# EDGAR Filing Document

**Accession Number:** 0000896435
**File Stem:** 0000896435-25-000169
**Filing Date:** 2025-11
**Character Count:** 993192
**Document Hash:** 86aa0bbb70ccbcb0dcc4cacee6f47905
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000896435-25-000169.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000896435-25-000169

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07452
- **FILM NUMBER:** 251536020

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

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

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

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

## Series and Classes Contracts Data

### INVESCO V.I. Core Plus Bond Fund (Series ID: S000000205)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000456 | Series I     |  |
| C000000457 | Series II    |  |

## Nport-Ex

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

*September 30, 2025*

*(Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–50.21%** | **U.S. Dollar Denominated Bonds & Notes–50.21%** | **U.S. Dollar Denominated Bonds & Notes–50.21%** | **U.S. Dollar Denominated Bonds & Notes–50.21%** |
| **Advertising–0.13%** | **Advertising–0.13%** | **Advertising–0.13%** | **Advertising–0.13%** |
| &nbsp;&nbsp;&nbsp; Lamar Media Corp., 5.38%, <br> 11/01/2033<sup>(b)</sup> <br>|  | $200000 | &nbsp;&nbsp; $198779 |
| **Aerospace & Defense–0.45%** | **Aerospace & Defense–0.45%** | **Aerospace & Defense–0.45%** | **Aerospace & Defense–0.45%** |
| Boeing Co. (The), | Boeing Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 6.26%, 05/01/2027 |  | 3000 | &nbsp;&nbsp; 3088 |
| &nbsp;&nbsp;&nbsp; 6.30%, 05/01/2029 |  | 2000 | &nbsp;&nbsp; 2123 |
| &nbsp;&nbsp;&nbsp; 6.39%, 05/01/2031 |  | 3000 | &nbsp;&nbsp; 3269 |
| &nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 |  | 2000 | &nbsp;&nbsp; 2212 |
| &nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050 |  | 2000 | &nbsp;&nbsp; 1999 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp., 4.95%, <br> 08/15/2035<br>|  | 6000 | &nbsp;&nbsp; 6115 |
| Hexcel Corp., 5.88%, 02/26/2035 |  | 2000 | &nbsp;&nbsp; 2093 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., 4.85%, <br> 10/15/2031<br>|  | 2000 | &nbsp;&nbsp; 2054 |
| Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2030 |  | 4000 | &nbsp;&nbsp; 4125 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2035 |  | 4000 | &nbsp;&nbsp; 4199 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.40%, <br> 07/31/2033<br>|  | 1000 | &nbsp;&nbsp; 1043 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 08/15/2028 |  | 20000 | &nbsp;&nbsp; 20130 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2029 |  | 3000 | &nbsp;&nbsp; 3045 |
| &nbsp;&nbsp;&nbsp; 4.40%, 08/15/2030 |  | 62000 | &nbsp;&nbsp; 62520 |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/15/2034 |  | 4000 | &nbsp;&nbsp; 4049 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 |  | 65000 | &nbsp;&nbsp; 66058 |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/2063 |  | 2000 | &nbsp;&nbsp; 2121 |
| RTX Corp., | RTX Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2029 |  | 2000 | &nbsp;&nbsp; 2098 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/2031 |  | 3000 | &nbsp;&nbsp; 3240 |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/27/2033 |  | 2000 | &nbsp;&nbsp; 2072 |
| &nbsp;&nbsp;&nbsp; 6.40%, 03/15/2054 |  | 1000 | &nbsp;&nbsp; 1120 |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 43000 | &nbsp;&nbsp; 43873 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 81000 | &nbsp;&nbsp; 82916 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(b)(c)</sup> <br>|  | 320000 | &nbsp;&nbsp; 324398 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/31/2034<sup>(b)</sup> <br>|  | 39000 | &nbsp;&nbsp; 40137 |
|  |  |  | &nbsp;&nbsp; 690097 |
| **Agricultural & Farm Machinery–0.18%** | **Agricultural & Farm Machinery–0.18%** | **Agricultural & Farm Machinery–0.18%** | **Agricultural & Farm Machinery–0.18%** |
| AGCO Corp., | AGCO Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/21/2027 |  | 2000 | &nbsp;&nbsp; 2030 |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/21/2034 |  | 3000 | &nbsp;&nbsp; 3120 |
| &nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, 4.75%, <br> 03/21/2028<br>|  | 4000 | &nbsp;&nbsp; 4046 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC (United <br> Kingdom), 5.63%, 07/01/2035<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204108 |
| John Deere Capital Corp., | John Deere Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/15/2030 |  | 57000 | &nbsp;&nbsp; 57436 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/11/2034 |  | 3000 | &nbsp;&nbsp; 3105 |
|  |  |  | &nbsp;&nbsp; 273845 |
| **Air Freight & Logistics–0.02%** | **Air Freight & Logistics–0.02%** | **Air Freight & Logistics–0.02%** | **Air Freight & Logistics–0.02%** |
| GXO Logistics, Inc., | GXO Logistics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/06/2029 |  | 2000 | &nbsp;&nbsp; 2101 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/06/2034 |  | 4000 | &nbsp;&nbsp; 4304 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Air Freight & Logistics–(continued)** | **Air Freight & Logistics–(continued)** | **Air Freight & Logistics–(continued)** | **Air Freight & Logistics–(continued)** |
| United Parcel Service, Inc., | United Parcel Service, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/15/2030 |  | $11000 | &nbsp;&nbsp; $11239 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/22/2034 |  | 2000 | &nbsp;&nbsp; 2078 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/14/2035 |  | 8000 | &nbsp;&nbsp; 8282 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/22/2054 |  | 4000 | &nbsp;&nbsp; 3971 |
|  |  |  | &nbsp;&nbsp; 31975 |
| **Apparel, Accessories & Luxury Goods–0.11%** | **Apparel, Accessories & Luxury Goods–0.11%** | **Apparel, Accessories & Luxury Goods–0.11%** | **Apparel, Accessories & Luxury Goods–0.11%** |
| Gildan Activewear, Inc. (Canada), | Gildan Activewear, Inc. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 10/07/2030<sup>(b)</sup> <br>|  | 66000 | &nbsp;&nbsp; 65928 |
| &nbsp;&nbsp;&nbsp; 5.40%, 10/07/2035<sup>(b)</sup> <br>|  | 98000 | &nbsp;&nbsp; 98062 |
|  |  |  | &nbsp;&nbsp; 163990 |
| **Application Software–0.16%** | **Application Software–0.16%** | **Application Software–0.16%** | **Application Software–0.16%** |
| Autodesk, Inc., 5.30%, 06/15/2035 |  | 10000 | &nbsp;&nbsp; 10281 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc., 4.70%, <br> 09/10/2034<br>|  | 4000 | &nbsp;&nbsp; 3995 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp., 6.00%, <br> 05/15/2033<sup>(b)</sup> <br>|  | 47000 | &nbsp;&nbsp; 47702 |
| Intuit, Inc., 5.20%, 09/15/2033 |  | 2000 | &nbsp;&nbsp; 2093 |
| Roper Technologies, Inc., | Roper Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/2028 |  | 22000 | &nbsp;&nbsp; 22108 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 |  | 4000 | &nbsp;&nbsp; 4039 |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/15/2030 |  | 32000 | &nbsp;&nbsp; 32144 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2032 |  | 3000 | &nbsp;&nbsp; 3035 |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/15/2034 |  | 2000 | &nbsp;&nbsp; 2003 |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/15/2035 |  | 86000 | &nbsp;&nbsp; 86727 |
| SS&C Technologies, Inc., | SS&C Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/30/2027<sup>(b)</sup> <br>|  | 27000 | &nbsp;&nbsp; 26982 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/01/2032<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6210 |
| Synopsys, Inc., 5.70%, 04/01/2055 |  | 4000 | &nbsp;&nbsp; 4040 |
|  |  |  | &nbsp;&nbsp; 251359 |
| **Asset Management & Custody Banks–0.22%** | **Asset Management & Custody Banks–0.22%** | **Asset Management & Custody Banks–0.22%** | **Asset Management & Custody Banks–0.22%** |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc., <br> 5.50%, 08/20/2034<br>|  | 1000 | &nbsp;&nbsp; 1025 |
| Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/15/2028 |  | 3000 | &nbsp;&nbsp; 3142 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/2033 |  | 1000 | &nbsp;&nbsp; 1037 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/15/2035 |  | 3000 | &nbsp;&nbsp; 3058 |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 4.93% (SOFR + 0.68%), <br> 06/09/2028<sup>(d)</sup> <br>|  | 28000 | &nbsp;&nbsp; 28079 |
| &nbsp;&nbsp;&nbsp; 4.89%, 07/21/2028<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2031 |
| &nbsp;&nbsp;&nbsp; 4.98%, 03/14/2030<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1028 |
| &nbsp;&nbsp;&nbsp; 5.06%, 07/22/2032<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2067 |
| &nbsp;&nbsp;&nbsp; 5.83%, 10/25/2033<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2155 |
| &nbsp;&nbsp;&nbsp; 5.32%, 06/06/2036<sup>(e)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5175 |
| &nbsp;&nbsp;&nbsp; Series J, 4.97%, 04/26/2034<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp; Series I, 3.75%<sup>(e)(f)</sup> <br>|  | 1000 | &nbsp;&nbsp; 981 |
| Brookfield Asset Management Ltd. (Canada), | Brookfield Asset Management Ltd. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 04/24/2035 |  | 10000 | &nbsp;&nbsp; 10481 |
| &nbsp;&nbsp;&nbsp; 6.08%, 09/15/2055 |  | 79000 | &nbsp;&nbsp; 82031 |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The), 5.05%, <br> 09/19/2035<br>|  | 156000 | &nbsp;&nbsp; 155515 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** |
| Citadel L.P., | Citadel L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/23/2030<sup>(b)</sup> <br>|  | $4000 | &nbsp;&nbsp; $4159 |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/23/2032<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2118 |
| &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund, <br> 5.45%, 08/15/2028<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 28153 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp., 6.13%, <br> 11/02/2032<br>|  | 2000 | &nbsp;&nbsp; 2188 |
| &nbsp;&nbsp;&nbsp; State Street Corp., 6.12%, <br> 11/21/2034<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1083 |
|  |  |  | &nbsp;&nbsp; 336525 |
| **Automobile Manufacturers–2.21%** | **Automobile Manufacturers–2.21%** | **Automobile Manufacturers–2.21%** | **Automobile Manufacturers–2.21%** |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., <br> 4.90%, 01/10/2034<br>|  | 2000 | &nbsp;&nbsp; 2016 |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC <br> (Germany), | &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC <br> (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/12/2030<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150256 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/12/2032<sup>(b)</sup> <br>|  | 425000 | &nbsp;&nbsp; 427211 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/13/2035<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 119897 |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 06/10/2026 |  | 242000 | &nbsp;&nbsp; 245186 |
| &nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 |  | 209000 | &nbsp;&nbsp; 218021 |
| &nbsp;&nbsp;&nbsp; 5.92%, 03/20/2028 |  | 200000 | &nbsp;&nbsp; 203465 |
| &nbsp;&nbsp;&nbsp; 6.80%, 05/12/2028 |  | 339000 | &nbsp;&nbsp; 352132 |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/07/2028 |  | 200000 | &nbsp;&nbsp; 208878 |
| &nbsp;&nbsp;&nbsp; 7.20%, 06/10/2030 |  | 49000 | &nbsp;&nbsp; 52407 |
| Honda Motor Co. Ltd. (Japan), | Honda Motor Co. Ltd. (Japan), |  |  |
| &nbsp;&nbsp;&nbsp; 4.44%, 07/08/2028 |  | 49000 | &nbsp;&nbsp; 49298 |
| &nbsp;&nbsp;&nbsp; 4.69%, 07/08/2030 |  | 35000 | &nbsp;&nbsp; 35321 |
| &nbsp;&nbsp;&nbsp; 5.34%, 07/08/2035 |  | 26000 | &nbsp;&nbsp; 26503 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/23/2027<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25224 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/07/2028<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8114 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/30/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2057 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/19/2029<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3082 |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/08/2030<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5137 |
| &nbsp;&nbsp;&nbsp; 5.80%, 04/01/2030<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital Services, Inc. (South <br> Korea), 5.25%, 01/22/2028<sup>(b)</sup> <br>|  | 201000 | &nbsp;&nbsp; 205095 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC <br> (Germany), | &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC <br> (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 08/03/2028<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 262787 |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/11/2029<sup>(b)</sup> <br>|  | 145000 | &nbsp;&nbsp; 147616 |
| &nbsp;&nbsp;&nbsp; 5.13%, 08/01/2034<sup>(b)</sup> <br>|  | 204000 | &nbsp;&nbsp; 207314 |
| &nbsp;&nbsp;&nbsp; PACCAR Financial Corp., 4.00%, <br> 09/26/2029<br>|  | 5000 | &nbsp;&nbsp; 5000 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/09/2029 |  | 2000 | &nbsp;&nbsp; 2032 |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/21/2031 |  | 1000 | &nbsp;&nbsp; 1038 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC <br> (Germany), | &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC <br> (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/22/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204240 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/22/2034<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 241433 |
|  |  |  | &nbsp;&nbsp; 3411807 |
| **Automotive Parts & Equipment–0.69%** | **Automotive Parts & Equipment–0.69%** | **Automotive Parts & Equipment–0.69%** | **Automotive Parts & Equipment–0.69%** |
| American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/15/2032<sup>(b)</sup> <br>|  | 76000 | &nbsp;&nbsp; 75919 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2033<sup>(b)</sup> <br>|  | 24000 | &nbsp;&nbsp; 24202 |
| BMW US Capital LLC (Germany), | BMW US Capital LLC (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/11/2030<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 30054 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/11/2035<sup>(b)</sup> <br>|  | 86000 | &nbsp;&nbsp; 86957 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Parts & Equipment–(continued)** | **Automotive Parts & Equipment–(continued)** | **Automotive Parts & Equipment–(continued)** | **Automotive Parts & Equipment–(continued)** |
| &nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios US Finance <br> Co., 6.75%, 02/15/2030<sup>(b)</sup> <br>|  | $60000 | &nbsp;&nbsp; $62028 |
| ERAC USA Finance LLC, | ERAC USA Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3078 |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/01/2033<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2036 |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada), <br> 5.88%, 06/01/2035<br>|  | 3000 | &nbsp;&nbsp; 3168 |
| ZF North America Capital, Inc. (Germany), | ZF North America Capital, Inc. (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/14/2028<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 152191 |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/14/2030<sup>(b)</sup> <br>|  | 85000 | &nbsp;&nbsp; 84233 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/23/2030<sup>(b)</sup> <br>|  | 86000 | &nbsp;&nbsp; 83990 |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/24/2031<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 254417 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/23/2032<sup>(b)</sup> <br>|  | 203000 | &nbsp;&nbsp; 194494 |
|  |  |  | &nbsp;&nbsp; 1056767 |
| **Automotive Retail–0.25%** | **Automotive Retail–0.25%** | **Automotive Retail–0.25%** | **Automotive Retail–0.25%** |
| Advance Auto Parts, Inc., | Advance Auto Parts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/2030<sup>(b)</sup> <br>|  | 59000 | &nbsp;&nbsp; 60747 |
| &nbsp;&nbsp;&nbsp; 7.38%, 08/01/2033<sup>(b)</sup> <br>|  | 85000 | &nbsp;&nbsp; 87720 |
| AutoZone, Inc., 5.20%, 08/01/2033 |  | 1000 | &nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc., 5.50%, <br> 10/01/2030<sup>(b)</sup> <br>|  | 227000 | &nbsp;&nbsp; 226885 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 5.00%, <br> 08/19/2034<br>|  | 2000 | &nbsp;&nbsp; 2020 |
|  |  |  | &nbsp;&nbsp; 378401 |
| **Biotechnology–0.01%** | **Biotechnology–0.01%** | **Biotechnology–0.01%** | **Biotechnology–0.01%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2029 |  | 3000 | &nbsp;&nbsp; 3069 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2034 |  | 3000 | &nbsp;&nbsp; 3088 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/2054 |  | 4000 | &nbsp;&nbsp; 3980 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2064 |  | 3000 | &nbsp;&nbsp; 3001 |
| Amgen, Inc., 5.15%, 03/02/2028 |  | 3000 | &nbsp;&nbsp; 3071 |
| Gilead Sciences, Inc., | Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/15/2033 |  | 1000 | &nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/15/2053 |  | 2000 | &nbsp;&nbsp; 2020 |
|  |  |  | &nbsp;&nbsp; 19278 |
| **Broadcasting–0.01%** | **Broadcasting–0.01%** | **Broadcasting–0.01%** | **Broadcasting–0.01%** |
| Paramount Global, | Paramount Global, |  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/01/2043 |  | 2000 | &nbsp;&nbsp; 1828 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/19/2050 |  | 2000 | &nbsp;&nbsp; 1591 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc., <br> 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15997 |
|  |  |  | &nbsp;&nbsp; 19416 |
| **Broadline Retail–0.14%** | **Broadline Retail–0.14%** | **Broadline Retail–0.14%** | **Broadline Retail–0.14%** |
| &nbsp;&nbsp;&nbsp; El Puerto de Liverpool S.A.B. de C.V. <br> (Mexico), 6.66%, 01/22/2037<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 214977 |
| **Building Products–0.01%** | **Building Products–0.01%** | **Building Products–0.01%** | **Building Products–0.01%** |
| Amrize Finance US LLC, | Amrize Finance US LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 04/07/2028<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6073 |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/07/2030<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4090 |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/07/2035<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6184 |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 3000 | &nbsp;&nbsp; 3221 |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc., 5.50%, <br> 09/15/2028<br>|  | 2000 | &nbsp;&nbsp; 2069 |
|  |  |  | &nbsp;&nbsp; 21637 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite–0.21%** | **Cable & Satellite–0.21%** | **Cable & Satellite–0.21%** | **Cable & Satellite–0.21%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp., | &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/2029<sup>(b)</sup> <br>|  | $43000 | &nbsp;&nbsp; $43626 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/2031<sup>(b)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15486 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/<br> Charter Communications Operating <br> Capital Corp., | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/<br> Charter Communications Operating <br> Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.65%, 02/01/2034 |  | 3000 | &nbsp;&nbsp; 3207 |
| &nbsp;&nbsp;&nbsp; 5.85%, 12/01/2035 |  | 112000 | &nbsp;&nbsp; 113112 |
| &nbsp;&nbsp;&nbsp; 6.70%, 12/01/2055 |  | 97000 | &nbsp;&nbsp; 98223 |
| Comcast Corp., | Comcast Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2032 |  | 1000 | &nbsp;&nbsp; 1060 |
| &nbsp;&nbsp;&nbsp; 6.05%, 05/15/2055 |  | 38000 | &nbsp;&nbsp; 39299 |
| &nbsp;&nbsp;&nbsp; Cox Communications, Inc., 5.70%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3067 |
|  |  |  | &nbsp;&nbsp; 317080 |
| **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. L.P./PTL Finance <br> Corp., | &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. L.P./PTL Finance <br> Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/24/2026<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3024 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/12/2027<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2025 |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/01/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3087 |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1030 |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1045 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2030<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3096 |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc., 4.90%, <br> 12/01/2029<br>|  | 2000 | &nbsp;&nbsp; 2047 |
|  |  |  | &nbsp;&nbsp; 15354 |
| **Casinos & Gaming–0.01%** | **Casinos & Gaming–0.01%** | **Casinos & Gaming–0.01%** | **Casinos & Gaming–0.01%** |
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd. <br> (Hong Kong), 6.50%, <br> 09/24/2033<sup>(b)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15049 |
| **Commercial & Residential Mortgage Finance–0.52%** | **Commercial & Residential Mortgage Finance–0.52%** | **Commercial & Residential Mortgage Finance–0.52%** | **Commercial & Residential Mortgage Finance–0.52%** |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2086 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/25/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3192 |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/24/2030<sup>(b)</sup> <br>|  | 117000 | &nbsp;&nbsp; 116943 |
| &nbsp;&nbsp;&nbsp; CrossCountry Intermediate HoldCo LLC, <br> 6.50%, 10/01/2030<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100493 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United <br> Kingdom), 6.56%, <br> 10/18/2027<sup>(b)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204582 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | 2000 | &nbsp;&nbsp; 2090 |
| Rocket Cos., Inc., | Rocket Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/2030<sup>(b)</sup> <br>|  | 27000 | &nbsp;&nbsp; 27731 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/2033<sup>(b)</sup> <br>|  | 76000 | &nbsp;&nbsp; 78536 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., 5.88%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 261000 | &nbsp;&nbsp; 261509 |
|  |  |  | &nbsp;&nbsp; 797162 |
| **Computer & Electronics Retail–0.01%** | **Computer & Electronics Retail–0.01%** | **Computer & Electronics Retail–0.01%** | **Computer & Electronics Retail–0.01%** |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., <br> 5.50%, 04/01/2035<br>|  | 13000 | &nbsp;&nbsp; 13434 |
| Leidos, Inc., 5.75%, 03/15/2033 |  | 3000 | &nbsp;&nbsp; 3170 |
|  |  |  | &nbsp;&nbsp; 16604 |
| **Construction & Engineering–0.17%** | **Construction & Engineering–0.17%** | **Construction & Engineering–0.17%** | **Construction & Engineering–0.17%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> <br>|  | 249000 | &nbsp;&nbsp; 254779 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.20%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.20%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.20%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.20%** |
| Caterpillar, Inc., | Caterpillar, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 05/15/2035 |  | $6000 | &nbsp;&nbsp; $6210 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2055 |  | 3000 | &nbsp;&nbsp; 3067 |
| Cummins, Inc., | Cummins, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/15/2031 |  | 34000 | &nbsp;&nbsp; 34637 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/09/2035 |  | 16000 | &nbsp;&nbsp; 16526 |
| &nbsp;&nbsp;&nbsp; Komatsu Finance America, Inc., <br> 4.20%, 09/18/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199007 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance L.P. <br> (Canada), 6.75%, 07/15/2032<sup>(b)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16372 |
| Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/29/2030 |  | 14000 | &nbsp;&nbsp; 14317 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/29/2035 |  | 16000 | &nbsp;&nbsp; 16580 |
|  |  |  | &nbsp;&nbsp; 306716 |
| **Construction Materials–0.02%** | **Construction Materials–0.02%** | **Construction Materials–0.02%** | **Construction Materials–0.02%** |
| JH North America Holdings, Inc., | JH North America Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/31/2031<sup>(b)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19308 |
| &nbsp;&nbsp;&nbsp; 6.13%, 07/31/2032<sup>(b)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11277 |
|  |  |  | &nbsp;&nbsp; 30585 |
| **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** |
| &nbsp;&nbsp;&nbsp; LG Electronics, Inc. (South Korea), <br> 5.63%, 04/24/2029<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 103919 |
| **Consumer Finance–0.79%** | **Consumer Finance–0.79%** | **Consumer Finance–0.79%** | **Consumer Finance–0.79%** |
| American Express Co., | American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 04/23/2027<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp; 4.73%, 04/25/2029<sup>(e)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7113 |
| &nbsp;&nbsp;&nbsp; 5.58% (SOFR + 1.26%), <br> 04/25/2029<sup>(d)</sup> <br>|  | 22000 | &nbsp;&nbsp; 22319 |
| &nbsp;&nbsp;&nbsp; 4.35%, 07/20/2029<sup>(e)</sup> <br>|  | 176000 | &nbsp;&nbsp; 177065 |
| &nbsp;&nbsp;&nbsp; 5.13% (SOFR + 0.81%), <br> 07/20/2029<sup>(d)</sup> <br>|  | 261000 | &nbsp;&nbsp; 261596 |
| &nbsp;&nbsp;&nbsp; 5.53%, 04/25/2030<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2091 |
| &nbsp;&nbsp;&nbsp; 5.02%, 04/25/2031<sup>(e)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16456 |
| &nbsp;&nbsp;&nbsp; 4.92%, 07/20/2033<sup>(e)</sup> <br>|  | 119000 | &nbsp;&nbsp; 121106 |
| &nbsp;&nbsp;&nbsp; 5.44%, 01/30/2036<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2081 |
| &nbsp;&nbsp;&nbsp; 5.67%, 04/25/2036<sup>(e)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5285 |
| Capital One Financial Corp., | Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 7.15%, 10/29/2027<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2060 |
| &nbsp;&nbsp;&nbsp; 4.49%, 09/11/2031<sup>(e)</sup> <br>|  | 154000 | &nbsp;&nbsp; 152805 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/11/2036<sup>(e)</sup> <br>|  | 129000 | &nbsp;&nbsp; 127630 |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc., 6.88%, <br> 03/01/2032<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 93137 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., <br> 5.40%, 04/06/2026<br>|  | 2000 | &nbsp;&nbsp; 2011 |
| &nbsp;&nbsp;&nbsp; goeasy Ltd. (Canada), 6.88%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 50413 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/2032 |  | 70000 | &nbsp;&nbsp; 72400 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/2033 |  | 71000 | &nbsp;&nbsp; 71201 |
| Synchrony Financial, | Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp; 5.02%, 07/29/2029<sup>(e)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18161 |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/29/2036<sup>(e)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16378 |
|  |  |  | &nbsp;&nbsp; 1222316 |
| **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp., 5.50%, <br> 11/01/2052<br>|  | 2000 | &nbsp;&nbsp; 1918 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Distillers & Vintners–0.00%** | **Distillers & Vintners–0.00%** | **Distillers & Vintners–0.00%** | **Distillers & Vintners–0.00%** |
| Constellation Brands, Inc., | Constellation Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/01/2030 |  | $3000 | &nbsp;&nbsp; $3044 |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/01/2033 |  | 1000 | &nbsp;&nbsp; 1010 |
|  |  |  | &nbsp;&nbsp; 4054 |
| **Distributors–0.01%** | **Distributors–0.01%** | **Distributors–0.01%** | **Distributors–0.01%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/01/2028 |  | 3000 | &nbsp;&nbsp; 3187 |
| &nbsp;&nbsp;&nbsp; 4.95%, 08/15/2029 |  | 4000 | &nbsp;&nbsp; 4072 |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2033 |  | 2000 | &nbsp;&nbsp; 2240 |
|  |  |  | &nbsp;&nbsp; 9499 |
| **Diversified Banks–10.74%** | **Diversified Banks–10.74%** | **Diversified Banks–10.74%** | **Diversified Banks–10.74%** |
| &nbsp;&nbsp;&nbsp; Australia and New Zealand Banking Group <br> Ltd. (Australia), | &nbsp;&nbsp;&nbsp; Australia and New Zealand Banking Group <br> Ltd. (Australia), |  |  |
| &nbsp;&nbsp;&nbsp; 6.74%, 12/08/2032<sup>(b)(c)</sup> <br>|  | 387000 | &nbsp;&nbsp; 428294 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/30/2035<sup>(b)(e)</sup> <br>|  | 180000 | &nbsp;&nbsp; 180928 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. <br> (Spain), 9.38%<sup>(e)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 223472 |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| &nbsp;&nbsp;&nbsp; 9.63%<sup>(e)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 224384 |
| &nbsp;&nbsp;&nbsp; 9.63%<sup>(e)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 241505 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.36% (SOFR + 1.05%), <br> 02/04/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2013 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/22/2028<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2029 |
| &nbsp;&nbsp;&nbsp; 5.15% (SOFR + 0.83%), <br> 01/24/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3004 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/25/2029<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp; 4.62%, 05/09/2029<sup>(e)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9113 |
| &nbsp;&nbsp;&nbsp; 4.27%, 07/23/2029<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp; 5.16%, 01/24/2031<sup>(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4130 |
| &nbsp;&nbsp;&nbsp; 5.33% (SOFR + 1.01%), <br> 01/24/2031<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2004 |
| &nbsp;&nbsp;&nbsp; 5.43%, 08/15/2035<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp; 5.51%, 01/24/2036<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3137 |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/14/2038 |  | 232000 | &nbsp;&nbsp; 283466 |
| &nbsp;&nbsp;&nbsp; 6.63%<sup>(e)(f)</sup> <br>|  | 14000 | &nbsp;&nbsp; 14583 |
| Bank of Montreal (Canada), | Bank of Montreal (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/05/2026 |  | 2000 | &nbsp;&nbsp; 2018 |
| &nbsp;&nbsp;&nbsp; 7.70%, 05/26/2084<sup>(c)(e)</sup> <br>|  | 365000 | &nbsp;&nbsp; 388310 |
| &nbsp;&nbsp;&nbsp; 7.30%, 11/26/2084<sup>(e)</sup> <br>|  | 207000 | &nbsp;&nbsp; 220009 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon (The), 5.04% <br> (SOFR + 0.71%), 04/20/2027<sup>(d)</sup> <br>|  | 260000 | &nbsp;&nbsp; 260646 |
| Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/27/2082<sup>(e)</sup> <br>|  | 306000 | &nbsp;&nbsp; 325620 |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/27/2084<sup>(e)</sup> <br>|  | 54000 | &nbsp;&nbsp; 58036 |
| &nbsp;&nbsp;&nbsp; 6.88%, 10/27/2085<sup>(e)</sup> <br>|  | 312000 | &nbsp;&nbsp; 311850 |
| Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 6.69%, 09/13/2034<sup>(e)</sup> <br>|  | 207000 | &nbsp;&nbsp; 229097 |
| &nbsp;&nbsp;&nbsp; 5.86%, 08/11/2046<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205609 |
| &nbsp;&nbsp;&nbsp; BPCE S.A. (France), 6.29%, <br> 01/14/2036<sup>(b)(e)</sup> <br>|  | 250000 | &nbsp;&nbsp; 267659 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.44% (SOFR + 1.14%), <br> 05/07/2028<sup>(d)</sup> <br>|  | $18000 | &nbsp;&nbsp; $18129 |
| &nbsp;&nbsp;&nbsp; 5.17%, 02/13/2030<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3078 |
| &nbsp;&nbsp;&nbsp; 4.54%, 09/19/2030<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3015 |
| &nbsp;&nbsp;&nbsp; 5.76% (SOFR + 1.46%), <br> 05/07/2031<sup>(d)</sup> <br>|  | 29000 | &nbsp;&nbsp; 29448 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/11/2031<sup>(e)</sup> <br>|  | 219000 | &nbsp;&nbsp; 219169 |
| &nbsp;&nbsp;&nbsp; 6.17%, 05/25/2034<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3193 |
| &nbsp;&nbsp;&nbsp; 5.83%, 02/13/2035<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2075 |
| &nbsp;&nbsp;&nbsp; 5.17%, 09/11/2036<sup>(e)</sup> <br>|  | 322000 | &nbsp;&nbsp; 325393 |
| &nbsp;&nbsp;&nbsp; 5.41%, 09/19/2039<sup>(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4015 |
| &nbsp;&nbsp;&nbsp; 5.61%, 03/04/2056<sup>(e)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5052 |
| &nbsp;&nbsp;&nbsp; Series AA, 7.63%<sup>(e)(f)</sup> <br>|  | 64000 | &nbsp;&nbsp; 67281 |
| &nbsp;&nbsp;&nbsp; Series BB, 7.20%<sup>(e)(f)</sup> <br>|  | 76000 | &nbsp;&nbsp; 78568 |
| &nbsp;&nbsp;&nbsp; Series DD, 7.00%<sup>(e)(f)</sup> <br>|  | 135000 | &nbsp;&nbsp; 143588 |
| &nbsp;&nbsp;&nbsp; Series W, 4.00%<sup>(e)(f)</sup> <br>|  | 94000 | &nbsp;&nbsp; 93749 |
| &nbsp;&nbsp;&nbsp; Series Z, 7.38%<sup>(e)(f)</sup> <br>|  | 71000 | &nbsp;&nbsp; 74217 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc., 5.98%, <br> 01/30/2030<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3123 |
| Credit Agricole S.A. (France), | Credit Agricole S.A. (France), |  |  |
| &nbsp;&nbsp;&nbsp; 5.22%, 05/27/2031<sup>(b)(e)</sup> <br>|  | 250000 | &nbsp;&nbsp; 256560 |
| &nbsp;&nbsp;&nbsp; 4.82%, 09/25/2033<sup>(b)(e)</sup> <br>|  | 296000 | &nbsp;&nbsp; 294277 |
| Fifth Third Bancorp, | Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp; 6.34%, 07/27/2029<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2108 |
| &nbsp;&nbsp;&nbsp; 4.77%, 07/28/2030<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2023 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/29/2032<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1049 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/17/2028<sup>(e)</sup> <br>|  | 224000 | &nbsp;&nbsp; 228755 |
| &nbsp;&nbsp;&nbsp; 5.21%, 08/11/2028<sup>(e)</sup> <br>|  | 207000 | &nbsp;&nbsp; 210576 |
| &nbsp;&nbsp;&nbsp; 5.29%, 11/19/2030<sup>(e)</sup> <br>|  | 256000 | &nbsp;&nbsp; 264143 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/03/2031<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204869 |
| &nbsp;&nbsp;&nbsp; 5.24%, 05/13/2031<sup>(e)</sup> <br>|  | 213000 | &nbsp;&nbsp; 219236 |
| &nbsp;&nbsp;&nbsp; 5.87% (SOFR + 1.57%), <br> 05/13/2031<sup>(d)</sup> <br>|  | 390000 | &nbsp;&nbsp; 397890 |
| &nbsp;&nbsp;&nbsp; 5.79%, 05/13/2036<sup>(e)</sup> <br>|  | 239000 | &nbsp;&nbsp; 252243 |
| &nbsp;&nbsp;&nbsp; 5.74%, 09/10/2036<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204207 |
| &nbsp;&nbsp;&nbsp; 6.33%, 03/09/2044<sup>(e)</sup> <br>|  | 315000 | &nbsp;&nbsp; 346642 |
| &nbsp;&nbsp;&nbsp; 6.88%<sup>(e)(f)</sup> <br>|  | 216000 | &nbsp;&nbsp; 224744 |
| &nbsp;&nbsp;&nbsp; 7.05%<sup>(e)(f)</sup> <br>|  | 232000 | &nbsp;&nbsp; 241797 |
| &nbsp;&nbsp;&nbsp; ING Groep N.V. (Netherlands), 5.34%, <br> 03/19/2030<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206453 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 12/01/2027 |  | 2000 | &nbsp;&nbsp; 1984 |
| &nbsp;&nbsp;&nbsp; 5.57%, 04/22/2028<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3066 |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/25/2028<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2027 |
| &nbsp;&nbsp;&nbsp; 4.92%, 01/24/2029<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2036 |
| &nbsp;&nbsp;&nbsp; 5.30%, 07/24/2029<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; 6.09%, 10/23/2029<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2111 |
| &nbsp;&nbsp;&nbsp; 5.01%, 01/23/2030<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2049 |
| &nbsp;&nbsp;&nbsp; 5.58%, 04/22/2030<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1045 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/22/2030<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2052 |
| &nbsp;&nbsp;&nbsp; 4.60%, 10/22/2030<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3036 |
| &nbsp;&nbsp;&nbsp; 5.14%, 01/24/2031<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3099 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/22/2031<sup>(e)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9300 |
| &nbsp;&nbsp;&nbsp; 5.72%, 09/14/2033<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2116 |
| &nbsp;&nbsp;&nbsp; 5.34%, 01/23/2035<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/24/2036<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2093 |
| &nbsp;&nbsp;&nbsp; 5.57%, 04/22/2036<sup>(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4218 |
| &nbsp;&nbsp;&nbsp; 5.53%, 11/29/2045<sup>(e)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6174 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| &nbsp;&nbsp;&nbsp; Series W, 5.47% (3 mo. Term SOFR <br> + 1.26%), 05/15/2047<sup>(d)</sup> <br>|  | $1000 | &nbsp;&nbsp; $878 |
| &nbsp;&nbsp;&nbsp; Series NN, 6.88%<sup>(e)(f)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2109 |
| KeyCorp, 2.55%, 10/01/2029 |  | 3000 | &nbsp;&nbsp; 2812 |
| &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co., <br> 4.70%, 01/27/2028<br>|  | 230000 | &nbsp;&nbsp; 233113 |
| Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |  |  |
| &nbsp;&nbsp;&nbsp; 5.16%, 04/24/2031<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206164 |
| &nbsp;&nbsp;&nbsp; 5.80% (SOFR + 1.48%), <br> 04/24/2031<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203444 |
| &nbsp;&nbsp;&nbsp; 4.53%, 09/12/2031<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200871 |
| &nbsp;&nbsp;&nbsp; 5.43%, 04/17/2035<sup>(e)</sup> <br>|  | 92000 | &nbsp;&nbsp; 95783 |
| &nbsp;&nbsp;&nbsp; 5.57%, 01/16/2036<sup>(e)</sup> <br>|  | 60000 | &nbsp;&nbsp; 63030 |
| &nbsp;&nbsp;&nbsp; 5.62%, 04/24/2036<sup>(e)</sup> <br>|  | 152000 | &nbsp;&nbsp; 159575 |
| &nbsp;&nbsp;&nbsp; 5.19%, 09/12/2036<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203313 |
| &nbsp;&nbsp;&nbsp; 6.35%<sup>(e)(f)</sup> <br>|  | 256000 | &nbsp;&nbsp; 261570 |
| &nbsp;&nbsp;&nbsp; 8.20%<sup>(e)(f)</sup> <br>|  | 158000 | &nbsp;&nbsp; 173903 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan), <br> 5.59%, 07/10/2035<sup>(e)</sup> <br>|  | 268000 | &nbsp;&nbsp; 280762 |
| Morgan Stanley Private Bank N.A., | Morgan Stanley Private Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp; 4.47%, 07/06/2028<sup>(e)</sup> <br>|  | 250000 | &nbsp;&nbsp; 251470 |
| &nbsp;&nbsp;&nbsp; 4.73%, 07/18/2031<sup>(e)</sup> <br>|  | 250000 | &nbsp;&nbsp; 253854 |
| &nbsp;&nbsp;&nbsp; Multibank, Inc. (Panama), 7.75%, <br> 02/03/2028<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 209223 |
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia), <br> 5.90%, 01/14/2036<sup>(b)(c)(e)</sup> <br>|  | 198000 | &nbsp;&nbsp; 208199 |
| Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/28/2030<sup>(b)</sup> <br>|  | 345000 | &nbsp;&nbsp; 344622 |
| &nbsp;&nbsp;&nbsp; 6.30%<sup>(b)(e)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202399 |
| Norinchukin Bank (The) (Japan), | Norinchukin Bank (The) (Japan), |  |  |
| &nbsp;&nbsp;&nbsp; 4.67%, 09/09/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201109 |
| &nbsp;&nbsp;&nbsp; 5.36%, 09/09/2035<sup>(b)</sup> <br>|  | 206000 | &nbsp;&nbsp; 209470 |
| PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 6.62%, 10/20/2027<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp; 5.58%, 06/12/2029<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/13/2031<sup>(e)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16344 |
| &nbsp;&nbsp;&nbsp; 5.07%, 01/24/2034<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp; 5.37%, 07/21/2036<sup>(e)</sup> <br>|  | 33000 | &nbsp;&nbsp; 33972 |
| &nbsp;&nbsp;&nbsp; Series V, 6.20%<sup>(e)(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3053 |
| &nbsp;&nbsp;&nbsp; Series W, 6.25%<sup>(e)(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3083 |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 5.03% (SOFR + 0.71%), <br> 01/21/2027<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2008 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/01/2029 |  | 2000 | &nbsp;&nbsp; 2056 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 |  | 1000 | &nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/02/2084<sup>(e)</sup> <br>|  | 338000 | &nbsp;&nbsp; 356698 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/24/2085<sup>(e)</sup> <br>|  | 211000 | &nbsp;&nbsp; 209140 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC <br> (United Kingdom), 5.14%, <br> 09/22/2036<sup>(e)</sup> <br>|  | 210000 | &nbsp;&nbsp; 208145 |
| Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 6.19%, 07/06/2027<sup>(b)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202683 |
| &nbsp;&nbsp;&nbsp; 5.01%, 10/15/2030<sup>(b)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203599 |
| &nbsp;&nbsp;&nbsp; 5.24%, 05/13/2031<sup>(b)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205656 |
| &nbsp;&nbsp;&nbsp; 5.97% (SOFR + 1.68%), <br> 05/13/2031<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204661 |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/12/2036<sup>(b)(e)</sup> <br>|  | 316000 | &nbsp;&nbsp; 320764 |
| &nbsp;&nbsp;&nbsp; 7.75%<sup>(b)(e)(f)</sup> <br>|  | 288000 | &nbsp;&nbsp; 299087 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br> (Japan), 6.60%<sup>(e)(f)</sup> <br>|  | 285000 | &nbsp;&nbsp; 298334 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), 5.35%, 03/07/2034<sup>(b)</sup> <br>|  | $200000 | &nbsp;&nbsp; $208842 |
| Synovus Bank, 5.63%, 02/15/2028 |  | 250000 | &nbsp;&nbsp; 255284 |
| Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 4.78%, 12/17/2029 |  | 3000 | &nbsp;&nbsp; 3068 |
| &nbsp;&nbsp;&nbsp; 8.13%, 10/31/2082<sup>(e)</sup> <br>|  | 247000 | &nbsp;&nbsp; 261400 |
| Truist Bank, | Truist Bank, |  |  |
| &nbsp;&nbsp;&nbsp; 4.42%, 07/24/2028<sup>(e)</sup> <br>|  | 267000 | &nbsp;&nbsp; 268194 |
| &nbsp;&nbsp;&nbsp; 5.09% (SOFR + 0.77%), <br> 07/24/2028<sup>(d)</sup> <br>|  | 368000 | &nbsp;&nbsp; 368281 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp; 5.78%, 06/12/2029<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3123 |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/23/2030<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3102 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.71%, 04/22/2028<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2047 |
| &nbsp;&nbsp;&nbsp; 4.81%, 07/25/2028<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2024 |
| &nbsp;&nbsp;&nbsp; 5.69% (SOFR + 1.37%), <br> 04/23/2029<sup>(d)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12172 |
| &nbsp;&nbsp;&nbsp; 5.57%, 07/25/2029<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3110 |
| &nbsp;&nbsp;&nbsp; 6.30%, 10/23/2029<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3178 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/23/2030<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3090 |
| &nbsp;&nbsp;&nbsp; 5.15%, 04/23/2031<sup>(e)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17537 |
| &nbsp;&nbsp;&nbsp; 5.39%, 04/24/2034<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp; 5.56%, 07/25/2034<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1051 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/23/2035<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1043 |
| &nbsp;&nbsp;&nbsp; 5.61%, 04/23/2036<sup>(e)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8399 |
| &nbsp;&nbsp;&nbsp; 6.85%<sup>(e)(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3158 |
| &nbsp;&nbsp;&nbsp; 7.63%<sup>(e)(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3215 |
| &nbsp;&nbsp;&nbsp; Series BB, 3.90%<sup>(e)(f)</sup> <br>|  | 12000 | &nbsp;&nbsp; 11898 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia), <br> 6.82%, 11/17/2033<br>|  | 3000 | &nbsp;&nbsp; 3362 |
|  |  |  | &nbsp;&nbsp; 16561795 |
| **Diversified Capital Markets–0.97%** | **Diversified Capital Markets–0.97%** | **Diversified Capital Markets–0.97%** | **Diversified Capital Markets–0.97%** |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| &nbsp;&nbsp;&nbsp; 5.43%, 02/08/2030<sup>(b)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206675 |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/23/2031<sup>(b)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199365 |
| &nbsp;&nbsp;&nbsp; 5.01%, 03/23/2037<sup>(b)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199116 |
| &nbsp;&nbsp;&nbsp; 7.00%<sup>(b)(e)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204092 |
| &nbsp;&nbsp;&nbsp; 7.13%<sup>(b)(e)(f)</sup> <br>|  | 226000 | &nbsp;&nbsp; 232780 |
| &nbsp;&nbsp;&nbsp; Series 28, 9.25%<sup>(b)(e)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 221139 |
| &nbsp;&nbsp;&nbsp; Series 33, 9.25%<sup>(b)(e)(f)</sup> <br>|  | 201000 | &nbsp;&nbsp; 239655 |
|  |  |  | &nbsp;&nbsp; 1502822 |
| **Diversified Financial Services–1.97%** | **Diversified Financial Services–1.97%** | **Diversified Financial Services–1.97%** | **Diversified Financial Services–1.97%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), <br> 6.50%, 01/31/2056<sup>(e)</sup> <br>|  | 241000 | &nbsp;&nbsp; 248859 |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC, <br> 5.00%, 09/15/2030<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 151200 |
| Apollo Global Management, Inc., | Apollo Global Management, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 11/15/2033 |  | 3000 | &nbsp;&nbsp; 3314 |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/12/2035 |  | 97000 | &nbsp;&nbsp; 97527 |
| Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3031 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/04/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3130 |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/15/2032<sup>(b)</sup> <br>|  | 373000 | &nbsp;&nbsp; 368631 |
| &nbsp;&nbsp;&nbsp; BlackRock Funding, Inc., 4.90%, <br> 01/08/2035<br>|  | 2000 | &nbsp;&nbsp; 2047 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** |
| Corebridge Financial, Inc., | Corebridge Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/15/2033 |  | $2000 | &nbsp;&nbsp; $2136 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034 |  | 3000 | &nbsp;&nbsp; 3158 |
| &nbsp;&nbsp;&nbsp; Eagle Funding LuxCo S.a.r.l. (Mexico), <br> 5.50%, 08/17/2030<sup>(b)</sup> <br>|  | 1103000 | &nbsp;&nbsp; 1120438 |
| &nbsp;&nbsp;&nbsp; Gabon Blue Bond Master Trust (Gabon), <br> Series 2, 6.10%, 08/01/2038<sup>(b)</sup> <br>|  | 341000 | &nbsp;&nbsp; 346186 |
| &nbsp;&nbsp;&nbsp; Horizon Mutual Holdings, Inc., 6.20%, <br> 11/15/2034<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9784 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/30/2031<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 31490 |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 107000 | &nbsp;&nbsp; 108531 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 93000 | &nbsp;&nbsp; 96666 |
| LPL Holdings, Inc., | LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/20/2027 |  | 4000 | &nbsp;&nbsp; 4077 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2030 |  | 2000 | &nbsp;&nbsp; 2045 |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/2030 |  | 4000 | &nbsp;&nbsp; 4073 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2035 |  | 5000 | &nbsp;&nbsp; 5098 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2035 |  | 4000 | &nbsp;&nbsp; 4105 |
| &nbsp;&nbsp;&nbsp; OPEC Fund for International <br> Development (The) (Supranational), <br> 4.50%, 01/26/2026<sup>(b)</sup> <br>|  | 245000 | &nbsp;&nbsp; 245165 |
| &nbsp;&nbsp;&nbsp; Wynnton Funding Trust II, 5.99%, <br> 08/15/2055<sup>(b)</sup> <br>|  | 171000 | &nbsp;&nbsp; 175646 |
|  |  |  | &nbsp;&nbsp; 3036337 |
| **Diversified Metals & Mining–0.34%** | **Diversified Metals & Mining–0.34%** | **Diversified Metals & Mining–0.34%** | **Diversified Metals & Mining–0.34%** |
| BHP Billiton Finance (USA) Ltd. (Australia), | BHP Billiton Finance (USA) Ltd. (Australia), |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/08/2028 |  | 1000 | &nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/08/2030 |  | 2000 | &nbsp;&nbsp; 2085 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/08/2033 |  | 3000 | &nbsp;&nbsp; 3125 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/05/2055 |  | 69000 | &nbsp;&nbsp; 71769 |
| &nbsp;&nbsp;&nbsp; Corporacion Nacional del Cobre de <br> Chile (Chile), 5.13%, <br> 02/02/2033<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201051 |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| &nbsp;&nbsp;&nbsp; 4.91%, 04/01/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3049 |
| &nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; 5.19%, 04/01/2030<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6185 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/04/2034<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3124 |
| &nbsp;&nbsp;&nbsp; 5.67%, 04/01/2035<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6239 |
| &nbsp;&nbsp;&nbsp; 5.89%, 04/04/2054<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp; 6.14%, 04/01/2055<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3139 |
| Rio Tinto Finance (USA) PLC (Australia), | Rio Tinto Finance (USA) PLC (Australia), |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/14/2032 |  | 4000 | &nbsp;&nbsp; 4114 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/14/2035 |  | 3000 | &nbsp;&nbsp; 3093 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/14/2065 |  | 3000 | &nbsp;&nbsp; 3129 |
| &nbsp;&nbsp;&nbsp; Windfall Mining Group, Inc./Groupe <br> Minier Windfall, Inc. (South Africa), <br> 5.85%, 05/13/2032<sup>(b)</sup> <br>|  | 201000 | &nbsp;&nbsp; 209275 |
|  |  |  | &nbsp;&nbsp; 522448 |
| **Diversified REITs–0.01%** | **Diversified REITs–0.01%** | **Diversified REITs–0.01%** | **Diversified REITs–0.01%** |
| &nbsp;&nbsp;&nbsp; ERP Operating L.P., 4.95%, <br> 06/15/2032<br>|  | 8000 | &nbsp;&nbsp; 8210 |
| VICI Properties L.P., | VICI Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2034 |  | 2000 | &nbsp;&nbsp; 2079 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/2054 |  | 2000 | &nbsp;&nbsp; 2031 |
|  |  |  | &nbsp;&nbsp; 12320 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Support Services–0.21%** | **Diversified Support Services–0.21%** | **Diversified Support Services–0.21%** | **Diversified Support Services–0.21%** |
| &nbsp;&nbsp;&nbsp; Amazon Conservation DAC (Ecuador), <br> 6.03%, 01/16/2042<sup>(b)</sup> <br>|  | $270000 | &nbsp;&nbsp; $278977 |
| Element Fleet Management Corp. (Canada), | Element Fleet Management Corp. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2119 |
| &nbsp;&nbsp;&nbsp; 5.04%, 03/25/2030<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8165 |
| RB Global Holdings, Inc. (Canada), | RB Global Holdings, Inc. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11260 |
| &nbsp;&nbsp;&nbsp; 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 26179 |
|  |  |  | &nbsp;&nbsp; 326700 |
| **Drug Retail–0.38%** | **Drug Retail–0.38%** | **Drug Retail–0.38%** | **Drug Retail–0.38%** |
| &nbsp;&nbsp;&nbsp; CK Hutchison International (23) Ltd. <br> (United Kingdom), 4.88%, <br> 04/21/2033<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 217746 |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust, 5.77%, <br> 01/10/2033<sup>(b)</sup> <br>|  | 52192 | &nbsp;&nbsp; 53492 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands IV B.V. (Israel), 5.75%, <br> 12/01/2030<br>|  | 300000 | &nbsp;&nbsp; 309262 |
|  |  |  | &nbsp;&nbsp; 580500 |
| **Electric Utilities–3.12%** | **Electric Utilities–3.12%** | **Electric Utilities–3.12%** | **Electric Utilities–3.12%** |
| AEP Texas, Inc., | AEP Texas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 06/01/2028<sup>(b)</sup> <br>|  | 162000 | &nbsp;&nbsp; 160787 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/2034 |  | 34000 | &nbsp;&nbsp; 35407 |
| &nbsp;&nbsp;&nbsp; 5.85%, 10/15/2055 |  | 84000 | &nbsp;&nbsp; 83754 |
| &nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC, 5.38%, <br> 06/15/2035<br>|  | 5000 | &nbsp;&nbsp; 5177 |
| Alabama Power Co., | Alabama Power Co., |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 4.30%, 03/15/2031 |  | 127000 | &nbsp;&nbsp; 126953 |
| &nbsp;&nbsp;&nbsp; 5.85%, 11/15/2033 |  | 3000 | &nbsp;&nbsp; 3221 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/02/2035 |  | 3000 | &nbsp;&nbsp; 3067 |
| &nbsp;&nbsp;&nbsp; Alexander Funding Trust II, 7.47%, <br> 07/31/2028<sup>(b)</sup> <br>|  | 202000 | &nbsp;&nbsp; 216074 |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp., 5.75%, <br> 04/01/2056<sup>(e)</sup> <br>|  | 58000 | &nbsp;&nbsp; 58131 |
| American Electric Power Co., Inc., | American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/01/2027 |  | 2000 | &nbsp;&nbsp; 2065 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/2029 |  | 2000 | &nbsp;&nbsp; 2063 |
| &nbsp;&nbsp;&nbsp; Series C, 5.80%, 03/15/2056<sup>(e)</sup> <br>|  | 161000 | &nbsp;&nbsp; 160838 |
| &nbsp;&nbsp;&nbsp; Series D, 6.05%, 03/15/2056<sup>(e)</sup> <br>|  | 95000 | &nbsp;&nbsp; 95371 |
| &nbsp;&nbsp;&nbsp; Arizona Public Service Co., 5.90%, <br> 08/15/2055<br>|  | 122000 | &nbsp;&nbsp; 125060 |
| &nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co., 5.45%, <br> 06/01/2035<br>|  | 6000 | &nbsp;&nbsp; 6237 |
| Capital Power (US Holdings), Inc. (Canada), | Capital Power (US Holdings), Inc. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 5.26%, 06/01/2028<sup>(b)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11213 |
| &nbsp;&nbsp;&nbsp; 6.19%, 06/01/2035<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 13652 |
| CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2030 |  | 4000 | &nbsp;&nbsp; 4095 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/01/2035 |  | 2000 | &nbsp;&nbsp; 2023 |
| &nbsp;&nbsp;&nbsp; Series AJ, 4.85%, 10/01/2052 |  | 1000 | &nbsp;&nbsp; 912 |
| &nbsp;&nbsp;&nbsp; Chile Electricity Lux MPC II S.a.r.l. <br> (Chile), 5.58%, 10/20/2035<sup>(b)</sup> <br>|  | 273701 | &nbsp;&nbsp; 283083 |
| &nbsp;&nbsp;&nbsp; Commonwealth Edison Co., 5.95%, <br> 06/01/2055<br>|  | 7000 | &nbsp;&nbsp; 7450 |
| Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2034 |  | 1000 | &nbsp;&nbsp; 1053 |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/2053 |  | 2000 | &nbsp;&nbsp; 2089 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 01/15/2034 |  | $2000 | &nbsp;&nbsp; $2178 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2053 |  | 3000 | &nbsp;&nbsp; 3347 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2054 |  | 1000 | &nbsp;&nbsp; 1014 |
| Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/2030 |  | 4000 | &nbsp;&nbsp; 4111 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2035 |  | 3000 | &nbsp;&nbsp; 3107 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2053 |  | 2000 | &nbsp;&nbsp; 1964 |
| Duke Energy Corp., | Duke Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/05/2029 |  | 2000 | &nbsp;&nbsp; 2039 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/15/2035 |  | 131000 | &nbsp;&nbsp; 130229 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2052 |  | 1000 | &nbsp;&nbsp; 901 |
| Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/01/2053 |  | 2000 | &nbsp;&nbsp; 1961 |
| &nbsp;&nbsp;&nbsp; 5.90%, 05/15/2055 |  | 3000 | &nbsp;&nbsp; 3148 |
| Electricite de France S.A. (France), | Electricite de France S.A. (France), |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/13/2055<sup>(b)</sup> <br>|  | 184000 | &nbsp;&nbsp; 192739 |
| &nbsp;&nbsp;&nbsp; 9.13%<sup>(b)(e)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 232045 |
| Entergy Corp., 7.13%, 12/01/2054<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2093 |
| Entergy Louisiana LLC, | Entergy Louisiana LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/15/2034 |  | 3000 | &nbsp;&nbsp; 3066 |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/15/2055 |  | 5000 | &nbsp;&nbsp; 5126 |
| Entergy Texas, Inc., | Entergy Texas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/2035 |  | 6000 | &nbsp;&nbsp; 6156 |
| &nbsp;&nbsp;&nbsp; 5.55%, 09/15/2054 |  | 3000 | &nbsp;&nbsp; 2953 |
| Evergy Metro, Inc., | Evergy Metro, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/15/2033 |  | 3000 | &nbsp;&nbsp; 3054 |
| &nbsp;&nbsp;&nbsp; 5.13%, 08/15/2035 |  | 94000 | &nbsp;&nbsp; 95050 |
| Exelon Corp., | Exelon Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2029 |  | 2000 | &nbsp;&nbsp; 2058 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/2031 |  | 6000 | &nbsp;&nbsp; 6190 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2034 |  | 1000 | &nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2055 |  | 3000 | &nbsp;&nbsp; 3057 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., <br> 5.20%, 04/01/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2046 |
| FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/15/2030 |  | 2000 | &nbsp;&nbsp; 2014 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2035 |  | 2000 | &nbsp;&nbsp; 2004 |
| Florida Power & Light Co., | Florida Power & Light Co., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/2033 |  | 2000 | &nbsp;&nbsp; 2036 |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/15/2065 |  | 4000 | &nbsp;&nbsp; 4197 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., 4.95%, <br> 05/17/2033<br>|  | 3000 | &nbsp;&nbsp; 3062 |
| &nbsp;&nbsp;&nbsp; Hawaiian Electric Co., Inc., 6.00%, <br> 10/01/2033<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 49457 |
| &nbsp;&nbsp;&nbsp; Kentucky Utilities Co., 5.85%, <br> 08/15/2055<br>|  | 31000 | &nbsp;&nbsp; 31888 |
| &nbsp;&nbsp;&nbsp; Louisville Gas and Electric Co., 5.85%, <br> 08/15/2055<br>|  | 32000 | &nbsp;&nbsp; 32933 |
| MidAmerican Energy Co., | MidAmerican Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2034 |  | 3000 | &nbsp;&nbsp; 3138 |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/15/2054 |  | 1000 | &nbsp;&nbsp; 1054 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/01/2055 |  | 2000 | &nbsp;&nbsp; 1952 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance <br> Corp., | &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance <br> Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/07/2029 |  | 3000 | &nbsp;&nbsp; 3070 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/07/2031 |  | 3000 | &nbsp;&nbsp; 3093 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/15/2033 |  | 2000 | &nbsp;&nbsp; 2147 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 |  | 4000 | &nbsp;&nbsp; 4083 |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/2053<sup>(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4212 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| &nbsp;&nbsp;&nbsp; New England Power Co. (United <br> Kingdom), 5.85%, 09/08/2055<sup>(b)</sup> <br>|  | $55000 | &nbsp;&nbsp; $56389 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/2029 |  | 4000 | &nbsp;&nbsp; 4094 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2030 |  | 7000 | &nbsp;&nbsp; 7211 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2035 |  | 3000 | &nbsp;&nbsp; 3105 |
| Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/03/2030<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 28145 |
| &nbsp;&nbsp;&nbsp; 5.29%, 01/17/2034<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2040 |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/03/2055<sup>(b)</sup> <br>|  | 41000 | &nbsp;&nbsp; 42365 |
| Northern States Power Co., | Northern States Power Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 05/15/2035 |  | 10000 | &nbsp;&nbsp; 10206 |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/15/2055 |  | 6000 | &nbsp;&nbsp; 6166 |
| NRG Energy, Inc., | NRG Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.73%, 10/15/2030<sup>(b)</sup> <br>|  | 292000 | &nbsp;&nbsp; 292090 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034<sup>(b)</sup> <br>|  | 130000 | &nbsp;&nbsp; 129949 |
| &nbsp;&nbsp;&nbsp; 5.41%, 10/15/2035<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 251007 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2036<sup>(b)</sup> <br>|  | 144000 | &nbsp;&nbsp; 144111 |
| &nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., 5.90%, <br> 02/01/2055<br>|  | 2000 | &nbsp;&nbsp; 2026 |
| Ohio Power Co., 5.65%, 06/01/2034 |  | 2000 | &nbsp;&nbsp; 2095 |
| &nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co., 5.60%, <br> 04/01/2053<br>|  | 4000 | &nbsp;&nbsp; 4002 |
| Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 11/01/2029 |  | 4000 | &nbsp;&nbsp; 4066 |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/15/2033 |  | 1000 | &nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp; 5.80%, 04/01/2055<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6187 |
| PacifiCorp, | PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/15/2029 |  | 2000 | &nbsp;&nbsp; 2052 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/2031 |  | 2000 | &nbsp;&nbsp; 2075 |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/2034 |  | 1000 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/15/2055 |  | 1000 | &nbsp;&nbsp; 981 |
| Pinnacle West Capital Corp., | Pinnacle West Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/15/2028 |  | 4000 | &nbsp;&nbsp; 4066 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/2030 |  | 5000 | &nbsp;&nbsp; 5145 |
| &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc., 5.25%, <br> 09/01/2034<br>|  | 1000 | &nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp; PPL Electric Utilities Corp., 5.55%, <br> 08/15/2055<br>|  | 47000 | &nbsp;&nbsp; 47440 |
| &nbsp;&nbsp;&nbsp; PSEG Power LLC, 5.20%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8212 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, 5.25%, <br> 04/01/2053<br>|  | 1000 | &nbsp;&nbsp; 948 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of New Hampshire, <br> 5.35%, 10/01/2033<br>|  | 2000 | &nbsp;&nbsp; 2094 |
| RWE Finance US LLC (Germany), | RWE Finance US LLC (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/18/2035<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 148051 |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/18/2055<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 148307 |
| San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2053 |  | 2000 | &nbsp;&nbsp; 1926 |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/15/2054 |  | 3000 | &nbsp;&nbsp; 2955 |
| Sierra Pacific Power Co., | Sierra Pacific Power Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/15/2054 |  | 1000 | &nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; 6.20%, 12/15/2055<sup>(e)</sup> <br>|  | 69000 | &nbsp;&nbsp; 69130 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 10/15/2032 |  | 3000 | &nbsp;&nbsp; 3180 |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/2035 |  | 2000 | &nbsp;&nbsp; 1981 |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., <br> 5.30%, 04/01/2033<br>|  | 3000 | &nbsp;&nbsp; 3074 |
| &nbsp;&nbsp;&nbsp; Trans-Allegheny Interstate Line Co., <br> 5.00%, 01/15/2031<sup>(b)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9237 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Union Electric Co., | Union Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/2034 |  | $2000 | &nbsp;&nbsp; $2064 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/2035 |  | 5000 | &nbsp;&nbsp; 5159 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/2055 |  | 2000 | &nbsp;&nbsp; 1895 |
| Virginia Electric and Power Co., | Virginia Electric and Power Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 |  | 3000 | &nbsp;&nbsp; 3055 |
| &nbsp;&nbsp;&nbsp; Series C, 4.90%, 09/15/2035 |  | 175000 | &nbsp;&nbsp; 174157 |
| &nbsp;&nbsp;&nbsp; Series D, 5.60%, 09/15/2055 |  | 158000 | &nbsp;&nbsp; 157508 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2013 |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 500678 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 82000 | &nbsp;&nbsp; 86831 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(b)</sup> <br>|  | 35000 | &nbsp;&nbsp; 36631 |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1116 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2034<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1055 |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/30/2034<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4143 |
| &nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co., 4.15%, <br> 10/15/2030<br>|  | 95000 | &nbsp;&nbsp; 94644 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc., 4.75%, <br> 03/21/2028<br>|  | 4000 | &nbsp;&nbsp; 4051 |
|  |  |  | &nbsp;&nbsp; 4806029 |
| **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** |
| EnerSys, 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 11000 | &nbsp;&nbsp; 10854 |
| Molex Electronic Technologies LLC, | Molex Electronic Technologies LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/30/2028<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8082 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/30/2032<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 13236 |
| Regal Rexnord Corp., | Regal Rexnord Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.30%, 02/15/2030 |  | 2000 | &nbsp;&nbsp; 2121 |
| &nbsp;&nbsp;&nbsp; 6.40%, 04/15/2033 |  | 2000 | &nbsp;&nbsp; 2148 |
|  |  |  | &nbsp;&nbsp; 36441 |
| **Electronic Components–0.00%** | **Electronic Components–0.00%** | **Electronic Components–0.00%** | **Electronic Components–0.00%** |
| Amphenol Corp., | Amphenol Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2035 |  | 4000 | &nbsp;&nbsp; 4083 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2054 |  | 2000 | &nbsp;&nbsp; 2001 |
|  |  |  | &nbsp;&nbsp; 6084 |
| **Electronic Equipment & Instruments–0.01%** | **Electronic Equipment & Instruments–0.01%** | **Electronic Equipment & Instruments–0.01%** | **Electronic Equipment & Instruments–0.01%** |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., 5.35%, <br> 07/30/2030<br>|  | 10000 | &nbsp;&nbsp; 10398 |
| **Electronic Manufacturing Services–0.03%** | **Electronic Manufacturing Services–0.03%** | **Electronic Manufacturing Services–0.03%** | **Electronic Manufacturing Services–0.03%** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc., 6.63%, <br> 12/15/2030<sup>(b)</sup> <br>|  | 41000 | &nbsp;&nbsp; 42197 |
| **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** |
| Republic Services, Inc., | Republic Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/2029 |  | 3000 | &nbsp;&nbsp; 3076 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2033 |  | 1000 | &nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 |  | 3000 | &nbsp;&nbsp; 3079 |
| Rollins, Inc., 5.25%, 02/24/2035 |  | 4000 | &nbsp;&nbsp; 4073 |
| Veralto Corp., | Veralto Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/18/2026 |  | 2000 | &nbsp;&nbsp; 2025 |
| &nbsp;&nbsp;&nbsp; 5.35%, 09/18/2028 |  | 2000 | &nbsp;&nbsp; 2065 |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc., 5.35%, <br> 10/15/2054<br>|  | 4000 | &nbsp;&nbsp; 3945 |
|  |  |  | &nbsp;&nbsp; 19297 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Financial Exchanges & Data–0.07%** | **Financial Exchanges & Data–0.07%** | **Financial Exchanges & Data–0.07%** | **Financial Exchanges & Data–0.07%** |
| Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/15/2052 |  | $2000 | &nbsp;&nbsp; $1867 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/15/2062 |  | 1000 | &nbsp;&nbsp; 956 |
| Moody's Corp., 5.25%, 07/15/2044 |  | 2000 | &nbsp;&nbsp; 1960 |
| MSCI, Inc., 5.25%, 09/01/2035 |  | 86000 | &nbsp;&nbsp; 86745 |
| Nasdaq, Inc., | Nasdaq, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 06/28/2028 |  | 2000 | &nbsp;&nbsp; 2063 |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/15/2034 |  | 2000 | &nbsp;&nbsp; 2101 |
| &nbsp;&nbsp;&nbsp; 5.95%, 08/15/2053 |  | 2000 | &nbsp;&nbsp; 2096 |
| &nbsp;&nbsp;&nbsp; 6.10%, 06/28/2063 |  | 3000 | &nbsp;&nbsp; 3174 |
|  |  |  | &nbsp;&nbsp; 100962 |
| **Food Distributors–0.15%** | **Food Distributors–0.15%** | **Food Distributors–0.15%** | **Food Distributors–0.15%** |
| Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/04/2030 |  | 168000 | &nbsp;&nbsp; 169137 |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/04/2035 |  | 59000 | &nbsp;&nbsp; 59719 |
| Sysco Corp., 5.10%, 09/23/2030 |  | 3000 | &nbsp;&nbsp; 3095 |
|  |  |  | &nbsp;&nbsp; 231951 |
| **Food Retail–0.13%** | **Food Retail–0.13%** | **Food Retail–0.13%** | **Food Retail–0.13%** |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. <br> (Canada), 5.08%, 09/29/2035<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199989 |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The), 5.65%, <br> 09/15/2064<br>|  | 2000 | &nbsp;&nbsp; 1952 |
|  |  |  | &nbsp;&nbsp; 201941 |
| **Forest Products–0.07%** | **Forest Products–0.07%** | **Forest Products–0.07%** | **Forest Products–0.07%** |
| Georgia-Pacific LLC, | Georgia-Pacific LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/30/2028<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8071 |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/30/2032<sup>(b)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11291 |
| &nbsp;&nbsp;&nbsp; Suzano Netherlands B.V. (Brazil), <br> 5.50%, 01/15/2036<br>|  | 89000 | &nbsp;&nbsp; 89145 |
|  |  |  | &nbsp;&nbsp; 108507 |
| **Gas Utilities–0.32%** | **Gas Utilities–0.32%** | **Gas Utilities–0.32%** | **Gas Utilities–0.32%** |
| Atmos Energy Corp., | Atmos Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/2033 |  | 3000 | &nbsp;&nbsp; 3258 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/15/2035 |  | 38000 | &nbsp;&nbsp; 38922 |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/15/2053 |  | 3000 | &nbsp;&nbsp; 3307 |
| &nbsp;&nbsp;&nbsp; 5.45%, 01/15/2056 |  | 127000 | &nbsp;&nbsp; 125673 |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>|  | 1000 | &nbsp;&nbsp; 1042 |
| &nbsp;&nbsp;&nbsp; Snam S.p.A. (Italy), 5.00%, <br> 05/28/2030<sup>(b)</sup> <br>|  | 209000 | &nbsp;&nbsp; 212075 |
| Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.05%, 09/15/2028 |  | 24000 | &nbsp;&nbsp; 23982 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033 |  | 2000 | &nbsp;&nbsp; 2124 |
| &nbsp;&nbsp;&nbsp; Series B, 5.10%, 09/15/2035 |  | 58000 | &nbsp;&nbsp; 58175 |
| &nbsp;&nbsp;&nbsp; Southern Natural Gas Co. L.L.C., <br> 5.45%, 08/01/2035<sup>(b)</sup> <br>|  | 14000 | &nbsp;&nbsp; 14290 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 3000 | &nbsp;&nbsp; 3084 |
|  |  |  | &nbsp;&nbsp; 485932 |
| **Gold–0.15%** | **Gold–0.15%** | **Gold–0.15%** | **Gold–0.15%** |
| &nbsp;&nbsp;&nbsp; Fortitude Global Funding, 4.63%, <br> 10/06/2028<sup>(b)</sup> <br>|  | 208000 | &nbsp;&nbsp; 208243 |
| &nbsp;&nbsp;&nbsp; New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 20000 | &nbsp;&nbsp; 20965 |
|  |  |  | &nbsp;&nbsp; 229208 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Distributors–0.12%** | **Health Care Distributors–0.12%** | **Health Care Distributors–0.12%** | **Health Care Distributors–0.12%** |
| Cardinal Health, Inc., | Cardinal Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2030 |  | $62000 | &nbsp;&nbsp; $62212 |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/2034 |  | 2000 | &nbsp;&nbsp; 2077 |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/15/2035 |  | 25000 | &nbsp;&nbsp; 25159 |
| Cencora, Inc., 5.13%, 02/15/2034 |  | 1000 | &nbsp;&nbsp; 1025 |
| McKesson Corp., | McKesson Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/2029 |  | 2000 | &nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/30/2030 |  | 37000 | &nbsp;&nbsp; 37647 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/30/2032 |  | 28000 | &nbsp;&nbsp; 28681 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/30/2035 |  | 23000 | &nbsp;&nbsp; 23700 |
|  |  |  | &nbsp;&nbsp; 182510 |
| **Health Care Equipment–0.02%** | **Health Care Equipment–0.02%** | **Health Care Equipment–0.02%** | **Health Care Equipment–0.02%** |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., <br> 4.80%, 01/15/2031<br>|  | 15000 | &nbsp;&nbsp; 15251 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom), <br> 5.40%, 03/20/2034<br>|  | 3000 | &nbsp;&nbsp; 3099 |
| Stryker Corp., | Stryker Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/11/2029 |  | 3000 | &nbsp;&nbsp; 3009 |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/10/2030 |  | 4000 | &nbsp;&nbsp; 4101 |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/10/2035 |  | 5000 | &nbsp;&nbsp; 5158 |
|  |  |  | &nbsp;&nbsp; 30618 |
| **Health Care Facilities–0.01%** | **Health Care Facilities–0.01%** | **Health Care Facilities–0.01%** | **Health Care Facilities–0.01%** |
| &nbsp;&nbsp;&nbsp; Adventist Health System, 5.76%, <br> 12/01/2034<br>|  | 3000 | &nbsp;&nbsp; 3089 |
| Universal Health Services, Inc., | Universal Health Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 |  | 2000 | &nbsp;&nbsp; 1999 |
| &nbsp;&nbsp;&nbsp; 5.05%, 10/15/2034 |  | 4000 | &nbsp;&nbsp; 3906 |
| UPMC, | UPMC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.04%, 05/15/2033 |  | 3000 | &nbsp;&nbsp; 3062 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/15/2043 |  | 3000 | &nbsp;&nbsp; 2946 |
|  |  |  | &nbsp;&nbsp; 15002 |
| **Health Care REITs–0.04%** | **Health Care REITs–0.04%** | **Health Care REITs–0.04%** | **Health Care REITs–0.04%** |
| Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2036 |  | 2000 | &nbsp;&nbsp; 2013 |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/15/2054 |  | 4000 | &nbsp;&nbsp; 3864 |
| DOC DR LLC, 4.30%, 03/15/2027 |  | 2000 | &nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC, 5.38%, <br> 02/15/2035<br>|  | 4000 | &nbsp;&nbsp; 4090 |
| &nbsp;&nbsp;&nbsp; National Health Investors, Inc., 5.35%, <br> 02/01/2033<br>|  | 39000 | &nbsp;&nbsp; 38699 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., <br> 5.20%, 07/01/2030<br>|  | 16000 | &nbsp;&nbsp; 16249 |
|  |  |  | &nbsp;&nbsp; 66916 |
| **Health Care Services–1.18%** | **Health Care Services–1.18%** | **Health Care Services–1.18%** | **Health Care Services–1.18%** |
| &nbsp;&nbsp;&nbsp; Cigna Group (The), 4.50%, <br> 09/15/2030<br>|  | 89000 | &nbsp;&nbsp; 89292 |
| CommonSpirit Health, | CommonSpirit Health, |  |  |
| &nbsp;&nbsp;&nbsp; 5.32%, 12/01/2034 |  | 6000 | &nbsp;&nbsp; 6101 |
| &nbsp;&nbsp;&nbsp; 5.55%, 12/01/2054 |  | 5000 | &nbsp;&nbsp; 4827 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |
| CVS Health Corp., | CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/30/2029 |  | $1000 | &nbsp;&nbsp; $1020 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/30/2031 |  | 1000 | &nbsp;&nbsp; 1030 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2032 |  | 22000 | &nbsp;&nbsp; 22278 |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/2035 |  | 103000 | &nbsp;&nbsp; 104861 |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/10/2054<sup>(e)</sup> <br>|  | 160000 | &nbsp;&nbsp; 165415 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/10/2055<sup>(c)(e)</sup> <br>|  | 577000 | &nbsp;&nbsp; 606683 |
| &nbsp;&nbsp;&nbsp; 6.20%, 09/15/2055 |  | 118000 | &nbsp;&nbsp; 121532 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2063 |  | 1000 | &nbsp;&nbsp; 986 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/2065 |  | 36000 | &nbsp;&nbsp; 36643 |
| HCA, Inc., | HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/2034 |  | 3000 | &nbsp;&nbsp; 3078 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/2035 |  | 3000 | &nbsp;&nbsp; 3138 |
| &nbsp;&nbsp;&nbsp; 5.90%, 06/01/2053 |  | 2000 | &nbsp;&nbsp; 1976 |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/01/2055 |  | 2000 | &nbsp;&nbsp; 2066 |
| Icon Investments Six DAC, | Icon Investments Six DAC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.81%, 05/08/2027 |  | 200000 | &nbsp;&nbsp; 204161 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/08/2029 |  | 209000 | &nbsp;&nbsp; 218219 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/08/2034 |  | 200000 | &nbsp;&nbsp; 210043 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, <br> 4.35%, 04/01/2030<br>|  | 4000 | &nbsp;&nbsp; 4002 |
| &nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc., 2.86%, <br> 01/01/2052<br>|  | 3000 | &nbsp;&nbsp; 1912 |
| &nbsp;&nbsp;&nbsp; Providence St. Joseph Health Obligated <br> Group, Series 21-A, 2.70%, <br> 10/01/2051<br>|  | 5000 | &nbsp;&nbsp; 2990 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 1000 | &nbsp;&nbsp; 1110 |
|  |  |  | &nbsp;&nbsp; 1813363 |
| **Health Care Supplies–0.16%** | **Health Care Supplies–0.16%** | **Health Care Supplies–0.16%** | **Health Care Supplies–0.16%** |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc., 8.38%, <br> 09/12/2055<sup>(e)</sup> <br>|  | 237000 | &nbsp;&nbsp; 244584 |
| &nbsp;&nbsp;&nbsp; Solventum Corp., 5.60%, <br> 03/23/2034<br>|  | 3000 | &nbsp;&nbsp; 3125 |
|  |  |  | &nbsp;&nbsp; 247709 |
| **Highways & Railtracks–0.04%** | **Highways & Railtracks–0.04%** | **Highways & Railtracks–0.04%** | **Highways & Railtracks–0.04%** |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, <br> 5.80%, 03/15/2056<br>|  | 60000 | &nbsp;&nbsp; 62843 |
| **Home Improvement Retail–0.11%** | **Home Improvement Retail–0.11%** | **Home Improvement Retail–0.11%** | **Home Improvement Retail–0.11%** |
| Home Depot, Inc. (The), | Home Depot, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/2029 |  | 1000 | &nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp; 3.95%, 09/15/2030 |  | 96000 | &nbsp;&nbsp; 95214 |
| &nbsp;&nbsp;&nbsp; 4.65%, 09/15/2035 |  | 78000 | &nbsp;&nbsp; 77259 |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/15/2062 |  | 1000 | &nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/01/2063 |  | 1000 | &nbsp;&nbsp; 1010 |
|  |  |  | &nbsp;&nbsp; 175516 |
| **Homebuilding–0.01%** | **Homebuilding–0.01%** | **Homebuilding–0.01%** | **Homebuilding–0.01%** |
| &nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp., 5.60%, <br> 06/15/2035<br>|  | 21000 | &nbsp;&nbsp; 21531 |
| **Hotel & Resort REITs–0.01%** | **Hotel & Resort REITs–0.01%** | **Hotel & Resort REITs–0.01%** | **Hotel & Resort REITs–0.01%** |
| &nbsp;&nbsp;&nbsp; Phillips Edison Grocery Center Operating <br> Partnership I L.P., | &nbsp;&nbsp;&nbsp; Phillips Edison Grocery Center Operating <br> Partnership I L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2032 |  | 16000 | &nbsp;&nbsp; 16362 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/2034 |  | 3000 | &nbsp;&nbsp; 3124 |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/2035 |  | 1000 | &nbsp;&nbsp; 986 |
|  |  |  | &nbsp;&nbsp; 20472 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Hotels, Resorts & Cruise Lines–0.40%** | **Hotels, Resorts & Cruise Lines–0.40%** | **Hotels, Resorts & Cruise Lines–0.40%** | **Hotels, Resorts & Cruise Lines–0.40%** |
| Carnival Corp., | Carnival Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/15/2029<sup>(b)</sup> <br>|  | $1000 | &nbsp;&nbsp; $1054 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2030<sup>(b)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26563 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/2031<sup>(b)</sup> <br>|  | 227000 | &nbsp;&nbsp; 232762 |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/2032<sup>(b)</sup> <br>|  | 170000 | &nbsp;&nbsp; 173218 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc., 5.40%, <br> 02/15/2035<br>|  | 3000 | &nbsp;&nbsp; 3080 |
| Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/2029<sup>(b)</sup> <br>|  | 22000 | &nbsp;&nbsp; 22470 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/2032<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7201 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 79098 |
| Marriott International, Inc., | Marriott International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/2029 |  | 3000 | &nbsp;&nbsp; 3059 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2030 |  | 2000 | &nbsp;&nbsp; 2038 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2034 |  | 2000 | &nbsp;&nbsp; 2055 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/2035 |  | 4000 | &nbsp;&nbsp; 4093 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., <br> 6.50%, 10/01/2033<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 50803 |
| Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2032<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5163 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2033<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6155 |
|  |  |  | &nbsp;&nbsp; 618812 |
| **Household Appliances–0.03%** | **Household Appliances–0.03%** | **Household Appliances–0.03%** | **Household Appliances–0.03%** |
| Whirlpool Corp., | Whirlpool Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/2030 |  | 14000 | &nbsp;&nbsp; 14122 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/2033 |  | 28000 | &nbsp;&nbsp; 27968 |
|  |  |  | &nbsp;&nbsp; 42090 |
| **Independent Power Producers & Energy Traders–0.02%** | **Independent Power Producers & Energy Traders–0.02%** | **Independent Power Producers & Energy Traders–0.02%** | **Independent Power Producers & Energy Traders–0.02%** |
| AES Corp. (The), 5.80%, 03/15/2032 |  | 13000 | &nbsp;&nbsp; 13466 |
| Vistra Corp., 7.00%<sup>(b)(e)(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21336 |
|  |  |  | &nbsp;&nbsp; 34802 |
| **Industrial Conglomerates–0.01%** | **Industrial Conglomerates–0.01%** | **Industrial Conglomerates–0.01%** | **Industrial Conglomerates–0.01%** |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/01/2029 |  | 4000 | &nbsp;&nbsp; 4115 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/01/2031 |  | 2000 | &nbsp;&nbsp; 2069 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 |  | 4000 | &nbsp;&nbsp; 4069 |
|  |  |  | &nbsp;&nbsp; 10253 |
| **Industrial Machinery & Supplies & Components–0.09%** | **Industrial Machinery & Supplies & Components–0.09%** | **Industrial Machinery & Supplies & Components–0.09%** | **Industrial Machinery & Supplies & Components–0.09%** |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(b)</sup> <br>|  | 137000 | &nbsp;&nbsp; 140362 |
| Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/15/2027 |  | 2000 | &nbsp;&nbsp; 2034 |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/14/2028 |  | 1000 | &nbsp;&nbsp; 1035 |
| Nordson Corp., | Nordson Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/15/2028 |  | 1000 | &nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/15/2033 |  | 1000 | &nbsp;&nbsp; 1068 |
| &nbsp;&nbsp;&nbsp; nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, 05/15/2033<br>|  | 1000 | &nbsp;&nbsp; 1045 |
|  |  |  | &nbsp;&nbsp; 146580 |
| **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** |
| &nbsp;&nbsp;&nbsp; LXP Industrial Trust, 6.75%, <br> 11/15/2028<br>|  | 2000 | &nbsp;&nbsp; 2128 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Insurance Brokers–0.01%** | **Insurance Brokers–0.01%** | **Insurance Brokers–0.01%** | **Insurance Brokers–0.01%** |
| Arthur J. Gallagher & Co., | Arthur J. Gallagher & Co., |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/15/2029 |  | $1000 | &nbsp;&nbsp; $1021 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 |  | 3000 | &nbsp;&nbsp; 3064 |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/15/2035 |  | 3000 | &nbsp;&nbsp; 3038 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2054 |  | 1000 | &nbsp;&nbsp; 1130 |
| Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/2033 |  | 2000 | &nbsp;&nbsp; 2100 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2053 |  | 3000 | &nbsp;&nbsp; 2980 |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/2053 |  | 2000 | &nbsp;&nbsp; 2050 |
|  |  |  | &nbsp;&nbsp; 15383 |
| **Integrated Oil & Gas–1.74%** | **Integrated Oil & Gas–1.74%** | **Integrated Oil & Gas–1.74%** | **Integrated Oil & Gas–1.74%** |
| &nbsp;&nbsp;&nbsp; Boroo Investments Pte. Ltd. (Peru), <br> 9.50%, 08/07/2032<sup>(b)</sup> <br>|  | 232000 | &nbsp;&nbsp; 219020 |
| Ecopetrol S.A. (Colombia), | Ecopetrol S.A. (Colombia), |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/02/2031 |  | 11000 | &nbsp;&nbsp; 9873 |
| &nbsp;&nbsp;&nbsp; 8.88%, 01/13/2033 |  | 297000 | &nbsp;&nbsp; 322128 |
| &nbsp;&nbsp;&nbsp; 8.38%, 01/19/2036 |  | 48000 | &nbsp;&nbsp; 49604 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/28/2045 |  | 12000 | &nbsp;&nbsp; 9187 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/01/2029 |  | 3000 | &nbsp;&nbsp; 3046 |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/01/2032 |  | 4000 | &nbsp;&nbsp; 4071 |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 |  | 1000 | &nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2045 |  | 1000 | &nbsp;&nbsp; 790 |
| &nbsp;&nbsp;&nbsp; 4.40%, 04/15/2046 |  | 53000 | &nbsp;&nbsp; 41615 |
| Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/02/2029 |  | 162000 | &nbsp;&nbsp; 174614 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/2035 |  | 268000 | &nbsp;&nbsp; 255719 |
| SA Global Sukuk Ltd. (Saudi Arabia), | SA Global Sukuk Ltd. (Saudi Arabia), |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/17/2030<sup>(b)</sup> <br>|  | 425000 | &nbsp;&nbsp; 419507 |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/17/2035<sup>(b)</sup> <br>|  | 403000 | &nbsp;&nbsp; 393326 |
| Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/02/2030<sup>(b)</sup> <br>|  | 214000 | &nbsp;&nbsp; 217084 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/02/2035<sup>(b)</sup> <br>|  | 253000 | &nbsp;&nbsp; 261853 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/02/2055<sup>(b)</sup> <br>|  | 288000 | &nbsp;&nbsp; 307217 |
|  |  |  | &nbsp;&nbsp; 2689717 |
| **Integrated Telecommunication Services–0.31%** | **Integrated Telecommunication Services–0.31%** | **Integrated Telecommunication Services–0.31%** | **Integrated Telecommunication Services–0.31%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 02/15/2030 |  | 1000 | &nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/15/2034 |  | 1000 | &nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/2056 |  | 48000 | &nbsp;&nbsp; 49788 |
| Bell Canada (Canada), | Bell Canada (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/15/2055<sup>(e)</sup> <br>|  | 59000 | &nbsp;&nbsp; 61288 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/15/2055<sup>(e)</sup> <br>|  | 69000 | &nbsp;&nbsp; 72184 |
| TELUS Corp. (Canada), | TELUS Corp. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2055<sup>(e)</sup> <br>|  | 53000 | &nbsp;&nbsp; 54579 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/2055<sup>(e)</sup> <br>|  | 53000 | &nbsp;&nbsp; 55945 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., 5.25%, <br> 04/02/2035<br>|  | 8000 | &nbsp;&nbsp; 8138 |
| &nbsp;&nbsp;&nbsp; Zegona Finance PLC (United Kingdom), <br> 8.63%, 07/15/2029<sup>(b)</sup> <br>|  | 159000 | &nbsp;&nbsp; 169547 |
|  |  |  | &nbsp;&nbsp; 473511 |
| **Interactive Home Entertainment–0.03%** | **Interactive Home Entertainment–0.03%** | **Interactive Home Entertainment–0.03%** | **Interactive Home Entertainment–0.03%** |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, 6.50%, <br> 10/01/2033<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 53996 |
| **Interactive Media & Services–0.57%** | **Interactive Media & Services–0.57%** | **Interactive Media & Services–0.57%** | **Interactive Media & Services–0.57%** |
| Alphabet, Inc., 5.30%, 05/15/2065 |  | 12000 | &nbsp;&nbsp; 11950 |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC (Ireland), 5.88%, <br> 06/04/2031<sup>(b)</sup> <br>|  | 281000 | &nbsp;&nbsp; 285407 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, 6.13%, <br> 09/15/2033<sup>(b)</sup> <br>|  | $138000 | &nbsp;&nbsp; $139321 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/15/2031 |  | 4000 | &nbsp;&nbsp; 4081 |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2034 |  | 4000 | &nbsp;&nbsp; 4054 |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/15/2054 |  | 2000 | &nbsp;&nbsp; 1977 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/2063 |  | 2000 | &nbsp;&nbsp; 2059 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/2064 |  | 3000 | &nbsp;&nbsp; 2980 |
| &nbsp;&nbsp;&nbsp; WarnerMedia Holdings, Inc., 5.05%, <br> 03/15/2042<sup>(c)</sup> <br>|  | 529000 | &nbsp;&nbsp; 422642 |
|  |  |  | &nbsp;&nbsp; 874471 |
| **Internet Services & Infrastructure–0.24%** | **Internet Services & Infrastructure–0.24%** | **Internet Services & Infrastructure–0.24%** | **Internet Services & Infrastructure–0.24%** |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/2030<sup>(b)</sup> <br>|  | 268000 | &nbsp;&nbsp; 277113 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 97000 | &nbsp;&nbsp; 99535 |
|  |  |  | &nbsp;&nbsp; 376648 |
| **Investment Banking & Brokerage–0.73%** | **Investment Banking & Brokerage–0.73%** | **Investment Banking & Brokerage–0.73%** | **Investment Banking & Brokerage–0.73%** |
| &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada), <br> 5.33%, 01/15/2036<br>|  | 288000 | &nbsp;&nbsp; 289632 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), Series K, <br> 5.00%<sup>(e)(f)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1993 |
| &nbsp;&nbsp;&nbsp; Egyptian Financial Co. for Sovereign <br> Taskeek (The) (Egypt), 6.38%, <br> 04/07/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200706 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 5.04% (SOFR + 0.79%), <br> 12/09/2026<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2002 |
| &nbsp;&nbsp;&nbsp; 5.61% (SOFR + 1.29%), <br> 04/23/2028<sup>(d)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10091 |
| &nbsp;&nbsp;&nbsp; 5.73%, 04/25/2030<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3139 |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/23/2030<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2051 |
| &nbsp;&nbsp;&nbsp; 4.69%, 10/23/2030<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp;&nbsp; 5.21%, 01/28/2031<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3098 |
| &nbsp;&nbsp;&nbsp; 5.22%, 04/23/2031<sup>(e)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17583 |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/25/2035<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2132 |
| &nbsp;&nbsp;&nbsp; 5.33%, 07/23/2035<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2060 |
| &nbsp;&nbsp;&nbsp; 5.54%, 01/28/2036<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2089 |
| &nbsp;&nbsp;&nbsp; 5.73%, 01/28/2056<sup>(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4150 |
| &nbsp;&nbsp;&nbsp; Series V, 4.13%<sup>(e)(f)</sup> <br>|  | 22000 | &nbsp;&nbsp; 21663 |
| &nbsp;&nbsp;&nbsp; Series W, 7.50%<sup>(e)(f)</sup> <br>|  | 97000 | &nbsp;&nbsp; 103083 |
| &nbsp;&nbsp;&nbsp; Series X, 7.50%<sup>(e)(f)</sup> <br>|  | 138000 | &nbsp;&nbsp; 145874 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp; 5.12%, 02/01/2029<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3065 |
| &nbsp;&nbsp;&nbsp; 4.99%, 04/12/2029<sup>(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4080 |
| &nbsp;&nbsp;&nbsp; 5.16%, 04/20/2029<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3071 |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/20/2029<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2067 |
| &nbsp;&nbsp;&nbsp; 6.41%, 11/01/2029<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2126 |
| &nbsp;&nbsp;&nbsp; 5.17%, 01/16/2030<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3084 |
| &nbsp;&nbsp;&nbsp; 5.04%, 07/19/2030<sup>(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4100 |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/18/2030<sup>(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4045 |
| &nbsp;&nbsp;&nbsp; 5.19%, 04/17/2031<sup>(e)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10329 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/21/2034<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp; 5.42%, 07/21/2034<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2085 |
| &nbsp;&nbsp;&nbsp; 5.47%, 01/18/2035<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2084 |
| &nbsp;&nbsp;&nbsp; 5.83%, 04/19/2035<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2133 |
| &nbsp;&nbsp;&nbsp; 5.32%, 07/19/2035<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp; 5.59%, 01/18/2036<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3142 |
| &nbsp;&nbsp;&nbsp; 5.66%, 04/17/2036<sup>(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4222 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/19/2038<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3146 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** |
| Raymond James Financial, Inc., | Raymond James Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 09/11/2035 |  | $160000 | &nbsp;&nbsp; $158331 |
| &nbsp;&nbsp;&nbsp; 5.65%, 09/11/2055 |  | 107000 | &nbsp;&nbsp; 106280 |
|  |  |  | &nbsp;&nbsp; 1132826 |
| **IT Consulting & Other Services–0.66%** | **IT Consulting & Other Services–0.66%** | **IT Consulting & Other Services–0.66%** | **IT Consulting & Other Services–0.66%** |
| International Business Machines Corp., | International Business Machines Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/10/2030 |  | 382000 | &nbsp;&nbsp; 391047 |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/10/2035 |  | 261000 | &nbsp;&nbsp; 268034 |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/10/2055 |  | 348000 | &nbsp;&nbsp; 353050 |
|  |  |  | &nbsp;&nbsp; 1012131 |
| **Leisure Facilities–0.04%** | **Leisure Facilities–0.04%** | **Leisure Facilities–0.04%** | **Leisure Facilities–0.04%** |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 60000 | &nbsp;&nbsp; 60413 |
| **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** |
| &nbsp;&nbsp;&nbsp; Brunswick Corp., 5.85%, <br> 03/18/2029<br>|  | 3000 | &nbsp;&nbsp; 3108 |
| **Life & Health Insurance–2.53%** | **Life & Health Insurance–2.53%** | **Life & Health Insurance–2.53%** | **Life & Health Insurance–2.53%** |
| &nbsp;&nbsp;&nbsp; 200 Park Funding Trust, 5.74%, <br> 02/15/2055<sup>(b)</sup> <br>|  | 192000 | &nbsp;&nbsp; 194681 |
| AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/05/2034<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207772 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/30/2035<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201643 |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/30/2054<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196870 |
| &nbsp;&nbsp;&nbsp; American National Global Funding, <br> 5.55%, 01/28/2030<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2062 |
| American National Group, Inc., | American National Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2035 |  | 16000 | &nbsp;&nbsp; 16346 |
| &nbsp;&nbsp;&nbsp; 7.00%, 12/01/2055<sup>(e)</sup> <br>|  | 164000 | &nbsp;&nbsp; 169203 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding, 5.58%, <br> 01/09/2029<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4136 |
| Athene Holding Ltd., | Athene Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/2054 |  | 2000 | &nbsp;&nbsp; 2042 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/19/2055 |  | 14000 | &nbsp;&nbsp; 14996 |
| &nbsp;&nbsp;&nbsp; Belrose Funding Trust II, 6.79%, <br> 05/15/2055<sup>(b)(c)</sup> <br>|  | 283000 | &nbsp;&nbsp; 306747 |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 09/19/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/12/2029<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/24/2029<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2055 |
| &nbsp;&nbsp;&nbsp; Dai-ichi Life Insurance Co. Ltd. (The) <br> (Japan), 6.20%<sup>(b)(e)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208045 |
| GA Global Funding Trust, | GA Global Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/08/2029<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 82836 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/18/2030<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 372224 |
| &nbsp;&nbsp;&nbsp; High Street Funding Trust III, 5.81%, <br> 02/15/2055<sup>(b)</sup> <br>|  | 105000 | &nbsp;&nbsp; 105097 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding, <br> 4.70%, 06/05/2028<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 151770 |
| &nbsp;&nbsp;&nbsp; Lincoln Financial Global Funding, <br> 4.63%, 08/18/2030<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 52353 |
| &nbsp;&nbsp;&nbsp; MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(b)(g)</sup> <br>|  | 784000 | &nbsp;&nbsp; 707952 |
| MetLife, Inc., | MetLife, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2054 |  | 1000 | &nbsp;&nbsp; 975 |
| &nbsp;&nbsp;&nbsp; Series G, 6.35%, 03/15/2055<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3190 |
| Nippon Life Insurance Co. (Japan), | Nippon Life Insurance Co. (Japan), |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/16/2054<sup>(b)(e)</sup> <br>|  | 226000 | &nbsp;&nbsp; 236082 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/30/2055<sup>(b)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 215538 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** |
| &nbsp;&nbsp;&nbsp; Penn Mutual Life Insurance Co. (The), <br> 3.80%, 04/29/2061<sup>(b)</sup> <br>|  | $2000 | &nbsp;&nbsp; $1341 |
| &nbsp;&nbsp;&nbsp; Pricoa Global Funding I, 4.65%, <br> 08/27/2031<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 151715 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc., 5.20%, <br> 03/14/2035<br>|  | 5000 | &nbsp;&nbsp; 5143 |
| &nbsp;&nbsp;&nbsp; Wynnton Funding Trust, 5.25%, <br> 08/15/2035<sup>(b)</sup> <br>|  | 283000 | &nbsp;&nbsp; 285476 |
|  |  |  | &nbsp;&nbsp; 3900366 |
| **Managed Health Care–0.01%** | **Managed Health Care–0.01%** | **Managed Health Care–0.01%** | **Managed Health Care–0.01%** |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2028 |  | 3000 | &nbsp;&nbsp; 3081 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/2030 |  | 2000 | &nbsp;&nbsp; 2082 |
| &nbsp;&nbsp;&nbsp; 5.35%, 02/15/2033 |  | 1000 | &nbsp;&nbsp; 1045 |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/15/2053 |  | 3000 | &nbsp;&nbsp; 2751 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/2054 |  | 2000 | &nbsp;&nbsp; 1991 |
|  |  |  | &nbsp;&nbsp; 10950 |
| **Marine Transportation–0.18%** | **Marine Transportation–0.18%** | **Marine Transportation–0.18%** | **Marine Transportation–0.18%** |
| &nbsp;&nbsp;&nbsp; A.P. Moller - Maersk A/S (Denmark), <br> 5.88%, 09/14/2033<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1062 |
| NCL Corp. Ltd., | NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2031<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 90061 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/2033<sup>(b)</sup> <br>|  | 86000 | &nbsp;&nbsp; 86499 |
| &nbsp;&nbsp;&nbsp; Stena International S.A. (Sweden), <br> 7.63%, 02/15/2031<sup>(b)</sup> <br>|  | 92000 | &nbsp;&nbsp; 94844 |
|  |  |  | &nbsp;&nbsp; 272466 |
| **Metal, Glass & Plastic Containers–0.42%** | **Metal, Glass & Plastic Containers–0.42%** | **Metal, Glass & Plastic Containers–0.42%** | **Metal, Glass & Plastic Containers–0.42%** |
| Ball Corp., 5.50%, 09/15/2033<sup>(c)</sup> <br>|  | 304000 | &nbsp;&nbsp; 307458 |
| &nbsp;&nbsp;&nbsp; Crown Americas LLC, 5.88%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 117274 |
| &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), | &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/2030 |  | 112000 | &nbsp;&nbsp; 115406 |
| &nbsp;&nbsp;&nbsp; 5.44%, 04/03/2034 |  | 103000 | &nbsp;&nbsp; 106945 |
|  |  |  | &nbsp;&nbsp; 647083 |
| **Movies & Entertainment–0.00%** | **Movies & Entertainment–0.00%** | **Movies & Entertainment–0.00%** | **Movies & Entertainment–0.00%** |
| Netflix, Inc., 5.40%, 08/15/2054 |  | 1000 | &nbsp;&nbsp; 1008 |
| **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc., 5.30%, <br> 12/07/2033<br>|  | 2000 | &nbsp;&nbsp; 2084 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership <br> L.P., 4.88%, 02/01/2035<br>|  | 3000 | &nbsp;&nbsp; 2965 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartments L.P., 5.30%, <br> 02/15/2032<br>|  | 2000 | &nbsp;&nbsp; 2083 |
| UDR, Inc., 5.13%, 09/01/2034 |  | 1000 | &nbsp;&nbsp; 1014 |
|  |  |  | &nbsp;&nbsp; 8146 |
| **Multi-line Insurance–0.29%** | **Multi-line Insurance–0.29%** | **Multi-line Insurance–0.29%** | **Multi-line Insurance–0.29%** |
| &nbsp;&nbsp;&nbsp; MassMutual Global Funding II, 4.55%, <br> 05/07/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202136 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, <br> 5.15%, 03/28/2033<sup>(b)</sup> <br>|  | 240000 | &nbsp;&nbsp; 248777 |
|  |  |  | &nbsp;&nbsp; 450913 |
| **Multi-Utilities–0.63%** | **Multi-Utilities–0.63%** | **Multi-Utilities–0.63%** | **Multi-Utilities–0.63%** |
| &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, 06/15/2026<br>|  | 3000 | &nbsp;&nbsp; 3022 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** |
| &nbsp;&nbsp;&nbsp; Ameren Illinois Co., 4.95%, <br> 06/01/2033<br>|  | $3000 | &nbsp;&nbsp; $3082 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp., 6.15%, <br> 05/15/2034<br>|  | 2000 | &nbsp;&nbsp; 2140 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., 5.95%, <br> 04/01/2056<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200500 |
| Dominion Energy, Inc., | Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2032 |  | 2000 | &nbsp;&nbsp; 2079 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/15/2056<sup>(e)</sup> <br>|  | 179000 | &nbsp;&nbsp; 180479 |
| &nbsp;&nbsp;&nbsp; 6.20%, 02/15/2056<sup>(e)</sup> <br>|  | 218000 | &nbsp;&nbsp; 219628 |
| DTE Electric Co., | DTE Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2034 |  | 2000 | &nbsp;&nbsp; 2073 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/15/2055 |  | 3000 | &nbsp;&nbsp; 3157 |
| DTE Energy Co., 4.95%, 07/01/2027 |  | 2000 | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp;&nbsp; ENGIE S.A. (France), 5.25%, <br> 04/10/2029<sup>(b)</sup> <br>|  | 204000 | &nbsp;&nbsp; 210294 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/30/2028 |  | 3000 | &nbsp;&nbsp; 3080 |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2034 |  | 4000 | &nbsp;&nbsp; 4121 |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/01/2055 |  | 4000 | &nbsp;&nbsp; 4061 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., <br> 5.88%, 10/15/2028<br>|  | 3000 | &nbsp;&nbsp; 3145 |
| Sempra, | Sempra, |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 10/01/2054<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3113 |
| &nbsp;&nbsp;&nbsp; 6.55%, 04/01/2055<sup>(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3070 |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/01/2055<sup>(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4070 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/01/2056<sup>(e)</sup> <br>|  | 114000 | &nbsp;&nbsp; 117061 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc., 5.15%, <br> 10/01/2027<br>|  | 2000 | &nbsp;&nbsp; 2039 |
|  |  |  | &nbsp;&nbsp; 972240 |
| **Office REITs–0.16%** | **Office REITs–0.16%** | **Office REITs–0.16%** | **Office REITs–0.16%** |
| Boston Properties L.P., | Boston Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp; Conv., 2.00%, 10/01/2030<sup>(b)</sup> <br>|  | 148000 | &nbsp;&nbsp; 148148 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2035 |  | 4000 | &nbsp;&nbsp; 4091 |
| Brandywine Operating Partnership L.P., | Brandywine Operating Partnership L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 8.30%, 03/15/2028 |  | 19000 | &nbsp;&nbsp; 20209 |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/12/2029 |  | 33000 | &nbsp;&nbsp; 35847 |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties L.P., 4.50%, <br> 10/15/2030<br>|  | 36000 | &nbsp;&nbsp; 35780 |
| Cousins Properties L.P., | Cousins Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2032 |  | 2000 | &nbsp;&nbsp; 2054 |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/2034 |  | 2000 | &nbsp;&nbsp; 2100 |
| &nbsp;&nbsp;&nbsp; Piedmont Operating Partnership L.P., <br> 6.88%, 07/15/2029<br>|  | 2000 | &nbsp;&nbsp; 2117 |
|  |  |  | &nbsp;&nbsp; 250346 |
| **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** |
| &nbsp;&nbsp;&nbsp; Northern Natural Gas Co., 5.63%, <br> 02/01/2054<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1970 |
| **Oil & Gas Exploration & Production–0.11%** | **Oil & Gas Exploration & Production–0.11%** | **Oil & Gas Exploration & Production–0.11%** | **Oil & Gas Exploration & Production–0.11%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 31000 | &nbsp;&nbsp; 32353 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co., 5.70%, <br> 09/15/2063<br>|  | 2000 | &nbsp;&nbsp; 1986 |
| Diamondback Energy, Inc., | Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/18/2027 |  | 3000 | &nbsp;&nbsp; 3044 |
| &nbsp;&nbsp;&nbsp; 5.15%, 01/30/2030 |  | 4000 | &nbsp;&nbsp; 4121 |
| &nbsp;&nbsp;&nbsp; 5.90%, 04/18/2064 |  | 1000 | &nbsp;&nbsp; 964 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** |
| EOG Resources, Inc., | EOG Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/15/2028 |  | $9000 | &nbsp;&nbsp; $9085 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2036 |  | 13000 | &nbsp;&nbsp; 13353 |
| &nbsp;&nbsp;&nbsp; 5.95%, 07/15/2055 |  | 33000 | &nbsp;&nbsp; 34578 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., 5.38%, <br> 03/15/2030<br>|  | 3000 | &nbsp;&nbsp; 3051 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., | Hilcorp Energy I L.P./Hilcorp Finance Co., |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2034<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9648 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/2035<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 24449 |
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., <br> 8.38%, 02/01/2028<sup>(b)</sup> <br>|  | 21857 | &nbsp;&nbsp; 22454 |
| &nbsp;&nbsp;&nbsp; Woodside Finance Ltd. (Australia), <br> 5.70%, 05/19/2032<br>|  | 7000 | &nbsp;&nbsp; 7272 |
|  |  |  | &nbsp;&nbsp; 166358 |
| **Oil & Gas Refining & Marketing–0.56%** | **Oil & Gas Refining & Marketing–0.56%** | **Oil & Gas Refining & Marketing–0.56%** | **Oil & Gas Refining & Marketing–0.56%** |
| Phillips 66 Co., | Phillips 66 Co., |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.88%, 03/15/2056<sup>(e)</sup> <br>|  | 156000 | &nbsp;&nbsp; 154904 |
| &nbsp;&nbsp;&nbsp; Series B, 6.20%, 03/15/2056<sup>(e)</sup> <br>|  | 117000 | &nbsp;&nbsp; 117424 |
| &nbsp;&nbsp;&nbsp; Raizen Fuels Finance S.A. (Brazil), <br> 6.70%, 02/25/2037<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 194500 |
| Sunoco L.P., | Sunoco L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2031<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 89392 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034<sup>(b)</sup> <br>|  | 169000 | &nbsp;&nbsp; 167642 |
| &nbsp;&nbsp;&nbsp; 7.88%<sup>(b)(e)(f)</sup> <br>|  | 142000 | &nbsp;&nbsp; 144323 |
|  |  |  | &nbsp;&nbsp; 868185 |
| **Oil & Gas Storage & Transportation–2.52%** | **Oil & Gas Storage & Transportation–2.52%** | **Oil & Gas Storage & Transportation–2.52%** | **Oil & Gas Storage & Transportation–2.52%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., | &nbsp;&nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/2032<sup>(b)</sup> <br>|  | 48000 | &nbsp;&nbsp; 49478 |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/15/2033<sup>(b)(c)</sup> <br>|  | 348000 | &nbsp;&nbsp; 346674 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., 5.95%, <br> 06/30/2033<br>|  | 1000 | &nbsp;&nbsp; 1059 |
| Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.06%, 08/15/2026<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3041 |
| &nbsp;&nbsp;&nbsp; 5.10%, 10/01/2031<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4064 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, <br> 5.70%, 10/01/2054<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3855 |
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC, <br> 5.65%, 10/15/2054<br>|  | 3000 | &nbsp;&nbsp; 2960 |
| Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/08/2033 |  | 1000 | &nbsp;&nbsp; 1053 |
| &nbsp;&nbsp;&nbsp; 7.63%, 01/15/2083<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2173 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 12/01/2028 |  | 2000 | &nbsp;&nbsp; 2106 |
| &nbsp;&nbsp;&nbsp; 6.40%, 12/01/2030 |  | 2000 | &nbsp;&nbsp; 2168 |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/15/2034 |  | 2000 | &nbsp;&nbsp; 2053 |
| &nbsp;&nbsp;&nbsp; 5.95%, 05/15/2054 |  | 2000 | &nbsp;&nbsp; 1938 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2054<sup>(e)</sup> <br>|  | 88000 | &nbsp;&nbsp; 94103 |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/01/2054 |  | 2000 | &nbsp;&nbsp; 1965 |
| &nbsp;&nbsp;&nbsp; 7.13%, 10/01/2054<sup>(e)</sup> <br>|  | 368000 | &nbsp;&nbsp; 382294 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2056<sup>(e)</sup> <br>|  | 342000 | &nbsp;&nbsp; 340732 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2056<sup>(e)</sup> <br>|  | 284000 | &nbsp;&nbsp; 283776 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 06/20/2028 |  | 23000 | &nbsp;&nbsp; 23183 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/2036 |  | 22000 | &nbsp;&nbsp; 22370 |
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, <br> 5.75%, 07/15/2035<sup>(b)</sup> <br>|  | 29000 | &nbsp;&nbsp; 30095 |
| &nbsp;&nbsp;&nbsp; GC Treasury Center Co. Ltd. (Thailand), <br> 6.50%<sup>(b)(e)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202962 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| &nbsp;&nbsp;&nbsp; GreenSaif Pipelines Bidco S.a.r.l. (Saudi <br> Arabia), | &nbsp;&nbsp;&nbsp; GreenSaif Pipelines Bidco S.a.r.l. (Saudi <br> Arabia), |  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 02/23/2036<sup>(b)</sup> <br>|  | $205000 | &nbsp;&nbsp; $215458 |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/23/2038<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 213038 |
| &nbsp;&nbsp;&nbsp; 6.51%, 02/23/2042<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 217016 |
| &nbsp;&nbsp;&nbsp; 6.10%, 08/23/2042<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210532 |
| &nbsp;&nbsp;&nbsp; Gulfstream Natural Gas System L.L.C., <br> 5.60%, 07/23/2035<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 52284 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/01/2030 |  | 5000 | &nbsp;&nbsp; 5159 |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/01/2033 |  | 2000 | &nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2033 |  | 1000 | &nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp; 5.85%, 06/01/2035 |  | 9000 | &nbsp;&nbsp; 9485 |
| MPLX L.P., | MPLX L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2031 |  | 107000 | &nbsp;&nbsp; 107687 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 |  | 80000 | &nbsp;&nbsp; 79840 |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/2035 |  | 174000 | &nbsp;&nbsp; 174459 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/14/2052 |  | 2000 | &nbsp;&nbsp; 1708 |
| &nbsp;&nbsp;&nbsp; 6.20%, 09/15/2055 |  | 93000 | &nbsp;&nbsp; 94153 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy <br> Finance Corp., 8.38%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 27000 | &nbsp;&nbsp; 27690 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P., <br> 5.95%, 06/15/2035<br>|  | 3000 | &nbsp;&nbsp; 3133 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P./PAA Finance <br> Corp., | &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P./PAA Finance <br> Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/15/2031 |  | 70000 | &nbsp;&nbsp; 70177 |
| &nbsp;&nbsp;&nbsp; 5.60%, 01/15/2036 |  | 42000 | &nbsp;&nbsp; 42549 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian infrastructure Holdings <br> Ltd. (Canada), | &nbsp;&nbsp;&nbsp; South Bow Canadian infrastructure Holdings <br> Ltd. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/01/2055<sup>(e)</sup> <br>|  | 86000 | &nbsp;&nbsp; 91382 |
| &nbsp;&nbsp;&nbsp; 7.63%, 03/01/2055<sup>(e)</sup> <br>|  | 147000 | &nbsp;&nbsp; 153698 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC <br> (Canada), | &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC <br> (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 5.03%, 10/01/2029 |  | 7000 | &nbsp;&nbsp; 7082 |
| &nbsp;&nbsp;&nbsp; 5.58%, 10/01/2034 |  | 5000 | &nbsp;&nbsp; 5029 |
| &nbsp;&nbsp;&nbsp; 6.18%, 10/01/2054 |  | 1000 | &nbsp;&nbsp; 976 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance Corp., <br> 7.38%, 02/15/2029<sup>(b)</sup> <br>|  | 54000 | &nbsp;&nbsp; 55652 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029<sup>(b)</sup> <br>|  | 48000 | &nbsp;&nbsp; 52927 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(b)</sup> <br>|  | 21000 | &nbsp;&nbsp; 22876 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/2033<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 33169 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 26000 | &nbsp;&nbsp; 27385 |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/2035<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 62113 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 26570 |
| Western Midstream Operating L.P., | Western Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 6.15%, 04/01/2033 |  | 1000 | &nbsp;&nbsp; 1057 |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/15/2034 |  | 1000 | &nbsp;&nbsp; 1002 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 08/15/2028 |  | 2000 | &nbsp;&nbsp; 2063 |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029 |  | 4000 | &nbsp;&nbsp; 4075 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2033 |  | 1000 | &nbsp;&nbsp; 1051 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2034 |  | 2000 | &nbsp;&nbsp; 2031 |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/15/2054 |  | 4000 | &nbsp;&nbsp; 4018 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/2055 |  | 2000 | &nbsp;&nbsp; 2065 |
|  |  |  | &nbsp;&nbsp; 3887716 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Other Specialized REITs–0.00%** | **Other Specialized REITs–0.00%** | **Other Specialized REITs–0.00%** | **Other Specialized REITs–0.00%** |
| &nbsp;&nbsp;&nbsp; Simon Property Group L.P., 4.75%, <br> 09/26/2034<br>|  | $4000 | &nbsp;&nbsp; $3978 |
| **Other Specialty Retail–0.06%** | **Other Specialty Retail–0.06%** | **Other Specialty Retail–0.06%** | **Other Specialty Retail–0.06%** |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC, 7.38%, <br> 08/01/2033<sup>(b)</sup> <br>|  | 79000 | &nbsp;&nbsp; 82474 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co., 5.25%, <br> 05/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3099 |
|  |  |  | &nbsp;&nbsp; 85573 |
| **Packaged Foods & Meats–0.03%** | **Packaged Foods & Meats–0.03%** | **Packaged Foods & Meats–0.03%** | **Packaged Foods & Meats–0.03%** |
| Campbell's Co. (The), | Campbell's Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/21/2029 |  | 2000 | &nbsp;&nbsp; 2054 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/21/2034 |  | 1000 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/13/2054 |  | 2000 | &nbsp;&nbsp; 1853 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3260 |
| Mars, Inc., | Mars, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2030<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4077 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8188 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3068 |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/2045<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6091 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/2055<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5068 |
| &nbsp;&nbsp;&nbsp; 5.80%, 05/01/2065<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3062 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc., 4.70%, <br> 10/15/2034<br>|  | 2000 | &nbsp;&nbsp; 1963 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc., 6.25%, <br> 10/15/2034<sup>(b)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12130 |
|  |  |  | &nbsp;&nbsp; 51839 |
| **Paper & Plastic Packaging Products & Materials–0.04%** | **Paper & Plastic Packaging Products & Materials–0.04%** | **Paper & Plastic Packaging Products & Materials–0.04%** | **Paper & Plastic Packaging Products & Materials–0.04%** |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, <br> 6.38%, 07/15/2032<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17284 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp., 7.25%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 38871 |
|  |  |  | &nbsp;&nbsp; 56155 |
| **Paper Products–0.01%** | **Paper Products–0.01%** | **Paper Products–0.01%** | **Paper Products–0.01%** |
| &nbsp;&nbsp;&nbsp; Magnera Corp., 7.25%, <br> 11/15/2031<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 12243 |
| **Passenger Airlines–0.13%** | **Passenger Airlines–0.13%** | **Passenger Airlines–0.13%** | **Passenger Airlines–0.13%** |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust, <br> Series 2021-1, Class A, 2.88%, <br> 07/11/2034<br>|  | 839 | &nbsp;&nbsp; 762 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.50%, <br> 04/20/2026<sup>(b)</sup> <br>|  | 104375 | &nbsp;&nbsp; 104510 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 5.02%, 10/20/2029<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2002 |
| &nbsp;&nbsp;&nbsp; 5.31%, 10/20/2031<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1992 |
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust <br> (United Kingdom), Series 2021-1, <br> Class A, 2.90%, 03/15/2035<sup>(b)</sup> <br>|  | 3260 | &nbsp;&nbsp; 2966 |
| Delta Air Lines, Inc., | Delta Air Lines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/10/2028 |  | 53000 | &nbsp;&nbsp; 53657 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/10/2030 |  | 16000 | &nbsp;&nbsp; 16329 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/20/2025<sup>(b)</sup> <br>|  | 634 | &nbsp;&nbsp; 633 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028<sup>(b)</sup> <br>|  | 4751 | &nbsp;&nbsp; 4780 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | $1106 | &nbsp;&nbsp; $1138 |
| &nbsp;&nbsp;&nbsp; Series 24-A, 5.88%, 02/15/2037 |  | 4828 | &nbsp;&nbsp; 4941 |
| &nbsp;&nbsp;&nbsp; Series AA, 5.45%, 02/15/2037 |  | 4828 | &nbsp;&nbsp; 4983 |
|  |  |  | &nbsp;&nbsp; 198693 |
| **Passenger Ground Transportation–0.12%** | **Passenger Ground Transportation–0.12%** | **Passenger Ground Transportation–0.12%** | **Passenger Ground Transportation–0.12%** |
| Uber Technologies, Inc., | Uber Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 01/15/2030 |  | 4000 | &nbsp;&nbsp; 4014 |
| &nbsp;&nbsp;&nbsp; 4.15%, 01/15/2031 |  | 122000 | &nbsp;&nbsp; 120962 |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/15/2035 |  | 54000 | &nbsp;&nbsp; 53544 |
| &nbsp;&nbsp;&nbsp; 5.35%, 09/15/2054 |  | 2000 | &nbsp;&nbsp; 1942 |
|  |  |  | &nbsp;&nbsp; 180462 |
| **Pharmaceuticals–0.98%** | **Pharmaceuticals–0.98%** | **Pharmaceuticals–0.98%** | **Pharmaceuticals–0.98%** |
| AstraZeneca Finance LLC (United Kingdom), | AstraZeneca Finance LLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/26/2029 |  | 1000 | &nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/26/2031 |  | 3000 | &nbsp;&nbsp; 3099 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/22/2027 |  | 2000 | &nbsp;&nbsp; 2027 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/22/2029 |  | 2000 | &nbsp;&nbsp; 2054 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2031 |  | 3000 | &nbsp;&nbsp; 3210 |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/2033 |  | 2000 | &nbsp;&nbsp; 2175 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/15/2053 |  | 2000 | &nbsp;&nbsp; 2185 |
| &nbsp;&nbsp;&nbsp; 6.40%, 11/15/2063 |  | 1000 | &nbsp;&nbsp; 1105 |
| Eli Lilly and Co., | Eli Lilly and Co., |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/09/2034 |  | 2000 | &nbsp;&nbsp; 2023 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/27/2053 |  | 1000 | &nbsp;&nbsp; 933 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/09/2054 |  | 3000 | &nbsp;&nbsp; 2841 |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/15/2055 |  | 40000 | &nbsp;&nbsp; 41181 |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/09/2064 |  | 3000 | &nbsp;&nbsp; 2839 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/14/2064 |  | 3000 | &nbsp;&nbsp; 2888 |
| &nbsp;&nbsp;&nbsp; 5.65%, 10/15/2065 |  | 35000 | &nbsp;&nbsp; 36168 |
| EMD Finance LLC (Germany), | EMD Finance LLC (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2028<sup>(b)</sup> <br>|  | 151000 | &nbsp;&nbsp; 151073 |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/15/2030<sup>(b)</sup> <br>|  | 296000 | &nbsp;&nbsp; 296079 |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2032<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 149848 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2035<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150110 |
| Merck & Co., Inc., | Merck & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/17/2044 |  | 2000 | &nbsp;&nbsp; 1897 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/17/2063 |  | 2000 | &nbsp;&nbsp; 1885 |
| Novartis Capital Corp., | Novartis Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 09/18/2034 |  | 4000 | &nbsp;&nbsp; 3914 |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/18/2054 |  | 4000 | &nbsp;&nbsp; 3654 |
| Takeda U.S. Financing, Inc., | Takeda U.S. Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/07/2035<sup>(c)</sup> <br>|  | 354000 | &nbsp;&nbsp; 359964 |
| &nbsp;&nbsp;&nbsp; 5.90%, 07/07/2055 |  | 200000 | &nbsp;&nbsp; 206198 |
| Zoetis, Inc., 4.15%, 08/17/2028 |  | 86000 | &nbsp;&nbsp; 86309 |
|  |  |  | &nbsp;&nbsp; 1516685 |
| **Property & Casualty Insurance–0.20%** | **Property & Casualty Insurance–0.20%** | **Property & Casualty Insurance–0.20%** | **Property & Casualty Insurance–0.20%** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The), 4.20%, <br> 12/15/2046<br>|  | 2000 | &nbsp;&nbsp; 1679 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc., <br> 4.85%, 05/07/2030<br>|  | 4000 | &nbsp;&nbsp; 4095 |
| &nbsp;&nbsp;&nbsp; CNA Financial Corp., 5.20%, <br> 08/15/2035<br>|  | 189000 | &nbsp;&nbsp; 189503 |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. <br> (Canada), 6.10%, 03/15/2055<br>|  | 2000 | &nbsp;&nbsp; 2053 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. (The), <br> 5.50%, 09/01/2035<br>|  | $52000 | &nbsp;&nbsp; $52661 |
| Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/24/2035 |  | 12000 | &nbsp;&nbsp; 12220 |
| &nbsp;&nbsp;&nbsp; 5.45%, 05/25/2053 |  | 2000 | &nbsp;&nbsp; 2004 |
| &nbsp;&nbsp;&nbsp; 5.70%, 07/24/2055 |  | 36000 | &nbsp;&nbsp; 37321 |
|  |  |  | &nbsp;&nbsp; 301536 |
| **Rail Transportation–0.00%** | **Rail Transportation–0.00%** | **Rail Transportation–0.00%** | **Rail Transportation–0.00%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada), <br> 5.20%, 03/30/2035<br>|  | 3000 | &nbsp;&nbsp; 3094 |
| **Real Estate Development–0.01%** | **Real Estate Development–0.01%** | **Real Estate Development–0.01%** | **Real Estate Development–0.01%** |
| &nbsp;&nbsp;&nbsp; Essential Properties L.P., 5.40%, <br> 12/01/2035<br>|  | 23000 | &nbsp;&nbsp; 23100 |
| **Regional Banks–0.45%** | **Regional Banks–0.45%** | **Regional Banks–0.45%** | **Regional Banks–0.45%** |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., Series K, <br> 6.25%<sup>(e)(f)</sup> <br>|  | 223000 | &nbsp;&nbsp; 222647 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp., 5.72%, <br> 06/06/2030<sup>(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1043 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp., 6.17%, <br> 11/01/2030<sup>(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2077 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Series P, <br> 4.95%<sup>(e)(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3989 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp., 5.78%, <br> 09/11/2035<sup>(e)</sup> <br>|  | 199000 | &nbsp;&nbsp; 199235 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp. N.A., 4.70%, <br> 08/18/2028<sup>(e)</sup> <br>|  | 259000 | &nbsp;&nbsp; 259869 |
|  |  |  | &nbsp;&nbsp; 688860 |
| **Reinsurance–0.50%** | **Reinsurance–0.50%** | **Reinsurance–0.50%** | **Reinsurance–0.50%** |
| &nbsp;&nbsp;&nbsp; Fortitude Group Holdings LLC, 6.25%, <br> 04/01/2030<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2078 |
| Global Atlantic (Fin) Co., | Global Atlantic (Fin) Co., |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2054<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4239 |
| &nbsp;&nbsp;&nbsp; 7.95%, 10/15/2054<sup>(b)(e)</sup> <br>|  | 95000 | &nbsp;&nbsp; 100676 |
| &nbsp;&nbsp;&nbsp; Kuwait International Government Bond <br> (Kuwait), | &nbsp;&nbsp;&nbsp; Kuwait International Government Bond <br> (Kuwait), |  |  |
| &nbsp;&nbsp;&nbsp; 4.14%, 10/09/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/09/2035<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp; RGA Global Funding, 5.00%, <br> 08/25/2032<sup>(b)</sup> <br>|  | 262000 | &nbsp;&nbsp; 263702 |
|  |  |  | &nbsp;&nbsp; 770695 |
| **Renewable Electricity–0.18%** | **Renewable Electricity–0.18%** | **Renewable Electricity–0.18%** | **Renewable Electricity–0.18%** |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC <br> (United Kingdom), 6.38%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 42000 | &nbsp;&nbsp; 43077 |
| &nbsp;&nbsp;&nbsp; Idaho Power Co., 5.20%, <br> 08/15/2034<br>|  | 3000 | &nbsp;&nbsp; 3101 |
| Southern Power Co., | Southern Power Co., |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 10/01/2030 |  | 108000 | &nbsp;&nbsp; 107403 |
| &nbsp;&nbsp;&nbsp; Series B, 4.90%, 10/01/2035 |  | 130000 | &nbsp;&nbsp; 128279 |
|  |  |  | &nbsp;&nbsp; 281860 |
| **Research & Consulting Services–0.11%** | **Research & Consulting Services–0.11%** | **Research & Consulting Services–0.11%** | **Research & Consulting Services–0.11%** |
| &nbsp;&nbsp;&nbsp; CACI International, Inc., 6.38%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 13426 |
| Verisk Analytics, Inc., | Verisk Analytics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 |  | 33000 | &nbsp;&nbsp; 33114 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2036 |  | 119000 | &nbsp;&nbsp; 120171 |
|  |  |  | &nbsp;&nbsp; 166711 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Restaurants–0.55%** | **Restaurants–0.55%** | **Restaurants–0.55%** | **Restaurants–0.55%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC/New Red Finance, <br> Inc. (Canada), 5.63%, <br> 09/15/2029<sup>(b)</sup> <br>|  | $57000 | &nbsp;&nbsp; $57757 |
| &nbsp;&nbsp;&nbsp; Arcos Dorados B.V. (Brazil), 6.38%, <br> 01/29/2032<sup>(b)</sup> <br>|  | 220000 | &nbsp;&nbsp; 232320 |
| McDonald's Corp., | McDonald's Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/14/2028 |  | 3000 | &nbsp;&nbsp; 3066 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/2030 |  | 5000 | &nbsp;&nbsp; 5080 |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/12/2031 |  | 158000 | &nbsp;&nbsp; 158510 |
| &nbsp;&nbsp;&nbsp; 4.95%, 08/14/2033 |  | 4000 | &nbsp;&nbsp; 4123 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/03/2035 |  | 5000 | &nbsp;&nbsp; 5068 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/13/2036 |  | 175000 | &nbsp;&nbsp; 176358 |
| &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC, <br> 9.38%, 05/01/2029<sup>(b)</sup> <br>|  | 198000 | &nbsp;&nbsp; 208097 |
|  |  |  | &nbsp;&nbsp; 850379 |
| **Retail REITs–0.19%** | **Retail REITs–0.19%** | **Retail REITs–0.19%** | **Retail REITs–0.19%** |
| Agree L.P., 5.63%, 06/15/2034 |  | 3000 | &nbsp;&nbsp; 3129 |
| Brixmor Operating Partnership L.P., | Brixmor Operating Partnership L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/15/2033 |  | 55000 | &nbsp;&nbsp; 54905 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2035 |  | 3000 | &nbsp;&nbsp; 3140 |
| Kimco Realty OP LLC, | Kimco Realty OP LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/01/2035 |  | 3000 | &nbsp;&nbsp; 2983 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/01/2036 |  | 16000 | &nbsp;&nbsp; 16367 |
| Kite Realty Group L.P., | Kite Realty Group L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 12/15/2031 |  | 4000 | &nbsp;&nbsp; 4052 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2034 |  | 2000 | &nbsp;&nbsp; 2058 |
| NNN REIT, Inc., | NNN REIT, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 10/15/2033 |  | 3000 | &nbsp;&nbsp; 3140 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2034 |  | 1000 | &nbsp;&nbsp; 1038 |
| Realty Income Corp., | Realty Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 06/15/2028 |  | 2000 | &nbsp;&nbsp; 1907 |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/13/2032 |  | 2000 | &nbsp;&nbsp; 2122 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/2033 |  | 183000 | &nbsp;&nbsp; 181056 |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/15/2035 |  | 2000 | &nbsp;&nbsp; 2035 |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/01/2054 |  | 2000 | &nbsp;&nbsp; 1959 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 |  | 5000 | &nbsp;&nbsp; 5118 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2034 |  | 1000 | &nbsp;&nbsp; 1028 |
| &nbsp;&nbsp;&nbsp; 5.10%, 01/15/2035 |  | 1000 | &nbsp;&nbsp; 1013 |
|  |  |  | &nbsp;&nbsp; 287050 |
| **Self-Storage REITs–0.07%** | **Self-Storage REITs–0.07%** | **Self-Storage REITs–0.07%** | **Self-Storage REITs–0.07%** |
| Americold Realty Operating Partnership L.P., | Americold Realty Operating Partnership L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/15/2032 |  | 7000 | &nbsp;&nbsp; 7091 |
| &nbsp;&nbsp;&nbsp; 5.41%, 09/12/2034 |  | 2000 | &nbsp;&nbsp; 1968 |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 |  | 2000 | &nbsp;&nbsp; 2066 |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/2033 |  | 59000 | &nbsp;&nbsp; 59379 |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/01/2034 |  | 3000 | &nbsp;&nbsp; 3089 |
| &nbsp;&nbsp;&nbsp; Goodman US Finance Six LLC <br> (Australia), 5.13%, 10/07/2034<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1011 |
| Prologis L.P., | Prologis L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/2028 |  | 2000 | &nbsp;&nbsp; 2046 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031 |  | 12000 | &nbsp;&nbsp; 12263 |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/2034 |  | 1000 | &nbsp;&nbsp; 1028 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2034 |  | 3000 | &nbsp;&nbsp; 3050 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/31/2035 |  | 4000 | &nbsp;&nbsp; 4056 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2035 |  | 7000 | &nbsp;&nbsp; 7215 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2054 |  | 2000 | &nbsp;&nbsp; 1938 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Self-Storage REITs–(continued)** | **Self-Storage REITs–(continued)** | **Self-Storage REITs–(continued)** | **Self-Storage REITs–(continued)** |
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co., 5.35%, <br> 08/01/2053<br>|  | $1000 | &nbsp;&nbsp; $990 |
|  |  |  | &nbsp;&nbsp; 107190 |
| **Semiconductors–1.96%** | **Semiconductors–1.96%** | **Semiconductors–1.96%** | **Semiconductors–1.96%** |
| Broadcom, Inc., | Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/15/2035 |  | 22000 | &nbsp;&nbsp; 22682 |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2036 |  | 226000 | &nbsp;&nbsp; 225402 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/15/2038 |  | 179000 | &nbsp;&nbsp; 178123 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/25/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207675 |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/25/2032<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 219280 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/25/2034<sup>(b)</sup> <br>|  | 326000 | &nbsp;&nbsp; 339943 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/25/2035<sup>(b)</sup> <br>|  | 272000 | &nbsp;&nbsp; 291457 |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/25/2036<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 218039 |
| &nbsp;&nbsp;&nbsp; 6.20%, 01/25/2037<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 213596 |
| &nbsp;&nbsp;&nbsp; 6.40%, 01/25/2038<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 216861 |
| &nbsp;&nbsp;&nbsp; 6.30%, 01/25/2039<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 215367 |
| Kioxia Holdings Corp. (Japan), | Kioxia Holdings Corp. (Japan), |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/24/2030<sup>(b)</sup> <br>|  | 54000 | &nbsp;&nbsp; 55141 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/24/2033<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 54545 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/15/2031 |  | 2000 | &nbsp;&nbsp; 2070 |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/01/2032 |  | 6000 | &nbsp;&nbsp; 6300 |
| &nbsp;&nbsp;&nbsp; 6.05%, 11/01/2035 |  | 14000 | &nbsp;&nbsp; 14966 |
| SK Hynix, Inc. (South Korea), | SK Hynix, Inc. (South Korea), |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/11/2028<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 204968 |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/11/2030<sup>(b)</sup> <br>|  | 335000 | &nbsp;&nbsp; 333638 |
|  |  |  | &nbsp;&nbsp; 3020053 |
| **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** |
| American Homes 4 Rent L.P., | American Homes 4 Rent L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2034 |  | 3000 | &nbsp;&nbsp; 3097 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2035 |  | 2000 | &nbsp;&nbsp; 2023 |
|  |  |  | &nbsp;&nbsp; 5120 |
| **Soft Drinks & Non-alcoholic Beverages–0.28%** | **Soft Drinks & Non-alcoholic Beverages–0.28%** | **Soft Drinks & Non-alcoholic Beverages–0.28%** | **Soft Drinks & Non-alcoholic Beverages–0.28%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The), 5.40%, <br> 05/13/2064<br>|  | 2000 | &nbsp;&nbsp; 1992 |
| &nbsp;&nbsp;&nbsp; Coca-Cola FEMSA S.A.B. de C.V. <br> (Mexico), 5.10%, 05/06/2035<br>|  | 254000 | &nbsp;&nbsp; 256205 |
| Keurig Dr Pepper, Inc., | Keurig Dr Pepper, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 05/15/2028 |  | 3000 | &nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/2030 |  | 10000 | &nbsp;&nbsp; 10008 |
| PepsiCo, Inc., | PepsiCo, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 01/15/2029 |  | 109000 | &nbsp;&nbsp; 109432 |
| &nbsp;&nbsp;&nbsp; 4.60%, 02/07/2030 |  | 3000 | &nbsp;&nbsp; 3066 |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/23/2030 |  | 51000 | &nbsp;&nbsp; 51338 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/07/2035 |  | 3000 | &nbsp;&nbsp; 3072 |
|  |  |  | &nbsp;&nbsp; 438113 |
| **Sovereign Debt–2.57%** | **Sovereign Debt–2.57%** | **Sovereign Debt–2.57%** | **Sovereign Debt–2.57%** |
| &nbsp;&nbsp;&nbsp; Barbados Government International <br> Bond (Barbados), 8.00%, <br> 06/26/2035<sup>(b)</sup> <br>|  | 88000 | &nbsp;&nbsp; 91669 |
| &nbsp;&nbsp;&nbsp; Brazilian Government International <br> Bond (Brazil), 6.13%, 03/15/2034<br>|  | 208000 | &nbsp;&nbsp; 213096 |
| &nbsp;&nbsp;&nbsp; Costa Rica Government International <br> Bond (Costa Rica), 7.30%, <br> 11/13/2054<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 219493 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Sovereign Debt–(continued)** | **Sovereign Debt–(continued)** | **Sovereign Debt–(continued)** | **Sovereign Debt–(continued)** |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond <br> (Dominican Republic), | &nbsp;&nbsp;&nbsp; Dominican Republic International Bond <br> (Dominican Republic), |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/2037<sup>(b)</sup> <br>|  | $285000 | &nbsp;&nbsp; $304651 |
| &nbsp;&nbsp;&nbsp; 7.15%, 02/24/2055<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 228910 |
| Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), |  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/06/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208080 |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/15/2036<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206936 |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/15/2055<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210250 |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond <br> (Mexico), | &nbsp;&nbsp;&nbsp; Mexico Government International Bond <br> (Mexico), |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/22/2031 |  | 312000 | &nbsp;&nbsp; 310206 |
| &nbsp;&nbsp;&nbsp; 5.85%, 07/02/2032 |  | 234000 | &nbsp;&nbsp; 241874 |
| &nbsp;&nbsp;&nbsp; Series 10, 5.63%, 09/22/2035 |  | 238000 | &nbsp;&nbsp; 237181 |
| &nbsp;&nbsp;&nbsp; Peruvian Government International <br> Bond (Peru), 5.38%, 02/08/2035<br>|  | 70000 | &nbsp;&nbsp; 71470 |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government International <br> Bond (Poland), | &nbsp;&nbsp;&nbsp; Republic of Poland Government International <br> Bond (Poland), |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/16/2032 |  | 5000 | &nbsp;&nbsp; 5366 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/12/2035 |  | 270000 | &nbsp;&nbsp; 280793 |
| &nbsp;&nbsp;&nbsp; Romanian Government International Bond <br> (Romania), | &nbsp;&nbsp;&nbsp; Romanian Government International Bond <br> (Romania), |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/25/2027<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 30379 |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/17/2028<sup>(b)</sup> <br>|  | 138000 | &nbsp;&nbsp; 143756 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/30/2029<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 92606 |
| &nbsp;&nbsp;&nbsp; 7.13%, 01/17/2033<sup>(b)</sup> <br>|  | 106000 | &nbsp;&nbsp; 113260 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/24/2035<sup>(b)</sup> <br>|  | 154000 | &nbsp;&nbsp; 148660 |
| &nbsp;&nbsp;&nbsp; Trinidad & Tobago Government <br> International Bond (Trinidad), <br> 6.40%, 06/26/2034<sup>(b)</sup> <br>|  | 210000 | &nbsp;&nbsp; 215229 |
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bond <br> (Turkey), 6.95%, 09/16/2035<br>|  | 381000 | &nbsp;&nbsp; 383857 |
|  |  |  | &nbsp;&nbsp; 3957722 |
| **Specialized Consumer Services–0.41%** | **Specialized Consumer Services–0.41%** | **Specialized Consumer Services–0.41%** | **Specialized Consumer Services–0.41%** |
| Rentokil Terminix Funding LLC, | Rentokil Terminix Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/28/2030<sup>(b)</sup> <br>|  | 208000 | &nbsp;&nbsp; 212027 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/28/2035<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 412885 |
|  |  |  | &nbsp;&nbsp; 624912 |
| **Specialized Finance–0.07%** | **Specialized Finance–0.07%** | **Specialized Finance–0.07%** | **Specialized Finance–0.07%** |
| Jefferson Capital Holdings LLC, | Jefferson Capital Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/15/2029<sup>(b)</sup> <br>|  | 20000 | &nbsp;&nbsp; 21137 |
| &nbsp;&nbsp;&nbsp; 8.25%, 05/15/2030<sup>(b)</sup> <br>|  | 87000 | &nbsp;&nbsp; 91062 |
|  |  |  | &nbsp;&nbsp; 112199 |
| **Specialty Chemicals–0.48%** | **Specialty Chemicals–0.48%** | **Specialty Chemicals–0.48%** | **Specialty Chemicals–0.48%** |
| &nbsp;&nbsp;&nbsp; OCP S.A. (Morocco), 6.70%, <br> 03/01/2036<sup>(b)</sup> <br>|  | 202000 | &nbsp;&nbsp; 216542 |
| Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 08/15/2028 |  | 165000 | &nbsp;&nbsp; 165875 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 |  | 69000 | &nbsp;&nbsp; 69486 |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/15/2035 |  | 20000 | &nbsp;&nbsp; 20361 |
| &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile <br> S.A. (Chile), 6.50%, 11/07/2033<sup>(b)</sup> <br>|  | 210000 | &nbsp;&nbsp; 226895 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc., <br> 5.63%, 09/30/2033<sup>(b)</sup> <br>|  | 41000 | &nbsp;&nbsp; 41161 |
|  |  |  | &nbsp;&nbsp; 740320 |
