      | $6244.56      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED PLN / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | PL        |          1 | NC      | $-198.48      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Estee Lauder Cos Inc/The                                                            | Estee Lauder Cos Inc/The                                                                                                    | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |        131 | NS      | $11543.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tele2 AB                                                                            | Tele2 AB                                                                                                                    | CUSIP: 000000000<br>LEI: 213800EKD193RVI9HL76 | Long             | EC               | CORP              | SE        |        324 | NS      | $5526.98      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Phillips 66                                                                         | Phillips 66                                                                                                                 | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |        225 | NS      | $30604.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp                                                            | Pan American Silver Corp                                                                                                    | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |        192 | NS      | $7440.22      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                                                                   | CNH Industrial NV                                                                                                           | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |        487 | NS      | $5283.95      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                                                            | Microchip Technology Inc                                                                                                    | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |        303 | NS      | $19458.66     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                                                        | Prologis Inc                                                                                                                | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |        516 | NS      | $59092.32     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc                                                                  | Cenovus Energy Inc                                                                                                          | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |        720 | NS      | $12225.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA                                                                 | Henkel AG & Co KGaA                                                                                                         | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |         99 | NS      | $7987.95      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                            | Lloyds Banking Group PLC                                                                                                    | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EC               | CORP              | GB        |      35556 | NS      | $40234.59     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong & China Gas Co Ltd                                                        | Hong Kong & China Gas Co Ltd                                                                                                | CUSIP: 000000000<br>LEI: 254900P7BETXGC7YU827 | Long             | EC               | CORP              | HK        |       1944 | NS      | $1686.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                                                                          | Genmab A/S                                                                                                                  | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |         37 | NS      | $11416.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortum Oyj                                                                          | Fortum Oyj                                                                                                                  | CUSIP: 000000000<br>LEI: 635400IUIZZIUJSAMF76 | Long             | EC               | CORP              | FI        |        261 | NS      | $4953.95      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD JPY                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $12511.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Visa Inc                                                                            | Visa Inc                                                                                                                    | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |        948 | NS      | $323628.24    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co                                                       | Hewlett Packard Enterprise Co                                                                                               | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |        711 | NS      | $17462.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ageas SA/NV                                                                         | Ageas SA/NV                                                                                                                 | CUSIP: 000000000<br>LEI: 5493005DJBML6LY3RV36 | Long             | EC               | CORP              | BE        |         89 | NS      | $6172.71      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole CIB                                                                 | PURCHASED USD / SOLD EUR                                                                                                    | CUSIP: 000000000<br>LEI: 1VUV7VQFKUOQSJ21A208 | N/A              | DFE              |  | US        |          1 | NC      | $9327.75      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Co/The                                                                     | Southern Co/The                                                                                                             | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |        612 | NS      | $57999.24     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                                                                  | Crown Holdings Inc                                                                                                          | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |         64 | NS      | $6181.76      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica Inc                                                                       | Celestica Inc                                                                                                               | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |         58 | NS      | $14272.66     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                                                                        | Enbridge Inc                                                                                                                | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |       1153 | NS      | $58167.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Metso Oyj                                                                           | Metso Oyj                                                                                                                   | CUSIP: 000000000<br>LEI: 549300R0VN9C371W0E07 | Long             | EC               | CORP              | FI        |        357 | NS      | $4920.99      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                                                         | Pandora A/S                                                                                                                 | CUSIP: 000000000<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |         49 | NS      | $6406.62      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3140Y65U0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     226769 | PA      | $229293.82    | 0.27%             | 2055-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Legal & General Group PLC                                                           | Legal & General Group PLC                                                                                                   | CUSIP: 000000000<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |       3459 | NS      | $11110.01     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlyle Group Inc/The                                                               | Carlyle Group Inc/The                                                                                                       | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |        129 | NS      | $8088.30      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Orkla ASA                                                                           | Orkla ASA                                                                                                                   | CUSIP: 000000000<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |        437 | NS      | $4568.76      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo SA                                                                           | Sodexo SA                                                                                                                   | CUSIP: 000000000<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |         48 | NS      | $3028.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                                                    | Roche Holding AG                                                                                                            | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |        393 | NS      | $130862.51    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Woolworths Group Ltd                                                                | Woolworths Group Ltd                                                                                                        | CUSIP: 000000000<br>LEI: QNWEWQBS7HP85QHXQL92 | Long             | EC               | CORP              | AU        |        683 | NS      | $12053.63     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Zoetis Inc                                                                          | Zoetis Inc                                                                                                                  | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |        248 | NS      | $36287.36     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                                                                      | NRG Energy Inc                                                                                                              | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |        107 | NS      | $17328.65     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Informa PLC                                                                         | Informa PLC                                                                                                                 | CUSIP: 000000000<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |        783 | NS      | $9698.46      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Securitas AB                                                                        | Securitas AB                                                                                                                | CUSIP: 000000000<br>LEI: 635400TTYKE8EIWDS617 | Long             | EC               | CORP              | SE        |        291 | NS      | $4386.27      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                                                             | Siemens Healthineers AG                                                                                                     | CUSIP: 000000000<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |        200 | NS      | $10833.24     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| American Homes 4 Rent                                                               | American Homes 4 Rent                                                                                                       | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |        186 | NS      | $6184.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                                                              | Boston Scientific Corp                                                                                                      | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |        822 | NS      | $80251.86     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sampo Oyj                                                                           | Sampo Oyj                                                                                                                   | CUSIP: 000000000<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |       1404 | NS      | $16141.72     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings Inc                                                          | Zimmer Biomet Holdings Inc                                                                                                  | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |        111 | NS      | $10933.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC                                                          | CONSTELLATION SOFTWARE INC                                                                                                  | CUSIP: 000000000<br>LEI: 549300B6PYHMCTDWQV29 | N/A              | DE               |  | CA        |         16 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Futu Holdings Ltd                                                                   | Futu Holdings Ltd                                                                                                           | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |         10 | NS      | $1739.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co                                                           | Archer-Daniels-Midland Co                                                                                                   | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |        265 | NS      | $15831.10     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Daimler Truck Holding AG                                                            | Daimler Truck Holding AG                                                                                                    | CUSIP: 000000000<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |        278 | NS      | $11495.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ResMed Inc                                                                          | ResMed Inc                                                                                                                  | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |         82 | NS      | $22445.86     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedbank AB                                                                         | Swedbank AB                                                                                                                 | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |        504 | NS      | $15213.59     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health Inc                                                                 | Elevance Health Inc                                                                                                         | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |        125 | NS      | $40390.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                                                         | Lennar Corp                                                                                                                 | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |        127 | NS      | $16007.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                                                                   | Lam Research Corp                                                                                                           | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |        704 | NS      | $94265.60     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INVESTMENT ENTER                                                             | Pfizer Investment Enterprises Pte Ltd                                                                                       | CUSIP: 716973AH5<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |      50000 | PA      | $47494.68     | 0.06%             | 2063-05-19      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Co                                                                     | Baker Hughes Co                                                                                                             | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        539 | NS      | $26260.08     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                                                                  | J M Smucker Co/The                                                                                                          | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |         59 | NS      | $6407.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                                                               | NXP Semiconductors NV                                                                                                       | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |        138 | NS      | $31426.74     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                                                                 | Leidos Holdings Inc                                                                                                         | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |         68 | NS      | $12849.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Essity AB                                                                           | Essity AB                                                                                                                   | CUSIP: 000000000<br>LEI: 549300G8E6YUVJ1DA153 | Long             | EC               | CORP              | SE        |        359 | NS      | $9383.94      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CBRE Group Inc                                                                      | CBRE Group Inc                                                                                                              | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |        165 | NS      | $25997.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HKT Trust & HKT Ltd                                                                 | HKT Trust & HKT Ltd                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |        663 | NS      | $980.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SWITZERLAND                                                                         | Swiss Confederation Government Bond                                                                                         | CUSIP: 000000000<br>LEI: 5067006OA1BJ88912Q83 | Long             | DBT              | NUSS              | CH        |     110000 | PA      | $139276.44    | 0.17%             | 2035-06-23      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Raymond James Financial Inc                                                         | Raymond James Financial Inc                                                                                                 | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |        105 | NS      | $18123.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| 3i Group PLC                                                                        | 3i Group PLC                                                                                                                | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |        552 | NS      | $30427.87     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                                                         | Brenntag SE                                                                                                                 | CUSIP: 000000000<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |         71 | NS      | $4254.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Biogen Inc                                                                          | Biogen Inc                                                                                                                  | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |         83 | NS      | $11626.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollarama Inc                                                                       | Dollarama Inc                                                                                                               | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |        147 | NS      | $19386.64     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                                                                             | WPP PLC                                                                                                                     | CUSIP: 000000000<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |        637 | NS      | $3175.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Block Inc                                                                           | Block Inc                                                                                                                   | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |        301 | NS      | $21753.27     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc                                                   | Gaming and Leisure Properties Inc                                                                                           | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |        152 | NS      | $7084.72      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                                                          | Fiserv Inc                                                                                                                  | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |        308 | NS      | $39710.44     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                                                                | Edison International                                                                                                        | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |        215 | NS      | $11885.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                                                             | Procter & Gamble Co/The                                                                                                     | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       1307 | NS      | $200820.55    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire Co Ltd                                                                       | Empire Co Ltd                                                                                                               | CUSIP: 291843407<br>LEI: 549300TX0ZUSTEF7C719 | Long             | EC               | CORP              | CA        |         67 | NS      | $2404.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                                                                          | US Bancorp                                                                                                                  | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      50000 | PA      | $52662.02     | 0.06%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                                                    | TotalEnergies SE                                                                                                            | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |       1119 | NS      | $68156.74     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY CORP VICTORIA                                                              | Treasury Corp of Victoria                                                                                                   | CUSIP: 000000000<br>LEI: 549300ZJM7BQW1P9UV75 | Long             | DBT              | NUSS              | AU        |     420000 | PA      | $213112.78    | 0.25%             | 2035-09-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AtkinsRealis Group Inc                                                              | AtkinsRealis Group Inc                                                                                                      | CUSIP: 04764T104<br>LEI: UL01OYG5OMLM5G6CFM03 | Long             | EC               | CORP              | CA        |         87 | NS      | $6278.85      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Unibail-Rodamco-Westfield                                                           | Unibail-Rodamco-Westfield                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | XX        |         66 | NS      | $6950.77      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Reece Ltd                                                                           | Reece Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |        124 | NS      | $925.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                                                                              | AXA SA                                                                                                                      | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $118091.25    | 0.14%             | 2049-05-28      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Akamai Technologies Inc                                                             | Akamai Technologies Inc                                                                                                     | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |         81 | NS      | $6136.56      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED USD / SOLD SEK                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $59.31        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Tire Corp Ltd                                                              | Canadian Tire Corp Ltd                                                                                                      | CUSIP: 136681202<br>LEI: 549300RLHDA7VQYMUB14 | Long             | EC               | CORP              | CA        |         27 | NS      | $3214.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                              | Diamondback Energy Inc                                                                                                      | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      50000 | PA      | $53888.67     | 0.06%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Kingdom of Belgium Government Bonds                                                 | Kingdom of Belgium Government Bonds                                                                                         | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     100000 | PA      | $111420.70    | 0.13%             | 2043-06-22      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Novo Nordisk A/S                                                                    | Novo Nordisk A/S                                                                                                            | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |       1906 | NS      | $106129.17    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Goodman Group                                                                       | Goodman Group                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |       1124 | NS      | $24358.21     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Abiomed, Inc.                                                                       | Abiomed, Inc.                                                                                                               | CUSIP: 003CVR016<br>LEI: N/A                  | N/A              | DE               |  | US        |         14 | NS      | $14.28        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Corp                                                                   | State Street Corp                                                                                                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |        157 | NS      | $18213.57     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD THB                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-79211.25    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| HELLENIC REPUBLIC                                                                   | Hellenic Republic Government Bond                                                                                           | CUSIP: 000000000<br>LEI: 2138003EKTMKZ5598902 | Long             | DBT              | NUSS              | GR        |      30000 | PA      | $37814.70     | 0.04%             | 2038-07-18      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Lockheed Martin Corp                                                                | Lockheed Martin Corp                                                                                                        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |        116 | NS      | $57908.36     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lottery Corp Ltd/The                                                                | Lottery Corp Ltd/The                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |       1227 | NS      | $4764.65      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| H & M Hennes & Mauritz AB                                                           | H & M Hennes & Mauritz AB                                                                                                   | CUSIP: 000000000<br>LEI: 529900O5RR7R39FRDM42 | Long             | EC               | CORP              | SE        |        323 | NS      | $6038.06      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                   | NatWest Group PLC                                                                                                           | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |       4781 | NS      | $33769.87     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Delivery Hero SE                                                                    | Delivery Hero SE                                                                                                            | CUSIP: 000000000<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |        115 | NS      | $3302.15      | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Medibank Pvt Ltd                                                                    | Medibank Pvt Ltd                                                                                                            | CUSIP: 000000000<br>LEI: BDYVSUPTML83OLINBJ17 | Long             | EC               | CORP              | AU        |       1530 | NS      | $4874.27      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Corp of Canada                                                                | Power Corp of Canada                                                                                                        | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |        293 | NS      | $12678.35     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                                                                       | Boeing Co/The                                                                                                               | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25733.03     | 0.03%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED USD / SOLD INR                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $46.37        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Trelleborg AB                                                                       | Trelleborg AB                                                                                                               | CUSIP: 000000000<br>LEI: 213800XY16PAWG2PAD14 | Long             | EC               | CORP              | SE        |        120 | NS      | $4486.58      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lowe's Cos Inc                                                                      | Lowe's Cos Inc                                                                                                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |        313 | NS      | $78660.03     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                                                       | Old Dominion Freight Line Inc                                                                                               | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |        109 | NS      | $15345.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp                                                            | United Therapeutics Corp                                                                                                    | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |         24 | NS      | $10061.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                                                   | EURO-SCHATZ FUT DEC25                                                                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          4 | NC      | $0.52         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                                                                            | RELX PLC                                                                                                                    | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |       1103 | NS      | $52700.02     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                                                              | Koninklijke Philips NV                                                                                                      | CUSIP: 000000000<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |        492 | NS      | $13477.88     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                            | Saudi Government International Bond                                                                                         | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     160000 | PA      | $189959.93    | 0.23%             | 2032-03-05      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AP Moller - Maersk A/S                                                              | AP Moller - Maersk A/S                                                                                                      | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |          2 | NS      | $3923.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc                                                        | Alimentation Couche-Tard Inc                                                                                                | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |        407 | NS      | $21714.27     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Cos Inc                                                                  | Albertsons Cos Inc                                                                                                          | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |        206 | NS      | $3607.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bundesrepublik Deutschland Bundesanleihe                                            | Bundesrepublik Deutschland Bundesanleihe                                                                                    | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |     240000 | PA      | $264873.58    | 0.31%             | 2029-02-15      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Cummins Inc                                                                         | Cummins Inc                                                                                                                 | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |         76 | NS      | $32100.12     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                                                         | Workday Inc                                                                                                                 | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |        120 | NS      | $28887.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius AG                                                                        | Sartorius AG                                                                                                                | CUSIP: 000000000<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |         15 | NS      | $3506.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd                                                         | Royal Caribbean Cruises Ltd                                                                                                 | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |        141 | NS      | $45624.78     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                                                           | IDEX Corp                                                                                                                   | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |         42 | NS      | $6835.92      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                                                                  | Teck Resources Ltd                                                                                                          | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |        241 | NS      | $10572.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Azrieli Group Ltd                                                                   | Azrieli Group Ltd                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |         25 | NS      | $2479.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CDW Corp/DE                                                                         | CDW Corp/DE                                                                                                                 | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |         73 | NS      | $11627.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3138A8YQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      12654 | PA      | $12902.54     | 0.02%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scout24 SE                                                                          | Scout24 SE                                                                                                                  | CUSIP: 000000000<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |         44 | NS      | $5520.13      | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tyler Technologies Inc                                                              | Tyler Technologies Inc                                                                                                      | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |         24 | NS      | $12555.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                                                               | Norfolk Southern Corp                                                                                                       | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |        122 | NS      | $36650.02     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| French Republic Government Bonds OAT                                                | French Republic Government Bonds OAT                                                                                        | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |     110000 | PA      | $128336.86    | 0.15%             | 2031-02-25      | Fixed         | 2.70%                 | Yes           |                  2 | On Loan: No      |
