# EDGAR Filing Document

**Accession Number:** 0000896435
**File Stem:** 0000896435-26-000371
**Filing Date:** 2026-5
**Character Count:** 935718
**Document Hash:** 69956f614688c0f595ed79a3272c51bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000896435-26-000371.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000896435-26-000371

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**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:** 261042469

**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> 

*March 31, 2026*

*(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–45.92%** | **U.S. Dollar Denominated Bonds & Notes–45.92%** | **U.S. Dollar Denominated Bonds & Notes–45.92%** | **U.S. Dollar Denominated Bonds & Notes–45.92%** |
| **Advertising–0.20%** | **Advertising–0.20%** | **Advertising–0.20%** | **Advertising–0.20%** |
| &nbsp;&nbsp;&nbsp; Lamar Media Corp., 5.38%, <br> 11/01/2033<sup>(b)</sup> <br>|  | $148000 | &nbsp;&nbsp; $144982 |
| Omnicom Group, Inc., | Omnicom Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/02/2029 |  | 28000 | &nbsp;&nbsp; 27708 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/02/2033 |  | 50000 | &nbsp;&nbsp; 48854 |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/02/2036 |  | 110000 | &nbsp;&nbsp; 106360 |
|  |  |  | &nbsp;&nbsp; 327904 |
| **Aerospace & Defense–1.08%** | **Aerospace & Defense–1.08%** | **Aerospace & Defense–1.08%** | **Aerospace & Defense–1.08%** |
| Boeing Co. (The), | Boeing Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 6.26%, 05/01/2027 |  | 3000 | &nbsp;&nbsp; 3053 |
| &nbsp;&nbsp;&nbsp; 6.30%, 05/01/2029 |  | 2000 | &nbsp;&nbsp; 2100 |
| &nbsp;&nbsp;&nbsp; 6.39%, 05/01/2031 |  | 3000 | &nbsp;&nbsp; 3200 |
| Honeywell Aerospace, Inc., | Honeywell Aerospace, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 03/16/2028<sup>(b)</sup> <br>|  | 307000 | &nbsp;&nbsp; 304852 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/16/2029<sup>(b)</sup> <br>|  | 122000 | &nbsp;&nbsp; 120892 |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/16/2031<sup>(b)</sup> <br>|  | 60000 | &nbsp;&nbsp; 59371 |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/16/2033<sup>(b)</sup> <br>|  | 71000 | &nbsp;&nbsp; 70206 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/16/2036<sup>(b)</sup> <br>|  | 299000 | &nbsp;&nbsp; 296784 |
| &nbsp;&nbsp;&nbsp; 5.73%, 03/16/2056<sup>(b)</sup> <br>|  | 381000 | &nbsp;&nbsp; 376867 |
| Howmet Aerospace, Inc., | Howmet Aerospace, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/03/2028 |  | 47000 | &nbsp;&nbsp; 46476 |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/2029 |  | 13000 | &nbsp;&nbsp; 12819 |
| &nbsp;&nbsp;&nbsp; 4.85%, 10/15/2031 |  | 2000 | &nbsp;&nbsp; 2024 |
| &nbsp;&nbsp;&nbsp; 4.55%, 11/15/2032 |  | 24000 | &nbsp;&nbsp; 23699 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/2036 |  | 39000 | &nbsp;&nbsp; 37932 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., <br> 5.35%, 01/15/2030<br>|  | 4000 | &nbsp;&nbsp; 4079 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.40%, <br> 07/31/2033<br>|  | 1000 | &nbsp;&nbsp; 1026 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 08/15/2028 |  | 2000 | &nbsp;&nbsp; 2002 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2029 |  | 3000 | &nbsp;&nbsp; 3026 |
| &nbsp;&nbsp;&nbsp; 4.40%, 08/15/2030 |  | 3000 | &nbsp;&nbsp; 3003 |
| RTX Corp., | RTX Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2029 |  | 2000 | &nbsp;&nbsp; 2075 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/2031 |  | 3000 | &nbsp;&nbsp; 3190 |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/27/2033 |  | 2000 | &nbsp;&nbsp; 2041 |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31415 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 208000 | &nbsp;&nbsp; 212142 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(b)</sup> <br>|  | 152000 | &nbsp;&nbsp; 151310 |
|  |  |  | &nbsp;&nbsp; 1775584 |
| **Agricultural & Farm Machinery–0.23%** | **Agricultural & Farm Machinery–0.23%** | **Agricultural & Farm Machinery–0.23%** | **Agricultural & Farm Machinery–0.23%** |
| AGCO Corp., 5.45%, 03/21/2027 |  | 2000 | &nbsp;&nbsp; 2014 |
| &nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, 4.75%, <br> 03/21/2028<br>|  | 4000 | &nbsp;&nbsp; 4019 |
| &nbsp;&nbsp;&nbsp; Deere Funding Canada Corp., 4.15%, <br> 10/09/2030<br>|  | 5000 | &nbsp;&nbsp; 4939 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC (United <br> Kingdom), 5.63%, 07/01/2035<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201771 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** |
| John Deere Capital Corp., | John Deere Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp; Series I, <br>3.90%, 03/09/2029<br>|  | $78000 | &nbsp;&nbsp; $77516 |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/10/2031 |  | 81000 | &nbsp;&nbsp; 80259 |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/15/2030 |  | 5000 | &nbsp;&nbsp; 4995 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/11/2034 |  | 1000 | &nbsp;&nbsp; 1019 |
|  |  |  | &nbsp;&nbsp; 376532 |
| **Agricultural Products & Services–0.01%** | **Agricultural Products & Services–0.01%** | **Agricultural Products & Services–0.01%** | **Agricultural Products & Services–0.01%** |
| Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/04/2030 |  | 5000 | &nbsp;&nbsp; 4979 |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/04/2035 |  | 1000 | &nbsp;&nbsp; 996 |
| Cargill, Inc., | Cargill, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/23/2030<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2957 |
| &nbsp;&nbsp;&nbsp; 5.38%, 10/23/2055<sup>(b)</sup> <br>|  | 2611 | &nbsp;&nbsp; 2467 |
|  |  |  | &nbsp;&nbsp; 11399 |
| **Air Freight & Logistics–0.00%** | **Air Freight & Logistics–0.00%** | **Air Freight & Logistics–0.00%** | **Air Freight & Logistics–0.00%** |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc., 6.25%, <br> 05/06/2029<br>|  | 2000 | &nbsp;&nbsp; 2075 |
| United Parcel Service, Inc., | United Parcel Service, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/15/2030 |  | 2000 | &nbsp;&nbsp; 2030 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/14/2035 |  | 1000 | &nbsp;&nbsp; 1023 |
|  |  |  | &nbsp;&nbsp; 5128 |
| **Apparel, Accessories & Luxury Goods–0.00%** | **Apparel, Accessories & Luxury Goods–0.00%** | **Apparel, Accessories & Luxury Goods–0.00%** | **Apparel, Accessories & Luxury Goods–0.00%** |
| &nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. (Canada), <br> 4.70%, 10/07/2030<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4949 |
| **Application Software–0.68%** | **Application Software–0.68%** | **Application Software–0.68%** | **Application Software–0.68%** |
| &nbsp;&nbsp;&nbsp; Black Pearl Compute LLC, 6.13%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 138000 | &nbsp;&nbsp; 140628 |
| Roper Technologies, Inc., | Roper Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/2028 |  | 3000 | &nbsp;&nbsp; 2981 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 |  | 4000 | &nbsp;&nbsp; 3978 |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/15/2030 |  | 4000 | &nbsp;&nbsp; 3941 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2032 |  | 3000 | &nbsp;&nbsp; 2966 |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/15/2035 |  | 1000 | &nbsp;&nbsp; 973 |
| Salesforce, Inc., | Salesforce, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 09/15/2031 |  | 446000 | &nbsp;&nbsp; 445474 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2036 |  | 372000 | &nbsp;&nbsp; 370983 |
| &nbsp;&nbsp;&nbsp; 6.40%, 03/15/2046 |  | 128000 | &nbsp;&nbsp; 128966 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., 5.50%, <br> 09/30/2027<sup>(b)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19027 |
|  |  |  | &nbsp;&nbsp; 1119917 |
| **Asset Management & Custody Banks–0.03%** | **Asset Management & Custody Banks–0.03%** | **Asset Management & Custody Banks–0.03%** | **Asset Management & Custody Banks–0.03%** |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc., <br> 5.50%, 08/20/2034<br>|  | 1000 | &nbsp;&nbsp; 994 |
| Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/15/2028 |  | 3000 | &nbsp;&nbsp; 3102 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/2033 |  | 1000 | &nbsp;&nbsp; 1018 |

---

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)** |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 4.35% (SOFR + 0.68%), <br> 06/09/2028<sup>(c)</sup> <br>|  | $3000 | &nbsp;&nbsp; $3006 |
| &nbsp;&nbsp;&nbsp; 4.89%, 07/21/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2016 |
| &nbsp;&nbsp;&nbsp; 4.98%, 03/14/2030<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp; 5.06%, 07/22/2032<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2039 |
| &nbsp;&nbsp;&nbsp; 5.83%, 10/25/2033<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2121 |
| &nbsp;&nbsp;&nbsp; Series J, 4.97%, 04/26/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp; Series I, 3.75%<sup>(d)(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 978 |
| Citadel L.P., | Citadel L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/23/2030<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4123 |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/23/2032<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2074 |
| Northern Trust Corp., | Northern Trust Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 11/19/2030 |  | 5000 | &nbsp;&nbsp; 4957 |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/02/2032 |  | 2000 | &nbsp;&nbsp; 2134 |
| &nbsp;&nbsp;&nbsp; 5.12%, 11/19/2040<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 974 |
| &nbsp;&nbsp;&nbsp; State Street Corp., 6.12%, <br> 11/21/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1057 |
| &nbsp;&nbsp;&nbsp; Voya Global Funding, 4.60%, <br> 11/24/2030<sup>(b)</sup> <br>|  | 15000 | &nbsp;&nbsp; 14792 |
|  |  |  | &nbsp;&nbsp; 47405 |
| **Automobile Manufacturers–2.86%** | **Automobile Manufacturers–2.86%** | **Automobile Manufacturers–2.86%** | **Automobile Manufacturers–2.86%** |
| &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; 149100 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/12/2032<sup>(b)</sup> <br>|  | 425000 | &nbsp;&nbsp; 421543 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/13/2035<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 117831 |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 06/10/2026 |  | 242000 | &nbsp;&nbsp; 242578 |
| &nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 |  | 209000 | &nbsp;&nbsp; 215773 |
| &nbsp;&nbsp;&nbsp; 5.92%, 03/20/2028 |  | 200000 | &nbsp;&nbsp; 202611 |
| &nbsp;&nbsp;&nbsp; 6.80%, 05/12/2028 |  | 339000 | &nbsp;&nbsp; 349285 |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/07/2028 |  | 200000 | &nbsp;&nbsp; 207083 |
| &nbsp;&nbsp;&nbsp; 7.20%, 06/10/2030 |  | 49000 | &nbsp;&nbsp; 51646 |
| &nbsp;&nbsp;&nbsp; 5.42%, 04/09/2031 |  | 238000 | &nbsp;&nbsp; 233799 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/23/2027<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/07/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/30/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2038 |
| &nbsp;&nbsp;&nbsp; 4.60%, 04/06/2028<sup>(b)</sup> <br>|  | 404000 | &nbsp;&nbsp; 403997 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/19/2029<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3056 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/06/2029<sup>(b)</sup> <br>|  | 249000 | &nbsp;&nbsp; 249143 |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/08/2030<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp; 5.80%, 04/01/2030<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/07/2031<sup>(b)</sup> <br>|  | 189000 | &nbsp;&nbsp; 189244 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital Services, Inc. (South <br> Korea), 5.25%, 01/22/2028<sup>(b)</sup> <br>|  | 201000 | &nbsp;&nbsp; 203648 |
| &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; 4.13%, 03/10/2028<sup>(b)</sup> <br>|  | 262000 | &nbsp;&nbsp; 260910 |
| &nbsp;&nbsp;&nbsp; 5.10%, 08/03/2028<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 259993 |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/11/2029<sup>(b)</sup> <br>|  | 145000 | &nbsp;&nbsp; 146305 |
| PACCAR Financial Corp., | PACCAR Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp; Series R, 3.90%, 02/05/2029 |  | 68000 | &nbsp;&nbsp; 67499 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/26/2029 |  | 2000 | &nbsp;&nbsp; 1988 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp;&nbsp; Series B, <br>4.05%, 03/13/2029<br>|  | $157000 | &nbsp;&nbsp; $156099 |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/11/2033 |  | 106000 | &nbsp;&nbsp; 104394 |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/09/2029 |  | 2000 | &nbsp;&nbsp; 2013 |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/21/2031 |  | 1000 | &nbsp;&nbsp; 1023 |
| &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; 202438 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/22/2034<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 235769 |
|  |  |  | &nbsp;&nbsp; 4685871 |
| **Automotive Parts & Equipment–0.54%** | **Automotive Parts & Equipment–0.54%** | **Automotive Parts & Equipment–0.54%** | **Automotive Parts & Equipment–0.54%** |
| American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/15/2032<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 55471 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2033<sup>(b)</sup> <br>|  | 18000 | &nbsp;&nbsp; 17534 |
| &nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios US Finance <br> Co., 6.75%, 02/15/2030<sup>(b)</sup> <br>|  | 44000 | &nbsp;&nbsp; 45021 |
| ERAC USA Finance LLC, | ERAC USA Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3049 |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/01/2033<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2005 |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada), <br> 5.88%, 06/01/2035<br>|  | 1000 | &nbsp;&nbsp; 1036 |
| 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; 152236 |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/14/2030<sup>(b)</sup> <br>|  | 85000 | &nbsp;&nbsp; 83872 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/23/2030<sup>(b)</sup> <br>|  | 86000 | &nbsp;&nbsp; 83255 |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/24/2031<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 251671 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/23/2032<sup>(b)</sup> <br>|  | 203000 | &nbsp;&nbsp; 193060 |
|  |  |  | &nbsp;&nbsp; 888210 |
| **Automotive Retail–0.62%** | **Automotive Retail–0.62%** | **Automotive Retail–0.62%** | **Automotive Retail–0.62%** |
| Advance Auto Parts, Inc., | Advance Auto Parts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/2030<sup>(b)</sup> <br>|  | 43000 | &nbsp;&nbsp; 43590 |
| &nbsp;&nbsp;&nbsp; 7.38%, 08/01/2033<sup>(b)</sup> <br>|  | 64000 | &nbsp;&nbsp; 64874 |
| AutoZone, Inc., 5.20%, 08/01/2033 |  | 1000 | &nbsp;&nbsp; 1013 |
| BMW US Capital LLC (Germany), | BMW US Capital LLC (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/19/2029<sup>(b)</sup> <br>|  | 356000 | &nbsp;&nbsp; 355403 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/11/2030<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3956 |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/19/2031<sup>(b)</sup> <br>|  | 242000 | &nbsp;&nbsp; 240334 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/19/2033<sup>(b)</sup> <br>|  | 134000 | &nbsp;&nbsp; 132513 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc., 5.50%, <br> 10/01/2030<sup>(b)</sup> <br>|  | 180000 | &nbsp;&nbsp; 176483 |
|  |  |  | &nbsp;&nbsp; 1018166 |
| **Biotechnology–0.00%** | **Biotechnology–0.00%** | **Biotechnology–0.00%** | **Biotechnology–0.00%** |
| AbbVie, Inc., 4.80%, 03/15/2029 |  | 3000 | &nbsp;&nbsp; 3049 |
| Amgen, Inc., 5.15%, 03/02/2028 |  | 3000 | &nbsp;&nbsp; 3045 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., 5.25%, <br> 10/15/2033<br>|  | 1000 | &nbsp;&nbsp; 1035 |
|  |  |  | &nbsp;&nbsp; 7129 |
| **Brewers–0.06%** | **Brewers–0.06%** | **Brewers–0.06%** | **Brewers–0.06%** |
| &nbsp;&nbsp;&nbsp; Maple Parent Holdings Corp., 4.75%, <br> 03/26/2029<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 90006 |
| **Broadcasting–0.22%** | **Broadcasting–0.22%** | **Broadcasting–0.22%** | **Broadcasting–0.22%** |
| Nexstar Media, Inc., | Nexstar Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/15/2033<sup>(b)</sup> <br>|  | 260000 | &nbsp;&nbsp; 262138 |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/15/2034<sup>(b)</sup> <br>|  | 103000 | &nbsp;&nbsp; 103416 |
|  |  |  | &nbsp;&nbsp; 365554 |