| **Steel–0.51%** | **Steel–0.51%** | **Steel–0.51%** | **Steel–0.51%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/2027<sup>(c)</sup> <br>|  | 411000 | &nbsp;&nbsp; 411250 |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 62000 | &nbsp;&nbsp; 63235 |
| &nbsp;&nbsp;&nbsp; 7.63%, 01/15/2034<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 92795 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Steel–(continued)** | **Steel–(continued)** | **Steel–(continued)** | **Steel–(continued)** |
| &nbsp;&nbsp;&nbsp; POSCO Holdings, Inc. (South Korea), <br> 5.13%, 05/07/2030<sup>(b)</sup> <br>|  | $211000 | &nbsp;&nbsp; $216162 |
|  |  |  | &nbsp;&nbsp; 783442 |
| **Systems Software–0.38%** | **Systems Software–0.38%** | **Systems Software–0.38%** | **Systems Software–0.38%** |
| Oracle Corp., | Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/26/2030 |  | 155000 | &nbsp;&nbsp; 154960 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 |  | 1000 | &nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/06/2033 |  | 1000 | &nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/27/2034 |  | 4000 | &nbsp;&nbsp; 3908 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/26/2035 |  | 113000 | &nbsp;&nbsp; 113665 |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/26/2045 |  | 176000 | &nbsp;&nbsp; 176580 |
| &nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 |  | 1000 | &nbsp;&nbsp; 1113 |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/27/2054 |  | 4000 | &nbsp;&nbsp; 3677 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/03/2055 |  | 4000 | &nbsp;&nbsp; 4019 |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/26/2055 |  | 119000 | &nbsp;&nbsp; 118716 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/27/2064 |  | 4000 | &nbsp;&nbsp; 3666 |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/03/2065 |  | 5000 | &nbsp;&nbsp; 5023 |
|  |  |  | &nbsp;&nbsp; 587423 |
| **Technology Hardware, Storage & Peripherals–0.00%** | **Technology Hardware, Storage & Peripherals–0.00%** | **Technology Hardware, Storage & Peripherals–0.00%** | **Technology Hardware, Storage & Peripherals–0.00%** |
| Apple, Inc., 4.25%, 02/09/2047 |  | 2000 | &nbsp;&nbsp; 1751 |
| Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2034 |  | 2000 | &nbsp;&nbsp; 1985 |
| &nbsp;&nbsp;&nbsp; 5.60%, 10/15/2054 |  | 3000 | &nbsp;&nbsp; 2871 |
|  |  |  | &nbsp;&nbsp; 6607 |
| **Tobacco–0.11%** | **Tobacco–0.11%** | **Tobacco–0.11%** | **Tobacco–0.11%** |
| B.A.T. Capital Corp. (United Kingdom), | B.A.T. Capital Corp. (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 5.83%, 02/20/2031 |  | 1000 | &nbsp;&nbsp; 1058 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/22/2033 |  | 110000 | &nbsp;&nbsp; 108903 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/20/2034 |  | 1000 | &nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/2043 |  | 1000 | &nbsp;&nbsp; 1133 |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/2053 |  | 2000 | &nbsp;&nbsp; 2294 |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/17/2025 |  | 1000 | &nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/01/2027 |  | 4000 | &nbsp;&nbsp; 4032 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/17/2027 |  | 3000 | &nbsp;&nbsp; 3065 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/2028 |  | 1000 | &nbsp;&nbsp; 1018 |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/28/2028 |  | 3000 | &nbsp;&nbsp; 3006 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/07/2028 |  | 2000 | &nbsp;&nbsp; 2065 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/13/2029 |  | 2000 | &nbsp;&nbsp; 2044 |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/01/2029 |  | 4000 | &nbsp;&nbsp; 4061 |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/30/2030 |  | 10000 | &nbsp;&nbsp; 10050 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/13/2031 |  | 1000 | &nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/2031 |  | 4000 | &nbsp;&nbsp; 4071 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/17/2032 |  | 2000 | &nbsp;&nbsp; 2132 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2033 |  | 3000 | &nbsp;&nbsp; 3134 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/07/2033 |  | 1000 | &nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp; 4.90%, 11/01/2034 |  | 4000 | &nbsp;&nbsp; 4034 |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2035 |  | 9000 | &nbsp;&nbsp; 9010 |
|  |  |  | &nbsp;&nbsp; 169276 |
| **Trading Companies & Distributors–0.15%** | **Trading Companies & Distributors–0.15%** | **Trading Companies & Distributors–0.15%** | **Trading Companies & Distributors–0.15%** |
| Air Lease Corp., Series B, 4.65%<sup>(e)(f)</sup> <br>|  | 81000 | &nbsp;&nbsp; 80066 |
| Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 03/15/2031 |  | 145000 | &nbsp;&nbsp; 144113 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/03/2034 |  | 2000 | &nbsp;&nbsp; 2015 |
|  |  |  | &nbsp;&nbsp; 226194 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Transaction & Payment Processing Services–0.12%** | **Transaction & Payment Processing Services–0.12%** | **Transaction & Payment Processing Services–0.12%** | **Transaction & Payment Processing Services–0.12%** |
| Block, Inc., | Block, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/2030<sup>(b)</sup> <br>|  | $34000 | &nbsp;&nbsp; $34473 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/2033<sup>(b)</sup> <br>|  | 41000 | &nbsp;&nbsp; 42013 |
| Fiserv, Inc., | Fiserv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/21/2028 |  | 1000 | &nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/15/2031 |  | 32000 | &nbsp;&nbsp; 32133 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033 |  | 2000 | &nbsp;&nbsp; 2101 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2034 |  | 2000 | &nbsp;&nbsp; 2068 |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/11/2035 |  | 72000 | &nbsp;&nbsp; 72793 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 4.85%, <br> 03/09/2033<br>|  | 1000 | &nbsp;&nbsp; 1028 |
|  |  |  | &nbsp;&nbsp; 187640 |
| **Water Utilities–0.04%** | **Water Utilities–0.04%** | **Water Utilities–0.04%** | **Water Utilities–0.04%** |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp., 5.70%, <br> 09/01/2055<br>|  | 66000 | &nbsp;&nbsp; 67108 |
| **Wireless Telecommunication Services–0.19%** | **Wireless Telecommunication Services–0.19%** | **Wireless Telecommunication Services–0.19%** | **Wireless Telecommunication Services–0.19%** |
| Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/2055<sup>(e)</sup> <br>|  | 91000 | &nbsp;&nbsp; 95004 |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/15/2055<sup>(e)</sup> <br>|  | 63000 | &nbsp;&nbsp; 66816 |
| &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint <br> Spectrum Co. II LLC/Sprint Spectrum <br> Co. III LLC, 5.15%, 03/20/2028<sup>(b)</sup> <br>|  | 104500 | &nbsp;&nbsp; 104915 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2053 |  | 1000 | &nbsp;&nbsp; 989 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/2054 |  | 3000 | &nbsp;&nbsp; 3108 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/15/2055 |  | 3000 | &nbsp;&nbsp; 3067 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom), <br> 5.13%, 06/04/2081<sup>(e)</sup> <br>|  | 25000 | &nbsp;&nbsp; 19744 |
|  |  |  | &nbsp;&nbsp; 293643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $75,443,263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $75,443,263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $75,443,263) | &nbsp;&nbsp; 77412728 |
| **Asset-Backed Securities–29.36%** | **Asset-Backed Securities–29.36%** | **Asset-Backed Securities–29.36%** | **Asset-Backed Securities–29.36%** |
| &nbsp;&nbsp;&nbsp; Adjustable Rate Mortgage Trust, <br> Series 2004-2, Class 6A1, 0.71%, <br> 02/25/2035<sup>(h)</sup> <br>|  | 294 | &nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp; AGL CLO 17 Ltd., Series 2022-17A, <br> Class AR, 5.28% (3 mo. Term SOFR <br> + 0.95%), 01/21/2035<sup>(b)(d)</sup> <br>|  | 307000 | &nbsp;&nbsp; 307143 |
| &nbsp;&nbsp;&nbsp; ALA Trust, Series 2025-OANA, Class B, <br> 5.99% (1 mo. Term SOFR + <br> 1.84%), 06/15/2040<sup>(b)(d)</sup> <br>|  | 610000 | &nbsp;&nbsp; 614865 |
| &nbsp;&nbsp;&nbsp; AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, 10/17/2038<sup>(b)</sup> <br>|  | 380000 | &nbsp;&nbsp; 368337 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.16%, <br> 12/25/2059<sup>(b)(h)</sup> <br>|  | $16529 | &nbsp;&nbsp; $16158 |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.69%, <br> 04/25/2065<sup>(b)(h)</sup> <br>|  | 68394 | &nbsp;&nbsp; 65388 |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class A1, 1.37%, <br> 05/25/2065<sup>(b)(h)</sup> <br>|  | 7514 | &nbsp;&nbsp; 7226 |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.07%, <br> 05/25/2066<sup>(b)(h)</sup> <br>|  | 63122 | &nbsp;&nbsp; 54926 |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 1.98%, <br> 10/25/2066<sup>(b)(h)</sup> <br>|  | 161040 | &nbsp;&nbsp; 140808 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.88%, <br> 12/25/2066<sup>(b)</sup> <br>|  | 284984 | &nbsp;&nbsp; 268093 |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class A1, 6.50%, <br> 12/25/2067<sup>(b)</sup> <br>|  | 72124 | &nbsp;&nbsp; 72896 |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class A1, 5.35%, <br> 10/25/2069<sup>(b)</sup> <br>|  | 235876 | &nbsp;&nbsp; 237183 |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(b)</sup> <br>|  | 300075 | &nbsp;&nbsp; 303331 |
| &nbsp;&nbsp;&nbsp; Series 2025-HB1, Class A1, 6.16% <br> (30 Day Average SOFR + 1.80%), <br> 02/25/2055<sup>(b)(d)</sup> <br>|  | 81253 | &nbsp;&nbsp; 81853 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XII, Series 2013-12A, <br> Class ARR, 5.40% (3 mo. Term <br> SOFR + 1.08%), 04/15/2031<sup>(b)(d)</sup> <br>|  | 159507 | &nbsp;&nbsp; 159599 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXV, Series 2016-25A, <br> Class A1R3, 5.47% (3 mo. Term <br> SOFR + 1.14%), 01/20/2037<sup>(b)(d)</sup> <br>|  | 302000 | &nbsp;&nbsp; 302042 |
| Avis Budget Rental Car Funding (AESOP) LLC, | Avis Budget Rental Car Funding (AESOP) LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 3.83%, <br> 08/21/2028<sup>(b)</sup> <br>|  | 560000 | &nbsp;&nbsp; 557176 |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.25%, <br> 04/20/2029<sup>(b)</sup> <br>|  | 102000 | &nbsp;&nbsp; 104435 |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(b)</sup> <br>|  | 354000 | &nbsp;&nbsp; 364633 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A, 4.17%, <br> 02/20/2030<sup>(b)</sup> <br>|  | 156000 | &nbsp;&nbsp; 155701 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class B, 4.46%, <br> 02/20/2030<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99874 |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class A, 4.40%, <br> 02/20/2032<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 348789 |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class B, 4.77%, <br> 02/20/2032<sup>(b)</sup> <br>|  | 154000 | &nbsp;&nbsp; 154187 |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class C, 5.26%, <br> 02/20/2032<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99703 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd. (Cayman <br> Islands), | &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd. (Cayman <br> Islands), |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-3A, Class ARR, 5.36% <br> (3 mo. Term SOFR + 1.03%), <br> 10/21/2034<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250263 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class AR, 5.27% <br> (3 mo. Term SOFR + 0.94%), <br> 04/18/2034<sup>(b)(d)</sup> <br>|  | 175000 | &nbsp;&nbsp; 175049 |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class AR, 5.38% <br> (3 mo. Term SOFR + 1.06%), <br> 07/24/2034<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250415 |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1R, 5.53% <br> (3 mo. Term SOFR + 1.20%), <br> 10/20/2034<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250369 |
| &nbsp;&nbsp;&nbsp; Banc of America Commercial Mortgage <br> Trust, Series 2015-UBS7, Class AS, <br> 3.99%, 09/15/2048<sup>(h)</sup> <br>|  | 70000 | &nbsp;&nbsp; 70051 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Banc of America Funding Trust, | Banc of America Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A3, 6.00%, <br> 01/25/2037<br>|  | $27820 | &nbsp;&nbsp; $24203 |
| &nbsp;&nbsp;&nbsp; Series 2007-C, Class 1A4, 4.38%, <br> 05/20/2036<sup>(h)</sup> <br>|  | 7096 | &nbsp;&nbsp; 6191 |
| &nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust, <br> Series 2007-1, Class 1A24, <br> 6.00%, 03/25/2037<br>|  | 18292 | &nbsp;&nbsp; 15751 |
| &nbsp;&nbsp;&nbsp; Bank, Series 2019-BNK16, Class XA, <br> IO, 1.09%, 02/15/2052<sup>(i)</sup> <br>|  | 1417244 | &nbsp;&nbsp; 34450 |
| &nbsp;&nbsp;&nbsp; Bank5, Series 2024-5YR10, Class A, <br> 5.64%, 10/15/2057<br>|  | 90000 | &nbsp;&nbsp; 92237 |
| Bayview MSR Opportunity Master Fund Trust, | Bayview MSR Opportunity Master Fund Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 3.00%, <br> 10/25/2051<sup>(b)(h)</sup> <br>|  | 267631 | &nbsp;&nbsp; 230955 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A4, 2.50%, <br> 10/25/2051<sup>(b)(h)</sup> <br>|  | 267631 | &nbsp;&nbsp; 221828 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A8, 2.50%, <br> 10/25/2051<sup>(b)(h)</sup> <br>|  | 233841 | &nbsp;&nbsp; 210220 |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 3.00%, <br> 11/25/2051<sup>(b)(h)</sup> <br>|  | 270425 | &nbsp;&nbsp; 234514 |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A2, 2.50%, <br> 11/25/2051<sup>(b)(h)</sup> <br>|  | 329744 | &nbsp;&nbsp; 274152 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Adjustable Rate Mortgage <br> Trust, | &nbsp;&nbsp;&nbsp; Bear Stearns Adjustable Rate Mortgage <br> Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class A1, 0.76% (1 <br> yr. U.S. Treasury Yield Curve Rate + <br> 2.30%), 10/25/2035<sup>(d)</sup> <br>|  | 17105 | &nbsp;&nbsp; 16380 |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A1, 0.65% (1 <br> yr. U.S. Treasury Yield Curve Rate + <br> 2.25%), 02/25/2036<sup>(d)</sup> <br>|  | 20911 | &nbsp;&nbsp; 20181 |
| Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-B1, Class XA, IO, <br> 0.67%, 01/15/2051<sup>(i)</sup> <br>|  | 1119794 | &nbsp;&nbsp; 10590 |
| &nbsp;&nbsp;&nbsp; Series 2018-B3, Class C, 4.70%, <br> 04/10/2051<sup>(h)</sup> <br>|  | 42000 | &nbsp;&nbsp; 36298 |
| &nbsp;&nbsp;&nbsp; Series 2019-B14, Class A5, <br> 3.05%, 12/15/2062<br>|  | 90000 | &nbsp;&nbsp; 85004 |
| &nbsp;&nbsp;&nbsp; Series 2019-B15, Class B, 3.56%, <br> 12/15/2072<br>|  | 45000 | &nbsp;&nbsp; 39146 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXIII Ltd., <br> Series 2021-23A, Class A1R, <br> 5.42% (3 mo. Term SOFR + <br> 1.10%), 04/25/2034<sup>(b)(d)</sup> <br>|  | 240000 | &nbsp;&nbsp; 240477 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXV Ltd., <br> Series 2021-25A, Class A1R, <br> 5.32% (3 mo. Term SOFR + <br> 1.00%), 01/15/2035<sup>(b)(d)</sup> <br>|  | 278000 | &nbsp;&nbsp; 278072 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, <br> 0.97%, 03/25/2060<sup>(b)(h)</sup> <br>|  | 29704 | &nbsp;&nbsp; 29045 |
| &nbsp;&nbsp;&nbsp; BSTN Commercial Mortgage Trust, <br> Series 2025-1C, Class A, 5.55%, <br> 06/15/2044<sup>(b)(h)</sup> <br>|  | 660000 | &nbsp;&nbsp; 678336 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class A, 5.11% <br> (1 mo. Term SOFR + 0.96%), <br> 11/15/2038<sup>(b)(d)</sup> <br>|  | $183338 | &nbsp;&nbsp; $183274 |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class A, 4.96% <br> (1 mo. Term SOFR + 0.81%), <br> 09/15/2036<sup>(b)(d)</sup> <br>|  | 242207 | &nbsp;&nbsp; 241518 |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class B, 5.21% <br> (1 mo. Term SOFR + 1.06%), <br> 09/15/2036<sup>(b)(d)</sup> <br>|  | 217986 | &nbsp;&nbsp; 217380 |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class C, 5.37% <br> (1 mo. Term SOFR + 1.21%), <br> 09/15/2036<sup>(b)(d)</sup> <br>|  | 193766 | &nbsp;&nbsp; 193116 |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class D, 5.92% <br> (1 mo. Term SOFR + 1.76%), <br> 09/15/2036<sup>(b)(d)</sup> <br>|  | 96883 | &nbsp;&nbsp; 96630 |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT5, Class A, 5.59%, <br> 11/13/2046<sup>(b)(h)</sup> <br>|  | 350000 | &nbsp;&nbsp; 357266 |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT5, Class B, 5.99%, <br> 11/13/2046<sup>(b)(h)</sup> <br>|  | 130000 | &nbsp;&nbsp; 133859 |
| BX Trust, | BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, 5.15% <br> (1 mo. Term SOFR + 1.00%), <br> 01/15/2039<sup>(b)(d)</sup> <br>|  | 320000 | &nbsp;&nbsp; 319978 |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class B, 5.45% <br> (1 mo. Term SOFR + 1.30%), <br> 01/15/2039<sup>(b)(d)</sup> <br>|  | 230000 | &nbsp;&nbsp; 230021 |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class C, 5.75% <br> (1 mo. Term SOFR + 1.60%), <br> 01/15/2039<sup>(b)(d)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100025 |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, 5.59% <br> (1 mo. Term SOFR + 1.44%), <br> 03/15/2042<sup>(b)(d)</sup> <br>|  | 185000 | &nbsp;&nbsp; 185209 |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class A, 5.85% <br> (1 mo. Term SOFR + 1.70%), <br> 07/15/2044<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200840 |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands), | &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-4A, Class A1R3, <br> 0.00% (3 mo. Term SOFR + <br> 0.92%), 07/20/2032<sup>(b)(d)(j)</sup> <br>|  | 350000 | &nbsp;&nbsp; 350263 |
| &nbsp;&nbsp;&nbsp; Series 2015-4A, Class A1RR, <br> 5.55% (3 mo. Term SOFR + <br> 1.22%), 07/20/2032<sup>(b)(d)</sup> <br>|  | 140434 | &nbsp;&nbsp; 140441 |
| &nbsp;&nbsp;&nbsp; Series 2015-5A, Class A1R3, <br> 5.43% (3 mo. Term SOFR + <br> 1.10%), 01/20/2032<sup>(b)(d)</sup> <br>|  | 162696 | &nbsp;&nbsp; 162947 |
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2017-CD6, <br> Class XA, IO, 1.06%, 11/13/2050<sup>(i)</sup> <br>|  | 554031 | &nbsp;&nbsp; 7098 |
| &nbsp;&nbsp;&nbsp; Cedar Funding XI CLO Ltd., <br> Series 2019-11A, Class A1R2, <br> 5.26% (3 mo. Term SOFR + <br> 1.06%), 05/29/2032<sup>(b)(d)</sup> <br>|  | 208569 | &nbsp;&nbsp; 208326 |
| &nbsp;&nbsp;&nbsp; Centersquare Issuer LLC, <br> Series 2025-3A, Class A2, 5.00%, <br> 08/25/2055<sup>(b)</sup> <br>|  | 235000 | &nbsp;&nbsp; 229602 |
| Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-ATR1, Class A15, <br> 4.00%, 04/25/2049<sup>(b)(h)</sup> <br>|  | 2950 | &nbsp;&nbsp; 2818 |
| &nbsp;&nbsp;&nbsp; Series 2019-ATR2, Class A3, <br> 3.50%, 07/25/2049<sup>(b)(h)</sup> <br>|  | 17436 | &nbsp;&nbsp; 15845 |
| Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-SH1, Class M3, <br> 3.75%, 04/25/2045<sup>(b)(h)</sup> <br>|  | 18180 | &nbsp;&nbsp; 16909 |
| &nbsp;&nbsp;&nbsp; Series 2016-SH2, Class M3, <br> 3.75%, 12/25/2045<sup>(b)(h)</sup> <br>|  | 23553 | &nbsp;&nbsp; 21946 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.85%, 01/25/2036<sup>(h)</sup> <br>|  | $21537 | &nbsp;&nbsp; $20008 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2016-1A, <br> Class AR3, 5.33% (3 mo. Term <br> SOFR + 1.00%), 10/21/2031<sup>(b)(d)</sup> <br>|  | 124262 | &nbsp;&nbsp; 124109 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2017-C4, Class XA, IO, <br> 1.12%, 10/12/2050<sup>(i)</sup> <br>|  | 1541588 | &nbsp;&nbsp; 24928 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, <br> 6.56% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.40%), <br> 10/25/2035<sup>(d)</sup> <br>|  | 45018 | &nbsp;&nbsp; 43461 |
| &nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(b)(h)</sup> <br>|  | 263957 | &nbsp;&nbsp; 219126 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A3A, 6.00%, <br> 07/25/2054<sup>(b)(h)</sup> <br>|  | 208689 | &nbsp;&nbsp; 211718 |
| &nbsp;&nbsp;&nbsp; CLI Funding IX LLC, Series 2025-1A, <br> Class A, 5.35%, 06/20/2050<sup>(b)</sup> <br>|  | 97458 | &nbsp;&nbsp; 99056 |
| &nbsp;&nbsp;&nbsp; Clover CLO LLC, Series 2021-3A, <br> Class AR, 5.39% (3 mo. Term SOFR <br> + 1.07%), 01/25/2035<sup>(b)(d)</sup> <br>|  | 265000 | &nbsp;&nbsp; 265137 |
| COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 1.73%, <br> 11/26/2066<sup>(b)(h)</sup> <br>|  | 70681 | &nbsp;&nbsp; 63937 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.28%, <br> 12/27/2066<sup>(b)(h)</sup> <br>|  | 181410 | &nbsp;&nbsp; 164293 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 2.99%, <br> 02/25/2067<sup>(b)</sup> <br>|  | 190349 | &nbsp;&nbsp; 182541 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 3.90%, <br> 02/25/2067<sup>(b)(h)</sup> <br>|  | 246595 | &nbsp;&nbsp; 242986 |
| &nbsp;&nbsp;&nbsp; Countrywide Home Loans Mortgage <br> Pass-Through Trust, | &nbsp;&nbsp;&nbsp; Countrywide Home Loans Mortgage <br> Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-17, Class 1A8, <br> 5.50%, 09/25/2035<br>|  | 1792 | &nbsp;&nbsp; 1794 |
| &nbsp;&nbsp;&nbsp; Series 2005-26, Class 1A8, <br> 5.50%, 11/25/2035<br>|  | 24623 | &nbsp;&nbsp; 14585 |
| &nbsp;&nbsp;&nbsp; Series 2005-J4, Class A7, 5.50%, <br> 11/25/2035<br>|  | 2843 | &nbsp;&nbsp; 2343 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, <br> 0.81%, 05/25/2065<sup>(b)(h)</sup> <br>|  | 27408 | &nbsp;&nbsp; 24958 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, <br> 1.18%, 02/25/2066<sup>(b)(h)</sup> <br>|  | 71797 | &nbsp;&nbsp; 64561 |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1A, <br> 2.87%, 01/25/2067<sup>(b)(h)</sup> <br>|  | 252768 | &nbsp;&nbsp; 246058 |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1B, <br> 3.35%, 01/25/2067<sup>(b)(h)</sup> <br>|  | 115000 | &nbsp;&nbsp; 106910 |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class A1, <br> 4.55%, 05/25/2067<sup>(b)(h)</sup> <br>|  | 218527 | &nbsp;&nbsp; 217915 |
| Cross Mortgage Trust, | Cross Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-H2, Class A1, 6.09%, <br> 04/25/2069<sup>(b)</sup> <br>|  | 134252 | &nbsp;&nbsp; 135782 |
| &nbsp;&nbsp;&nbsp; Series 2024-H8, Class A1, 5.55%, <br> 12/25/2069<sup>(b)(h)</sup> <br>|  | 281093 | &nbsp;&nbsp; 283337 |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2020-C19, Class A3, <br> 2.56%, 03/15/2053<br>|  | 776000 | &nbsp;&nbsp; 705002 |
| &nbsp;&nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through <br> Ctfs., Series 2004-AR5, Class 3A1, <br> 4.58%, 06/25/2034<sup>(h)</sup> <br>|  | 4621 | &nbsp;&nbsp; 4423 |
| &nbsp;&nbsp;&nbsp; CSMC Mortgage-Backed Trust, <br> Series 2006-6, Class 1A4, 6.00%, <br> 07/25/2036<br>|  | 92522 | &nbsp;&nbsp; 41937 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| DB Master Finance LLC, | DB Master Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class A23, <br> 4.35%, 05/20/2049<sup>(b)</sup> <br>|  | $47000 | &nbsp;&nbsp; $46644 |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2II, <br> 4.02%, 05/20/2049<sup>(b)</sup> <br>|  | 47000 | &nbsp;&nbsp; 46847 |
| Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2, 3.67%, <br> 10/25/2049<sup>(b)</sup> <br>|  | 104640 | &nbsp;&nbsp; 100868 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I, 4.93%, <br> 07/25/2055<sup>(b)</sup> <br>|  | 370000 | &nbsp;&nbsp; 373037 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2II, <br> 5.22%, 07/25/2055<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 303356 |
| &nbsp;&nbsp;&nbsp; EFMT, Series 2025-NQM2, Class A1, <br> 5.60%, 06/25/2070<sup>(b)</sup> <br>|  | 260505 | &nbsp;&nbsp; 262906 |
| Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2, Class A1, 2.74%, <br> 11/25/2059<sup>(b)(h)</sup> <br>|  | 8978 | &nbsp;&nbsp; 8582 |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.01%, <br> 05/25/2065<sup>(b)(h)</sup> <br>|  | 1059 | &nbsp;&nbsp; 1055 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.80%, <br> 02/25/2066<sup>(b)(h)</sup> <br>|  | 23673 | &nbsp;&nbsp; 20763 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.21%, <br> 01/25/2067<sup>(b)(h)</sup> <br>|  | 192766 | &nbsp;&nbsp; 170750 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 5.00%, <br> 08/25/2067<sup>(b)</sup> <br>|  | 216637 | &nbsp;&nbsp; 216052 |
| &nbsp;&nbsp;&nbsp; Series 2024-INV2, Class A1, <br> 5.04%, 10/25/2069<sup>(b)</sup> <br>|  | 138267 | &nbsp;&nbsp; 138040 |
| Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A4, 5.69%, <br> 12/20/2030<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53850 |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A3, 4.56%, <br> 11/20/2028<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 111010 |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, <br> Series 2021-ESH, Class B, 5.64% <br> (1 mo. Term SOFR + 1.49%), <br> 07/15/2038<sup>(b)(d)</sup> <br>|  | 189737 | &nbsp;&nbsp; 189921 |
| &nbsp;&nbsp;&nbsp; First Horizon Alternative Mortgage <br> Securities Trust, Series 2005-FA8, <br> Class 1A6, 4.92% (1 mo. Term <br> SOFR + 0.76%), 11/25/2035<sup>(d)</sup> <br>|  | 50372 | &nbsp;&nbsp; 19587 |
| Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-11IN, Class A6, <br> 3.70%, 11/25/2051<sup>(b)(h)</sup> <br>|  | 380209 | &nbsp;&nbsp; 341090 |
| &nbsp;&nbsp;&nbsp; Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(b)(h)</sup> <br>|  | 123187 | &nbsp;&nbsp; 110826 |
| &nbsp;&nbsp;&nbsp; Fort Greene Park CLO LLC, <br> Series 2025-2A, Class AR, 5.28% <br> (3 mo. Term SOFR + 0.95%), <br> 04/22/2034<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250064 |
| &nbsp;&nbsp;&nbsp; Frontier Issuer LLC, Series 2023-1, <br> Class A2, 6.60%, 08/20/2053<sup>(b)</sup> <br>|  | 311233 | &nbsp;&nbsp; 316223 |
| GCAT Trust, | GCAT Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-NQM3, Class A1, <br> 3.69%, 11/25/2059<sup>(b)(h)</sup> <br>|  | 9567 | &nbsp;&nbsp; 9351 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, <br> 5.60%, 04/25/2070<sup>(b)</sup> <br>|  | 163000 | &nbsp;&nbsp; 164665 |
| &nbsp;&nbsp;&nbsp; GMACM Mortgage Loan Trust, <br> Series 2006-AR1, Class 1A1, <br> 3.36%, 04/19/2036<sup>(h)</sup> <br>|  | 28051 | &nbsp;&nbsp; 23310 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO <br> 8 Ltd., Series 2020-8A, Class ARR, <br> 5.48% (3 mo. Term SOFR + <br> 1.15%), 10/20/2034<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250329 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 53(B) Ltd., <br> Series 2021-53A, Class AR, 5.31% <br> (3 mo. Term SOFR + 0.98%), <br> 07/20/2034<sup>(b)(d)</sup> <br>|  | $451000 | &nbsp;&nbsp; $451004 |
| GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A5, <br> 2.91%, 02/13/2053<br>|  | 50000 | &nbsp;&nbsp; 46886 |
| &nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A5, <br> 2.38%, 05/12/2053<br>|  | 300000 | &nbsp;&nbsp; 274757 |
| GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A6, <br> 2.50%, 12/25/2051<sup>(b)(h)</sup> <br>|  | 221262 | &nbsp;&nbsp; 198130 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, 5.91% <br> (30 Day Average SOFR + 1.55%), <br> 10/25/2055<sup>(b)(d)</sup> <br>|  | 129432 | &nbsp;&nbsp; 129893 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, <br> 5.01%, 10/25/2065<sup>(b)</sup> <br>|  | 295000 | &nbsp;&nbsp; 295196 |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 5.01%, 07/25/2035<sup>(h)</sup> <br>|  | 4019 | &nbsp;&nbsp; 3835 |
| Hertz Vehicle Financing III L.P., | Hertz Vehicle Financing III L.P., |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 1.68%, <br> 12/27/2027<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 110198 |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 2.12%, <br> 12/27/2027<sup>(b)</sup> <br>|  | 103000 | &nbsp;&nbsp; 100118 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, <br> Series 2025-1A, Class A, 4.88%, <br> 05/27/2042<sup>(b)</sup> <br>|  | 302247 | &nbsp;&nbsp; 306547 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Trust, <br> Series 2024-SFR1, Class A, 4.00%, <br> 09/17/2041<sup>(b)</sup> <br>|  | 99829 | &nbsp;&nbsp; 98133 |
| IP Mortgage Trust, | IP Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-IP, Class A, 5.42%, <br> 06/10/2042<sup>(b)(h)</sup> <br>|  | 294000 | &nbsp;&nbsp; 299575 |
| &nbsp;&nbsp;&nbsp; Series 2025-IP, Class B, 5.73%, <br> 06/10/2042<sup>(b)(h)</sup> <br>|  | 280000 | &nbsp;&nbsp; 285352 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust, <br> Series 2025-NQM3, Class A1, <br> 5.50%, 11/25/2065<sup>(b)(h)</sup> <br>|  | 277781 | &nbsp;&nbsp; 280145 |
| &nbsp;&nbsp;&nbsp; Jersey Mike's Funding, Series 2025-<br> 1A, Class A2, 5.61%, <br> 08/16/2055<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204860 |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(h)</sup> <br>|  | 7136 | &nbsp;&nbsp; 7118 |
| &nbsp;&nbsp;&nbsp; Series 2021-LTV2, Class A1, <br> 2.52%, 05/25/2052<sup>(b)(h)</sup> <br>|  | 292715 | &nbsp;&nbsp; 248030 |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A3, 5.50%, <br> 01/25/2055<sup>(b)(h)</sup> <br>|  | 50646 | &nbsp;&nbsp; 50860 |
| &nbsp;&nbsp;&nbsp; Series 2024-VIS1, Class A1, <br> 5.99%, 07/25/2064<sup>(b)(h)</sup> <br>|  | 203482 | &nbsp;&nbsp; 205666 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities <br> Trust, | &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities <br> Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-C24, Class B, 4.12%, <br> 11/15/2047<sup>(h)</sup> <br>|  | 245000 | &nbsp;&nbsp; 225852 |
| &nbsp;&nbsp;&nbsp; Series 2015-C27, Class XA, IO, <br> 0.86%, 02/15/2048<sup>(i)</sup> <br>|  | 252914 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Juniper Valley Park CLO Ltd., <br> Series 2023-1A, Class ARR, 0.00% <br> (3 mo. Term SOFR + 1.08%), <br> 07/20/2036<sup>(b)(d)(j)</sup> <br>|  | 530000 | &nbsp;&nbsp; 531160 |
| &nbsp;&nbsp;&nbsp; KKR CLO 15 Ltd., Series 15, <br> Class A1R2, 5.43% (3 mo. Term <br> SOFR + 1.10%), 01/18/2032<sup>(b)(d)</sup> <br>|  | 170885 | &nbsp;&nbsp; 170965 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-BMR, <br> Class C, 5.36% (1 mo. Term SOFR + <br> 1.21%), 03/15/2038<sup>(b)(d)</sup> <br>|  | $11748 | &nbsp;&nbsp; $11699 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XLVIII Ltd., <br> Series 2021-48A, Class A, 5.74% <br> (3 mo. Term SOFR + 1.41%), <br> 04/19/2033<sup>(b)(d)</sup> <br>|  | 667904 | &nbsp;&nbsp; 669054 |
| &nbsp;&nbsp;&nbsp; MASTR Asset Backed Securities Trust, <br> Series 2006-WMC3, Class A3, <br> 4.47% (1 mo. Term SOFR + <br> 0.31%), 08/25/2036<sup>(d)</sup> <br>|  | 34003 | &nbsp;&nbsp; 11605 |
| Mello Mortgage Capital Acceptance Trust, | Mello Mortgage Capital Acceptance Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A4, <br> 2.50%, 08/25/2051<sup>(b)(h)</sup> <br>|  | 160008 | &nbsp;&nbsp; 143295 |
| &nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(h)</sup> <br>|  | 158635 | &nbsp;&nbsp; 142314 |
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, <br> Series 2005-3, Class 3A, 2.39%, <br> 11/25/2035<sup>(h)</sup> <br>|  | 2414 | &nbsp;&nbsp; 2295 |
| &nbsp;&nbsp;&nbsp; MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, 11/25/2056<sup>(b)(h)</sup> <br>|  | 199054 | &nbsp;&nbsp; 179508 |
| MHP Commercial Mortgage Trust, | MHP Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-STOR, Class A, 4.97% <br> (1 mo. Term SOFR + 0.81%), <br> 07/15/2038<sup>(b)(d)</sup> <br>|  | 125000 | &nbsp;&nbsp; 125046 |
| &nbsp;&nbsp;&nbsp; Series 2021-STOR, Class B, 5.17% <br> (1 mo. Term SOFR + 1.01%), <br> 07/15/2038<sup>(b)(d)</sup> <br>|  | 105000 | &nbsp;&nbsp; 105045 |
| MILE Trust, | MILE Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-STNE, Class A, 5.65% <br> (1 mo. Term SOFR + 1.50%), <br> 07/15/2042<sup>(b)(d)</sup> <br>|  | 610000 | &nbsp;&nbsp; 611156 |
| &nbsp;&nbsp;&nbsp; Series 2025-STNE, Class B, 5.85% <br> (1 mo. Term SOFR + 1.70%), <br> 07/15/2042<sup>(b)(d)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100210 |
| &nbsp;&nbsp;&nbsp; Series 2025-STNE, Class C, 6.25% <br> (1 mo. Term SOFR + 2.10%), <br> 07/15/2042<sup>(b)(d)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100249 |
| Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-HR2, Class XA, IO, <br> 0.99%, 12/15/2050<sup>(i)</sup> <br>|  | 532974 | &nbsp;&nbsp; 8152 |
| &nbsp;&nbsp;&nbsp; Series 2019-L2, Class A4, 4.07%, <br> 03/15/2052<br>|  | 80000 | &nbsp;&nbsp; 78380 |
| &nbsp;&nbsp;&nbsp; Series 2019-L3, Class AS, 3.49%, <br> 11/15/2052<br>|  | 60000 | &nbsp;&nbsp; 56552 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Re-REMIC Trust, <br> Series 2012-R3, Class 1B, 6.00%, <br> 11/26/2036<sup>(b)(h)</sup> <br>|  | 171034 | &nbsp;&nbsp; 152598 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan <br> Trust, | &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan <br> Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A1, 6.00%, <br> 07/25/2054<sup>(b)(h)</sup> <br>|  | 149722 | &nbsp;&nbsp; 151803 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, <br> 5.65%, 10/25/2069<sup>(b)(h)</sup> <br>|  | 221084 | &nbsp;&nbsp; 222693 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, <br> 5.74%, 11/25/2069<sup>(b)(h)</sup> <br>|  | 347753 | &nbsp;&nbsp; 350770 |
| &nbsp;&nbsp;&nbsp; Navient Refinance Loan Trust, <br> Series 2025-A, Class A, 5.15%, <br> 02/16/2055<sup>(b)</sup> <br>|  | 167616 | &nbsp;&nbsp; 169821 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO <br> 38 Ltd., Series 2020-38A, <br> Class AR2, 5.29% (3 mo. Term <br> SOFR + 0.96%), 10/20/2036<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250136 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO <br> 47 Ltd., Series 2022-47A, <br> Class AR, 0.00% (3 mo. Term SOFR <br> + 1.09%), 04/16/2035<sup>(b)(d)(j)</sup> <br>|  | 270000 | &nbsp;&nbsp; 270000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO <br> 49 Ltd., Series 2022-49A, <br> Class AR, 5.47% (3 mo. Term SOFR <br> + 1.15%), 07/25/2035<sup>(b)(d)</sup> <br>|  | $256000 | &nbsp;&nbsp; $256173 |
| New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-NQM4, Class A1, <br> 2.49%, 09/25/2059<sup>(b)(h)</sup> <br>|  | 9374 | &nbsp;&nbsp; 9021 |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, <br> 2.46%, 01/26/2060<sup>(b)(h)</sup> <br>|  | 15798 | &nbsp;&nbsp; 14894 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, <br> 3.08%, 03/27/2062<sup>(b)(h)</sup> <br>|  | 191955 | &nbsp;&nbsp; 182571 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, <br> 5.47%, 11/25/2064<sup>(b)</sup> <br>|  | 82829 | &nbsp;&nbsp; 83728 |
| &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., Series 2021-2A, <br> Class AR, 5.29% (3 mo. Term SOFR <br> + 0.97%), 01/15/2035<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249751 |
| OBX Trust, | OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A1, <br> 1.96%, 10/25/2061<sup>(b)(h)</sup> <br>|  | 248242 | &nbsp;&nbsp; 213326 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, <br> 2.31%, 11/25/2061<sup>(b)(h)</sup> <br>|  | 217861 | &nbsp;&nbsp; 197790 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1B, <br> 3.38%, 01/25/2062<sup>(b)</sup> <br>|  | 235000 | &nbsp;&nbsp; 215793 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM14, Class A1, <br> 4.94%, 09/25/2064<sup>(b)</sup> <br>|  | 151116 | &nbsp;&nbsp; 151190 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM18, Class A1, <br> 5.41%, 10/25/2064<sup>(b)(h)</sup> <br>|  | 97845 | &nbsp;&nbsp; 98493 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE2, Class A1, 5.81% <br> (30 Day Average SOFR + 1.45%), <br> 08/25/2055<sup>(b)(d)</sup> <br>|  | 185800 | &nbsp;&nbsp; 186648 |
| &nbsp;&nbsp;&nbsp; Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, 2.50%, <br> 07/25/2051<sup>(b)(h)</sup> <br>|  | 198381 | &nbsp;&nbsp; 178792 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2020-8RA, <br> Class AR, 5.57% (3 mo. Term SOFR <br> + 1.25%), 10/17/2036<sup>(b)(d)</sup> <br>|  | 518000 | &nbsp;&nbsp; 518026 |
| &nbsp;&nbsp;&nbsp; One Bryant Park Trust, Series 2019-<br> OBP, Class A, 2.52%, <br> 09/15/2054<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 105094 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., <br> Series 2025-2A, Class A1, 5.23% <br> (3 mo. Term SOFR + 0.94%), <br> 07/15/2033<sup>(b)(d)</sup> <br>|  | 570000 | &nbsp;&nbsp; 570233 |
| &nbsp;&nbsp;&nbsp; Pikes Peak CLO 6, Series 2020-6A, <br> Class ARR, 5.13% (3 mo. Term SOFR <br> + 0.94%), 05/18/2034<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250062 |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust, Series 2025-INV1, <br> Class A7, 6.00%, 01/25/2060<sup>(b)(h)</sup> <br>|  | 119095 | &nbsp;&nbsp; 121000 |
| Progress Residential Trust, | Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, <br> 2.39%, 12/17/2040<sup>(b)</sup> <br>|  | 200006 | &nbsp;&nbsp; 189607 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR5, Class A, 4.45%, <br> 06/17/2039<sup>(b)</sup> <br>|  | 240543 | &nbsp;&nbsp; 240634 |
| &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2025-4, Class A1, 6.00%, <br> 09/25/2055<sup>(b)(h)</sup> <br>|  | 365000 | &nbsp;&nbsp; 371188 |
| &nbsp;&nbsp;&nbsp; Qdoba Funding LLC, Series 2023-1A, <br> Class A2, 8.50%, 09/14/2053<sup>(b)</sup> <br>|  | 357105 | &nbsp;&nbsp; 373434 |
| Rate Mortgage Trust, | Rate Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-J4, Class A1, 6.00%, <br> 12/25/2054<sup>(b)(h)</sup> <br>|  | 182852 | &nbsp;&nbsp; 185895 |
| &nbsp;&nbsp;&nbsp; Series 2025-J1, Class A4, 6.00%, <br> 03/25/2055<sup>(b)(h)</sup> <br>|  | 155092 | &nbsp;&nbsp; 157502 |
| &nbsp;&nbsp;&nbsp; Series 2025-J2, Class A5, 5.50%, <br> 07/25/2055<sup>(b)(h)</sup> <br>|  | 183729 | &nbsp;&nbsp; 185128 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| RCKT Mortgage Trust, | RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES6, Class A1A, <br> 5.47%, 06/25/2055<sup>(b)</sup> <br>|  | $225127 | &nbsp;&nbsp; $227549 |
| &nbsp;&nbsp;&nbsp; Series 2025-CES7, Class A1A, <br> 5.38%, 07/25/2055<sup>(b)</sup> <br>|  | 146598 | &nbsp;&nbsp; 148049 |
| Residential Accredit Loans, Inc. Trust, | Residential Accredit Loans, Inc. Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS13, Class 1A8, <br> 6.00%, 09/25/2036<br>|  | 208 | &nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp; Series 2007-QS6, Class A28, <br> 5.75%, 04/25/2037<br>|  | 2797 | &nbsp;&nbsp; 2311 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(b)(h)</sup> <br>|  | 2853 | &nbsp;&nbsp; 2835 |
| &nbsp;&nbsp;&nbsp; RR 17 Ltd., Series 2021-17A, <br> Class A1AR, 5.28% (3 mo. Term <br> SOFR + 1.07%), 07/15/2034<sup>(b)(d)</sup> <br>|  | 625000 | &nbsp;&nbsp; 625458 |
| &nbsp;&nbsp;&nbsp; RUN Trust, Series 2022-NQM1, <br> Class A1, 4.00%, 03/25/2067<sup>(b)</sup> <br>|  | 184475 | &nbsp;&nbsp; 182714 |
| &nbsp;&nbsp;&nbsp; SCG Commercial Mortgage Trust, <br> Series 2025-FLWR, Class A, 5.40% <br> (1 mo. Term SOFR + 1.25%), <br> 08/15/2042<sup>(b)(d)</sup> <br>|  | 145000 | &nbsp;&nbsp; 145325 |
| SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 3.17%, <br> 03/27/2062<sup>(b)(h)</sup> <br>|  | 302084 | &nbsp;&nbsp; 284508 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A2, 3.58%, <br> 03/27/2062<sup>(b)(h)</sup> <br>|  | 99429 | &nbsp;&nbsp; 91509 |
| &nbsp;&nbsp;&nbsp; Shackleton CLO Ltd., Series 2015-7RA, <br> Class ARR, 5.42% (3 mo. Term <br> SOFR + 1.10%), 07/15/2031<sup>(b)(d)</sup> <br>|  | 112315 | &nbsp;&nbsp; 112316 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 1 Ltd., Series 2014-<br> 1A, Class AR4, 5.40% (3 mo. Term <br> SOFR + 1.08%), 04/17/2034<sup>(b)(d)</sup> <br>|  | 372000 | &nbsp;&nbsp; 372365 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 4 Ltd., Series 2017-<br> 4A, Class AR2, 5.28% (3 mo. Term <br> SOFR + 1.12%), 10/26/2034<sup>(b)(d)</sup> <br>|  | 600000 | &nbsp;&nbsp; 600712 |
| Sonic Capital LLC, | Sonic Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2I, 3.85%, <br> 01/20/2050<sup>(b)</sup> <br>|  | 47458 | &nbsp;&nbsp; 46805 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 2.19%, <br> 08/20/2051<sup>(b)</sup> <br>|  | 153600 | &nbsp;&nbsp; 142193 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II, <br> 2.64%, 08/20/2051<sup>(b)</sup> <br>|  | 297600 | &nbsp;&nbsp; 257559 |
| &nbsp;&nbsp;&nbsp; STAR Trust, Series 2021-1, Class A1, <br> 1.22%, 05/25/2065<sup>(b)(h)</sup> <br>|  | 84642 | &nbsp;&nbsp; 79649 |
| Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.28%, <br> 02/25/2050<sup>(b)(h)</sup> <br>|  | 7049 | &nbsp;&nbsp; 6757 |
| &nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, <br> 1.03%, 11/25/2055<sup>(b)(h)</sup> <br>|  | 10767 | &nbsp;&nbsp; 10257 |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.92%, <br> 11/25/2066<sup>(b)(h)</sup> <br>|  | 285489 | &nbsp;&nbsp; 252568 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.45%, <br> 12/25/2066<sup>(b)(h)</sup> <br>|  | 220212 | &nbsp;&nbsp; 199260 |
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage <br> Loan Trust, Series 2004-12, <br> Class 3A2, 5.24%, 09/25/2034<sup>(h)</sup> <br>|  | 1380 | &nbsp;&nbsp; 1353 |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. <br> Mortgage Pass-Through Ctfs., <br> Series 2003-34A, Class 5A5, <br> 5.65%, 11/25/2033<sup>(h)</sup> <br>|  | 14687 | &nbsp;&nbsp; 14380 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Subway Funding LLC, | Subway Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A23, <br> 6.51%, 07/30/2054<sup>(b)</sup> <br>|  | $191553 | &nbsp;&nbsp; $200407 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I, 6.03%, <br> 07/30/2054<sup>(b)</sup> <br>|  | 210410 | &nbsp;&nbsp; 213522 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I, 6.27%, <br> 07/30/2054<sup>(b)</sup> <br>|  | 208425 | &nbsp;&nbsp; 214096 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A23, <br> 5.91%, 07/30/2054<sup>(b)</sup> <br>|  | 218350 | &nbsp;&nbsp; 218298 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2I, 5.25%, <br> 07/30/2054<sup>(b)</sup> <br>|  | 198500 | &nbsp;&nbsp; 198876 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2I, 5.57%, <br> 07/30/2054<sup>(b)</sup> <br>|  | 203463 | &nbsp;&nbsp; 204573 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XX Ltd., Series 2018-<br> 20A, Class AR2, 5.42% (3 mo. <br> Term SOFR + 1.10%), <br> 01/16/2032<sup>(b)(d)</sup> <br>|  | 187012 | &nbsp;&nbsp; 187078 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXI Ltd., <br> Series 2019-21A, Class AR2, <br> 5.22% (3 mo. Term SOFR + <br> 0.90%), 07/15/2032<sup>(b)(d)</sup> <br>|  | 307260 | &nbsp;&nbsp; 307362 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXII Ltd., <br> Series 2020-22A, Class A1AR, <br> 5.51% (3 mo. Term SOFR + <br> 1.18%), 04/18/2033<sup>(b)(d)</sup> <br>|  | 235802 | &nbsp;&nbsp; 235866 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXIII Ltd., <br> Series 2020-23A, Class AR2, <br> 5.22% (3 mo. Term SOFR + <br> 0.90%), 01/15/2034<sup>(b)(d)</sup> <br>|  | 315279 | &nbsp;&nbsp; 315307 |
| &nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, <br> Series 2024-A2, Class A, 4.93%, <br> 07/15/2030<br>|  | 280000 | &nbsp;&nbsp; 284761 |
| Taco Bell Funding LLC, | Taco Bell Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I, 4.82%, <br> 08/25/2055<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 401828 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2II, <br> 5.05%, 08/25/2055<sup>(b)</sup> <br>|  | 260000 | &nbsp;&nbsp; 261479 |
| &nbsp;&nbsp;&nbsp; Textainer Marine Containers VII Ltd., <br> Series 2021-2A, Class A, 2.23%, <br> 04/20/2046<sup>(b)</sup> <br>|  | 284533 | &nbsp;&nbsp; 267213 |
| &nbsp;&nbsp;&nbsp; Thornburg Mortgage Securities Trust, <br> Series 2005-1, Class A3, 4.66%, <br> 04/25/2045<sup>(h)</sup> <br>|  | 9638 | &nbsp;&nbsp; 9463 |
| &nbsp;&nbsp;&nbsp; TierPoint Issuer LLC, Series 2023-1A, <br> Class A2, 6.00%, 06/25/2053<sup>(b)</sup> <br>|  | 58667 | &nbsp;&nbsp; 58764 |
| &nbsp;&nbsp;&nbsp; Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, 1.48%, <br> 11/17/2039<sup>(b)</sup> <br>|  | 243985 | &nbsp;&nbsp; 230756 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust, <br> Series 2025-SFR1, Class A, 5.25% <br> (1 mo. Term SOFR + 1.10%), <br> 03/17/2042<sup>(b)(d)</sup> <br>|  | 193997 | &nbsp;&nbsp; 194435 |
| UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C5, Class XA, IO, <br> 1.24%, 11/15/2050<sup>(i)</sup> <br>|  | 716727 | &nbsp;&nbsp; 11542 |
| &nbsp;&nbsp;&nbsp; Series 2019-C16, Class A4, <br> 3.61%, 04/15/2052<br>|  | 80000 | &nbsp;&nbsp; 77209 |
| VDCM Commercial Mortgage Trust, | VDCM Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class A, 5.23%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 695000 | &nbsp;&nbsp; 702870 |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class B, 5.48%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101191 |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class C, 6.03%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 235000 | &nbsp;&nbsp; 238551 |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class D, 6.43%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 245000 | &nbsp;&nbsp; 248756 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1B, 0.82%, <br> 01/25/2066<sup>(b)(h)</sup> <br>|  | $57190 | &nbsp;&nbsp; $51532 |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 1.83%, <br> 10/25/2066<sup>(b)</sup> <br>|  | 235317 | &nbsp;&nbsp; 215441 |
| &nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, 0.82%, <br> 10/25/2063<sup>(b)(h)</sup> <br>|  | 37129 | &nbsp;&nbsp; 35780 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.72%, <br> 01/25/2067<sup>(b)</sup> <br>|  | 186789 | &nbsp;&nbsp; 175281 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 4.13%, <br> 02/25/2067<sup>(b)</sup> <br>|  | 132208 | &nbsp;&nbsp; 127458 |
| &nbsp;&nbsp;&nbsp; Series 2022-INV2, Class A1, <br> 6.79%, 10/25/2067<sup>(b)</sup> <br>|  | 99252 | &nbsp;&nbsp; 98973 |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.10%, <br> 09/25/2069<sup>(b)(h)</sup> <br>|  | 121564 | &nbsp;&nbsp; 121835 |
| &nbsp;&nbsp;&nbsp; Visio Trust, Series 2020-1R, Class A1, <br> 1.31%, 11/25/2055<sup>(b)</sup> <br>|  | 20274 | &nbsp;&nbsp; 19607 |
| WaMu Mortgage Pass-Through Ctfs. Trust, | WaMu Mortgage Pass-Through Ctfs. Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-AR10, Class A7, <br> 6.20%, 10/25/2033<sup>(h)</sup> <br>|  | 13073 | &nbsp;&nbsp; 12639 |
| &nbsp;&nbsp;&nbsp; Series 2005-AR14, Class 1A4, <br> 4.92%, 12/25/2035<sup>(h)</sup> <br>|  | 35892 | &nbsp;&nbsp; 34115 |
| &nbsp;&nbsp;&nbsp; Series 2005-AR16, Class 1A1, <br> 4.64%, 12/25/2035<sup>(h)</sup> <br>|  | 15652 | &nbsp;&nbsp; 14396 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, Class XA, <br> IO, 0.98%, 12/15/2050<sup>(i)</sup> <br>|  | 776671 | &nbsp;&nbsp; 12366 |
| &nbsp;&nbsp;&nbsp; Wendy's Funding LLC, Series 2018-1A, <br> Class A2II, 3.88%, 03/15/2048<sup>(b)</sup> <br>|  | 55335 | &nbsp;&nbsp; 54590 |
| &nbsp;&nbsp;&nbsp; WEST Trust, Series 2025-ROSE, <br> Class A, 5.45%, 04/10/2035<sup>(b)(h)</sup> <br>|  | 435000 | &nbsp;&nbsp; 441909 |
| &nbsp;&nbsp;&nbsp; WF Card Issuance Trust, <br> Series 2024-A1, Class A, 4.94%, <br> 02/15/2029<br>|  | 507000 | &nbsp;&nbsp; 514550 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2013-C14, Class AS, 3.49%, <br> 06/15/2046<br>|  | 18741 | &nbsp;&nbsp; 18331 |
| Zaxby's Funding LLC, | Zaxby's Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2, 3.24%, <br> 07/30/2051<sup>(b)</sup> <br>|  | 491040 | &nbsp;&nbsp; 463831 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I, 6.59%, <br> 04/30/2054<sup>(b)</sup> <br>|  | 123750 | &nbsp;&nbsp; 127840 |
| Zayo Issuer LLC, | Zayo Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2, 5.95%, <br> 06/20/2055<sup>(b)</sup> <br>|  | 219000 | &nbsp;&nbsp; 225632 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, 5.57%, <br> 10/20/2055<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 254458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $46,434,685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $46,434,685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $46,434,685) | &nbsp;&nbsp; 45268163 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.04%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.04%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.04%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.04%** |
| **Collateralized Mortgage Obligations–17.95%** | **Collateralized Mortgage Obligations–17.95%** | **Collateralized Mortgage Obligations–17.95%** | **Collateralized Mortgage Obligations–17.95%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>7.00%, 02/25/2028 to <br> 04/25/2032<sup>(k)</sup> <br>|  | 32982 | &nbsp;&nbsp; 4342 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/25/2029 to <br> 02/25/2033<sup>(i)(k)</sup> <br>|  | 110547 | &nbsp;&nbsp; 12504 |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/25/2029<sup>(k)</sup> <br>|  | 4937 | &nbsp;&nbsp; 486 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/25/2033 to <br> 03/25/2036<sup>(i)(k)</sup> <br>|  | 102974 | &nbsp;&nbsp; 15452 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/25/2033 to <br> 06/25/2035<sup>(i)(k)</sup> <br>|  | 149419 | &nbsp;&nbsp; 19628 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>3.00%, 11/25/2027<sup>(k)</sup> <br>|  | $9522 | &nbsp;&nbsp; $153 |
| &nbsp;&nbsp;&nbsp; 2.63% (7.10% - (30 Day Average <br> SOFR + 0.11%)), 11/25/2030<sup>(d)(k)</sup> <br>|  | 14004 | &nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp; 3.40% (7.90% - (30 Day Average <br> SOFR + 0.11%)), 11/18/2031 to <br> 12/18/2031<sup>(d)(k)</sup> <br>|  | 1146 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; 3.43% (7.90% - (30 Day Average <br> SOFR + 0.11%)), 11/25/2031<sup>(d)(k)</sup> <br>|  | 24760 | &nbsp;&nbsp; 2143 |
| &nbsp;&nbsp;&nbsp; 2.78% (7.25% - (30 Day Average <br> SOFR + 0.11%)), 01/25/2032<sup>(d)(k)</sup> <br>|  | 1248 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp; 3.48% (7.95% - (30 Day Average <br> SOFR + 0.11%)), 01/25/2032<sup>(d)(k)</sup> <br>|  | 6319 | &nbsp;&nbsp; 572 |
| &nbsp;&nbsp;&nbsp; 3.50% (8.00% - (30 Day Average <br> SOFR + 0.11%)), 03/18/2032 to <br> 12/18/2032<sup>(d)(k)</sup> <br>|  | 2308 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp; 3.63% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2032 to <br> 04/25/2032<sup>(d)(k)</sup> <br>|  | 1974 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp; 2.53% (7.00% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032 to <br> 09/25/2032<sup>(d)(k)</sup> <br>|  | 6379 | &nbsp;&nbsp; 569 |
| &nbsp;&nbsp;&nbsp; 3.33% (7.80% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032<sup>(d)(k)</sup> <br>|  | 205 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; 3.53% (8.00% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032 to <br> 12/25/2032<sup>(d)(k)</sup> <br>|  | 94231 | &nbsp;&nbsp; 10047 |
| &nbsp;&nbsp;&nbsp; 3.60% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 12/18/2032<sup>(d)(k)</sup> <br>|  | 6666 | &nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp; 3.78% (8.25% - (30 Day Average <br> SOFR + 0.11%)), 02/25/2033 to <br> 05/25/2033<sup>(d)(k)</sup> <br>|  | 36298 | &nbsp;&nbsp; 5330 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/25/2033<sup>(k)</sup> <br>|  | 1485 | &nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp; 1.58% (6.05% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2035 to <br> 07/25/2038<sup>(d)(k)</sup> <br>|  | 18982 | &nbsp;&nbsp; 1578 |
| &nbsp;&nbsp;&nbsp; 2.28% (6.75% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2035 to <br> 05/25/2035<sup>(d)(k)</sup> <br>|  | 5103 | &nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp; 2.13% (6.60% - (30 Day Average <br> SOFR + 0.11%)), 05/25/2035<sup>(d)(k)</sup> <br>|  | 11777 | &nbsp;&nbsp; 566 |
| &nbsp;&nbsp;&nbsp; 2.23% (6.70% - (30 Day Average <br> SOFR + 0.11%)), 05/25/2035<sup>(d)(k)</sup> <br>|  | 46732 | &nbsp;&nbsp; 4063 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/25/2035<sup>(k)</sup> <br>|  | 117514 | &nbsp;&nbsp; 11927 |
| &nbsp;&nbsp;&nbsp; 1.63% (6.10% - (30 Day Average <br> SOFR + 0.11%)), 10/25/2035<sup>(d)(k)</sup> <br>|  | 50062 | &nbsp;&nbsp; 4949 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/25/2041 to <br> 08/25/2047<sup>(k)</sup> <br>|  | 39485 | &nbsp;&nbsp; 5919 |
| &nbsp;&nbsp;&nbsp; 2.08% (6.55% - (30 Day Average <br> SOFR + 0.11%)), 10/25/2041<sup>(d)(k)</sup> <br>|  | 11800 | &nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp; 1.68% (6.15% - (30 Day Average <br> SOFR + 0.11%)), 12/25/2042<sup>(d)(k)</sup> <br>|  | 34632 | &nbsp;&nbsp; 4291 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/25/2046<sup>(k)</sup> <br>|  | 33393 | &nbsp;&nbsp; 4360 |
| &nbsp;&nbsp;&nbsp; 1.43% (5.90% - (30 Day Average <br> SOFR + 0.11%)), 09/25/2047<sup>(d)(k)</sup> <br>|  | 241705 | &nbsp;&nbsp; 25082 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/25/2028 to <br> 11/25/2029<br>|  | 20327 | &nbsp;&nbsp; 20649 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/25/2028 to <br> 12/25/2031<br>|  | 26576 | &nbsp;&nbsp; 27350 |
| &nbsp;&nbsp;&nbsp; 4.72% (30 Day Average SOFR + <br> 0.36%), 08/25/2035<sup>(d)</sup> <br>|  | 197 | &nbsp;&nbsp; 196 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| &nbsp;&nbsp;&nbsp; 8.17% (24.57% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 03/25/2036<sup>(d)</sup> <br>|  | $20075 | &nbsp;&nbsp; $23931 |
| &nbsp;&nbsp;&nbsp; 7.81% (24.20% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 06/25/2036<sup>(d)</sup> <br>|  | 12130 | &nbsp;&nbsp; 14463 |
| &nbsp;&nbsp;&nbsp; 7.81% (24.20% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 06/25/2036<sup>(d)</sup> <br>|  | 9973 | &nbsp;&nbsp; 11027 |
| &nbsp;&nbsp;&nbsp; 5.41% (30 Day Average SOFR + <br> 1.05%), 06/25/2037<sup>(d)</sup> <br>|  | 8105 | &nbsp;&nbsp; 8190 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| &nbsp;&nbsp;&nbsp; Series K734, Class X1, IO, <br>0.78%, 02/25/2026<sup>(i)</sup> <br>|  | 1237497 | &nbsp;&nbsp; 1163 |
| &nbsp;&nbsp;&nbsp; Series K735, Class X1, IO, <br>1.10%, 05/25/2026<sup>(i)</sup> <br>|  | 1932103 | &nbsp;&nbsp; 7178 |
| &nbsp;&nbsp;&nbsp; Series K083, Class AM, <br>4.03%, 10/25/2028<sup>(h)</sup> <br>|  | 23000 | &nbsp;&nbsp; 22994 |
| &nbsp;&nbsp;&nbsp; Series K085, Class AM, <br>4.06%, 10/25/2028<sup>(h)</sup> <br>|  | 23000 | &nbsp;&nbsp; 23060 |
| &nbsp;&nbsp;&nbsp; Series K089, Class AM, <br>3.63%, 01/25/2029<sup>(h)</sup> <br>|  | 39000 | &nbsp;&nbsp; 38545 |
| &nbsp;&nbsp;&nbsp; Series K088, Class AM, <br>3.76%, 01/25/2029<sup>(h)</sup> <br>|  | 92000 | &nbsp;&nbsp; 91423 |
| &nbsp;&nbsp;&nbsp; Series K093, Class X1, IO, <br>1.08%, 05/25/2029<sup>(i)</sup> <br>|  | 1551135 | &nbsp;&nbsp; 44312 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>3.16% (7.65% - (30 Day Average <br> SOFR + 0.11%)), 07/15/2026 to <br> 03/15/2029<sup>(d)(k)</sup> <br>|  | 8346 | &nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/2027 to <br> 12/15/2027<sup>(k)</sup> <br>|  | 32593 | &nbsp;&nbsp; 554 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/2028<sup>(k)</sup> <br>|  | 9871 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp; 3.61% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 06/15/2029<sup>(d)(k)</sup> <br>|  | 294 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; 2.21% (6.70% - (30 Day Average <br> SOFR + 0.11%)), 01/15/2035<sup>(d)(k)</sup> <br>|  | 96760 | &nbsp;&nbsp; 6271 |
| &nbsp;&nbsp;&nbsp; 2.26% (6.75% - (30 Day Average <br> SOFR + 0.11%)), 02/15/2035<sup>(d)(k)</sup> <br>|  | 10121 | &nbsp;&nbsp; 636 |
| &nbsp;&nbsp;&nbsp; 2.23% (6.72% - (30 Day Average <br> SOFR + 0.11%)), 05/15/2035<sup>(d)(k)</sup> <br>|  | 7731 | &nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp; 1.66% (6.15% - (30 Day Average <br> SOFR + 0.11%)), 07/15/2035<sup>(d)(k)</sup> <br>|  | 2015 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; 2.51% (7.00% - (30 Day Average <br> SOFR + 0.11%)), 12/15/2037<sup>(d)(k)</sup> <br>|  | 2071 | &nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp; 1.51% (6.00% - (30 Day Average <br> SOFR + 0.11%)), 04/15/2038<sup>(d)(k)</sup> <br>|  | 2769 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; 1.58% (6.07% - (30 Day Average <br> SOFR + 0.11%)), 05/15/2038<sup>(d)(k)</sup> <br>|  | 73021 | &nbsp;&nbsp; 6074 |
| &nbsp;&nbsp;&nbsp; 1.76% (6.25% - (30 Day Average <br> SOFR + 0.11%)), 12/15/2039<sup>(d)(k)</sup> <br>|  | 15770 | &nbsp;&nbsp; 1494 |
| &nbsp;&nbsp;&nbsp; 1.61% (6.10% - (30 Day Average <br> SOFR + 0.11%)), 01/15/2044<sup>(d)(k)</sup> <br>|  | 32867 | &nbsp;&nbsp; 3402 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2028 to <br> 06/15/2032<br>|  | 85047 | &nbsp;&nbsp; 87113 |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/15/2030 |  | 164 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; 5.49% (30 Day Average SOFR + <br> 1.11%), 02/15/2032<sup>(d)</sup> <br>|  | 256 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/15/2032 |  | 3923 | &nbsp;&nbsp; 3858 |
| &nbsp;&nbsp;&nbsp; 8.30% (24.75% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 08/15/2035<sup>(d)</sup> <br>|  | 2853 | &nbsp;&nbsp; 3394 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| &nbsp;&nbsp;&nbsp; 4.89% (30 Day Average SOFR + <br> 0.51%), 09/15/2035<sup>(d)</sup> <br>|  | $411 | &nbsp;&nbsp; $408 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp; PO, <br>0.00%, 06/01/2026<sup>(j)</sup> <br>|  | 364 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; IO, <br>3.00%, 12/15/2027<sup>(k)</sup> <br>|  | 12680 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/15/2027<sup>(i)</sup> <br>|  | 3792 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/01/2029<sup>(k)</sup> <br>|  | 605 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; 7.50%, 12/15/2029<sup>(k)</sup> <br>|  | 14278 | &nbsp;&nbsp; 1414 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/15/2032<sup>(k)</sup> <br>|  | 9410 | &nbsp;&nbsp; 1017 |
| Uniform Mortgage-Backed Securities, | Uniform Mortgage-Backed Securities, |  |  |
| &nbsp;&nbsp;&nbsp; TBA, <br>6.50%, 10/14/2025<sup>(l)</sup> <br>|  | 1250000 | &nbsp;&nbsp; 1291925 |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/2040 to <br> 10/01/2055<sup>(l)</sup> <br>|  | 6885103 | &nbsp;&nbsp; 5644970 |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/01/2055<sup>(l)</sup> <br>|  | 6152701 | &nbsp;&nbsp; 5184586 |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2055<sup>(l)</sup> <br>|  | 4892457 | &nbsp;&nbsp; 4298090 |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/01/2055<sup>(l)</sup> <br>|  | 2663701 | &nbsp;&nbsp; 2433972 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2055<sup>(l)</sup> <br>|  | 2164696 | &nbsp;&nbsp; 2040436 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2055<sup>(l)</sup> <br>|  | 507318 | &nbsp;&nbsp; 492145 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055<sup>(l)</sup> <br>|  | 1834233 | &nbsp;&nbsp; 1819360 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2055<sup>(l)</sup> <br>|  | 2021723 | &nbsp;&nbsp; 2038694 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/2055<sup>(l)</sup> <br>|  | 1806845 | &nbsp;&nbsp; 1846133 |
|  |  |  | &nbsp;&nbsp; 27680501 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–0.11%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.11%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.11%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.11%** |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2028 to <br> 04/01/2034<br>|  | 21978 | &nbsp;&nbsp; 22734 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/2029 |  | 17973 | &nbsp;&nbsp; 18452 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/2031 to <br> 10/01/2037<br>|  | 9816 | &nbsp;&nbsp; 10264 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 |  | 448 | &nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2039 |  | 52228 | &nbsp;&nbsp; 54040 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2048 to <br> 07/01/2049<br>|  | 69644 | &nbsp;&nbsp; 66818 |
|  |  |  | &nbsp;&nbsp; 172758 |
| **Federal National Mortgage Association (FNMA)–0.19%** | **Federal National Mortgage Association (FNMA)–0.19%** | **Federal National Mortgage Association (FNMA)–0.19%** | **Federal National Mortgage Association (FNMA)–0.19%** |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/01/2030 to <br> 12/01/2032<br>|  | 2918 | &nbsp;&nbsp; 3049 |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/2030 to <br> 05/01/2047<br>|  | 278651 | &nbsp;&nbsp; 261620 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2031 to <br> 01/01/2034<br>|  | 1299 | &nbsp;&nbsp; 1342 |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/2033 |  | 479 | &nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2035 to <br> 05/01/2036<br>|  | 26686 | &nbsp;&nbsp; 27418 |
|  |  |  | &nbsp;&nbsp; 293921 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Government National Mortgage Association (GNMA)–3.79%** | **Government National Mortgage Association (GNMA)–3.79%** | **Government National Mortgage Association (GNMA)–3.79%** | **Government National Mortgage Association (GNMA)–3.79%** |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/2026 to <br> 07/15/2031<br>|  | $95 | &nbsp;&nbsp; $98 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/15/2031 |  | 524 | &nbsp;&nbsp; 538 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/15/2032 |  | 346 | &nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/20/2049 |  | 20953 | &nbsp;&nbsp; 19971 |
| &nbsp;&nbsp;&nbsp; IO, <br>2.29% (6.55% - (1 mo. Term SOFR <br> + 0.11%)), 04/16/2037<sup>(d)(k)</sup> <br>|  | 13533 | &nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp; 2.39% (6.65% - (1 mo. Term SOFR <br> + 0.11%)), 04/16/2041<sup>(d)(k)</sup> <br>|  | 74531 | &nbsp;&nbsp; 5082 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/16/2047<sup>(k)</sup> <br>|  | 82719 | &nbsp;&nbsp; 15057 |
| &nbsp;&nbsp;&nbsp; 1.94% (6.20% - (1 mo. Term SOFR <br> + 0.11%)), 10/16/2047<sup>(d)(k)</sup> <br>|  | 86799 | &nbsp;&nbsp; 11224 |
| &nbsp;&nbsp;&nbsp; TBA, <br>2.00%, 10/01/2055<sup>(l)</sup> <br>|  | 345000 | &nbsp;&nbsp; 285266 |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/01/2055<sup>(l)</sup> <br>|  | 1297000 | &nbsp;&nbsp; 1116833 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2055<sup>(l)</sup> <br>|  | 1398000 | &nbsp;&nbsp; 1355940 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055<sup>(l)</sup> <br>|  | 688000 | &nbsp;&nbsp; 684459 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2055<sup>(l)</sup> <br>|  | 1247000 | &nbsp;&nbsp; 1256475 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/2055<sup>(l)</sup> <br>|  | 1073000 | &nbsp;&nbsp; 1091423 |
|  |  |  | &nbsp;&nbsp; 5843479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $35,140,053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $35,140,053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $35,140,053) | &nbsp;&nbsp; 33990659 |
| **U.S. Treasury Securities–15.35%** | **U.S. Treasury Securities–15.35%** | **U.S. Treasury Securities–15.35%** | **U.S. Treasury Securities–15.35%** |
| **U.S. Treasury Bills–0.44%** | **U.S. Treasury Bills–0.44%** | **U.S. Treasury Bills–0.44%** | **U.S. Treasury Bills–0.44%** |
| &nbsp;&nbsp;&nbsp; 3.66% - 4.14%, 05/14/2026<sup>(m)(n)</sup> <br>|  | 687000 | &nbsp;&nbsp; 671487 |
| **U.S. Treasury Bonds–3.84%** | **U.S. Treasury Bonds–3.84%** | **U.S. Treasury Bonds–3.84%** | **U.S. Treasury Bonds–3.84%** |
| &nbsp;&nbsp;&nbsp; 4.88%, 08/15/2045 |  | 634700 | &nbsp;&nbsp; 648931 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2055 |  | 5252400 | &nbsp;&nbsp; 5270455 |
|  |  |  | &nbsp;&nbsp; 5919386 |
| **U.S. Treasury Notes–11.07%** | **U.S. Treasury Notes–11.07%** | **U.S. Treasury Notes–11.07%** | **U.S. Treasury Notes–11.07%** |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2027 |  | 3475500 | &nbsp;&nbsp; 3468169 |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2028 |  | 1891100 | &nbsp;&nbsp; 1878320 |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/2030 |  | 3674400 | &nbsp;&nbsp; 3655885 |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/30/2032 |  | 104900 | &nbsp;&nbsp; 104564 |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 |  | 7902900 | &nbsp;&nbsp; 7967728 |
|  |  |  | &nbsp;&nbsp; 17074666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $23,473,868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $23,473,868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $23,473,868) | &nbsp;&nbsp; 23665539 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** |  |
| **Preferred Stocks–0.48%** | **Preferred Stocks–0.48%** | **Preferred Stocks–0.48%** | **Preferred Stocks–0.48%** |
| **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** |
| Boeing Co. (The), 6.00%, Conv. Pfd. | Boeing Co. (The), 6.00%, Conv. Pfd. | 1000 | &nbsp;&nbsp; 69570 |
| **Diversified Banks–0.01%** | **Diversified Banks–0.01%** | **Diversified Banks–0.01%** | **Diversified Banks–0.01%** |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., 7.50%, Class A, Series L, <br> Conv. Pfd. | &nbsp;&nbsp;&nbsp; Wells Fargo & Co., 7.50%, Class A, Series L, <br> Conv. Pfd. | 10 | &nbsp;&nbsp; 12343 |
| **Diversified Financial Services–0.23%** | **Diversified Financial Services–0.23%** | **Diversified Financial Services–0.23%** | **Diversified Financial Services–0.23%** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(e)</sup>  | &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(e)</sup>  | 13475 | &nbsp;&nbsp; 353584 |
| **Investment Banking & Brokerage–0.08%** | **Investment Banking & Brokerage–0.08%** | **Investment Banking & Brokerage–0.08%** | **Investment Banking & Brokerage–0.08%** |
| Morgan Stanley, 6.88%, Series F, Pfd. | Morgan Stanley, 6.88%, Series F, Pfd. | 5000 | &nbsp;&nbsp; 125750 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Regional Banks–0.11%** | **Regional Banks–0.11%** | **Regional Banks–0.11%** | **Regional Banks–0.11%** |
| M&T Bank Corp., 7.50%, Series J, Pfd. | M&T Bank Corp., 7.50%, Series J, Pfd. | 6570 | &nbsp;&nbsp; $175485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $688,830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $688,830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $688,830) | &nbsp;&nbsp; 736732 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Non-U.S. Dollar Denominated Bonds & Notes–0.17%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.17%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.17%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.17%**<sup>(o)</sup>  |
| **Metal, Glass & Plastic Containers–0.09%** | **Metal, Glass & Plastic Containers–0.09%** | **Metal, Glass & Plastic Containers–0.09%** | **Metal, Glass & Plastic Containers–0.09%** |
| &nbsp;&nbsp;&nbsp; Boots Group Finco L.P. (United <br> Kingdom), 7.38%, 08/31/2032<sup>(b)</sup> <br>| GBP | 100000 | &nbsp;&nbsp; 137358 |
| **Movies & Entertainment–0.08%** | **Movies & Entertainment–0.08%** | **Movies & Entertainment–0.08%** | **Movies & Entertainment–0.08%** |
| Netflix, Inc., 3.88%, 11/15/2029<sup>(b)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 122467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $245,705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $245,705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $245,705) | &nbsp;&nbsp; 259825 |
| **Agency Credit Risk Transfer Notes–0.14%** | **Agency Credit Risk Transfer Notes–0.14%** | **Agency Credit Risk Transfer Notes–0.14%** | **Agency Credit Risk Transfer Notes–0.14%** |
| Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, <br> 6.66% (30 Day Average SOFR + <br> 2.30%), 01/25/2043<sup>(b)(d)</sup> <br>|  | $64708 | &nbsp;&nbsp; 65914 |
| &nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, <br> 5.36% (30 Day Average SOFR + <br> 1.00%), 05/25/2045<sup>(b)(d)</sup> <br>|  | 17795 | &nbsp;&nbsp; 17824 |
| Freddie Mac, | Freddie Mac, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1, <br> STACR<sup>®</sup>, 6.66% (30 Day Average <br> SOFR + 2.30%), 08/25/2042<sup>(b)(d)</sup> <br>|  | 79976 | &nbsp;&nbsp; 81198 |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 6.45% (30 Day Average <br> SOFR + 2.10%), 03/25/2043<sup>(b)(d)</sup> <br>|  | 46686 | &nbsp;&nbsp; 47367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $209,165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $209,165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $209,165) | &nbsp;&nbsp; 212303 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares** |  |
| **Money Market Funds–4.75%** | **Money Market Funds–4.75%** | **Money Market Funds–4.75%** | **Money Market Funds–4.75%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.05%<sup>(p)(q)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.05%<sup>(p)(q)</sup>  | 2559980 | &nbsp;&nbsp; 2559980 |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class, 3.99%<sup>(p)(q)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class, 3.99%<sup>(p)(q)</sup>  | 4770959 | &nbsp;&nbsp; 4770959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $7,330,939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $7,330,939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $7,330,939) | &nbsp;&nbsp; 7330939 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-122.50% <br> (Cost $188,966,508)<br>|  |  | &nbsp;&nbsp; 188876888 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.59%** | **Money Market Funds–2.59%** | **Money Market Funds–2.59%** | **Money Market Funds–2.59%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.14%<sup>(p)(q)(r)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.14%<sup>(p)(q)(r)</sup>  | 1113874 | &nbsp;&nbsp; 1113874 |
| Invesco Private Prime Fund, 4.26%<sup>(p)(q)(r)</sup>  | Invesco Private Prime Fund, 4.26%<sup>(p)(q)(r)</sup>  | 2878796 | &nbsp;&nbsp; 2879660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,993,663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,993,663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,993,663) | &nbsp;&nbsp; 3993534 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES–125.09% <br> (Cost $192,960,171) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES–125.09% <br> (Cost $192,960,171) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES–125.09% <br> (Cost $192,960,171) | &nbsp;&nbsp; 192870422 |
| OTHER ASSETS LESS LIABILITIES—(25.09)% | OTHER ASSETS LESS LIABILITIES—(25.09)% | OTHER ASSETS LESS LIABILITIES—(25.09)% | &nbsp;&nbsp; (38687046)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $154183376 |