| Microsoft Corp                                                                      | Microsoft Corp                                                                                                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       3883 | NS      | $2011199.85   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                                                                   | Suncor Energy Inc                                                                                                           | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |        643 | NS      | $26908.33     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED GBP / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | GB        |          1 | NC      | $-1100.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Insulet Corp                                                                        | Insulet Corp                                                                                                                | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |         39 | NS      | $12040.47     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                                                            | Enel SpA                                                                                                                    | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |       1603 | NS      | $15190.89     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurazeo SE                                                                          | Eurazeo SE                                                                                                                  | CUSIP: 000000000<br>LEI: 969500C656AA39O94N60 | Long             | EC               | CORP              | FR        |         22 | NS      | $1454.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Ing hc F Porsche AG                                                              | Dr Ing hc F Porsche AG                                                                                                      | CUSIP: 000000000<br>LEI: 529900EWEX125AULXI58 | Long             | EP               | CORP              | DE        |         67 | NS      | $3248.38      | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Align Technology Inc                                                                | Align Technology Inc                                                                                                        | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |         38 | NS      | $4758.36      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                                                                | Targa Resources Corp                                                                                                        | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |        119 | NS      | $19937.26     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Portugal Obrigacoes do Tesouro OT                                                   | Portugal Obrigacoes do Tesouro OT                                                                                           | CUSIP: 000000000<br>LEI: 549300P6U1FJ3IMP7K42 | Long             | DBT              | NUSS              | PT        |      30000 | PA      | $33310.75     | 0.04%             | 2054-06-12      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| Industria de Diseno Textil SA                                                       | Industria de Diseno Textil SA                                                                                               | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |        363 | NS      | $20089.81     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tyson Foods Inc                                                                     | Tyson Foods Inc                                                                                                             | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |        162 | NS      | $8796.60      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD THB                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $165.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                              | PURCHASED USD / SOLD KRW                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $1038.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Becton Dickinson & Co                                                               | Becton Dickinson & Co                                                                                                       | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |        162 | NS      | $30321.54     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics NV                                                               | STMicroelectronics NV                                                                                                       | CUSIP: 000000000<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | NL        |        362 | NS      | $10231.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD JPY                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $366.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                                  | Vertiv Holdings Co                                                                                                          | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |        192 | NS      | $28965.12     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                                                                 | American Tower Corp                                                                                                         | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |        259 | NS      | $49810.88     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Neste Oyj                                                                           | Neste Oyj                                                                                                                   | CUSIP: 000000000<br>LEI: 5493009GY1X8GQ66AM14 | Long             | EC               | CORP              | FI        |        245 | NS      | $4501.57      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering SA                                                                           | Kering SA                                                                                                                   | CUSIP: 000000000<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |         41 | NS      | $13738.99     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                                                                        | Evolution AB                                                                                                                | CUSIP: 000000000<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |         87 | NS      | $7162.18      | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                                                   | Chile Government International Bond                                                                                         | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     100000 | PA      | $120177.80    | 0.14%             | 2032-01-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                                             | Freddie Mac Whole Loan Securities Trust 2017-SC02                                                                           | CUSIP: 3137G1BS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      31600 | PA      | $27273.69     | 0.03%             | 2047-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APA Group                                                                           | APA Group                                                                                                                   | CUSIP: 000000000<br>LEI: 549300T9RBSX164T8H40 | Long             | EC               | CORP              | AU        |        750 | NS      | $4402.98      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollar Tree Inc                                                                     | Dollar Tree Inc                                                                                                             | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |        110 | NS      | $10380.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANCE (GOVT OF)                                                                    | French Republic Government Bond OAT                                                                                         | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |     630000 | PA      | $665438.18    | 0.79%             | 2029-11-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Packaging Corp of America                                                           | Packaging Corp of America                                                                                                   | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |         49 | NS      | $10678.57     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                                                                  | IQVIA Holdings Inc                                                                                                          | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |         96 | NS      | $18234.24     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                                                                   | Veeva Systems Inc                                                                                                           | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |         92 | NS      | $27407.72     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3138A7K49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       5575 | PA      | $5683.48      | 0.01%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Accor SA                                                                            | Accor SA                                                                                                                    | CUSIP: 000000000<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |        108 | NS      | $5131.12      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Utilities Ltd                                                              | Canadian Utilities Ltd                                                                                                      | CUSIP: 136717832<br>LEI: LWV4QIQODEH3VBHUFX07 | Long             | EC               | CORP              | CA        |         72 | NS      | $2014.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PROVINCE OF QUEBEC                                                                  | Province of Quebec Canada                                                                                                   | CUSIP: 000000000<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |     100000 | PA      | $117225.17    | 0.14%             | 2035-05-22      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Axon Enterprise Inc                                                                 | Axon Enterprise Inc                                                                                                         | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |         40 | NS      | $28705.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                                                       | Intercontinental Exchange Inc                                                                                               | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |        317 | NS      | $53408.16     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                                                               | Applied Materials Inc                                                                                                       | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |        442 | NS      | $90495.08     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                                                         | PURCHASED CZK / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CZ        |          1 | NC      | $-17.16       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp                                                           | Occidental Petroleum Corp                                                                                                   | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |        403 | NS      | $19041.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED EUR / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |          1 | NC      | $13094.80     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Trade Desk Inc/The                                                                  | Trade Desk Inc/The                                                                                                          | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |        237 | NS      | $11615.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp                                                               | Pembina Pipeline Corp                                                                                                       | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |        310 | NS      | $12534.09     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                                                           | Aptiv PLC                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |        121 | NS      | $10432.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                                                                  | Lundin Mining Corp                                                                                                          | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |        361 | NS      | $5385.04      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                                                             | Rockwell Automation Inc                                                                                                     | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |         62 | NS      | $21670.86     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Energy Ltd                                                                   | Origin Energy Ltd                                                                                                           | CUSIP: 000000000<br>LEI: ZSN2LWNPYW6ISMRUC664 | Long             | EC               | CORP              | AU        |        955 | NS      | $7881.13      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                                                    | BAT Capital Corp                                                                                                            | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     108000 | PA      | $106919.70    | 0.13%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Keppel Ltd                                                                          | Keppel Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 254900SQ7IPDOY6IDW33 | Long             | EC               | CORP              | SG        |        705 | NS      | $4879.83      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                                                                 | Henkel AG & Co KGaA                                                                                                         | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |         61 | NS      | $4527.82      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Oyj                                                                           | Orion Oyj                                                                                                                   | CUSIP: 000000000<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |         63 | NS      | $4836.72      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Energy Corp                                                           | Constellation Energy Corp                                                                                                   | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |        170 | NS      | $55941.90     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                                                           | Kellanova                                                                                                                   | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |        154 | NS      | $12631.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                                                        | Stryker Corp                                                                                                                | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |        192 | NS      | $70976.64     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Tryg A/S                                                                            | Tryg A/S                                                                                                                    | CUSIP: 000000000<br>LEI: 213800ZRS8AC4LSTCE39 | Long             | EC               | CORP              | DK        |        201 | NS      | $5103.23      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                                                      | Rheinmetall AG                                                                                                              | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |         25 | NS      | $58479.30     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                            | Enterprise Products Operating LLC                                                                                           | CUSIP: 29379VCG6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25219.39     | 0.03%             | 2035-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust 2021-INV6                                                                                          | CUSIP: 46654FAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     139802 | PA      | $121262.22    | 0.14%             | 2052-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Pearson PLC                                                                         | Pearson PLC                                                                                                                 | CUSIP: 000000000<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |        355 | NS      | $5048.48      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Trane Technologies PLC                                                              | Trane Technologies PLC                                                                                                      | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |        122 | NS      | $51479.12     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NBN CO LTD                                                                          | NBN Co Ltd                                                                                                                  | CUSIP: 62878U2B7<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | CORP              | AU        |     200000 | PA      | $182973.80    | 0.22%             | 2031-05-05      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED USD / SOLD GBP                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-1374.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp                                                                        | Newmont Corp                                                                                                                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |        601 | NS      | $50670.31     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc                                                 | Alexandria Real Estate Equities Inc                                                                                         | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |         87 | NS      | $7250.58      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                                                            | Adyen NV                                                                                                                    | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |         15 | NS      | $24136.19     | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CapitaLand Investment Ltd/Singapore                                                 | CapitaLand Investment Ltd/Singapore                                                                                         | CUSIP: 000000000<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |       1124 | NS      | $2347.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Brands Inc                                                            | Constellation Brands Inc                                                                                                    | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |         84 | NS      | $11312.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                                                         | Trimble Inc                                                                                                                 | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |        131 | NS      | $10696.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                                                               | AECOM                                                                                                                       | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |         73 | NS      | $9524.31      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF LITHUANIA                                                               | Lithuania Government International Bond                                                                                     | CUSIP: 000000000<br>LEI: 529900F7Y171QF1RSU09 | Long             | DBT              | NUSS              | LT        |     200000 | PA      | $241537.53    | 0.29%             | 2031-07-03      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Willis Towers Watson PLC                                                            | Willis Towers Watson PLC                                                                                                    | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |         55 | NS      | $18999.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kerry Group PLC                                                                     | Kerry Group PLC                                                                                                             | CUSIP: 000000000<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |         96 | NS      | $8666.65      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                                                         | NVIDIA Corp                                                                                                                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      13557 | NS      | $2529465.06   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.com Ltd                                                                      | Monday.com Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |         24 | NS      | $4648.56      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                                                                     | Best Buy Co Inc                                                                                                             | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |        115 | NS      | $8696.30      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                                                        | Chevron Corp                                                                                                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1083 | NS      | $168179.07    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirax Group PLC                                                                    | Spirax Group PLC                                                                                                            | CUSIP: 000000000<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |         42 | NS      | $3867.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Williams-Sonoma Inc                                                                 | Williams-Sonoma Inc                                                                                                         | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |         70 | NS      | $13681.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United Kingdom Gilt                                                                 | U.K. Gilts                                                                                                                  | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     360000 | PA      | $483989.42    | 0.58%             | 2025-10-22      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Johnson Controls International plc                                                  | Johnson Controls International plc                                                                                          | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |        364 | NS      | $40021.80     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED GBP / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | GB        |          1 | NC      | $-852.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Adobe Inc                                                                           | Adobe Inc                                                                                                                   | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |        236 | NS      | $83249.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                                                             | KeyCorp                                                                                                                     | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |        517 | NS      | $9662.73      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Assets Holdings Ltd                                                           | Power Assets Holdings Ltd                                                                                                   | CUSIP: 000000000<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |        240 | NS      | $1519.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd                                                           | Woodside Energy Group Ltd                                                                                                   | CUSIP: 000000000<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |       1062 | NS      | $16037.22     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                              | Verizon Communications Inc                                                                                                  | CUSIP: 92343VEF7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     100000 | PA      | $108986.95    | 0.13%             | 2036-10-27      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED NZD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |          1 | NC      | $-264.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sino Land Co Ltd                                                                    | Sino Land Co Ltd                                                                                                            | CUSIP: 000000000<br>LEI: 529900G5P51053HJVZ92 | Long             | EC               | CORP              | HK        |        613 | NS      | $775.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wharf Holdings Ltd/The                                                              | Wharf Holdings Ltd/The                                                                                                      | CUSIP: 000000000<br>LEI: 254900JCV4TBBPX9IW91 | Long             | EC               | CORP              | HK        |        173 | NS      | $494.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Renaissance Home Equity Loan Trust                                                  | Renaissance Home Equity Loan Trust 2002-3                                                                                   | CUSIP: 75970NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      69417 | PA      | $65737.85     | 0.08%             | 2032-12-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | PURCHASED GBP / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | GB        |          1 | NC      | $-1267.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software Inc                                                   | Take-Two Interactive Software Inc                                                                                           | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |        100 | NS      | $25836.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                                                              | AXA SA                                                                                                                      | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |        972 | NS      | $46612.30     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Waste Management Inc                                                                | Waste Management Inc                                                                                                        | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |        224 | NS      | $49465.92     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CVC Capital Partners PLC                                                            | CVC Capital Partners PLC                                                                                                    | CUSIP: 000000000<br>LEI: 213800E8UQS1KA32YD39 | Long             | EC               | CORP              | JE        |        122 | NS      | $2130.27      | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GSK PLC                                                                             | GSK PLC                                                                                                                     | CUSIP: 000000000<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |       2431 | NS      | $52198.33     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Entergy Corp                                                                        | Entergy Corp                                                                                                                | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |        249 | NS      | $23204.31     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY CORP VICTORIA                                                              | Treasury Corp of Victoria                                                                                                   | CUSIP: 000000000<br>LEI: 549300ZJM7BQW1P9UV75 | Long             | DBT              | NUSS              | AU        |     260000 | PA      | $146899.77    | 0.17%             | 2031-09-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                                             | Freddie Mac Whole Loan Securities Trust 2015-SC02                                                                           | CUSIP: 3137G1AK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      13513 | PA      | $11919.24     | 0.01%             | 2045-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Elisa Oyj                                                                           | Elisa Oyj                                                                                                                   | CUSIP: 000000000<br>LEI: 743700TU2S3DXWGU7H32 | Long             | EC               | CORP              | FI        |         81 | NS      | $4251.55      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Gold Pool                                                                                                       | CUSIP: 3132QMN80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      26056 | PA      | $24419.45     | 0.03%             | 2045-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                     | Danske Bank A/S                                                                                                             | CUSIP: 000000000<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |        409 | NS      | $17470.26     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Evonik Industries AG                                                                | Evonik Industries AG                                                                                                        | CUSIP: 000000000<br>LEI: 41GUOJQTALQHLF39XJ34 | Long             | EC               | CORP              | DE        |        152 | NS      | $2643.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hubbell Inc                                                                         | Hubbell Inc                                                                                                                 | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |         29 | NS      | $12478.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SWAP MORGAN STANLEY COC                                                             | SWAP MORGAN STANLEY COC                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |      34991 | NS      | $34990.96     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED USD / SOLD GBP                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $4689.22      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                              | PURCHASED AUD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | AU        |          1 | NC      | $-259.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                                                                        | Alphabet Inc                                                                                                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       2658 | NS      | $647355.90    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| AltaGas Ltd                                                                         | AltaGas Ltd                                                                                                                 | CUSIP: 021361100<br>LEI: 2549008X5V70MOS4HM10 | Long             | EC               | CORP              | CA        |        158 | NS      | $4868.18      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Smiths Group PLC                                                                    | Smiths Group PLC                                                                                                            | CUSIP: 000000000<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |        197 | NS      | $6245.91      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                                                | Las Vegas Sands Corp                                                                                                        | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25564.49     | 0.03%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Cigna Group/The                                                                     | Cigna Group/The                                                                                                             | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |        150 | NS      | $43237.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co Ltd                                                  | SITC International Holdings Co Ltd                                                                                          | CUSIP: 000000000<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |        241 | NS      | $927.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Admiral Group PLC                                                                   | Admiral Group PLC                                                                                                           | CUSIP: 000000000<br>LEI: 213800FGVM7Z9EJB2685 | Long             | EC               | CORP              | GB        |        156 | NS      | $7040.78      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                                                         | Cie Financiere Richemont SA                                                                                                 | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |        307 | NS      | $58933.65     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA                                                                | Dassault Aviation SA                                                                                                        | CUSIP: 000000000<br>LEI: 969500CVFTUT88V8QN95 | Long             | EC               | CORP              | FR        |         11 | NS      | $3705.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                                             | PURCHASED JPY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | JP        |          1 | NC      | $242.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Stockland                                                                           | Stockland                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |       1385 | NS      | $5601.24      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                                                                | Ryanair Holdings PLC                                                                                                        | CUSIP: 000000000<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |        488 | NS      | $14260.55     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| M&T Bank Corp                                                                       | M&T Bank Corp                                                                                                               | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |         90 | NS      | $17785.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF LITHUANIA                                                               | Lithuania Government International Bond                                                                                     | CUSIP: 000000000<br>LEI: 529900F7Y171QF1RSU09 | Long             | DBT              | NUSS              | LT        |      40000 | PA      | $48307.50     | 0.06%             | 2031-07-03      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Sempra                                                                              | Sempra                                                                                                                      | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |        362 | NS      | $32572.76     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                             | Mexican Bonos                                                                                                               | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    1700000 | PA      | $92783.19     | 0.11%             | 2027-06-03      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc                                                             | O'Reilly Automotive Inc                                                                                                     | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |        473 | NS      | $50994.13     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                                                                    | W R Berkley Corp                                                                                                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |        169 | NS      | $12948.78     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                   | HSBC Holdings PLC                                                                                                           | CUSIP: 404280CY3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $180316.70    | 0.21%             | 2032-11-22      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Great-West Lifeco Inc                                                               | Great-West Lifeco Inc                                                                                                       | CUSIP: 39138C106<br>LEI: 549300X81X4VZEESFU46 | Long             | EC               | CORP              | CA        |        147 | NS      | $5965.77      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED USD / SOLD JPY                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-58.81       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                     | CVS Health Corp                                                                                                             | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |        697 | NS      | $52546.83     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    1300000 | PA      | $193237.68    | 0.23%             | 2032-08-15      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                                                   | Chile Government International Bond                                                                                         | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     100000 | PA      | $120979.18    | 0.14%             | 2031-07-09      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                                                            | CUSIP: 3132DWNJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     249853 | PA      | $252147.23    | 0.30%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc                                                                    | Crown Castle Inc                                                                                                            | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |        246 | NS      | $23736.54     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc                                                               | DuPont de Nemours Inc                                                                                                       | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |        233 | NS      | $18150.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SWAP GOLDMAN SACHS BOC                                                              | SWAP GOLDMAN SACHS BOC                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | US        |    -310000 | NS      | $-310000.00   | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| adidas AG                                                                           | adidas AG                                                                                                                   | CUSIP: 000000000<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |        102 | NS      | $21611.91     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Ten Year Bonds                                                     | Japan Government Ten Year Bonds                                                                                             | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   78900000 | PA      | $523268.36    | 0.62%             | 2035-03-20      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                                                                 | MTU Aero Engines AG                                                                                                         | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |         32 | NS      | $14762.81     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| EMCOR Group Inc                                                                     | EMCOR Group Inc                                                                                                             | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |         24 | NS      | $15588.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wharf Real Estate Investment Co Ltd                                                 | Wharf Real Estate Investment Co Ltd                                                                                         | CUSIP: 000000000<br>LEI: 529900QLPKS8U9QOPB59 | Long             | EC               | CORP              | KY        |        275 | NS      | $812.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrovial SE                                                                        | Ferrovial SE                                                                                                                | CUSIP: 000000000<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |        169 | NS      | $9707.40      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Illumina Inc                                                                        | Illumina Inc                                                                                                                | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |         89 | NS      | $8452.33      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bureau Veritas SA                                                                   | Bureau Veritas SA                                                                                                           | CUSIP: 000000000<br>LEI: 969500TPU5T3HA5D1F11 | Long             | EC               | CORP              | FR        |        173 | NS      | $5426.20      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CyberArk Software Ltd                                                               | CyberArk Software Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |         27 | NS      | $13045.05     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                                                                  | Walt Disney Co/The                                                                                                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |        997 | NS      | $114156.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                                                           | Uniform Mortgage-Backed Security, TBA                                                                                       | CUSIP: 01F0426A6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      60000 | PA      | $58214.06     | 0.07%             | 2055-10-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Telstra Group Ltd                                                                   | Telstra Group Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |       2260 | NS      | $7205.15      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                                                        | DNB Bank ASA                                                                                                                | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |        553 | NS      | $15072.56     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                                                                           | Linde PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |        261 | NS      | $123975.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd                                                                          | Santos Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 5299000RK70B5O2M7077 | Long             | EC               | CORP              | AU        |       1826 | NS      | $8109.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                              | PURCHASED CHF / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CH        |          1 | NC      | $-24.53       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Garmin Ltd                                                                          | Garmin Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |         89 | NS      | $21913.58     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                                                                 | Quanta Services Inc                                                                                                         | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |         81 | NS      | $33568.02     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                                                         | Target Corp                                                                                                                 | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |        255 | NS      | $22873.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                                                           | Dick's Sporting Goods Inc                                                                                                   | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |         33 | NS      | $7333.26      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                                                         | Gartner Inc                                                                                                                 | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |         42 | NS      | $11040.54     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Hung Kai Properties Ltd                                                         | Sun Hung Kai Properties Ltd                                                                                                 | CUSIP: 000000000<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |        244 | NS      | $2918.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos Inc                                                            | Marsh & McLennan Cos Inc                                                                                                    | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |        272 | NS      | $54816.16     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc                                                       | Principal Financial Group Inc                                                                                               | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |        125 | NS      | $10363.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                                                         | Walmart Inc                                                                                                                 | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |       2417 | NS      | $249096.02    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED USD / SOLD COP                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $0.86         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Symrise AG                                                                          | Symrise AG                                                                                                                  | CUSIP: 000000000<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |         78 | NS      | $6783.68      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD NOK                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $8.51         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                                                   | Compass Group PLC                                                                                                           | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |       1012 | NS      | $34494.76     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD THB                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-41744.73    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                              | PURCHASED MXN / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | MX        |          1 | NC      | $5.85         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    3550000 | PA      | $531369.89    | 0.63%             | 2029-11-21      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co/The                                                                    | Coca-Cola Co/The                                                                                                            | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |       2267 | NS      | $150347.44    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                                                        | Fortinet Inc                                                                                                                | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |        354 | NS      | $29764.32     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust 2022-LTV1                                                                                          | CUSIP: 465976AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      74424 | PA      | $66941.12     | 0.08%             | 2052-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| CapitaLand Ascendas REIT                                                            | CapitaLand Ascendas REIT                                                                                                    | CUSIP: 000000000<br>LEI: 549300ILIBAEMQZK3L20 | Long             | EC               |  | SG        |       1803 | NS      | $3901.