---

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** |
| **Broadline Retail–0.84%** | **Broadline Retail–0.84%** | **Broadline Retail–0.84%** | **Broadline Retail–0.84%** |
| Amazon.com, Inc., | Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/13/2031<sup>(f)</sup> <br>|  | $297000 | &nbsp;&nbsp; $294878 |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/13/2036 |  | 464000 | &nbsp;&nbsp; 459951 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/13/2046 |  | 289000 | &nbsp;&nbsp; 288171 |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/13/2056 |  | 334000 | &nbsp;&nbsp; 333967 |
|  |  |  | &nbsp;&nbsp; 1376967 |
| **Building Products–0.01%** | **Building Products–0.01%** | **Building Products–0.01%** | **Building Products–0.01%** |
| &nbsp;&nbsp;&nbsp; CRH America Finance, Inc., 4.40%, <br> 02/09/2031<br>|  | 6000 | &nbsp;&nbsp; 5916 |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc., 5.50%, <br> 09/15/2028<br>|  | 2000 | &nbsp;&nbsp; 2038 |
|  |  |  | &nbsp;&nbsp; 7954 |
| **Cable & Satellite–0.03%** | **Cable & Satellite–0.03%** | **Cable & Satellite–0.03%** | **Cable & Satellite–0.03%** |
| &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>|  | 31000 | &nbsp;&nbsp; 31115 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/2031<sup>(b)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9167 |
| &nbsp;&nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp., 5.85%, 12/01/2035<br>|  | 1000 | &nbsp;&nbsp; 984 |
|  |  |  | &nbsp;&nbsp; 41266 |
| **Cargo Ground Transportation–0.05%** | **Cargo Ground Transportation–0.05%** | **Cargo Ground Transportation–0.05%** | **Cargo Ground Transportation–0.05%** |
| Fedex Freight Holding Co., Inc., | Fedex Freight Holding Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/15/2029<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 12847 |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/2031<sup>(b)</sup> <br>|  | 19000 | &nbsp;&nbsp; 18683 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2033<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5854 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2036<sup>(b)</sup> <br>|  | 14000 | &nbsp;&nbsp; 13550 |
| &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; 3003 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/12/2027<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2011 |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/01/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3048 |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2030<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3046 |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/15/2031<sup>(b)</sup> <br>|  | 18000 | &nbsp;&nbsp; 17819 |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc., 4.90%, <br> 12/01/2029<br>|  | 2000 | &nbsp;&nbsp; 2024 |
|  |  |  | &nbsp;&nbsp; 83931 |
| **Commercial & Residential Mortgage Finance–0.15%** | **Commercial & Residential Mortgage Finance–0.15%** | **Commercial & Residential Mortgage Finance–0.15%** | **Commercial & Residential Mortgage Finance–0.15%** |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2057 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/25/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3142 |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/30/2029<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 7886 |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/24/2030<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3959 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United <br> Kingdom), 6.56%, <br> 10/18/2027<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202278 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | 2000 | &nbsp;&nbsp; 2068 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc., 6.13%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19187 |
|  |  |  | &nbsp;&nbsp; 240577 |
| **Computer & Electronics Retail–0.03%** | **Computer & Electronics Retail–0.03%** | **Computer & Electronics Retail–0.03%** | **Computer & Electronics Retail–0.03%** |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., <br> 5.50%, 04/01/2035<br>|  | 1000 | &nbsp;&nbsp; 1012 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Computer & Electronics Retail–(continued)** | **Computer & Electronics Retail–(continued)** | **Computer & Electronics Retail–(continued)** | **Computer & Electronics Retail–(continued)** |
| Leidos, Inc., | Leidos, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/15/2029 |  | $53000 | &nbsp;&nbsp; $52488 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2033 |  | 3000 | &nbsp;&nbsp; 3111 |
|  |  |  | &nbsp;&nbsp; 56611 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.33%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.33%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.33%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.33%** |
| Caterpillar Financial Services Corp., | Caterpillar Financial Services Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/23/2029 |  | 222000 | &nbsp;&nbsp; 219399 |
| &nbsp;&nbsp;&nbsp; 4.16% (SOFR + 0.49%), <br> 02/23/2029<sup>(c)</sup> <br>|  | 115000 | &nbsp;&nbsp; 114799 |
| Cummins, Inc., 4.70%, 02/15/2031 |  | 5000 | &nbsp;&nbsp; 5054 |
| &nbsp;&nbsp;&nbsp; Komatsu Finance America, Inc., <br> 4.20%, 09/18/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 197037 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp., 4.90%, 05/29/2030<br>|  | 2000 | &nbsp;&nbsp; 2022 |
|  |  |  | &nbsp;&nbsp; 538311 |
| **Construction Materials–0.00%** | **Construction Materials–0.00%** | **Construction Materials–0.00%** | **Construction Materials–0.00%** |
| JH North America Holdings, Inc., | JH North America Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/31/2031<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1985 |
| &nbsp;&nbsp;&nbsp; 6.13%, 07/31/2032<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1995 |
|  |  |  | &nbsp;&nbsp; 3980 |
| **Consumer Electronics–0.06%** | **Consumer Electronics–0.06%** | **Consumer Electronics–0.06%** | **Consumer Electronics–0.06%** |
| &nbsp;&nbsp;&nbsp; LG Electronics, Inc. (South Korea), <br> 5.63%, 04/24/2029<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 102990 |
| **Consumer Finance–0.09%** | **Consumer Finance–0.09%** | **Consumer Finance–0.09%** | **Consumer Finance–0.09%** |
| American Express Co., | American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 04/23/2027<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; 4.73%, 04/25/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2013 |
| &nbsp;&nbsp;&nbsp; 4.93% (SOFR + 1.26%), <br> 04/25/2029<sup>(c)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3032 |
| &nbsp;&nbsp;&nbsp; 4.35%, 07/20/2029<sup>(d)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4997 |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.81%), <br> 07/20/2029<sup>(c)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp; 5.53%, 04/25/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2060 |
| &nbsp;&nbsp;&nbsp; 5.02%, 04/25/2031<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2034 |
| &nbsp;&nbsp;&nbsp; 4.92%, 07/20/2033<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4009 |
| &nbsp;&nbsp;&nbsp; 5.67%, 04/25/2036<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/24/2036<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 967 |
| Capital One Financial Corp., | Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 7.15%, 10/29/2027<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2028 |
| &nbsp;&nbsp;&nbsp; 4.49%, 09/11/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2946 |
| &nbsp;&nbsp;&nbsp; 4.72%, 01/30/2032<sup>(d)</sup> <br>|  | 54000 | &nbsp;&nbsp; 53196 |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc., 6.88%, <br> 03/01/2032<sup>(b)</sup> <br>|  | 67000 | &nbsp;&nbsp; 68371 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., <br> 5.40%, 04/06/2026<br>|  | 2000 | &nbsp;&nbsp; 2000 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial, 5.02%, <br> 07/29/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 999 |
|  |  |  | &nbsp;&nbsp; 153687 |
| **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; 3019 |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/01/2033 |  | 1000 | &nbsp;&nbsp; 987 |
|  |  |  | &nbsp;&nbsp; 4006 |

---

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** |
| **Distributors–0.00%** | **Distributors–0.00%** | **Distributors–0.00%** | **Distributors–0.00%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/01/2028 |  | $3000 | &nbsp;&nbsp; $3114 |
| &nbsp;&nbsp;&nbsp; 4.95%, 08/15/2029 |  | 4000 | &nbsp;&nbsp; 3987 |
|  |  |  | &nbsp;&nbsp; 7101 |
| **Diversified Banks–11.65%** | **Diversified Banks–11.65%** | **Diversified Banks–11.65%** | **Diversified Banks–11.65%** |
| &nbsp;&nbsp;&nbsp; Australia and New Zealand Banking <br> Group Ltd. (Australia), 6.74%, <br> 12/08/2032<sup>(b)</sup> <br>|  | 387000 | &nbsp;&nbsp; 419851 |
| Banco Bilbao Vizcaya Argentaria S.A. (Spain), | Banco Bilbao Vizcaya Argentaria S.A. (Spain), |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 03/03/2029 |  | 200000 | &nbsp;&nbsp; 197718 |
| &nbsp;&nbsp;&nbsp; 4.55% (SOFR + 0.88%), <br> 03/03/2029<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200085 |
| &nbsp;&nbsp;&nbsp; 9.38%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 216228 |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| &nbsp;&nbsp;&nbsp; 5.07%, 11/06/2030 |  | 400000 | &nbsp;&nbsp; 394442 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/06/2035 |  | 200000 | &nbsp;&nbsp; 195069 |
| &nbsp;&nbsp;&nbsp; 9.63%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 215538 |
| &nbsp;&nbsp;&nbsp; 9.63%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 230999 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.72% (SOFR + 1.05%), <br> 02/04/2028<sup>(c)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2007 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/22/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2013 |
| &nbsp;&nbsp;&nbsp; 4.50% (SOFR + 0.83%), <br> 01/24/2029<sup>(c)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/25/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp; 4.62%, 05/09/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp; 4.27%, 07/23/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 996 |
| &nbsp;&nbsp;&nbsp; 4.68% (SOFR + 1.01%), <br> 01/24/2031<sup>(c)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1995 |
| &nbsp;&nbsp;&nbsp; 5.16%, 01/24/2031<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4077 |
| &nbsp;&nbsp;&nbsp; 4.46%, 02/06/2032<sup>(d)</sup> <br>|  | 104000 | &nbsp;&nbsp; 102721 |
| &nbsp;&nbsp;&nbsp; 5.43%, 08/15/2035<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 998 |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/14/2038 |  | 98000 | &nbsp;&nbsp; 116499 |
| &nbsp;&nbsp;&nbsp; 6.63%<sup>(d)(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4104 |
| &nbsp;&nbsp;&nbsp; Series N, 4.54% (SOFR + 0.87%), <br> 02/06/2032<sup>(c)</sup> <br>|  | 132000 | &nbsp;&nbsp; 130008 |
| &nbsp;&nbsp;&nbsp; Series RR, 4.38%<sup>(d)(e)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5931 |
| Bank of Montreal (Canada), | Bank of Montreal (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/05/2026 |  | 2000 | &nbsp;&nbsp; 2005 |
| &nbsp;&nbsp;&nbsp; 7.70%, 05/26/2084<sup>(d)</sup> <br>|  | 365000 | &nbsp;&nbsp; 375094 |
| &nbsp;&nbsp;&nbsp; 7.30%, 11/26/2084<sup>(d)</sup> <br>|  | 207000 | &nbsp;&nbsp; 211962 |
| &nbsp;&nbsp;&nbsp; Series J, 4.34%, 03/19/2030<sup>(d)</sup> <br>|  | 112000 | &nbsp;&nbsp; 111525 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon (The), 4.38% <br> (SOFR + 0.71%), 04/20/2027<sup>(c)</sup> <br>|  | 260000 | &nbsp;&nbsp; 260069 |
| Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/27/2082<sup>(d)</sup> <br>|  | 306000 | &nbsp;&nbsp; 318246 |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/27/2084<sup>(d)</sup> <br>|  | 54000 | &nbsp;&nbsp; 56578 |
| Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 4.22%, 05/24/2030<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196985 |
| &nbsp;&nbsp;&nbsp; 4.60% (SOFR + 0.93%), <br> 05/24/2030<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199545 |
| &nbsp;&nbsp;&nbsp; 4.52%, 02/24/2032<sup>(d)</sup> <br>|  | 201000 | &nbsp;&nbsp; 196725 |
| BPCE S.A. (France), | BPCE S.A. (France), |  |  |
| &nbsp;&nbsp;&nbsp; 6.29%, 01/14/2036<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 261818 |
| &nbsp;&nbsp;&nbsp; 6.35%, 01/13/2047<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 239431 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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; 4.82% (SOFR + 1.14%), <br> 05/07/2028<sup>(c)</sup> <br>|  | $4000 | &nbsp;&nbsp; $4018 |
| &nbsp;&nbsp;&nbsp; 5.17%, 02/13/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3047 |
| &nbsp;&nbsp;&nbsp; 4.54%, 09/19/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2990 |
| &nbsp;&nbsp;&nbsp; 5.14% (SOFR + 1.46%), <br> 05/07/2031<sup>(c)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6082 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/11/2031<sup>(d)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5933 |
| &nbsp;&nbsp;&nbsp; 6.17%, 05/25/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp; 5.41%, 09/19/2039<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 977 |
| &nbsp;&nbsp;&nbsp; 6.63%<sup>(d)(e)</sup> <br>|  | 219000 | &nbsp;&nbsp; 219313 |
| &nbsp;&nbsp;&nbsp; Series AA, 7.63%<sup>(d)(e)</sup> <br>|  | 51000 | &nbsp;&nbsp; 52770 |
| &nbsp;&nbsp;&nbsp; Series BB, 7.20%<sup>(d)(e)</sup> <br>|  | 60000 | &nbsp;&nbsp; 61305 |
| &nbsp;&nbsp;&nbsp; Series DD, 7.00%<sup>(d)(e)</sup> <br>|  | 107000 | &nbsp;&nbsp; 110185 |
| &nbsp;&nbsp;&nbsp; Series JJ, 6.50%<sup>(d)(e)(f)</sup> <br>|  | 488000 | &nbsp;&nbsp; 486970 |
| &nbsp;&nbsp;&nbsp; Series Z, 7.38%<sup>(d)(e)</sup> <br>|  | 51000 | &nbsp;&nbsp; 52727 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia <br> (Australia), Series C, 4.36%, <br> 03/27/2029<br>|  | 254000 | &nbsp;&nbsp; 254773 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank U.A. <br> (Netherlands), 3.96%, <br> 10/17/2028<br>|  | 250000 | &nbsp;&nbsp; 249110 |
| Credit Agricole S.A. (France), | Credit Agricole S.A. (France), |  |  |
| &nbsp;&nbsp;&nbsp; 5.22%, 05/27/2031<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 253133 |
| &nbsp;&nbsp;&nbsp; 4.82%, 09/25/2033<sup>(b)(d)</sup> <br>|  | 296000 | &nbsp;&nbsp; 290093 |
| Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |  |  |
| &nbsp;&nbsp;&nbsp; 4.66%, 03/27/2029<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200474 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/27/2032<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200592 |
| &nbsp;&nbsp;&nbsp; Depository Trust Co. (The), 4.30%, <br> 03/27/2029<sup>(b)</sup> <br>|  | 261000 | &nbsp;&nbsp; 261248 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany), 4.47%, <br> 12/10/2031<sup>(d)</sup> <br>|  | 156000 | &nbsp;&nbsp; 153429 |
| Fifth Third Bancorp, | Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp; 6.34%, 07/27/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2074 |
| &nbsp;&nbsp;&nbsp; 4.77%, 07/28/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/29/2032<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; 4.57%, 04/29/2032<sup>(d)</sup> <br>|  | 50000 | &nbsp;&nbsp; 49025 |
| &nbsp;&nbsp;&nbsp; 5.14%, 01/29/2037<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1949 |
| &nbsp;&nbsp;&nbsp; Fifth Third Financial Corp., 5.98%, <br> 01/30/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3096 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/17/2028<sup>(d)</sup> <br>|  | 224000 | &nbsp;&nbsp; 226552 |
| &nbsp;&nbsp;&nbsp; 5.21%, 08/11/2028<sup>(d)</sup> <br>|  | 207000 | &nbsp;&nbsp; 208722 |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/10/2030<sup>(d)</sup> <br>|  | 202000 | &nbsp;&nbsp; 200543 |
| &nbsp;&nbsp;&nbsp; 5.29%, 11/19/2030<sup>(d)</sup> <br>|  | 256000 | &nbsp;&nbsp; 260700 |
| &nbsp;&nbsp;&nbsp; 5.24%, 05/13/2031<sup>(d)</sup> <br>|  | 213000 | &nbsp;&nbsp; 216050 |
| &nbsp;&nbsp;&nbsp; 4.68%, 03/10/2032<sup>(d)</sup> <br>|  | 201000 | &nbsp;&nbsp; 198380 |
| &nbsp;&nbsp;&nbsp; 5.28%, 03/10/2037<sup>(d)</sup> <br>|  | 216000 | &nbsp;&nbsp; 212201 |
| &nbsp;&nbsp;&nbsp; 6.33%, 03/09/2044<sup>(d)</sup> <br>|  | 36000 | &nbsp;&nbsp; 37974 |
| &nbsp;&nbsp;&nbsp; 6.88%<sup>(d)(e)</sup> <br>|  | 216000 | &nbsp;&nbsp; 217598 |
| &nbsp;&nbsp;&nbsp; 7.05%<sup>(d)(e)</sup> <br>|  | 232000 | &nbsp;&nbsp; 233856 |
| ING Groep N.V. (Netherlands), | ING Groep N.V. (Netherlands), |  |  |
| &nbsp;&nbsp;&nbsp; 5.34%, 03/19/2030<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204277 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/23/2032<sup>(d)</sup> <br>|  | 271000 | &nbsp;&nbsp; 269457 |
| &nbsp;&nbsp;&nbsp; 5.42%, 03/23/2037<sup>(d)</sup> <br>|  | 254000 | &nbsp;&nbsp; 253360 |