---

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

**Invesco V.I. Core Plus Bond Fund**

------

Investment Abbreviations:

---

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

---

Notes to Schedule of Investments:

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

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at September 30, 2025 was $82,847,915, which represented 53.73% of the Fund's Net Assets. 

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

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

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

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

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

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

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

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

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

<sup>(l)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. 

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

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

<sup>(o)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**September 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $11123631 | &nbsp;&nbsp; $19224775 | &nbsp;&nbsp; $(27788426) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2559980 | &nbsp;&nbsp; $214377 |
| Invesco Treasury Portfolio, Institutional Class | &nbsp;&nbsp; 20674884 | &nbsp;&nbsp;&nbsp; 35703152 | &nbsp;&nbsp;&nbsp; (51607077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4770959 | &nbsp;&nbsp;&nbsp; 395548 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 767918 | &nbsp;&nbsp;&nbsp; 27160514 | &nbsp;&nbsp;&nbsp; (26814558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1113874 | &nbsp;&nbsp;&nbsp; 48,259\* |
| Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 2010497 | &nbsp;&nbsp;&nbsp; 64223821 | &nbsp;&nbsp;&nbsp; (63354858) | &nbsp;&nbsp; (129) | &nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp; 2879660 | &nbsp;&nbsp; 134,073\* |
| Total | $34576930 | &nbsp;&nbsp; $146312262 | &nbsp;&nbsp; $(169564919) | &nbsp;&nbsp; $(129) | &nbsp;&nbsp; $329 | &nbsp;&nbsp; $11324473 | &nbsp;&nbsp; $792257 |

---

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

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

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

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

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

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

**Invesco V.I. Core Plus Bond Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 109 | December-2025 | &nbsp;&nbsp;&nbsp; $22715430 | &nbsp;&nbsp;&nbsp; $(5868)<br>| &nbsp;&nbsp;&nbsp; $(5868)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 16 | December-2025 | &nbsp;&nbsp;&nbsp; 1865500 | &nbsp;&nbsp;&nbsp; (17837)<br>| &nbsp;&nbsp;&nbsp; (17837)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 51 | December-2025 | &nbsp;&nbsp;&nbsp; 6123187 | &nbsp;&nbsp;&nbsp; 179660 | &nbsp;&nbsp;&nbsp; 179660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 155955 | &nbsp;&nbsp;&nbsp; 155955 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 45 | December-2025 | &nbsp;&nbsp;&nbsp; (4913789)<br>| &nbsp;&nbsp;&nbsp; 16654 | &nbsp;&nbsp;&nbsp; 16654 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 91 | December-2025 | &nbsp;&nbsp;&nbsp; (10237500)<br>| &nbsp;&nbsp;&nbsp; (4233)<br>| &nbsp;&nbsp;&nbsp; (4233)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 72 | December-2025 | &nbsp;&nbsp;&nbsp; (8285625)<br>| &nbsp;&nbsp;&nbsp; (53725)<br>| &nbsp;&nbsp;&nbsp; (53725)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (41304)<br>| &nbsp;&nbsp;&nbsp; (41304)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; $114651 | &nbsp;&nbsp;&nbsp; $114651 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 10/31/2025 | Citibank, N.A. | EUR | 169000 | USD | 199098 | &nbsp;&nbsp;&nbsp; $334 |
| 10/31/2025 | Goldman Sachs International | EUR | 25000 | USD | 29508 | &nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 439 |
| **Currency Risk** |  |  |  |  |  |  |
| 10/31/2025 | Citibank, N.A. | GBP | 100000 | USD | 132250 | &nbsp;&nbsp;&nbsp; (2262)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(1823)<br>|

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| USD | —U.S. Dollar |

---

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

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

**Invesco V.I. Core Plus Bond Fund**

------

**Notes to Quarterly Schedule of Portfolio Holdings**

*September 30, 2025*

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $76704776 | &nbsp;&nbsp;&nbsp;&nbsp; $707952 | &nbsp;&nbsp;&nbsp;&nbsp; $77412728 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45268163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45268163 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33990659 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33990659 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23665539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23665539 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 736732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 736732 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 259825 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 259825 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 212303 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 212303 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 7330939 | &nbsp;&nbsp;&nbsp;&nbsp; 3993534 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11324473 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 8067671 | &nbsp;&nbsp;&nbsp;&nbsp; 184094799 | &nbsp;&nbsp;&nbsp;&nbsp; 707952 | &nbsp;&nbsp;&nbsp;&nbsp; 192870422 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 196314 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 196314 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 196314 | &nbsp;&nbsp;&nbsp;&nbsp; 439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 196753 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (81663)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81663)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2262)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (81663)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (83925)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 114651 | &nbsp;&nbsp;&nbsp;&nbsp; (1823)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112828 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $8182322 | &nbsp;&nbsp;&nbsp;&nbsp; $184092976 | &nbsp;&nbsp;&nbsp;&nbsp; $707952 | &nbsp;&nbsp;&nbsp;&nbsp; $192983250 |

---

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

\* Unrealized appreciation (depreciation).