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GoDaddy Inc                                                                         | GoDaddy Inc                                                                                                                 | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |         78 | NS      | $10672.74     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Thomson Reuters Corp                                                                | Thomson Reuters Corp                                                                                                        | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |         82 | NS      | $12732.77     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                                                                  | Smith & Nephew PLC                                                                                                          | CUSIP: 000000000<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |        492 | NS      | $8923.57      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Shopify Inc                                                                         | Shopify Inc                                                                                                                 | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |        636 | NS      | $94488.29     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                                                         | MongoDB Inc                                                                                                                 | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |         42 | NS      | $13035.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                                                                | Ares Management Corp                                                                                                        | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |        118 | NS      | $18867.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| International Consolidated Airlines Group SA                                        | International Consolidated Airlines Group SA                                                                                | CUSIP: 000000000<br>LEI: 959800TZHQRUSH1ESL13 | Long             | EC               | CORP              | ES        |        411 | NS      | $2150.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    1300000 | PA      | $185803.36    | 0.22%             | 2034-11-25      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                                                        | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |        746 | NS      | $109951.51    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                                                      | Public Storage                                                                                                              | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               |  | US        |         87 | NS      | $25129.95     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Government Thirty Year Bonds                                                  | Japan Government Thirty Year Bonds                                                                                          | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   22200000 | PA      | $87751.85     | 0.10%             | 2051-12-20      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                                                                | Rentokil Initial PLC                                                                                                        | CUSIP: 000000000<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |       1485 | NS      | $7522.63      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd                                                        | Techtronic Industries Co Ltd                                                                                                | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |        256 | NS      | $3272.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Magna International Inc                                                             | Magna International Inc                                                                                                     | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |        144 | NS      | $6822.85      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK INC                                                                           | ONEOK Inc                                                                                                                   | CUSIP: 682680CE1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98663.38     | 0.12%             | 2034-11-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Japan Government Twenty Year Bonds                                                  | Japan Government Twenty Year Bonds                                                                                          | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   65050000 | PA      | $330878.53    | 0.39%             | 2041-06-20      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| TransUnion                                                                          | TransUnion                                                                                                                  | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |        108 | NS      | $9048.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                                                          | Airbnb Inc                                                                                                                  | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |        238 | NS      | $28897.96     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                                                                          | PACCAR Inc                                                                                                                  | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |        292 | NS      | $28709.44     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                                                    | Exxon Mobil Corp                                                                                                            | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |       2366 | NS      | $266766.50    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED USD / SOLD TRY                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-3691.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cellnex Telecom SA                                                                  | Cellnex Telecom SA                                                                                                          | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |        162 | NS      | $5611.27      | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Corning Inc                                                                         | Corning Inc                                                                                                                 | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |        436 | NS      | $35765.08     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                                                         | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     470000 | PA      | $474580.66    | 0.56%             | 2027-09-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                                            | Rogers Communications Inc                                                                                                   | CUSIP: 775109CH2<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $94499.61     | 0.11%             | 2032-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                                                           | Emera Inc                                                                                                                   | CUSIP: 290876101<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | EC               | CORP              | CA        |        159 | NS      | $7628.39      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingspan Group PLC                                                                  | Kingspan Group PLC                                                                                                          | CUSIP: 000000000<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |         90 | NS      | $7524.98      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                                                                      | Air Liquide SA                                                                                                              | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |        317 | NS      | $66049.07     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED THB / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TH        |          1 | NC      | $3380.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                                           | Nestle SA                                                                                                                   | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |       1484 | NS      | $136283.49    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CMS Energy Corp                                                                     | CMS Energy Corp                                                                                                             | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |        167 | NS      | $12234.42     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                                                                         | Nutanix Inc                                                                                                                 | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |        149 | NS      | $11084.11     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD EUR                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-7733.99     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd                                                      | Galaxy Entertainment Group Ltd                                                                                              | CUSIP: 000000000<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |        358 | NS      | $1968.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Elia Group SA/NV                                                                    | Elia Group SA/NV                                                                                                            | CUSIP: 000000000<br>LEI: 549300S1MP1NFDIKT460 | Long             | EC               | CORP              | BE        |         29 | NS      | $3350.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                    | Deutsche Bank AG                                                                                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |       1085 | NS      | $38426.11     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                                                              | Agnico Eagle Mines Ltd                                                                                                      | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |        265 | NS      | $44633.18     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JDE Peet's NV                                                                       | JDE Peet's NV                                                                                                               | CUSIP: 000000000<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |        101 | NS      | $3705.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Steel Dynamics Inc                                                                  | Steel Dynamics Inc                                                                                                          | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |         79 | NS      | $11014.97     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kesko Oyj                                                                           | Kesko Oyj                                                                                                                   | CUSIP: 000000000<br>LEI: 743700OX6HSVMCAHPB95 | Long             | EC               | CORP              | FI        |        159 | NS      | $3383.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                                                                   | Wolters Kluwer NV                                                                                                           | CUSIP: 000000000<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |        142 | NS      | $19382.99     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Darden Restaurants Inc                                                              | Darden Restaurants Inc                                                                                                      | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |         65 | NS      | $12373.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sagax AB                                                                            | Sagax AB                                                                                                                    | CUSIP: 000000000<br>LEI: 549300LJX28T6OM8DT95 | Long             | EC               | CORP              | SE        |        128 | NS      | $2674.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD SGD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $81.77        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Geberit AG                                                                          | Geberit AG                                                                                                                  | CUSIP: 000000000<br>LEI: 52990093Z5OHD6T7BS47 | Long             | EC               | CORP              | CH        |         19 | NS      | $14348.82     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BE Semiconductor Industries NV                                                      | BE Semiconductor Industries NV                                                                                              | CUSIP: 000000000<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |         48 | NS      | $7187.07      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                         | PURCHASED JPY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | JP        |          1 | NC      | $-123.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US LONG BOND(CBT) DEC25                                                                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          2 | NC      | $4687.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/OH                                                     | American Financial Group Inc/OH                                                                                             | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |         37 | NS      | $5391.64      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                                                               | McCormick & Co Inc/MD                                                                                                       | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |        142 | NS      | $9501.22      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                                                           | Palantir Technologies Inc                                                                                                   | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |       1249 | NS      | $227842.58    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                                                              | MSCI EMGMKT DEC25                                                                                                           | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        -10 | NC      | $-4841.77     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| WiseTech Global Ltd                                                                 | WiseTech Global Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 254900VE3AF301Q85K83 | Long             | EC               | CORP              | AU        |        112 | NS      | $6695.74      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED MXN / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |          1 | NC      | $481.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                                                              | Marvell Technology Inc                                                                                                      | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        461 | NS      | $38756.27     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Eventim AG & Co KGaA                                                            | CTS Eventim AG & Co KGaA                                                                                                    | CUSIP: 000000000<br>LEI: 529900FDHSN08UBJII80 | Long             | EC               | CORP              | DE        |         37 | NS      | $3632.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Consolidated Edison Inc                                                             | Consolidated Edison Inc                                                                                                     | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |        203 | NS      | $20405.56     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED USD / SOLD IDR                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $100.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                                  | A&D Mortgage Trust 2023-NQM2                                                                                                | CUSIP: 00002DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     150096 | PA      | $150797.30    | 0.18%             | 2068-05-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Canada Government Bonds                                                             | Canada Government Bonds                                                                                                     | CUSIP: 135087Q72<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     950000 | PA      | $692748.44    | 0.82%             | 2033-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                              | PURCHASED USD / SOLD JPY                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-2201.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED AUD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |          1 | NC      | $-905.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sandvik AB                                                                          | Sandvik AB                                                                                                                  | CUSIP: 000000000<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |        626 | NS      | $17487.55     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AGENCE FRANCAISE DEVELOP                                                            | Agence Francaise de Developpement EPIC                                                                                      | CUSIP: 000000000<br>LEI: 9695008K5N8MKIT4XJ91 | Long             | DBT              | NUSS              | FR        |     100000 | PA      | $99428.40     | 0.12%             | 2034-10-31      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Marks & Spencer Group PLC                                                           | Marks & Spencer Group PLC                                                                                                   | CUSIP: 000000000<br>LEI: 213800EJP14A79ZG1X44 | Long             | EC               | CORP              | GB        |       1215 | NS      | $5960.94      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Link REIT                                                                           | Link REIT                                                                                                                   | CUSIP: 000000000<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               |  | HK        |        458 | NS      | $2353.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bundesobligation                                                                    | Bundesobligation                                                                                                            | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |    1110000 | PA      | $1285720.37   | 1.53%             | 2027-10-15      | Fixed         | 1.30%                 | Yes           |                  2 | On Loan: No      |
| Martin Marietta Materials Inc                                                       | Martin Marietta Materials Inc                                                                                               | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |         33 | NS      | $20799.24     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Assa Abloy AB                                                                       | Assa Abloy AB                                                                                                               | CUSIP: 000000000<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |        596 | NS      | $20745.48     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC                                                     | London Stock Exchange Group PLC                                                                                             | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |        284 | NS      | $32569.98     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlisle Cos Inc                                                                    | Carlisle Cos Inc                                                                                                            | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |         24 | NS      | $7895.04      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                                                    | CoStar Group Inc                                                                                                            | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |        232 | NS      | $19573.84     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED USD / SOLD NZD                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-46.23       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DSM-Firmenich AG                                                                    | DSM-Firmenich AG                                                                                                            | CUSIP: 000000000<br>LEI: 506700G44V67MPM4BI12 | Long             | EC               | CORP              | CH        |        111 | NS      | $9470.33      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TJX Cos Inc/The                                                                     | TJX Cos Inc/The                                                                                                             | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |        618 | NS      | $89325.72     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                                                            | Engie SA                                                                                                                    | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |        994 | NS      | $21367.55     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikma Pharmaceuticals PLC                                                           | Hikma Pharmaceuticals PLC                                                                                                   | CUSIP: 000000000<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |        101 | NS      | $2318.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Incyte Corp                                                                         | Incyte Corp                                                                                                                 | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |         92 | NS      | $7802.52      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED EUR / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |          1 | NC      | $-711.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Texas Pacific Land Corp                                                             | Texas Pacific Land Corp                                                                                                     | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         11 | NS      | $10270.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sage Group PLC/The                                                                  | Sage Group PLC/The                                                                                                          | CUSIP: 000000000<br>LEI: 2138005RN5XYLTF8G138 | Long             | EC               | CORP              | GB        |        582 | NS      | $8633.68      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED JPY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | JP        |          1 | NC      | $-35411.95    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Repsol SA                                                                           | Repsol SA                                                                                                                   | CUSIP: 000000000<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |        385 | NS      | $6846.16      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Monster Beverage Corp                                                               | Monster Beverage Corp                                                                                                       | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |        401 | NS      | $26991.31     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Wartsila OYJ Abp                                                                    | Wartsila OYJ Abp                                                                                                            | CUSIP: 000000000<br>LEI: 743700G7A9J1PHM3X223 | Long             | EC               | CORP              | FI        |        293 | NS      | $8788.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Indutrade AB                                                                        | Indutrade AB                                                                                                                | CUSIP: 000000000<br>LEI: 549300FISLQ6CEFP1867 | Long             | EC               | CORP              | SE        |        161 | NS      | $3704.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc                                                              | Berkshire Hathaway Inc                                                                                                      | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |        742 | NS      | $373033.08    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                                 | Global Payments Inc                                                                                                         | CUSIP: 891906AF6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100242.70    | 0.12%             | 2028-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Markel Group Inc                                                                    | Markel Group Inc                                                                                                            | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |          7 | NS      | $13379.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                                                         | Nutrien Ltd                                                                                                                 | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |        257 | NS      | $15092.77     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestas Wind Systems A/S                                                             | Vestas Wind Systems A/S                                                                                                     | CUSIP: 000000000<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |        584 | NS      | $11109.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DoorDash Inc                                                                        | DoorDash Inc                                                                                                                | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |        196 | NS      | $53310.04     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                                                                             | DSV A/S                                                                                                                     | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |        121 | NS      | $24172.24     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                           | Uniform Mortgage-Backed Security, TBA                                                                                       | CUSIP: 01F0406A0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      60000 | PA      | $56557.03     | 0.07%             | 2055-10-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                             | Mexican Bonos                                                                                                               | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     800000 | PA      | $44264.89     | 0.05%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Hershey Co/The                                                                      | Hershey Co/The                                                                                                              | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |         83 | NS      | $15525.15     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE                                                                   | Hannover Rueck SE                                                                                                           | CUSIP: 000000000<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |         36 | NS      | $10863.31     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                                 | Intesa Sanpaolo SpA                                                                                                         | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |       2992 | NS      | $19804.58     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD EUR                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-5288.74     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| First Citizens BancShares Inc/NC                                                    | First Citizens BancShares Inc/NC                                                                                            | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |          5 | NS      | $8945.80      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco AB                                                                      | Atlas Copco AB                                                                                                              | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |       1617 | NS      | $27421.05     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Ten Year Bonds                                                     | Japan Government Ten Year Bonds                                                                                             | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   31150000 | PA      | $198310.29    | 0.24%             | 2034-03-20      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| JT INTL FIN SERVICES BV                                                             | JT International Financial Services BV                                                                                      | CUSIP: 000000000<br>LEI: 549300U2F0PG10VZUN93 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $116419.85    | 0.14%             | 2034-04-11      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| TransDigm Group Inc                                                                 | TransDigm Group Inc                                                                                                         | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         31 | NS      | $40858.62     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                                                         | Netflix Inc                                                                                                                 | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |        233 | NS      | $279348.36    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bundesrepublik Deutschland Bundesanleihe                                            | Bundesrepublik Deutschland Bundesanleihe                                                                                    | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |     160000 | PA      | $182333.26    | 0.22%             | 2034-02-15      | Fixed         | 2.20%                 | Yes           |                  2 | On Loan: No      |
| Fresenius Medical Care AG                                                           | Fresenius Medical Care AG                                                                                                   | CUSIP: 000000000<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |        130 | NS      | $6868.89      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cadence Design Systems Inc                                                          | Cadence Design Systems Inc                                                                                                  | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |        147 | NS      | $51635.22     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP                                                                 | Charles Schwab Corp/The                                                                                                     | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      90000 | PA      | $96357.36     | 0.11%             | 2034-05-19      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                                                     | AstraZeneca PLC                                                                                                             | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |        923 | NS      | $141404.52    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Kimco Realty Corp                                                                   | Kimco Realty Corp                                                                                                           | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               |  | US        |        376 | NS      | $8215.60      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED JPY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | JP        |          1 | NC      | $-340.91      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke KPN NV                                                                  | Koninklijke KPN NV                                                                                                          | CUSIP: 000000000<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |       2288 | NS      | $10981.34     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena SME SA                                                                         | Aena SME SA                                                                                                                 | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |        249 | NS      | $6807.49      | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BANK GOSPODARSTWA KRAJOW                                                            | Bank Gospodarstwa Krajowego                                                                                                 | CUSIP: 000000000<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | NUSS              | PL        |     100000 | PA      | $119357.36    | 0.14%             | 2030-03-18      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Intuitive Surgical Inc                                                              | Intuitive Surgical Inc                                                                                                      | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |        198 | NS      | $88551.54     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext NV                                                                         | CAC40 10 EURO FUT OCT25                                                                                                     | CUSIP: 000000000<br>LEI: 724500QJ4QSZ3H9QU415 | N/A              | DE               |  | FR        |          1 | NC      | $864.77       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED CNH / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CN        |          1 | NC      | $-1407.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                                                   | Italy Buoni Poliennali Del Tesoro                                                                                           | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |      58000 | PA      | $71157.78     | 0.08%             | 2043-09-01      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED EUR / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | XX        |          1 | NC      | $-1107.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED CAD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |          1 | NC      | $-1442.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                           | Uniform Mortgage-Backed Security, TBA                                                                                       | CUSIP: 01F0306A1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      60000 | PA      | $52717.97     | 0.06%             | 2055-10-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CORP ANDINA DE FOMENTO                                                              | Corp Andina de Fomento                                                                                                      | CUSIP: 219868CL8<br>LEI: UKZ46SXGNYCZK0UOZE76 | Long             | DBT              | NUSS              | XX        |      60000 | PA      | $62180.53     | 0.07%             | 2030-01-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                                                          | Allianz SE                                                                                                                  | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $132660.50    | 0.16%             | 2053-07-25      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                                                           | Bank of Ireland Group PLC                                                                                                   | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |        570 | NS      | $9437.68      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BlueScope Steel Ltd                                                                 | BlueScope Steel Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 529900H6UQI16XACWC95 | Long             | EC               | CORP              | AU        |        244 | NS      | $3665.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rocket Lab Corp                                                                     | Rocket Lab Corp                                                                                                             | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        231 | NS      | $11067.21     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sika AG                                                                             | Sika AG                                                                                                                     | CUSIP: 000000000<br>LEI: 549300R3N69ECGYPU434 | Long             | EC               | CORP              | CH        |         86 | NS      | $19312.05     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co KGaA                                                              | Fresenius SE & Co KGaA                                                                                                      | CUSIP: 000000000<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |        249 | NS      | $13915.49     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bentley Systems Inc                                                                 | Bentley Systems Inc                                                                                                         | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |         88 | NS      | $4530.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                                                                        | Xylem Inc/NY                                                                                                                | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |        135 | NS      | $19912.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                                                          | Ecolab Inc                                                                                                                  | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |        142 | NS      | $38888.12     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                                             | Freddie Mac Whole Loan Securities Trust 2016-SC01                                                                           | CUSIP: 3137G1AW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       8977 | PA      | $8057.35      | 0.01%             | 2046-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mastercard Inc                                                                      | Mastercard Inc                                                                                                              | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |        472 | NS      | $268478.32    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Arkema SA                                                                           | Arkema SA                                                                                                                   | CUSIP: 000000000<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |         31 | NS      | $1965.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic Services Inc                                                               | Republic Services Inc                                                                                                       | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |        122 | NS      | $27996.56     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                                                            | AT&T Inc                                                                                                                    | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |       3981 | NS      | $112423.44    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Schroders PLC                                                                       | Schroders PLC                                                                                                               | CUSIP: 000000000<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               | CORP              | GB        |        427 | NS      | $2166.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Salmar ASA                                                                          | Salmar ASA                                                                                                                  | CUSIP: 000000000<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |         42 | NS      | $2245.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                                                    | Pernod Ricard SA                                                                                                            | CUSIP: 000000000<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |        110 | NS      | $10829.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CAR Group Ltd                                                                       | CAR Group Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 5299009TFWZGH2AN7D11 | Long             | EC               | CORP              | AU        |        210 | NS      | $5107.36      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED CHF / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CH        |          1 | NC      | $-296.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Holding Corp                                                    | Booz Allen Hamilton Holding Corp                                                                                            | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |         70 | NS      | $6996.