---

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)** |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 12/01/2027 |  | $2000 | &nbsp;&nbsp; $1978 |
| &nbsp;&nbsp;&nbsp; 5.57%, 04/22/2028<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3037 |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/25/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp; 4.92%, 01/24/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2018 |
| &nbsp;&nbsp;&nbsp; 5.30%, 07/24/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp; 6.09%, 10/23/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2078 |
| &nbsp;&nbsp;&nbsp; 5.01%, 01/23/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2028 |
| &nbsp;&nbsp;&nbsp; 5.58%, 04/22/2030<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/22/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2030 |
| &nbsp;&nbsp;&nbsp; 4.60%, 10/22/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3007 |
| &nbsp;&nbsp;&nbsp; 5.14%, 01/24/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3056 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/22/2031<sup>(d)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5092 |
| &nbsp;&nbsp;&nbsp; 4.26%, 10/22/2031<sup>(d)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4923 |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/22/2032<sup>(d)</sup> <br>|  | 35000 | &nbsp;&nbsp; 34513 |
| &nbsp;&nbsp;&nbsp; 5.72%, 09/14/2033<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2072 |
| &nbsp;&nbsp;&nbsp; 5.34%, 01/23/2035<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; Series W, 4.91% (3 mo. Term SOFR <br> + 1.26%), 05/15/2047<sup>(c)</sup> <br>|  | 1000 | &nbsp;&nbsp; 881 |
| &nbsp;&nbsp;&nbsp; Series NN, 6.88%<sup>(d)(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2076 |
| KeyCorp, | KeyCorp, |  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 10/01/2029 |  | 3000 | &nbsp;&nbsp; 2805 |
| &nbsp;&nbsp;&nbsp; 5.31%, 01/28/2037<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 980 |
| Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 4.43%, 11/04/2031<sup>(d)</sup> <br>|  | 211000 | &nbsp;&nbsp; 208105 |
| &nbsp;&nbsp;&nbsp; 6.63%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 191067 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia), <br> 4.15% (SOFR + 0.48%), <br> 02/03/2028<sup>(b)(c)</sup> <br>|  | 59000 | &nbsp;&nbsp; 58900 |
| &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co., <br> 4.70%, 01/27/2028<br>|  | 230000 | &nbsp;&nbsp; 231434 |
| Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |  |  |
| &nbsp;&nbsp;&nbsp; 5.15% (SOFR + 1.48%), <br> 04/24/2031<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203320 |
| &nbsp;&nbsp;&nbsp; 5.16%, 04/24/2031<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202917 |
| &nbsp;&nbsp;&nbsp; 4.53%, 09/12/2031<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 198189 |
| &nbsp;&nbsp;&nbsp; 5.43%, 04/17/2035<sup>(d)</sup> <br>|  | 92000 | &nbsp;&nbsp; 93634 |
| &nbsp;&nbsp;&nbsp; 5.57%, 01/16/2036<sup>(d)</sup> <br>|  | 60000 | &nbsp;&nbsp; 61425 |
| &nbsp;&nbsp;&nbsp; 5.19%, 09/12/2036<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 198661 |
| &nbsp;&nbsp;&nbsp; 6.35%<sup>(d)(e)</sup> <br>|  | 256000 | &nbsp;&nbsp; 252627 |
| &nbsp;&nbsp;&nbsp; 8.20%<sup>(d)(e)</sup> <br>|  | 158000 | &nbsp;&nbsp; 169218 |
| Morgan Stanley Private Bank N.A., | Morgan Stanley Private Bank N.A., |  |  |
| &nbsp;&nbsp;&nbsp; 4.47%, 07/06/2028<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250046 |
| &nbsp;&nbsp;&nbsp; 4.21%, 02/08/2030<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 247502 |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.77%), <br> 02/08/2030<sup>(c)</sup> <br>|  | 475000 | &nbsp;&nbsp; 471232 |
| &nbsp;&nbsp;&nbsp; 4.73%, 07/18/2031<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249274 |
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia), <br> 5.90%, 01/14/2036<sup>(b)(d)</sup> <br>|  | 198000 | &nbsp;&nbsp; 203492 |
| &nbsp;&nbsp;&nbsp; NatWest Markets PLC (United Kingdom), <br> 4.65%, 03/27/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200579 |
| Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/28/2030<sup>(b)(f)</sup> <br>|  | 345000 | &nbsp;&nbsp; 341857 |
| &nbsp;&nbsp;&nbsp; 6.30%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199072 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 6.62%, 10/20/2027<sup>(d)</sup> <br>|  | $1000 | &nbsp;&nbsp; $1012 |
| &nbsp;&nbsp;&nbsp; 4.08%, 01/26/2029<sup>(d)</sup> <br>|  | 31000 | &nbsp;&nbsp; 30848 |
| &nbsp;&nbsp;&nbsp; 4.29% (SOFR + 0.62%), <br> 01/26/2029<sup>(c)</sup> <br>|  | 53000 | &nbsp;&nbsp; 52967 |
| &nbsp;&nbsp;&nbsp; 5.58%, 06/12/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/13/2031<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2013 |
| &nbsp;&nbsp;&nbsp; 5.07%, 01/24/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; 5.37%, 07/21/2036<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp; 5.42%, 01/25/2041<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 980 |
| &nbsp;&nbsp;&nbsp; Series V, 6.20%<sup>(d)(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3008 |
| &nbsp;&nbsp;&nbsp; Series W, 6.25%<sup>(d)(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3028 |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% (SOFR + 0.71%), <br> 01/21/2027<sup>(c)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2007 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/01/2029 |  | 2000 | &nbsp;&nbsp; 2035 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 |  | 1000 | &nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/02/2084<sup>(d)</sup> <br>|  | 338000 | &nbsp;&nbsp; 346420 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/24/2085<sup>(d)</sup> <br>|  | 211000 | &nbsp;&nbsp; 204036 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/24/2086<sup>(d)</sup> <br>|  | 143000 | &nbsp;&nbsp; 139455 |
| Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 6.19%, 07/06/2027<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200812 |
| &nbsp;&nbsp;&nbsp; 5.01%, 10/15/2030<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201803 |
| &nbsp;&nbsp;&nbsp; 5.24%, 05/13/2031<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202889 |
| &nbsp;&nbsp;&nbsp; 5.35% (SOFR + 1.68%), <br> 05/13/2031<sup>(b)(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204430 |
| &nbsp;&nbsp;&nbsp; 7.75%<sup>(b)(d)(e)</sup> <br>|  | 288000 | &nbsp;&nbsp; 294755 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br> (Japan), | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br> (Japan), |  |  |
| &nbsp;&nbsp;&nbsp; 5.33%, 03/03/2041<sup>(d)</sup> <br>|  | 176000 | &nbsp;&nbsp; 170761 |
| &nbsp;&nbsp;&nbsp; 6.60%<sup>(d)(e)</sup> <br>|  | 285000 | &nbsp;&nbsp; 281749 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), 5.35%, 03/07/2034<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204019 |
| &nbsp;&nbsp;&nbsp; Swedbank AB (Sweden), 4.90%, <br> 03/30/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200840 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada), <br> 8.13%, 10/31/2082<sup>(d)</sup> <br>|  | 247000 | &nbsp;&nbsp; 254971 |
| &nbsp;&nbsp;&nbsp; Truist Bank, 4.44% (SOFR + 0.77%), <br> 07/24/2028<sup>(c)</sup> <br>|  | 368000 | &nbsp;&nbsp; 368307 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp; 5.78%, 06/12/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3086 |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/23/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3073 |
| &nbsp;&nbsp;&nbsp; 4.48%, 01/26/2032<sup>(d)</sup> <br>|  | 58000 | &nbsp;&nbsp; 57408 |
| UBS AG (Switzerland), | UBS AG (Switzerland), |  |  |
| &nbsp;&nbsp;&nbsp; 4.17% (SOFR + 0.50%), <br> 05/17/2027<sup>(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249904 |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/16/2029<sup>(d)</sup> <br>|  | 253000 | &nbsp;&nbsp; 252728 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.71%, 04/22/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp;&nbsp; 4.81%, 07/25/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp; 5.04% (SOFR + 1.37%), <br> 04/23/2029<sup>(c)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3032 |
| &nbsp;&nbsp;&nbsp; 5.57%, 07/25/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3069 |
| &nbsp;&nbsp;&nbsp; 6.30%, 10/23/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3125 |
| &nbsp;&nbsp;&nbsp; 4.18%, 01/23/2030<sup>(d)</sup> <br>|  | 19000 | &nbsp;&nbsp; 18835 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/23/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3047 |
| &nbsp;&nbsp;&nbsp; 5.15%, 04/23/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3052 |
| &nbsp;&nbsp;&nbsp; 5.39%, 04/24/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp; 5.56%, 07/25/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/23/2035<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1018 |
| &nbsp;&nbsp;&nbsp; 5.43%, 01/23/2047<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 948 |

---

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; 6.85%<sup>(d)(e)</sup> <br>|  | $3000 | &nbsp;&nbsp; $3112 |
| &nbsp;&nbsp;&nbsp; 7.63%<sup>(d)(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3153 |
| &nbsp;&nbsp;&nbsp; Series GG, 6.13%<sup>(d)(e)</sup> <br>|  | 269000 | &nbsp;&nbsp; 270084 |
|  |  |  | &nbsp;&nbsp; 19117464 |
| **Diversified Capital Markets–1.18%** | **Diversified Capital Markets–1.18%** | **Diversified Capital Markets–1.18%** | **Diversified Capital Markets–1.18%** |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| &nbsp;&nbsp;&nbsp; 5.43%, 02/08/2030<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204356 |
| &nbsp;&nbsp;&nbsp; 4.21%, 04/10/2030<sup>(b)(d)</sup> <br>|  | 288000 | &nbsp;&nbsp; 284404 |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/23/2031<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196399 |
| &nbsp;&nbsp;&nbsp; 5.01%, 03/23/2037<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 193489 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/10/2037<sup>(b)(d)</sup> <br>|  | 203000 | &nbsp;&nbsp; 198361 |
| &nbsp;&nbsp;&nbsp; 7.00%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 194515 |
| &nbsp;&nbsp;&nbsp; 7.13%<sup>(b)(d)(e)</sup> <br>|  | 226000 | &nbsp;&nbsp; 222299 |
| &nbsp;&nbsp;&nbsp; Series 28, 9.25%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 213291 |
| &nbsp;&nbsp;&nbsp; Series 33, 9.25%<sup>(b)(d)(e)</sup> <br>|  | 201000 | &nbsp;&nbsp; 226446 |
|  |  |  | &nbsp;&nbsp; 1933560 |
| **Diversified Financial Services–2.51%** | **Diversified Financial Services–2.51%** | **Diversified Financial Services–2.51%** | **Diversified Financial Services–2.51%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), <br> 6.50%, 01/31/2056<sup>(d)</sup> <br>|  | 241000 | &nbsp;&nbsp; 241447 |
| Amrize Finance US LLC, | Amrize Finance US LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 04/07/2028 |  | 2000 | &nbsp;&nbsp; 2013 |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/07/2030 |  | 4000 | &nbsp;&nbsp; 4046 |
| 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; 3011 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/04/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3089 |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/15/2029<sup>(b)</sup> <br>|  | 47000 | &nbsp;&nbsp; 46135 |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/30/2031<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 27451 |
| Citadel Finance LLC, | Citadel Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/14/2029<sup>(b)</sup> <br>|  | 253000 | &nbsp;&nbsp; 248072 |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/14/2031<sup>(b)</sup> <br>|  | 311000 | &nbsp;&nbsp; 303849 |
| Citadel Securities Global Holdings LLC, | Citadel Securities Global Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/27/2032<sup>(b)</sup> <br>|  | 267000 | &nbsp;&nbsp; 265015 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/27/2036<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 246816 |
| &nbsp;&nbsp;&nbsp; Eagle Funding LuxCo S.a.r.l. (Mexico), <br> 5.50%, 08/17/2030<sup>(b)</sup> <br>|  | 1103000 | &nbsp;&nbsp; 1110169 |
| &nbsp;&nbsp;&nbsp; Gabon Blue Bond Master Trust (Gabon), <br> Series 2, 6.10%, 08/01/2038<sup>(b)</sup> <br>|  | 341000 | &nbsp;&nbsp; 340456 |
| &nbsp;&nbsp;&nbsp; GABX Leasing LLC, 4.63%, <br> 04/15/2031<sup>(b)</sup> <br>|  | 123000 | &nbsp;&nbsp; 121291 |
| 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; 30857 |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 107000 | &nbsp;&nbsp; 105904 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 209000 | &nbsp;&nbsp; 212193 |
| LPL Holdings, Inc., | LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/20/2027 |  | 4000 | &nbsp;&nbsp; 4038 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2030 |  | 2000 | &nbsp;&nbsp; 2016 |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/2030 |  | 4000 | &nbsp;&nbsp; 4022 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2035 |  | 1000 | &nbsp;&nbsp; 993 |
| LSEG US Fin Corp. (United Kingdom), | LSEG US Fin Corp. (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/23/2029<sup>(b)</sup> <br>|  | 281000 | &nbsp;&nbsp; 279010 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/23/2031<sup>(b)</sup> <br>|  | 209000 | &nbsp;&nbsp; 206498 |
| Takeoff Merger Sub, Inc., | Takeoff Merger Sub, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/24/2028<sup>(b)</sup> <br>|  | 181000 | &nbsp;&nbsp; 180093 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/24/2029<sup>(b)</sup> <br>|  | 128000 | &nbsp;&nbsp; 127201 |
|  |  |  | &nbsp;&nbsp; 4115685 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Metals & Mining–0.64%** | **Diversified Metals & Mining–0.64%** | **Diversified Metals & Mining–0.64%** | **Diversified Metals & Mining–0.64%** |
| BHP Billiton Finance (USA) Ltd. (Australia), | BHP Billiton Finance (USA) Ltd. (Australia), |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/08/2028 |  | $1000 | &nbsp;&nbsp; $1019 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/08/2030 |  | 2000 | &nbsp;&nbsp; 2059 |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile <br> (Chile), 5.53%, 01/30/2037<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 211306 |
| &nbsp;&nbsp;&nbsp; Corporacion Nacional del Cobre de <br> Chile (Chile), 5.13%, <br> 02/02/2033<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 197921 |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| &nbsp;&nbsp;&nbsp; 4.91%, 04/01/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3023 |
| &nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp; 5.19%, 04/01/2030<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2029 |
| &nbsp;&nbsp;&nbsp; 4.90%, 07/01/2031<sup>(b)</sup> <br>|  | 129000 | &nbsp;&nbsp; 128990 |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/2033<sup>(b)</sup> <br>|  | 160000 | &nbsp;&nbsp; 160263 |
| &nbsp;&nbsp;&nbsp; 5.51%, 04/01/2036<sup>(b)</sup> <br>|  | 332000 | &nbsp;&nbsp; 332871 |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance (USA) PLC (Australia), <br> 5.00%, 03/14/2032<br>|  | 4000 | &nbsp;&nbsp; 4083 |
|  |  |  | &nbsp;&nbsp; 1044585 |
| **Diversified REITs–0.00%** | **Diversified REITs–0.00%** | **Diversified REITs–0.00%** | **Diversified REITs–0.00%** |
| &nbsp;&nbsp;&nbsp; ERP Operating L.P., 4.95%, <br> 06/15/2032<br>|  | 3000 | &nbsp;&nbsp; 3023 |
| **Diversified Support Services–0.19%** | **Diversified Support Services–0.19%** | **Diversified Support Services–0.19%** | **Diversified Support Services–0.19%** |
| &nbsp;&nbsp;&nbsp; Amazon Conservation DAC (Ecuador), <br> 6.03%, 01/16/2042<sup>(b)</sup> <br>|  | 270000 | &nbsp;&nbsp; 276345 |
| 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; 2086 |
| &nbsp;&nbsp;&nbsp; 5.04%, 03/25/2030<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1010 |
| RB Global Holdings, Inc. (Canada), | RB Global Holdings, Inc. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7096 |
| &nbsp;&nbsp;&nbsp; 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17630 |
|  |  |  | &nbsp;&nbsp; 304167 |
| **Drug Retail–0.35%** | **Drug Retail–0.35%** | **Drug Retail–0.35%** | **Drug Retail–0.35%** |
| &nbsp;&nbsp;&nbsp; CK Hutchison International (23) Ltd. <br> (United Kingdom), 4.88%, <br> 04/21/2033<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 215973 |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust, 5.77%, <br> 01/10/2033<sup>(b)</sup> <br>|  | 49290 | &nbsp;&nbsp; 49994 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands IV B.V. (Israel), 5.75%, <br> 12/01/2030<br>|  | 300000 | &nbsp;&nbsp; 304002 |
|  |  |  | &nbsp;&nbsp; 569969 |
| **Electric Utilities–2.90%** | **Electric Utilities–2.90%** | **Electric Utilities–2.90%** | **Electric Utilities–2.90%** |
| AEP Texas, Inc., | AEP Texas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 06/01/2028<sup>(b)</sup> <br>|  | 162000 | &nbsp;&nbsp; 160442 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/2034 |  | 1000 | &nbsp;&nbsp; 1030 |
| &nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC, 5.38%, <br> 06/15/2035<br>|  | 1000 | &nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; Alabama Power Co., Series C, 4.30%, <br> 03/15/2031<br>|  | 5000 | &nbsp;&nbsp; 4951 |
| &nbsp;&nbsp;&nbsp; Alexander Funding Trust II, 7.47%, <br> 07/31/2028<sup>(b)</sup> <br>|  | 202000 | &nbsp;&nbsp; 212878 |
| American Electric Power Co., Inc., | American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/01/2027 |  | 2000 | &nbsp;&nbsp; 2038 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/2029 |  | 2000 | &nbsp;&nbsp; 2041 |
| &nbsp;&nbsp;&nbsp; Series C, 5.80%, 03/15/2056<sup>(d)</sup> <br>|  | 8000 | &nbsp;&nbsp; 7908 |
| &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; 41062 |