**Invesco V.I. Core Plus Bond Fund**

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Houston

  - **State:** TX

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Invesco V.I. Core Plus Bond Fund

- **b. EDGAR series identifier (if any):** S000000205

- **c. LEI of Series:** V0K1WLL1C7HRDGC20117

**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:** $208859477.62

**Total Liabilities:** $55012295.75

**Net Assets:** $153847181.87

**Delayed Delivery Securities:** $48606986.05

**Cash Not Reported:** $118395.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -802.14244177 | **1-Year:** -7763.14780086 | **5-Year:** -24896.33424784 | **10-Year:** -30925.26110658 | **30-Year:** -10553.97852705

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

- **3-Month:** -26.75211477 | **1-Year:** -556.96581459 | **5-Year:** -3306.35310076 | **10-Year:** -2831.96646927 | **30-Year:** -689.10558144

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000456 | -0.00%               | 1.19%                | 1.34%                |
| Class ID C000000457 | -0.17%               | 1.38%                | 1.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $451882.79               | $-1020463.69                               |
| Month 2  | $687395.72               | $759420.04                                 |
| Month 3  | $808454.63               | $528936.90                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Barclays US Aggregate Bond Index

- **Index Identifier:** 100% BB-US Agg

### Schedule of Portfolio Investments

| Name                                                                                | Title                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Electric Power Co., Inc.                                                   | American Electric Power Co., Inc.                                                         | CUSIP: 025537AY7<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2063.00      | 0.00%             | 2029-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management, Inc.                                                      | Apollo Global Management, Inc.                                                            | CUSIP: 03769MAA4<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3313.51      | 0.00%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                       | NiSource Inc.                                                                             | CUSIP: 65473PAN5<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3079.83      | 0.00%             | 2028-03-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                         | CUSIP: 532457CM8<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2840.56      | 0.00%             | 2054-02-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LPL Holdings, Inc.                                                                  | LPL Holdings, Inc.                                                                        | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5098.43      | 0.00%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                                 | New Residential Mortgage Loan Trust, Series 2024-NQM3, Class A1                           | CUSIP: 647910AC2<br>LEI: 213800HBIGZVLLQA9I67 | Long             | ABS-MBS          | CORP              | US        |     82829 | PA      | $83728.37     | 0.05%             | 2064-11-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                                                             | KeyCorp                                                                                   | CUSIP: 49326EEJ8<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2812.05      | 0.00%             | 2029-10-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                             | Uber Technologies, Inc.                                                                   | CUSIP: 90353TAQ3<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1941.81      | 0.00%             | 2054-09-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                                           | Bank of Nova Scotia (The)                                                                 | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    306000 | PA      | $325619.80    | 0.21%             | 2082-10-27      | Variable      | 8.62%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc.                                                                      | AEP Texas Inc.                                                                            | CUSIP: 00108WAT7<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     34000 | PA      | $35406.67     | 0.02%             | 2034-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, TBA                                             | CUSIP: 21H0506A5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    688000 | PA      | $684459.25    | 0.44%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3071.26      | 0.00%             | 2029-04-20      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                 | GS Mortgage-Backed Securities Trust, Series 2025-NQM4, Class A1                           | CUSIP: 36272UAA6<br>LEI: 25490076N7JFR2Y3CU63 | Long             | ABS-MBS          | CORP              | US        |    295000 | PA      | $295195.50    | 0.19%             | 2065-10-25      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392BJ98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       378 | PA      | $37.91        | 0.00%             | 2032-03-25      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L.P./ PAA Finance Corp.                                | Plains All American Pipeline L.P./ PAA Finance Corp.                                      | CUSIP: 72650RBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     42000 | PA      | $42549.42     | 0.03%             | 2036-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Gulfstream Natural Gas System, L.L.C.                                               | Gulfstream Natural Gas System, L.L.C.                                                     | CUSIP: 402740AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51000 | PA      | $52283.45     | 0.03%             | 2035-07-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                              | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    226000 | PA      | $232780.23    | 0.15%             | N/A             | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3146.37      | 0.00%             | 2038-01-19      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                                             | Mello Mortgage Capital Acceptance Trust, Series 2021-INV2, Class A4                       | CUSIP: 58549XAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160008 | PA      | $143295.32    | 0.09%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Penn Mutual Life Insurance Co. (The)                                                | Penn Mutual Life Insurance Co. (The)                                                      | CUSIP: 707567AE3<br>LEI: BIYXEJSLUQ3IWFUXX074 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1341.39      | 0.00%             | 2061-04-29      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TDCL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       357 | PA      | $361.20       | 0.00%             | 2028-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc./AAdvantage Loyalty IP Ltd.                                   | American Airlines Inc./AAdvantage Loyalty IP Ltd.                                         | CUSIP: 00253XAA9<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    104376 | PA      | $104510.25    | 0.07%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                            | HCA Inc.                                                                                  | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3078.44      | 0.00%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PSEG Power LLC                                                                      | PSEG Power LLC                                                                            | CUSIP: 69362BBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8000 | PA      | $8211.96      | 0.01%             | 2030-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                      | Morgan Stanley Capital I Trust, Series 2019-L2, Class A4                                  | CUSIP: 61768HAW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80000 | PA      | $78380.03     | 0.05%             | 2052-03-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| Wabtec Corp.                                                                        | Wabtec Corp.                                                                              | CUSIP: 960386AS9<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14316.44     | 0.01%             | 2030-05-29      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.                                           | Carlyle Global Market Strategies CLO Ltd., Series 2015-5A, Class A1R3                     | CUSIP: 14312JBG6<br>LEI: 5493007AYUHLOG0AMH17 | Long             | ABS-CBDO         | CORP              | KY        |    162696 | PA      | $162947.25    | 0.11%             | 2032-01-20      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                            | HCA Inc.                                                                                  | CUSIP: 404119DC0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2065.97      | 0.00%             | 2055-03-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AD5<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    272000 | PA      | $291457.03    | 0.19%             | 2035-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DU0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9009.80      | 0.01%             | 2035-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| EMD Finance LLC                                                                     | EMD Finance LLC                                                                           | CUSIP: 26867LAR1<br>LEI: 529900C8KS5G529A0B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150109.47    | 0.10%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3U5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12171.51     | 0.01%             | 2029-04-23      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Costa Rica Government International Bond                                            | Costa Rica Government International Bond                                                  | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    200000 | PA      | $219493.48    | 0.14%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Kioxia Holdings Corp.                                                               | Kioxia Holdings Corp.                                                                     | CUSIP: 49726JAB4<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |     53000 | PA      | $54545.22     | 0.04%             | 2033-07-24      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                                 | New Residential Mortgage Loan Trust, Series 2022-NQM2, Class A1                           | CUSIP: 64831MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    191955 | PA      | $182571.19    | 0.12%             | 2062-03-27      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| Boston Properties L.P.                                                              | Boston Properties L.P., Conv.                                                             | CUSIP: 10112RBM5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    148000 | PA      | $148148.00    | 0.10%             | 2030-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding (AESOP) LLC                                          | Avis Budget Rental Car Funding (AESOP) LLC, Series 2025-4A, Class C                       | CUSIP: 05377RLC6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99702.94     | 0.06%             | 2032-02-20      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| South Bow Canadian infrastructure Holdings Ltd.                                     | South Bow Canadian infrastructure Holdings Ltd.                                           | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     86000 | PA      | $91382.14     | 0.06%             | 2055-03-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                                             | Mello Mortgage Capital Acceptance Trust, Series 2021-INV3, Class A4                       | CUSIP: 585491AF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    158635 | PA      | $142314.27    | 0.09%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                                 | Starwood Mortgage Residential Trust, Series 2020-1, Class A1                              | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7049 | PA      | $6757.34      | 0.00%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                                  | Ellington Financial Mortgage Trust, Series 2022-1, Class A1                               | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    192766 | PA      | $170749.49    | 0.11%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                                 | American Axle & Manufacturing, Inc.                                                       | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24202.10     | 0.02%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                                             | Mercedes-Benz Finance North America LLC                                                   | CUSIP: 58769JAR8<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147615.92    | 0.10%             | 2029-01-11      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1009.35      | 0.00%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Truist Bank                                                                         | Truist Bank                                                                               | CUSIP: 89788JAG4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    368000 | PA      | $368281.31    | 0.24%             | 2028-07-24      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172CU1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1000.72      | 0.00%             | 2025-11-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Puerto de Liverpool, S.A.B. de C.V.                                              | El Puerto de Liverpool, S.A.B. de C.V.                                                    | CUSIP: 283837AD4<br>LEI: 4469000001BO4JEXZL32 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $214977.38    | 0.14%             | 2037-01-22      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| Cedar Funding XI Clo Ltd.                                                           | Cedar Funding XI Clo Ltd., Series 2019-11A, Class A1R2                                    | CUSIP: 15033LAW2<br>LEI: 2549004YLPCISGLL7978 | Long             | ABS-CBDO         | CORP              | KY        |    208569 | PA      | $208325.88    | 0.14%             | 2032-05-29      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136B1BQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       347 | PA      | $0.64         | 0.00%             | 2044-12-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ball Corp.                                                                          | Ball Corp.                                                                                | CUSIP: 058498BA3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    304000 | PA      | $307457.67    | 0.20%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Virginia Electric and Power Co.                                                     | Virginia Electric and Power Co., Series D                                                 | CUSIP: 927804GW8<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    158000 | PA      | $157508.01    | 0.10%             | 2055-09-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                                                   | American Electric Power Co., Inc., Series C                                               | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    161000 | PA      | $160838.36    | 0.10%             | 2056-03-15      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 31287XG26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       217 | PA      | $224.91       | 0.00%             | 2032-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                                        | Nasdaq, Inc.                                                                              | CUSIP: 63111XAK7<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2095.78      | 0.00%             | 2053-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAJF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     31209 | PA      | $4257.88      | 0.00%             | 2032-04-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                                                      | Amphenol Corp.                                                                            | CUSIP: 032095AR2<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4083.01      | 0.00%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                                     | WFRBS Commercial Mortgage Trust, Series 2013-C14, Class AS                                | CUSIP: 92890PAG9<br>LEI: 549300GADFYEKC4OLM57 | Long             | ABS-MBS          | CORP              | US        |     18741 | PA      | $18330.79     | 0.01%             | 2046-06-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                      | ZF North America Capital, Inc.                                                            | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152191.50    | 0.10%             | 2028-04-14      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PPL Capital Funding, Inc.                                                           | PPL Capital Funding, Inc.                                                                 | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1023.48      | 0.00%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northern Trust Corp.                                                                | Northern Trust Corp.                                                                      | CUSIP: 665859AX2<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2187.52      | 0.00%             | 2032-11-02      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co.                                                                   | Alabama Power Co., Series C                                                               | CUSIP: 010392GE2<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |    127000 | PA      | $126952.68    | 0.08%             | 2031-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    224000 | PA      | $228755.46    | 0.15%             | 2028-05-17      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                            | CUSIP: 74340XCJ8<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3050.16      | 0.00%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Autodesk, Inc.                                                                      | Autodesk, Inc.                                                                            | CUSIP: 052769AJ5<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10280.68     | 0.01%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AS Mileage Plan IP Ltd.                                                             | AS Mileage Plan IP Ltd.                                                                   | CUSIP: 00218QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      2000 | PA      | $2001.94      | 0.00%             | 2029-10-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                                 | CUSIP: 75513ECU3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2097.76      | 0.00%             | 2029-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Qdoba Funding LLC                                                                   | Qdoba Funding LLC, Series 2023-1A, Class A2                                               | CUSIP: 746954AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    357105 | PA      | $373433.59    | 0.24%             | 2053-09-14      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Oglethorpe Power Corp. (An Electric Membership Corp.)                               | Oglethorpe Power Corp. (An Electric Membership Corp.)                                     | CUSIP: 677050AY2<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2025.93      | 0.00%             | 2055-02-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 3137B26D7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      9871 | PA      | $215.28       | 0.00%             | 2028-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3142.43      | 0.00%             | 2036-01-18      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Manufacturers and Traders Trust Co.                                                 | Manufacturers and Traders Trust Co.                                                       | CUSIP: 55279HAW0<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233112.65    | 0.15%             | 2028-01-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31394YF74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      1675 | PA      | $12.93        | 0.00%             | 2026-07-15      | Floating      | 3.16%                 | No            |                  2 | On Loan: No      |
| BlackRock Funding, Inc.                                                             | BlackRock Funding, Inc.                                                                   | CUSIP: 09290DAJ0<br>LEI: 529900VBK42Y5HHRMD23 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2047.05      | 0.00%             | 2035-01-08      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                       | CUSIP: 316773DG2<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2022.98      | 0.00%             | 2030-07-28      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc.                                                       | Alimentation Couche-Tard Inc.                                                             | CUSIP: 01626PAX4<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $199988.55    | 0.13%             | 2035-09-29      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEW2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2093.47      | 0.00%             | 2036-01-24      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Thornburg Mortgage Securities Trust                                                 | Thornburg Mortgage Securities Trust, Series 2005-1, Class A3                              | CUSIP: 885220HB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9638 | PA      | $9462.57      | 0.01%             | 2045-04-25      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | Avolon Holdings Funding Ltd.                                                              | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      3000 | PA      | $3031.18      | 0.00%             | 2028-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475BM6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1020.67      | 0.00%             | 2034-01-24      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DM8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4031.74      | 0.00%             | 2027-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Veralto Corp.                                                                       | Veralto Corp.                                                                             | CUSIP: 92338CAD5<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2064.92      | 0.00%             | 2028-09-18      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                 | Kinder Morgan, Inc.                                                                       | CUSIP: 49456BAV3<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2000.87      | 0.00%             | 2033-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                         | United Parcel Service, Inc.                                                               | CUSIP: 911312CD6<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2078.30      | 0.00%             | 2034-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                                              | Taco Bell Funding, LLC, Series 2025-1A, Class A2II                                        | CUSIP: 87342RAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $261478.62    | 0.17%             | 2055-08-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Arizona Public Service Co.                                                          | Arizona Public Service Co.                                                                | CUSIP: 040555DJ0<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    122000 | PA      | $125060.41    | 0.08%             | 2055-08-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Sonic Capital LLC                                                                   | Sonic Capital LLC, Series 2020-1A, Class A2I                                              | CUSIP: 83546DAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     47458 | PA      | $46804.86     | 0.03%             | 2050-01-20      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                      | Morgan Stanley Capital I Trust, Series 2019-L3, Class AS                                  | CUSIP: 61691UBH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60000 | PA      | $56551.57     | 0.04%             | 2052-11-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding (AESOP) LLC                                          | Avis Budget Rental Car Funding (AESOP) LLC, Series 2025-4A, Class B                       | CUSIP: 05377RLB8<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    154000 | PA      | $154187.45    | 0.10%             | 2032-02-20      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCQE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     11209 | PA      | $1518.93      | 0.00%             | 2035-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                      | Hewlett Packard Enterprise Co.                                                            | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1985.18      | 0.00%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                                      | Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2                 | CUSIP: 863579AQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1380 | PA      | $1353.21      | 0.00%             | 2034-09-25      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                        | Royal Caribbean Cruises Ltd.                                                              | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      6000 | PA      | $6155.28      | 0.00%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Boston Properties L.P.                                                              | Boston Properties L.P.                                                                    | CUSIP: 10112RBJ2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4091.16      | 0.00%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | U.S. Treasury 2 Year Notes Future                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |       109 | NC      | $-5868.21     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                               | NextEra Energy Capital Holdings, Inc.                                                     | CUSIP: 65339KDL1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3104.57      | 0.00%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Coca-Cola FEMSA, S.A.B. de C.V.                                                     | Coca-Cola FEMSA, S.A.B. de C.V.                                                           | CUSIP: 191241AK4<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |    254000 | PA      | $256205.24    | 0.17%             | 2035-05-06      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Cummins Inc.                                                                        | Cummins Inc.                                                                              | CUSIP: 231021AZ9<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34637.33     | 0.02%             | 2031-02-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                         | United Parcel Service, Inc.                                                               | CUSIP: 911312CE4<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3970.83      | 0.00%             | 2054-05-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co.                                                     | Virginia Electric and Power Co., Series C                                                 | CUSIP: 927804GV0<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174157.01    | 0.11%             | 2035-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Idaho Power Co.                                                                     | Idaho Power Co.                                                                           | CUSIP: 45138LBK8<br>LEI: TN0LL73P2C8X3W6KM391 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3101.27      | 0.00%             | 2034-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                               | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3088.11      | 0.00%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 31393VKX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      3923 | PA      | $3857.53      | 0.00%             | 2032-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Trust                                                       | Banc of America Funding Trust, Series 2007-1, Class 1A3                                   | CUSIP: 05951FBD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27820 | PA      | $24202.61     | 0.02%             | 2037-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 31283HB20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6468 | PA      | $6700.98      | 0.00%             | 2028-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                                               | Gilead Sciences, Inc.                                                                     | CUSIP: 375558CA9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2020.27      | 0.00%             | 2053-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Duke Energy Indiana, LLC                                                            | Duke Energy Indiana, LLC                                                                  | CUSIP: 26443TAD8<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1961.19      | 0.00%             | 2053-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                                                        | Fiserv, Inc.                                                                              | CUSIP: 337738BP2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32132.86     | 0.02%             | 2031-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                          | CUSIP: 126650EM8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     36000 | PA      | $36642.99     | 0.02%             | 2065-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                            | John Deere Capital Corp.                                                                  | CUSIP: 24422EXP9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3105.14      | 0.00%             | 2034-04-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The)                                                       | CUSIP: 06406RBV8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1027.78      | 0.00%             | 2030-03-14      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Transmission, LLC                                                       | FirstEnergy Transmission, LLC                                                             | CUSIP: 33767BAH2<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2003.63      | 0.00%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                                                               | Delta Air Lines, Inc.                                                                     | CUSIP: 247361A32<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16328.81     | 0.01%             | 2030-07-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| J. M. Smucker Co. (The)                                                             | J. M. Smucker Co. (The)                                                                   | CUSIP: 832696AX6<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3259.88      | 0.00%             | 2033-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4080.38      | 0.00%             | 2029-04-12      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, IO                                              | CUSIP: 38380HQY1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |     86799 | PA      | $11224.13     | 0.01%             | 2047-10-16      | Floating      | 1.94%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing III L.P.                                                    | Hertz Vehicle Financing III L.P., Series 2021-2A, Class B                                 | CUSIP: 42806MAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    103000 | PA      | $100118.28    | 0.07%             | 2027-12-27      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| UDR, Inc.                                                                           | UDR, Inc.                                                                                 | CUSIP: 90265EAW0<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1014.37      | 0.00%             | 2034-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| National Health Investors, Inc.                                                     | National Health Investors, Inc.                                                           | CUSIP: 63633DAG9<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | DBT              | CORP              | US        |     39000 | PA      | $38698.94     | 0.03%             | 2033-02-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                                                        | Fiserv, Inc.                                                                              | CUSIP: 337738BQ0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     72000 | PA      | $72793.31     | 0.05%             | 2035-08-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                                                         | Block, Inc.                                                                               | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     41000 | PA      | $42013.52     | 0.03%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                               | International Business Machines Corp.                                                     | CUSIP: 459200LJ8<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    261000 | PA      | $268033.45    | 0.17%             | 2035-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    326000 | PA      | $339942.62    | 0.22%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                                               | Amrize Finance US LLC                                                                     | CUSIP: 43475RAC0<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4090.20      | 0.00%             | 2030-04-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                                                | Mexico Government International Bond                                                      | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    234000 | PA      | $241874.10    | 0.16%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                                  | CUSIP: 36213FF81<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       346 | PA      | $355.38       | 0.00%             | 2032-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                               | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K093, Class X1, IO          | CUSIP: 3137FMCT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   1551135 | PA      | $44312.05     | 0.03%             | 2029-05-25      | Variable      | 1.08%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                         | United Parcel Service, Inc.                                                               | CUSIP: 911312CJ3<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8282.11      | 0.01%             | 2035-05-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                           | OBX Trust, Series 2021-NQM4, Class A1                                                     | CUSIP: 67115DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    248242 | PA      | $213326.04    | 0.14%             | 2061-10-25      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VBH2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    284000 | PA      | $283776.35    | 0.18%             | 2056-02-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AC7<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    205000 | PA      | $219279.58    | 0.14%             | 2032-01-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, TBA                                             | CUSIP: 21H0606A4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1073000 | PA      | $1091423.22   | 0.71%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp.                                        | CUSIP: 63743HFP2<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3092.53      | 0.00%             | 2031-02-07      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GMB2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1020.47      | 0.00%             | 2035-08-15      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                                                            | COLT Mortgage Loan Trust, Series 2021-5, Class A1                                         | CUSIP: 12598RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70681 | PA      | $63936.99     | 0.04%             | 2066-11-26      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1025.19      | 0.00%             | 2029-04-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2022-1, Class A1                                       | CUSIP: 92538WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    186789 | PA      | $175281.21    | 0.11%             | 2067-01-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31359UT21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      6068 | PA      | $6171.89      | 0.00%             | 2028-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Synovus Financial Corp.                                                             | Synovus Financial Corp.                                                                   | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2077.00      | 0.00%             | 2030-11-01      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Kimco Realty OP, LLC                                                                | Kimco Realty OP, LLC                                                                      | CUSIP: 49447BAC7<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16367.04     | 0.01%             | 2036-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                            | Benchmark Mortgage Trust, Series 2019-B14, Class A5                                       | CUSIP: 08162YAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90000 | PA      | $85003.60     | 0.06%             | 2062-12-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                                               | Amrize Finance US LLC                                                                     | CUSIP: 43475RAD8<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6184.48      | 0.00%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                                                     | Oncor Electric Delivery Co. LLC                                                           | CUSIP: 68233JCW2<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4066.31      | 0.00%             | 2029-11-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                                                   | Rocket Cos., Inc.                                                                         | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     76000 | PA      | $78535.66     | 0.05%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| McCormick & Co., Inc.                                                               | McCormick & Co., Inc.                                                                     | CUSIP: 579780AU1<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1962.94      | 0.00%             | 2034-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                            | CUSIP: 74340XCH2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1027.65      | 0.00%             | 2034-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816EE5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22318.69     | 0.01%             | 2029-04-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Phillips Edison Grocery Center Operating Partnership I, L.P.                        | Phillips Edison Grocery Center Operating Partnership I, L.P.                              | CUSIP: 71845JAD0<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16361.99     | 0.01%             | 2032-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AJ2<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $213596.06    | 0.14%             | 2037-01-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The)                                                       | CUSIP: 06406RBZ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2067.47      | 0.00%             | 2032-07-22      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC / NGL Energy Finance Corp.                                 | NGL Energy Operating LLC / NGL Energy Finance Corp.                                       | CUSIP: 62922LAD0<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27690.01     | 0.02%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                                              | Home Depot, Inc. (The)                                                                    | CUSIP: 437076DK5<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     78000 | PA      | $77258.57     | 0.05%             | 2035-09-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1031.54      | 0.00%             | 2034-04-21      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Banco Santander S.A.                                                                | Banco Santander S.A.                                                                      | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $224384.40    | 0.15%             | N/A             | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| VDCM Commercial Mortgage Trust                                                      | VDCM Commercial Mortgage Trust, Series 2025-AZ, Class C                                   | CUSIP: 91825CAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235000 | PA      | $238550.99    | 0.16%             | 2044-07-13      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | U.S. Treasury 5 Year Notes Future                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |       -52 | NC      | $17519.89     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10329.42     | 0.01%             | 2031-04-17      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| A.P. Moller - Maersk A/S                                                            | A.P. Moller - Maersk A/S                                                                  | CUSIP: 00203QAF4<br>LEI: 549300D2K6PKKKXVNN73 | Long             | DBT              | CORP              | DK        |      1000 | PA      | $1061.88      | 0.00%             | 2033-09-14      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EOG Resources, Inc.                                                                 | EOG Resources, Inc.                                                                       | CUSIP: 26875PAX9<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9085.49      | 0.01%             | 2028-07-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | U.S. Treasury 10 Year Ultra Future                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |       -72 | NC      | $-53725.11    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Holdings Inc.                                                             | RB Global Holdings Inc.                                                                   | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11259.56     | 0.01%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ferguson Enterprises Inc.                                                           | Ferguson Enterprises Inc.                                                                 | CUSIP: 31488VAA5<br>LEI: 2138003JYQMRP3SLX189 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2015.04      | 0.00%             | 2034-10-03      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bayview MSR Opportunity Master Fund Trust                                           | Bayview MSR Opportunity Master Fund Trust, Series 2021-4, Class A4                        | CUSIP: 07336GAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    267631 | PA      | $221827.91    | 0.14%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280EN5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    256000 | PA      | $264142.97    | 0.17%             | 2030-11-19      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co. (The)                                                          | Sherwin-Williams Co. (The)                                                                | CUSIP: 824348BV7<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     69000 | PA      | $69485.95     | 0.05%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 3133TJPC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      6671 | PA      | $267.61       | 0.00%             | 2029-03-15      | Floating      | 3.16%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                         | CUSIP: 532457CL0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2023.07      | 0.00%             | 2034-02-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GXN9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2002.17      | 0.00%             | 2026-12-09      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, IO                                              | CUSIP: 38377VGZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |     74531 | PA      | $5082.00      | 0.00%             | 2041-04-16      | Floating      | 2.39%                 | No            |                  2 | On Loan: No      |
| MHPA Commercial Mortgage Trust                                                      | MHPA Commercial Mortgage Trust, Series 2021-STOR, Class A                                 | CUSIP: 55293BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $125045.55    | 0.08%             | 2038-07-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2022-LBA6, Class A                                                       | CUSIP: 12433EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $319978.18    | 0.21%             | 2039-01-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31394CXB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     16750 | PA      | $1463.29      | 0.00%             | 2035-03-25      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                     | TransDigm, Inc.                                                                           | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43873.29     | 0.03%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AT&T Inc.                                                                           | AT&T Inc.                                                                                 | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1002.36      | 0.00%             | 2030-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172CV9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3065.45      | 0.00%             | 2027-11-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                               | Alexandria Real Estate Equities, Inc.                                                     | CUSIP: 015271BD0<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3863.65      | 0.00%             | 2054-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Arthur J. Gallagher & Co.                                                           | Arthur J. Gallagher & Co.                                                                 | CUSIP: 04316JAM1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3063.46      | 0.00%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                                    | CUSIP: 31325UP42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      3792 | PA      | $90.65        | 0.00%             | 2027-12-15      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31394DQD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1021 | PA      | $39.48        | 0.00%             | 2035-05-25      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I, L.P.                                                              | Hilcorp Energy I, L.P.                                                                    | CUSIP: 431318BE3<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9647.89      | 0.01%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc., Series AA                                                                 | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     64000 | PA      | $67281.02     | 0.04%             | N/A             | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    119000 | PA      | $118716.35    | 0.08%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                                | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8187.95      | 0.01%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Water Capital Corp.                                                        | American Water Capital Corp.                                                              | CUSIP: 03040WBG9<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |     66000 | PA      | $67107.85     | 0.04%             | 2055-09-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                                                 | Georgia-Pacific LLC                                                                       | CUSIP: 37331NAR2<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8071.20      | 0.01%             | 2028-06-30      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                  | T-Mobile USA, Inc.                                                                        | CUSIP: 87264ADD4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3108.25      | 0.00%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                                    | CUSIP: 853254CT5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $202683.12    | 0.13%             | 2027-07-06      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                            | CUSIP: 74340XCR0<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7215.12      | 0.00%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Imperial Brands Finance PLC                                                         | Imperial Brands Finance PLC                                                               | CUSIP: 45262BAK9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204108.34    | 0.13%             | 2035-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Ctfs. Trust                                              | WaMu Mortgage Pass-Through Ctfs. Trust, Series 2005-AR16, Class 1A1                       | CUSIP: 92922F6W3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15652 | PA      | $14395.68     | 0.01%             | 2035-12-25      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| LPL Holdings, Inc.                                                                  | LPL Holdings, Inc.                                                                        | CUSIP: 50212YAP9<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4072.90      | 0.00%             | 2030-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Synchrony Card Funding, LLC                                                         | Synchrony Card Funding, LLC, Series 2024-A2, Class A                                      | CUSIP: 87166PAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    280000 | PA      | $284761.29    | 0.19%             | 2030-07-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                               | OneMain Finance Corp.                                                                     | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72400.15     | 0.05%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| United Airlines 2024-1 Class A Pass Through Trust                                   | United Airlines 2024-1 Class A Pass Through Trust, Series 24-A                            | CUSIP: 90932WAB9<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |      4828 | PA      | $4941.30      | 0.00%             | 2037-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management, Inc.                                                      | Apollo Global Management, Inc.                                                            | CUSIP: 03769MAE6<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |     97000 | PA      | $97526.89     | 0.06%             | 2035-08-12      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                              | Sempra                                                                                    | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    114000 | PA      | $117061.50    | 0.08%             | 2056-04-01      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                                                    | DTE Electric Co.                                                                          | CUSIP: 23338VAZ9<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3156.83      | 0.00%             | 2055-05-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                                                 | Realty Income Corp.                                                                       | CUSIP: 756109BP8<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2121.47      | 0.00%             | 2032-10-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Kioxia Holdings Corp.                                                               | Kioxia Holdings Corp.                                                                     | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |     54000 | PA      | $55141.24     | 0.04%             | 2030-07-24      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                               | NextEra Energy Capital Holdings, Inc.                                                     | CUSIP: 65339KDJ6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7211.06      | 0.00%             | 2030-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Cadence Design Systems, Inc.                                                        | Cadence Design Systems, Inc.                                                              | CUSIP: 127387AP3<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3995.39      | 0.00%             | 2034-09-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                      | ZF North America Capital, Inc.                                                            | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    256000 | PA      | $254417.00    | 0.17%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes Trust                                                         | Tricon American Homes Trust, Series 2020-SFR2, Class A                                    | CUSIP: 89613JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    243985 | PA      | $230756.33    | 0.15%             | 2039-11-17      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac, Series 2023-DNA1, Class M1                                                   | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | USGSE             | US        |     46686 | PA      | $47367.55     | 0.03%             | 2043-03-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Capital Trust                                                | Credit Suisse Mortgage Capital Trust, Series 2021-NQM1, Class A1                          | CUSIP: 126407AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27408 | PA      | $24957.66     | 0.02%             | 2065-05-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co., Series W                                                            | CUSIP: 48123UAB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      1000 | PA      | $877.88       | 0.00%             | 2047-05-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                                                       | Univision Communications Inc.                                                             | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15997.61     | 0.01%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Ctfs. Trust                                              | WaMu Mortgage Pass-Through Ctfs. Trust, Series 2005-AR14, Class 1A4                       | CUSIP: 92922F4D7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35892 | PA      | $34114.92     | 0.02%             | 2035-12-25      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| RGA Global Funding                                                                  | RGA Global Funding                                                                        | CUSIP: 76209PAJ2<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |    262000 | PA      | $263702.39    | 0.17%             | 2032-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                                 | CUSIP: 91282CPB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3475500 | PA      | $3468168.85   | 2.25%             | 2027-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| goeasy Ltd.                                                                         | goeasy Ltd.                                                                               | CUSIP: 380355AR8<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     52000 | PA      | $50412.92     | 0.03%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                                  | ConocoPhillips Co.                                                                        | CUSIP: 20826FBH8<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1985.51      | 0.00%             | 2063-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Trust                                                       | Banc of America Funding Trust, Series 2007-C, Class 1A4                                   | CUSIP: 059522AW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7096 | PA      | $6190.97      | 0.00%             | 2036-05-20      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                                   | CUSIP: 44891ACY1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3082.48      | 0.00%             | 2029-03-19      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, PO                                                                    | CUSIP: 31282XVL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       364 | PA      | $359.26       | 0.00%             | 2026-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                               | Dominican Republic International Bond                                                     | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    285000 | PA      | $304650.75    | 0.20%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Synovus Bank                                                                        | Synovus Bank                                                                              | CUSIP: 87164DVJ6<br>LEI: DX0JX77PRMOELF7VG772 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255284.39    | 0.17%             | 2028-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                                   | CUSIP: 91324PER9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1045.50      | 0.00%             | 2033-02-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Campbell's Co. (The)                                                                | Campbell's Co. (The)                                                                      | CUSIP: 134429BP3<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1024.97      | 0.00%             | 2034-03-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                             | Republic Services, Inc.                                                                   | CUSIP: 760759BB5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3076.35      | 0.00%             | 2029-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                          | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    577000 | PA      | $606682.58    | 0.39%             | 2055-03-10      | Variable      | 7.00%                 | No            |                  2 | On Loan: —       |
| Alabama Power Co.                                                                   | Alabama Power Co.                                                                         | CUSIP: 010392GB8<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3221.14      | 0.00%             | 2033-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392GEE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1559 | PA      | $143.98       | 0.00%             | 2032-08-25      | Floating      | 2.53%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCWD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     18646 | PA      | $2561.27      | 0.00%             | 2035-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                                                   | Rocket Cos., Inc.                                                                         | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $27730.49     | 0.02%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management, Inc.                                                      | Apollo Global Management, Inc., Pfd.                                                      | CUSIP: 03769M205<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |     13475 | NS      | $353584.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp                                                                        | U.S. Bancorp                                                                              | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3122.68      | 0.00%             | 2029-06-12      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $215366.85    | 0.14%             | 2039-01-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Florida Gas Transmission Co., LLC                                                   | Florida Gas Transmission Co., LLC                                                         | CUSIP: 340711BC3<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |     29000 | PA      | $30094.55     | 0.02%             | 2035-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MPLX L.P.                                                                           | MPLX L.P.                                                                                 | CUSIP: 55336VCA6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    107000 | PA      | $107686.92    | 0.07%             | 2031-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Regency Centers, L.P.                                                               | Regency Centers, L.P.                                                                     | CUSIP: 75884RBB8<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1028.41      | 0.00%             | 2034-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                       | NiSource Inc.                                                                             | CUSIP: 65473PAU9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4061.15      | 0.00%             | 2055-04-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                                  | CUSIP: 110122EB0<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2185.45      | 0.00%             | 2053-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1032.21      | 0.00%             | 2035-07-19      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                  | T-Mobile USA, Inc.                                                                        | CUSIP: 87264ADU6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3066.56      | 0.00%             | 2055-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GKH1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2013.37      | 0.00%             | 2028-02-04      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2022-3, Class A1                                       | CUSIP: 92538UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    132208 | PA      | $127457.72    | 0.08%             | 2067-02-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| United Airlines 2024-1 Class AA Pass Through Trust                                  | United Airlines 2024-1 Class AA Pass Through Trust, Series AA                             | CUSIP: 90932WAA1<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |      4828 | PA      | $4982.93      | 0.00%             | 2037-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                                                         | Extended Stay America Trust, Series 2021-ESH, Class B                                     | CUSIP: 30227FAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    189737 | PA      | $189920.71    | 0.12%             | 2038-07-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| EFMT                                                                                | EFMT, Series 2025-NQM2, Class A1                                                          | CUSIP: 281917AC8<br>LEI: 254900BQMS9ITLPQGJ53 | Long             | ABS-MBS          | CORP              | US        |    260505 | PA      | $262906.36    | 0.17%             | 2070-06-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| IP Mortgage Trust                                                                   | IP Mortgage Trust, Series 2025-IP, Class A                                                | CUSIP: 449843AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    294000 | PA      | $299575.30    | 0.19%             | 2042-06-10      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co., Series BB                                                              | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11897.68     | 0.01%             | N/A             | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital Services, Inc.                                                      | Hyundai Capital Services, Inc.                                                            | CUSIP: 44920UAX6<br>LEI: 549300MALMDAGL2ZJJ27 | Long             | DBT              | CORP              | KR        |    201000 | PA      | $205095.22    | 0.13%             | 2028-01-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3137.25      | 0.00%             | 2036-01-24      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corp.                                                        | Chase Mortgage Finance Corp., Series 2016-SH2, Class M3                                   | CUSIP: 16164AAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23553 | PA      | $21945.50     | 0.01%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Invesco Treasury Portfolio                                                          | Invesco Treasury Portfolio, Institutional Class                                           | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   4770959 | NS      | $4770959.33   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp. (The)                                                                     | AES Corp. (The)                                                                           | CUSIP: 00130HCM5<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13465.89     | 0.01%             | 2032-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co.                                                                   | Alabama Power Co.                                                                         | CUSIP: 010392GC6<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3067.44      | 0.00%             | 2035-04-02      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                      | ZF North America Capital, Inc.                                                            | CUSIP: 98877DAE5<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84232.65     | 0.05%             | 2030-04-14      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Bayview MSR Opportunity Master Fund Trust                                           | Bayview MSR Opportunity Master Fund Trust, Series 2021-4, Class A8                        | CUSIP: 07336GAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    233841 | PA      | $210219.77    | 0.14%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 31296XJA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12503 | PA      | $12922.91     | 0.01%             | 2034-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Transocean Titan Financing Ltd.                                                     | Transocean Titan Financing Ltd.                                                           | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     21857 | PA      | $22453.89     | 0.01%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| nVent Finance S.a.r.l.                                                              | nVent Finance S.a.r.l.                                                                    | CUSIP: 67078AAF0<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |      1000 | PA      | $1044.73      | 0.00%             | 2033-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                         | CUSIP: 532457DF2<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41180.47     | 0.03%             | 2055-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                                        | BX Commercial Mortgage Trust, Series 2024-VLT5, Class A                                   | CUSIP: 05614JAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $357265.69    | 0.23%             | 2046-11-13      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                                        | BX Commercial Mortgage Trust, Series 2024-VLT5, Class B                                   | CUSIP: 05614JAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130000 | PA      | $133858.86    | 0.09%             | 2046-11-13      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Jane Street Group / JSG Finance Inc.                                                | Jane Street Group / JSG Finance Inc.                                                      | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    107000 | PA      | $108531.08    | 0.07%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                                       | Citigroup Mortgage Loan Trust, Series 2024-1, Class A3A                                   | CUSIP: 17332CAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    208689 | PA      | $211718.25    | 0.14%             | 2054-07-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding (AESOP) LLC                                          | Avis Budget Rental Car Funding (AESOP) LLC, Series 2025-3A, Class B                       | CUSIP: 05377RKX1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99873.54     | 0.06%             | 2030-02-20      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group Inc.                                                | Public Service Enterprise Group Inc.                                                      | CUSIP: 744573AW6<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3145.05      | 0.00%             | 2028-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp.                                                                 | Regal Rexnord Corp.                                                                       | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2121.49      | 0.00%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| South Bow USA Infrastructure Holdings LLC                                           | South Bow USA Infrastructure Holdings LLC                                                 | CUSIP: 83007CAH5<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |      1000 | PA      | $975.82       | 0.00%             | 2054-10-01      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 31364JF57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      4937 | PA      | $486.37       | 0.00%             | 2029-11-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                        | CCO Holdings, LLC/CCO Holdings Capital Corp.                                              | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15486.15     | 0.01%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Cencora, Inc.                                                                       | Cencora, Inc.                                                                             | CUSIP: 03073EAU9<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1024.34      | 0.00%             | 2034-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TierPoint Issuer LLC                                                                | TierPoint Issuer LLC, Series 2023-1A, Class A2                                            | CUSIP: 88651CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58667 | PA      | $58764.35     | 0.04%             | 2053-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 172967QB0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29447.59     | 0.02%             | 2031-05-07      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Global Atlantic (Fin) Co.                                                           | Global Atlantic (Fin) Co.                                                                 | CUSIP: 37959GAF4<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4238.57      | 0.00%             | 2054-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe, LLC                                                   | Burlington Northern Santa Fe, LLC                                                         | CUSIP: 12189LBM2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $62842.86     | 0.04%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                                      | Carnival Corp.                                                                            | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    227000 | PA      | $232761.94    | 0.15%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Piedmont Natural Gas Co., Inc.                                                      | Piedmont Natural Gas Co., Inc.                                                            | CUSIP: 720186AQ8<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1042.02      | 0.00%             | 2033-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Subway Funding LLC                                                                  | Subway Funding LLC, Series 2024-1A, Class A2I                                             | CUSIP: 864300AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210410 | PA      | $213522.30    | 0.14%             | 2054-07-30      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Raymond James Financial, Inc.                                                       | Raymond James Financial, Inc.                                                             | CUSIP: 754730AJ8<br>LEI: RGUZHJ05YTITL6D76949 | Long             | DBT              | CORP              | US        |    160000 | PA      | $158331.19    | 0.10%             | 2035-09-11      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Holding Co. LLC                                                  | Columbia Pipelines Holding Co. LLC                                                        | CUSIP: 19828AAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4000 | PA      | $4063.65      | 0.00%             | 2031-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                      | CUSIP: 78016EYZ4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      2000 | PA      | $2008.14      | 0.00%             | 2027-01-21      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Hanover Insurance Group, Inc. (The)                                                 | Hanover Insurance Group, Inc. (The)                                                       | CUSIP: 410867AH8<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52660.95     | 0.03%             | 2035-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Union Electric Co.                                                                  | Union Electric Co.                                                                        | CUSIP: 906548CZ3<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1894.71      | 0.00%             | 2055-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                                                         | Marsh & McLennan Cos., Inc.                                                               | CUSIP: 571748BU5<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2100.08      | 0.00%             | 2033-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating, L.P.                                                   | Western Midstream Operating, L.P.                                                         | CUSIP: 958667AG2<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1001.98      | 0.00%             | 2034-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280EH8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    216000 | PA      | $224743.68    | 0.15%             | N/A             | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Campbell's Co. (The)                                                                | Campbell's Co. (The)                                                                      | CUSIP: 134429BR9<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1853.49      | 0.00%             | 2054-10-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southern Natural Gas Co., L.L.C.                                                    | Southern Natural Gas Co., L.L.C.                                                          | CUSIP: 84346LAD2<br>LEI: 254900KDLS1X42SY7037 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14290.17     | 0.01%             | 2035-08-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                                      | Enterprise Fleet Financing LLC, Series 2024-2, Class A4                                   | CUSIP: 29375RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     52000 | PA      | $53850.28     | 0.04%             | 2030-12-20      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAKM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     70491 | PA      | $7754.60      | 0.01%             | 2032-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cigna Group (The)                                                                   | Cigna Group (The)                                                                         | CUSIP: 125523CX6<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     89000 | PA      | $89292.50     | 0.06%             | 2030-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding                                                               | Jersey Mike's Funding, Series 2025-1A, Class A2                                           | CUSIP: 476681AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $204859.58    | 0.13%             | 2055-08-16      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Bank5                                                                               | Bank5, Series 2024-5YR10, Class A                                                         | CUSIP: 06604AAM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90000 | PA      | $92237.05     | 0.06%             | 2057-10-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co.                                                     | Virginia Electric and Power Co.                                                           | CUSIP: 927804GK4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3054.53      | 0.00%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                              | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $221138.80    | 0.14%             | N/A             | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDC6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5023.07      | 0.00%             | 2065-08-03      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Agl Clo 17 Ltd.                                                                     | Agl Clo 17 Ltd., Series 2022-17A, Class AR                                                | CUSIP: 00120DAJ5<br>LEI: 254900ISUA07JPVCOS18 | Long             | ABS-CBDO         | CORP              | KY        |    307000 | PA      | $307143.06    | 0.20%             | 2035-01-21      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                                  | CUSIP: 110122EF1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2054.11      | 0.00%             | 2029-02-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VAS9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2106.21      | 0.00%             | 2028-12-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co.                                                               | Saudi Arabian Oil Co.                                                                     | CUSIP: 80414L2X2<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    214000 | PA      | $217084.05    | 0.14%             | 2030-06-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392F7G6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1180 | PA      | $115.03       | 0.00%             | 2032-12-18      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                          | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    160000 | PA      | $165415.20    | 0.11%             | 2054-12-10      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                      | Ecopetrol S.A.                                                                            | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    297000 | PA      | $322128.44    | 0.21%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2021-1, Class A1B                                      | CUSIP: 92537QAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57190 | PA      | $51531.83     | 0.03%             | 2066-01-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Wynnton Funding Trust II                                                            | Wynnton Funding Trust II                                                                  | CUSIP: 983197AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    171000 | PA      | $175645.74    | 0.11%             | 2055-08-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                        | Exelon Corp.                                                                              | CUSIP: 30161NBN0<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1038.64      | 0.00%             | 2034-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                                 | Synchrony Financial                                                                       | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18160.56     | 0.01%             | 2029-07-29      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31394AHA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     14004 | PA      | $757.67       | 0.00%             | 2030-11-25      | Floating      | 2.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392HRF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     13183 | PA      | $1709.43      | 0.00%             | 2033-02-25      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| Regency Centers, L.P.                                                               | Regency Centers, L.P.                                                                     | CUSIP: 75884RBC6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1013.43      | 0.00%             | 2035-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana, LLC                                                              | Entergy Louisiana, LLC                                                                    | CUSIP: 29364WBP2<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3065.60      | 0.00%             | 2034-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2024-7, Class A1                                       | CUSIP: 924925AA8<br>LEI: 213800HQOHEFNJCQYJ07 | Long             | ABS-MBS          | CORP              | US        |    121564 | PA      | $121834.83    | 0.08%             | 2069-09-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Simon Property Group, L.P.                                                          | Simon Property Group, L.P.                                                                | CUSIP: 828807DY0<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3978.22      | 0.00%             | 2034-09-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                               | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K083, Class AM              | CUSIP: 3137FJXW4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     23000 | PA      | $22993.90     | 0.01%             | 2028-10-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2020-3, Class A1                                         | CUSIP: 03465LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     68394 | PA      | $65388.21     | 0.04%             | 2065-04-25      | Variable      | 1.69%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F0306A1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4892457 | PA      | $4298090.35   | 2.79%             | 2055-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                                                            | COLT Mortgage Loan Trust, Series 2022-3, Class A1                                         | CUSIP: 12659YAA2<br>LEI: 213800PIMH7Q7M27DB82 | Long             | ABS-MBS          | CORP              | US        |    246594 | PA      | $242985.70    | 0.16%             | 2067-02-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| American National Group Inc.                                                        | American National Group Inc.                                                              | CUSIP: 025676AQ0<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16346.38     | 0.01%             | 2035-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                                                           | Nippon Life Insurance Co.                                                                 | CUSIP: 654579AN1<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    226000 | PA      | $236081.52    | 0.15%             | 2054-04-16      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAZ94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     51530 | PA      | $6616.36      | 0.00%             | 2033-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                                                          | CNH Industrial Capital LLC                                                                | CUSIP: 12592BAU8<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4045.83      | 0.00%             | 2028-03-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RR 17 Ltd.                                                                          | RR 17 Ltd., Series 2021-17A, Class A1AR                                                   | CUSIP: 74980QAL5<br>LEI: 549300H1BYT42IUZDL59 | Long             | ABS-CBDO         | CORP              | KY        |    625000 | PA      | $625457.50    | 0.41%             | 2034-07-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                              | CUSIP: 902613BS6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $204091.80    | 0.13%             | N/A             | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation, LLC                                                | Constellation Energy Generation, LLC                                                      | CUSIP: 210385AD2<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2177.99      | 0.00%             | 2034-01-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Intuit Inc.                                                                         | Intuit Inc.                                                                               | CUSIP: 46124HAG1<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2092.74      | 0.00%             | 2033-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                                               | Cardinal Health, Inc.                                                                     | CUSIP: 14149YBV9<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25158.73     | 0.02%             | 2035-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392EHB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       212 | PA      | $20.25        | 0.00%             | 2032-09-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Electricite de France                                                               | Electricite de France                                                                     | CUSIP: 28504DAG8<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    184000 | PA      | $192738.99    | 0.13%             | 2055-01-13      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans Mortgage Pass-Through Trust                                  | Countrywide Home Loans Mortgage Pass-Through Trust, Series 2005-J4, Class A7              | CUSIP: 126694RQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2843 | PA      | $2343.28      | 0.00%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                               | Dominion Energy, Inc.                                                                     | CUSIP: 25746UDR7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2079.25      | 0.00%             | 2032-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UPMC                                                                                | UPMC                                                                                      | CUSIP: 90320WAH6<br>LEI: 5493001YCBUGKVU74S74 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2946.13      | 0.00%             | 2043-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2262.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                            | CUSIP: 74340XCG4<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2046.35      | 0.00%             | 2028-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392ERQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       393 | PA      | $42.10        | 0.00%             | 2032-07-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 31396AKM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       411 | PA      | $408.12       | 0.00%             | 2035-09-15      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                     | BHP Billiton Finance (USA) Ltd.                                                           | CUSIP: 055451BM9<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     69000 | PA      | $71769.43     | 0.05%             | 2055-09-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PDU7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1030.50      | 0.00%             | 2029-07-24      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| SA Global Sukuk Ltd.                                                                | SA Global Sukuk Ltd.                                                                      | CUSIP: 78397PAG6<br>LEI: 5493007DFAVKU7UOGR47 | Long             | DBT              | CORP              | KY        |    425000 | PA      | $419506.75    | 0.27%             | 2030-09-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                      | CUSIP: 378272BU1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3123.67      | 0.00%             | 2034-04-04      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Capital Trust                                                | Credit Suisse Mortgage Capital Trust, Series 2022-ATH2, Class A1                          | CUSIP: 12665WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    218527 | PA      | $217915.17    | 0.14%             | 2067-05-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                                 | Starwood Mortgage Residential Trust, Series 2020-INV1, Class A1                           | CUSIP: 85573EAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10767 | PA      | $10257.43     | 0.01%             | 2055-11-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                    | Boeing Co. (The)                                                                          | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3087.96      | 0.00%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                      | CUSIP: 378272CA4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6239.31      | 0.00%             | 2035-04-01      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31393AHE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1484 | PA      | $243.12       | 0.00%             | 2033-04-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280EZ8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    390000 | PA      | $397889.84    | 0.26%             | 2031-05-13      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Transmission, LLC                                                       | FirstEnergy Transmission, LLC                                                             | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2014.19      | 0.00%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                         | CUSIP: 532457CN6<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2839.38      | 0.00%             | 2064-02-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Cox Communications, Inc.                                                            | Cox Communications, Inc.                                                                  | CUSIP: 224044CS4<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3066.75      | 0.00%             | 2033-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                                 | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4142.73      | 0.00%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| American National Global Funding                                                    | American National Global Funding                                                          | CUSIP: 02771D2A1<br>LEI: 63540033TQXTOXKK1L93 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2061.73      | 0.00%             | 2030-01-28      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Woodside Finance Ltd.                                                               | Woodside Finance Ltd.                                                                     | CUSIP: 980236AU7<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |      7000 | PA      | $7272.14      | 0.00%             | 2032-05-19      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Baltimore Gas and Electric Co.                                                      | Baltimore Gas and Electric Co.                                                            | CUSIP: 059165ET3<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6236.56      | 0.00%             | 2035-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 49 Ltd.                                          | Neuberger Berman Loan Advisers CLO 49 Ltd., Series 2022-49A, Class AR                     | CUSIP: 64135JAL6<br>LEI: 549300IN02DS1MN5HW62 | Long             | ABS-CBDO         | CORP              | JE        |    256000 | PA      | $256172.80    | 0.17%             | 2035-07-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                          | Ameriprise Financial, Inc.                                                                | CUSIP: 03076CAN6<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3141.73      | 0.00%             | 2028-12-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                      | CUSIP: 780082AR4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    338000 | PA      | $356697.82    | 0.23%             | 2084-05-02      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                                  | CUSIP: 36206VKB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         9 | PA      | $8.84         | 0.00%             | 2026-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                       | Comcast Corp.                                                                             | CUSIP: 20030NEB3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1060.15      | 0.00%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Allstate Corp. (The)                                                                | Allstate Corp. (The)                                                                      | CUSIP: 020002BC4<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1679.47      | 0.00%             | 2046-12-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp.                                        | CUSIP: 637432PB5<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4211.96      | 0.00%             | 2053-09-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                                               | Athene Global Funding                                                                     | CUSIP: 04685A3Q2<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4135.97      | 0.00%             | 2029-01-09      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| GreenSaif Pipelines Bidco S.a.r.l.                                                  | GreenSaif Pipelines Bidco S.a.r.l.                                                        | CUSIP: 39541EAD5<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    205000 | PA      | $215458.26    | 0.14%             | 2036-02-23      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Private Bank, N.A.                                                   | Morgan Stanley Private Bank, N.A.                                                         | CUSIP: 61776NVE0<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251469.55    | 0.16%             | 2028-07-06      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1039.38      | 0.00%             | 2034-04-24      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                                                       | PepsiCo, Inc.                                                                             | CUSIP: 713448GB8<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3065.80      | 0.00%             | 2030-02-07      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31394F4M4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     50062 | PA      | $4949.36      | 0.00%             | 2035-10-25      | Floating      | 1.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31395DUU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     12130 | PA      | $14462.65     | 0.01%             | 2036-06-25      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Subway Funding LLC                                                                  | Subway Funding LLC, Series 2024-3A, Class A2I                                             | CUSIP: 864300AJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    203462 | PA      | $204572.79    | 0.13%             | 2054-07-30      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Kite Realty Group, L.P.                                                             | Kite Realty Group, L.P.                                                                   | CUSIP: 49803XAE3<br>LEI: 549300X6R2GYI8Y3OD81 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2058.10      | 0.00%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Peruvian Government International Bond                                              | Peruvian Government International Bond                                                    | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     70000 | PA      | $71470.00     | 0.05%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc.                                                               | Keurig Dr Pepper Inc.                                                                     | CUSIP: 49271VAZ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2999.62      | 0.00%             | 2028-05-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4129.56      | 0.00%             | 2031-01-24      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                                | Cross Mortgage Trust, Series 2024-H8, Class A1                                            | CUSIP: 22757GAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    281093 | PA      | $283337.00    | 0.18%             | 2069-12-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Niagara Mohawk Power Corp.                                                          | Niagara Mohawk Power Corp.                                                                | CUSIP: 653522DV1<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |     41000 | PA      | $42365.40     | 0.03%             | 2055-07-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Jane Street Group / JSG Finance Inc.                                                | Jane Street Group / JSG Finance Inc.                                                      | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     93000 | PA      | $96665.53     | 0.06%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1043.44      | 0.00%             | 2035-01-23      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC / New Red Finance Inc.                                               | 1011778 BC ULC / New Red Finance Inc.                                                     | CUSIP: 68245XAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     57000 | PA      | $57756.68     | 0.04%             | 2029-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                               | International Business Machines Corp.                                                     | CUSIP: 459200LG4<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    382000 | PA      | $391047.14    | 0.25%             | 2030-02-10      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC                                                 | Venture Global Plaquemines LNG, LLC                                                       | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26570.05     | 0.02%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                            | Venture Global LNG, Inc.                                                                  | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     48000 | PA      | $52927.20     | 0.03%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SG Residential Mortgage Trust                                                       | SG Residential Mortgage Trust, Series 2022-1, Class A1                                    | CUSIP: 78433QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    302084 | PA      | $284507.95    | 0.18%             | 2062-03-27      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                                                 | Georgia-Pacific LLC                                                                       | CUSIP: 37331NAT8<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11291.58     | 0.01%             | 2032-06-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                                 | CUSIP: 91282CNY3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1891100 | PA      | $1878320.31   | 1.22%             | 2028-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31398LPG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     15770 | PA      | $1493.99      | 0.00%             | 2039-12-15      | Floating      | 1.76%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17583.35     | 0.01%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                      | CUSIP: 378272CB2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3139.07      | 0.00%             | 2055-04-01      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Citadel L.P.                                                                        | Citadel L.P.                                                                              | CUSIP: 17288XAC8<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2118.06      | 0.00%             | 2032-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Bayview MSR Opportunity Master Fund Trust                                           | Bayview MSR Opportunity Master Fund Trust, Series 2021-5, Class A2                        | CUSIP: 07336JAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    329744 | PA      | $274152.18    | 0.18%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                          | J.P. Morgan Mortgage Trust, Series 2024-8, Class A3                                       | CUSIP: 46658GAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50646 | PA      | $50859.86     | 0.03%             | 2055-01-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2020-1, Class A1                                         | CUSIP: 03464RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16529 | PA      | $16158.33     | 0.01%             | 2059-12-25      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| Hawaiian Electric Co., Inc.                                                         | Hawaiian Electric Co., Inc.                                                               | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |     49000 | PA      | $49456.55     | 0.03%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                                        | Hilton Grand Vacations Trust, Series 2025-1A, Class A                                     | CUSIP: 43283CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    302247 | PA      | $306547.37    | 0.20%             | 2042-05-27      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F0226A8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6152701 | PA      | $5184586.42   | 3.37%             | 2055-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas, LLC                                                          | Duke Energy Carolinas, LLC                                                                | CUSIP: 26442CBK9<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1964.38      | 0.00%             | 2053-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2023-6, Class A1                                         | CUSIP: 03464UAA4<br>LEI: 254900QAUT3NUZVCSB04 | Long             | ABS-MBS          | CORP              | US        |     72124 | PA      | $72895.94     | 0.05%             | 2067-12-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                  | State Street Corp.                                                                        | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1082.72      | 0.00%             | 2034-11-21      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Advance Auto Parts, Inc.                                                            | Advance Auto Parts, Inc.                                                                  | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     59000 | PA      | $60746.86     | 0.04%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                                | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3067.97      | 0.00%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Romanian Government International Bond                                              | Romanian Government International Bond                                                    | CUSIP: 77586RAQ3<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    138000 | PA      | $143755.86    | 0.09%             | 2028-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AIA Group Ltd.                                                                      | AIA Group Ltd.                                                                            | CUSIP: 00131LAR6<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $201643.05    | 0.13%             | 2035-03-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                                        | BX Commercial Mortgage Trust, Series 2021-VOLT, Class C                                   | CUSIP: 05609VAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    193766 | PA      | $193115.62    | 0.13%             | 2036-09-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd.                                                                 | Athene Holding Ltd.                                                                       | CUSIP: 04686JAL5<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14996.01     | 0.01%             | 2055-05-19      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| B.A.T Capital Corp.                                                                 | B.A.T Capital Corp.                                                                       | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1132.47      | 0.00%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                                     | CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3                                | CUSIP: 12597NAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    776000 | PA      | $705001.90    | 0.46%             | 2053-03-15      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics, Inc.                                                              | Verisk Analytics, Inc.                                                                    | CUSIP: 92345YAM8<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |     33000 | PA      | $33113.41     | 0.02%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                                                                 | Zaxby's Funding LLC, Series 2021-1A, Class A2                                             | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    491040 | PA      | $463831.38    | 0.30%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Cummins Inc.                                                                        | Cummins Inc.                                                                              | CUSIP: 231021BA3<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16525.82     | 0.01%             | 2035-05-09      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Mitsubishi Ufj Financial Group, Inc.                                                | Mitsubishi Ufj Financial Group, Inc.                                                      | CUSIP: 606822DF8<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |     92000 | PA      | $95782.83     | 0.06%             | 2035-04-17      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                                                 | Realty Income Corp.                                                                       | CUSIP: 756109CQ5<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1959.23      | 0.00%             | 2054-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Capital Power (US Holdings) Inc.                                                    | Capital Power (US Holdings) Inc.                                                          | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $13651.57     | 0.01%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                                             | Mercedes-Benz Finance North America LLC                                                   | CUSIP: 58769JAX5<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    204000 | PA      | $207314.44    | 0.13%             | 2034-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                           | OBX Trust, Series 2024-NQM18, Class A1                                                    | CUSIP: 673913AA7<br>LEI: 254900NK9PNLY9I00149 | Long             | ABS-MBS          | CORP              | US        |     97845 | PA      | $98492.96     | 0.06%             | 2064-10-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Boroo Investments Pte. Ltd.                                                         | Boroo Investments Pte. Ltd.                                                               | CUSIP: 10001AAA3<br>LEI: 254900NL0ALM1NCHOQ65 | Long             | DBT              | CORP              | SG        |    232000 | PA      | $219019.60    | 0.14%             | 2032-08-07      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc.                                                               | Howmet Aerospace Inc.                                                                     | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2053.69      | 0.00%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co.                                                              | MidAmerican Energy Co.                                                                    | CUSIP: 595620AY1<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1054.28      | 0.00%             | 2054-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                        | Barclays PLC                                                                              | CUSIP: 06738EDE2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $205608.49    | 0.13%             | 2046-08-11      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corp.                                                                      | M&T Bank Corp., Series J, Pfd.                                                            | CUSIP: 55261F864<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |      6570 | NS      | $175484.70    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MidAmerican Energy Co.                                                              | MidAmerican Energy Co.                                                                    | CUSIP: 595620AX3<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3138.02      | 0.00%             | 2034-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2022-INV2, Class A1                                    | CUSIP: 924923AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99252 | PA      | $98973.27     | 0.06%             | 2067-10-25      | Variable      | 6.79%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                                     | CUSIP: 539830CD9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4048.96      | 0.00%             | 2034-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corp.                                                                | Carrier Global Corp.                                                                      | CUSIP: 14448CBC7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3220.89      | 0.00%             | 2034-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2022-LBA6, Class C                                                       | CUSIP: 12433EAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100024.89    | 0.07%             | 2039-01-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                                 | CUSIP: 91282CNZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    104900 | PA      | $104563.99    | 0.07%             | 2032-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                                                | Columbia Pipelines Operating Co. LLC                                                      | CUSIP: 19828TAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4000 | PA      | $3855.11      | 0.00%             | 2054-10-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                                  | CUSIP: 110122DY1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3209.68      | 0.00%             | 2031-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners L.P./ Antero Midstream Finance Corp.                      | Antero Midstream Partners L.P./ Antero Midstream Finance Corp.                            | CUSIP: 03690AAK2<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |     48000 | PA      | $49478.26     | 0.03%             | 2032-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                                             | Daimler Truck Finance North America LLC                                                   | CUSIP: 233853BJ8<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    425000 | PA      | $427211.26    | 0.28%             | 2032-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                                                            | Roper Technologies, Inc.                                                                  | CUSIP: 776696AJ5<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2003.25      | 0.00%             | 2034-10-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                                     | CUSIP: 539830CL1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     62000 | PA      | $62520.24     | 0.04%             | 2030-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17537.01     | 0.01%             | 2031-04-23      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                        | Barclays PLC                                                                              | CUSIP: 06738ECL7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    207000 | PA      | $229096.94    | 0.15%             | 2034-09-13      | Variable      | 6.69%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                      | CUSIP: 78016FZX5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      1000 | PA      | $1033.31      | 0.00%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAG Mutual Holding Co.                                                              | MAG Mutual Holding Co.                                                                    | CUSIP: 55261HAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    784000 | PA      | $707952.00    | 0.46%             | 2041-04-30      | Fixed         | 4.75%                 | No            |                  3 | On Loan: No      |