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kongsberg Gruppen ASA                                                               | Kongsberg Gruppen ASA                                                                                                       | CUSIP: 000000000<br>LEI: 5967007LIEEXZXJ9HK73 | Long             | EC               | CORP              | NO        |        268 | NS      | $8564.56      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                        | Broadcom Inc                                                                                                                | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       2393 | NS      | $789474.63    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                                                              | Volkswagen International Finance NV                                                                                         | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $232233.42    | 0.28%             | 2027-03-30      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Amgen Inc                                                                           | Amgen Inc                                                                                                                   | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |        300 | NS      | $84660.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Westpac Banking Corp                                                                | Westpac Banking Corp                                                                                                        | CUSIP: 000000000<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | EC               | CORP              | AU        |       1888 | NS      | $48644.01     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                                | Bank of America Corp                                                                                                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |       3946 | NS      | $203574.14    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Antofagasta PLC                                                                     | Antofagasta PLC                                                                                                             | CUSIP: 000000000<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |        223 | NS      | $8293.35      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aumovio SE                                                                          | Aumovio SE                                                                                                                  | CUSIP: 000000000<br>LEI: 391200IGI9RQ7VTOK384 | Long             | EC               | CORP              | DE        |         33 | NS      | $1360.68      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED IDR / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ID        |          1 | NC      | $-166.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Canada Government Bonds                                                             | Canada Government Bonds                                                                                                     | CUSIP: 135087H72<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |      20000 | PA      | $10458.29     | 0.01%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED EUR / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |          1 | NC      | $-1959.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                                                  | Credit Agricole SA                                                                                                          | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EC               | CORP              | FR        |        577 | NS      | $11370.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SSE PLC                                                                             | SSE PLC                                                                                                                     | CUSIP: 000000000<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |        658 | NS      | $15433.84     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                                             | Hyundai Capital America                                                                                                     | CUSIP: 44891ADC8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     150000 | PA      | $153966.04    | 0.18%             | 2029-06-24      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer II, LLC                                                             | DataBank Issuer II LLC                                                                                                      | CUSIP: 23802YAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     160000 | PA      | $160457.18    | 0.19%             | 2055-09-27      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED USD / SOLD CAD                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $48.86        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JD Sports Fashion PLC                                                               | JD Sports Fashion PLC                                                                                                       | CUSIP: 000000000<br>LEI: 213800HROV6Y9MUU8375 | Long             | EC               | CORP              | GB        |       1479 | NS      | $1903.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HEICO Corp                                                                          | HEICO Corp                                                                                                                  | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |         24 | NS      | $7747.68      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc                                                               | SoFi Technologies Inc                                                                                                       | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |        581 | NS      | $15350.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG                                                         | Bayerische Motoren Werke AG                                                                                                 | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |        171 | NS      | $17234.64     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfa Laval AB                                                                       | Alfa Laval AB                                                                                                               | CUSIP: 000000000<br>LEI: 549300UCKT2UK88AG251 | Long             | EC               | CORP              | SE        |        172 | NS      | $7854.42      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Snap Inc                                                                            | Snap Inc                                                                                                                    | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |        583 | NS      | $4494.93      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| U.K. Gilts                                                                          | U.K. Gilts                                                                                                                  | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |      80000 | PA      | $100120.30    | 0.12%             | 2043-10-22      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen AG                                                                       | Volkswagen AG                                                                                                               | CUSIP: 000000000<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |        123 | NS      | $13331.93     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MEDTRONIC GLOBAL HLDINGS                                                            | Medtronic Global Holdings SCA                                                                                               | CUSIP: 58507LAN9<br>LEI: 549300JXMTTP8GKYIX14 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $104934.71    | 0.12%             | 2031-07-02      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Essex Property Trust Inc                                                            | Essex Property Trust Inc                                                                                                    | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |         36 | NS      | $9635.76      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                                                                   | Hormel Foods Corp                                                                                                           | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |        192 | NS      | $4750.08      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PROVINCE OF ALBERTA                                                                 | Province of Alberta Canada                                                                                                  | CUSIP: 000000000<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | NUSS              | CA        |     100000 | PA      | $118527.56    | 0.14%             | 2035-04-02      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| STAR 2024-SFR4 Trust                                                                | STAR 2024-SFR4 Trust                                                                                                        | CUSIP: 85520AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     199559 | PA      | $200376.93    | 0.24%             | 2041-10-17      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Stellantis NV                                                                       | Stellantis NV                                                                                                               | CUSIP: 000000000<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |        401 | NS      | $3721.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                                                   | Italy Buoni Poliennali Del Tesoro                                                                                           | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |      50000 | PA      | $54988.26     | 0.07%             | 2029-02-15      | Fixed         | 0.45%                 | Yes           |                  2 | On Loan: No      |
| Bunge Global SA                                                                     | Bunge Global SA                                                                                                             | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |         77 | NS      | $6256.25      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                                                           | Tesla Inc                                                                                                                   | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       1623 | NS      | $721780.56    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                                                            | Alcon AG                                                                                                                    | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |        282 | NS      | $21210.58     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| US Bancorp                                                                          | US Bancorp                                                                                                                  | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |        866 | NS      | $41853.78     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Novonesis Novozymes B                                                               | Novonesis Novozymes B                                                                                                       | CUSIP: 000000000<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |        208 | NS      | $12801.16     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Swisscom AG                                                                         | Swisscom AG                                                                                                                 | CUSIP: 000000000<br>LEI: 5493005SL9HHOXS3B739 | Long             | EC               | CORP              | CH        |         14 | NS      | $10175.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                                                 | Deutsche Telekom AG                                                                                                         | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |       2062 | NS      | $70251.24     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Aviva PLC                                                                           | Aviva PLC                                                                                                                   | CUSIP: 000000000<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |       1585 | NS      | $14662.50     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Entegris Inc                                                                        | Entegris Inc                                                                                                                | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |         85 | NS      | $7859.10      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                                                                        | ING Groep NV                                                                                                                | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |       1874 | NS      | $49128.34     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Reddit Inc                                                                          | Reddit Inc                                                                                                                  | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |         54 | NS      | $12419.46     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTPAC BANKING CORP                                                                | Westpac Banking Corp                                                                                                        | CUSIP: 961214EP4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     125000 | PA      | $112228.59    | 0.13%             | 2035-11-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                                                                  | Home Depot Inc/The                                                                                                          | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |        554 | NS      | $224475.26    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp                                                                 | Alliant Energy Corp                                                                                                         | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |        143 | NS      | $9639.63      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Schindler Holding AG                                                                | Schindler Holding AG                                                                                                        | CUSIP: 000000000<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |         13 | NS      | $4704.04      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Intel Corp                                                                          | Intel Corp                                                                                                                  | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |       2411 | NS      | $80889.05     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED EUR / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-929.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3140E7GS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       6492 | PA      | $6275.66      | 0.01%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED GBP / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |          1 | NC      | $-98.68       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Veolia Environnement SA                                                             | Veolia Environnement SA                                                                                                     | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |        339 | NS      | $11560.58     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                         | PURCHASED RON / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | RO        |          1 | NC      | $-92.84       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc                                                            | Corebridge Financial Inc                                                                                                    | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |        149 | NS      | $4775.45      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |      50000 | PA      | $8551.25      | 0.01%             | 2046-04-25      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| Wilmar International Ltd                                                            | Wilmar International Ltd                                                                                                    | CUSIP: 000000000<br>LEI: 549300H2EAI4YRLWBB20 | Long             | EC               | CORP              | SG        |        936 | NS      | $2069.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED USD / SOLD NZD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $463.49       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Labcorp Holdings Inc                                                                | Labcorp Holdings Inc                                                                                                        | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         47 | NS      | $13491.82     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Auto Trader Group PLC                                                               | Auto Trader Group PLC                                                                                                       | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |        519 | NS      | $5513.48      | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Camden Property Trust                                                               | Camden Property Trust                                                                                                       | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               |  | US        |         59 | NS      | $6300.02      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fisher & Paykel Healthcare Corp Ltd                                                 | Fisher & Paykel Healthcare Corp Ltd                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |        404 | NS      | $8676.92      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                                                                 | AUST 3YR BOND FUT DEC25                                                                                                     | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         -3 | NC      | $700.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANDER NV                                                                        | Alliander NV                                                                                                                | CUSIP: 000000000<br>LEI: 724500XBZ9QOPTI11U82 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $122044.43    | 0.15%             | 2032-03-27      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies Holdings Inc                                                      | SS&C Technologies Holdings Inc                                                                                              | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |        124 | NS      | $11006.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                                                       | Rio Tinto PLC                                                                                                               | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |        653 | NS      | $43034.27     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                                                                             | IMCD NV                                                                                                                     | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |         35 | NS      | $3627.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BPCE SA                                                                             | BPCE SA                                                                                                                     | CUSIP: 000000000<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $125539.10    | 0.15%             | 2033-06-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Galp Energia SGPS SA                                                                | Galp Energia SGPS SA                                                                                                        | CUSIP: 000000000<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |        215 | NS      | $4074.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | PURCHASED EUR / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | XX        |          1 | NC      | $6.83         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                         | PURCHASED ILS / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | IL        |          1 | NC      | $169.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Integrated Commercial Trust                                              | CapitaLand Integrated Commercial Trust                                                                                      | CUSIP: 000000000<br>LEI: 54930031292WUTXF0L29 | Long             | EC               |  | SG        |       2818 | NS      | $5004.61      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bourzou Issuer LLC, Jamshid Issuer LLC, Cristobal Issuer LLC & COPT DC-6 Issuer LLC | Cloud Capital Holdco LP                                                                                                     | CUSIP: 102104AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     150000 | PA      | $152482.53    | 0.18%             | 2049-11-22      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Bouygues SA                                                                         | Bouygues SA                                                                                                                 | CUSIP: 000000000<br>LEI: 969500MOCLNQFNZN0D63 | Long             | EC               | CORP              | FR        |        103 | NS      | $4645.68      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Evergy Inc                                                                          | Evergy Inc                                                                                                                  | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |        128 | NS      | $9730.56      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/The                                                     | Descartes Systems Group Inc/The                                                                                             | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |         45 | NS      | $4237.12      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                                                                   | Iron Mountain Inc                                                                                                           | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |        164 | NS      | $16718.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV                                                          | Anheuser-Busch InBev SA/NV                                                                                                  | CUSIP: 000000000<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |        587 | NS      | $35088.91     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                                                    | ABN AMRO Bank NV                                                                                                            | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |        273 | NS      | $8757.71      | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wise PLC                                                                            | Wise PLC                                                                                                                    | CUSIP: 000000000<br>LEI: 213800LD9XCHIC1C4V71 | Long             | EC               | CORP              | GB        |        393 | NS      | $5478.54      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PG&E Corp                                                                           | PG&E Corp                                                                                                                   | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |       1222 | NS      | $18427.76     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                                                       | Koninklijke Ahold Delhaize NV                                                                                               | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |        547 | NS      | $22134.07     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                            | AT&T Inc                                                                                                                    | CUSIP: 00206RGE6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     100000 | PA      | $132133.16    | 0.16%             | 2026-12-04      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| BCE Inc                                                                             | BCE Inc                                                                                                                     | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |         40 | NS      | $934.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Verbund AG                                                                          | Verbund AG                                                                                                                  | CUSIP: 000000000<br>LEI: 5299006UDSEJCTTEJS30 | Long             | EC               | CORP              | AT        |         43 | NS      | $3131.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                            | Charter Communications Operating LLC / Charter Communications Operating Capital                                             | CUSIP: 161175CE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      25000 | PA      | $18016.46     | 0.02%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED AUD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | AU        |          1 | NC      | $-30.23       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Jacobs Solutions Inc                                                                | Jacobs Solutions Inc                                                                                                        | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         67 | NS      | $10040.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                              | US 5YR NOTE (CBT) DEC25                                                                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          4 | NC      | $351.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                                                 | Abbott Laboratories                                                                                                         | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |        966 | NS      | $129386.04    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     200000 | PA      | $35137.99     | 0.04%             | 2051-10-18      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Legrand SA                                                                          | Legrand SA                                                                                                                  | CUSIP: 000000000<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |        143 | NS      | $23761.05     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| FedEx Corp                                                                          | FedEx Corp                                                                                                                  | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |        127 | NS      | $29947.87     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                                                                        | Veralto Corp                                                                                                                | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |        138 | NS      | $14712.18     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                                                                 | Synchrony Financial                                                                                                         | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |        209 | NS      | $14849.45     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                                                                       | Ford Motor Co                                                                                                               | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |       2201 | NS      | $26323.96     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                                                                          | Kenvue Inc                                                                                                                  | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |       1070 | NS      | $17366.10     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED USD / SOLD ZAR                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $-4.07        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                   | EURO-OAT FUTURE DEC25                                                                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -1 | NC      | $-1526.27     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                                                        | Apollo Global Management Inc                                                                                                | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |        221 | NS      | $29452.67     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BPR Trust                                                                           | BPR Trust 2022-SSP                                                                                                          | CUSIP: 05602HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100554.31    | 0.12%             | 2039-05-15      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corp                                                             | SBA Communications Corp                                                                                                     | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |         60 | NS      | $11601.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                                                                 | Arista Networks Inc                                                                                                         | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |        576 | NS      | $83928.96     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED THB / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TH        |          1 | NC      | $-8489.84     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| J Sainsbury PLC                                                                     | J Sainsbury PLC                                                                                                             | CUSIP: 000000000<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |       1047 | NS      | $4707.54      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                                              | Galaxy Pipeline Assets Bidco Ltd                                                                                            | CUSIP: 36321PAB6<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     225000 | PA      | $198501.00    | 0.24%             | 2036-03-31      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Commerzbank AG                                                                      | Commerzbank AG                                                                                                              | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | EC               | CORP              | DE        |        526 | NS      | $19915.41     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BASF SE                                                                             | BASF SE                                                                                                                     | CUSIP: 000000000<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |        528 | NS      | $26381.12     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Landmark Mortgage Securities Plc                                                    | Landmark Mortgage Securities No 3 PLC                                                                                       | CUSIP: 000000000<br>LEI: 213800S8KWEEVI3XTK68 | Long             | ABS-MBS          | CORP              | GB        |      46096 | PA      | $60023.43     | 0.07%             | 2044-04-17      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                                                  | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3                                                               | CUSIP: 35563PLB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      11330 | PA      | $9891.05      | 0.01%             | 2058-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                                                        | CaixaBank SA                                                                                                                | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |       1315 | NS      | $13888.91     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Domino's Pizza Inc                                                                  | Domino's Pizza Inc                                                                                                          | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |         18 | NS      | $7770.78      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Retained Vantage Data Centers Issuer, LLC                                           | Retained Vantage Data Centers Issuer LLC                                                                                    | CUSIP: 76134KAA2<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $100191.51    | 0.12%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrivarden AB                                                                   | Industrivarden AB                                                                                                           | CUSIP: 000000000<br>LEI: 549300TM1DLIQI3B3T37 | Long             | EC               | CORP              | SE        |         92 | NS      | $3651.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp                                                                | Parker-Hannifin Corp                                                                                                        | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |         71 | NS      | $53828.65     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                                                                      | Lonza Group AG                                                                                                              | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |         41 | NS      | $27414.17     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| GE HealthCare Technologies Inc                                                      | GE HealthCare Technologies Inc                                                                                              | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |        256 | NS      | $19225.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America NA                                                                  | PURCHASED EUR / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | XX        |          1 | NC      | $56072.62     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CSX Corp                                                                            | CSX Corp                                                                                                                    | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |       1033 | NS      | $36681.83     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC                                                          | United Utilities Group PLC                                                                                                  | CUSIP: 000000000<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |        399 | NS      | $6164.04      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE Inc                                                                             | CAE Inc                                                                                                                     | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |        160 | NS      | $4737.80      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                                             | Hungary Government Bond                                                                                                     | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    8480000 | PA      | $22005.99     | 0.03%             | 2030-08-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                            | AT&T Inc                                                                                                                    | CUSIP: 00206RKA9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      75000 | PA      | $54274.79     | 0.06%             | 2051-06-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED USD / SOLD ZAR                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-10.79       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                                                            | CUSIP: 3132DWFC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      88688 | PA      | $77988.78     | 0.09%             | 2052-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                                             | Freddie Mac Whole Loan Securities Trust 2015-SC01                                                                           | CUSIP: 3137G1AC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       1707 | PA      | $1582.11      | 0.00%             | 2045-05-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Corpay Inc                                                                          | Corpay Inc                                                                                                                  | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |         37 | NS      | $10658.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd                                                     | Brookfield Asset Management Ltd                                                                                             | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |        216 | NS      | $12292.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD TRY                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-4807.99     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Kinder Morgan Inc                                                                   | Kinder Morgan Inc                                                                                                           | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |       1098 | NS      | $31084.38     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED HKD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | HK        |          1 | NC      | $-21.10       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cincinnati Financial Corp                                                           | Cincinnati Financial Corp                                                                                                   | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |         86 | NS      | $13596.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                                                         | Goldman Sachs Group Inc/The                                                                                                 | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |        169 | NS      | $134583.15    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED THB / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TH        |          1 | NC      | $4038.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 31418BYJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       8739 | PA      | $8436.70      | 0.01%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | PURCHASED USD / SOLD CAD                                                                                                    | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |          1 | NC      | $206.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                                                                    | Coca-Cola HBC AG                                                                                                            | CUSIP: 000000000<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |        128 | NS      | $6038.85      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Leonardo SpA                                                                        | Leonardo SpA                                                                                                                | CUSIP: 000000000<br>LEI: 529900X4EEX1U9LN3U39 | Long             | EC               | CORP              | IT        |         78 | NS      | $4990.96      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Logitech International SA                                                           | Logitech International SA                                                                                                   | CUSIP: 000000000<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |         86 | NS      | $9459.86      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                                                      | Atlas Copco AB                                                                                                              | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |        931 | NS      | $14009.18     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                                                  | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3                                                               | CUSIP: 35563PLQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      10159 | PA      | $9635.82      | 0.01%             | 2058-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                                                         | FinecoBank Banca Fineco SpA                                                                                                 | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |        120 | NS      | $2604.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rollins Inc                                                                         | Rollins Inc                                                                                                                 | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |        162 | NS      | $9515.88      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bankinter SA                                                                        | Bankinter SA                                                                                                                | CUSIP: 000000000<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | EC               | CORP              | ES        |        225 | NS      | $3556.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Exchange (Futures Market)                                                     | KOREA 10YR BND FU DEC25                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | KR        |          5 | NC      | $-4347.67     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc                                                             | Essential Utilities Inc                                                                                                     | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |        156 | NS      | $6224.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ipsen SA                                                                            | Ipsen SA                                                                                                                    | CUSIP: 000000000<br>LEI: 549300M6SGDPB4Z94P11 | Long             | EC               | CORP              | FR        |         20 | NS      | $2685.