---

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)** |
| Capital Power (US Holdings), Inc. (Canada), | Capital Power (US Holdings), Inc. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 5.26%, 06/01/2028<sup>(b)</sup> <br>|  | $2000 | &nbsp;&nbsp; $2012 |
| &nbsp;&nbsp;&nbsp; 6.19%, 06/01/2035<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston <br> Electric LLC, 4.80%, 03/15/2030<br>|  | 4000 | &nbsp;&nbsp; 4053 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc., 5.50%, 03/15/2034<br>|  | 1000 | &nbsp;&nbsp; 1038 |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2053 |  | 1000 | &nbsp;&nbsp; 1062 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2066 |  | 1000 | &nbsp;&nbsp; 961 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, 4.85%, <br> 03/15/2030<br>|  | 4000 | &nbsp;&nbsp; 4075 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., 4.85%, <br> 01/05/2029<br>|  | 2000 | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, 4.20%, <br> 12/01/2030<br>|  | 11000 | &nbsp;&nbsp; 10883 |
| 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; 188139 |
| &nbsp;&nbsp;&nbsp; 9.13%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 231659 |
| Emera US Finance LLC, | Emera US Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2029 |  | 186000 | &nbsp;&nbsp; 185815 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/2033 |  | 56000 | &nbsp;&nbsp; 55710 |
| &nbsp;&nbsp;&nbsp; Series A, 6.65%, 10/01/2056<sup>(d)</sup> <br>|  | 112000 | &nbsp;&nbsp; 112043 |
| &nbsp;&nbsp;&nbsp; Series B, 6.85%, 10/01/2056<sup>(d)</sup> <br>|  | 88000 | &nbsp;&nbsp; 88145 |
| Entergy Corp., 7.13%, 12/01/2054<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2051 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC, 5.15%, <br> 09/15/2034<br>|  | 1000 | &nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp; Entergy Texas, Inc., 5.25%, <br> 04/15/2035<br>|  | 1000 | &nbsp;&nbsp; 1010 |
| Evergy Metro, Inc., | Evergy Metro, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/15/2033 |  | 3000 | &nbsp;&nbsp; 3021 |
| &nbsp;&nbsp;&nbsp; 5.13%, 08/15/2035 |  | 1000 | &nbsp;&nbsp; 996 |
| &nbsp;&nbsp;&nbsp; Evergy Missouri West, Inc., 5.25%, <br> 12/15/2035<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 989 |
| Evergy, Inc., 4.25%, 03/15/2029 |  | 27000 | &nbsp;&nbsp; 26801 |
| Exelon Corp., | Exelon Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2029 |  | 2000 | &nbsp;&nbsp; 2039 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/2031 |  | 2000 | &nbsp;&nbsp; 2037 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2034 |  | 1000 | &nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2055 |  | 1000 | &nbsp;&nbsp; 976 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., <br> 5.20%, 04/01/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2029 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, 4.55%, <br> 01/15/2030<br>|  | 2000 | &nbsp;&nbsp; 1999 |
| Florida Power & Light Co., | Florida Power & Light Co., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/2033 |  | 2000 | &nbsp;&nbsp; 2003 |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/15/2066 |  | 1000 | &nbsp;&nbsp; 964 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., 4.95%, <br> 05/17/2033<br>|  | 3000 | &nbsp;&nbsp; 3025 |
| &nbsp;&nbsp;&nbsp; Hawaiian Electric Co., Inc., 6.00%, <br> 10/01/2033<sup>(b)</sup> <br>|  | 36000 | &nbsp;&nbsp; 35978 |
| &nbsp;&nbsp;&nbsp; Indiana Michigan Power Co., 5.60%, <br> 03/15/2056<br>|  | 11000 | &nbsp;&nbsp; 10619 |
| ITC Holdings Corp., | ITC Holdings Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/15/2031<sup>(b)</sup> <br>|  | 142000 | &nbsp;&nbsp; 142129 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2036<sup>(b)</sup> <br>|  | 77000 | &nbsp;&nbsp; 77257 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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; National Rural Utilities Cooperative Finance <br> Corp., | &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance <br> Corp., |  |  |
| &nbsp;&nbsp;&nbsp; Series D, <br>4.10% (SOFR + 0.43%), <br> 08/09/2027<sup>(c)</sup> <br>|  | $263000 | &nbsp;&nbsp; $262881 |
| &nbsp;&nbsp;&nbsp; 4.05%, 02/09/2029 |  | 159000 | &nbsp;&nbsp; 157981 |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/07/2029 |  | 3000 | &nbsp;&nbsp; 3038 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/07/2031 |  | 3000 | &nbsp;&nbsp; 3058 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/15/2033 |  | 2000 | &nbsp;&nbsp; 2120 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/20/2056<sup>(g)</sup> <br>|  | 317000 | &nbsp;&nbsp; 317000 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/2029 |  | 4000 | &nbsp;&nbsp; 4059 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2030 |  | 2000 | &nbsp;&nbsp; 2038 |
| &nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp., 4.65%, <br> 10/03/2030<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2989 |
| NRG Energy, Inc., | NRG Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.73%, 10/15/2030<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4956 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034<sup>(b)</sup> <br>|  | 96000 | &nbsp;&nbsp; 94760 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2036<sup>(b)</sup> <br>|  | 82000 | &nbsp;&nbsp; 81303 |
| Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 11/01/2029 |  | 4000 | &nbsp;&nbsp; 4034 |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/15/2033 |  | 1000 | &nbsp;&nbsp; 1049 |
| Pacific Gas and Electric Co., | Pacific Gas and Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/15/2029 |  | 23000 | &nbsp;&nbsp; 23807 |
| &nbsp;&nbsp;&nbsp; 5.20%, 05/01/2036 |  | 14000 | &nbsp;&nbsp; 13650 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/2056 |  | 15000 | &nbsp;&nbsp; 14247 |
| PacifiCorp, | PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/15/2029 |  | 2000 | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/2031 |  | 2000 | &nbsp;&nbsp; 2028 |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/2034 |  | 1000 | &nbsp;&nbsp; 997 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/15/2055 |  | 1000 | &nbsp;&nbsp; 914 |
| &nbsp;&nbsp;&nbsp; 7.13%, 08/15/2056<sup>(d)</sup> <br>|  | 84000 | &nbsp;&nbsp; 79379 |
| PG&E Corp., 7.38%, 03/15/2055<sup>(d)</sup> <br>|  | 295000 | &nbsp;&nbsp; 297137 |
| Pinnacle West Capital Corp., | Pinnacle West Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/15/2028 |  | 4000 | &nbsp;&nbsp; 4032 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/2030 |  | 1000 | &nbsp;&nbsp; 1016 |
| PPL Capital Funding, Inc., | PPL Capital Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; Conv., 3.00%, 12/01/2030<sup>(b)</sup> <br>|  | 155000 | &nbsp;&nbsp; 162130 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2034 |  | 1000 | &nbsp;&nbsp; 1008 |
| Puget Energy, Inc., | Puget Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/15/2056<sup>(b)(d)</sup> <br>|  | 243000 | &nbsp;&nbsp; 241225 |
| &nbsp;&nbsp;&nbsp; 7.25%, 09/15/2056<sup>(b)(d)</sup> <br>|  | 236000 | &nbsp;&nbsp; 235114 |
| &nbsp;&nbsp;&nbsp; RWE Finance US LLC (Germany), <br> 5.88%, 09/18/2055<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 143001 |
| &nbsp;&nbsp;&nbsp; Sierra Pacific Power Co., 5.90%, <br> 03/15/2054<br>|  | 1000 | &nbsp;&nbsp; 986 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 10/15/2032 |  | 3000 | &nbsp;&nbsp; 3141 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2058<sup>(d)</sup> <br>|  | 404000 | &nbsp;&nbsp; 406164 |
| Southwestern Electric Power Co., | Southwestern Electric Power Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/2033 |  | 3000 | &nbsp;&nbsp; 3044 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/2036 |  | 70000 | &nbsp;&nbsp; 68861 |
| &nbsp;&nbsp;&nbsp; Trans-Allegheny Interstate Line Co., <br> 5.00%, 01/15/2031<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; Union Electric Co., 5.25%, <br> 04/15/2035<br>|  | 1000 | &nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., <br> 5.00%, 04/01/2033<br>|  | 3000 | &nbsp;&nbsp; 3019 |

---

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)** |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(b)</sup> <br>|  | $2000 | &nbsp;&nbsp; $2007 |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | 333000 | &nbsp;&nbsp; 333150 |
| &nbsp;&nbsp;&nbsp; 4.60%, 10/15/2030<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4903 |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/31/2031<sup>(b)</sup> <br>|  | 16000 | &nbsp;&nbsp; 15751 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 57638 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(b)</sup> <br>|  | 22000 | &nbsp;&nbsp; 22782 |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2034<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co., 4.15%, <br> 10/15/2030<br>|  | 5000 | &nbsp;&nbsp; 4935 |
| &nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp., 4.25%, <br> 01/15/2031<br>|  | 27000 | &nbsp;&nbsp; 26709 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc., 4.75%, <br> 03/21/2028<br>|  | 4000 | &nbsp;&nbsp; 4022 |
|  |  |  | &nbsp;&nbsp; 4764203 |
| **Electrical Components & Equipment–0.38%** | **Electrical Components & Equipment–0.38%** | **Electrical Components & Equipment–0.38%** | **Electrical Components & Equipment–0.38%** |
| EnerSys, 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 6950 |
| LG Energy Solution, Ltd. (South Korea), | LG Energy Solution, Ltd. (South Korea), |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199525 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/02/2036<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 198527 |
| Molex Electronic Technologies LLC, | Molex Electronic Technologies LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/30/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/30/2032<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1015 |
| Regal Rexnord Corp., | Regal Rexnord Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.30%, 02/15/2030 |  | 2000 | &nbsp;&nbsp; 2096 |
| &nbsp;&nbsp;&nbsp; 6.40%, 04/15/2033 |  | 2000 | &nbsp;&nbsp; 2115 |
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., 4.13%, <br> 11/15/2028<sup>(b)</sup> <br>|  | 29000 | &nbsp;&nbsp; 28578 |
| Vertiv Holdings Co., | Vertiv Holdings Co., |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/2036 |  | 22000 | &nbsp;&nbsp; 21401 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2046 |  | 43000 | &nbsp;&nbsp; 41043 |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/15/2056 |  | 30000 | &nbsp;&nbsp; 28860 |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/15/2066 |  | 96000 | &nbsp;&nbsp; 91959 |
|  |  |  | &nbsp;&nbsp; 623073 |
| **Electronic Components–0.03%** | **Electronic Components–0.03%** | **Electronic Components–0.03%** | **Electronic Components–0.03%** |
| Amphenol Corp., | Amphenol Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2030 |  | 5000 | &nbsp;&nbsp; 4928 |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/15/2033 |  | 4000 | &nbsp;&nbsp; 3905 |
| Tyco Electronics Group S.A. (Switzerland), | Tyco Electronics Group S.A. (Switzerland), |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/09/2031 |  | 25000 | &nbsp;&nbsp; 24961 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/09/2036 |  | 13000 | &nbsp;&nbsp; 12836 |
|  |  |  | &nbsp;&nbsp; 46630 |
| **Electronic Equipment & Instruments–0.00%** | **Electronic Equipment & Instruments–0.00%** | **Electronic Equipment & Instruments–0.00%** | **Electronic Equipment & Instruments–0.00%** |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., 5.35%, <br> 07/30/2030<br>|  | 2000 | &nbsp;&nbsp; 2055 |
| **Electronic Manufacturing Services–0.02%** | **Electronic Manufacturing Services–0.02%** | **Electronic Manufacturing Services–0.02%** | **Electronic Manufacturing Services–0.02%** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc., 6.63%, <br> 12/15/2030<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 30549 |
| Jabil, Inc., 4.75%, 02/01/2033 |  | 6000 | &nbsp;&nbsp; 5845 |
|  |  |  | &nbsp;&nbsp; 36394 |
| **Environmental & Facilities Services–0.14%** | **Environmental & Facilities Services–0.14%** | **Environmental & Facilities Services–0.14%** | **Environmental & Facilities Services–0.14%** |
| Republic Services, Inc., | Republic Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/2029 |  | 3000 | &nbsp;&nbsp; 3046 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2033 |  | 1000 | &nbsp;&nbsp; 1017 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Environmental & Facilities Services–(continued)** | **Environmental & Facilities Services–(continued)** | **Environmental & Facilities Services–(continued)** | **Environmental & Facilities Services–(continued)** |
| Veralto Corp., | Veralto Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/18/2026 |  | $2000 | &nbsp;&nbsp; $2009 |
| &nbsp;&nbsp;&nbsp; 5.35%, 09/18/2028 |  | 2000 | &nbsp;&nbsp; 2044 |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc., 4.80%, <br> 07/15/2036<br>|  | 233000 | &nbsp;&nbsp; 228374 |
|  |  |  | &nbsp;&nbsp; 236490 |
| **Fertilizers & Agricultural Chemicals–0.13%** | **Fertilizers & Agricultural Chemicals–0.13%** | **Fertilizers & Agricultural Chemicals–0.13%** | **Fertilizers & Agricultural Chemicals–0.13%** |
| Mosaic Co. (The), | Mosaic Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/15/2029 |  | 5000 | &nbsp;&nbsp; 4975 |
| &nbsp;&nbsp;&nbsp; 4.60%, 11/15/2030 |  | 5000 | &nbsp;&nbsp; 4965 |
| &nbsp;&nbsp;&nbsp; OCP S.A. (Morocco), 6.70%, <br> 03/01/2036<sup>(b)</sup> <br>|  | 202000 | &nbsp;&nbsp; 207989 |
|  |  |  | &nbsp;&nbsp; 217929 |
| **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** |
| Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/2028 |  | 4000 | &nbsp;&nbsp; 3962 |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/2031 |  | 15000 | &nbsp;&nbsp; 14798 |
| MSCI, Inc., 5.25%, 09/01/2035 |  | 1000 | &nbsp;&nbsp; 980 |
| Nasdaq, Inc., 5.35%, 06/28/2028 |  | 2000 | &nbsp;&nbsp; 2042 |
|  |  |  | &nbsp;&nbsp; 21782 |
| **Food Distributors–0.00%** | **Food Distributors–0.00%** | **Food Distributors–0.00%** | **Food Distributors–0.00%** |
| Sysco Corp., 5.10%, 09/23/2030 |  | 3000 | &nbsp;&nbsp; 3025 |
| **Forest Products–0.00%** | **Forest Products–0.00%** | **Forest Products–0.00%** | **Forest Products–0.00%** |
| Georgia-Pacific LLC, | Georgia-Pacific LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/30/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/30/2032<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2022 |
|  |  |  | &nbsp;&nbsp; 3023 |
| **Gas Utilities–0.13%** | **Gas Utilities–0.13%** | **Gas Utilities–0.13%** | **Gas Utilities–0.13%** |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>|  | 1000 | &nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp; Snam S.p.A. (Italy), 5.00%, <br> 05/28/2030<sup>(b)</sup> <br>|  | 209000 | &nbsp;&nbsp; 211232 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 3000 | &nbsp;&nbsp; 3057 |
|  |  |  | &nbsp;&nbsp; 215316 |
| **Health Care Distributors–0.04%** | **Health Care Distributors–0.04%** | **Health Care Distributors–0.04%** | **Health Care Distributors–0.04%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc., 4.50%, <br> 09/15/2030<br>|  | 3000 | &nbsp;&nbsp; 2986 |
| Cencora, Inc., | Cencora, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 02/13/2029 |  | 33000 | &nbsp;&nbsp; 32547 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2030 |  | 24000 | &nbsp;&nbsp; 23568 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2034 |  | 1000 | &nbsp;&nbsp; 1009 |
| McKesson Corp., | McKesson Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/2029 |  | 2000 | &nbsp;&nbsp; 1995 |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/30/2030 |  | 6000 | &nbsp;&nbsp; 6038 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/30/2032 |  | 3000 | &nbsp;&nbsp; 3048 |
|  |  |  | &nbsp;&nbsp; 71191 |
| **Health Care Equipment–0.65%** | **Health Care Equipment–0.65%** | **Health Care Equipment–0.65%** | **Health Care Equipment–0.65%** |
| Abbott Laboratories, | Abbott Laboratories, |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 03/09/2029 |  | 122000 | &nbsp;&nbsp; 120567 |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/2036 |  | 184000 | &nbsp;&nbsp; 179997 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2056 |  | 227000 | &nbsp;&nbsp; 222741 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/15/2066 |  | 103000 | &nbsp;&nbsp; 100477 |