| Duke Energy Indiana, LLC                                                            | Duke Energy Indiana, LLC                                                                  | CUSIP: 26443TAF3<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3147.65      | 0.00%             | 2055-05-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                                                       | PepsiCo, Inc.                                                                             | CUSIP: 713448GH5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     51000 | PA      | $51338.09     | 0.03%             | 2030-07-23      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                                   | CD Mortgage Trust, Series 2017-CD6, Class XA                                              | CUSIP: 125039AG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    554031 | PA      | $7097.63      | 0.00%             | 2050-11-13      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| Synopsys, Inc.                                                                      | Synopsys, Inc.                                                                            | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4039.79      | 0.00%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                            | Benchmark Mortgage Trust, Series 2019-B15, Class B                                        | CUSIP: 08160KAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45000 | PA      | $39146.20     | 0.03%             | 2072-12-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392EGP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     32243 | PA      | $3060.22      | 0.00%             | 2032-09-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Engie                                                                               | Engie                                                                                     | CUSIP: 29286DAA3<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |    204000 | PA      | $210293.73    | 0.14%             | 2029-04-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hexcel Corp.                                                                        | Hexcel Corp.                                                                              | CUSIP: 428291AP3<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2092.71      | 0.00%             | 2035-02-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Arthur J. Gallagher & Co.                                                           | Arthur J. Gallagher & Co.                                                                 | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3037.61      | 0.00%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Nordson Corp.                                                                       | Nordson Corp.                                                                             | CUSIP: 655663AA0<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1035.66      | 0.00%             | 2028-09-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Solstice Advanced Materials Inc.                                                    | Solstice Advanced Materials Inc.                                                          | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41161.08     | 0.03%             | 2033-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                           | Toyota Motor Credit Corp.                                                                 | CUSIP: 89236TLZ6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1037.73      | 0.00%             | 2031-03-21      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                                                            | Bunge Ltd. Finance Corp.                                                                  | CUSIP: 120568BQ2<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    168000 | PA      | $169136.65    | 0.11%             | 2030-08-04      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                                 | American Axle & Manufacturing, Inc.                                                       | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     76000 | PA      | $75919.18     | 0.05%             | 2032-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                                   | CUSIP: 91324PEQ1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2082.54      | 0.00%             | 2030-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Mitsubishi Ufj Financial Group, Inc.                                                | Mitsubishi Ufj Financial Group, Inc.                                                      | CUSIP: 606822DH4<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |     60000 | PA      | $63030.49     | 0.04%             | 2036-01-16      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Clover CLO LLC                                                                      | Clover CLO LLC, Series 2021-3A, Class AR                                                  | CUSIP: 18915FAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    265000 | PA      | $265137.01    | 0.17%             | 2035-01-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F0406A0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2164696 | PA      | $2040435.61   | 1.33%             | 2055-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                                  | Vodafone Group PLC                                                                        | CUSIP: 92857WBX7<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $19743.55     | 0.01%             | 2081-06-04      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 3137ARKB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     22336 | PA      | $369.07       | 0.00%             | 2027-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1050.75      | 0.00%             | 2034-07-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                           | OBX Trust, Series 2024-NQM14, Class A1                                                    | CUSIP: 67119XAC8<br>LEI: 254900C7ZCEHM7Y5MX79 | Long             | ABS-MBS          | CORP              | US        |    151116 | PA      | $151190.40    | 0.10%             | 2064-09-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                                                         | Nationwide Building Society                                                               | CUSIP: 63861VAJ6<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204581.66    | 0.13%             | 2027-10-18      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| VDCM Commercial Mortgage Trust                                                      | VDCM Commercial Mortgage Trust, Series 2025-AZ, Class A                                   | CUSIP: 91825CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    695000 | PA      | $702869.69    | 0.46%             | 2044-07-13      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                                              | Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A                           | CUSIP: 59020UL52<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2414 | PA      | $2294.96      | 0.00%             | 2035-11-25      | Variable      | 2.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31397L5D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      2232 | PA      | $115.31       | 0.00%             | 2038-07-25      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, TBA                                             | CUSIP: 21H0526A1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1247000 | PA      | $1256475.37   | 0.82%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The), Series V                                                 | CUSIP: 38141GYU2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21663.20     | 0.01%             | N/A             | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                                 | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1055.09      | 0.00%             | 2034-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TELUS Corp.                                                                         | TELUS Corp.                                                                               | CUSIP: 87971MCM3<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |     53000 | PA      | $55944.79     | 0.04%             | 2055-10-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                                                                  | Smith & Nephew PLC                                                                        | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |      3000 | PA      | $3098.86      | 0.00%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                      | Ecopetrol S.A.                                                                            | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     12000 | PA      | $9186.76      | 0.01%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance, LLC                                            | Volkswagen Group of America Finance, LLC                                                  | CUSIP: 928668CG5<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204239.91    | 0.13%             | 2029-03-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Houston Electric, LLC                                            | CenterPoint Energy Houston Electric, LLC, Series AJ                                       | CUSIP: 15189XBA5<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |      1000 | PA      | $911.96       | 0.00%             | 2052-10-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AGCO Corp.                                                                          | AGCO Corp.                                                                                | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2029.87      | 0.00%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AECOM                                                                               | AECOM                                                                                     | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    249000 | PA      | $254779.29    | 0.17%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CACI International Inc.                                                             | CACI International Inc.                                                                   | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13426.41     | 0.01%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc.                                                                      | AEP Texas Inc.                                                                            | CUSIP: 00108WAG5<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |    162000 | PA      | $160786.68    | 0.10%             | 2028-06-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MHPA Commercial Mortgage Trust                                                      | MHPA Commercial Mortgage Trust, Series 2021-STOR, Class B                                 | CUSIP: 55293BAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    105000 | PA      | $105045.44    | 0.07%             | 2038-07-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                             | AstraZeneca Finance LLC                                                                   | CUSIP: 04636NAM5<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3099.00      | 0.00%             | 2031-02-26      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bonds                                                                 | U.S. Treasury Bonds                                                                       | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5252400 | PA      | $5270455.13   | 3.43%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    322000 | PA      | $325393.12    | 0.21%             | 2036-09-11      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                                 | Starwood Mortgage Residential Trust, Series 2022-1, Class A1                              | CUSIP: 85573TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220212 | PA      | $199259.76    | 0.13%             | 2066-12-25      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                          | Occidental Petroleum Corp.                                                                | CUSIP: 674599CF0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      1000 | PA      | $789.52       | 0.00%             | 2045-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co. Inc.                                                  | Hilton Domestic Operating Co. Inc.                                                        | CUSIP: 432833AP6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22469.61     | 0.01%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136AXQT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     22871 | PA      | $4640.42      | 0.00%             | 2047-08-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Zayo Issuer, LLC                                                                    | Zayo Issuer, LLC, Series 2025-2A, Class A2                                                | CUSIP: 98919WAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    219000 | PA      | $225631.58    | 0.15%             | 2055-06-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| EnerSys                                                                             | EnerSys                                                                                   | CUSIP: 29275YAC6<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10854.24     | 0.01%             | 2027-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    342000 | PA      | $340732.10    | 0.22%             | 2056-02-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) PLC                                                         | Rio Tinto Finance (USA) PLC                                                               | CUSIP: 76720AAW6<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |      3000 | PA      | $3128.57      | 0.00%             | 2065-03-14      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GMN6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3003.66      | 0.00%             | 2029-01-24      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Alexander Funding Trust II                                                          | Alexander Funding Trust II                                                                | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    202000 | PA      | $216074.28    | 0.14%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| Match Group Holdings II, LLC                                                        | Match Group Holdings II, LLC                                                              | CUSIP: 57667JAC6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    138000 | PA      | $139320.66    | 0.09%             | 2033-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| American National Group Inc.                                                        | American National Group Inc.                                                              | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    164000 | PA      | $169202.57    | 0.11%             | 2055-12-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust                                                                 | RCKT Mortgage Trust, Series 2025-CES6, Class A1A                                          | CUSIP: 748949AA2<br>LEI: 2549002LEW4WNQBOMB89 | Long             | ABS-MBS          | CORP              | US        |    225126 | PA      | $227548.95    | 0.15%             | 2055-06-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 313921R34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       978 | PA      | $93.94        | 0.00%             | 2031-11-18      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I, L.P.                                                              | Hilcorp Energy I, L.P.                                                                    | CUSIP: 431318BG8<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24449.04     | 0.02%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA Inc.                                                                | DENTSPLY SIRONA Inc.                                                                      | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    237000 | PA      | $244584.00    | 0.16%             | 2055-09-12      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                          | Rogers Communications Inc.                                                                | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     91000 | PA      | $95004.09     | 0.06%             | 2055-04-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                                  | Ellington Financial Mortgage Trust, Series 2019-2, Class A1                               | CUSIP: 31573TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8978 | PA      | $8582.36      | 0.01%             | 2059-11-25      | Variable      | 2.74%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1087.07      | 0.00%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The)                                                       | CUSIP: 06406RBX4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2030.89      | 0.00%             | 2028-07-21      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Houston Electric, LLC                                            | CenterPoint Energy Houston Electric, LLC                                                  | CUSIP: 15189XBF4<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2023.15      | 0.00%             | 2035-03-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Gabon Blue Bond Master Trust                                                        | Gabon Blue Bond Master Trust                                                              | CUSIP: 362419AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    341000 | PA      | $346185.73    | 0.23%             | 2038-08-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                         | Visio Trust, Series 2020-1R, Class A1                                                     | CUSIP: 92837MAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20274 | PA      | $19607.47     | 0.01%             | 2055-11-25      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                        | Exelon Corp.                                                                              | CUSIP: 30161NBM2<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2058.19      | 0.00%             | 2029-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential Trust, Series 2022-SFR5, Class A                                     | CUSIP: 74332YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240543 | PA      | $240634.22    | 0.16%             | 2039-06-17      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 31410GVK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22016 | PA      | $22614.61     | 0.01%             | 2036-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Eagle Funding LuxCo S.a.r.l.                                                        | Eagle Funding LuxCo S.a.r.l.                                                              | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | CORP              | LU        |   1103000 | PA      | $1120438.43   | 0.73%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                      | ING Groep N.V.                                                                            | CUSIP: 456837BL6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $206452.86    | 0.13%             | 2030-03-19      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Keysight Technologies, Inc.                                                         | Keysight Technologies, Inc.                                                               | CUSIP: 49338LAH6<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10398.39     | 0.01%             | 2030-07-30      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Phillips Edison Grocery Center Operating Partnership I, L.P.                        | Phillips Edison Grocery Center Operating Partnership I, L.P.                              | CUSIP: 71845JAC2<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |      1000 | PA      | $986.52       | 0.00%             | 2035-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    176000 | PA      | $176579.58    | 0.11%             | 2045-09-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                            | CUSIP: 74340XCQ2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12263.26     | 0.01%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                          | Ameriprise Financial, Inc.                                                                | CUSIP: 03076CAP1<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3057.72      | 0.00%             | 2035-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive, Inc.                                                           | O'Reilly Automotive, Inc.                                                                 | CUSIP: 67103HAN7<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2019.46      | 0.00%             | 2034-08-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280FB0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204207.20    | 0.13%             | 2036-09-10      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 3128M4TZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       448 | PA      | $449.89       | 0.00%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                                | Meta Platforms, Inc.                                                                      | CUSIP: 30303M8T2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4080.67      | 0.00%             | 2031-08-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14582.60     | 0.01%             | N/A             | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Clarios Global L.P./ Clarios US Finance Co.                                         | Clarios Global L.P./ Clarios US Finance Co.                                               | CUSIP: 18060TAD7<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62028.30     | 0.04%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                         | Capital One Financial Corp.                                                               | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2060.21      | 0.00%             | 2027-10-29      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                                | Meta Platforms, Inc.                                                                      | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1977.54      | 0.00%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GXO Logistics, Inc.                                                                 | GXO Logistics, Inc.                                                                       | CUSIP: 36262GAG6<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4303.72      | 0.00%             | 2034-05-06      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31394EC97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       197 | PA      | $195.79       | 0.00%             | 2035-08-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                          | JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class XA                     | CUSIP: 46644ABH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    252914 | PA      | $5.31         | 0.00%             | 2048-02-15      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                                                   | Merck & Co., Inc.                                                                         | CUSIP: 58933YBN4<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1885.06      | 0.00%             | 2063-05-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Ctfs. Trust                                              | WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7                        | CUSIP: 92922FEB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13073 | PA      | $12638.65     | 0.01%             | 2033-10-25      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc.                                                                       | Broadcom Inc.                                                                             | CUSIP: 11135FCM1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22681.72     | 0.01%             | 2035-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XXI Ltd.                                                               | Symphony CLO XXI Ltd., Series 2019-21A, Class AR2                                         | CUSIP: 87166RGE1<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |    307260 | PA      | $307362.06    | 0.20%             | 2032-07-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc., Series DD                                                                 | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    135000 | PA      | $143588.03    | 0.09%             | N/A             | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 31403C5V9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       478 | PA      | $492.22       | 0.00%             | 2033-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Capital Trust                                                | Credit Suisse Mortgage Capital Trust, Series 2022-ATH1, Class A1A                         | CUSIP: 12660BAM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    252768 | PA      | $246058.29    | 0.16%             | 2067-01-25      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co.                                                               | Saudi Arabian Oil Co.                                                                     | CUSIP: 80414L3F0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    288000 | PA      | $307216.58    | 0.20%             | 2055-06-02      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Australia and New Zealand Banking Group Ltd.                                        | Australia and New Zealand Banking Group Ltd.                                              | CUSIP: 052528AT3<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    180000 | PA      | $180927.91    | 0.12%             | 2035-09-30      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| SK hynix Inc.                                                                       | SK hynix Inc.                                                                             | CUSIP: 78392BAK3<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |    335000 | PA      | $333637.71    | 0.22%             | 2030-09-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                       | Enbridge Inc.                                                                             | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      2000 | PA      | $2172.43      | 0.00%             | 2083-01-15      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392DVZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     20423 | PA      | $2359.91      | 0.00%             | 2032-04-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Golub Capital Private Credit Fund                                                   | Golub Capital Private Credit Fund                                                         | CUSIP: 38179RAE5<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28152.92     | 0.02%             | 2028-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Northern States Power Co.                                                           | Northern States Power Co.                                                                 | CUSIP: 665772DA4<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6166.40      | 0.00%             | 2055-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                    | Bank of Montreal                                                                          | CUSIP: 06368LNT9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |      2000 | PA      | $2017.54      | 0.00%             | 2026-06-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                                                        | Fiserv, Inc.                                                                              | CUSIP: 337738BL1<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2067.95      | 0.00%             | 2034-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                    | NRG Energy, Inc.                                                                          | CUSIP: 629377DA7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    292000 | PA      | $292090.09    | 0.19%             | 2030-10-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 38 Ltd.                                          | Neuberger Berman Loan Advisers CLO 38 Ltd., Series 2020-38A, Class AR2                    | CUSIP: 64133RAU0<br>LEI: 549300SM4FYZ8US63U33 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250136.00    | 0.16%             | 2036-10-20      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                                   | CUSIP: 44891ADM6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5137.10      | 0.00%             | 2030-01-08      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Houston Electric, LLC                                            | CenterPoint Energy Houston Electric, LLC                                                  | CUSIP: 15189XBG2<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4094.95      | 0.00%             | 2030-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                           | Toyota Motor Credit Corp.                                                                 | CUSIP: 89236TMK8<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2031.52      | 0.00%             | 2029-08-09      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO XXV Ltd.                                                | Benefit Street Partners CLO XXV Ltd., Series 2021-25A, Class A1R                          | CUSIP: 08186YAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    278000 | PA      | $278072.00    | 0.18%             | 2035-01-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Stena International S.A.                                                            | Stena International S.A.                                                                  | CUSIP: 85858EAE3<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |     92000 | PA      | $94843.90     | 0.06%             | 2031-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| VDCM Commercial Mortgage Trust                                                      | VDCM Commercial Mortgage Trust, Series 2025-AZ, Class B                                   | CUSIP: 91825CAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $101191.01    | 0.07%             | 2044-07-13      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    207000 | PA      | $210575.76    | 0.14%             | 2028-08-11      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO Ltd.                                                        | Bain Capital Credit CLO Ltd., Series 2019-3A, Class ARR                                   | CUSIP: 05683TBA6<br>LEI: 549300434Q955VK1W392 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250262.50    | 0.16%             | 2034-10-21      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Moody's Corp.                                                                       | Moody's Corp.                                                                             | CUSIP: 615369AE5<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1960.03      | 0.00%             | 2044-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Phillips Edison Grocery Center Operating Partnership I, L.P.                        | Phillips Edison Grocery Center Operating Partnership I, L.P.                              | CUSIP: 71845JAB4<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3123.69      | 0.00%             | 2034-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F0526A5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2021723 | PA      | $2038693.79   | 1.33%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Northern Natural Gas Co.                                                            | Northern Natural Gas Co.                                                                  | CUSIP: 665501AN2<br>LEI: 5493007M02M6CT9EXE41 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1970.04      | 0.00%             | 2054-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                                               | Cardinal Health, Inc.                                                                     | CUSIP: 14149YBP2<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2077.06      | 0.00%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                          | J.P. Morgan Mortgage Trust, Series 2021-LTV2, Class A1                                    | CUSIP: 46654VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    292715 | PA      | $248029.85    | 0.16%             | 2052-05-25      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                                             | Daimler Truck Finance North America LLC                                                   | CUSIP: 233853BF6<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    116000 | PA      | $119897.46    | 0.08%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                     | Intercontinental Exchange, Inc.                                                           | CUSIP: 45866FAX2<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1867.60      | 0.00%             | 2052-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Huntington Ingalls Industries, Inc.                                                 | Huntington Ingalls Industries, Inc.                                                       | CUSIP: 446413BA3<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4125.19      | 0.00%             | 2030-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136APZR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |    117514 | PA      | $11926.70     | 0.01%             | 2035-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                               | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K089, Class AM              | CUSIP: 3137FL6Q2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     39000 | PA      | $38544.80     | 0.03%             | 2029-01-25      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| PPL Electric Utilities Corp.                                                        | PPL Electric Utilities Corp.                                                              | CUSIP: 69351UBD4<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |     47000 | PA      | $47439.90     | 0.03%             | 2055-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Radian Group Inc.                                                                   | Radian Group Inc.                                                                         | CUSIP: 750236AY7<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2089.99      | 0.00%             | 2029-05-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                                 | New Residential Mortgage Loan Trust, Series 2020-NQM1, Class A1                           | CUSIP: 64830VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15798 | PA      | $14893.52     | 0.01%             | 2060-01-26      | Variable      | 2.46%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                          | CUSIP: 126650DX5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1029.60      | 0.00%             | 2031-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSMC Mortgage-Backed Trust                                                          | CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4                                      | CUSIP: 22942JAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     92522 | PA      | $41937.40     | 0.03%             | 2036-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co. (The)                                                                 | Coca-Cola Co. (The)                                                                       | CUSIP: 191216DT4<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1992.26      | 0.00%             | 2064-05-13      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| COPT Defense Properties, L.P.                                                       | COPT Defense Properties, L.P.                                                             | CUSIP: 12713UAA4<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35780.07     | 0.02%             | 2030-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Komatsu Finance America Inc.                                                        | Komatsu Finance America Inc.                                                              | CUSIP: 50048WAB4<br>LEI: 549300SRAAFEEQ8Z4D68 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199006.96    | 0.13%             | 2030-09-18      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CrossCountry Intermediate HoldCo, LLC                                               | CrossCountry Intermediate HoldCo, LLC                                                     | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100492.97    | 0.07%             | 2030-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LPL Holdings, Inc.                                                                  | LPL Holdings, Inc.                                                                        | CUSIP: 50212YAQ7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4105.15      | 0.00%             | 2035-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280DW6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    315000 | PA      | $346641.98    | 0.23%             | 2044-03-09      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                                                           | Corebridge Global Funding                                                                 | CUSIP: 00138CAX6<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1028.85      | 0.00%             | 2029-01-12      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GC85<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10091.34     | 0.01%             | 2028-04-23      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                     | BHP Billiton Finance (USA) Ltd.                                                           | CUSIP: 055451BD9<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |      2000 | PA      | $2085.42      | 0.00%             | 2030-09-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                                       | UBS Commercial Mortgage Trust, Series 2017-C5, Class XA                                   | CUSIP: 90276TAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    716727 | PA      | $11542.03     | 0.01%             | 2050-11-15      | Variable      | 1.24%                 | No            |                  2 | On Loan: No      |
| Huntington Ingalls Industries, Inc.                                                 | Huntington Ingalls Industries, Inc.                                                       | CUSIP: 446413BB1<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4198.68      | 0.00%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3215.48      | 0.00%             | N/A             | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd.                                                                   | CIFC Funding Ltd., Series 2016-1A, Class AR3                                              | CUSIP: 17180TBL5<br>LEI: 54930076OPDXR0U68E20 | Long             | ABS-CBDO         | CORP              | KY        |    124262 | PA      | $124109.35    | 0.08%             | 2031-10-21      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DT3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10049.45     | 0.01%             | 2030-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31395LMA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     96760 | PA      | $6270.58      | 0.00%             | 2035-01-15      | Floating      | 2.21%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                                                  | Ryder System, Inc.                                                                        | CUSIP: 78355HLD9<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2046.71      | 0.00%             | 2029-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | McDonald's Corp.                                                                          | CUSIP: 58013MFZ2<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5080.11      | 0.00%             | 2030-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEU6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2036.37      | 0.00%             | 2029-01-24      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                                 | Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA                             | CUSIP: 17326FAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1541588 | PA      | $24927.94     | 0.02%             | 2050-10-12      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                                  | Ellington Financial Mortgage Trust, Series 2022-3, Class A1                               | CUSIP: 31573EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    216637 | PA      | $216051.96    | 0.14%             | 2067-08-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent, L.P.                                                         | American Homes 4 Rent, L.P.                                                               | CUSIP: 02666TAH0<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3097.66      | 0.00%             | 2034-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    155000 | PA      | $154959.63    | 0.10%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                                   | CUSIP: 44891ACD7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2057.22      | 0.00%             | 2028-03-30      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| GXO Logistics, Inc.                                                                 | GXO Logistics, Inc.                                                                       | CUSIP: 36262GAF8<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2101.22      | 0.00%             | 2029-05-06      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| First Horizon Alternative Mortgage Securities Trust                                 | First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6           | CUSIP: 32051GYL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50372 | PA      | $19587.21     | 0.01%             | 2035-11-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Ltd.                                                          | Melco Resorts Finance Ltd.                                                                | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     15000 | PA      | $15049.35     | 0.01%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                         | Capital One Financial Corp.                                                               | CUSIP: 14040HDM4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    154000 | PA      | $152805.26    | 0.10%             | 2031-09-11      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding (AESOP) LLC                                          | Avis Budget Rental Car Funding (AESOP) LLC, Series 2023-4A, Class A                       | CUSIP: 05377RGY4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    354000 | PA      | $364632.99    | 0.24%             | 2029-06-20      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                      | Hewlett Packard Enterprise Co.                                                            | CUSIP: 42824CBW8<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2871.09      | 0.00%             | 2054-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                           | Williams Cos., Inc. (The)                                                                 | CUSIP: 969457CQ1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2065.36      | 0.00%             | 2055-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                            | Fannie Mae Connecticut Avenue Securities, Series 2025-R04, Class 1A1                      | CUSIP: 20755TAA9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     17795 | PA      | $17823.72     | 0.01%             | 2045-05-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9299.96      | 0.01%             | 2031-04-22      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                                 | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     82000 | PA      | $86831.19     | 0.06%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Aethon United BR L.P./ Aethon United Finance Corp.                                  | Aethon United BR L.P./ Aethon United Finance Corp.                                        | CUSIP: 00810GAD6<br>LEI: 5493007HPG2M9K9X5V41 | Long             | DBT              | CORP              | US        |     31000 | PA      | $32352.87     | 0.02%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Kroger Co. (The)                                                                    | Kroger Co. (The)                                                                          | CUSIP: 501044DX6<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1952.37      | 0.00%             | 2064-09-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                                    | CUSIP: 85325C2J0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    316000 | PA      | $320763.49    | 0.21%             | 2036-08-12      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mortgage Trust                                           | Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class AS                     | CUSIP: 06054ABB4<br>LEI: 5493005NJP8BSE187672 | Long             | ABS-MBS          | CORP              | US        |     70000 | PA      | $70051.42     | 0.05%             | 2048-09-15      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| AS Mileage Plan IP Ltd.                                                             | AS Mileage Plan IP Ltd.                                                                   | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      2000 | PA      | $1991.88      | 0.00%             | 2031-10-20      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp.                                                                  | Atmos Energy Corp.                                                                        | CUSIP: 049560AZ8<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3258.26      | 0.00%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ICON Investments Six DAC                                                            | ICON Investments Six DAC                                                                  | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $210043.15    | 0.14%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                                                                 | Post Holdings, Inc.                                                                       | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12129.88     | 0.01%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                      | Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class A1                   | CUSIP: 61776QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    149722 | PA      | $151803.27    | 0.10%             | 2054-07-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                                                         | Marsh & McLennan Cos., Inc.                                                               | CUSIP: 571748BV3<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2049.96      | 0.00%             | 2053-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                               | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K735, Class X1, IO          | CUSIP: 3137FMU83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   1932103 | PA      | $7178.15      | 0.00%             | 2026-05-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| Vistra Corp.                                                                        | Vistra Corp.                                                                              | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21336.00     | 0.01%             | N/A             | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| AGCO Corp.                                                                          | AGCO Corp.                                                                                | CUSIP: 001084AS1<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3120.12      | 0.00%             | 2034-03-21      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136AAQJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     34632 | PA      | $4291.30      | 0.00%             | 2042-12-25      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                                                 | Expand Energy Corp.                                                                       | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3050.86      | 0.00%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                                               | Amrize Finance US LLC                                                                     | CUSIP: 43475RAB2<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6072.60      | 0.00%             | 2028-04-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                                   | Duke Energy Corp.                                                                         | CUSIP: 26441CCC7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2038.88      | 0.00%             | 2029-01-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $105.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                      | Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA                                 | CUSIP: 61691NAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    532974 | PA      | $8152.32      | 0.01%             | 2050-12-15      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TCZR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       199 | PA      | $201.19       | 0.00%             | 2028-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Public Service Co. of Colorado                                                      | Public Service Co. of Colorado                                                            | CUSIP: 744448CY5<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |      1000 | PA      | $948.26       | 0.00%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | Avolon Holdings Funding Ltd.                                                              | CUSIP: 05401ABC4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    373000 | PA      | $368630.82    | 0.24%             | 2032-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Wendy's Funding, LLC                                                                | Wendy's Funding, LLC, Series 2018-1A, Class A2II                                          | CUSIP: 95058XAE8<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |     55335 | PA      | $54590.29     | 0.04%             | 2048-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                          | CUSIP: 126650EJ5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22277.92     | 0.01%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                            | CUSIP: 74340XCK5<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1937.69      | 0.00%             | 2054-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Eastern Energy Gas Holdings, LLC                                                    | Eastern Energy Gas Holdings, LLC                                                          | CUSIP: 27636AAA0<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2959.53      | 0.00%             | 2054-10-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Snam S.p.A.                                                                         | Snam S.p.A.                                                                               | CUSIP: 83304JAA5<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |    209000 | PA      | $212075.43    | 0.14%             | 2030-05-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra Pacific Power Co.                                                            | Sierra Pacific Power Co.                                                                  | CUSIP: 826418BR5<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |     69000 | PA      | $69130.34     | 0.04%             | 2055-12-15      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2025-VLT6, Class A                                                       | CUSIP: 12433KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    185000 | PA      | $185209.31    | 0.12%             | 2042-03-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 31297BTP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5820 | PA      | $6084.26      | 0.00%             | 2031-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Gas and Electric Co.                                                       | Oklahoma Gas and Electric Co.                                                             | CUSIP: 678858BY6<br>LEI: 549300VJ8YXGPO8EV472 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4001.95      | 0.00%             | 2053-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GA95<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2131.64      | 0.00%             | 2035-04-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                   | Enterprise Products Operating LLC                                                         | CUSIP: 29379VCL5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22370.09     | 0.01%             | 2036-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Southern Co. Gas Capital Corp.                                                      | Southern Co. Gas Capital Corp., Series B                                                  | CUSIP: 8426EPAK4<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |     58000 | PA      | $58174.75     | 0.04%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                            | HCA Inc.                                                                                  | CUSIP: 404119CR8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1976.03      | 0.00%             | 2053-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                                 | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3646400 | PA      | $3628025.57   | 2.36%             | 2030-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Bank                                                                                | Bank, Series 2019-BN16, Class XA                                                          | CUSIP: 065405AJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   1417244 | PA      | $34449.66     | 0.02%             | 2052-02-15      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| Tricon Residential Trust                                                            | Tricon Residential Trust, Series 2025-SFR1, Class A                                       | CUSIP: 895974AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    193997 | PA      | $194434.88    | 0.13%             | 2042-03-17      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| CNA Financial Corp.                                                                 | CNA Financial Corp.                                                                       | CUSIP: 126117AZ3<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    189000 | PA      | $189502.74    | 0.12%             | 2035-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MASTR Asset Backed Securities Trust                                                 | MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3                           | CUSIP: 55291KAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34003 | PA      | $11604.63     | 0.01%             | 2036-08-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The), Series I                                             | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      1000 | PA      | $981.23       | 0.00%             | N/A             | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                                | Meta Platforms, Inc.                                                                      | CUSIP: 30303M8U9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4053.82      | 0.00%             | 2034-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                                  | CUSIP: 36213HWZ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       257 | PA      | $260.56       | 0.00%             | 2031-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Entergy Texas, Inc.                                                                 | Entergy Texas, Inc.                                                                       | CUSIP: 29365TAP9<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2952.98      | 0.00%             | 2054-09-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Frontier Issuer LLC                                                                 | Frontier Issuer LLC, Series 2023-1, Class A2                                              | CUSIP: 35910EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    311233 | PA      | $316222.97    | 0.21%             | 2053-08-20      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Public Service Co. of New Hampshire                                                 | Public Service Co. of New Hampshire                                                       | CUSIP: 744538AF6<br>LEI: 549300SHPFALUPKK2351 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2094.15      | 0.00%             | 2033-10-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816EK1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    119000 | PA      | $121106.36    | 0.08%             | 2033-07-20      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | Avolon Holdings Funding Ltd.                                                              | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      3000 | PA      | $3130.21      | 0.00%             | 2028-05-04      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                                             | SS&C Technologies, Inc.                                                                   | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6209.86      | 0.00%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO 53(B) Ltd.                                               | Golub Capital Partners CLO 53(B) Ltd., Series 2021-53A, Class AR                          | CUSIP: 38177YAL6<br>LEI: 254900DPK2EA9C8DGV68 | Long             | ABS-CBDO         | CORP              | KY        |    451000 | PA      | $451004.06    | 0.29%             | 2034-07-20      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating LLC/Charter Communications Operating Capital Corp.       | CUSIP: 161175CP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3000 | PA      | $3207.00      | 0.00%             | 2034-02-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XCV5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3666.11      | 0.00%             | 2064-09-27      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                     | Solventum Corp.                                                                           | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3124.98      | 0.00%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3133.89      | 0.00%             | 2033-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                            | John Deere Capital Corp.                                                                  | CUSIP: 24422EYF0<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     57000 | PA      | $57435.95     | 0.04%             | 2030-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                                                     | Nordea Bank Abp                                                                           | CUSIP: 65558RAK5<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    200000 | PA      | $202399.20    | 0.13%             | N/A             | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| JH North America Holdings Inc.                                                      | JH North America Holdings Inc.                                                            | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11276.58     | 0.01%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816ED7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7112.81      | 0.00%             | 2029-04-25      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership L.P.                                                  | Brixmor Operating Partnership L.P.                                                        | CUSIP: 11120VAP8<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54905.35     | 0.04%             | 2033-02-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| EnPro Inc.                                                                          | EnPro Inc.                                                                                | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    137000 | PA      | $140362.44    | 0.09%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Horizon Mutual Holdings, Inc.                                                       | Horizon Mutual Holdings, Inc.                                                             | CUSIP: 43990FAA6<br>LEI: 254900R6BWV4LUXBN549 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9783.91      | 0.01%             | 2034-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc.                                                                       | Broadcom Inc.                                                                             | CUSIP: 11135FCX7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    179000 | PA      | $178122.72    | 0.12%             | 2038-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                      | ZF North America Capital, Inc.                                                            | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |     86000 | PA      | $83989.69     | 0.05%             | 2030-04-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XX Ltd.                                                                | Symphony CLO XX Ltd., Series 2018-20A, Class AR2                                          | CUSIP: 87166VAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    187012 | PA      | $187077.74    | 0.12%             | 2032-01-16      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                                | Meta Platforms, Inc.                                                                      | CUSIP: 30303M8R6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2058.57      | 0.00%             | 2063-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DC0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2065.44      | 0.00%             | 2028-09-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TDPP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     16037 | PA      | $16252.26     | 0.01%             | 2028-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                                                     | Residential Mortgage Loan Trust, Series 2020-1, Class A1                                  | CUSIP: 76119CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2853 | PA      | $2835.23      | 0.00%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co. Inc.                                                  | Hilton Domestic Operating Co. Inc.                                                        | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     78000 | PA      | $79097.85     | 0.05%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                     | Intercontinental Exchange, Inc.                                                           | CUSIP: 45866FAY0<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |      1000 | PA      | $956.00       | 0.00%             | 2062-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                                               | DB Master Finance LLC, Series 2019-1A, Class A2II                                         | CUSIP: 233046AK7<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |     47000 | PA      | $46846.94     | 0.03%             | 2049-05-20      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Adventist Health System                                                             | Adventist Health System                                                                   | CUSIP: 007944AK7<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3088.78      | 0.00%             | 2034-12-01      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                    | Bank of Montreal                                                                          | CUSIP: 06368L5Q5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    207000 | PA      | $220008.92    | 0.14%             | 2084-11-26      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                                   | CUSIP: 91324PEW8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2750.87      | 0.00%             | 2053-04-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAB58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     15883 | PA      | $1847.16      | 0.00%             | 2033-02-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Evergy Metro, Inc.                                                                  | Evergy Metro, Inc.                                                                        | CUSIP: 30037DAB1<br>LEI: 1128SIJQ26096WL7IO82 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3053.78      | 0.00%             | 2033-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                                     | CUSIP: 539830BY4<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2120.76      | 0.00%             | 2063-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2029.11      | 0.00%             | 2028-07-22      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The), Series V                                        | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3053.38      | 0.00%             | N/A             | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial, Inc.                                                          | Corebridge Financial, Inc.                                                                | CUSIP: 21871XAR0<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2135.84      | 0.00%             | 2033-09-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Universal Health Services, Inc.                                                     | Universal Health Services, Inc.                                                           | CUSIP: 913903BC3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3905.96      | 0.00%             | 2034-10-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust                                                                 | RCKT Mortgage Trust, Series 2025-CES7, Class A1A                                          | CUSIP: 74943AAA0<br>LEI: 254900E35NYYFOUTHD06 | Long             | ABS-MBS          | CORP              | US        |    146598 | PA      | $148048.82    | 0.10%             | 2055-07-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| EMD Finance LLC                                                                     | EMD Finance LLC                                                                           | CUSIP: 26867LAQ3<br>LEI: 529900C8KS5G529A0B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149847.61    | 0.10%             | 2032-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SA Global Sukuk Ltd.                                                                | SA Global Sukuk Ltd.                                                                      | CUSIP: 78397PAH4<br>LEI: 5493007DFAVKU7UOGR47 | Long             | DBT              | CORP              | KY        |    403000 | PA      | $393325.74    | 0.26%             | 2035-09-17      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392DW40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       288 | PA      | $30.87        | 0.00%             | 2032-07-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                                    | CUSIP: 31325UP26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      5363 | PA      | $98.68        | 0.00%             | 2027-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                     | Phillips 66 Co., Series B                                                                 | CUSIP: 718547BA9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    117000 | PA      | $117423.54    | 0.08%             | 2056-03-15      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                      | CUSIP: 78016HZV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      2000 | PA      | $2056.21      | 0.00%             | 2029-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Wisconsin Electric Power Co.                                                        | Wisconsin Electric Power Co.                                                              | CUSIP: 976656CU0<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94643.90     | 0.06%             | 2030-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, IO                                              | CUSIP: 38380HHZ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |     82719 | PA      | $15056.61     | 0.01%             | 2047-09-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corp.                                                              | Novartis Capital Corp.                                                                    | CUSIP: 66989HAW8<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3654.47      | 0.00%             | 2054-09-18      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F0626A4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1250000 | PA      | $1291924.93   | 0.84%             | 2025-10-14      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chile Electricity Lux MPC II S.a.r.l.                                               | Chile Electricity Lux MPC II S.a.r.l.                                                     | CUSIP: 16882LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    273701 | PA      | $283083.45    | 0.18%             | 2035-10-20      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Affiliated Managers Group, Inc.                                                     | Affiliated Managers Group, Inc.                                                           | CUSIP: 008252AR9<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1025.28      | 0.00%             | 2034-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                       | Alphabet Inc.                                                                             | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11950.21     | 0.01%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                         | Capital One Financial Corp.                                                               | CUSIP: 14040HDN2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    129000 | PA      | $127630.14    | 0.08%             | 2036-09-11      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2022-LBA6, Class B                                                       | CUSIP: 12433EAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $230020.98    | 0.15%             | 2039-01-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                                                         | Block, Inc.                                                                               | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34472.87     | 0.02%             | 2030-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Subway Funding LLC                                                                  | Subway Funding LLC, Series 2024-3A, Class A2I                                             | CUSIP: 864300AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198500 | PA      | $198876.00    | 0.13%             | 2054-07-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TELUS Corp.                                                                         | TELUS Corp.                                                                               | CUSIP: 87971MCL5<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |     53000 | PA      | $54578.89     | 0.04%             | 2055-10-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                                | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4076.57      | 0.00%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F0426A6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    507318 | PA      | $492145.24    | 0.32%             | 2055-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCYY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1028 | PA      | $119.19       | 0.00%             | 2035-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fortitude Global Funding                                                            | Fortitude Global Funding                                                                  | CUSIP: 34967GAA2<br>LEI: 635400TKBOGEHNO5RT68 | Long             | DBT              | CORP              | US        |    208000 | PA      | $208243.01    | 0.14%             | 2028-10-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | U.S. Treasury 10 Year Notes Future                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |       -84 | NC      | $-5425.56     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Ecopetrol S.A.                                                                      | Ecopetrol S.A.                                                                            | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     11000 | PA      | $9873.07      | 0.01%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Kodiak Gas Services, LLC                                                            | Kodiak Gas Services, LLC                                                                  | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     53000 | PA      | $53996.44     | 0.04%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Veralto Corp.                                                                       | Veralto Corp.                                                                             | CUSIP: 92338CAB9<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2024.92      | 0.00%             | 2026-09-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| High Street Funding Trust III                                                       | High Street Funding Trust III                                                             | CUSIP: 42981FAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $105096.63    | 0.07%             | 2055-02-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                                                | Mexico Government International Bond                                                      | CUSIP: 91087BBL3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    238000 | PA      | $237181.28    | 0.15%             | 2035-09-22      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co.                                                               | Saudi Arabian Oil Co.                                                                     | CUSIP: 80414L3B9<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    253000 | PA      | $261853.44    | 0.17%             | 2035-06-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                        | Exelon Corp.                                                                              | CUSIP: 30161NBR1<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6190.06      | 0.00%             | 2031-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                                  | Ellington Financial Mortgage Trust, Series 2021-1, Class A1                               | CUSIP: 31574XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23673 | PA      | $20763.19     | 0.01%             | 2066-02-25      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2025-HB1, Class A1                                       | CUSIP: 034936AA2<br>LEI: 254900ZFKOWCY24MSQ94 | Long             | ABS-MBS          | CORP              | US        |     81253 | PA      | $81853.44     | 0.05%             | 2055-02-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Kentucky Utilities Co.                                                              | Kentucky Utilities Co.                                                                    | CUSIP: 491674BP1<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31888.17     | 0.02%             | 2055-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Cousins Properties L.P.                                                             | Cousins Properties L.P.                                                                   | CUSIP: 222793AA9<br>LEI: 254900ZQIHJ5FQH4C329 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2100.06      | 0.00%             | 2034-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                                      | Carnival Corp.                                                                            | CUSIP: 143658BW1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      1000 | PA      | $1053.59      | 0.00%             | 2029-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                                                        | Mizuho Financial Group, Inc.                                                              | CUSIP: 60687YDG1<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    268000 | PA      | $280762.41    | 0.18%             | 2035-07-10      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                          | Ameriprise Financial, Inc.                                                                | CUSIP: 03076CAM8<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1036.84      | 0.00%             | 2033-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                                             | Micron Technology, Inc.                                                                   | CUSIP: 595112CG6<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6300.02      | 0.00%             | 2032-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                         | Sunoco L.P.                                                                               | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    169000 | PA      | $167642.40    | 0.11%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392DPX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       458 | PA      | $46.54        | 0.00%             | 2032-03-18      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                                                        | Fiserv, Inc.                                                                              | CUSIP: 337738BG2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1031.43      | 0.00%             | 2028-08-21      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 31395XLV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      2853 | PA      | $3393.71      | 0.00%             | 2035-08-15      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Mastercard Inc.                                                                     | Mastercard Inc.                                                                           | CUSIP: 57636QAX2<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1027.56      | 0.00%             | 2033-03-09      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                                      | DTE Energy Co.                                                                            | CUSIP: 233331BM8<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2025.88      | 0.00%             | 2027-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TDE69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       150 | PA      | $151.42       | 0.00%             | 2028-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Trans-Allegheny Interstate Line Co.                                                 | Trans-Allegheny Interstate Line Co.                                                       | CUSIP: 893045AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9000 | PA      | $9236.71      | 0.01%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax Financial Holdings Ltd.                                                     | Fairfax Financial Holdings Ltd.                                                           | CUSIP: 303901BU5<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |      2000 | PA      | $2053.28      | 0.00%             | 2055-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Advance Auto Parts, Inc.                                                            | Advance Auto Parts, Inc.                                                                  | CUSIP: 00751YAL0<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87720.43     | 0.06%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Viking Cruises Ltd.                                                                 | Viking Cruises Ltd.                                                                       | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    261000 | PA      | $261509.41    | 0.17%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                                                            | Roper Technologies, Inc.                                                                  | CUSIP: 776696AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4039.53      | 0.00%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SCG Commercial Mortgage Trust                                                       | SCG Commercial Mortgage Trust, Series 2025-FLWR, Class A                                  | CUSIP: 78438AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    145000 | PA      | $145325.09    | 0.09%             | 2042-08-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Amazon Conservation DAC                                                             | Amazon Conservation DAC                                                                   | CUSIP: 02315JAA2<br>LEI: 635400VMJ6EGNYN3YK31 | Long             | DBT              | CORP              | IE        |    270000 | PA      | $278977.50    | 0.18%             | 2042-01-16      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Subway Funding LLC                                                                  | Subway Funding LLC, Series 2024-3A, Class A23                                             | CUSIP: 864300AL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    218350 | PA      | $218297.84    | 0.14%             | 2054-07-30      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                                             | Mercedes-Benz Finance North America LLC                                                   | CUSIP: 58769JAL1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    256000 | PA      | $262786.53    | 0.17%             | 2028-08-03      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31359XCD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      8926 | PA      | $9081.64      | 0.01%             | 2029-11-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage L.P.                                                            | Extra Space Storage L.P.                                                                  | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3089.06      | 0.00%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Niagara Mohawk Power Corp.                                                          | Niagara Mohawk Power Corp.                                                                | CUSIP: 653522DT6<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28145.33     | 0.02%             | 2030-10-03      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Universal Health Services, Inc.                                                     | Universal Health Services, Inc.                                                           | CUSIP: 913903BB5<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1998.65      | 0.00%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SK hynix Inc.                                                                       | SK hynix Inc.                                                                             | CUSIP: 78392BAJ6<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |    205000 | PA      | $204967.75    | 0.13%             | 2028-09-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential Trust, Series 2021-SFR10, Class A                                    | CUSIP: 74333WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200006 | PA      | $189607.23    | 0.12%             | 2040-12-17      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Juniper Valley Park CLO, Ltd.                                                       | Juniper Valley Park CLO, Ltd., Series 2023-1A, Class ARR                                  | CUSIP: 48206KAY2<br>LEI: 213800ACSV8GAJ4CCO70 | Long             | ABS-CBDO         | CORP              | JE        |    530000 | PA      | $531160.17    | 0.35%             | 2036-07-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Carlyle Group Inc. (The)                                                            | Carlyle Group Inc. (The)                                                                  | CUSIP: 14316JAA6<br>LEI: 529900NGGVF94UK6PG95 | Long             | DBT              | CORP              | US        |    156000 | PA      | $155514.73    | 0.10%             | 2035-09-19      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 3137AXEJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     10257 | PA      | $184.98       | 0.00%             | 2027-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L.P./ PAA Finance Corp.                                | Plains All American Pipeline L.P./ PAA Finance Corp.                                      | CUSIP: 72650RBR2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $70176.82     | 0.05%             | 2031-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc / SkyMiles IP Ltd.                                              | Delta Air Lines Inc / SkyMiles IP Ltd.                                                    | CUSIP: 830867AA5<br>LEI: 2549008L7P4I8VB90936 | Long             | DBT              | CORP              | US        |       634 | PA      | $632.74       | 0.00%             | 2025-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                                  | Southern Co. (The)                                                                        | CUSIP: 842587EA1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1980.87      | 0.00%             | 2035-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Commonwealth Edison Co.                                                             | Commonwealth Edison Co.                                                                   | CUSIP: 202795KB5<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7450.47      | 0.00%             | 2055-06-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAXJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1061 | PA      | $118.08       | 0.00%             | 2033-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EOG Resources, Inc.                                                                 | EOG Resources, Inc.                                                                       | CUSIP: 26875PAZ4<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13353.00     | 0.01%             | 2036-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Wynnton Funding Trust                                                               | Wynnton Funding Trust                                                                     | CUSIP: 983196AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    283000 | PA      | $285476.14    | 0.19%             | 2035-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCCL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     19874 | PA      | $2524.66      | 0.00%             | 2034-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4222.14      | 0.00%             | 2036-04-17      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                           | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208878.02    | 0.14%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEJ1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2052.00      | 0.00%             | 2030-07-22      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3064.98      | 0.00%             | 2029-02-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                          | CUSIP: 709599CB8<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3095.77      | 0.00%             | 2030-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Boots Group Finco L.P.                                                              | Boots Group Finco L.P.                                                                    | CUSIP: YM3484644<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $137358.32    | 0.09%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3090.16      | 0.00%             | 2030-01-23      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Banc of America Mortgage Trust                                                      | Banc of America Mortgage Trust, Series 2007-1, Class 1A24                                 | CUSIP: 05952HAZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18292 | PA      | $15751.08     | 0.01%             | 2037-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Magnera Corp.                                                                       | Magnera Corp.                                                                             | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12242.62     | 0.01%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Trinidad & Tobago Government International Bond                                     | Trinidad & Tobago Government International Bond                                           | CUSIP: 896292AM1<br>LEI: HYBZ5SXKW67ICKUUWH81 | Long             | DBT              | NUSS              | TT        |    210000 | PA      | $215229.00    | 0.14%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                                     | Palmer Square Loan Funding Ltd., Series 2025-2A, Class A1                                 | CUSIP: 69704AAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $570233.13    | 0.37%             | 2033-07-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                        | Marriott International, Inc.                                                              | CUSIP: 571903BS1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4092.80      | 0.00%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                                                   | American Electric Power Co., Inc., Series D                                               | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95371.09     | 0.06%             | 2056-03-15      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                                             | Daimler Truck Finance North America LLC                                                   | CUSIP: 233853BH2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150255.91    | 0.10%             | 2030-10-12      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                                           | Bank of Nova Scotia (The)                                                                 | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     54000 | PA      | $58035.91     | 0.04%             | 2084-01-27      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                      | CUSIP: 378272BS6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1030.73      | 0.00%             | 2029-04-04      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                                                 | Realty Income Corp.                                                                       | CUSIP: 756109CX0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    183000 | PA      | $181055.73    | 0.12%             | 2033-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                      | CUSIP: 378272BY3<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3049.07      | 0.00%             | 2028-04-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FANS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       628 | PA      | $77.28        | 0.00%             | 2032-07-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                     | Whirlpool Corp.                                                                           | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14122.11     | 0.01%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TCV70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |        68 | PA      | $69.60        | 0.00%             | 2028-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                           | Florida Power & Light Co.                                                                 | CUSIP: 341081GZ4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4196.76      | 0.00%             | 2065-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1003.67      | 0.00%             | 2029-07-23      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| Smurfit Kappa Treasury Unlimited Co.                                                | Smurfit Kappa Treasury Unlimited Co.                                                      | CUSIP: 83272GAD3<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    112000 | PA      | $115406.39    | 0.08%             | 2030-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                           | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                 | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    241000 | PA      | $248858.77    | 0.16%             | 2056-01-31      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31395U5B3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      7731 | PA      | $492.49       | 0.00%             | 2035-05-15      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCHX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     15724 | PA      | $2145.42      | 0.00%             | 2034-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wabtec Corp.                                                                        | Wabtec Corp.                                                                              | CUSIP: 960386AT7<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16580.34     | 0.01%             | 2035-05-29      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 172967QA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21405.33     | 0.01%             | 2031-05-07      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDB8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4018.39      | 0.00%             | 2055-08-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFK6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3083.95      | 0.00%             | 2030-01-16      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Macy's Retail Holdings, LLC                                                         | Macy's Retail Holdings, LLC                                                               | CUSIP: 55617LAS1<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |     79000 | PA      | $82473.95     | 0.05%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MPLX L.P.                                                                           | MPLX L.P.                                                                                 | CUSIP: 55336VCD0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     93000 | PA      | $94152.70     | 0.06%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO Ltd.                                                        | Bain Capital Credit CLO Ltd., Series 2021-1A, Class AR                                    | CUSIP: 05684LAN5<br>LEI: 254900DHB4WS9ZL4ED63 | Long             | ABS-CBDO         | CORP              | KY        |    175000 | PA      | $175048.83    | 0.11%             | 2034-04-18      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc.                                                             | Brookfield Finance Inc.                                                                   | CUSIP: 11271LAQ5<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    288000 | PA      | $289631.90    | 0.19%             | 2036-01-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                     | BHP Billiton Finance (USA) Ltd.                                                           | CUSIP: 055451BE7<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |      3000 | PA      | $3125.47      | 0.00%             | 2033-09-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                                                            | Roper Technologies, Inc.                                                                  | CUSIP: 776696AK2<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22108.31     | 0.01%             | 2028-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Southwest Gas Corp.                                                                 | Southwest Gas Corp.                                                                       | CUSIP: 845011AH8<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3083.98      | 0.00%             | 2028-03-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC                    | California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC                          | CUSIP: 13005HAA8<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |     42000 | PA      | $43077.34     | 0.03%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ICON Investments Six DAC                                                            | ICON Investments Six DAC                                                                  | CUSIP: 45115AAA2<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $204160.79    | 0.13%             | 2027-05-08      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                              | CUSIP: 225401BM9<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $199365.58    | 0.13%             | 2031-09-23      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                            | Benchmark Mortgage Trust, Series 2018-B1, Class XA                                        | CUSIP: 08162PAY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1119794 | PA      | $10589.78     | 0.01%             | 2051-01-15      | Variable      | 0.67%                 | No            |                  2 | On Loan: No      |