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                                                | Freeport-McMoRan Inc                                                                                                        | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |        783 | NS      | $30709.26     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                                                      | ServiceNow Inc                                                                                                              | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |        109 | NS      | $100310.52    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED KRW / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |          1 | NC      | $-5398.68     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                                                              | CenterPoint Energy Inc                                                                                                      | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |        363 | NS      | $14084.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                                                          | Sysco Corp                                                                                                                  | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |        271 | NS      | $22314.14     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED HUF / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | HU        |          1 | NC      | $0.29         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AvalonBay Communities Inc                                                           | AvalonBay Communities Inc                                                                                                   | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               |  | US        |         79 | NS      | $15260.43     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL Ltd                                                                             | CSL Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |        272 | NS      | $35780.56     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Holdings Inc                                                                 | Affirm Holdings Inc                                                                                                         | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        142 | NS      | $10377.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd                                                      | Canadian Natural Resources Ltd                                                                                              | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |       1105 | NS      | $35332.69     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| National Australia Bank Ltd                                                         | National Australia Bank Ltd                                                                                                 | CUSIP: 000000000<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | EC               | CORP              | AU        |       1723 | NS      | $50262.93     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc                                                               | Gildan Activewear Inc                                                                                                       | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |         76 | NS      | $4390.60      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Melrose Industries PLC                                                              | Melrose Industries PLC                                                                                                      | CUSIP: 000000000<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |        767 | NS      | $6314.61      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FactSet Research Systems Inc                                                        | FactSet Research Systems Inc                                                                                                | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |         21 | NS      | $6016.29      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE Insurance Group Ltd                                                             | QBE Insurance Group Ltd                                                                                                     | CUSIP: 000000000<br>LEI: 549300D2FBW76FPUSG65 | Long             | EC               | CORP              | AU        |        846 | NS      | $11512.59     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity National Information Services Inc                                          | Fidelity National Information Services Inc                                                                                  | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |        291 | NS      | $19188.54     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Gold Pool                                                                                                       | CUSIP: 31323AEC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       7422 | PA      | $7202.97      | 0.01%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                                                                   | Ashtead Group PLC                                                                                                           | CUSIP: 000000000<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |        252 | NS      | $16899.46     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Erie Indemnity Co                                                                   | Erie Indemnity Co                                                                                                           | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |         14 | NS      | $4454.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                                                          | Watsco Inc                                                                                                                  | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |         20 | NS      | $8086.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group Ltd                                                               | Julius Baer Group Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |        115 | NS      | $8007.73      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DraftKings Inc                                                                      | DraftKings Inc                                                                                                              | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |        245 | NS      | $9163.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                                                             | Sherwin-Williams Co/The                                                                                                     | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |        132 | NS      | $45706.32     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                                                                     | Sandoz Group AG                                                                                                             | CUSIP: 000000000<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |        235 | NS      | $14016.03     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Dexcom Inc                                                                          | Dexcom Inc                                                                                                                  | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |        221 | NS      | $14871.09     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Givaudan SA                                                                         | Givaudan SA                                                                                                                 | CUSIP: 000000000<br>LEI: 213800SVRMQA1TD91D41 | Long             | EC               | CORP              | CH        |          6 | NS      | $24474.24     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                                                           | Prosus NV                                                                                                                   | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |        783 | NS      | $55369.87     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED USD / SOLD SEK                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $121.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Bonds                                                                                                         | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     620000 | PA      | $395092.58    | 0.47%             | 2040-05-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| Yangzijiang Shipbuilding Holdings Ltd                                               | Yangzijiang Shipbuilding Holdings Ltd                                                                                       | CUSIP: 000000000<br>LEI: 254900Z3JEM14YIGLM66 | Long             | EC               | CORP              | SG        |       1267 | NS      | $3314.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                         | YEN DENOM NIKKEI DEC25                                                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         -2 | NC      | $4376.52      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WH Group Ltd                                                                        | WH Group Ltd                                                                                                                | CUSIP: 000000000<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |       1447 | NS      | $1567.03      | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| International Paper Co                                                              | International Paper Co                                                                                                      | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |        274 | NS      | $12713.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    1200000 | PA      | $170647.40    | 0.20%             | 2027-01-20      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| PRMI Securitization Trust                                                           | PRMI Securitization Trust 2021-1                                                                                            | CUSIP: 69359DAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      76114 | PA      | $63281.51     | 0.08%             | 2051-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                                       | UniCredit SpA                                                                                                               | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |        277 | NS      | $21078.34     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NiSource Inc                                                                        | NiSource Inc                                                                                                                | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |        262 | NS      | $11344.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp                                                                    | FirstEnergy Corp                                                                                                            | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |        304 | NS      | $13929.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                                                                 | General Electric Co                                                                                                         | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |        583 | NS      | $175378.06    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AON NORTH AMERICA INC                                                               | Aon North America Inc                                                                                                       | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $104212.56    | 0.12%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Carlsberg AS                                                                        | Carlsberg AS                                                                                                                | CUSIP: 000000000<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |         57 | NS      | $6634.68      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DiaSorin SpA                                                                        | DiaSorin SpA                                                                                                                | CUSIP: 000000000<br>LEI: 8156002878BDF0EE4348 | Long             | EC               | CORP              | IT        |          4 | NS      | $355.36       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED USD / SOLD NOK                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $93.23        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund                                                     | Bayview Opportunity Master Fund VIa Trust 2022-INV3                                                                         | CUSIP: 07336FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      80717 | PA      | $69987.34     | 0.08%             | 2052-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fastighets AB Balder                                                                | Fastighets AB Balder                                                                                                        | CUSIP: 000000000<br>LEI: 549300GHKJCEZOAEUU82 | Long             | EC               | CORP              | SE        |        415 | NS      | $2973.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deere & Co                                                                          | Deere & Co                                                                                                                  | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |        143 | NS      | $65388.18     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hydro One Ltd                                                                       | Hydro One Ltd                                                                                                               | CUSIP: 448811208<br>LEI: 5493007QZDXTP1W2VL44 | Long             | EC               | CORP              | CA        |        176 | NS      | $6278.94      | 0.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP                                                                | Las Vegas Sands Corp                                                                                                        | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      35000 | PA      | $36468.74     | 0.04%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Swiss Re AG                                                                         | Swiss Re AG                                                                                                                 | CUSIP: 000000000<br>LEI: 529900PS9YW3YY29F326 | Long             | EC               | CORP              | CH        |        172 | NS      | $31945.03     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Zurich Insurance Group AG                                                           | Zurich Insurance Group AG                                                                                                   | CUSIP: 000000000<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |         83 | NS      | $59326.98     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Analog Devices Inc                                                                  | Analog Devices Inc                                                                                                          | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |        274 | NS      | $67321.80     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                                                           | Danone SA                                                                                                                   | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |        356 | NS      | $31019.44     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                                                    | Roche Holding AG                                                                                                            | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |         18 | NS      | $6227.82      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The                                                             | Charles Schwab Corp/The                                                                                                     | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |        949 | NS      | $90601.03     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                                                         | MetLife Inc                                                                                                                 | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |        316 | NS      | $26028.92     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP Renovaveis SA                                                                   | EDP Renovaveis SA                                                                                                           | CUSIP: 000000000<br>LEI: 529900MUFAH07Q1TAX06 | Long             | EC               | CORP              | ES        |        162 | NS      | $2141.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                                                             | Jefferies Financial Group Inc                                                                                               | CUSIP: 47233JGT9<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     100000 | PA      | $88982.47     | 0.11%             | 2031-10-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Illinois Tool Works Inc                                                             | Illinois Tool Works Inc                                                                                                     | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |        155 | NS      | $40417.80     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PROVINCE OF QUEBEC                                                                  | Province of Quebec Canada                                                                                                   | CUSIP: 000000000<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |     210000 | PA      | $215354.73    | 0.26%             | 2030-10-29      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED ILS / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | IL        |          1 | NC      | $22.34        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Valterra Platinum Ltd                                                               | Valterra Platinum Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |         79 | NS      | $5639.11      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aflac Inc                                                                           | Aflac Inc                                                                                                                   | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |        287 | NS      | $32057.90     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica SA                                                                       | Telefonica SA                                                                                                               | CUSIP: 000000000<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |       1222 | NS      | $6288.66      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US 10YR NOTE (CBT)DEC25                                                                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         -1 | NC      | $262.71       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                                                                   | Eversource Energy                                                                                                           | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |        205 | NS      | $14583.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                                                              | F5 Inc                                                                                                                      | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |         32 | NS      | $10342.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                                                    | Duke Energy Corp                                                                                                            | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |        432 | NS      | $53460.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                                                          | Allianz SE                                                                                                                  | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |        228 | NS      | $95925.73     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Snowflake Inc                                                                       | Snowflake Inc                                                                                                               | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |        142 | NS      | $32028.10     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                                                                  | AerCap Holdings NV                                                                                                          | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | NL        |        110 | NS      | $13310.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                                  | Meta Platforms Inc                                                                                                          | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       1192 | NS      | $875380.96    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                                                          | Pfizer Inc                                                                                                                  | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |       3206 | NS      | $81688.88     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                                                                        | VeriSign Inc                                                                                                                | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |         47 | NS      | $13139.79     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                                                             | E.ON SE                                                                                                                     | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |       1316 | NS      | $24787.49     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Ross Stores Inc                                                                     | Ross Stores Inc                                                                                                             | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |        182 | NS      | $27734.98     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE AG                                                                              | RWE AG                                                                                                                      | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | DBT              | CORP              | DE        |      30000 | PA      | $36226.12     | 0.04%             | 2032-01-10      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| Lundin Gold Inc                                                                     | Lundin Gold Inc                                                                                                             | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |         56 | NS      | $3628.31      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                                                             | Transcontinental Gas Pipe Line Co LLC                                                                                       | CUSIP: 893574AM5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     125000 | PA      | $108571.78    | 0.13%             | 2048-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Lululemon Athletica Inc                                                             | Lululemon Athletica Inc                                                                                                     | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |         61 | NS      | $10853.73     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                                                                         | Ameren Corp                                                                                                                 | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |        154 | NS      | $16074.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                                                     | First Solar Inc                                                                                                             | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |         54 | NS      | $11908.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MET LIFE GLOB FUNDING I                                                             | Metropolitan Life Global Funding I                                                                                          | CUSIP: 59217GEG0<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |     150000 | PA      | $141956.11    | 0.17%             | 2030-04-09      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc                                                               | Waste Connections Inc                                                                                                       | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |        142 | NS      | $24963.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                                                                | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |       1824 | NS      | $74991.09     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Nibe Industrier AB                                                                  | Nibe Industrier AB                                                                                                          | CUSIP: 000000000<br>LEI: 549300ZQH0FIF1P0MX67 | Long             | EC               | CORP              | SE        |        895 | NS      | $3537.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Netherlands Government Bonds                                                        | Netherlands Government Bonds                                                                                                | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |      20000 | PA      | $21486.48     | 0.03%             | 2047-01-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| WSP Global Inc                                                                      | WSP Global Inc                                                                                                              | CUSIP: 92938W202<br>LEI: 549300IQ87LU6X6ERQ78 | Long             | EC               | CORP              | CA        |         69 | NS      | $13560.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mediobanca Banca di Credito Finanziario SpA                                         | Mediobanca Banca di Credito Finanziario SpA                                                                                 | CUSIP: 000000000<br>LEI: PSNL19R2RXX5U3QWHI44 | Long             | EC               | CORP              | IT        |         99 | NS      | $2006.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Verizon Communications Inc                                                          | Verizon Communications Inc                                                                                                  | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |       2347 | NS      | $103150.65    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                                                       | BHP Group Ltd                                                                                                               | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |       2849 | NS      | $79587.38     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Generali                                                                            | Generali                                                                                                                    | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |        170 | NS      | $6681.01      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                                                                           | Mondi PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |        256 | NS      | $3541.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Associated British Foods PLC                                                        | Associated British Foods PLC                                                                                                | CUSIP: 000000000<br>LEI: GBQKSY6W7G0OHCQ8OQ72 | Long             | EC               | CORP              | GB        |        190 | NS      | $5249.95      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Molina Healthcare Inc                                                               | Molina Healthcare Inc                                                                                                       | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |         30 | NS      | $5740.80      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                                                         | Oracle Corp                                                                                                                 | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |        913 | NS      | $256772.12    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitecap Resources Inc                                                              | Whitecap Resources Inc                                                                                                      | CUSIP: 96467A200<br>LEI: 894500UA4G4BTB67II45 | Long             | EC               | CORP              | CA        |        651 | NS      | $4967.75      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                                                              | UCB SA                                                                                                                      | CUSIP: 000000000<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |         76 | NS      | $21214.25     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                                                                      | CUSIP: 000000000<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |       1193 | NS      | $23153.20     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                                                        | Experian PLC                                                                                                                | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |        553 | NS      | $27775.62     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| RTX Corp                                                                            | RTX Corp                                                                                                                    | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |        734 | NS      | $122820.22    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                                                           | Edwards Lifesciences Corp                                                                                                   | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |        324 | NS      | $25197.48     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gecina SA                                                                           | Gecina SA                                                                                                                   | CUSIP: 000000000<br>LEI: 9695003E4MMA10IBTR26 | Long             | EC               |  | FR        |         25 | NS      | $2511.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Alstom SA                                                                           | Alstom SA                                                                                                                   | CUSIP: 000000000<br>LEI: 96950032TUYMW11FB530 | Long             | EC               | CORP              | FR        |        191 | NS      | $4997.79      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| George Weston Ltd                                                                   | George Weston Ltd                                                                                                           | CUSIP: 961148509<br>LEI: 549300FAHC3L1QKNT280 | Long             | EC               | CORP              | CA        |         92 | NS      | $5611.76      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd                                                      | Fairfax Financial Holdings Ltd                                                                                              | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         10 | NS      | $17495.15     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT AB                                                                              | EQT AB                                                                                                                      | CUSIP: 000000000<br>LEI: 213800U7P9GOIRKCTB34 | Long             | EC               | CORP              | SE        |        211 | NS      | $7317.78      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KKR & Co Inc                                                                        | KKR & Co Inc                                                                                                                | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |        345 | NS      | $44832.75     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                                                             | Eni SpA                                                                                                                     | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |        434 | NS      | $7593.30      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EMS-Chemie Holding AG                                                               | EMS-Chemie Holding AG                                                                                                       | CUSIP: 000000000<br>LEI: 529900G1XFTGSE0DIX60 | Long             | EC               | CORP              | CH        |          4 | NS      | $2841.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Avery Dennison Corp                                                                 | Avery Dennison Corp                                                                                                         | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |         44 | NS      | $7135.48      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CORP ANDINA DE FOMENTO                                                              | Corp Andina de Fomento                                                                                                      | CUSIP: 000000000<br>LEI: UKZ46SXGNYCZK0UOZE76 | Long             | DBT              | NUSS              | XX        |     160000 | PA      | $107587.12    | 0.13%             | 2029-02-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc                                                                   | Brown & Brown Inc                                                                                                           | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |        164 | NS      | $15381.56     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eiffage SA                                                                          | Eiffage SA                                                                                                                  | CUSIP: 000000000<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |         37 | NS      | $4740.36      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                                                                           | QIAGEN NV                                                                                                                   | CUSIP: 000000000<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |        125 | NS      | $5575.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Boeing Co/The                                                                       | Boeing Co/The                                                                                                               | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |        416 | NS      | $89785.28     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED PLN / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PL        |          1 | NC      | $-51.01       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| D'ieteren Group                                                                     | D'ieteren Group                                                                                                             | CUSIP: 000000000<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |         13 | NS      | $2440.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Autodesk Inc                                                                        | Autodesk Inc                                                                                                                | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |        115 | NS      | $36532.05     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian SpA                                                                        | Prysmian SpA                                                                                                                | CUSIP: 000000000<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |         55 | NS      | $5473.68      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Orsted AS                                                                           | Orsted AS                                                                                                                   | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |         99 | NS      | $1722.06      | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Crowdstrike Holdings Inc                                                            | Crowdstrike Holdings Inc                                                                                                    | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |        132 | NS      | $64730.16     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                                                             | Aon PLC                                                                                                                     | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |        114 | NS      | $40650.12     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMerieux                                                                          | BioMerieux                                                                                                                  | CUSIP: 000000000<br>LEI: 549300AK8Y0LBIQ4T071 | Long             | EC               | CORP              | FR        |         23 | NS      | $3087.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fox Corp                                                                            | Fox Corp                                                                                                                    | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |         79 | NS      | $4525.91      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                                                                      | GE Vernova Inc                                                                                                              | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |        147 | NS      | $90390.30     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                                                                      | Blackstone Inc                                                                                                              | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |        401 | NS      | $68510.85     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                                                                     | Gen Digital Inc                                                                                                             | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |        295 | NS      | $8375.05      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                                                                   | Ivanhoe Mines Ltd                                                                                                           | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |        390 | NS      | $4136.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Corp                                                           | Brookfield Renewable Corp                                                                                                   | CUSIP: 11285B108<br>LEI: 894500N9AWD5I1YNP231 | Long             | EC               | CORP              | CA        |         72 | NS      | $2478.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexi SpA                                                                            | Nexi SpA                                                                                                                    | CUSIP: 000000000<br>LEI: 5493000P70CQRQG8SN85 | Long             | EC               | CORP              | IT        |         94 | NS      | $532.54       | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                            | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                                                         | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    9287827 | NS      | $9287827.32   | 11.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                                                                          | Ferrari NV                                                                                                                  | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |         25 | NS      | $12118.02     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED USD / SOLD DKK                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $6.18         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD MYR                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $5.67         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Allstate Corp/The                                                                   | Allstate Corp/The                                                                                                           | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |        146 | NS      | $31338.90     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Moncler SpA                                                                         | Moncler SpA                                                                                                                 | CUSIP: 000000000<br>LEI: 815600EBD7FB00525B20 | Long             | EC               | CORP              | IT        |         47 | NS      | $2766.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Redeia Corp SA                                                                      | Redeia Corp SA                                                                                                              | CUSIP: 000000000<br>LEI: 5493009HMD0C90GUV498 | Long             | EC               | CORP              | ES        |        133 | NS      | $2567.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Computershare Ltd                                                                   | Computershare Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 21380085HOKTMGLV9G93 | Long             | EC               | CORP              | AU        |        290 | NS      | $6967.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Solventum Corp                                                                      | Solventum Corp                                                                                                              | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |         86 | NS      | $6278.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED SGD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SG        |          1 | NC      | $-445.18      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dover Corp                                                                          | Dover Corp                                                                                                                  | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |         76 | NS      | $12679.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                                                                 | Cardinal Health Inc                                                                                                         | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |        131 | NS      | $20561.76     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                                                         | Cencora Inc                                                                                                                 | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |        102 | NS      | $31878.06     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp                                                        | Wheaton Precious Metals Corp                                                                                                | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |        238 | NS      | $26633.70     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED USD / SOLD TWD                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $11.17        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD MYR                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $449.