---

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 Equipment–(continued)** | **Health Care Equipment–(continued)** | **Health Care Equipment–(continued)** | **Health Care Equipment–(continued)** |
| Augusta SpinCo Corp., | Augusta SpinCo Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/23/2029 |  | $256000 | &nbsp;&nbsp; $255335 |
| &nbsp;&nbsp;&nbsp; 4.66%, 03/23/2031 |  | 112000 | &nbsp;&nbsp; 111515 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/23/2033 |  | 68000 | &nbsp;&nbsp; 67784 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., <br> 4.80%, 01/15/2031<br>|  | 2000 | &nbsp;&nbsp; 2013 |
| Stryker Corp., | Stryker Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/11/2029 |  | 3000 | &nbsp;&nbsp; 2990 |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/10/2030 |  | 4000 | &nbsp;&nbsp; 4055 |
|  |  |  | &nbsp;&nbsp; 1067474 |
| **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>|  | 1000 | &nbsp;&nbsp; 1030 |
| &nbsp;&nbsp;&nbsp; Ascension Health, Series 2025, <br> 4.29%, 11/15/2030<br>|  | 19000 | &nbsp;&nbsp; 18827 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., <br> 4.63%, 10/15/2029<br>|  | 2000 | &nbsp;&nbsp; 1978 |
| UPMC, 5.04%, 05/15/2033 |  | 1000 | &nbsp;&nbsp; 1008 |
|  |  |  | &nbsp;&nbsp; 22843 |
| **Health Care REITs–0.00%** | **Health Care REITs–0.00%** | **Health Care REITs–0.00%** | **Health Care REITs–0.00%** |
| DOC DR, LLC, 4.30%, 03/15/2027 |  | 2000 | &nbsp;&nbsp; 1998 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., <br> 5.20%, 07/01/2030<br>|  | 2000 | &nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp; Ventas Realty L.P., 5.00%, <br> 02/15/2036<br>|  | 1000 | &nbsp;&nbsp; 978 |
|  |  |  | &nbsp;&nbsp; 4985 |
| **Health Care Services–0.63%** | **Health Care Services–0.63%** | **Health Care Services–0.63%** | **Health Care Services–0.63%** |
| &nbsp;&nbsp;&nbsp; Cigna Group (The), 4.50%, <br> 09/15/2030<br>|  | 3000 | &nbsp;&nbsp; 2991 |
| CommonSpirit Health, | CommonSpirit Health, |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/01/2030 |  | 6000 | &nbsp;&nbsp; 5914 |
| &nbsp;&nbsp;&nbsp; 5.32%, 12/01/2034 |  | 1000 | &nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp; 4.98%, 09/01/2035 |  | 1000 | &nbsp;&nbsp; 976 |
| CVS Health Corp., | CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/30/2029 |  | 1000 | &nbsp;&nbsp; 1013 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/30/2031 |  | 1000 | &nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2032 |  | 3000 | &nbsp;&nbsp; 3004 |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/10/2054<sup>(d)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31402 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/10/2055<sup>(d)</sup> <br>|  | 340000 | &nbsp;&nbsp; 350631 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2063 |  | 1000 | &nbsp;&nbsp; 950 |
| HCA, Inc., 4.30%, 11/15/2030 |  | 5000 | &nbsp;&nbsp; 4919 |
| Icon Investments Six DAC, | Icon Investments Six DAC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.81%, 05/08/2027 |  | 200000 | &nbsp;&nbsp; 201068 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/08/2029 |  | 209000 | &nbsp;&nbsp; 213139 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/08/2034 |  | 200000 | &nbsp;&nbsp; 202875 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, <br> 4.35%, 04/01/2030<br>|  | 4000 | &nbsp;&nbsp; 3966 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 1000 | &nbsp;&nbsp; 1089 |
|  |  |  | &nbsp;&nbsp; 1025961 |
| **Heavy Electrical Equipment–0.02%** | **Heavy Electrical Equipment–0.02%** | **Heavy Electrical Equipment–0.02%** | **Heavy Electrical Equipment–0.02%** |
| GE Vernova, Inc., | GE Vernova, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/04/2031 |  | 19000 | &nbsp;&nbsp; 18792 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/04/2036 |  | 6000 | &nbsp;&nbsp; 5949 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/04/2056 |  | 5000 | &nbsp;&nbsp; 4814 |
|  |  |  | &nbsp;&nbsp; 29555 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Highways & Railtracks–0.00%** | **Highways & Railtracks–0.00%** | **Highways & Railtracks–0.00%** | **Highways & Railtracks–0.00%** |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, <br> 5.55%, 03/15/2056<br>|  | $1000 | &nbsp;&nbsp; $970 |
| **Home Improvement Retail–0.00%** | **Home Improvement Retail–0.00%** | **Home Improvement Retail–0.00%** | **Home Improvement Retail–0.00%** |
| Home Depot, Inc. (The), | Home Depot, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/2029 |  | 1000 | &nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp; 3.95%, 09/15/2030 |  | 5000 | &nbsp;&nbsp; 4937 |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/15/2062 |  | 1000 | &nbsp;&nbsp; 951 |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/01/2063 |  | 1000 | &nbsp;&nbsp; 958 |
|  |  |  | &nbsp;&nbsp; 7865 |
| **Hotel & Resort REITs–0.02%** | **Hotel & Resort REITs–0.02%** | **Hotel & Resort REITs–0.02%** | **Hotel & Resort REITs–0.02%** |
| &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 |  | 2000 | &nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2033 |  | 28000 | &nbsp;&nbsp; 27335 |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/2035 |  | 1000 | &nbsp;&nbsp; 971 |
|  |  |  | &nbsp;&nbsp; 30315 |
| **Hotels, Resorts & Cruise Lines–0.36%** | **Hotels, Resorts & Cruise Lines–0.36%** | **Hotels, Resorts & Cruise Lines–0.36%** | **Hotels, Resorts & Cruise Lines–0.36%** |
| Airbnb, Inc., | Airbnb, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/16/2029 |  | 54000 | &nbsp;&nbsp; 53938 |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/16/2031 |  | 43000 | &nbsp;&nbsp; 42921 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/16/2036 |  | 46000 | &nbsp;&nbsp; 46065 |
| Carnival Corp., | Carnival Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/15/2029<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1038 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2030<sup>(b)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18153 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/2031<sup>(b)</sup> <br>|  | 169000 | &nbsp;&nbsp; 171184 |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/2032<sup>(b)</sup> <br>|  | 126000 | &nbsp;&nbsp; 126116 |
| Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/2029<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25257 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/2032<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5088 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 57784 |
| Marriott International, Inc., | Marriott International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/2029 |  | 3000 | &nbsp;&nbsp; 3036 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2030 |  | 2000 | &nbsp;&nbsp; 2019 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., <br> 6.50%, 10/01/2033<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 35215 |
| Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2032<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2033<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2020 |
|  |  |  | &nbsp;&nbsp; 590857 |
| **Independent Power Producers & Energy Traders–0.04%** | **Independent Power Producers & Energy Traders–0.04%** | **Independent Power Producers & Energy Traders–0.04%** | **Independent Power Producers & Energy Traders–0.04%** |
| AES Corp. (The), 5.80%, 03/15/2032 |  | 1000 | &nbsp;&nbsp; 1006 |
| Vistra Corp., 7.00%<sup>(b)(d)(e)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17034 |
| VoltaGrid LLC, 7.38%, 11/01/2030<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51663 |
|  |  |  | &nbsp;&nbsp; 69703 |
| **Industrial Conglomerates–0.68%** | **Industrial Conglomerates–0.68%** | **Industrial Conglomerates–0.68%** | **Industrial Conglomerates–0.68%** |
| Eaton Corp., | Eaton Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 03/06/2028 |  | 522000 | &nbsp;&nbsp; 518385 |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/06/2029 |  | 200000 | &nbsp;&nbsp; 198055 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/06/2036 |  | 200000 | &nbsp;&nbsp; 197536 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/06/2056 |  | 200000 | &nbsp;&nbsp; 193741 |
|  |  |  | &nbsp;&nbsp; 1107717 |
| **Industrial Machinery & Supplies & Components–0.17%** | **Industrial Machinery & Supplies & Components–0.17%** | **Industrial Machinery & Supplies & Components–0.17%** | **Industrial Machinery & Supplies & Components–0.17%** |
| ESAB Corp., 5.63%, 04/01/2031<sup>(b)</sup> <br>|  | 171000 | &nbsp;&nbsp; 172626 |