| Union Electric Co.                                                                  | Union Electric Co.                                                                        | CUSIP: 906548CY6<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2063.88      | 0.00%             | 2034-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage L.P.                                                            | Extra Space Storage L.P.                                                                  | CUSIP: 30225VAV9<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |     59000 | PA      | $59378.87     | 0.04%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                 | GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6                           | CUSIP: 36263KAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    221262 | PA      | $198129.95    | 0.13%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GA87<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3139.41      | 0.00%             | 2030-04-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO XXIII Ltd.                                              | Benefit Street Partners CLO XXIII Ltd., Series 2021-23A, Class A1R                        | CUSIP: 08186VAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    240000 | PA      | $240476.88    | 0.16%             | 2034-04-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GMP1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2004.13      | 0.00%             | 2031-01-24      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Ferguson Enterprises Inc.                                                           | Ferguson Enterprises Inc.                                                                 | CUSIP: 31488VAB3<br>LEI: 2138003JYQMRP3SLX189 | Long             | DBT              | CORP              | US        |    145000 | PA      | $144113.06    | 0.09%             | 2031-03-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Jane Street Group / JSG Finance Inc.                                                | Jane Street Group / JSG Finance Inc.                                                      | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31490.32     | 0.02%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                                | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5068.33      | 0.00%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Bayview MSR Opportunity Master Fund Trust                                           | Bayview MSR Opportunity Master Fund Trust, Series 2021-4, Class A3                        | CUSIP: 07336GAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    267631 | PA      | $230954.98    | 0.15%             | 2051-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                        | Exelon Corp.                                                                              | CUSIP: 30161NBS9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3056.90      | 0.00%             | 2055-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                    | NRG Energy, Inc.                                                                          | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251006.50    | 0.16%             | 2035-10-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Zions Bancorp., N.A.                                                                | Zions Bancorp., N.A.                                                                      | CUSIP: 98971DAD2<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |    259000 | PA      | $259869.09    | 0.17%             | 2028-08-18      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The), Series W                                                 | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     97000 | PA      | $103083.36    | 0.07%             | N/A             | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Northern States Power Co.                                                           | Northern States Power Co.                                                                 | CUSIP: 665772CZ0<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10206.45     | 0.01%             | 2035-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 31298EX67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       932 | PA      | $964.11       | 0.00%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc.                                                               | Cleveland-Cliffs Inc.                                                                     | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     62000 | PA      | $63235.10     | 0.04%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc.                                                               | Keurig Dr Pepper Inc.                                                                     | CUSIP: 49271VBB5<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3964.28      | 0.00%             | 2035-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Public Storage Operating Co.                                                        | Public Storage Operating Co.                                                              | CUSIP: 74460WAH0<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |      1000 | PA      | $989.49       | 0.00%             | 2053-08-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392DWM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     18748 | PA      | $2065.65      | 0.00%             | 2032-08-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2022-1, Class A1                                         | CUSIP: 03464BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    284984 | PA      | $268093.30    | 0.17%             | 2066-12-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                     | Whirlpool Corp.                                                                           | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27968.25     | 0.02%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc., Series Z                                                                  | CUSIP: 172967PC9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     71000 | PA      | $74217.15     | 0.05%             | N/A             | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                               | CUSIP: 00287YDS5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3068.61      | 0.00%             | 2029-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bond                                    | Republic of Poland Government International Bond                                          | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    270000 | PA      | $280792.66    | 0.18%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AE3<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $216861.36    | 0.14%             | 2038-01-25      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp                                                                        | U.S. Bancorp                                                                              | CUSIP: 91159HJQ4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3102.38      | 0.00%             | 2030-01-23      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) PLC                                                         | Rio Tinto Finance (USA) PLC                                                               | CUSIP: 76720AAU0<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |      3000 | PA      | $3092.70      | 0.00%             | 2035-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                          | CUSIP: 126650EL0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    118000 | PA      | $121532.39    | 0.08%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc.                                                                    | Xcel Energy Inc.                                                                          | CUSIP: 98389BBD1<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4050.77      | 0.00%             | 2028-03-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCYZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     22450 | PA      | $3211.32      | 0.00%             | 2035-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                      | Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM1, Class A1                | CUSIP: 617932AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    347753 | PA      | $350770.25    | 0.23%             | 2069-11-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Mitsubishi Ufj Financial Group, Inc.                                                | Mitsubishi Ufj Financial Group, Inc.                                                      | CUSIP: 606822DJ0<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $203443.83    | 0.13%             | 2031-04-24      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                                       | Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A1                                 | CUSIP: 17307G2Z0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45018 | PA      | $43460.81     | 0.03%             | 2035-10-25      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc.                                                               | Cleveland-Cliffs Inc.                                                                     | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    411000 | PA      | $411249.51    | 0.27%             | 2027-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 172967PY1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18129.28     | 0.01%             | 2028-05-07      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 31410FV85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       245 | PA      | $255.93       | 0.00%             | 2030-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VBB5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1965.08      | 0.00%             | 2054-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                                        | National Australia Bank Ltd.                                                              | CUSIP: 632525CF6<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    198000 | PA      | $208198.74    | 0.14%             | 2036-01-14      | Variable      | 5.90%                 | No            |                  2 | On Loan: —       |
| Cousins Properties L.P.                                                             | Cousins Properties L.P.                                                                   | CUSIP: 222793AB7<br>LEI: 254900ZQIHJ5FQH4C329 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2053.52      | 0.00%             | 2032-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                                 | CUSIP: 75513ECV1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3240.10      | 0.00%             | 2031-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LG Electronics Inc.                                                                 | LG Electronics Inc.                                                                       | CUSIP: 50186QAD5<br>LEI: 988400RMQFTGZIOG0609 | Long             | DBT              | CORP              | KR        |    100000 | PA      | $103919.21    | 0.07%             | 2029-04-24      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816DT3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1007.92      | 0.00%             | 2027-04-23      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                                           | Guatemala Government Bond                                                                 | CUSIP: 401494BB4<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $210250.00    | 0.14%             | 2055-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2024-10, Class A1                                        | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-MBS          | CORP              | US        |    235876 | PA      | $237183.40    | 0.15%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                        | Honeywell International Inc.                                                              | CUSIP: 438516CQ7<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4115.23      | 0.00%             | 2029-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RWE Finance US, LLC                                                                 | RWE Finance US, LLC                                                                       | CUSIP: 749983AC6<br>LEI: 529900J7MYLKI84UP772 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148050.76    | 0.10%             | 2035-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BPCE S.A.                                                                           | BPCE S.A.                                                                                 | CUSIP: 05571ABA2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $267659.17    | 0.17%             | 2036-01-14      | Variable      | 6.29%                 | No            |                  2 | On Loan: No      |
| Brazilian Government International Bond                                             | Brazilian Government International Bond                                                   | CUSIP: 105756CH1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    208000 | PA      | $213096.00    | 0.14%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust                                         | Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1                      | CUSIP: 07387AGZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20911 | PA      | $20181.01     | 0.01%             | 2036-02-25      | Floating      | 0.65%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co.                                                                   | Genuine Parts Co.                                                                         | CUSIP: 372460AD7<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2240.40      | 0.00%             | 2033-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                                                | Mexico Government International Bond                                                      | CUSIP: 91087BBJ8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    312000 | PA      | $310206.00    | 0.20%             | 2031-03-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136ASXP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     33393 | PA      | $4359.75      | 0.00%             | 2046-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816EF2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16456.11     | 0.01%             | 2031-04-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                                | CUSIP: 571676BD6<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3061.99      | 0.00%             | 2065-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CK Hutchison International (23) Ltd.                                                | CK Hutchison International (23) Ltd.                                                      | CUSIP: 12570FAB7<br>LEI: 2549003AJI1YI8883K46 | Long             | DBT              | CORP              | KY        |    215000 | PA      | $217745.57    | 0.14%             | 2033-04-21      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392EHP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1596 | PA      | $159.17       | 0.00%             | 2032-04-25      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                          | CUSIP: 709599BW3<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1044.43      | 0.00%             | 2028-08-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC  | Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC        | CUSIP: 85208NAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    104500 | PA      | $104915.32    | 0.07%             | 2028-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DQ9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4034.16      | 0.00%             | 2034-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co. Inc.                                                  | Hilton Domestic Operating Co. Inc.                                                        | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7201.08      | 0.00%             | 2032-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd. / Aircastle Ireland DAC                                              | Aircastle Ltd. / Aircastle Ireland DAC                                                    | CUSIP: 00929JAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    150000 | PA      | $151199.88    | 0.10%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                                        | American Honda Finance Corp.                                                              | CUSIP: 02665WEZ0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2015.89      | 0.00%             | 2034-01-10      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFS9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4100.42      | 0.00%             | 2030-07-19      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                        | Royal Caribbean Cruises Ltd.                                                              | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      5000 | PA      | $5163.47      | 0.00%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc. Trust                                              | Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8                       | CUSIP: 75115DAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       208 | PA      | $166.93       | 0.00%             | 2036-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The), Series W                                        | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3083.19      | 0.00%             | N/A             | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| American Airlines Pass-Through Trust                                                | American Airlines Pass-Through Trust, Series A                                            | CUSIP: 02379KAA2<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |       839 | PA      | $761.92       | 0.00%             | 2034-07-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial, Inc.                                                          | Corebridge Financial, Inc.                                                                | CUSIP: 21871XAS8<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3157.73      | 0.00%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BMW US Capital, LLC                                                                 | BMW US Capital, LLC                                                                       | CUSIP: 05565EDC6<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30053.97     | 0.02%             | 2030-08-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Apidos CLO XII                                                                      | Apidos CLO XII, Series 2013-12A, Class ARR                                                | CUSIP: 03764DAM3<br>LEI: 549300M5NMLBQJXUO195 | Long             | ABS-CBDO         | CORP              | KY        |    159507 | PA      | $159599.05    | 0.10%             | 2031-04-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                                             | Flagstar Mortgage Trust, Series 2021-8INV, Class A6                                       | CUSIP: 33852HAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    123187 | PA      | $110826.14    | 0.07%             | 2051-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Jefferson Capital Holdings, LLC                                                     | Jefferson Capital Holdings, LLC                                                           | CUSIP: 472481AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $21136.58     | 0.01%             | 2029-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                          | Constellation Brands, Inc.                                                                | CUSIP: 21036PBS6<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3043.86      | 0.00%             | 2030-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                                  | CUSIP: 36179UV90<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     20953 | PA      | $19971.21     | 0.01%             | 2049-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                        | Honeywell International Inc.                                                              | CUSIP: 438516CR5<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2069.31      | 0.00%             | 2031-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                          | J.P. Morgan Mortgage Trust, Series 2024-VIS1, Class A1                                    | CUSIP: 465970AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    203482 | PA      | $205666.04    | 0.13%             | 2064-07-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Comerica Inc.                                                                       | Comerica Inc.                                                                             | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3122.55      | 0.00%             | 2030-01-30      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                          | J.P. Morgan Mortgage Trust, Series 2025-NQM3, Class A1                                    | CUSIP: 46659QAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    277781 | PA      | $280144.57    | 0.18%             | 2065-11-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| BMW US Capital, LLC                                                                 | BMW US Capital, LLC                                                                       | CUSIP: 05565EDD4<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |     86000 | PA      | $86957.31     | 0.06%             | 2035-08-11      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MILE Trust                                                                          | MILE Trust, Series 2025-STNE, Class B                                                     | CUSIP: 59918AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100209.99    | 0.07%             | 2042-07-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DE6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1061.13      | 0.00%             | 2033-09-07      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                     | BHP Billiton Finance (USA) Ltd.                                                           | CUSIP: 055451BC1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |      1000 | PA      | $1028.93      | 0.00%             | 2028-09-08      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| AEP Transmission Co., LLC                                                           | AEP Transmission Co., LLC                                                                 | CUSIP: 00115AAS8<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5176.50      | 0.00%             | 2035-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Healthpeak OP, LLC                                                                  | Healthpeak OP, LLC                                                                        | CUSIP: 42250GAA1<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4089.49      | 0.00%             | 2035-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Trust                                                              | Invitation Homes Trust, Series 2024-SFR1, Class A                                         | CUSIP: 46188DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99829 | PA      | $98132.66     | 0.06%             | 2041-09-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Romanian Government International Bond                                              | Romanian Government International Bond                                                    | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    106000 | PA      | $113260.03    | 0.07%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DOC DR, LLC                                                                         | DOC DR, LLC                                                                               | CUSIP: 71951QAA0<br>LEI: 549300P6Q1UMT0X60U20 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2001.45      | 0.00%             | 2027-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                          | PacifiCorp                                                                                | CUSIP: 695114DE5<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |      1000 | PA      | $981.03       | 0.00%             | 2055-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                                    | CUSIP: 31325UPL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      7317 | PA      | $158.32       | 0.00%             | 2027-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                                                                | ERAC USA Finance LLC                                                                      | CUSIP: 26884TAY8<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3078.06      | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VDCM Commercial Mortgage Trust                                                      | VDCM Commercial Mortgage Trust, Series 2025-AZ, Class D                                   | CUSIP: 91825CAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245000 | PA      | $248755.65    | 0.16%             | 2044-07-13      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc.                                                               | Keurig Dr Pepper Inc.                                                                     | CUSIP: 49271VBA7<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20014.79     | 0.01%             | 2030-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                                      | Enterprise Fleet Financing LLC, Series 2024-4, Class A3                                   | CUSIP: 29374MAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $111009.95    | 0.07%             | 2028-11-20      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Rentokil Terminix Funding, LLC                                                      | Rentokil Terminix Funding, LLC                                                            | CUSIP: 760130AA2<br>LEI: 984500D5BAA7560EKJ44 | Long             | DBT              | CORP              | US        |    208000 | PA      | $212027.50    | 0.14%             | 2030-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GMT3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9113.20      | 0.01%             | 2029-05-09      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| ERP Operating L.P.                                                                  | ERP Operating L.P.                                                                        | CUSIP: 26884ABQ5<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8209.91      | 0.01%             | 2032-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bell Canada                                                                         | Bell Canada                                                                               | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     69000 | PA      | $72183.73     | 0.05%             | 2055-09-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Subway Funding LLC                                                                  | Subway Funding LLC, Series 2024-1A, Class A23                                             | CUSIP: 864300AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    191552 | PA      | $200407.42    | 0.13%             | 2054-07-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FA2E9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     25515 | PA      | $3663.51      | 0.00%             | 2033-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                                                          | Charles Schwab Corp. (The), Series K                                                      | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1993.32      | 0.00%             | N/A             | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                                        | BX Commercial Mortgage Trust, Series 2021-ACNT, Class A                                   | CUSIP: 05609QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183338 | PA      | $183274.23    | 0.12%             | 2038-11-15      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                                               | Gilead Sciences, Inc.                                                                     | CUSIP: 375558BZ5<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1049.11      | 0.00%             | 2033-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Entergy Texas, Inc.                                                                 | Entergy Texas, Inc.                                                                       | CUSIP: 29365TAQ7<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6156.41      | 0.00%             | 2035-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                                                    | DTE Electric Co.                                                                          | CUSIP: 23338VAV8<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2073.25      | 0.00%             | 2034-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Tallgrass Energy Partners L.P./ Tallgrass Energy Finance Corp.                      | Tallgrass Energy Partners L.P./ Tallgrass Energy Finance Corp.                            | CUSIP: 87470LAL5<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |     54000 | PA      | $55651.75     | 0.04%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Goldentree Loan Management US Clo 8 Ltd.                                            | Goldentree Loan Management US Clo 8 Ltd., Series 2020-8A, Class ARR                       | CUSIP: 38136NAY2<br>LEI: 549300LOEERRNVSKVY31 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250328.75    | 0.16%             | 2034-10-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                               | CUSIP: 00287YDX4<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3000.81      | 0.00%             | 2064-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Co. of New York, Inc.                                           | Consolidated Edison Co. of New York, Inc.                                                 | CUSIP: 209111GF4<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1052.91      | 0.00%             | 2034-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO 1 Ltd.                                                              | Signal Peak CLO 1 Ltd., Series 2014-1A, Class AR4                                         | CUSIP: 82666TAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    372000 | PA      | $372365.30    | 0.24%             | 2034-04-17      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Travelers Cos., Inc. (The)                                                          | Travelers Cos., Inc. (The)                                                                | CUSIP: 89417EAT6<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12219.98     | 0.01%             | 2035-07-24      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                     | BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1                               | CUSIP: 10569EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     29704 | PA      | $29044.99     | 0.02%             | 2060-03-25      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                                                               | Delta Air Lines, Inc.                                                                     | CUSIP: 247361A24<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |     53000 | PA      | $53657.36     | 0.03%             | 2028-07-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| South Bow USA Infrastructure Holdings LLC                                           | South Bow USA Infrastructure Holdings LLC                                                 | CUSIP: 83007CAD4<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7082.40      | 0.00%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| RALI Trust                                                                          | RALI Trust, Series 2007-QS6, Class A28                                                    | CUSIP: 75116CBD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2796 | PA      | $2311.14      | 0.00%             | 2037-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fortitude Group Holdings, LLC                                                       | Fortitude Group Holdings, LLC                                                             | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2077.95      | 0.00%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31395VZ51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      2015 | PA      | $105.62       | 0.00%             | 2035-07-15      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A.                                             | Sociedad Quimica y Minera de Chile S.A.                                                   | CUSIP: 833636AN3<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | DBT              | CORP              | CL        |    210000 | PA      | $226895.13    | 0.15%             | 2033-11-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F0326A7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2663701 | PA      | $2433971.60   | 1.58%             | 2055-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                 | Kinder Morgan, Inc.                                                                       | CUSIP: 49456BBC4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9484.97      | 0.01%             | 2035-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corp.                                                              | General Dynamics Corp.                                                                    | CUSIP: 369550BR8<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6114.53      | 0.00%             | 2035-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816DU0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2090.38      | 0.00%             | 2030-04-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| Northriver Midstream Finance L.P.                                                   | Northriver Midstream Finance L.P.                                                         | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |     16000 | PA      | $16372.41     | 0.01%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Jefferson Capital Holdings, LLC                                                     | Jefferson Capital Holdings, LLC                                                           | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     87000 | PA      | $91062.47     | 0.06%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                          | Apple Inc.                                                                                | CUSIP: 037833CH1<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1750.71      | 0.00%             | 2047-02-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                       | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2107.73      | 0.00%             | 2029-07-27      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| PACCAR Financial Corp.                                                              | PACCAR Financial Corp.                                                                    | CUSIP: 69371RT48<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4999.80      | 0.00%             | 2029-09-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                   | Enterprise Products Operating LLC                                                         | CUSIP: 29379VCJ0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23183.31     | 0.02%             | 2028-06-20      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | U.S. Treasury Long Bond Future                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        16 | NC      | $-17836.34    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MetLife, Inc.                                                                       | MetLife, Inc., Series G                                                                   | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3190.19      | 0.00%             | 2055-03-15      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp.                                                                  | Atmos Energy Corp.                                                                        | CUSIP: 049560BA2<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3306.52      | 0.00%             | 2053-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| SG Residential Mortgage Trust                                                       | SG Residential Mortgage Trust, Series 2022-1, Class A2                                    | CUSIP: 78433QAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99429 | PA      | $91509.15     | 0.06%             | 2062-03-27      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                 | CommonSpirit Health                                                                       | CUSIP: 20268JAS2<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6101.34      | 0.00%             | 2034-12-01      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392DCP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       693 | PA      | $55.60        | 0.00%             | 2032-04-25      | Floating      | 2.53%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                          | CUSIP: 709599BU7<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3024.28      | 0.00%             | 2026-05-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 3140J9H87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67455 | PA      | $63208.05     | 0.04%             | 2047-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                                                            | Bunge Ltd. Finance Corp.                                                                  | CUSIP: 120568BR0<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |     59000 | PA      | $59719.25     | 0.04%             | 2035-08-04      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                                                      | Element Fleet Management Corp.                                                            | CUSIP: 286181AK8<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |      2000 | PA      | $2119.10      | 0.00%             | 2028-12-04      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                                     | CoreWeave, Inc.                                                                           | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    268000 | PA      | $277113.07    | 0.18%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                                             | GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1                                       | CUSIP: 362341FR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4019 | PA      | $3834.86      | 0.00%             | 2035-07-25      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| FirstCash, Inc.                                                                     | FirstCash, Inc.                                                                           | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93137.22     | 0.06%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| B.A.T Capital Corp.                                                                 | B.A.T Capital Corp.                                                                       | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1068.73      | 0.00%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Leidos, Inc.                                                                        | Leidos, Inc.                                                                              | CUSIP: 52532XAJ4<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3169.93      | 0.00%             | 2033-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                              | CUSIP: 225401BP2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $199116.01    | 0.13%             | 2037-03-23      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                  | Dell International LLC / EMC Corp.                                                        | CUSIP: 24703TAP1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13434.52     | 0.01%             | 2035-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mid-America Apartments, L.P.                                                        | Mid-America Apartments, L.P.                                                              | CUSIP: 59523UAW7<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2083.01      | 0.00%             | 2032-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage L.P.                                                            | Extra Space Storage L.P.                                                                  | CUSIP: 30225VAJ6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2066.15      | 0.00%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating LLC/Charter Communications Operating Capital Corp.       | CUSIP: 161175CS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    112000 | PA      | $113112.09    | 0.07%             | 2035-12-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc.                                                               | Cleveland-Cliffs Inc.                                                                     | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92795.40     | 0.06%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The)                                                       | CUSIP: 06406RCJ4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5175.46      | 0.00%             | 2036-06-06      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                          | PacifiCorp                                                                                | CUSIP: 695114DC9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2074.98      | 0.00%             | 2031-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NNN REIT, Inc.                                                                      | NNN REIT, Inc.                                                                            | CUSIP: 637417AS5<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3140.37      | 0.00%             | 2033-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | McDonald's Corp.                                                                          | CUSIP: 58013MFV1<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4122.86      | 0.00%             | 2033-08-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                                                 | Lithia Motors, Inc.                                                                       | CUSIP: 536797AJ2<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    227000 | PA      | $226885.37    | 0.15%             | 2030-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                                        | BX Commercial Mortgage Trust, Series 2021-VOLT, Class B                                   | CUSIP: 05609VAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    217986 | PA      | $217380.02    | 0.14%             | 2036-09-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAXN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     23350 | PA      | $2811.24      | 0.00%             | 2033-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BSTN Commercial Mortgage Trust                                                      | BSTN Commercial Mortgage Trust, Series 2025-1C, Class A                                   | CUSIP: 05615EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    660000 | PA      | $678335.72    | 0.44%             | 2044-06-15      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                                                           | Corebridge Global Funding                                                                 | CUSIP: 00138CAV0<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1046.85      | 0.00%             | 2028-09-19      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Invesco Private Prime Fund                                                          | Invesco Private Prime Fund                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   2879660 | NS      | $2879659.64   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                                                          | WarnerMedia Holdings, Inc.                                                                | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    529000 | PA      | $422641.91    | 0.27%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: —       |
| AT&T Inc.                                                                           | AT&T Inc.                                                                                 | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     48000 | PA      | $49788.29     | 0.03%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Raizen Fuels Finance S.A.                                                           | Raizen Fuels Finance S.A.                                                                 | CUSIP: 75102XAE6<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $194500.00    | 0.13%             | 2037-02-25      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Trust                                                   | Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A1                             | CUSIP: 16158RAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2950 | PA      | $2817.99      | 0.00%             | 2049-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                       | Netflix, Inc.                                                                             | CUSIP: 64110LBA3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1007.88      | 0.00%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                                    | CUSIP: 31282YW70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      9410 | PA      | $1016.53      | 0.00%             | 2032-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                          | CUSIP: 126650EA4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      1000 | PA      | $985.90       | 0.00%             | 2063-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac, Series 2022-HQA3, Class M1                                                   | CUSIP: 35564KE39<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-MBS          | USGSE             | US        |     79976 | PA      | $81198.10     | 0.05%             | 2042-08-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                        | CCO Holdings, LLC/CCO Holdings Capital Corp.                                              | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     43000 | PA      | $43626.12     | 0.03%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                         | United Parcel Service, Inc.                                                               | CUSIP: 911312CH7<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11239.27     | 0.01%             | 2030-10-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                     | TransDigm, Inc.                                                                           | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    320000 | PA      | $324397.74    | 0.21%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 31410KQD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1087 | PA      | $1122.18      | 0.00%             | 2034-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                  | T-Mobile USA, Inc.                                                                        | CUSIP: 87264ACW3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      1000 | PA      | $988.72       | 0.00%             | 2053-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Kimco Realty OP, LLC                                                                | Kimco Realty OP, LLC                                                                      | CUSIP: 49447BAB9<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2983.14      | 0.00%             | 2035-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                            | Venture Global LNG, Inc.                                                                  | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     21000 | PA      | $22876.31     | 0.01%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                              | Sempra                                                                                    | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3112.61      | 0.00%             | 2054-10-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                                               | Sumitomo Mitsui Financial Group, Inc.                                                     | CUSIP: 86562MDK3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    285000 | PA      | $298334.30    | 0.19%             | N/A             | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The), Series J                                             | CUSIP: 06406RBR7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1019.50      | 0.00%             | 2034-04-26      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp.                                                                  | Atmos Energy Corp.                                                                        | CUSIP: 049560BC8<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38921.55     | 0.03%             | 2035-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VAT7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2168.38      | 0.00%             | 2030-12-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust 2025-4                                             | Provident Funding Mortgage Trust 2025-4, Series 2025-4, Class A1                          | CUSIP: 74387AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    365000 | PA      | $371187.88    | 0.24%             | 2055-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                          | Rogers Communications Inc.                                                                | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     63000 | PA      | $66816.26     | 0.04%             | 2055-04-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Entergy Corp.                                                                       | Entergy Corp.                                                                             | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2093.41      | 0.00%             | 2054-12-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F0506A9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1834233 | PA      | $1819360.18   | 1.18%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31395MTC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     10121 | PA      | $635.56       | 0.00%             | 2035-02-15      | Floating      | 2.26%                 | No            |                  2 | On Loan: No      |
| CROWN Americas LLC                                                                  | CROWN Americas LLC                                                                        | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |    116000 | PA      | $117273.82    | 0.08%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | AbbVie Inc.                                                                               | CUSIP: 00287YDW6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3980.20      | 0.00%             | 2054-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Apidos CLO XXV                                                                      | Apidos CLO XXV, Series 2016-25A, Class A1R3                                               | CUSIP: 03762YBD8<br>LEI: 254900C9NN5XS59HZV73 | Long             | ABS-CBDO         | CORP              | KY        |    302000 | PA      | $302041.98    | 0.20%             | 2037-01-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Southern Co. Gas Capital Corp.                                                      | Southern Co. Gas Capital Corp., Series A                                                  | CUSIP: 8426EPAJ7<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23982.49     | 0.02%             | 2028-09-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TECM4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     17011 | PA      | $17146.97     | 0.01%             | 2028-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                                 | Petroleos Mexicanos                                                                       | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    162000 | PA      | $174613.81    | 0.11%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392B3D6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1248 | PA      | $94.57        | 0.00%             | 2032-01-25      | Floating      | 2.78%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                       | Enbridge Inc.                                                                             | CUSIP: 29250NBR5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      1000 | PA      | $1052.71      | 0.00%             | 2033-03-08      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership L.P.                                                  | Brixmor Operating Partnership L.P.                                                        | CUSIP: 11120BAA5<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3139.51      | 0.00%             | 2035-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EMD Finance LLC                                                                     | EMD Finance LLC                                                                           | CUSIP: 26867LAN0<br>LEI: 529900C8KS5G529A0B76 | Long             | DBT              | CORP              | US        |    151000 | PA      | $151073.40    | 0.10%             | 2028-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Union Electric Co.                                                                  | Union Electric Co.                                                                        | CUSIP: 906548DA7<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5158.63      | 0.00%             | 2035-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                                     | CUSIP: 539830CM9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66058.04     | 0.04%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas, LLC                                                          | Duke Energy Carolinas, LLC                                                                | CUSIP: 26442CBQ6<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3106.99      | 0.00%             | 2035-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners L.P./ Antero Midstream Finance Corp.                      | Antero Midstream Partners L.P./ Antero Midstream Finance Corp.                            | CUSIP: 03690AAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    348000 | PA      | $346674.39    | 0.23%             | 2033-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16344.05     | 0.01%             | 2031-05-13      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31393FG91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       294 | PA      | $17.71        | 0.00%             | 2029-06-15      | Floating      | 3.61%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2126.04      | 0.00%             | 2029-11-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| San Diego Gas & Electric Co.                                                        | San Diego Gas & Electric Co.                                                              | CUSIP: 797440CD4<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1925.71      | 0.00%             | 2053-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAA83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1764 | PA      | $203.90       | 0.00%             | 2033-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DP1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4070.94      | 0.00%             | 2031-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana, LLC                                                              | Entergy Louisiana, LLC                                                                    | CUSIP: 29364WBQ0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5125.95      | 0.00%             | 2055-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Goodman US Finance Six, LLC                                                         | Goodman US Finance Six, LLC                                                               | CUSIP: 38239EAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1000 | PA      | $1011.19      | 0.00%             | 2034-10-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                              | CUSIP: 902613BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $206674.63    | 0.13%             | 2030-02-08      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Shackleton CLO Ltd.                                                                 | Shackleton CLO Ltd., Series 2015-7RA, Class ARR                                           | CUSIP: 81883AAS8<br>LEI: 549300NCJRO2LKFZ8G86 | Long             | ABS-CBDO         | CORP              | KY        |    112315 | PA      | $112316.03    | 0.07%             | 2031-07-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2025-VLT7, Class A                                                       | CUSIP: 123913AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $200839.84    | 0.13%             | 2044-07-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                                   | Duke Energy Corp.                                                                         | CUSIP: 26441CBU8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      1000 | PA      | $901.46       | 0.00%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2074.99      | 0.00%             | 2035-02-13      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392AZY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       226 | PA      | $23.03        | 0.00%             | 2031-11-25      | Floating      | 3.43%                 | No            |                  2 | On Loan: No      |
| Lamar Media Corp.                                                                   | Lamar Media Corp.                                                                         | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $198778.79    | 0.13%             | 2033-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Honda Motor Co., Ltd.                                                               | Honda Motor Co., Ltd.                                                                     | CUSIP: 438127AD4<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |     49000 | PA      | $49297.56     | 0.03%             | 2028-07-08      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                           | Williams Cos., Inc. (The)                                                                 | CUSIP: 969457CL2<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4074.83      | 0.00%             | 2029-11-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Southern Power Co.                                                                  | Southern Power Co., Series A                                                              | CUSIP: 843646AX8<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |    108000 | PA      | $107402.38    | 0.07%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pinnacle West Capital Corp.                                                         | Pinnacle West Capital Corp.                                                               | CUSIP: 723484AN1<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5144.54      | 0.00%             | 2030-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                                                 | Realty Income Corp.                                                                       | CUSIP: 756109BJ2<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1906.90      | 0.00%             | 2028-06-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Pinnacle West Capital Corp.                                                         | Pinnacle West Capital Corp.                                                               | CUSIP: 723484AM3<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4065.74      | 0.00%             | 2028-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                                                   | American Electric Power Co., Inc.                                                         | CUSIP: 025537AV3<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2065.36      | 0.00%             | 2027-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 31389DTA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       212 | PA      | $220.12       | 0.00%             | 2031-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pikes Peak CLO 6                                                                    | Pikes Peak CLO 6, Series 2020-6A, Class ARR                                               | CUSIP: 72132YAY1<br>LEI: 635400BKNXKWEO3G2J74 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250061.75    | 0.16%             | 2034-05-18      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCHZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      8964 | PA      | $1224.46      | 0.00%             | 2034-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                             | AstraZeneca Finance LLC                                                                   | CUSIP: 04636NAL7<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1025.99      | 0.00%             | 2029-02-26      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                                                | Credit Agricole S.A.                                                                      | CUSIP: 22535WAS6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    296000 | PA      | $294277.37    | 0.19%             | 2033-09-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                                                  | Vail Resorts, Inc.                                                                        | CUSIP: 91879QAQ2<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60412.50     | 0.04%             | 2030-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley, Series F, Pfd.                                                            | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |      5000 | NS      | $125750.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Rental Car Funding (AESOP) LLC                                          | Avis Budget Rental Car Funding (AESOP) LLC, Series 2025-4A, Class A                       | CUSIP: 05377RLA0<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $348789.11    | 0.23%             | 2032-02-20      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                    | Boeing Co. (The)                                                                          | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2212.52      | 0.00%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Norinchukin Bank (The)                                                              | Norinchukin Bank (The)                                                                    | CUSIP: 656029AQ8<br>LEI: 5493007VSMFZCPV1NB83 | Long             | DBT              | CORP              | JP        |    206000 | PA      | $209469.74    | 0.14%             | 2035-09-09      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                                              | Home Depot, Inc. (The)                                                                    | CUSIP: 437076DJ8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     96000 | PA      | $95214.27     | 0.06%             | 2030-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp.                                                                  | Atmos Energy Corp.                                                                        | CUSIP: 049560BE4<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |    127000 | PA      | $125673.17    | 0.08%             | 2056-01-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                                | Meta Platforms, Inc.                                                                      | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2980.31      | 0.00%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans Mortgage Pass-Through Trust                                  | Countrywide Home Loans Mortgage Pass-Through Trust, Series 2005-17, Class 1A8             | CUSIP: 12669G5U1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1792 | PA      | $1793.49      | 0.00%             | 2035-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| McKesson Corp.                                                                      | McKesson Corp.                                                                            | CUSIP: 581557BW4<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37646.90     | 0.02%             | 2030-05-30      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp.                                        | CUSIP: 637432PA7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2146.69      | 0.00%             | 2033-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                                                      | Element Fleet Management Corp.                                                            | CUSIP: 286181AP7<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |      8000 | PA      | $8164.55      | 0.01%             | 2030-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEC6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1039.72      | 0.00%             | 2035-01-23      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2132.81      | 0.00%             | 2035-04-19      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners, L.P.                                                      | Cheniere Energy Partners, L.P.                                                            | CUSIP: 16411QAQ4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1059.05      | 0.00%             | 2033-06-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                                                            | Roper Technologies, Inc.                                                                  | CUSIP: 776696AH9<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3035.23      | 0.00%             | 2032-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO Ltd.                                                        | Bain Capital Credit CLO Ltd., Series 2021-3A, Class AR                                    | CUSIP: 05683NAJ1<br>LEI: 254900XV68IP5ZAT0548 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250415.25    | 0.16%             | 2034-07-24      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Sysco Corp.                                                                         | Sysco Corp.                                                                               | CUSIP: 871829BU0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3094.65      | 0.00%             | 2030-09-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Brunswick Corp.                                                                     | Brunswick Corp.                                                                           | CUSIP: 117043AW9<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3107.88      | 0.00%             | 2029-03-18      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                          | Prudential Financial, Inc.                                                                | CUSIP: 74432QCK9<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5143.26      | 0.00%             | 2035-03-14      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                                   | Duke Energy Corp.                                                                         | CUSIP: 26441CCJ2<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    131000 | PA      | $130229.40    | 0.08%             | 2035-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1938.16      | 0.00%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co. (The)                                                          | Sherwin-Williams Co. (The)                                                                | CUSIP: 824348BU9<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    165000 | PA      | $165874.65    | 0.11%             | 2028-08-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MSCI Inc.                                                                           | MSCI Inc.                                                                                 | CUSIP: 55354GAR1<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     86000 | PA      | $86744.61     | 0.06%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NNN REIT, Inc.                                                                      | NNN REIT, Inc.                                                                            | CUSIP: 637417AT3<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1038.28      | 0.00%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                     | TransDigm, Inc.                                                                           | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     81000 | PA      | $82915.73     | 0.05%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Lowe`s Cos., Inc.                                                                   | Lowe`s Cos., Inc.                                                                         | CUSIP: 548661ES2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1010.19      | 0.00%             | 2063-04-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                       | NiSource Inc.                                                                             | CUSIP: 65473PAQ8<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4121.14      | 0.00%             | 2034-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Brandywine Operating Partnership, L.P.                                              | Brandywine Operating Partnership, L.P.                                                    | CUSIP: 105340AR4<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              | CORP              | US        |     19000 | PA      | $20208.91     | 0.01%             | 2028-03-15      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                                                            | Roper Technologies, Inc.                                                                  | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |     86000 | PA      | $86726.94     | 0.06%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31392ASN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     20508 | PA      | $21178.01     | 0.01%             | 2031-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation, LLC                                                | Constellation Energy Generation, LLC                                                      | CUSIP: 210385AF7<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1014.32      | 0.00%             | 2054-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                                  | CUSIP: 36200XFC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       268 | PA      | $276.55       | 0.00%             | 2031-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Providence St. Joseph Health Obligated Group                                        | Providence St. Joseph Health Obligated Group, Series 21A                                  | CUSIP: 743820AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $2990.27      | 0.00%             | 2051-10-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                                                | Credit Agricole S.A.                                                                      | CUSIP: 22535WAR8<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $256559.77    | 0.17%             | 2031-05-27      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc.                                                                 | Ingersoll Rand Inc.                                                                       | CUSIP: 45687VAA4<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1034.69      | 0.00%             | 2028-08-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MetLife, Inc.                                                                       | MetLife, Inc.                                                                             | CUSIP: 59156RCD8<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |      1000 | PA      | $975.22       | 0.00%             | 2054-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alliant Energy Corp.                                                                | Alliant Energy Corp.                                                                      | CUSIP: 018802AF5<br>LEI: 5493009ML300G373MZ12 | Long             | DBT              | CORP              | US        |     58000 | PA      | $58131.43     | 0.04%             | 2056-04-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Southern Co. Gas Capital Corp.                                                      | Southern Co. Gas Capital Corp.                                                            | CUSIP: 8426EPAG3<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2123.72      | 0.00%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                                           | Guatemala Government Bond                                                                 | CUSIP: 401494AY5<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $208079.58    | 0.14%             | 2031-08-06      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO Ltd.                                                        | Bain Capital Credit CLO Ltd., Series 2021-4A, Class A1R                                   | CUSIP: 05685AAQ1<br>LEI: 254900YJBP8866ZPO033 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250369.00    | 0.16%             | 2034-10-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Expedia Group, Inc.                                                                 | Expedia Group, Inc.                                                                       | CUSIP: 30212PBL8<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3080.03      | 0.00%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Piedmont Healthcare, Inc.                                                           | Piedmont Healthcare, Inc.                                                                 | CUSIP: 72014TAE9<br>LEI: 254900D1I6W7J0DSAY11 | Long             | DBT              | CORP              | US        |      3000 | PA      | $1912.25      | 0.00%             | 2052-01-01      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| GreenSaif Pipelines Bidco S.a.r.l.                                                  | GreenSaif Pipelines Bidco S.a.r.l.                                                        | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $210531.63    | 0.14%             | 2042-08-23      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co.                                                              | MidAmerican Energy Co.                                                                    | CUSIP: 595620AZ8<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1952.15      | 0.00%             | 2055-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                                 | Starwood Mortgage Residential Trust, Series 2021-6, Class A1                              | CUSIP: 85573RAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    285489 | PA      | $252567.80    | 0.16%             | 2066-11-25      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower L.P./ Emerald Co-Issuer Inc.                                         | EMRLD Borrower L.P./ Emerald Co-Issuer Inc.                                               | CUSIP: 29103CAA6<br>LEI: 5493000GJYE7GAQCUC61 | Long             | DBT              | CORP              | US        |     41000 | PA      | $42197.16     | 0.03%             | 2030-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                         | Verizon Communications Inc.                                                               | CUSIP: 92343VGZ1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8138.27      | 0.01%             | 2035-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| 200 Park Funding Trust                                                              | 200 Park Funding Trust                                                                    | CUSIP: 901928AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    192000 | PA      | $194680.48    | 0.13%             | 2055-02-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1036.41      | 0.00%             | 2029-06-12      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Multibank Inc.                                                                      | Multibank Inc.                                                                            | CUSIP: 625454AB9<br>LEI: 549300QXX3SGZZ4OEU72 | Long             | DBT              | CORP              | PA        |    200000 | PA      | $209223.14    | 0.14%             | 2028-02-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                                                        | Fiserv, Inc.                                                                              | CUSIP: 337738BH0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2100.62      | 0.00%             | 2033-08-21      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc.                                                                      | AEP Texas Inc.                                                                            | CUSIP: 00108WAU4<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     84000 | PA      | $83754.42     | 0.05%             | 2055-10-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                           | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397D42<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     49000 | PA      | $52406.83     | 0.03%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Truist Bank                                                                         | Truist Bank                                                                               | CUSIP: 89788JAF6<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    267000 | PA      | $268194.13    | 0.17%             | 2028-07-24      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent, L.P.                                                         | American Homes 4 Rent, L.P.                                                               | CUSIP: 02666TAJ6<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2022.67      | 0.00%             | 2035-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                                  | CUSIP: 110122EE4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2026.93      | 0.00%             | 2027-02-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                                                         | Toronto-Dominion Bank (The)                                                               | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    247000 | PA      | $261400.29    | 0.17%             | 2082-10-31      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Rentokil Terminix Funding, LLC                                                      | Rentokil Terminix Funding, LLC                                                            | CUSIP: 760130AB0<br>LEI: 984500D5BAA7560EKJ44 | Long             | DBT              | CORP              | US        |    400000 | PA      | $412884.66    | 0.27%             | 2035-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                    | Paramount Global                                                                          | CUSIP: 92556HAC1<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1591.06      | 0.00%             | 2050-05-19      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                                                   | Lowe's Cos., Inc.                                                                         | CUSIP: 548661EN3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1003.45      | 0.00%             | 2062-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | McDonald's Corp.                                                                          | CUSIP: 58013MGB4<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    158000 | PA      | $158510.30    | 0.10%             | 2031-02-12      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| LPL Holdings, Inc.                                                                  | LPL Holdings, Inc.                                                                        | CUSIP: 50212YAL8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2044.99      | 0.00%             | 2030-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                           | OBX Trust, Series 2022-NQM1, Class A1                                                     | CUSIP: 67114VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    217861 | PA      | $197790.46    | 0.13%             | 2061-11-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| McKesson Corp.                                                                      | McKesson Corp.                                                                            | CUSIP: 581557BV6<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2009.13      | 0.00%             | 2029-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                                              | Home Depot, Inc. (The)                                                                    | CUSIP: 437076CW0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1029.21      | 0.00%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Takeda U.S. Financing, Inc.                                                         | Takeda U.S. Financing, Inc.                                                               | CUSIP: 87406BAA0<br>LEI: 254900ZGPIBGBZ2N3A33 | Long             | DBT              | CORP              | US        |    354000 | PA      | $359964.46    | 0.23%             | 2035-07-07      | Fixed         | 5.20%                 | No            |                  2 | On Loan: —       |
| Venture Global Plaquemines LNG, LLC                                                 | Venture Global Plaquemines LNG, LLC                                                       | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     26000 | PA      | $27385.34     | 0.02%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Americold Realty Operating Partnership, L.P.                                        | Americold Realty Operating Partnership, L.P.                                              | CUSIP: 03063UAB7<br>LEI: 549300FKD9KVWNHSUU79 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7090.69      | 0.00%             | 2032-05-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2115.96      | 0.00%             | 2033-09-14      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816EJ4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    176000 | PA      | $177065.02    | 0.12%             | 2029-07-20      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| Dollar General Corp.                                                                | Dollar General Corp.                                                                      | CUSIP: 256677AM7<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1918.18      | 0.00%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VICI Properties L.P.                                                                | VICI Properties L.P.                                                                      | CUSIP: 925650AG8<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2030.65      | 0.00%             | 2054-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                    | Paramount Global                                                                          | CUSIP: 92553PAU6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1827.66      | 0.00%             | 2043-09-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Raymond James Financial, Inc.                                                       | Raymond James Financial, Inc.                                                             | CUSIP: 754730AK5<br>LEI: RGUZHJ05YTITL6D76949 | Long             | DBT              | CORP              | US        |    107000 | PA      | $106279.53    | 0.07%             | 2055-09-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DH9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1035.36      | 0.00%             | 2031-02-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CSFB Mortgage-Backed Pass-Through Ctfs.                                             | CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 3A1                       | CUSIP: 22541SJB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4621 | PA      | $4422.86      | 0.00%             | 2034-06-25      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, TBA                                             | CUSIP: 21H0426A2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1398000 | PA      | $1355940.01   | 0.88%             | 2055-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                                 | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500678.36    | 0.33%             | 2027-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2132.26      | 0.00%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GA Global Funding Trust                                                             | GA Global Funding Trust                                                                   | CUSIP: 36143L2V6<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    375000 | PA      | $372224.22    | 0.24%             | 2030-09-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Domino's Pizza Master Issuer LLC                                                    | Domino's Pizza Master Issuer LLC, Series 2025-1A, Class A2I                               | CUSIP: 25755TAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $373037.26    | 0.24%             | 2055-07-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2052.92      | 0.00%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Citadel L.P.                                                                        | Citadel L.P.                                                                              | CUSIP: 17288XAD6<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4159.36      | 0.00%             | 2030-01-23      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Stryker Corp.                                                                       | Stryker Corp.                                                                             | CUSIP: 863667BM2<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5158.20      | 0.00%             | 2035-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                           | Williams Cos., Inc. (The)                                                                 | CUSIP: 969457CN8<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4017.59      | 0.00%             | 2054-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                        | GS Mortgage Securities Trust, Series 2020-GC47, Class A5                                  | CUSIP: 36258RBA0<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $274756.71    | 0.18%             | 2053-05-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                                 | CUSIP: 75513ECR0<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2072.18      | 0.00%             | 2033-02-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MPLX L.P.                                                                           | MPLX L.P.                                                                                 | CUSIP: 55336VBT6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1707.63      | 0.00%             | 2052-03-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CLI Funding IX LLC                                                                  | CLI Funding IX LLC, Series 2025-1A, Class A                                               | CUSIP: 12571WAG8<br>LEI: 2549008S2Z91ASJFZL83 | Long             | ABS-O            | CORP              | US        |     97458 | PA      | $99056.39     | 0.06%             | 2050-06-20      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                        | Marriott International, Inc.                                                              | CUSIP: 571903BR3<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2037.82      | 0.00%             | 2030-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Rollins, Inc.                                                                       | Rollins, Inc.                                                                             | CUSIP: 775711AC8<br>LEI: 549300F2A0BXT4SGWD84 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4073.26      | 0.00%             | 2035-02-24      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                                                      | Amphenol Corp.                                                                            | CUSIP: 032095AS0<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2000.77      | 0.00%             | 2054-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Stryker Corp.                                                                       | Stryker Corp.                                                                             | CUSIP: 863667BL4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4100.85      | 0.00%             | 2030-02-10      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                                   | CUSIP: 91324PFL1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1990.58      | 0.00%             | 2054-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392GDW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1097 | PA      | $99.90        | 0.00%             | 2032-09-25      | Floating      | 2.53%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                                                     | Santander UK Group Holdings PLC                                                           | CUSIP: 80281LAY1<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    210000 | PA      | $208145.04    | 0.14%             | 2036-09-22      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2020-5, Class A1                                         | CUSIP: 03464WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7514 | PA      | $7226.38      | 0.00%             | 2065-05-25      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                                 | Petroleos Mexicanos                                                                       | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    268000 | PA      | $255719.46    | 0.17%             | 2035-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp. Mortgage Pass-Through Ctfs.                       | Structured Asset Securities Corp. Mortgage Pass-Through Ctfs., Series 2003-34A, Class 5A5 | CUSIP: 86359A5N9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14687 | PA      | $14380.06     | 0.01%             | 2033-11-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc / SkyMiles IP Ltd.                                              | Delta Air Lines Inc / SkyMiles IP Ltd.                                                    | CUSIP: 830867AB3<br>LEI: 2549008L7P4I8VB90936 | Long             | DBT              | CORP              | US        |      4751 | PA      | $4779.69      | 0.00%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                                    | CUSIP: 31282YCV9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     14278 | PA      | $1413.53      | 0.00%             | 2029-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Banco Santander S.A.                                                                | Banco Santander S.A.                                                                      | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $241504.74    | 0.16%             | N/A             | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                         | Sunoco L.P.                                                                               | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89392.32     | 0.06%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                                                     | Nordea Bank Abp                                                                           | CUSIP: 65558RAN9<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    345000 | PA      | $344621.78    | 0.22%             | 2030-08-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                            | CUSIP: 74340XCN9<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4056.40      | 0.00%             | 2035-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46625HRX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1984.46      | 0.00%             | 2027-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Honda Motor Co., Ltd.                                                               | Honda Motor Co., Ltd.                                                                     | CUSIP: 438127AE2<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |     35000 | PA      | $35321.19     | 0.02%             | 2030-07-08      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Omega Healthcare Investors, Inc.                                                    | Omega Healthcare Investors, Inc.                                                          | CUSIP: 681936BP4<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16249.41     | 0.01%             | 2030-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Domino's Pizza Master Issuer LLC                                                    | Domino's Pizza Master Issuer LLC, Series 2019-1A, Class A2                                | CUSIP: 25755TAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104640 | PA      | $100868.21    | 0.07%             | 2049-10-25      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                                                  | United Airlines Pass-Through Trust, Series 20-1                                           | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1106 | PA      | $1138.03      | 0.00%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280EW5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    213000 | PA      | $219236.07    | 0.14%             | 2031-05-13      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                       | Comcast Corp.                                                                             | CUSIP: 20030NEQ0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     38000 | PA      | $39298.99     | 0.03%             | 2055-05-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31359UZG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     11401 | PA      | $11567.47     | 0.01%             | 2028-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                          | PacifiCorp                                                                                | CUSIP: 695114DB1<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2052.27      | 0.00%             | 2029-02-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| IP 2025-IP Mortgage Trust                                                           | IP 2025-IP Mortgage Trust, Series 2025-IP, Class B                                        | CUSIP: 449843AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    280000 | PA      | $285352.37    | 0.19%             | 2042-06-10      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TTX30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      5896 | PA      | $6137.65      | 0.00%             | 2031-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                                       | Citigroup Mortgage Loan Trust, Series 2021-INV3, Class A3                                 | CUSIP: 17329VBA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    263957 | PA      | $219125.80    | 0.14%             | 2051-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co., Series NN                                                           | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2109.24      | 0.00%             | N/A             | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Zaxbys Funding LLC                                                                  | Zaxbys Funding LLC, Series 2024-1A, Class A2I                                             | CUSIP: 98920MAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    123750 | PA      | $127839.62    | 0.08%             | 2054-04-30      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                                  | Ellington Financial Mortgage Trust, Series 2020-1, Class A1                               | CUSIP: 31574PAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1059 | PA      | $1054.90      | 0.00%             | 2065-05-25      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | McDonald's Corp.                                                                          | CUSIP: 58013MFU3<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3065.86      | 0.00%             | 2028-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Lennox International Inc.                                                           | Lennox International Inc.                                                                 | CUSIP: 526107AG2<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2068.96      | 0.00%             | 2028-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co. (The)                                                          | Sherwin-Williams Co. (The)                                                                | CUSIP: 824348BW5<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20360.51     | 0.01%             | 2035-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, TBA                                             | CUSIP: 21H0226A4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1297000 | PA      | $1116833.21   | 0.73%             | 2055-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance, LLC                                            | Volkswagen Group of America Finance, LLC                                                  | CUSIP: 928668CH3<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    236000 | PA      | $241433.35    | 0.16%             | 2034-03-22      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co.                                                                   | Genuine Parts Co.                                                                         | CUSIP: 372460AE5<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3186.44      | 0.00%             | 2028-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| McKesson Corp.                                                                      | McKesson Corp.                                                                            | CUSIP: 581557BX2<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28681.02     | 0.02%             | 2032-05-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Mitsubishi Ufj Financial Group, Inc.                                                | Mitsubishi Ufj Financial Group, Inc.                                                      | CUSIP: 606822DK7<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206164.06    | 0.13%             | 2031-04-24      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Georgia Power Co.                                                                   | Georgia Power Co.                                                                         | CUSIP: 373334KT7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3061.49      | 0.00%             | 2033-05-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                                                       | PepsiCo, Inc.                                                                             | CUSIP: 713448GC6<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3072.28      | 0.00%             | 2035-02-07      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corp.                                                              | Novartis Capital Corp.                                                                    | CUSIP: 66989HAV0<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3913.61      | 0.00%             | 2034-09-18      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Lincoln Financial Global Funding                                                    | Lincoln Financial Global Funding                                                          | CUSIP: 53359KAC5<br>LEI: 984500OC010458395923 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52353.13     | 0.03%             | 2030-08-18      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Co. of New York, Inc.                                           | Consolidated Edison Co. of New York, Inc.                                                 | CUSIP: 209111GG2<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2089.14      | 0.00%             | 2053-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                                                   | Merck & Co., Inc.                                                                         | CUSIP: 58933YBL8<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1897.08      | 0.00%             | 2044-05-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2066.89      | 0.00%             | 2029-07-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                               | Dominion Energy, Inc.                                                                     | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    218000 | PA      | $219627.98    | 0.14%             | 2056-02-15      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XXII Ltd.                                                              | Symphony CLO XXII Ltd., Series 2020-22A, Class A1AR                                       | CUSIP: 87167GCH1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    235802 | PA      | $235865.56    | 0.15%             | 2033-04-18      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                                              | Taco Bell Funding, LLC, Series 2025-1A, Class A2I                                         | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $401827.88    | 0.26%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC                                                 | Venture Global Plaquemines LNG, LLC                                                       | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33169.05     | 0.02%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                       | Netflix, Inc.                                                                             | CUSIP: ZS2929843<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    100000 | PA      | $122466.56    | 0.08%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 59023VAA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    232000 | PA      | $283465.63    | 0.18%             | 2038-05-14      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                          | PacifiCorp                                                                                | CUSIP: 695114DD7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1024.87      | 0.00%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd.                                                                        | OCP CLO Ltd., Series 2020-8RA, Class AR                                                   | CUSIP: 670898AQ8<br>LEI: 254900K70GBA8CMARX66 | Long             | ABS-CBDO         | CORP              | KY        |    518000 | PA      | $518025.90    | 0.34%             | 2036-10-17      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                          | JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B                      | CUSIP: 46643GAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245000 | PA      | $225852.07    | 0.15%             | 2047-11-15      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                            | Diamondback Energy, Inc.                                                                  | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4121.32      | 0.00%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                                                        | Canadian Pacific Railway Co.                                                              | CUSIP: 13645RBK9<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |      3000 | PA      | $3094.22      | 0.00%             | 2035-03-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                                   | CUSIP: 44891ADL8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8114.02      | 0.01%             | 2028-01-07      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Molex Electronic Technologies, LLC                                                  | Molex Electronic Technologies, LLC                                                        | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8082.03      | 0.01%             | 2028-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Centersquare Issuer LLC                                                             | Centersquare Issuer LLC, Series 2025-3A, Class A2                                         | CUSIP: 15201EAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $229602.07    | 0.15%             | 2055-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AT&T Inc.                                                                           | AT&T Inc.                                                                                 | CUSIP: 00206RMT6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1039.69      | 0.00%             | 2034-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                                   | CUSIP: 91324PEP3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3080.89      | 0.00%             | 2028-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                           | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    339000 | PA      | $352131.54    | 0.23%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                                  | Southern Co. (The)                                                                        | CUSIP: 842587DL8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3179.58      | 0.00%             | 2032-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                                             | Micron Technology, Inc.                                                                   | CUSIP: 595112CD3<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2070.25      | 0.00%             | 2031-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GMACM Mortgage Loan Trust                                                           | GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1                                     | CUSIP: 36185MDN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28051 | PA      | $23309.74     | 0.02%             | 2036-04-19      | Variable      | 3.36%                 | No            |                  2 | On Loan: No      |