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Amrize Ltd                                                                          | Amrize Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 529900SLCCO6K43P8146 | Long             | EC               | CORP              | CH        |        301 | NS      | $14717.64     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG                                                             | Heidelberg Materials AG                                                                                                     | CUSIP: 000000000<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |         79 | NS      | $17857.62     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Euronext NV                                                                         | Euronext NV                                                                                                                 | CUSIP: 000000000<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |         42 | NS      | $6287.89      | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                                                | Las Vegas Sands Corp                                                                                                        | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51034.42     | 0.06%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Bayer AG                                                                            | Bayer AG                                                                                                                    | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |        583 | NS      | $19408.75     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                                                                   | Kinross Gold Corp                                                                                                           | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |        645 | NS      | $16007.98     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sofina SA                                                                           | Sofina SA                                                                                                                   | CUSIP: 000000000<br>LEI: 5493000GMVR38VUO5D39 | N/A              | DE               |  | BE        |          9 | NS      | $20.08        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                                                          | LPL Financial Holdings Inc                                                                                                  | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |         44 | NS      | $14638.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategy Inc                                                                        | Strategy Inc                                                                                                                | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |        146 | NS      | $47042.66     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp                                                                 | Carrier Global Corp                                                                                                         | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |        434 | NS      | $25909.80     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Intact Financial Corp                                                               | Intact Financial Corp                                                                                                       | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |         94 | NS      | $18288.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                                                              | Roper Technologies Inc                                                                                                      | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |         60 | NS      | $29921.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                                                                   | Devon Energy Corp                                                                                                           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |        334 | NS      | $11710.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                                                        | LyondellBasell Industries NV                                                                                                | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |        144 | NS      | $7061.76      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Life Financial Inc                                                              | Sun Life Financial Inc                                                                                                      | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               | CORP              | CA        |        297 | NS      | $17834.51     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International SCA                                                            | Hermes International SCA                                                                                                    | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |         17 | NS      | $41803.67     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                                                           | Sanofi SA                                                                                                                   | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |        607 | NS      | $57479.23     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Gold Pool                                                                                                       | CUSIP: 3132QQTV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      48720 | PA      | $45639.40     | 0.05%             | 2045-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Aegon Ltd                                                                           | Aegon Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | EC               | CORP              | BM        |        783 | NS      | $6312.55      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Altria Group Inc                                                                    | Altria Group Inc                                                                                                            | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |        931 | NS      | $61501.86     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                                                                 | VICI Properties Inc                                                                                                         | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |        590 | NS      | $19239.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                                                                        | Capgemini SE                                                                                                                | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |         89 | NS      | $12983.09     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Palo Alto Networks Inc                                                              | Palo Alto Networks Inc                                                                                                      | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |        361 | NS      | $73506.82     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD THB                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-63364.64    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                         | S+P500 EMINI FUT DEC25                                                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         -2 | NC      | $-5960.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| AIB Group PLC                                                                       | AIB Group PLC                                                                                                               | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |       1206 | NS      | $10994.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD MXN                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-435.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Starbucks Corp                                                                      | Starbucks Corp                                                                                                              | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |        625 | NS      | $52875.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                                                                 | TE Connectivity PLC                                                                                                         | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |        163 | NS      | $35783.39     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE AG                                                                              | RWE AG                                                                                                                      | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |        374 | NS      | $16635.03     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Cameco Corp                                                                         | Cameco Corp                                                                                                                 | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |        219 | NS      | $18379.82     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED HUF / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | HU        |          1 | NC      | $-0.79        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Emerson Electric Co                                                                 | Emerson Electric Co                                                                                                         | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |        309 | NS      | $40534.62     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc                                                      | JB Hunt Transport Services Inc                                                                                              | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |         43 | NS      | $5769.31      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NUVEEN LLC                                                                          | Nuveen LLC                                                                                                                  | CUSIP: 67080LAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      25000 | PA      | $26323.00     | 0.03%             | 2034-04-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Vinci SA                                                                            | Vinci SA                                                                                                                    | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |        268 | NS      | $37244.49     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED SEK / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SE        |          1 | NC      | $-404.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                                                        | Citizens Financial Group Inc                                                                                                | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |        240 | NS      | $12758.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                                                        | Barclays PLC                                                                                                                | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |       8449 | NS      | $43472.80     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED CLP / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CL        |          1 | NC      | $-105.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD AUD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-553.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                                                            | Simon Property Group Inc                                                                                                    | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |        180 | NS      | $33780.60     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                                                                      | TC Energy Corp                                                                                                              | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |        548 | NS      | $29796.05     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                                                                      | Open Text Corp                                                                                                              | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |        136 | NS      | $5083.51      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                                                   | Italy Buoni Poliennali Del Tesoro                                                                                           | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |      80000 | PA      | $90293.49     | 0.11%             | 2032-12-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| US BANCORP                                                                          | US Bancorp                                                                                                                  | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      75000 | PA      | $79943.92     | 0.10%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Yum! Brands Inc                                                                     | Yum! Brands Inc                                                                                                             | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |        155 | NS      | $23560.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED HKD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | HK        |          1 | NC      | $-97.12       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barratt Redrow PLC                                                                  | Barratt Redrow PLC                                                                                                          | CUSIP: 000000000<br>LEI: 2138006R85VEOF5YNK29 | Long             | EC               | CORP              | GB        |        819 | NS      | $4308.90      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NZ LOCAL GOVT FUND AGENC                                                            | New Zealand Local Government Funding Agency Bond                                                                            | CUSIP: 000000000<br>LEI: 254900ZJG39H1CAH6K02 | Long             | DBT              | NUSS              | NZ        |     310000 | PA      | $207024.41    | 0.25%             | 2027-09-08      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| TELUS Corp                                                                          | TELUS Corp                                                                                                                  | CUSIP: 87971M103<br>LEI: 894500WE70KKZRQMBU11 | Long             | EC               | CORP              | CA        |        268 | NS      | $4221.14      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc                                                             | Zoom Communications Inc                                                                                                     | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |        137 | NS      | $11302.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller - Maersk A/S                                                              | AP Moller - Maersk A/S                                                                                                      | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |          2 | NS      | $3931.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc                                                       | Live Nation Entertainment Inc                                                                                               | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |         89 | NS      | $14542.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingdom of Belgium Government Bonds                                                 | Kingdom of Belgium Government Bonds                                                                                         | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |      80000 | PA      | $59523.71     | 0.07%             | 2050-06-22      | Fixed         | 1.70%                 | Yes           |                  2 | On Loan: No      |
| Tenaris SA                                                                          | Tenaris SA                                                                                                                  | CUSIP: 000000000<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |         80 | NS      | $1433.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Datadog Inc                                                                         | Datadog Inc                                                                                                                 | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |        148 | NS      | $21075.20     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Docusign Inc                                                                        | Docusign Inc                                                                                                                | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |        110 | NS      | $7929.90      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Schindler Holding AG                                                                | Schindler Holding AG                                                                                                        | CUSIP: 000000000<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |         23 | NS      | $8746.36      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                                                | Infrastrutture Wireless Italiane SpA                                                                                        | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |         54 | NS      | $634.57       | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Norsk Hydro ASA                                                                     | Norsk Hydro ASA                                                                                                             | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |        854 | NS      | $5806.45      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Infratil Ltd                                                                        | Infratil Ltd                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |        656 | NS      | $4701.68      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd                                                           | CK Hutchison Holdings Ltd                                                                                                   | CUSIP: 000000000<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | KY        |        465 | NS      | $3055.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CORP ANDINA DE FOMENTO                                                              | Corp Andina de Fomento                                                                                                      | CUSIP: 219868CJ3<br>LEI: UKZ46SXGNYCZK0UOZE76 | Long             | DBT              | NUSS              | XX        |      80000 | PA      | $82367.53     | 0.10%             | 2029-01-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                                                          | U.K. Gilts                                                                                                                  | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     220000 | PA      | $225681.38    | 0.27%             | 2033-07-31      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| PulteGroup Inc                                                                      | PulteGroup Inc                                                                                                              | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        111 | NS      | $14666.43     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                                                            | Ferguson Enterprises Inc                                                                                                    | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |        109 | NS      | $24479.22     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nice Ltd                                                                            | Nice Ltd                                                                                                                    | CUSIP: 000000000<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |         37 | NS      | $5359.97      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 31416XW48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      15125 | PA      | $15157.15     | 0.02%             | 2041-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances Inc                                              | International Flavors & Fragrances Inc                                                                                      | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |        142 | NS      | $8738.68      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE PP EUR HOLD                                                              | Blackstone Property Partners Europe Holdings Sarl                                                                           | CUSIP: 000000000<br>LEI: 213800Y3B5GQFBGVHP79 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $115127.76    | 0.14%             | 2027-04-26      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Klepierre SA                                                                        | Klepierre SA                                                                                                                | CUSIP: 000000000<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               |  | FR        |        120 | NS      | $4684.79      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Infrastructure Holdings Ltd                                                      | CK Infrastructure Holdings Ltd                                                                                              | CUSIP: 000000000<br>LEI: 5299005U11RQ1C27MR12 | Long             | EC               | CORP              | BM        |        105 | NS      | $688.89       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                                                           | Epiroc AB                                                                                                                   | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |        388 | NS      | $8213.99      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp/The                                                    | Bank of New York Mellon Corp/The                                                                                            | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |        391 | NS      | $42603.36     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Ltd                                                                       | Fortescue Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |        963 | NS      | $11926.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PTC Inc                                                                             | PTC Inc                                                                                                                     | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |         66 | NS      | $13399.32     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Technologies Engineering Ltd                                              | Singapore Technologies Engineering Ltd                                                                                      | CUSIP: 000000000<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |        744 | NS      | $4968.08      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Carnival Corp                                                                       | Carnival Corp                                                                                                               | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |        577 | NS      | $16681.07     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                                                     | Ulta Beauty Inc                                                                                                             | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |         25 | NS      | $13668.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PRKCM Trust                                                                         | PRKCM 2023-AFC1 Trust                                                                                                       | CUSIP: 693981AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     106235 | PA      | $106586.87    | 0.13%             | 2058-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                  | Ingersoll Rand Inc                                                                                                          | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |        225 | NS      | $18589.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED TRY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |          1 | NC      | $60492.10     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Caterpillar Inc                                                                     | Caterpillar Inc                                                                                                             | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |        259 | NS      | $123581.85    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                            | Enterprise Products Operating LLC                                                                                           | CUSIP: 29379VBZ5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |      50000 | PA      | $37330.44     | 0.04%             | 2060-01-31      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                  | Banco Santander SA                                                                                                          | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |       5041 | NS      | $52901.87     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                                             | Freddie Mac Whole Loan Securities Trust 2016-SC01                                                                           | CUSIP: 3137G1AV9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       7108 | PA      | $6190.63      | 0.01%             | 2046-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kuehne + Nagel International AG                                                     | Kuehne + Nagel International AG                                                                                             | CUSIP: 000000000<br>LEI: 529900Q0YED3805QXQ66 | Long             | EC               | CORP              | CH        |         27 | NS      | $5052.71      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                                                     | Nordea Bank Abp                                                                                                             | CUSIP: 000000000<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |       1825 | NS      | $30046.40     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstService Corp                                                                   | FirstService Corp                                                                                                           | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |         22 | NS      | $4191.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexagon AB                                                                          | Hexagon AB                                                                                                                  | CUSIP: 000000000<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |       1228 | NS      | $14653.91     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Baloise Holding AG                                                                  | Baloise Holding AG                                                                                                          | CUSIP: 000000000<br>LEI: 529900G5XKBZN48T6283 | Long             | EC               | CORP              | CH        |         24 | NS      | $5939.90      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Oversea-Chinese Banking Corp Ltd                                                    | Oversea-Chinese Banking Corp Ltd                                                                                            | CUSIP: 000000000<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |       1636 | NS      | $20858.37     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     370000 | PA      | $60863.48     | 0.07%             | 2052-10-25      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CF Industries Holdings Inc                                                          | CF Industries Holdings Inc                                                                                                  | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |         89 | NS      | $7983.30      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED USD / SOLD DKK                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $10.21        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Henderson Land Development Co Ltd                                                   | Henderson Land Development Co Ltd                                                                                           | CUSIP: 000000000<br>LEI: 529900SYQB7IVR9QGN76 | Long             | EC               | CORP              | HK        |        238 | NS      | $838.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Monolithic Power Systems Inc                                                        | Monolithic Power Systems Inc                                                                                                | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |         26 | NS      | $23936.64     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck KGaA                                                                          | Merck KGaA                                                                                                                  | CUSIP: 000000000<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |         75 | NS      | $9730.86      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED USD / SOLD GBP                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-283.74      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                                                                        | QUALCOMM Inc                                                                                                                | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |        598 | NS      | $99483.28     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                                                                       | RB Global Inc                                                                                                               | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |         99 | NS      | $10723.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Denmark Government Bonds                                                            | Denmark Government Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 549300PTO6LS1PTM6607 | Long             | DBT              | NUSS              | DK        |     580000 | PA      | $88890.64     | 0.11%             | 2027-11-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                         | PURCHASED JPY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | JP        |          1 | NC      | $730.38       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Natera Inc                                                                          | Natera Inc                                                                                                                  | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         70 | NS      | $11267.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI Inc                                                                             | CGI Inc                                                                                                                     | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |        106 | NS      | $9441.52      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                                                          | Diageo PLC                                                                                                                  | CUSIP: 000000000<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |       1310 | NS      | $31345.24     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                                                          | Siemens AG                                                                                                                  | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |        447 | NS      | $120680.16    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd                                                              | ANZ Group Holdings Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 9845005D9C6BAA10BK72 | Long             | EC               | CORP              | AU        |       1664 | NS      | $36538.99     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Textron Inc                                                                         | Textron Inc                                                                                                                 | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |        102 | NS      | $8617.98      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                                                          | Neurocrine Biosciences Inc                                                                                                  | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |         55 | NS      | $7720.90      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA                                        | Cie Generale des Etablissements Michelin SCA                                                                                | CUSIP: 000000000<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |        376 | NS      | $13541.16     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NN Group NV                                                                         | NN Group NV                                                                                                                 | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |        159 | NS      | $11212.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    3390000 | PA      | $508986.44    | 0.61%             | 2032-11-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Swire Pacific Ltd                                                                   | Swire Pacific Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |         61 | NS      | $516.82       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED EUR / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |          1 | NC      | $16758.63     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                              | PURCHASED CNY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CN        |          1 | NC      | $-1905.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd                                                            | United Overseas Bank Ltd                                                                                                    | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |        605 | NS      | $16247.54     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Covestro AG                                                                         | Covestro AG                                                                                                                 | CUSIP: 000000000<br>LEI: 3912005AWHKLQ1CPLV11 | Long             | EC               | CORP              | DE        |        106 | NS      | $7257.27      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AutoZone Inc                                                                        | AutoZone Inc                                                                                                                | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |          9 | NS      | $38612.16     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    1410000 | PA      | $255751.54    | 0.30%             | 2049-07-22      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                                                                         | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     175000 | PA      | $192906.51    | 0.23%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                                                                 | EssilorLuxottica SA                                                                                                         | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |        166 | NS      | $54075.13     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp                                                               | ON Semiconductor Corp                                                                                                       | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |        233 | NS      | $11489.23     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                                             | Freddie Mac Whole Loan Securities Trust 2015-SC01                                                                           | CUSIP: 3137G1AA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       6136 | PA      | $5607.90      | 0.01%             | 2045-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Genting Singapore Ltd                                                               | Genting Singapore Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |       2905 | NS      | $1656.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                                                          | Haleon PLC                                                                                                                  | CUSIP: 000000000<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |       5397 | NS      | $24287.46     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen                           | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen                                                                   | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |         80 | NS      | $51077.93     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                           | Uniform Mortgage-Backed Security, TBA                                                                                       | CUSIP: 01F0606A8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     300000 | PA      | $306492.20    | 0.36%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial Inc                                                            | Ameriprise Financial Inc                                                                                                    | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |         53 | NS      | $26036.25     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                                                                  | HCA Healthcare Inc                                                                                                          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |         99 | NS      | $42193.80     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED USD / SOLD DKK                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $108.69       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One                                              | Liberty Media Corp-Liberty Formula One                                                                                      | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        117 | NS      | $12220.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd                                                                    | Imperial Oil Ltd                                                                                                            | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |         94 | NS      | $8523.29      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                                                                    | Deutsche Post AG                                                                                                            | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |        567 | NS      | $25337.73     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp                                                                 | Otis Worldwide Corp                                                                                                         | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |        222 | NS      | $20297.46     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Transurban Group                                                                    | Transurban Group                                                                                                            | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |       1739 | NS      | $15866.38     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| KLA Corp                                                                            | KLA Corp                                                                                                                    | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |         73 | NS      | $78737.80     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                                                        | Glencore PLC                                                                                                                | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |       5773 | NS      | $26588.27     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Copart Inc                                                                          | Copart Inc                                                                                                                  | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |        506 | NS      | $22754.82     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED USD / SOLD SGD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $1.01         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp                                                               | Northrop Grumman Corp                                                                                                       | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |         76 | NS      | $46308.32     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                                                     | Telefonaktiebolaget LM Ericsson                                                                                             | CUSIP: 000000000<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |       1645 | NS      | $13630.47     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Austria Government Bonds                                                | Republic of Austria Government Bonds                                                                                        | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |      60000 | PA      | $63366.25     | 0.08%             | 2030-02-20      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Hartford Insurance Group Inc/The                                                    | Hartford Insurance Group Inc/The                                                                                            | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |        158 | NS      | $21075.62     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Stantec Inc                                                                         | Stantec Inc                                                                                                                 | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |         60 | NS      | $6470.79      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                                                              | Diamondback Energy Inc                                                                                                      | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |        104 | NS      | $14882.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BPM SpA                                                                       | Banco BPM SpA                                                                                                               | CUSIP: 000000000<br>LEI: 815600E4E6DCD2D25E30 | Long             | EC               | CORP              | IT        |        225 | NS      | $3376.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NVR Inc                                                                             | NVR Inc                                                                                                                     | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |          2 | NS      | $16069.32     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                                                                       | Boeing Co/The                                                                                                               | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      25000 | PA      | $26538.29     | 0.03%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Electronic Arts Inc                                                                 | Electronic Arts Inc                                                                                                         | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |        134 | NS      | $27027.80     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SLOVAKIA GOVERNMENT BOND                                                            | Slovakia Government Bond                                                                                                    | CUSIP: 000000000<br>LEI: 097900BHFM0000074794 | Long             | DBT              | NUSS              | SK        |     130000 | PA      | $149749.16    | 0.18%             | 2040-02-27      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| McKesson Corp                                                                       | McKesson Corp                                                                                                               | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |         69 | NS      | $53305.26     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED USD / SOLD CNH                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $90.07        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                                                    | Skandinaviska Enskilda Banken AB                                                                                            | CUSIP: 000000000<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |        943 | NS      | $18489.92     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                                                         | CUSIP: 91282CHW4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1020000 | PA      | $1037272.26   | 1.23%             | 2030-08-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| U-Haul Holding Co                                                                   | U-Haul Holding Co                                                                                                           | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |         54 | NS      | $2748.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                                                   | Italy Buoni Poliennali Del Tesoro                                                                                           | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     230000 | PA      | $280094.99    | 0.33%             | 2034-07-01      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Regions Financial Corp                                                              | Regions Financial Corp                                                                                                      | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |        500 | NS      | $13185.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                                                                | Verisk Analytics Inc                                                                                                        | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |         78 | NS      | $19617.78     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                                                          | Humana Inc                                                                                                                  | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |         66 | NS      | $17171.22     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SGS SA                                                                              | SGS SA                                                                                                                      | CUSIP: 000000000<br>LEI: 2138007JNS19JHNA2336 | Long             | EC               | CORP              | CH        |         91 | NS      | $9456.70      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Knorr-Bremse AG                                                                     | Knorr-Bremse AG                                                                                                             | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |         43 | NS      | $4045.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Finland Government Bonds                                                            | Finland Government Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 743700M6Y2OQRVSBRD14 | Long             | DBT              | NUSS              | FI        |     220000 | PA      | $188497.36    | 0.22%             | 2036-04-15      | Fixed         | 0.13%                 | Yes           |                  2 | On Loan: No      |