---

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** |
| **Industrial Machinery & Supplies & Components–(continued)** | **Industrial Machinery & Supplies & Components–(continued)** | **Industrial Machinery & Supplies & Components–(continued)** | **Industrial Machinery & Supplies & Components–(continued)** |
| Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/15/2027 |  | $2000 | &nbsp;&nbsp; $2018 |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/14/2028 |  | 1000 | &nbsp;&nbsp; 1023 |
| Nordson Corp., | Nordson Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/15/2028 |  | 1000 | &nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/15/2033 |  | 1000 | &nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp; nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, 05/15/2033<br>|  | 1000 | &nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, Inc., <br> 4.38%, 10/15/2029<sup>(b)</sup> <br>|  | 95000 | &nbsp;&nbsp; 92419 |
|  |  |  | &nbsp;&nbsp; 271176 |
| **Insurance Brokers–0.03%** | **Insurance Brokers–0.03%** | **Insurance Brokers–0.03%** | **Insurance Brokers–0.03%** |
| Arthur J. Gallagher & Co., | Arthur J. Gallagher & Co., |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/15/2029 |  | 1000 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 |  | 3000 | &nbsp;&nbsp; 3012 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2054 |  | 1000 | &nbsp;&nbsp; 1081 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., 4.95%, <br> 03/15/2036<br>|  | 30000 | &nbsp;&nbsp; 29732 |
| &nbsp;&nbsp;&nbsp; Willis North America, Inc., 4.55%, <br> 03/15/2031<br>|  | 19000 | &nbsp;&nbsp; 18737 |
|  |  |  | &nbsp;&nbsp; 53573 |
| **Integrated Oil & Gas–0.92%** | **Integrated Oil & Gas–0.92%** | **Integrated Oil & Gas–0.92%** | **Integrated Oil & Gas–0.92%** |
| Ecopetrol S.A. (Colombia), | Ecopetrol S.A. (Colombia), |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/02/2031 |  | 11000 | &nbsp;&nbsp; 9783 |
| &nbsp;&nbsp;&nbsp; 8.88%, 01/13/2033 |  | 233000 | &nbsp;&nbsp; 245440 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/28/2045 |  | 12000 | &nbsp;&nbsp; 8845 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 |  | 1000 | &nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2045 |  | 1000 | &nbsp;&nbsp; 801 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico), 8.75%, <br> 06/02/2029<br>|  | 162000 | &nbsp;&nbsp; 170400 |
| &nbsp;&nbsp;&nbsp; SA Global Sukuk Ltd. (Saudi Arabia), <br> 4.13%, 09/17/2030<sup>(b)</sup> <br>|  | 425000 | &nbsp;&nbsp; 411252 |
| Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/02/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196064 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/02/2030<sup>(b)</sup> <br>|  | 214000 | &nbsp;&nbsp; 212201 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/02/2035<sup>(b)</sup> <br>|  | 253000 | &nbsp;&nbsp; 251789 |
|  |  |  | &nbsp;&nbsp; 1507644 |
| **Integrated Telecommunication Services–0.54%** | **Integrated Telecommunication Services–0.54%** | **Integrated Telecommunication Services–0.54%** | **Integrated Telecommunication Services–0.54%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 02/15/2030 |  | 1000 | &nbsp;&nbsp; 994 |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/15/2034 |  | 1000 | &nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/2056 |  | 1000 | &nbsp;&nbsp; 986 |
| Bell Canada (Canada), | Bell Canada (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/15/2055<sup>(d)</sup> <br>|  | 46000 | &nbsp;&nbsp; 46555 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/15/2055<sup>(d)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18430 |
| &nbsp;&nbsp;&nbsp; Cipher Compute LLC, 7.13%, <br> 11/15/2030<sup>(b)</sup> <br>|  | 161000 | &nbsp;&nbsp; 167002 |
| Comcast Corp., 5.50%, 11/15/2032 |  | 1000 | &nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, 5.88%, <br> 03/01/2031<sup>(b)</sup> <br>|  | 91000 | &nbsp;&nbsp; 90007 |
| TELUS Corp. (Canada), | TELUS Corp. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/09/2056<sup>(d)</sup> <br>|  | 91000 | &nbsp;&nbsp; 90118 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/09/2056<sup>(d)</sup> <br>|  | 198000 | &nbsp;&nbsp; 193087 |
| Verizon Communications, Inc., | Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/2035 |  | 1000 | &nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/30/2055 |  | 1313 | &nbsp;&nbsp; 1278 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/30/2065 |  | 1000 | &nbsp;&nbsp; 970 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** |
| &nbsp;&nbsp;&nbsp; WULF Compute LLC, 7.75%, <br> 10/15/2030<sup>(b)</sup> <br>|  | $95000 | &nbsp;&nbsp; $100445 |
| &nbsp;&nbsp;&nbsp; Zegona Finance PLC (United Kingdom), <br> 8.63%, 07/15/2029<sup>(b)</sup> <br>|  | 159000 | &nbsp;&nbsp; 167043 |
|  |  |  | &nbsp;&nbsp; 879979 |
| **Interactive Media & Services–0.37%** | **Interactive Media & Services–0.37%** | **Interactive Media & Services–0.37%** | **Interactive Media & Services–0.37%** |
| Alphabet, Inc., | Alphabet, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 02/15/2031 |  | 88000 | &nbsp;&nbsp; 87408 |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/2032 |  | 6000 | &nbsp;&nbsp; 5968 |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/15/2033 |  | 97000 | &nbsp;&nbsp; 95820 |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2036 |  | 18000 | &nbsp;&nbsp; 17930 |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/15/2045 |  | 1000 | &nbsp;&nbsp; 978 |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/15/2056 |  | 45000 | &nbsp;&nbsp; 44887 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2065 |  | 1000 | &nbsp;&nbsp; 926 |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC (Ireland), 5.88%, <br> 06/04/2031<sup>(b)</sup> <br>|  | 281000 | &nbsp;&nbsp; 278611 |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, 6.13%, <br> 09/15/2033<sup>(b)</sup> <br>|  | 76000 | &nbsp;&nbsp; 73934 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/15/2031 |  | 4000 | &nbsp;&nbsp; 4018 |
| &nbsp;&nbsp;&nbsp; 5.63%, 11/15/2055 |  | 1000 | &nbsp;&nbsp; 938 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/2064 |  | 1000 | &nbsp;&nbsp; 900 |
|  |  |  | &nbsp;&nbsp; 612318 |
| **Internet Services & Infrastructure–0.72%** | **Internet Services & Infrastructure–0.72%** | **Internet Services & Infrastructure–0.72%** | **Internet Services & Infrastructure–0.72%** |
| &nbsp;&nbsp;&nbsp; Beignet Investor LLC, 6.58%, <br> 05/30/2049<sup>(b)</sup> <br>|  | 1019000 | &nbsp;&nbsp; 1048480 |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/2030<sup>(b)</sup> <br>|  | 102000 | &nbsp;&nbsp; 99207 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 35252 |
|  |  |  | &nbsp;&nbsp; 1182939 |
| **Investment Banking & Brokerage–0.73%** | **Investment Banking & Brokerage–0.73%** | **Investment Banking & Brokerage–0.73%** | **Investment Banking & Brokerage–0.73%** |
| Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, 11/14/2031<sup>(d)</sup> <br>|  | 18000 | &nbsp;&nbsp; 17808 |
| &nbsp;&nbsp;&nbsp; Series K, 5.00%<sup>(d)(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1979 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 4.96% (SOFR + 1.29%), <br> 04/23/2028<sup>(c)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3018 |
| &nbsp;&nbsp;&nbsp; 4.15%, 01/21/2029<sup>(d)</sup> <br>|  | 65000 | &nbsp;&nbsp; 64617 |
| &nbsp;&nbsp;&nbsp; 5.73%, 04/25/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3096 |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/23/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2024 |
| &nbsp;&nbsp;&nbsp; 4.69%, 10/23/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2002 |
| &nbsp;&nbsp;&nbsp; 5.21%, 01/28/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3049 |
| &nbsp;&nbsp;&nbsp; 5.22%, 04/23/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3051 |
| &nbsp;&nbsp;&nbsp; 4.37%, 10/21/2031<sup>(d)</sup> <br>|  | 9000 | &nbsp;&nbsp; 8826 |
| &nbsp;&nbsp;&nbsp; 4.52%, 01/21/2032<sup>(d)</sup> <br>|  | 61000 | &nbsp;&nbsp; 60088 |
| &nbsp;&nbsp;&nbsp; 4.94%, 10/21/2036<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 969 |
| &nbsp;&nbsp;&nbsp; 5.39%, 02/02/2041<sup>(d)</sup> <br>|  | 25000 | &nbsp;&nbsp; 24163 |
| &nbsp;&nbsp;&nbsp; Series V, 4.13%<sup>(d)(e)</sup> <br>|  | 17000 | &nbsp;&nbsp; 16780 |
| &nbsp;&nbsp;&nbsp; Series W, 7.50%<sup>(d)(e)</sup> <br>|  | 77000 | &nbsp;&nbsp; 80427 |
| &nbsp;&nbsp;&nbsp; Series X, 7.50%<sup>(d)(e)</sup> <br>|  | 109000 | &nbsp;&nbsp; 114252 |

---

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** |
| **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** |
| Morgan Stanley, | Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp; 5.12%, 02/01/2029<sup>(d)</sup> <br>|  | $3000 | &nbsp;&nbsp; $3034 |
| &nbsp;&nbsp;&nbsp; 4.99%, 04/12/2029<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4037 |
| &nbsp;&nbsp;&nbsp; 5.16%, 04/20/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3035 |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/20/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2036 |
| &nbsp;&nbsp;&nbsp; 6.41%, 11/01/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2088 |
| &nbsp;&nbsp;&nbsp; 4.24%, 01/09/2030<sup>(d)</sup> <br>|  | 83000 | &nbsp;&nbsp; 82180 |
| &nbsp;&nbsp;&nbsp; 5.17%, 01/16/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3043 |
| &nbsp;&nbsp;&nbsp; 5.04%, 07/19/2030<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4047 |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/18/2030<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3999 |
| &nbsp;&nbsp;&nbsp; 5.19%, 04/17/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3045 |
| &nbsp;&nbsp;&nbsp; 4.49%, 01/16/2032<sup>(d)</sup> <br>|  | 66000 | &nbsp;&nbsp; 64909 |
| &nbsp;&nbsp;&nbsp; 4.71%, 03/12/2032<sup>(d)</sup> <br>|  | 266000 | &nbsp;&nbsp; 264267 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/21/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp; 5.32%, 07/19/2035<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/19/2038<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3075 |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/13/2047<sup>(d)</sup> <br>|  | 341000 | &nbsp;&nbsp; 339615 |
| &nbsp;&nbsp;&nbsp; Series I, 4.36%, 10/22/2031<sup>(d)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9802 |
|  |  |  | &nbsp;&nbsp; 1200368 |
| **IT Consulting & Other Services–0.62%** | **IT Consulting & Other Services–0.62%** | **IT Consulting & Other Services–0.62%** | **IT Consulting & Other Services–0.62%** |
| International Business Machines Corp., | International Business Machines Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/03/2029 |  | 103000 | &nbsp;&nbsp; 101981 |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/10/2030 |  | 382000 | &nbsp;&nbsp; 386315 |
| &nbsp;&nbsp;&nbsp; 4.30%, 02/03/2031 |  | 302000 | &nbsp;&nbsp; 297544 |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/10/2035 |  | 54000 | &nbsp;&nbsp; 54300 |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/10/2055 |  | 3000 | &nbsp;&nbsp; 2835 |
| &nbsp;&nbsp;&nbsp; 5.80%, 02/03/2056 |  | 180000 | &nbsp;&nbsp; 172216 |
|  |  |  | &nbsp;&nbsp; 1015191 |
| **Leisure Facilities–0.10%** | **Leisure Facilities–0.10%** | **Leisure Facilities–0.10%** | **Leisure Facilities–0.10%** |
| &nbsp;&nbsp;&nbsp; VOC Escrow Ltd., 5.00%, <br> 02/15/2028<sup>(b)</sup> <br>|  | 157000 | &nbsp;&nbsp; 156428 |
| **Leisure Products–0.13%** | **Leisure Products–0.13%** | **Leisure Products–0.13%** | **Leisure Products–0.13%** |
| &nbsp;&nbsp;&nbsp; Brunswick Corp., 5.85%, <br> 03/18/2029<br>|  | 3000 | &nbsp;&nbsp; 3071 |
| Hasbro, Inc., 4.65%, 03/12/2031 |  | 58000 | &nbsp;&nbsp; 57297 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., 5.88%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 154000 | &nbsp;&nbsp; 152156 |
|  |  |  | &nbsp;&nbsp; 212524 |
| **Life & Health Insurance–1.71%** | **Life & Health Insurance–1.71%** | **Life & Health Insurance–1.71%** | **Life & Health Insurance–1.71%** |
| &nbsp;&nbsp;&nbsp; American National Global Funding, <br> 5.55%, 01/28/2030<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2022 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding, 5.58%, <br> 01/09/2029<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4038 |
| &nbsp;&nbsp;&nbsp; Constellation Global Funding, 4.85%, <br> 10/22/2030<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4907 |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 09/19/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/12/2029<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/24/2029<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2028 |
| &nbsp;&nbsp;&nbsp; Dai-ichi Life Insurance Co. Ltd. (The) <br> (Japan), 6.20%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201269 |
| GA Global Funding Trust, | GA Global Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/08/2029<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 81005 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/18/2030<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 361310 |
| &nbsp;&nbsp;&nbsp; Grand River Funding Trust I, 6.31%, <br> 02/15/2036<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201902 |
| &nbsp;&nbsp;&nbsp; Grand River Funding Trust II, 7.28%, <br> 02/15/2056<sup>(b)(f)</sup> <br>|  | 315000 | &nbsp;&nbsp; 329870 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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; High Street Funding Trust III, 5.81%, <br> 02/15/2055<sup>(b)</sup> <br>|  | $105000 | &nbsp;&nbsp; $99867 |
| &nbsp;&nbsp;&nbsp; Lincoln Financial Global Funding, <br> 4.63%, 08/18/2030<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5944 |
| &nbsp;&nbsp;&nbsp; MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(b)(g)</sup> <br>|  | 784000 | &nbsp;&nbsp; 721280 |
| &nbsp;&nbsp;&nbsp; MassMutual Global Funding II, 4.55%, <br> 05/07/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199462 |
| Nippon Life Insurance Co. (Japan), | Nippon Life Insurance Co. (Japan), |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/16/2054<sup>(b)(d)</sup> <br>|  | 226000 | &nbsp;&nbsp; 226067 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/30/2055<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206787 |
| &nbsp;&nbsp;&nbsp; Pricoa Global Funding I, 4.65%, <br> 08/27/2031<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 149197 |
| &nbsp;&nbsp;&nbsp; Protective Life Corp., 4.70%, <br> 01/15/2031<sup>(b)</sup> <br>|  | 14000 | &nbsp;&nbsp; 13882 |
|  |  |  | &nbsp;&nbsp; 2812884 |
| **Life Sciences Tools & Services–0.03%** | **Life Sciences Tools & Services–0.03%** | **Life Sciences Tools & Services–0.03%** | **Life Sciences Tools & Services–0.03%** |
| Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.22%, 02/12/2031 |  | 23000 | &nbsp;&nbsp; 22765 |
| &nbsp;&nbsp;&nbsp; 4.55%, 06/15/2033 |  | 5000 | &nbsp;&nbsp; 4942 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/12/2036 |  | 14000 | &nbsp;&nbsp; 13906 |
|  |  |  | &nbsp;&nbsp; 41613 |
| **Managed Health Care–0.00%** | **Managed Health Care–0.00%** | **Managed Health Care–0.00%** | **Managed Health Care–0.00%** |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2028 |  | 3000 | &nbsp;&nbsp; 3054 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/2030 |  | 2000 | &nbsp;&nbsp; 2057 |
| &nbsp;&nbsp;&nbsp; 5.35%, 02/15/2033 |  | 1000 | &nbsp;&nbsp; 1027 |
|  |  |  | &nbsp;&nbsp; 6138 |
| **Marine Transportation–0.08%** | **Marine Transportation–0.08%** | **Marine Transportation–0.08%** | **Marine Transportation–0.08%** |
| &nbsp;&nbsp;&nbsp; A.P. Moller - Maersk A/S, 5.88%, <br> 09/14/2033<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1046 |
| NCL Corp. Ltd., | NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2031<sup>(b)</sup> <br>|  | 67000 | &nbsp;&nbsp; 65135 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/2033<sup>(b)</sup> <br>|  | 65000 | &nbsp;&nbsp; 63117 |
|  |  |  | &nbsp;&nbsp; 129298 |
| **Metal, Glass & Plastic Containers–0.13%** | **Metal, Glass & Plastic Containers–0.13%** | **Metal, Glass & Plastic Containers–0.13%** | **Metal, Glass & Plastic Containers–0.13%** |
| &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; 114201 |
| &nbsp;&nbsp;&nbsp; 5.44%, 04/03/2034 |  | 103000 | &nbsp;&nbsp; 104566 |
|  |  |  | &nbsp;&nbsp; 218767 |
| **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; 969 |
| **Multi-Family Residential REITs–0.00%** | **Multi-Family Residential REITs–0.00%** | **Multi-Family Residential REITs–0.00%** | **Multi-Family Residential REITs–0.00%** |
| &nbsp;&nbsp;&nbsp; Mid-America Apartments L.P., 5.30%, <br> 02/15/2032<br>|  | 2000 | &nbsp;&nbsp; 2057 |
| UDR, Inc., 5.13%, 09/01/2034 |  | 1000 | &nbsp;&nbsp; 995 |
|  |  |  | &nbsp;&nbsp; 3052 |
| **Multi-line Insurance–0.15%** | **Multi-line Insurance–0.15%** | **Multi-line Insurance–0.15%** | **Multi-line Insurance–0.15%** |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, <br> 5.15%, 03/28/2033<sup>(b)</sup> <br>|  | 240000 | &nbsp;&nbsp; 242629 |
| **Multi-Utilities–0.27%** | **Multi-Utilities–0.27%** | **Multi-Utilities–0.27%** | **Multi-Utilities–0.27%** |
| &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, 06/15/2026<br>|  | 3000 | &nbsp;&nbsp; 3003 |