| MPLX L.P.                                                                           | MPLX L.P.                                                                                 | CUSIP: 55336VCC2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    174000 | PA      | $174459.18    | 0.11%             | 2035-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ICON Investments Six DAC                                                            | ICON Investments Six DAC                                                                  | CUSIP: 45115AAB0<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    209000 | PA      | $218218.79    | 0.14%             | 2029-05-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                                     | CUSIP: 539830CK3<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20130.49     | 0.01%             | 2028-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                 | CommonSpirit Health                                                                       | CUSIP: 20268JAT0<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4826.55      | 0.00%             | 2054-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3157.95      | 0.00%             | N/A             | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                          | Amgen Inc.                                                                                | CUSIP: 031162DP2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3070.49      | 0.00%             | 2028-03-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| B.A.T Capital Corp.                                                                 | B.A.T Capital Corp.                                                                       | CUSIP: 054989AD0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2293.89      | 0.00%             | 2053-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                                  | Ellington Financial Mortgage Trust, Series 2024-INV2, Class A1                            | CUSIP: 26844LAA6<br>LEI: 254900QTMZ2ZHRYMFA85 | Long             | ABS-MBS          | CORP              | US        |    138267 | PA      | $138040.17    | 0.09%             | 2069-10-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria S.A.                                                | Banco Bilbao Vizcaya Argentaria S.A.                                                      | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $223471.90    | 0.15%             | N/A             | Variable      | 9.38%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                        | Marriott International, Inc.                                                              | CUSIP: 571903BP7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3059.55      | 0.00%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                                       | UBS Commercial Mortgage Trust, Series 2019-C16, Class A4                                  | CUSIP: 90276YAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80000 | PA      | $77208.54     | 0.05%             | 2052-04-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                           | OBX Trust, Series 2025-HE2, Class A1                                                      | CUSIP: 67121YAA6<br>LEI: 2549004JS8G77DOXE933 | Long             | ABS-MBS          | CORP              | US        |    185800 | PA      | $186647.71    | 0.12%             | 2055-08-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Adjustable Rate Mortgage Trust                                                      | Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1                                  | CUSIP: 007036BU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       294 | PA      | $292.59       | 0.00%             | 2035-02-25      | Variable      | 0.71%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    368000 | PA      | $382293.86    | 0.25%             | 2054-10-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                             | Uber Technologies, Inc.                                                                   | CUSIP: 90353TAT7<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    122000 | PA      | $120962.05    | 0.08%             | 2031-01-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                        | Honeywell International Inc.                                                              | CUSIP: 438516CS3<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4068.57      | 0.00%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392FJ81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     21924 | PA      | $2468.37      | 0.00%             | 2032-12-25      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                                    | CUSIP: 85325C2A9<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203599.23    | 0.13%             | 2030-10-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RWE Finance US, LLC                                                                 | RWE Finance US, LLC                                                                       | CUSIP: 749983AE2<br>LEI: 529900J7MYLKI84UP772 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148306.86    | 0.10%             | 2055-09-18      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Windfall Mining Group Inc.                                                          | Windfall Mining Group Inc.                                                                | CUSIP: 973244AA4<br>LEI: 984500E4L49391BFF948 | Long             | DBT              | CORP              | CA        |    201000 | PA      | $209275.03    | 0.14%             | 2032-05-13      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Caterpillar Inc.                                                                    | Caterpillar Inc.                                                                          | CUSIP: 149123CM1<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3067.12      | 0.00%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                      | Ecopetrol S.A.                                                                            | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     48000 | PA      | $49603.59     | 0.03%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2049.23      | 0.00%             | 2030-01-23      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5285.12      | 0.00%             | 2036-04-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                    | Bank of Montreal                                                                          | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    365000 | PA      | $388310.36    | 0.25%             | 2084-05-26      | Variable      | 7.70%                 | No            |                  2 | On Loan: —       |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 31364JZP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       195 | PA      | $14.12        | 0.00%             | 2029-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 31364HS24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1773 | PA      | $83.77        | 0.00%             | 2028-02-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                                                      | NCL Corp. Ltd.                                                                            | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     90000 | PA      | $90061.43     | 0.06%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31397TEH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     73021 | PA      | $6073.60      | 0.00%             | 2038-05-15      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| Suzano Netherlands B.V.                                                             | Suzano Netherlands B.V.                                                                   | CUSIP: 86960YAA0<br>LEI: 9845009ZB9F5D6DB3602 | Long             | DBT              | CORP              | NL        |     89000 | PA      | $89144.63     | 0.06%             | 2036-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC                                                 | Venture Global Plaquemines LNG, LLC                                                       | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     55000 | PA      | $62113.33     | 0.04%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                                 | Synchrony Financial                                                                       | CUSIP: 87165BAY9<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16377.86     | 0.01%             | 2036-07-29      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8398.72      | 0.01%             | 2036-04-23      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Zegona Finance PLC                                                                  | Zegona Finance PLC                                                                        | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |    159000 | PA      | $169546.47    | 0.11%             | 2029-07-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Arthur J. Gallagher & Co.                                                           | Arthur J. Gallagher & Co.                                                                 | CUSIP: 04316JAL3<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1021.24      | 0.00%             | 2029-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Sierra Pacific Power Co.                                                            | Sierra Pacific Power Co.                                                                  | CUSIP: 826418BQ7<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1022.26      | 0.00%             | 2054-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| STAR Trust                                                                          | STAR Trust, Series 2021-1, Class A1                                                       | CUSIP: 85573GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     84642 | PA      | $79649.27     | 0.05%             | 2065-05-25      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| Mitsubishi Ufj Financial Group, Inc.                                                | Mitsubishi Ufj Financial Group, Inc.                                                      | CUSIP: 606822DP6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    256000 | PA      | $261569.54    | 0.17%             | N/A             | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| Black Hills Corp.                                                                   | Black Hills Corp.                                                                         | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2140.37      | 0.00%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 31283H3D5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17972 | PA      | $18451.79     | 0.01%             | 2029-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 31392RNB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       256 | PA      | $258.20       | 0.00%             | 2032-02-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| GC Treasury Center Co., Ltd.                                                        | GC Treasury Center Co., Ltd.                                                              | CUSIP: 36830AAB3<br>LEI: 549300LUFQBC2EQNAR40 | Long             | DBT              | CORP              | TH        |    200000 | PA      | $202961.79    | 0.13%             | N/A             | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                                    | CUSIP: 85325C2G6<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204661.36    | 0.13%             | 2031-05-13      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    205000 | PA      | $218039.42    | 0.14%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Travelers Cos., Inc. (The)                                                          | Travelers Cos., Inc. (The)                                                                | CUSIP: 89417EAU3<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |     36000 | PA      | $37321.13     | 0.02%             | 2055-07-24      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Zayo Issuer, LLC                                                                    | Zayo Issuer, LLC, Series 2025-3A, Class A2                                                | CUSIP: 98919WAN3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $254458.23    | 0.17%             | 2055-10-20      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                          | Occidental Petroleum Corp.                                                                | CUSIP: 674599CJ2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     53000 | PA      | $41615.43     | 0.03%             | 2046-04-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                          | CUSIP: 709599BY9<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2025.03      | 0.00%             | 2027-01-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Corporacion Nacional del Cobre de Chile                                             | Corporacion Nacional del Cobre de Chile                                                   | CUSIP: 21987BBF4<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $201050.60    | 0.13%             | 2033-02-02      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                                                       | PepsiCo, Inc.                                                                             | CUSIP: 713448GL6<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    109000 | PA      | $109432.37    | 0.07%             | 2029-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                 | Kinder Morgan, Inc.                                                                       | CUSIP: 49456BBB6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5159.11      | 0.00%             | 2030-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 31293FS73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       860 | PA      | $888.49       | 0.00%             | 2028-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F0606A8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1806845 | PA      | $1846132.89   | 1.20%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCZR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     32510 | PA      | $5574.72      | 0.00%             | 2036-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                         | Sunoco L.P.                                                                               | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    142000 | PA      | $144322.41    | 0.09%             | N/A             | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, TBA                                             | CUSIP: 21H0206A8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    345000 | PA      | $285266.05    | 0.19%             | 2055-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 17327CAY9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5052.43      | 0.00%             | 2056-03-04      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                                   | CUSIP: 44891ADU8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25224.39     | 0.02%             | 2027-06-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                                                           | ALA Trust, Series 2025-OANA, Class B                                                      | CUSIP: 009920AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    610000 | PA      | $614864.57    | 0.40%             | 2040-06-15      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                               | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K734, Class X1, IO          | CUSIP: 3137FLN59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |   1237497 | PA      | $1163.12      | 0.00%             | 2026-02-25      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GC36<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3097.52      | 0.00%             | 2031-01-28      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Sonic Capital LLC                                                                   | Sonic Capital LLC, Series 2021-1A, Class A2II                                             | CUSIP: 83546DAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    297600 | PA      | $257558.72    | 0.17%             | 2051-08-20      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                               | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K085, Class AM              | CUSIP: 3137FKJD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     23000 | PA      | $23059.51     | 0.01%             | 2028-10-25      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2083.78      | 0.00%             | 2035-01-18      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2021-3, Class A1                                         | CUSIP: 03465EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     63122 | PA      | $54926.37     | 0.04%             | 2066-05-25      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                                    | CUSIP: 853254CM0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    288000 | PA      | $299087.14    | 0.19%             | N/A             | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| LPL Holdings, Inc.                                                                  | LPL Holdings, Inc.                                                                        | CUSIP: 50212YAJ3<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4077.48      | 0.00%             | 2027-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Trust                                                   | Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3                             | CUSIP: 16159GAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17436 | PA      | $15845.20     | 0.01%             | 2049-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Romanian Government International Bond                                              | Romanian Government International Bond                                                    | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     90000 | PA      | $92605.84     | 0.06%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                               | NextEra Energy Capital Holdings, Inc.                                                     | CUSIP: 65339KCT5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4094.45      | 0.00%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280ER6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204868.69    | 0.13%             | 2031-03-03      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2021-7, Class A1                                         | CUSIP: 03464JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    161040 | PA      | $140807.80    | 0.09%             | 2066-10-25      | Variable      | 1.98%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                           | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397G72<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203464.65    | 0.13%             | 2028-03-20      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2046.98      | 0.00%             | 2028-04-22      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392EWW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      3030 | PA      | $269.11       | 0.00%             | 2032-08-25      | Floating      | 2.53%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding XLVIII Ltd.                                                    | Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A                                | CUSIP: 55821UAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    667904 | PA      | $669053.74    | 0.43%             | 2033-04-19      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                          | AMSR Trust, Series 2021-SFR3, Class B                                                     | CUSIP: 00180UAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    380000 | PA      | $368337.34    | 0.24%             | 2038-10-17      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corp.                                                        | Chase Mortgage Finance Corp., Series 2016-SH1, Class M3                                   | CUSIP: 16163YAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18180 | PA      | $16909.12     | 0.01%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                              | Waste Management, Inc.                                                                    | CUSIP: 94106LCF4<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3944.80      | 0.00%             | 2054-10-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| San Diego Gas & Electric Co.                                                        | San Diego Gas & Electric Co.                                                              | CUSIP: 797440CF9<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2954.59      | 0.00%             | 2054-04-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Pennsylvania Electric Co.                                               | FirstEnergy Pennsylvania Electric Co.                                                     | CUSIP: 591894CE8<br>LEI: TBL0FUJQXXOVZMZFHZ71 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2046.34      | 0.00%             | 2028-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                    | Boeing Co. (The)                                                                          | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3268.91      | 0.00%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DN6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4061.29      | 0.00%             | 2029-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FA6Q8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      7058 | PA      | $916.87       | 0.00%             | 2034-05-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                           | Florida Power & Light Co.                                                                 | CUSIP: 341081GQ4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2035.95      | 0.00%             | 2033-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MPLX L.P.                                                                           | MPLX L.P.                                                                                 | CUSIP: 55336VCB4<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79840.05     | 0.05%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing III L.P.                                                    | Hertz Vehicle Financing III L.P., Series 2021-2A, Class A                                 | CUSIP: 42806MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    113000 | PA      | $110198.24    | 0.07%             | 2027-12-27      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| South Bow Canadian infrastructure Holdings Ltd.                                     | South Bow Canadian infrastructure Holdings Ltd.                                           | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    147000 | PA      | $153698.06    | 0.10%             | 2055-03-01      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                           | Williams Cos., Inc. (The)                                                                 | CUSIP: 969457CJ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1050.98      | 0.00%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                                 | CUSIP: 92840VAQ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1116.10      | 0.00%             | 2033-10-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Inc.                                                              | Quest Diagnostics Inc.                                                                    | CUSIP: 74834LBD1<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1110.12      | 0.00%             | 2033-11-30      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| GreenSaif Pipelines Bidco S.a.r.l.                                                  | GreenSaif Pipelines Bidco S.a.r.l.                                                        | CUSIP: 39541EAC7<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $217016.10    | 0.14%             | 2042-02-23      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| GCAT Trust                                                                          | GCAT Trust, Series 2019-NQM3, Class A1                                                    | CUSIP: 36167VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9567 | PA      | $9351.33      | 0.01%             | 2059-11-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    113000 | PA      | $113665.26    | 0.07%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                      | CUSIP: 780082AY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    211000 | PA      | $209139.60    | 0.14%             | 2085-11-24      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 3129354W6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     52228 | PA      | $54040.12     | 0.04%             | 2039-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3077.92      | 0.00%             | 2030-02-13      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| WF Card Issuance Trust                                                              | WF Card Issuance Trust, Series 2024-A1, Class A                                           | CUSIP: 92970QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    507000 | PA      | $514550.14    | 0.33%             | 2029-02-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                                                 | Realty Income Corp.                                                                       | CUSIP: 756109CT9<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2034.84      | 0.00%             | 2035-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                             | Republic Services, Inc.                                                                   | CUSIP: 760759BC3<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3079.08      | 0.00%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Evergy Metro, Inc.                                                                  | Evergy Metro, Inc.                                                                        | CUSIP: 30037DAE5<br>LEI: 1128SIJQ26096WL7IO82 | Long             | DBT              | CORP              | US        |     94000 | PA      | $95050.28     | 0.06%             | 2035-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                            | Benchmark Mortgage Trust, Series 2018-B3, Class C                                         | CUSIP: 08161BBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     42000 | PA      | $36297.78     | 0.02%             | 2051-04-10      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies, Inc.                                                         | L3Harris Technologies, Inc.                                                               | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1042.71      | 0.00%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                               | Alexandria Real Estate Equities, Inc.                                                     | CUSIP: 015271BC2<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2012.57      | 0.00%             | 2036-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                                    | CUSIP: 85325C2H4<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $205655.59    | 0.13%             | 2031-05-13      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                         | CUSIP: 532457DG0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36167.95     | 0.02%             | 2065-10-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Structured Pass-Through Ctfs.                               | Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K088, Class AM              | CUSIP: 3137FL6F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     92000 | PA      | $91423.21     | 0.06%             | 2029-01-25      | Variable      | 3.76%                 | No            |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corp.                                                   | Algonquin Power & Utilities Corp.                                                         | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |      3000 | PA      | $3022.25      | 0.00%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Holding Co. LLC                                                  | Columbia Pipelines Holding Co. LLC                                                        | CUSIP: 19828AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3000 | PA      | $3041.02      | 0.00%             | 2026-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Raising Cane's Restaurants, L.L.C.                                                  | Raising Cane's Restaurants, L.L.C.                                                        | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |    198000 | PA      | $208096.81    | 0.14%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| South Bow USA Infrastructure Holdings LLC                                           | South Bow USA Infrastructure Holdings LLC                                                 | CUSIP: 83007CAF9<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5029.41      | 0.00%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd.                                                                    | Oaktree CLO Ltd., Series 2021-2A, Class AR                                                | CUSIP: 67389BAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249751.25    | 0.16%             | 2035-01-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                               | Westpac Banking Corp.                                                                     | CUSIP: 961214FP3<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |      3000 | PA      | $3362.05      | 0.00%             | 2033-11-17      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                    | NRG Energy, Inc.                                                                          | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    144000 | PA      | $144110.68    | 0.09%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EMD Finance LLC                                                                     | EMD Finance LLC                                                                           | CUSIP: 26867LAP5<br>LEI: 529900C8KS5G529A0B76 | Long             | DBT              | CORP              | US        |    296000 | PA      | $296079.19    | 0.19%             | 2030-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                                | Cross Mortgage Trust, Series 2024-H2, Class A1                                            | CUSIP: 22757BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    134252 | PA      | $135781.74    | 0.09%             | 2069-04-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| Invesco Government & Agency Portfolio                                               | Invesco Government & Agency Portfolio, Institutional Class                                | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   2559979 | NS      | $2559979.35   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Pass-Through Trust                                                              | CVS Pass-Through Trust                                                                    | CUSIP: 126650BV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52191 | PA      | $53491.96     | 0.03%             | 2033-01-10      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     88000 | PA      | $94103.42     | 0.06%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Capital Power (US Holdings) Inc.                                                    | Capital Power (US Holdings) Inc.                                                          | CUSIP: 14041TAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $11213.12     | 0.01%             | 2028-06-01      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 3131Y7TD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24222 | PA      | $23286.48     | 0.02%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                               | OneMain Finance Corp.                                                                     | CUSIP: 682691AM2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71200.93     | 0.05%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                                                           | Nippon Life Insurance Co.                                                                 | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $215538.40    | 0.14%             | 2055-04-30      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                        | Marriott International, Inc.                                                              | CUSIP: 571903BQ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2055.11      | 0.00%             | 2034-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                                  | CUSIP: 36213LLB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        86 | PA      | $88.62        | 0.00%             | 2031-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                          | J.P. Morgan Mortgage Trust, Series 2007-A1, Class 5A1                                     | CUSIP: 46630GAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7136 | PA      | $7117.79      | 0.00%             | 2035-07-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                                                         | Zoetis Inc.                                                                               | CUSIP: 98978VAW3<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |     86000 | PA      | $86309.01     | 0.06%             | 2028-08-17      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                                      | Carnival Corp.                                                                            | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    170000 | PA      | $173217.76    | 0.11%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 31402QYV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4670 | PA      | $4803.01      | 0.00%             | 2035-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UPMC                                                                                | UPMC                                                                                      | CUSIP: 90320WAG8<br>LEI: 5493001YCBUGKVU74S74 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3061.96      | 0.00%             | 2033-05-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Brookfield Asset Management Ltd.                                                    | Brookfield Asset Management Ltd.                                                          | CUSIP: 112586AB8<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |     79000 | PA      | $82030.90     | 0.05%             | 2055-09-15      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                                                     | Oncor Electric Delivery Co. LLC                                                           | CUSIP: 68233JDA9<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6186.61      | 0.00%             | 2055-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                                                     | Oncor Electric Delivery Co. LLC                                                           | CUSIP: 68233JCS1<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1065.02      | 0.00%             | 2033-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                                           | Guatemala Government Bond                                                                 | CUSIP: 401494BA6<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $206936.00    | 0.13%             | 2036-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                         | CUSIP: 532457CT3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2887.61      | 0.00%             | 2064-08-14      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) PLC                                                         | Rio Tinto Finance (USA) PLC                                                               | CUSIP: 76720AAT3<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |      4000 | PA      | $4113.51      | 0.00%             | 2032-03-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                                | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6090.60      | 0.00%             | 2045-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816DZ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2080.91      | 0.00%             | 2036-01-30      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31394DXZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     11777 | PA      | $565.94       | 0.00%             | 2035-05-25      | Floating      | 2.13%                 | No            |                  2 | On Loan: No      |
| WEST Trust                                                                          | WEST Trust, Series 2025-ROSE, Class A                                                     | CUSIP: 955909AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    435000 | PA      | $441908.76    | 0.29%             | 2035-04-10      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| GE HealthCare Technologies Inc.                                                     | GE HealthCare Technologies Inc.                                                           | CUSIP: 36266GAB3<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15251.40     | 0.01%             | 2031-01-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PDX1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2110.99      | 0.00%             | 2029-10-23      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| New Gold Inc.                                                                       | New Gold Inc.                                                                             | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $20964.76     | 0.01%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating, L.P.                                                   | Western Midstream Operating, L.P.                                                         | CUSIP: 958667AE7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1056.91      | 0.00%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Ohio Power Co.                                                                      | Ohio Power Co.                                                                            | CUSIP: 677415CW9<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2094.51      | 0.00%             | 2034-06-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Piedmont Operating Partnership, L.P.                                                | Piedmont Operating Partnership, L.P.                                                      | CUSIP: 720198AJ9<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2117.13      | 0.00%             | 2029-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136A1QW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     11800 | PA      | $1013.90      | 0.00%             | 2041-10-25      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| B.A.T Capital Corp.                                                                 | B.A.T Capital Corp.                                                                       | CUSIP: 054989AF5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108903.19    | 0.07%             | 2033-03-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31397PM49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      2071 | PA      | $222.02       | 0.00%             | 2037-12-15      | Floating      | 2.51%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 3128M5F54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3996 | PA      | $4179.50      | 0.00%             | 2037-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                                                            | COLT Mortgage Loan Trust, Series 2022-1, Class A1                                         | CUSIP: 19688HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    181410 | PA      | $164292.67    | 0.11%             | 2066-12-27      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Inc.                                                          | Huntington Bancshares Inc., Series K                                                      | CUSIP: 446150BG8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    223000 | PA      | $222646.77    | 0.14%             | N/A             | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                                                            | Roper Technologies, Inc.                                                                  | CUSIP: 776696AL0<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32143.65     | 0.02%             | 2030-09-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The)                                                       | CUSIP: 06406RCD7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28078.51     | 0.02%             | 2028-06-09      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Molex Electronic Technologies, LLC                                                  | Molex Electronic Technologies, LLC                                                        | CUSIP: 60856BAF1<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13235.59     | 0.01%             | 2032-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31397T4E9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      2769 | PA      | $251.20       | 0.00%             | 2038-04-15      | Floating      | 1.51%                 | No            |                  2 | On Loan: No      |
| Romanian Government International Bond                                              | Romanian Government International Bond                                                    | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    154000 | PA      | $148660.13    | 0.10%             | 2035-03-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2084.46      | 0.00%             | 2034-07-21      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans Mortgage Pass-Through Trust                                  | Countrywide Home Loans Mortgage Pass-Through Trust, Series 2005-26, Class 1A8             | CUSIP: 126694MS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24623 | PA      | $14585.11     | 0.01%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                           | Williams Cos., Inc. (The)                                                                 | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2031.41      | 0.00%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Flutter Treasury DAC                                                                | Flutter Treasury DAC                                                                      | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    281000 | PA      | $285407.49    | 0.19%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating LLC/Charter Communications Operating Capital Corp.       | CUSIP: 161175CT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     97000 | PA      | $98222.60     | 0.06%             | 2055-12-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Smurfit Kappa Treasury Unlimited Co.                                                | Smurfit Kappa Treasury Unlimited Co.                                                      | CUSIP: 83272GAE1<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    103000 | PA      | $106945.55    | 0.07%             | 2034-04-03      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCQG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      5485 | PA      | $783.49       | 0.00%             | 2035-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2026.05      | 0.00%             | 2030-10-23      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.                                           | Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class A1RR                     | CUSIP: 14311NAU8<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |    140434 | PA      | $140441.46    | 0.09%             | 2032-07-20      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Oceanview Mortgage Trust                                                            | Oceanview Mortgage Trust, Series 2021-3, Class A5                                         | CUSIP: 67647WAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    198381 | PA      | $178792.48    | 0.12%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                                  | CUSIP: 110122DZ8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2175.01      | 0.00%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                                 | New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A1                           | CUSIP: 64828EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9374 | PA      | $9021.32      | 0.01%             | 2059-09-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| JH North America Holdings Inc.                                                      | JH North America Holdings Inc.                                                            | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19307.89     | 0.01%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DR7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3006.24      | 0.00%             | 2028-04-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                    | NRG Energy, Inc.                                                                          | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129948.56    | 0.08%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                            | Bristol-Myers Squibb Co.                                                                  | CUSIP: 110122EC8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1104.98      | 0.00%             | 2063-11-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                          | Constellation Brands, Inc.                                                                | CUSIP: 21036PBP2<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1009.92      | 0.00%             | 2033-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging International, LLC                                                | Graphic Packaging International, LLC                                                      | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17284.19     | 0.01%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MILE Trust                                                                          | MILE Trust, Series 2025-STNE, Class C                                                     | CUSIP: 59918AAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100249.09    | 0.07%             | 2042-07-15      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                        | GS Mortgage Securities Trust, Series 2020-GC45, Class A5                                  | CUSIP: 36258YBG2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $46886.48     | 0.03%             | 2053-02-13      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| VICI Properties L.P.                                                                | VICI Properties L.P.                                                                      | CUSIP: 925650AF0<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2079.35      | 0.00%             | 2034-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DG1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2043.74      | 0.00%             | 2029-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                          | Occidental Petroleum Corp.                                                                | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3046.31      | 0.00%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                                  | General Motors Financial Co., Inc.                                                        | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2011.35      | 0.00%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                     | TransDigm, Inc.                                                                           | CUSIP: 893647BZ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     39000 | PA      | $40137.40     | 0.03%             | 2034-01-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2050.48      | 0.00%             | 2030-07-23      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| McKesson Corp.                                                                      | McKesson Corp.                                                                            | CUSIP: 581557BY0<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23700.01     | 0.02%             | 2035-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P. / PTL Finance Corp.                                   | Penske Truck Leasing Co. L.P. / PTL Finance Corp.                                         | CUSIP: 709599BS2<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3087.33      | 0.00%             | 2028-02-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Nordson Corp.                                                                       | Nordson Corp.                                                                             | CUSIP: 655663AB8<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1067.73      | 0.00%             | 2033-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                 | Kinder Morgan, Inc.                                                                       | CUSIP: 49456BAX9<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1024.36      | 0.00%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Regency Centers, L.P.                                                               | Regency Centers, L.P.                                                                     | CUSIP: 75884RBD4<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5118.32      | 0.00%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brandywine Operating Partnership, L.P.                                              | Brandywine Operating Partnership, L.P.                                                    | CUSIP: 105340AS2<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              | CORP              | US        |     33000 | PA      | $35847.39     | 0.02%             | 2029-04-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                             | Uber Technologies, Inc.                                                                   | CUSIP: 90353TAN0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4014.54      | 0.00%             | 2030-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                                           | Bank of Nova Scotia (The)                                                                 | CUSIP: 06419GEE2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    312000 | PA      | $311849.96    | 0.20%             | 2085-10-27      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                           | OBX Trust, Series 2022-NQM2, Class A1B                                                    | CUSIP: 67448DAM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235000 | PA      | $215793.40    | 0.14%             | 2062-01-25      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136A9XT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      9522 | PA      | $153.06       | 0.00%             | 2027-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Belrose Funding Trust II                                                            | Belrose Funding Trust II                                                                  | CUSIP: 08079KAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    283000 | PA      | $306746.69    | 0.20%             | 2055-05-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: —       |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4218.24      | 0.00%             | 2036-04-22      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3066.35      | 0.00%             | 2028-04-22      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                                                         | Toronto-Dominion Bank (The)                                                               | CUSIP: 89115A3C4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |      3000 | PA      | $3068.22      | 0.00%             | 2029-12-17      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Sonic Capital LLC                                                                   | Sonic Capital LLC, Series 2021-1A, Class A2I                                              | CUSIP: 83546DAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    153600 | PA      | $142192.91    | 0.09%             | 2051-08-20      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| Campbell's Co. (The)                                                                | Campbell's Co. (The)                                                                      | CUSIP: 134429BN8<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2054.46      | 0.00%             | 2029-03-21      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Jackson National Life Global Funding                                                | Jackson National Life Global Funding                                                      | CUSIP: 46849CJP7<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151769.74    | 0.10%             | 2028-06-05      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co.                                                                   | Genuine Parts Co.                                                                         | CUSIP: 372460AF2<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4072.15      | 0.00%             | 2029-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust                                                                 | Rate Mortgage Trust, Series 2025-J2, Class A5                                             | CUSIP: 75409YAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183729 | PA      | $185127.54    | 0.12%             | 2055-07-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| B.A.T Capital Corp.                                                                 | B.A.T Capital Corp.                                                                       | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1058.11      | 0.00%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust                                                                 | Rate Mortgage Trust, Series 2024-J4, Class A1                                             | CUSIP: 75408TAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    182852 | PA      | $185894.60    | 0.12%             | 2054-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                                                         | AvalonBay Communities, Inc.                                                               | CUSIP: 053484AE1<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2083.37      | 0.00%             | 2033-12-07      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TNPR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       164 | PA      | $170.00       | 0.00%             | 2030-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                          | CUSIP: 126650DW7<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1019.88      | 0.00%             | 2029-01-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Invesco Private Government Fund                                                     | Invesco Private Government Fund                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   1113874 | NS      | $1113874.34   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc., Series BB                                                                 | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     76000 | PA      | $78567.74     | 0.05%             | N/A             | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| POSCO Holdings Inc.                                                                 | POSCO Holdings Inc.                                                                       | CUSIP: 693483AJ8<br>LEI: 988400E5HRVX81AYLM04 | Long             | DBT              | CORP              | KR        |    211000 | PA      | $216162.45    | 0.14%             | 2030-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136A5AX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     16267 | PA      | $1278.30      | 0.00%             | 2041-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Life Mortgage Trust                                                                 | Life Mortgage Trust, Series 2021-BMR, Class C                                             | CUSIP: 53218CAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11748 | PA      | $11699.39     | 0.01%             | 2038-03-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                                                               | One Bryant Park Trust, Series 2019-OBP, Class A                                           | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114000 | PA      | $105093.73    | 0.07%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Americold Realty Operating Partnership, L.P.                                        | Americold Realty Operating Partnership, L.P.                                              | CUSIP: 03063UAA9<br>LEI: 549300FKD9KVWNHSUU79 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1967.69      | 0.00%             | 2034-09-12      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3015.00      | 0.00%             | 2030-09-19      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207675.11    | 0.13%             | 2031-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XCT0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3907.99      | 0.00%             | 2034-09-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| RB Global Holdings Inc.                                                             | RB Global Holdings Inc.                                                                   | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26178.83     | 0.02%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp.                                        | CUSIP: 637432PC3<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4082.80      | 0.00%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                          | Occidental Petroleum Corp.                                                                | CUSIP: 674599EK7<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4071.09      | 0.00%             | 2032-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| American International Group, Inc.                                                  | American International Group, Inc.                                                        | CUSIP: 026874DW4<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4094.57      | 0.00%             | 2030-05-07      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| OPEC Fund for International Development (The)                                       | OPEC Fund for International Development (The)                                             | CUSIP: 683483AA9<br>LEI: HHX3T53LK1P186EUNV37 | Long             | DBT              | CORP              | AT        |    245000 | PA      | $245165.47    | 0.16%             | 2026-01-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Takeda U.S. Financing, Inc.                                                         | Takeda U.S. Financing, Inc.                                                               | CUSIP: 87406BAB8<br>LEI: 254900ZGPIBGBZ2N3A33 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206197.73    | 0.13%             | 2055-07-07      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 313921A65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     24534 | PA      | $2119.85      | 0.00%             | 2031-11-25      | Floating      | 3.43%                 | No            |                  2 | On Loan: No      |
| Electricite de France                                                               | Electricite de France                                                                     | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $232044.60    | 0.15%             | N/A             | Variable      | 9.12%                 | No            |                  2 | On Loan: No      |
| GCAT Trust                                                                          | GCAT Trust, Series 2025-NQM2, Class A1                                                    | CUSIP: 36171HAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    163000 | PA      | $164665.27    | 0.11%             | 2070-04-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc., Series W                                                                  | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     94000 | PA      | $93748.76     | 0.06%             | N/A             | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| British Airways Pass-Through Trust                                                  | British Airways Pass-Through Trust                                                        | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3260 | PA      | $2966.43      | 0.00%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                 | GS Mortgage-Backed Securities Trust, Series 2025-HE1, Class A1                            | CUSIP: 36272NAA2<br>LEI: 254900RIVK2GCJ08H839 | Long             | ABS-MBS          | CORP              | US        |    129432 | PA      | $129893.38    | 0.08%             | 2055-10-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                                 | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36631.24     | 0.02%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Capital Trust                                                | Credit Suisse Mortgage Capital Trust, Series 2021-NQM2, Class A1                          | CUSIP: 12662EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     71796 | PA      | $64561.15     | 0.04%             | 2066-02-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline, L.P.                                                  | Plains All American Pipeline, L.P.                                                        | CUSIP: 72650RBQ4<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3132.56      | 0.00%             | 2035-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                            | HCA Inc.                                                                                  | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3137.87      | 0.00%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon (The)                                                       | Bank of New York Mellon (The)                                                             | CUSIP: 06405LAG6<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |    260000 | PA      | $260645.82    | 0.17%             | 2027-04-20      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                                        | BX Commercial Mortgage Trust, Series 2021-VOLT, Class A                                   | CUSIP: 05609VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    242207 | PA      | $241518.29    | 0.16%             | 2036-09-15      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                                                                | ERAC USA Finance LLC                                                                      | CUSIP: 26884TAW2<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2035.76      | 0.00%             | 2033-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Pricoa Global Funding I                                                             | Pricoa Global Funding I                                                                   | CUSIP: 74153WCV9<br>LEI: 635400IBXEBMD9ADYA79 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151714.92    | 0.10%             | 2031-08-27      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | McDonald's Corp.                                                                          | CUSIP: 58013MGC2<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    175000 | PA      | $176358.15    | 0.11%             | 2036-02-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                                    | CUSIP: 31282YCU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       605 | PA      | $54.11        | 0.00%             | 2029-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                     | Phillips 66 Co., Series A                                                                 | CUSIP: 718547AZ5<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    156000 | PA      | $154904.10    | 0.10%             | 2056-03-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                             | Republic Services, Inc.                                                                   | CUSIP: 760759BH2<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1034.08      | 0.00%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                               | Dominion Energy, Inc.                                                                     | CUSIP: 25746UDZ9<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    179000 | PA      | $180478.57    | 0.12%             | 2056-02-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816EL9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    261000 | PA      | $261595.59    | 0.17%             | 2029-07-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                    | Boeing Co. (The)                                                                          | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2123.06      | 0.00%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp./Sealed Air Corp US                                                 | Sealed Air Corp./Sealed Air Corp US                                                       | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $38871.02     | 0.03%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                                        | Nasdaq, Inc.                                                                              | CUSIP: 63111XAH4<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2062.67      | 0.00%             | 2028-06-28      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MILE Trust                                                                          | MILE Trust, Series 2025-STNE, Class A                                                     | CUSIP: 59918AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    610000 | PA      | $611156.44    | 0.40%             | 2042-07-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                                               | Cardinal Health, Inc.                                                                     | CUSIP: 14149YBU1<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     62000 | PA      | $62212.31     | 0.04%             | 2030-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                                        | BX Commercial Mortgage Trust, Series 2021-VOLT, Class D                                   | CUSIP: 05609VAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96883 | PA      | $96629.94     | 0.06%             | 2036-09-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Tractor Supply Co.                                                                  | Tractor Supply Co.                                                                        | CUSIP: 892356AB2<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3098.82      | 0.00%             | 2033-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Brookfield Asset Management Ltd.                                                    | Brookfield Asset Management Ltd.                                                          | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10481.43     | 0.01%             | 2035-04-24      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    232000 | PA      | $241797.13    | 0.16%             | N/A             | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                            | Diamondback Energy, Inc.                                                                  | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      1000 | PA      | $963.55       | 0.00%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                                 | CUSIP: 75513ECX7<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1119.58      | 0.00%             | 2054-03-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO 4, Ltd.                                                             | Signal Peak CLO 4, Ltd., Series 2017-4A, Class AR2                                        | CUSIP: 82667EAN1<br>LEI: 635400L44OLNOBHFTO08 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $600711.60    | 0.39%             | 2034-10-26      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands IV B.V.                                     | Teva Pharmaceutical Finance Netherlands IV B.V.                                           | CUSIP: 881937AA4<br>LEI: 549300GKSD1RG56QRY33 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $309262.20    | 0.20%             | 2030-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                               | Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA                          | CUSIP: 95001GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    776671 | PA      | $12365.69     | 0.01%             | 2050-12-15      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392F6J1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      5486 | PA      | $321.90       | 0.00%             | 2032-12-18      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                          | Aviation Capital Group LLC                                                                | CUSIP: 05369AAP6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3192.23      | 0.00%             | 2028-10-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3178.15      | 0.00%             | 2029-10-23      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bills                                                                 | U.S. Treasury Bills                                                                       | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    687000 | PA      | $671486.69    | 0.44%             | 2026-05-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                    | Boeing Co. (The), Conv. Pfd.                                                              | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |      1000 | NS      | $69570.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31394DQF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     46732 | PA      | $4063.21      | 0.00%             | 2035-05-25      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| EOG Resources, Inc.                                                                 | EOG Resources, Inc.                                                                       | CUSIP: 26875PBA8<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     33000 | PA      | $34578.32     | 0.02%             | 2055-07-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                            | Diamondback Energy, Inc.                                                                  | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3044.35      | 0.00%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | McDonald's Corp.                                                                          | CUSIP: 58013MGA6<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5068.26      | 0.00%             | 2035-03-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust                                                                 | Rate Mortgage Trust, Series 2025-J1, Class A4                                             | CUSIP: 75410CAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155092 | PA      | $157501.80    | 0.10%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F0206A2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6054103 | PA      | $4881018.29   | 3.17%             | 2055-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                                                   | Eli Lilly and Co.                                                                         | CUSIP: 532457CG1<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      1000 | PA      | $933.36       | 0.00%             | 2053-02-27      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475BT1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1024.57      | 0.00%             | 2027-10-20      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2021-R1, Class A1                                      | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     37129 | PA      | $35780.35     | 0.02%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                                        | Nasdaq, Inc.                                                                              | CUSIP: 63111XAL5<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3174.11      | 0.00%             | 2063-06-28      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 3140J5PG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    203941 | PA      | $191226.20    | 0.12%             | 2047-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F0204A4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    831000 | PA      | $763952.00    | 0.50%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New England Power Co.                                                               | New England Power Co.                                                                     | CUSIP: 644188BK9<br>LEI: 549300DTVRGN9GYD5U85 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56389.12     | 0.04%             | 2055-09-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3099.05      | 0.00%             | 2031-01-24      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| RUN Trust                                                                           | RUN Trust, Series 2022-NQM1, Class A1                                                     | CUSIP: 74981CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    184475 | PA      | $182713.97    | 0.12%             | 2067-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                                                            | COLT Mortgage Loan Trust, Series 2022-2, Class A1                                         | CUSIP: 19685EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190349 | PA      | $182540.86    | 0.12%             | 2067-02-25      | Variable      | 2.99%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 17327CAU7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4015.00      | 0.00%             | 2039-09-19      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bond                                    | Republic of Poland Government International Bond                                          | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      5000 | PA      | $5365.66      | 0.00%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    219000 | PA      | $219168.89    | 0.14%             | 2031-09-11      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                                     | CoreWeave, Inc.                                                                           | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     97000 | PA      | $99534.51     | 0.06%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd.                                                                 | Athene Holding Ltd.                                                                       | CUSIP: 04686JAH4<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2041.62      | 0.00%             | 2054-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2088.65      | 0.00%             | 2036-01-28      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                                                 | Bank of New York Mellon Corp. (The)                                                       | CUSIP: 06406RBM8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2154.92      | 0.00%             | 2033-10-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust                                                        | Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3                                   | CUSIP: 16162WPX1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21537 | PA      | $20007.80     | 0.01%             | 2036-01-25      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | U.S. Treasury Ultra Bonds Future                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        51 | NC      | $179659.68    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Ufj Financial Group, Inc.                                                | Mitsubishi Ufj Financial Group, Inc.                                                      | CUSIP: 606822DL5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    152000 | PA      | $159575.21    | 0.10%             | 2036-04-24      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FA6K1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     29575 | PA      | $3898.24      | 0.00%             | 2033-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136AYAT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |    241705 | PA      | $25081.96     | 0.02%             | 2047-09-25      | Floating      | 1.43%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                           | Williams Cos., Inc. (The)                                                                 | CUSIP: 969457CK4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2062.61      | 0.00%             | 2028-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                                               | DB Master Finance LLC, Series 2019-1A, Class A23                                          | CUSIP: 233046AL5<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |     47000 | PA      | $46644.36     | 0.03%             | 2049-05-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31394V7G9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     20075 | PA      | $23931.42     | 0.02%             | 2036-03-25      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp.                                                                 | Regal Rexnord Corp.                                                                       | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2148.05      | 0.00%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                 | Forward Foreign Currency Contract                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $333.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1044.80      | 0.00%             | 2030-04-22      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The), Series X                                                 | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    138000 | PA      | $145873.59    | 0.09%             | N/A             | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                                     | CUSIP: 539830CC1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3044.92      | 0.00%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                          | CUSIP: 126650EK2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    103000 | PA      | $104860.56    | 0.07%             | 2035-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc.                                                                 | Ingersoll Rand Inc.                                                                       | CUSIP: 45687VAC0<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2034.54      | 0.00%             | 2027-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Kite Realty Group, L.P.                                                             | Kite Realty Group, L.P.                                                                   | CUSIP: 49803XAF0<br>LEI: 549300X6R2GYI8Y3OD81 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4051.75      | 0.00%             | 2031-12-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AIA Group Ltd.                                                                      | AIA Group Ltd.                                                                            | CUSIP: 00131LAQ8<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $207772.23    | 0.14%             | 2034-04-05      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 31334XD97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     45422 | PA      | $43531.64     | 0.03%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEQ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3035.93      | 0.00%             | 2030-10-22      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                                             | Flagstar Mortgage Trust, Series 2021-11IN, Class A6                                       | CUSIP: 33851TAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    380209 | PA      | $341090.46    | 0.22%             | 2051-11-25      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 3138WGD35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7255 | PA      | $7186.01      | 0.00%             | 2030-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3193.12      | 0.00%             | 2034-05-25      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31394CKG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      4082 | PA      | $210.56       | 0.00%             | 2035-03-25      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Toll Brothers Finance Corp.                                                         | Toll Brothers Finance Corp.                                                               | CUSIP: 88947EAX8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $21530.88     | 0.01%             | 2035-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Stryker Corp.                                                                       | Stryker Corp.                                                                             | CUSIP: 863667BE0<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3009.06      | 0.00%             | 2029-09-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ameren Illinois Co.                                                                 | Ameren Illinois Co.                                                                       | CUSIP: 02361DBA7<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3081.68      | 0.00%             | 2033-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                      | Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM5, Class A1                | CUSIP: 61777QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    221084 | PA      | $222692.50    | 0.14%             | 2069-10-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                          | CUSIP: 709599BT0<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1030.09      | 0.00%             | 2028-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TMBG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     14867 | PA      | $15136.13     | 0.01%             | 2029-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280EX3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    239000 | PA      | $252242.73    | 0.16%             | 2036-05-13      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| AutoZone, Inc.                                                                      | AutoZone, Inc.                                                                            | CUSIP: 053332BF8<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1028.95      | 0.00%             | 2033-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                                               | Turkiye Government International Bond                                                     | CUSIP: 900123DR8<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    381000 | PA      | $383857.46    | 0.25%             | 2035-09-16      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Australia and New Zealand Banking Group Ltd.                                        | Australia and New Zealand Banking Group Ltd.                                              | CUSIP: 052528AP1<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    387000 | PA      | $428294.28    | 0.28%             | 2032-12-08      | Fixed         | 6.74%                 | No            |                  2 | On Loan: —       |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1113.36      | 0.00%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172CZ0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1018.10      | 0.00%             | 2028-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                               | WEC Energy Group Inc.                                                                     | CUSIP: 92939UAJ5<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2038.64      | 0.00%             | 2027-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust, Series 2024-2, Class A1                                         | CUSIP: 034942AA0<br>LEI: 254900NLG610771ZLP05 | Long             | ABS-MBS          | CORP              | US        |    300075 | PA      | $303331.07    | 0.20%             | 2069-01-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                           | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    242000 | PA      | $245185.72    | 0.16%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Caterpillar Inc.                                                                    | Caterpillar Inc.                                                                          | CUSIP: 149123CL3<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6210.02      | 0.00%             | 2035-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Private Bank, N.A.                                                   | Morgan Stanley Private Bank, N.A.                                                         | CUSIP: 61776NVG5<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253854.40    | 0.17%             | 2031-07-18      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, IO                                              | CUSIP: 38375JSQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |     13533 | PA      | $757.59       | 0.00%             | 2037-04-16      | Floating      | 2.29%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding (AESOP) LLC                                          | Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-1A, Class A                       | CUSIP: 05377REZ3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    560000 | PA      | $557175.81    | 0.36%             | 2028-08-21      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                    | Boeing Co. (The)                                                                          | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1999.43      | 0.00%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc.                                                                       | Broadcom Inc.                                                                             | CUSIP: 11135FCY5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    226000 | PA      | $225401.66    | 0.15%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                              | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    201000 | PA      | $239654.71    | 0.16%             | N/A             | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3109.72      | 0.00%             | 2029-07-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                                                     | Air Lease Corp., Series B                                                                 | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     81000 | PA      | $80066.23     | 0.05%             | N/A             | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| Essential Properties, L.P.                                                          | Essential Properties, L.P.                                                                | CUSIP: 29670VAB5<br>LEI: 254900XX9FNFCDE1NX02 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23099.99     | 0.02%             | 2035-12-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Textainer Marine Containers VII Ltd.                                                | Textainer Marine Containers VII Ltd., Series 2021-2A, Class A                             | CUSIP: 88315LAQ1<br>LEI: 549300X48KLHDDGPK024 | Long             | ABS-O            | CORP              | BM        |    284533 | PA      | $267213.15    | 0.17%             | 2046-04-20      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Magna International Inc.                                                            | Magna International Inc.                                                                  | CUSIP: 559222BD5<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | DBT              | CORP              | CA        |      3000 | PA      | $3168.21      | 0.00%             | 2035-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Capital Trust                                                | Credit Suisse Mortgage Capital Trust, Series 2022-ATH1, Class A1B                         | CUSIP: 12660BAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    115000 | PA      | $106909.60    | 0.07%             | 2067-01-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Southern Power Co.                                                                  | Southern Power Co., Series B                                                              | CUSIP: 843646AY6<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128279.23    | 0.08%             | 2035-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Re-REMIC Trust                                                       | Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B                                   | CUSIP: 61761KAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    171034 | PA      | $152598.45    | 0.10%             | 2036-11-26      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                                      | PMT Loan Trust, Series 2025-INV1, Class A7                                                | CUSIP: 693967AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    119095 | PA      | $121000.46    | 0.08%             | 2060-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Agree L.P.                                                                          | Agree L.P.                                                                                | CUSIP: 008513AE3<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3128.59      | 0.00%             | 2034-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                                 | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2012.99      | 0.00%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                      | ZF North America Capital, Inc.                                                            | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    203000 | PA      | $194493.65    | 0.13%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31397NP41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      8105 | PA      | $8190.47      | 0.01%             | 2037-06-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding (AESOP) LLC                                          | Avis Budget Rental Car Funding (AESOP) LLC, Series 2025-3A, Class A                       | CUSIP: 05377RKW3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    156000 | PA      | $155700.85    | 0.10%             | 2030-02-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2059.61      | 0.00%             | 2035-07-23      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation, LLC                                                | Constellation Energy Generation, LLC                                                      | CUSIP: 210385AE0<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3346.79      | 0.00%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mitsubishi Ufj Financial Group, Inc.                                                | Mitsubishi Ufj Financial Group, Inc.                                                      | CUSIP: 606822DQ4<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $203312.59    | 0.13%             | 2036-09-12      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp.                                        | CUSIP: 63743HFN7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3070.39      | 0.00%             | 2029-02-07      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Laboratory Corp. of America Holdings                                                | Laboratory Corp. of America Holdings                                                      | CUSIP: 50540RAZ5<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4002.15      | 0.00%             | 2030-04-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                                             | SS&C Technologies, Inc.                                                                   | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26981.71     | 0.02%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Subway Funding LLC                                                                  | Subway Funding LLC, Series 2024-1A, Class A2I                                             | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    208425 | PA      | $214096.24    | 0.14%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                               | Dominican Republic International Bond                                                     | CUSIP: 25714PFC7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    215000 | PA      | $228910.50    | 0.15%             | 2055-02-24      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                              | Sempra                                                                                    | CUSIP: 816851BV0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3070.29      | 0.00%             | 2055-04-01      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Southwestern Electric Power Co.                                                     | Southwestern Electric Power Co.                                                           | CUSIP: 845437BU5<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3073.77      | 0.00%             | 2033-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co., Series L, Conv. Pfd.                                                   | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |        10 | NS      | $12342.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Global Funding                                                           | Corebridge Global Funding                                                                 | CUSIP: 00138CBA5<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2054.93      | 0.00%             | 2029-06-24      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Mitsubishi Ufj Financial Group, Inc.                                                | Mitsubishi Ufj Financial Group, Inc.                                                      | CUSIP: 606822DN1<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $200870.82    | 0.13%             | 2031-09-12      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                           | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    209000 | PA      | $218021.35    | 0.14%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Fort Greene Park CLO LLC                                                            | Fort Greene Park CLO LLC, Series 2025-2A, Class AR                                        | CUSIP: 18914KAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250064.00    | 0.16%             | 2034-04-22      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                          | Aviation Capital Group LLC                                                                | CUSIP: 05369AAT8<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    117000 | PA      | $116942.87    | 0.08%             | 2030-10-24      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue Securities                                            | Fannie Mae Connecticut Avenue Securities, Series 2023-R02, Class 1M1                      | CUSIP: 20755AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     64709 | PA      | $65913.96     | 0.04%             | 2043-01-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PES1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6174.14      | 0.00%             | 2045-11-29      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes                                                                 | U.S. Treasury Notes                                                                       | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7898900 | PA      | $7963695.62   | 5.18%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Louisville Gas and Electric Co.                                                     | Louisville Gas and Electric Co.                                                           | CUSIP: 546676BA4<br>LEI: KO3GRIB3RPH1XDX50U72 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32933.40     | 0.02%             | 2055-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | Federal Home Loan Mortgage Corp.                                                          | CUSIP: 31283HTM7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       998 | PA      | $1033.36      | 0.00%             | 2030-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas, LLC                                                          | Duke Energy Carolinas, LLC                                                                | CUSIP: 26442CBP8<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4111.34      | 0.00%             | 2030-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                                                      | NCL Corp. Ltd.                                                                            | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     86000 | PA      | $86498.87     | 0.06%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Global Atlantic (Fin) Co.                                                           | Global Atlantic (Fin) Co.                                                                 | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     95000 | PA      | $100676.16    | 0.07%             | 2054-10-15      | Variable      | 7.95%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                             | Uber Technologies, Inc.                                                                   | CUSIP: 90353TAU4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     54000 | PA      | $53543.87     | 0.03%             | 2035-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                                                  | Metropolitan Life Global Funding I                                                        | CUSIP: 59217GFP9<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    240000 | PA      | $248776.72    | 0.16%             | 2033-03-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                              | Sempra                                                                                    | CUSIP: 816851BU2<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4069.55      | 0.00%             | 2055-04-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392DAG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       205 | PA      | $22.30        | 0.00%             | 2032-04-25      | Floating      | 3.33%                 | No            |                  2 | On Loan: No      |
| KKR CLO 15 Ltd.                                                                     | KKR CLO 15 Ltd., Series 15, Class A1R2                                                    | CUSIP: 48251MBA3<br>LEI: 549300K434Q30JZAS486 | Long             | ABS-CBDO         | CORP              | KY        |    170885 | PA      | $170965.04    | 0.11%             | 2032-01-18      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Travelers Cos., Inc. (The)                                                          | Travelers Cos., Inc. (The)                                                                | CUSIP: 89417EAS8<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2003.92      | 0.00%             | 2053-05-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| OCP S.A.                                                                            | OCP S.A.                                                                                  | CUSIP: 67091TAJ4<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    202000 | PA      | $216542.19    | 0.14%             | 2036-03-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     33000 | PA      | $33972.15     | 0.02%             | 2036-07-21      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                      | CUSIP: 378272BV9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1011.43      | 0.00%             | 2054-04-04      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Arthur J. Gallagher & Co.                                                           | Arthur J. Gallagher & Co.                                                                 | CUSIP: 04316JAG4<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1130.28      | 0.00%             | 2054-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                                      | Carnival Corp.                                                                            | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     26000 | PA      | $26563.06     | 0.02%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GreenSaif Pipelines Bidco S.a.r.l.                                                  | GreenSaif Pipelines Bidco S.a.r.l.                                                        | CUSIP: 39541EAA1<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $213037.44    | 0.14%             | 2038-02-23      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Barbados Government International Bond                                              | Barbados Government International Bond                                                    | CUSIP: 067070AK8<br>LEI: 529900UD1KUUS4SFD905 | Long             | DBT              | NUSS              | BB        |     88000 | PA      | $91669.16     | 0.06%             | 2035-06-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Niagara Mohawk Power Corp.                                                          | Niagara Mohawk Power Corp.                                                                | CUSIP: 65364UAT3<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2040.14      | 0.00%             | 2034-01-17      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                                                    | Marriott Ownership Resorts, Inc.                                                          | CUSIP: 57164PAK2<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |     51000 | PA      | $50803.11     | 0.03%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bell Canada                                                                         | Bell Canada                                                                               | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     59000 | PA      | $61288.02     | 0.04%             | 2055-09-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Domino's Pizza Master Issuer LLC                                                    | Domino's Pizza Master Issuer LLC, Series 2025-1A, Class A2II                              | CUSIP: 25755TAR1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $303355.56    | 0.20%             | 2055-07-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 31392MJE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     30462 | PA      | $31656.82     | 0.02%             | 2032-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Operating Partnership L.P.                                         | Invitation Homes Operating Partnership L.P.                                               | CUSIP: 46188BAG7<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2964.83      | 0.00%             | 2035-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                       | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1048.67      | 0.00%             | 2032-01-29      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2024.05      | 0.00%             | 2028-07-25      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 3137B93W3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     32867 | PA      | $3402.33      | 0.00%             | 2044-01-15      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4044.95      | 0.00%             | 2030-10-18      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392F7F8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1850 | PA      | $173.42       | 0.00%             | 2032-12-18      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank, Ltd.                                                    | Sumitomo Mitsui Trust Bank, Ltd.                                                          | CUSIP: 86563VBR9<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $208842.30    | 0.14%             | 2034-03-07      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| GA Global Funding Trust                                                             | GA Global Funding Trust                                                                   | CUSIP: 36143L2L8<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82836.37     | 0.05%             | 2029-01-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                      | CUSIP: 378272BZ0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6185.03      | 0.00%             | 2030-04-01      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| MassMutual Global Funding II                                                        | MassMutual Global Funding II                                                              | CUSIP: 57629TBX4<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202136.48    | 0.13%             | 2030-05-07      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Romanian Government International Bond                                              | Romanian Government International Bond                                                    | CUSIP: 77586RAN0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     30000 | PA      | $30378.66     | 0.02%             | 2027-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2026.89      | 0.00%             | 2028-07-25      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| Bayview MSR Opportunity Master Fund Trust                                           | Bayview MSR Opportunity Master Fund Trust, Series 2021-5, Class A1                        | CUSIP: 07336JAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270425 | PA      | $234513.74    | 0.15%             | 2051-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                          | Occidental Petroleum Corp.                                                                | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1063.47      | 0.00%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Dai-ichi Life Insurance Co., Ltd. (The)                                             | Dai-ichi Life Insurance Co., Ltd. (The)                                                   | CUSIP: 23381LAA2<br>LEI: 3538001235ACEIORUV72 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $208045.40    | 0.14%             | N/A             | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| Norinchukin Bank (The)                                                              | Norinchukin Bank (The)                                                                    | CUSIP: 656029AP0<br>LEI: 5493007VSMFZCPV1NB83 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $201108.66    | 0.13%             | 2030-09-09      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                          | Aviation Capital Group LLC                                                                | CUSIP: 05369AAN1<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2086.35      | 0.00%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LXP Industrial Trust                                                                | LXP Industrial Trust                                                                      | CUSIP: 529043AF8<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2127.81      | 0.00%             | 2028-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XXIII Ltd.                                                             | Symphony CLO XXIII Ltd., Series 2020-23A, Class AR2                                       | CUSIP: 87167NDL6<br>LEI: 54930001DQI1CFLYVB48 | Long             | ABS-CBDO         | CORP              | KY        |    315279 | PA      | $315306.86    | 0.20%             | 2034-01-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                                   | CUSIP: 44891ACE5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1046.58      | 0.00%             | 2030-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Mitsubishi Ufj Financial Group, Inc.                                                | Mitsubishi Ufj Financial Group, Inc.                                                      | CUSIP: 606822DD3<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    158000 | PA      | $173902.70    | 0.11%             | N/A             | Variable      | 8.20%                 | No            |                  2 | On Loan: No      |
| Honda Motor Co., Ltd.                                                               | Honda Motor Co., Ltd.                                                                     | CUSIP: 438127AF9<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |     26000 | PA      | $26503.16     | 0.02%             | 2035-07-08      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding (AESOP) LLC                                          | Avis Budget Rental Car Funding (AESOP) LLC, Series 2023-1A, Class A                       | CUSIP: 05377RGC2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    102000 | PA      | $104435.03    | 0.07%             | 2029-04-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corp.                                                             | Regions Financial Corp.                                                                   | CUSIP: 7591EPAU4<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1042.54      | 0.00%             | 2030-06-06      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bonds                                                                 | U.S. Treasury Bonds                                                                       | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    634700 | PA      | $648931.17    | 0.42%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392ATX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       168 | PA      | $9.01         | 0.00%             | 2031-12-18      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust                                         | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1                      | CUSIP: 07387AEG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17105 | PA      | $16379.55     | 0.01%             | 2035-10-25      | Floating      | 0.76%                 | No            |                  2 | On Loan: No      |
| Arcos Dorados B.V.                                                                  | Arcos Dorados B.V.                                                                        | CUSIP: 03965TAC7<br>LEI: 549300T91OYP6I7P8G39 | Long             | DBT              | CORP              | NL        |    220000 | PA      | $232320.00    | 0.15%             | 2032-01-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust, Series 2021-7, Class A1                                       | CUSIP: 92538QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235317 | PA      | $215441.36    | 0.14%             | 2066-10-25      | Variable      | 1.83%                 | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                                        | Nasdaq, Inc.                                                                              | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2101.02      | 0.00%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 31410FV77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2673 | PA      | $2792.75      | 0.00%             | 2032-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Webster Financial Corp.                                                             | Webster Financial Corp.                                                                   | CUSIP: 947890AK5<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |    199000 | PA      | $199235.22    | 0.13%             | 2035-09-11      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corp.                                                                    | Fair Isaac Corp.                                                                          | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     47000 | PA      | $47702.33     | 0.03%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31393BGX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     23115 | PA      | $3621.10      | 0.00%             | 2033-05-25      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31395D7F0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      9973 | PA      | $11027.37     | 0.01%             | 2036-06-25      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics, Inc.                                                              | Verisk Analytics, Inc.                                                                    | CUSIP: 92345YAN6<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |    119000 | PA      | $120171.09    | 0.08%             | 2036-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                                             | Micron Technology, Inc.                                                                   | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14966.44     | 0.01%             | 2035-11-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GC51<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4150.06      | 0.00%             | 2056-01-28      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392BMY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      6319 | PA      | $571.54       | 0.00%             | 2032-01-25      | Floating      | 3.48%                 | No            |                  2 | On Loan: No      |
| Navient Refinance Loan Trust                                                        | Navient Refinance Loan Trust, Series 2025-A, Class A                                      | CUSIP: 63943FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    167616 | PA      | $169820.57    | 0.11%             | 2055-02-16      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3677.06      | 0.00%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                               | International Business Machines Corp.                                                     | CUSIP: 459200LK5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    348000 | PA      | $353050.30    | 0.23%             | 2055-02-10      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MFA Trust                                                                           | MFA Trust, Series 2021-INV2, Class A1                                                     | CUSIP: 552732AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    199054 | PA      | $179508.14    | 0.12%             | 2056-11-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| AIA Group Ltd.                                                                      | AIA Group Ltd.                                                                            | CUSIP: 00131LAS4<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $196870.28    | 0.13%             | 2054-09-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                              | Truist Financial Corp., Series P                                                          | CUSIP: 89832QAE9<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3989.28      | 0.00%             | N/A             | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                                                         | Marsh & McLennan Cos., Inc.                                                               | CUSIP: 571748BT8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2980.42      | 0.00%             | 2053-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Principal Financial Officer and Treasurer