| SIG Group AG                                                                        | SIG Group AG                                                                                                                | CUSIP: 000000000<br>LEI: 5493004Z6P7TSVB1L042 | Long             | EC               | CORP              | CH        |        172 | NS      | $1783.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tapestry Inc                                                                        | Tapestry Inc                                                                                                                | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |        114 | NS      | $12907.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                                                           | Keysight Technologies Inc                                                                                                   | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |         95 | NS      | $16617.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                                                                       | Kroger Co/The                                                                                                               | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |        351 | NS      | $23660.91     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SNCF RESEAU                                                                         | SNCF Reseau                                                                                                                 | CUSIP: 000000000<br>LEI: 969500VZN4KDEZ14C105 | Long             | DBT              | NUSS              | FR        |     100000 | PA      | $102998.85    | 0.12%             | 2034-03-30      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Pinterest Inc                                                                       | Pinterest Inc                                                                                                               | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        324 | NS      | $10423.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                                                        | United Airlines Holdings Inc                                                                                                | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |         45 | NS      | $4342.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                                                                         | ROBLOX Corp                                                                                                                 | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        300 | NS      | $41556.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                                                               | RPM International Inc                                                                                                       | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |         71 | NS      | $8369.48      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED ILS / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IL        |          1 | NC      | $197.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pro Medicus Ltd                                                                     | Pro Medicus Ltd                                                                                                             | CUSIP: 000000000<br>LEI: 98450085A903D1BMFF27 | Long             | EC               | CORP              | AU        |         32 | NS      | $6515.06      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SGH Ltd                                                                             | SGH Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 254900DME8O9GCK94794 | Long             | EC               | CORP              | AU        |        111 | NS      | $3664.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortive Corp                                                                        | Fortive Corp                                                                                                                | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |        190 | NS      | $9308.10      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc                                                              | Church & Dwight Co Inc                                                                                                      | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |        137 | NS      | $12005.31     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweden Government Bonds                                                             | Sweden Government Bonds                                                                                                     | CUSIP: 000000000<br>LEI: ERE94C0BSULG2RM19605 | Long             | DBT              | NUSS              | SE        |     400000 | PA      | $41208.66     | 0.05%             | 2035-05-11      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Twilio Inc                                                                          | Twilio Inc                                                                                                                  | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |         83 | NS      | $8307.47      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Epiroc AB                                                                           | Epiroc AB                                                                                                                   | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |        229 | NS      | $4332.33      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain SA                                                              | Cie de Saint-Gobain SA                                                                                                      | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |        243 | NS      | $26329.44     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| UPM-Kymmene Oyj                                                                     | UPM-Kymmene Oyj                                                                                                             | CUSIP: 000000000<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |        304 | NS      | $8325.53      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                        | Synopsys Inc                                                                                                                | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |        101 | NS      | $49832.39     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Meff Financial Derivatives                                                          | IBEX 35 INDX FUTR OCT25                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | ES        |          1 | NC      | $3454.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF SLOVENIA                                                                | Slovenia Government International Bond                                                                                      | CUSIP: 831594AH9<br>LEI: 485100000LWQHIX4XX88 | Long             | DBT              | NUSS              | SI        |     200000 | PA      | $206844.06    | 0.25%             | 2033-09-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                              | PURCHASED USD / SOLD INR                                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $46.04        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                                                        | Canadian National Railway Co                                                                                                | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |        287 | NS      | $27064.65     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IGM Financial Inc                                                                   | IGM Financial Inc                                                                                                           | CUSIP: 449586106<br>LEI: 254900RYHLVJNTUFDA95 | Long             | EC               | CORP              | CA        |         43 | NS      | $1565.27      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                                                           | Apple Inc                                                                                                                   | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |       8156 | NS      | $2076762.28   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands International Inc                                                 | Restaurant Brands International Inc                                                                                         | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | CA        |        165 | NS      | $10585.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                                                                 | Erste Group Bank AG                                                                                                         | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |        195 | NS      | $19169.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE                                                              | Eurofins Scientific SE                                                                                                      | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |         64 | NS      | $4667.29      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Paragon Offshore PLC                                                                | Paragon Offshore PLC                                                                                                        | CUSIP: 000000000<br>LEI: 5493009D85BF18WG1Z30 | Long             | EC               | CORP              | GB        |         67 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD TRY                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $6432.82      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                   | EURO STOXX 50 DEC25                                                                                                         | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         -5 | NC      | $-5635.44     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | J.P. Morgan Mortgage Trust 2022-INV3                                                                                        | CUSIP: 46593FAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     153122 | PA      | $132815.42    | 0.16%             | 2052-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Danaher Corp                                                                        | Danaher Corp                                                                                                                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |        359 | NS      | $71175.34     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED USD / SOLD KRW                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $124.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes SE                                                                | Dassault Systemes SE                                                                                                        | CUSIP: 000000000<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |        371 | NS      | $12480.82     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Smurfit WestRock PLC                                                                | Smurfit WestRock PLC                                                                                                        | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |        286 | NS      | $12175.02     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Auckland International Airport Ltd                                                  | Auckland International Airport Ltd                                                                                          | CUSIP: 000000000<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |       1184 | NS      | $5412.08      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Mediolanum SpA                                                                | Banca Mediolanum SpA                                                                                                        | CUSIP: 000000000<br>LEI: 7LVZJ6XRIE7VNZ4UBX81 | Long             | EC               | CORP              | IT        |         44 | NS      | $883.73       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lennox International Inc                                                            | Lennox International Inc                                                                                                    | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |         18 | NS      | $9528.48      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Poste Italiane SpA                                                                  | Poste Italiane SpA                                                                                                          | CUSIP: 000000000<br>LEI: 815600354DEDBD0BA991 | Long             | EC               | CORP              | IT        |         90 | NS      | $2139.39      | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                                                       | Regeneron Pharmaceuticals Inc                                                                                               | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |         60 | NS      | $33736.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                                                          | HEICO Corp                                                                                                                  | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |         42 | NS      | $10671.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                                                             | Cboe Global Markets Inc                                                                                                     | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |         59 | NS      | $14469.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hongkong Land Holdings Ltd                                                          | Hongkong Land Holdings Ltd                                                                                                  | CUSIP: 000000000<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | BM        |        180 | NS      | $1139.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Builders FirstSource Inc                                                            | Builders FirstSource Inc                                                                                                    | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |         62 | NS      | $7517.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC                                                                  | Vodafone Group PLC                                                                                                          | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |      11712 | NS      | $13619.89     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD JPY                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $37323.84     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| EXOR NV                                                                             | EXOR NV                                                                                                                     | CUSIP: 000000000<br>LEI: 5493002ENHZ6NYET7405 | Long             | EC               | CORP              | NL        |         53 | NS      | $5187.41      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3138Y6YJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      21558 | PA      | $21486.66     | 0.03%             | 2044-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ESTONIA                                                                 | Estonia Government International Bond                                                                                       | CUSIP: 000000000<br>LEI: 254900EIG0O7C6C9R437 | Long             | DBT              | NUSS              | EE        |      60000 | PA      | $70721.87     | 0.08%             | 2034-01-17      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Sofina SA                                                                           | Sofina SA                                                                                                                   | CUSIP: 000000000<br>LEI: 5493000GMVR38VUO5D39 | Long             | EC               | CORP              | BE        |          9 | NS      | $2661.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                                             | Freddie Mac Whole Loan Securities Trust 2015-SC02                                                                           | CUSIP: 3137G1AL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      15188 | PA      | $13664.01     | 0.02%             | 2045-09-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Demant A/S                                                                          | Demant A/S                                                                                                                  | CUSIP: 000000000<br>LEI: 213800RM6L9LN78BVA56 | Long             | EC               | CORP              | DK        |         50 | NS      | $1740.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Derivatives Clearing Ltd.                                        | MSCI SING IX ETS OCT25                                                                                                      | CUSIP: 000000000<br>LEI: 549300ZLWT3FK3F0FW61 | N/A              | DE               |  | SG        |          1 | NC      | $-96.59       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                                                                | Howmet Aerospace Inc                                                                                                        | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |        210 | NS      | $41208.30     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                                                       | AppLovin Corp                                                                                                               | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |        122 | NS      | $87661.88     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                                                       | Automatic Data Processing Inc                                                                                               | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |        224 | NS      | $65744.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                                                               | Rivian Automotive Inc                                                                                                       | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |        423 | NS      | $6209.64      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortis Inc/Canada                                                                   | Fortis Inc/Canada                                                                                                           | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | CA        |        270 | NS      | $13694.98     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vonovia SE                                                                          | Vonovia SE                                                                                                                  | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |        437 | NS      | $13657.04     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                         | Oracle Corp                                                                                                                 | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50294.36     | 0.06%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Edenred SE                                                                          | Edenred SE                                                                                                                  | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |        125 | NS      | $2976.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mid-America Apartment Communities Inc                                               | Mid-America Apartment Communities Inc                                                                                       | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               |  | US        |         65 | NS      | $9082.45      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc                                                            | Prudential Financial Inc                                                                                                    | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |        198 | NS      | $20540.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Manulife Financial Corp                                                             | Manulife Financial Corp                                                                                                     | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |        899 | NS      | $28009.37     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                                                    | MercadoLibre Inc                                                                                                            | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |         25 | NS      | $58423.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd                                                                         | South32 Ltd                                                                                                                 | CUSIP: 000000000<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |       2578 | NS      | $4673.18      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd                                                                     | Sands China Ltd                                                                                                             | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |        405 | NS      | $1125.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                                                    | ArcelorMittal SA                                                                                                            | CUSIP: 000000000<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |        254 | NS      | $9163.28      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker BP ASA                                                                         | Aker BP ASA                                                                                                                 | CUSIP: 000000000<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |        197 | NS      | $4999.73      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Telia Co AB                                                                         | Telia Co AB                                                                                                                 | CUSIP: 000000000<br>LEI: 213800FSR9RNDUOTXO25 | Long             | EC               | CORP              | SE        |       1402 | NS      | $5348.58      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Digital Realty Trust Inc                                                            | Digital Realty Trust Inc                                                                                                    | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |        188 | NS      | $32501.44     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                                                          | Nasdaq Inc                                                                                                                  | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |        237 | NS      | $20962.65     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO                                                                           | Boeing Co/The                                                                                                               | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49985.68     | 0.06%             | 2050-05-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| SOUTH AUST GOVT FIN AUTH                                                            | South Australian Government Financing Authority                                                                             | CUSIP: 000000000<br>LEI: 254900TDPILDN6AUAD69 | Long             | DBT              | NUSS              | AU        |     200000 | PA      | $104410.96    | 0.12%             | 2034-05-24      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                                                          | Grifols SA                                                                                                                  | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |         96 | NS      | $1397.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| InPost SA                                                                           | InPost SA                                                                                                                   | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |        131 | NS      | $1612.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD BRL                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-983.43      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alamos Gold Inc                                                                     | Alamos Gold Inc                                                                                                             | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |        222 | NS      | $7738.18      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                                                                     | WW Grainger Inc                                                                                                             | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |         25 | NS      | $23824.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                                                                         | Equifax Inc                                                                                                                 | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |         69 | NS      | $17700.57     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                                                                  | Franco-Nevada Corp                                                                                                          | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |        102 | NS      | $22703.56     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                                            | Thailand Government Bond                                                                                                    | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    2560000 | PA      | $79876.47     | 0.09%             | 2035-12-17      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                                                         | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |        369 | NS      | $16438.95     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius Stedim Biotech                                                            | Sartorius Stedim Biotech                                                                                                    | CUSIP: 000000000<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |         16 | NS      | $3260.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED USD / SOLD DKK                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $24.54        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.K. Gilts                                                                          | U.K. Gilts                                                                                                                  | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     230000 | PA      | $300761.99    | 0.36%             | 2034-07-31      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Prudential PLC                                                                      | Prudential PLC                                                                                                              | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |       1528 | NS      | $21391.54     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile US Inc                                                                     | T-Mobile US Inc                                                                                                             | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |        283 | NS      | $67744.54     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                                                         | Novartis AG                                                                                                                 | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |       1059 | NS      | $136164.45    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Segro PLC                                                                           | Segro PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               |  | GB        |        756 | NS      | $6680.05      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corp                                                                 | Kimberly-Clark Corp                                                                                                         | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |        186 | NS      | $23127.24     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc                                                    | Mettler-Toledo International Inc                                                                                            | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |         11 | NS      | $13503.71     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     300000 | PA      | $54280.53     | 0.06%             | 2050-09-14      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| National Grid PLC                                                                   | National Grid PLC                                                                                                           | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |       2886 | NS      | $41467.96     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                                            | Thailand Government Bond                                                                                                    | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    3660000 | PA      | $117917.58    | 0.14%             | 2031-12-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    2640000 | PA      | $368157.97    | 0.44%             | 2030-01-25      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| DCC PLC                                                                             | DCC PLC                                                                                                                     | CUSIP: 000000000<br>LEI: 213800UPS1QEE4TD3T45 | Long             | EC               | CORP              | IE        |         57 | NS      | $3669.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                               | Mexico Government International Bond                                                                                        | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     100000 | PA      | $118509.98    | 0.14%             | 2029-09-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Travelers Cos Inc/The                                                               | Travelers Cos Inc/The                                                                                                       | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |        126 | NS      | $35181.72     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                                                       | AIA Group Ltd                                                                                                               | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |       1843 | NS      | $17663.24     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Saputo Inc                                                                          | Saputo Inc                                                                                                                  | CUSIP: 802912105<br>LEI: 549300HH4U1DPY0TBT90 | Long             | EC               | CORP              | CA        |        131 | NS      | $3181.58      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc                                                          | Charter Communications Inc                                                                                                  | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |         50 | NS      | $13755.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                                                                | Deckers Outdoor Corp                                                                                                        | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |         82 | NS      | $8312.34      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED USD / SOLD JPY                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $-1233.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kraft Heinz Co/The                                                                  | Kraft Heinz Co/The                                                                                                          | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |        496 | NS      | $12915.84     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED USD / SOLD TRY                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-28969.23    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Temenos AG                                                                          | Temenos AG                                                                                                                  | CUSIP: 000000000<br>LEI: 5067007NW6550481FH64 | Long             | EC               | CORP              | CH        |         34 | NS      | $2761.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonic Healthcare Ltd                                                                | Sonic Healthcare Ltd                                                                                                        | CUSIP: 000000000<br>LEI: 549300NQQ5L2NONWR862 | Long             | EC               | CORP              | AU        |        254 | NS      | $3597.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    2510000 | PA      | $383354.62    | 0.46%             | 2030-11-19      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Weyerhaeuser Co                                                                     | Weyerhaeuser Co                                                                                                             | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |        406 | NS      | $10064.74     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                                                             | Extra Space Storage Inc                                                                                                     | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |        117 | NS      | $16489.98     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Asset Holdings Ltd                                                               | CK Asset Holdings Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | KY        |        320 | NS      | $1549.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd                                                  | Teva Pharmaceutical Industries Ltd                                                                                          | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |        670 | NS      | $13534.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG                                                         | Bayerische Motoren Werke AG                                                                                                 | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EP               | CORP              | DE        |         33 | NS      | $3073.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD THB                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-64182.25    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| LAND NORDRHEIN-WESTFALEN                                                            | State of North Rhine-Westphalia Germany                                                                                     | CUSIP: 000000000<br>LEI: 529900VWPV1LPOHGJ702 | Long             | DBT              | NUSS              | DE        |     230000 | PA      | $227396.85    | 0.27%             | 2038-02-22      | Fixed         | 1.65%                 | Yes           |                  2 | On Loan: No      |
| Delta Air Lines Inc                                                                 | Delta Air Lines Inc                                                                                                         | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |         89 | NS      | $5050.75      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                                       | PURCHASED USD / SOLD CAD                                                                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $11.62        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                 | GS Mortgage-Backed Securities Trust 2025-PJ8                                                                                | CUSIP: 36272XAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $101539.06    | 0.12%             | 2056-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                      | Long: 1340390   TRS USD R E II6306240250207 EQUITYTRS / Short: 1340390   TRS USD P V 00MSOFR II9400610250207 EQUITY +36 BPS | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | FR        |    2657748 | OU      | $182181.09    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Vicinity Ltd                                                                        | Vicinity Ltd                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |       2206 | NS      | $3675.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                                                             | CUSIP: 3138X0PH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      44411 | PA      | $43259.57     | 0.05%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                                              | Republic of Poland Government Bond                                                                                          | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     200000 | PA      | $45013.16     | 0.05%             | 2032-04-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| KOREA DEVELOPMENT BANK                                                              | Korea Development Bank/The                                                                                                  | CUSIP: 500630DG0<br>LEI: 549300ML2LNRZUCS7149 | Long             | DBT              | NUSS              | KR        |     200000 | PA      | $194932.35    | 0.23%             | 2026-07-19      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds                                                  | Japan Government Thirty Year Bonds                                                                                          | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   31200000 | PA      | $132632.74    | 0.16%             | 2046-06-20      | Fixed         | 0.30%                 | No            |                  2 | On Loan: No      |