---

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** |
| **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** |
| Dominion Energy, Inc., | Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2032 |  | $2000 | &nbsp;&nbsp; $2047 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/15/2056<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2983 |
| DTE Energy Co., 4.95%, 07/01/2027 |  | 2000 | &nbsp;&nbsp; 2014 |
| &nbsp;&nbsp;&nbsp; ENGIE S.A. (France), 5.25%, <br> 04/10/2029<sup>(b)</sup> <br>|  | 204000 | &nbsp;&nbsp; 208845 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/30/2028 |  | 3000 | &nbsp;&nbsp; 3048 |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/01/2055 |  | 1000 | &nbsp;&nbsp; 973 |
| Sempra, | Sempra, |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2036 |  | 131000 | &nbsp;&nbsp; 129203 |
| &nbsp;&nbsp;&nbsp; 6.88%, 10/01/2054<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3034 |
| WEC Energy Group, Inc., | WEC Energy Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 10/01/2027 |  | 2000 | &nbsp;&nbsp; 2022 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028 |  | 84000 | &nbsp;&nbsp; 84646 |
|  |  |  | &nbsp;&nbsp; 441818 |
| **Office REITs–0.10%** | **Office REITs–0.10%** | **Office REITs–0.10%** | **Office REITs–0.10%** |
| Boston Properties L.P., | Boston Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp; Conv., 2.00%, 10/01/2030<sup>(b)</sup> <br>|  | 148000 | &nbsp;&nbsp; 135050 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2035 |  | 1000 | &nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties L.P., 4.50%, <br> 10/15/2030<br>|  | 5000 | &nbsp;&nbsp; 4937 |
| Cousins Properties L.P., | Cousins Properties L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2032 |  | 2000 | &nbsp;&nbsp; 2013 |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/01/2033 |  | 13000 | &nbsp;&nbsp; 12523 |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/2034 |  | 2000 | &nbsp;&nbsp; 2027 |
| Piedmont Operating Partnership L.P., | Piedmont Operating Partnership L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/15/2029 |  | 2000 | &nbsp;&nbsp; 2096 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/15/2033 |  | 8000 | &nbsp;&nbsp; 7778 |
|  |  |  | &nbsp;&nbsp; 167419 |
| **Oil & Gas Equipment & Services–0.23%** | **Oil & Gas Equipment & Services–0.23%** | **Oil & Gas Equipment & Services–0.23%** | **Oil & Gas Equipment & Services–0.23%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor, Inc., | &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/11/2029 |  | 88000 | &nbsp;&nbsp; 87571 |
| &nbsp;&nbsp;&nbsp; 4.35%, 06/15/2031 |  | 138000 | &nbsp;&nbsp; 136223 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc., 6.75%, <br> 02/01/2033<sup>(b)</sup> <br>|  | 144000 | &nbsp;&nbsp; 145649 |
|  |  |  | &nbsp;&nbsp; 369443 |
| **Oil & Gas Exploration & Production–0.04%** | **Oil & Gas Exploration & Production–0.04%** | **Oil & Gas Exploration & Production–0.04%** | **Oil & Gas Exploration & Production–0.04%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 24002 |
| Diamondback Energy, Inc., | Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/18/2027 |  | 3000 | &nbsp;&nbsp; 3024 |
| &nbsp;&nbsp;&nbsp; 5.15%, 01/30/2030 |  | 4000 | &nbsp;&nbsp; 4085 |
| &nbsp;&nbsp;&nbsp; 5.90%, 04/18/2064 |  | 1000 | &nbsp;&nbsp; 947 |
| EOG Resources, Inc., | EOG Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/15/2028 |  | 1000 | &nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2036 |  | 1000 | &nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., 5.38%, <br> 03/15/2030<br>|  | 3000 | &nbsp;&nbsp; 3026 |
| 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>|  | 6000 | &nbsp;&nbsp; 5874 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/2035<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 16961 |
| &nbsp;&nbsp;&nbsp; Woodside Finance Ltd. (Australia), <br> 5.70%, 05/19/2032<br>|  | 2000 | &nbsp;&nbsp; 2075 |
|  |  |  | &nbsp;&nbsp; 62012 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Refining & Marketing–0.15%** | **Oil & Gas Refining & Marketing–0.15%** | **Oil & Gas Refining & Marketing–0.15%** | **Oil & Gas Refining & Marketing–0.15%** |
| Sunoco L.P., | Sunoco L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2031<sup>(b)</sup> <br>|  | $67000 | &nbsp;&nbsp; $66740 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 98966 |
| &nbsp;&nbsp;&nbsp; 7.88%<sup>(b)(d)(e)</sup> <br>|  | 84000 | &nbsp;&nbsp; 85830 |
|  |  |  | &nbsp;&nbsp; 251536 |
| **Oil & Gas Storage & Transportation–1.49%** | **Oil & Gas Storage & Transportation–1.49%** | **Oil & Gas Storage & Transportation–1.49%** | **Oil & Gas Storage & Transportation–1.49%** |
| &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>|  | 36000 | &nbsp;&nbsp; 36921 |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/15/2033<sup>(b)</sup> <br>|  | 181000 | &nbsp;&nbsp; 179117 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., 5.95%, <br> 06/30/2033<br>|  | 1000 | &nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., 5.20%, <br> 07/30/2036<sup>(b)</sup> <br>|  | 62000 | &nbsp;&nbsp; 61391 |
| 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; 3014 |
| &nbsp;&nbsp;&nbsp; 5.10%, 10/01/2031<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4025 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, <br> 5.70%, 10/01/2054<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 947 |
| Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/27/2031 |  | 174000 | &nbsp;&nbsp; 174770 |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/08/2033 |  | 1000 | &nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/27/2036<sup>(f)</sup> <br>|  | 325000 | &nbsp;&nbsp; 327923 |
| &nbsp;&nbsp;&nbsp; 7.63%, 01/15/2083<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2161 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 12/01/2028 |  | 2000 | &nbsp;&nbsp; 2079 |
| &nbsp;&nbsp;&nbsp; 6.40%, 12/01/2030 |  | 2000 | &nbsp;&nbsp; 2137 |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/15/2031 |  | 27000 | &nbsp;&nbsp; 26765 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2036 |  | 1000 | &nbsp;&nbsp; 993 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2054<sup>(d)</sup> <br>|  | 70000 | &nbsp;&nbsp; 73363 |
| &nbsp;&nbsp;&nbsp; 7.13%, 10/01/2054<sup>(d)</sup> <br>|  | 291000 | &nbsp;&nbsp; 295757 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2056<sup>(d)</sup> <br>|  | 270000 | &nbsp;&nbsp; 266926 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 06/20/2028 |  | 5000 | &nbsp;&nbsp; 5008 |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/15/2031 |  | 6000 | &nbsp;&nbsp; 6012 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/2036 |  | 1000 | &nbsp;&nbsp; 1006 |
| &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; 205961 |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/23/2038<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202756 |
| &nbsp;&nbsp;&nbsp; 6.51%, 02/23/2042<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207346 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/01/2030 |  | 1000 | &nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/01/2033 |  | 2000 | &nbsp;&nbsp; 1985 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2033 |  | 1000 | &nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp; 5.85%, 06/01/2035 |  | 1000 | &nbsp;&nbsp; 1048 |
| MPLX L.P., | MPLX L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2031 |  | 6000 | &nbsp;&nbsp; 6016 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 |  | 6000 | &nbsp;&nbsp; 5958 |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/2035 |  | 1000 | &nbsp;&nbsp; 996 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy <br> Finance Corp., 8.38%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19594 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance L.P. <br> (Canada), 6.75%, 07/15/2032<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10037 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure <br> Holdings Ltd. (Canada), 7.63%, <br> 03/01/2055<sup>(d)</sup> <br>|  | 67000 | &nbsp;&nbsp; 69021 |

---

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 Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| &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 |  | $2000 | &nbsp;&nbsp; $2014 |
| &nbsp;&nbsp;&nbsp; 5.58%, 10/01/2034 |  | 1000 | &nbsp;&nbsp; 994 |
| &nbsp;&nbsp;&nbsp; 6.18%, 10/01/2054 |  | 1000 | &nbsp;&nbsp; 954 |
| Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.05%, 09/15/2028 |  | 4000 | &nbsp;&nbsp; 3971 |
| &nbsp;&nbsp;&nbsp; Series B, 5.10%, 09/15/2035 |  | 1000 | &nbsp;&nbsp; 987 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance Corp., <br> 7.38%, 02/15/2029<sup>(b)</sup> <br>|  | 39000 | &nbsp;&nbsp; 40144 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029<sup>(b)</sup> <br>|  | 36000 | &nbsp;&nbsp; 38945 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(b)</sup> <br>|  | 14000 | &nbsp;&nbsp; 15043 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/2033<sup>(b)</sup> <br>|  | 22000 | &nbsp;&nbsp; 24195 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18775 |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/2035<sup>(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 44856 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 18017 |
| Western Midstream Operating L.P., | Western Midstream Operating L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2031 |  | 14000 | &nbsp;&nbsp; 13866 |
| &nbsp;&nbsp;&nbsp; 6.15%, 04/01/2033 |  | 1000 | &nbsp;&nbsp; 1044 |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/15/2034 |  | 1000 | &nbsp;&nbsp; 991 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/2035 |  | 1000 | &nbsp;&nbsp; 984 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 08/15/2028 |  | 2000 | &nbsp;&nbsp; 2043 |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029 |  | 4000 | &nbsp;&nbsp; 4037 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2033 |  | 1000 | &nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/15/2054 |  | 1000 | &nbsp;&nbsp; 963 |
|  |  |  | &nbsp;&nbsp; 2439014 |
| **Packaged Foods & Meats–0.02%** | **Packaged Foods & Meats–0.02%** | **Packaged Foods & Meats–0.02%** | **Packaged Foods & Meats–0.02%** |
| Campbell's Co. (The), | Campbell's Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/21/2029 |  | 2000 | &nbsp;&nbsp; 2019 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/21/2034 |  | 1000 | &nbsp;&nbsp; 971 |
| Mars, Inc., | Mars, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2030<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4043 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc., 4.15%, <br> 02/15/2029<br>|  | 20000 | &nbsp;&nbsp; 19810 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc., 6.25%, <br> 10/15/2034<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5881 |
|  |  |  | &nbsp;&nbsp; 33736 |
| **Paper Products–0.00%** | **Paper Products–0.00%** | **Paper Products–0.00%** | **Paper Products–0.00%** |
| &nbsp;&nbsp;&nbsp; Magnera Corp., 7.25%, <br> 11/15/2031<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 6487 |
| **Passenger Airlines–0.16%** | **Passenger Airlines–0.16%** | **Passenger Airlines–0.16%** | **Passenger Airlines–0.16%** |
| American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 2.88%, <br> 07/11/2034<br>|  | 812 | &nbsp;&nbsp; 728 |
| &nbsp;&nbsp;&nbsp; Series B, 5.65%, 11/11/2034 |  | 7000 | &nbsp;&nbsp; 7049 |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/11/2038 |  | 3000 | &nbsp;&nbsp; 2930 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.50%, <br> 04/20/2026<sup>(b)</sup> <br>|  | 25452 | &nbsp;&nbsp; 25487 |
| 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; 1981 |
| &nbsp;&nbsp;&nbsp; 5.31%, 10/20/2031<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1957 |
| &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>|  | 3128 | &nbsp;&nbsp; 2876 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** |
| Delta Air Lines, Inc., | Delta Air Lines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/10/2028 |  | $6000 | &nbsp;&nbsp; $6023 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/10/2030 |  | 2000 | &nbsp;&nbsp; 2014 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., <br> 4.75%, 10/20/2028<sup>(b)</sup> <br>|  | 4355 | &nbsp;&nbsp; 4350 |
| United Airlines Holdings, Inc., | United Airlines Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/01/2029 |  | 185000 | &nbsp;&nbsp; 181408 |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/01/2031 |  | 19000 | &nbsp;&nbsp; 18631 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust, <br> Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | 977 | &nbsp;&nbsp; 994 |
|  |  |  | &nbsp;&nbsp; 256428 |
| **Passenger Ground Transportation–0.01%** | **Passenger Ground Transportation–0.01%** | **Passenger Ground Transportation–0.01%** | **Passenger Ground Transportation–0.01%** |
| Uber Technologies, Inc., | Uber Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 01/15/2030 |  | 4000 | &nbsp;&nbsp; 3969 |
| &nbsp;&nbsp;&nbsp; 4.15%, 01/15/2031 |  | 5000 | &nbsp;&nbsp; 4892 |
|  |  |  | &nbsp;&nbsp; 8861 |
| **Pharmaceuticals–0.77%** | **Pharmaceuticals–0.77%** | **Pharmaceuticals–0.77%** | **Pharmaceuticals–0.77%** |
| AstraZeneca Finance LLC (United Kingdom), | AstraZeneca Finance LLC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/26/2029 |  | 1000 | &nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/26/2031 |  | 3000 | &nbsp;&nbsp; 3065 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2031 |  | 3000 | &nbsp;&nbsp; 3169 |
| &nbsp;&nbsp;&nbsp; 6.40%, 11/15/2063 |  | 1000 | &nbsp;&nbsp; 1072 |
| EMD Finance LLC (Germany), | EMD Finance LLC (Germany), |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2028<sup>(b)</sup> <br>|  | 151000 | &nbsp;&nbsp; 150319 |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/15/2030<sup>(b)</sup> <br>|  | 296000 | &nbsp;&nbsp; 292587 |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2032<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 147922 |
| Merck & Co., Inc., | Merck & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 03/15/2031 |  | 50000 | &nbsp;&nbsp; 49458 |
| &nbsp;&nbsp;&nbsp; 4.45%, 12/04/2032 |  | 11000 | &nbsp;&nbsp; 10928 |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/04/2065 |  | 1000 | &nbsp;&nbsp; 972 |
| Novartis Capital Corp., | Novartis Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/18/2031 |  | 100000 | &nbsp;&nbsp; 100001 |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/18/2033 |  | 108000 | &nbsp;&nbsp; 107573 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/18/2036 |  | 161000 | &nbsp;&nbsp; 160677 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/18/2046 |  | 70000 | &nbsp;&nbsp; 70158 |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/18/2056 |  | 128000 | &nbsp;&nbsp; 129005 |
| Pfizer, Inc., | Pfizer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 11/15/2030 |  | 14000 | &nbsp;&nbsp; 13907 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2032 |  | 15000 | &nbsp;&nbsp; 14882 |
| &nbsp;&nbsp;&nbsp; 5.60%, 11/15/2055 |  | 1000 | &nbsp;&nbsp; 981 |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/15/2065 |  | 1000 | &nbsp;&nbsp; 966 |
| Zoetis, Inc., 4.15%, 08/17/2028 |  | 3000 | &nbsp;&nbsp; 2991 |
|  |  |  | &nbsp;&nbsp; 1261650 |
| **Property & Casualty Insurance–0.04%** | **Property & Casualty Insurance–0.04%** | **Property & Casualty Insurance–0.04%** | **Property & Casualty Insurance–0.04%** |
| &nbsp;&nbsp;&nbsp; American International Group, Inc., <br> 4.85%, 05/07/2030<br>|  | 4000 | &nbsp;&nbsp; 4043 |
| &nbsp;&nbsp;&nbsp; Asurion LLC and Asurion Co-Issuer, <br> Inc., 8.38%, 02/01/2034<sup>(b)</sup> <br>|  | 54000 | &nbsp;&nbsp; 52465 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The), 5.05%, <br> 07/24/2035<br>|  | 1000 | &nbsp;&nbsp; 1002 |
|  |  |  | &nbsp;&nbsp; 57510 |
| **Rail Transportation–0.07%** | **Rail Transportation–0.07%** | **Rail Transportation–0.07%** | **Rail Transportation–0.07%** |
| Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2029 |  | 71000 | &nbsp;&nbsp; 70242 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2056 |  | 53000 | &nbsp;&nbsp; 50772 |
|  |  |  | &nbsp;&nbsp; 121014 |