| CCL Industries Inc                                                                  | CCL Industries Inc                                                                                                          | CUSIP: 124900309<br>LEI: 549300TD3EMSRRC0YH75 | Long             | EC               | CORP              | CA        |         78 | NS      | $4396.29      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America NA                                                                  | PURCHASED USD / SOLD CNH                                                                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $296.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Toast Inc                                                                           | Toast Inc                                                                                                                   | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |        240 | NS      | $8762.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Spain Government Bonds                                                              | Spain Government Bonds                                                                                                      | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |      40000 | PA      | $38416.01     | 0.05%             | 2048-10-31      | Fixed         | 2.70%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US 10YR ULTRA FUT DEC25                                                                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         -3 | NC      | $-1968.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED USD / SOLD CHF                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $-138.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Groupe Bruxelles Lambert NV                                                         | Groupe Bruxelles Lambert NV                                                                                                 | CUSIP: 000000000<br>LEI: 549300KV0ZEHT2KVU152 | Long             | EC               | CORP              | BE        |         49 | NS      | $4392.80      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                | Las Vegas Sands Corp                                                                                                        | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |        192 | NS      | $10327.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED USD / SOLD THB                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $931.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                                                           | Bunzl PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |        194 | NS      | $6131.80      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                                                                | Booking Holdings Inc                                                                                                        | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |         18 | NS      | $97186.86     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                                                              | T Rowe Price Group Inc                                                                                                      | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |        123 | NS      | $12624.72     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco de Sabadell SA                                                                | Banco de Sabadell SA                                                                                                        | CUSIP: 000000000<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | EC               | CORP              | ES        |       1782 | NS      | $6955.51      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED MXN / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |          1 | NC      | $491.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Europacific Partners PLC                                                  | Coca-Cola Europacific Partners PLC                                                                                          | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |        138 | NS      | $12476.58     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                                                                | Keurig Dr Pepper Inc                                                                                                        | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |        724 | NS      | $18469.24     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                                                      | Merck & Co Inc                                                                                                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       1408 | NS      | $118173.44    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                                                                           | Safran SA                                                                                                                   | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |        196 | NS      | $69554.33     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinix Inc                                                                         | Equinix Inc                                                                                                                 | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |         55 | NS      | $43078.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                                                           | Healthpeak Properties Inc                                                                                                   | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               |  | US        |        387 | NS      | $7411.05      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Elbit Systems Ltd                                                                   | Elbit Systems Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 529900Q9CB1REUMZSS32 | Long             | EC               | CORP              | IL        |         16 | NS      | $8139.90      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Entain PLC                                                                          | Entain PLC                                                                                                                  | CUSIP: 000000000<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |        345 | NS      | $4077.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Gold Pool                                                                                                       | CUSIP: 3132QMQJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      64801 | PA      | $60896.18     | 0.07%             | 2045-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp                                                                  | Expand Energy Corp                                                                                                          | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |        122 | NS      | $12961.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                                                   | EURO-BTP FUTURE DEC25                                                                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -1 | NC      | $-1608.45     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                                                                | Colgate-Palmolive Co                                                                                                        | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |        430 | NS      | $34374.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                                                           | Uniform Mortgage-Backed Security, TBA                                                                                       | CUSIP: 01F0226A8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     530000 | PA      | $446649.23    | 0.53%             | 2055-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Broadridge Financial Solutions Inc                                                  | Broadridge Financial Solutions Inc                                                                                          | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |         65 | NS      | $15481.05     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Coloplast A/S                                                                       | Coloplast A/S                                                                                                               | CUSIP: 000000000<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |         74 | NS      | $6378.07      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED USD / SOLD TRY                                                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-9055.52     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Quest Diagnostics Inc                                                               | Quest Diagnostics Inc                                                                                                       | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |         62 | NS      | $11815.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                                                          | STERIS PLC                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |         55 | NS      | $13609.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GCAT                                                                                | GCAT 2024-INV1 Trust                                                                                                        | CUSIP: 36831BBC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      89524 | PA      | $91286.24     | 0.11%             | 2054-01-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Swiss Prime Site AG                                                                 | Swiss Prime Site AG                                                                                                         | CUSIP: 000000000<br>LEI: 506700XI9H64OPR34158 | Long             | EC               | CORP              | CH        |         45 | NS      | $6304.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                               | China Government Bond                                                                                                       | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    1000000 | PA      | $144036.53    | 0.17%             | 2028-07-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                      | S&P Global Inc                                                                                                              | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |        174 | NS      | $84687.54     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED TRY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TR        |          1 | NC      | $40051.98     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Equity LifeStyle Properties Inc                                                     | Equity LifeStyle Properties Inc                                                                                             | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |        101 | NS      | $6130.70      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc                                                    | West Pharmaceutical Services Inc                                                                                            | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |         40 | NS      | $10493.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                                                             | CRH PLC                                                                                                                     | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |        374 | NS      | $44842.60     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                                                         | PURCHASED CAD / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CA        |          1 | NC      | $-225.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Croda International PLC                                                             | Croda International PLC                                                                                                     | CUSIP: 000000000<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |         79 | NS      | $2879.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Israel Discount Bank Ltd                                                            | Israel Discount Bank Ltd                                                                                                    | CUSIP: 000000000<br>LEI: 549300XWZ7BG5G23OF51 | Long             | EC               | CORP              | IL        |        716 | NS      | $7073.88      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Unipol Assicurazioni SpA                                                            | Unipol Assicurazioni SpA                                                                                                    | CUSIP: 000000000<br>LEI: 8156005CE5E7340CCA86 | Long             | EC               | CORP              | IT        |         72 | NS      | $1547.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Flutter Entertainment PLC                                                           | Flutter Entertainment PLC                                                                                                   | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |         96 | NS      | $24384.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Davide Campari-Milano NV                                                            | Davide Campari-Milano NV                                                                                                    | CUSIP: 000000000<br>LEI: 213800ED5AN2J56N6Z02 | Long             | EC               | CORP              | NL        |        121 | NS      | $765.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Group Holdings PLC                                                          | Phoenix Group Holdings PLC                                                                                                  | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | EC               | CORP              | GB        |        413 | NS      | $3583.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Brambles Ltd                                                                        | Brambles Ltd                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |        770 | NS      | $12633.89     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Waters Corp                                                                         | Waters Corp                                                                                                                 | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |         33 | NS      | $9893.73      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                                                      | Eli Lilly & Co                                                                                                              | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |        449 | NS      | $342587.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED TRY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TR        |          1 | NC      | $12684.86     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rogers Communications Inc                                                           | Rogers Communications Inc                                                                                                   | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |        194 | NS      | $6678.55      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iA Financial Corp Inc                                                               | iA Financial Corp Inc                                                                                                       | CUSIP: 45075E104<br>LEI: 549300ZXLJVHQAIXV215 | Long             | EC               | CORP              | CA        |         49 | NS      | $5571.08      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED TRY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TR        |          1 | NC      | $61940.51     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Zillow Group Inc                                                                    | Zillow Group Inc                                                                                                            | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |         91 | NS      | $7011.55      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| InterContinental Hotels Group PLC                                                   | InterContinental Hotels Group PLC                                                                                           | CUSIP: 000000000<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |         88 | NS      | $10640.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                                                  | Anglo American PLC                                                                                                          | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |        625 | NS      | $23567.06     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                                                                   | Siemens Energy AG                                                                                                           | CUSIP: 000000000<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |        399 | NS      | $46914.07     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Arthur J Gallagher & Co                                                             | Arthur J Gallagher & Co                                                                                                     | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |        141 | NS      | $43673.34     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                                                                 | Global Payments Inc                                                                                                         | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |        135 | NS      | $11215.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                                                         | Wix.com Ltd                                                                                                                 | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |         31 | NS      | $5506.53      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                                                                 | JPMorgan Chase & Co                                                                                                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       1526 | NS      | $481346.18    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Gjensidige Forsikring ASA                                                           | Gjensidige Forsikring ASA                                                                                                   | CUSIP: 000000000<br>LEI: 5967007LIEEXZX6FAO47 | Long             | EC               | CORP              | NO        |        126 | NS      | $3702.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Halliburton Co                                                                      | Halliburton Co                                                                                                              | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |        470 | NS      | $11562.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                                                      | Amazon.com Inc                                                                                                              | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       5207 | NS      | $1143300.99   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Holmen AB                                                                           | Holmen AB                                                                                                                   | CUSIP: 000000000<br>LEI: 52990080SH3454F0QE68 | Long             | EC               | CORP              | SE        |         46 | NS      | $1747.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                                               | Schneider Electric SE                                                                                                       | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |        300 | NS      | $84441.68     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HP Inc                                                                              | HP Inc                                                                                                                      | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |        504 | NS      | $13723.92     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Spain Government Bonds                                                              | Spain Government Bonds                                                                                                      | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |      50000 | PA      | $55853.68     | 0.07%             | 2028-01-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Norway Government Bonds                                                             | Norway Government Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 549300L0BT3FJTN9MX24 | Long             | DBT              | NUSS              | NO        |     160000 | PA      | $15668.81     | 0.02%             | 2035-06-12      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                                      | PURCHASED USD / SOLD CNH                                                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $37.49        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Swatch Group AG/The                                                                 | Swatch Group AG/The                                                                                                         | CUSIP: 000000000<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |         16 | NS      | $3023.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                                                         | Equinor ASA                                                                                                                 | CUSIP: 000000000<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |        518 | NS      | $12632.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                                                            | Infineon Technologies AG                                                                                                    | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |        762 | NS      | $29893.38     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Westinghouse Air Brake Technologies Corp                                            | Westinghouse Air Brake Technologies Corp                                                                                    | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |         95 | NS      | $19044.65     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hundred Acre Wood Trust                                                             | Hundred Acre Wood Trust 2021-INV3                                                                                           | CUSIP: 44555QAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      76458 | PA      | $63567.95     | 0.08%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                              | PURCHASED USD / SOLD NOK                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $278.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Yara International ASA                                                              | Yara International ASA                                                                                                      | CUSIP: 000000000<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |        106 | NS      | $3885.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Recordati Industria Chimica e Farmaceutica SpA                                      | Recordati Industria Chimica e Farmaceutica SpA                                                                              | CUSIP: 000000000<br>LEI: 815600FBF92FD3531704 | Long             | EC               | CORP              | IT        |         22 | NS      | $1342.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royalty Pharma PLC                                                                  | Royalty Pharma PLC                                                                                                          | CUSIP: 000000000<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |        212 | NS      | $7479.36      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| U.K. Gilts                                                                          | U.K. Gilts                                                                                                                  | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     320000 | PA      | $150028.16    | 0.18%             | 2050-10-22      | Fixed         | 0.63%                 | Yes           |                  2 | On Loan: No      |
| Telenor ASA                                                                         | Telenor ASA                                                                                                                 | CUSIP: 000000000<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               | CORP              | NO        |        384 | NS      | $6371.90      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DTE Energy Co                                                                       | DTE Energy Co                                                                                                               | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |        116 | NS      | $16405.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zalando SE                                                                          | Zalando SE                                                                                                                  | CUSIP: 000000000<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |        132 | NS      | $4050.84      | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Contact Energy Ltd                                                                  | Contact Energy Ltd                                                                                                          | CUSIP: 000000000<br>LEI: 549300FT5JOXS1PZ1I32 | Long             | EC               | CORP              | NZ        |        569 | NS      | $3002.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                           | Uniform Mortgage-Backed Security, TBA                                                                                       | CUSIP: 01F0506A9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     140000 | PA      | $138857.03    | 0.17%             | 2055-10-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Ginnie Mae II Pool                                                                                                          | CUSIP: 3617GTNN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       3108 | PA      | $3131.18      | 0.00%             | 2049-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD EUR                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-507.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Loews Corp                                                                          | Loews Corp                                                                                                                  | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |         98 | NS      | $9838.22      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrica PLC                                                                        | Centrica PLC                                                                                                                | CUSIP: 000000000<br>LEI: E26EDV109X6EEPBKVH76 | Long             | EC               | CORP              | GB        |       2990 | NS      | $6714.30      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                                             | Romanian Government International Bond                                                                                      | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      70000 | PA      | $84872.71     | 0.10%             | 2030-03-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Motorola Solutions Inc                                                              | Motorola Solutions Inc                                                                                                      | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |         91 | NS      | $41613.39     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                                                                     | Fair Isaac Corp                                                                                                             | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |         13 | NS      | $19454.89     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                                                                 | Coinbase Global Inc                                                                                                         | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |        110 | NS      | $37123.90     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Limited                                                               | Grab Holdings Limited                                                                                                       | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |       1180 | NS      | $7103.60      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                                                           | Graco Inc                                                                                                                   | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |         94 | NS      | $7986.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                                                       | Citigroup Inc                                                                                                               | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     275000 | PA      | $261346.25    | 0.31%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| IDEXX Laboratories Inc                                                              | IDEXX Laboratories Inc                                                                                                      | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |         44 | NS      | $28111.16     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Intertek Group PLC                                                                  | Intertek Group PLC                                                                                                          | CUSIP: 000000000<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |         95 | NS      | $6047.11      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Government Bonds                                                          | Singapore Government Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 549300ZSV6VOGFH1ER70 | Long             | DBT              | NUSS              | SG        |     100000 | PA      | $81669.89     | 0.10%             | 2032-08-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Coles Group Ltd                                                                     | Coles Group Ltd                                                                                                             | CUSIP: 000000000<br>LEI: 549300OHQRG2HN8LZ793 | Long             | EC               | CORP              | AU        |        749 | NS      | $11529.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Inc                                                                        | Reliance Inc                                                                                                                | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |         29 | NS      | $8144.07      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                                                           | ONEOK Inc                                                                                                                   | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |        342 | NS      | $24955.74     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                                                         | Hologic Inc                                                                                                                 | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |        124 | NS      | $8368.76      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                            | Charter Communications Operating LLC / Charter Communications Operating Capital                                             | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $86485.03     | 0.10%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Baxter International Inc                                                            | Baxter International Inc                                                                                                    | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |        286 | NS      | $6512.22      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                                                             | Bristol-Myers Squibb Co                                                                                                     | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |       1146 | NS      | $51684.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                                                                | Invitation Homes Inc                                                                                                        | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |        325 | NS      | $9532.25      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED CHF / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CH        |          1 | NC      | $-47.30       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Banque Cantonale Vaudoise                                                           | Banque Cantonale Vaudoise                                                                                                   | CUSIP: 000000000<br>LEI: K1MOBB3OPSBBQO554R76 | Long             | EC               | CORP              | CH        |         17 | NS      | $2014.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Express Co                                                                 | American Express Co                                                                                                         | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |        306 | NS      | $101640.96    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                                                               | GFL Environmental Inc                                                                                                       | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |        132 | NS      | $6256.18      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc                                                           | CH Robinson Worldwide Inc                                                                                                   | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |         66 | NS      | $8738.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncorp Group Ltd                                                                   | Suncorp Group Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 549300BVOKRTHDIWVT46 | Long             | EC               | CORP              | AU        |        596 | NS      | $7990.98      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance SE                                                                  | Teleperformance SE                                                                                                          | CUSIP: 000000000<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |         29 | NS      | $2166.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | PURCHASED USD / SOLD EUR                                                                                                    | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |          1 | NC      | $-2589.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                                                              | Mercedes-Benz Group AG                                                                                                      | CUSIP: 000000000<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |        432 | NS      | $27228.95     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City Ltd                                                    | Canadian Pacific Kansas City Ltd                                                                                            | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |        492 | NS      | $36642.81     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD TRY                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-2494.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financial Corp                                                          | Capital One Financial Corp                                                                                                  | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |        350 | NS      | $74403.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Fleet Management Corp                                                       | Element Fleet Management Corp                                                                                               | CUSIP: 286181201<br>LEI: 5493000PGBS1C22ELQ16 | Long             | EC               | CORP              | CA        |        212 | NS      | $5490.03      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd                                                          | First Quantum Minerals Ltd                                                                                                  | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |        372 | NS      | $8414.57      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Inc                                                 | Public Service Enterprise Group Inc                                                                                         | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |        276 | NS      | $23034.96     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc                                                    | American International Group Inc                                                                                            | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |        320 | NS      | $25132.80     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd                                                                  | Qantas Airways Ltd                                                                                                          | CUSIP: 000000000<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |        409 | NS      | $2955.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NETHERLANDS GOVERNMENT                                                              | Netherlands Government Bond                                                                                                 | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |     180000 | PA      | $188739.05    | 0.22%             | 2030-07-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Investor AB                                                                         | Investor AB                                                                                                                 | CUSIP: 000000000<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |       1033 | NS      | $32337.35     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                                                                           | Halma PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |        222 | NS      | $10334.26     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fastenal Co                                                                         | Fastenal Co                                                                                                                 | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |        634 | NS      | $31091.36     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                              | PURCHASED TRY / SOLD USD                                                                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | TR        |          1 | NC      | $28.24        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Annaly Capital Management Inc                                                       | Annaly Capital Management Inc                                                                                               | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               |  | US        |        335 | NS      | $6770.35      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                            | Ginnie Mae I Pool                                                                                                           | CUSIP: 36181CNU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       6129 | PA      | $5906.40      | 0.01%             | 2044-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Loblaw Cos Ltd                                                                      | Loblaw Cos Ltd                                                                                                              | CUSIP: 539481101<br>LEI: 5493008LN3O1DIDTSH67 | Long             | EC               | CORP              | CA        |        318 | NS      | $12300.02     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                                  | Banco Bilbao Vizcaya Argentaria SA                                                                                          | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |       1903 | NS      | $36670.13     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                                                 | Malaysia Government Bond                                                                                                    | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     410000 | PA      | $99808.34     | 0.12%             | 2029-08-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                                                                      | Eaton Corp PLC                                                                                                              | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |        213 | NS      | $79715.25     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                                                                 | Gilead Sciences Inc                                                                                                         | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |        695 | NS      | $77145.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD DKK                                                                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $2.51         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                                            | Svenska Handelsbanken AB                                                                                                    | CUSIP: 000000000<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |        868 | NS      | $11325.34     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds                                                  | Japan Government Thirty Year Bonds                                                                                          | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   37000000 | PA      | $144628.71    | 0.17%             | 2049-09-20      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| Whitbread PLC                                                                       | Whitbread PLC                                                                                                               | CUSIP: 000000000<br>LEI: 21380099VMZKRMN3EX36 | Long             | EC               | CORP              | GB        |        104 | NS      | $4512.16      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijer Ref AB                                                                       | Beijer Ref AB                                                                                                               | CUSIP: 000000000<br>LEI: 549300PZZEUVH08H4G75 | Long             | EC               | CORP              | SE        |        225 | NS      | $3517.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ConocoPhillips                                                                      | ConocoPhillips                                                                                                              | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |        695 | NS      | $65740.05     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                                                           | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |      10572 | NS      | $149203.85    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| IRELAND GOVERNMENT BOND                                                             | Ireland Government Bond                                                                                                     | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |      60000 | PA      | $55250.59     | 0.07%             | 2035-05-15      | Fixed         | 0.40%                 | Yes           |                  2 | On Loan: No      |
| Heineken NV                                                                         | Heineken NV                                                                                                                 | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |        172 | NS      | $13469.16     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-21

**Name of Applicant:** MORGAN STANLEY VARIABLE INSURANCE FUND INC.

**Signature:** Francis Smith

**Name of Signer:** Francis Smith

**Title:** Principal Financial Officer