---

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** |
| **Real Estate Development–0.00%** | **Real Estate Development–0.00%** | **Real Estate Development–0.00%** | **Real Estate Development–0.00%** |
| &nbsp;&nbsp;&nbsp; Essential Properties L.P., 5.40%, <br> 12/01/2035<br>|  | $1000 | &nbsp;&nbsp; $985 |
| &nbsp;&nbsp;&nbsp; Prologis Targeted U.S. Logistics Fund <br> L.P., 4.25%, 01/15/2031<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5873 |
|  |  |  | &nbsp;&nbsp; 6858 |
| **Regional Banks–0.42%** | **Regional Banks–0.42%** | **Regional Banks–0.42%** | **Regional Banks–0.42%** |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., 5.30%, <br> 01/29/2036<sup>(d)</sup> <br>|  | 9000 | &nbsp;&nbsp; 8922 |
| Huntington Bancshares, Inc., | Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.62%, 01/28/2032<sup>(d)</sup> <br>|  | 120000 | &nbsp;&nbsp; 118285 |
| &nbsp;&nbsp;&nbsp; 5.61%, 01/28/2041<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1953 |
| Pinnacle Bank, 5.63%, 02/15/2028 |  | 250000 | &nbsp;&nbsp; 252887 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc., <br> 6.17%, 11/01/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2040 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp., 5.72%, <br> 06/06/2030<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., 4.60%, <br> 01/27/2032<sup>(d)</sup> <br>|  | 50000 | &nbsp;&nbsp; 49478 |
| &nbsp;&nbsp;&nbsp; Zions Bancorporation N.A., 4.70%, <br> 08/18/2028<sup>(d)</sup> <br>|  | 259000 | &nbsp;&nbsp; 256767 |
|  |  |  | &nbsp;&nbsp; 691358 |
| **Reinsurance–0.02%** | **Reinsurance–0.02%** | **Reinsurance–0.02%** | **Reinsurance–0.02%** |
| &nbsp;&nbsp;&nbsp; Fortitude Global Funding, 4.63%, <br> 10/06/2028<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4952 |
| &nbsp;&nbsp;&nbsp; Fortitude Group Holdings LLC, 6.25%, <br> 04/01/2030<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2038 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc., <br> 6.38%, 09/15/2056<sup>(d)</sup> <br>|  | 25000 | &nbsp;&nbsp; 24175 |
| &nbsp;&nbsp;&nbsp; RGA Global Funding, 5.00%, <br> 08/25/2032<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2969 |
|  |  |  | &nbsp;&nbsp; 34134 |
| **Renewable Electricity–0.01%** | **Renewable Electricity–0.01%** | **Renewable Electricity–0.01%** | **Renewable Electricity–0.01%** |
| &nbsp;&nbsp;&nbsp; Idaho Power Co., 5.20%, <br> 08/15/2034<br>|  | 1000 | &nbsp;&nbsp; 1015 |
| Southern Power Co., | Southern Power Co., |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 10/01/2030 |  | 6000 | &nbsp;&nbsp; 5925 |
| &nbsp;&nbsp;&nbsp; Series B, 4.90%, 10/01/2035 |  | 1000 | &nbsp;&nbsp; 968 |
|  |  |  | &nbsp;&nbsp; 7908 |
| **Research & Consulting Services–0.02%** | **Research & Consulting Services–0.02%** | **Research & Consulting Services–0.02%** | **Research & Consulting Services–0.02%** |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., 4.45%, <br> 03/15/2031<br>|  | 33000 | &nbsp;&nbsp; 32469 |
| **Restaurants–0.17%** | **Restaurants–0.17%** | **Restaurants–0.17%** | **Restaurants–0.17%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC/New Red Finance, <br> Inc. (Canada), 5.63%, <br> 09/15/2029<sup>(b)</sup> <br>|  | 41000 | &nbsp;&nbsp; 41141 |
| &nbsp;&nbsp;&nbsp; Arcos Dorados B.V. (Brazil), 6.38%, <br> 01/29/2032<sup>(b)</sup> <br>|  | 220000 | &nbsp;&nbsp; 226490 |
| McDonald's Corp., | McDonald's Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/14/2028 |  | 3000 | &nbsp;&nbsp; 3038 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/2030 |  | 1000 | &nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/12/2031 |  | 4000 | &nbsp;&nbsp; 3990 |
| &nbsp;&nbsp;&nbsp; 4.95%, 08/14/2033 |  | 1000 | &nbsp;&nbsp; 1017 |
|  |  |  | &nbsp;&nbsp; 276685 |
| **Retail REITs–0.02%** | **Retail REITs–0.02%** | **Retail REITs–0.02%** | **Retail REITs–0.02%** |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership L.P., <br> 4.85%, 02/15/2033<br>|  | 2000 | &nbsp;&nbsp; 1968 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** |
| Kimco Realty OP LLC, | Kimco Realty OP LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/01/2035 |  | $1000 | &nbsp;&nbsp; $980 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/01/2036 |  | 1000 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group L.P., 4.95%, <br> 12/15/2031<br>|  | 4000 | &nbsp;&nbsp; 3987 |
| NNN REIT, Inc., 5.50%, 06/15/2034 |  | 1000 | &nbsp;&nbsp; 1017 |
| Realty Income Corp., | Realty Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 06/15/2028 |  | 2000 | &nbsp;&nbsp; 1910 |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/13/2032 |  | 2000 | &nbsp;&nbsp; 2089 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/2033 |  | 2000 | &nbsp;&nbsp; 1951 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 |  | 1000 | &nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2033 |  | 7000 | &nbsp;&nbsp; 6829 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2034 |  | 1000 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp; 5.10%, 01/15/2035 |  | 1000 | &nbsp;&nbsp; 999 |
|  |  |  | &nbsp;&nbsp; 24760 |
| **Security & Alarm Services–0.06%** | **Security & Alarm Services–0.06%** | **Security & Alarm Services–0.06%** | **Security & Alarm Services–0.06%** |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The), 4.63%, <br> 10/15/2027<sup>(b)</sup> <br>|  | 95000 | &nbsp;&nbsp; 93818 |
| **Self-Storage REITs–0.01%** | **Self-Storage REITs–0.01%** | **Self-Storage REITs–0.01%** | **Self-Storage REITs–0.01%** |
| &nbsp;&nbsp;&nbsp; Americold Realty Operating Partnership <br> L.P., 5.60%, 05/15/2032<br>|  | 2000 | &nbsp;&nbsp; 1979 |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 |  | 2000 | &nbsp;&nbsp; 2043 |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/2033 |  | 3000 | &nbsp;&nbsp; 2967 |
| &nbsp;&nbsp;&nbsp; Goodman US Finance Six LLC <br> (Australia), 5.13%, 10/07/2034<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 997 |
| Prologis L.P., | Prologis L.P., |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/2028 |  | 2000 | &nbsp;&nbsp; 2024 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031 |  | 4000 | &nbsp;&nbsp; 4043 |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/2034 |  | 1000 | &nbsp;&nbsp; 1011 |
|  |  |  | &nbsp;&nbsp; 15064 |
| **Semiconductors–1.56%** | **Semiconductors–1.56%** | **Semiconductors–1.56%** | **Semiconductors–1.56%** |
| Broadcom, Inc., 5.20%, 07/15/2035 |  | 1000 | &nbsp;&nbsp; 1008 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 01/25/2030<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 212260 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/25/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204342 |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/25/2032<sup>(b)</sup> <br>|  | 405000 | &nbsp;&nbsp; 423116 |
| &nbsp;&nbsp;&nbsp; 5.90%, 01/25/2033<sup>(b)</sup> <br>|  | 213000 | &nbsp;&nbsp; 219168 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/25/2034<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 111476 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/25/2035<sup>(b)</sup> <br>|  | 272000 | &nbsp;&nbsp; 285172 |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/25/2036<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 211404 |
| &nbsp;&nbsp;&nbsp; 6.20%, 01/25/2037<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206917 |
| &nbsp;&nbsp;&nbsp; 6.40%, 01/25/2038<sup>(b)</sup> <br>|  | 153000 | &nbsp;&nbsp; 159681 |
| &nbsp;&nbsp;&nbsp; 6.30%, 01/25/2039<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208592 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/15/2031 |  | 2000 | &nbsp;&nbsp; 2094 |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/01/2032 |  | 2000 | &nbsp;&nbsp; 2112 |
| 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; 203910 |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/11/2030<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 113034 |
|  |  |  | &nbsp;&nbsp; 2564286 |
| **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership <br> L.P., 4.88%, 02/01/2035<br>|  | 1000 | &nbsp;&nbsp; 955 |

---

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** |
| **Soft Drinks & Non-alcoholic Beverages–0.01%** | **Soft Drinks & Non-alcoholic Beverages–0.01%** | **Soft Drinks & Non-alcoholic Beverages–0.01%** | **Soft Drinks & Non-alcoholic Beverages–0.01%** |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., 4.35%, <br> 05/15/2028<br>|  | $3000 | &nbsp;&nbsp; $2990 |
| PepsiCo, Inc., | PepsiCo, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 01/15/2029 |  | 6000 | &nbsp;&nbsp; 5998 |
| &nbsp;&nbsp;&nbsp; 4.60%, 02/07/2030 |  | 3000 | &nbsp;&nbsp; 3040 |
|  |  |  | &nbsp;&nbsp; 12028 |
| **Sovereign Debt–2.12%** | **Sovereign Debt–2.12%** | **Sovereign Debt–2.12%** | **Sovereign Debt–2.12%** |
| &nbsp;&nbsp;&nbsp; Benin Sukuk S.A. (Benin), 6.20%, <br> 01/29/2033<sup>(b)</sup> <br>|  | 207000 | &nbsp;&nbsp; 192362 |
| &nbsp;&nbsp;&nbsp; Brazilian Government International <br> Bond (Brazil), 7.25%, 01/12/2056<br>|  | 200000 | &nbsp;&nbsp; 196610 |
| &nbsp;&nbsp;&nbsp; Colombia Government International Bond <br> (Colombia), | &nbsp;&nbsp;&nbsp; Colombia Government International Bond <br> (Colombia), |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/21/2029 |  | 410000 | &nbsp;&nbsp; 406720 |
| &nbsp;&nbsp;&nbsp; 6.13%, 01/21/2031 |  | 209000 | &nbsp;&nbsp; 205865 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/21/2033 |  | 221000 | &nbsp;&nbsp; 216691 |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond <br> (Dominican Republic), | &nbsp;&nbsp;&nbsp; Dominican Republic International Bond <br> (Dominican Republic), |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/17/2034<sup>(b)</sup> <br>|  | 181000 | &nbsp;&nbsp; 172765 |
| &nbsp;&nbsp;&nbsp; 6.15%, 05/17/2038<sup>(b)</sup> <br>|  | 101000 | &nbsp;&nbsp; 95753 |
| &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; 195599 |
| &nbsp;&nbsp;&nbsp; Guatemala Government Bond <br> (Guatemala), 6.05%, <br> 08/06/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204100 |
| &nbsp;&nbsp;&nbsp; Israel Government International Bond <br> (Israel), 5.00%, 01/13/2036<br>|  | 70000 | &nbsp;&nbsp; 67538 |
| Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/30/2029<sup>(b)</sup> <br>|  | 297000 | &nbsp;&nbsp; 297760 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/30/2031<sup>(b)</sup> <br>|  | 206000 | &nbsp;&nbsp; 206181 |
| &nbsp;&nbsp;&nbsp; Kuwait International Government Bond <br> (Kuwait), 4.14%, 10/09/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 195930 |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond <br> (Mexico), 4.75%, 03/22/2031<sup>(f)</sup> <br>|  | 312000 | &nbsp;&nbsp; 305292 |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government <br> International Bond (Poland), 5.75%, <br> 11/16/2032<br>|  | 5000 | &nbsp;&nbsp; 5259 |
| &nbsp;&nbsp;&nbsp; Romanian Government International Bond <br> (Romania), | &nbsp;&nbsp;&nbsp; Romanian Government International Bond <br> (Romania), |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/17/2028<sup>(b)</sup> <br>|  | 138000 | &nbsp;&nbsp; 141080 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/30/2029<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 90721 |
| &nbsp;&nbsp;&nbsp; 7.13%, 01/17/2033<sup>(b)</sup> <br>|  | 62000 | &nbsp;&nbsp; 64913 |
| &nbsp;&nbsp;&nbsp; Trinidad & Tobago Government <br> International Bond (Trinidad), <br> 6.40%, 06/26/2034<sup>(b)</sup> <br>|  | 210000 | &nbsp;&nbsp; 209685 |
|  |  |  | &nbsp;&nbsp; 3470824 |
| **Specialized Consumer Services–0.13%** | **Specialized Consumer Services–0.13%** | **Specialized Consumer Services–0.13%** | **Specialized Consumer Services–0.13%** |
| Rentokil Terminix Funding LLC, | Rentokil Terminix Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/28/2030<sup>(b)</sup> <br>|  | 208000 | &nbsp;&nbsp; 208909 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/28/2035<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6045 |
|  |  |  | &nbsp;&nbsp; 214954 |
| **Specialty Chemicals–0.01%** | **Specialty Chemicals–0.01%** | **Specialty Chemicals–0.01%** | **Specialty Chemicals–0.01%** |
| Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 08/15/2028 |  | 5000 | &nbsp;&nbsp; 4991 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 |  | 5000 | &nbsp;&nbsp; 4992 |
|  |  |  | &nbsp;&nbsp; 9983 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Steel–0.25%** | **Steel–0.25%** | **Steel–0.25%** | **Steel–0.25%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | $45000 | &nbsp;&nbsp; $45026 |
| &nbsp;&nbsp;&nbsp; 7.63%, 01/15/2034<sup>(b)</sup> <br>|  | 163000 | &nbsp;&nbsp; 159401 |
| &nbsp;&nbsp;&nbsp; POSCO Holdings, Inc. (South Korea), <br> 5.13%, 05/07/2030<sup>(b)</sup> <br>|  | 211000 | &nbsp;&nbsp; 213017 |
|  |  |  | &nbsp;&nbsp; 417444 |
| **Systems Software–0.23%** | **Systems Software–0.23%** | **Systems Software–0.23%** | **Systems Software–0.23%** |
| &nbsp;&nbsp;&nbsp; Oak-Eagle AcquireCo, Inc., 7.25%, <br> 07/01/2033<sup>(b)</sup> <br>|  | 71000 | &nbsp;&nbsp; 73609 |
| Oracle Corp., | Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/04/2029 |  | 71000 | &nbsp;&nbsp; 70117 |
| &nbsp;&nbsp;&nbsp; 4.78% (SOFR + 1.11%), <br> 02/04/2029<sup>(c)</sup> <br>|  | 53000 | &nbsp;&nbsp; 52537 |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/26/2030 |  | 3000 | &nbsp;&nbsp; 2892 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/04/2031 |  | 95000 | &nbsp;&nbsp; 92984 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 |  | 1000 | &nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/06/2033 |  | 1000 | &nbsp;&nbsp; 948 |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/04/2033 |  | 17000 | &nbsp;&nbsp; 16555 |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/04/2036 |  | 17000 | &nbsp;&nbsp; 16353 |
| &nbsp;&nbsp;&nbsp; 6.55%, 02/04/2046 |  | 24000 | &nbsp;&nbsp; 22406 |
| &nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 |  | 1000 | &nbsp;&nbsp; 945 |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/27/2054 |  | 1000 | &nbsp;&nbsp; 776 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/03/2055 |  | 1000 | &nbsp;&nbsp; 839 |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/26/2055 |  | 1000 | &nbsp;&nbsp; 842 |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/04/2056 |  | 17000 | &nbsp;&nbsp; 15790 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/27/2064 |  | 1000 | &nbsp;&nbsp; 767 |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/03/2065 |  | 1000 | &nbsp;&nbsp; 833 |
| &nbsp;&nbsp;&nbsp; 6.85%, 02/04/2066 |  | 6000 | &nbsp;&nbsp; 5521 |
|  |  |  | &nbsp;&nbsp; 375741 |
| **Telecom Tower REITs–0.06%** | **Telecom Tower REITs–0.06%** | **Telecom Tower REITs–0.06%** | **Telecom Tower REITs–0.06%** |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp., 3.88%, <br> 02/15/2027<br>|  | 95000 | &nbsp;&nbsp; 94091 |
| **Tobacco–0.03%** | **Tobacco–0.03%** | **Tobacco–0.03%** | **Tobacco–0.03%** |
| 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; 1047 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/22/2033 |  | 2000 | &nbsp;&nbsp; 1958 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/20/2034 |  | 1000 | &nbsp;&nbsp; 1057 |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/2043 |  | 1000 | &nbsp;&nbsp; 1100 |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/01/2027 |  | 4000 | &nbsp;&nbsp; 4011 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/17/2027 |  | 3000 | &nbsp;&nbsp; 3041 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/2028 |  | 1000 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/28/2028 |  | 3000 | &nbsp;&nbsp; 2996 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/07/2028 |  | 2000 | &nbsp;&nbsp; 2051 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/13/2029 |  | 2000 | &nbsp;&nbsp; 2030 |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/01/2029 |  | 4000 | &nbsp;&nbsp; 4037 |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/30/2030 |  | 2000 | &nbsp;&nbsp; 1990 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/29/2030 |  | 6000 | &nbsp;&nbsp; 5877 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/13/2031 |  | 1000 | &nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/2031 |  | 4000 | &nbsp;&nbsp; 4020 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/17/2032 |  | 2000 | &nbsp;&nbsp; 2106 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2033 |  | 3000 | &nbsp;&nbsp; 3085 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/07/2033 |  | 1000 | &nbsp;&nbsp; 1044 |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2035 |  | 1000 | &nbsp;&nbsp; 985 |
|  |  |  | &nbsp;&nbsp; 44470 |
| **Trading Companies & Distributors–0.13%** | **Trading Companies & Distributors–0.13%** | **Trading Companies & Distributors–0.13%** | **Trading Companies & Distributors–0.13%** |
| Air Lease Corp., Series B, 4.65%<sup>(d)(e)</sup> <br>|  | 60000 | &nbsp;&nbsp; 59891 |

---

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** |
| **Trading Companies & Distributors–(continued)** | **Trading Companies & Distributors–(continued)** | **Trading Companies & Distributors–(continued)** | **Trading Companies & Distributors–(continued)** |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC, <br> 5.00%, 09/15/2030<sup>(b)</sup> <br>|  | $150000 | &nbsp;&nbsp; $149717 |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc., 4.35%, <br> 03/15/2031<br>|  | 6000 | &nbsp;&nbsp; 5906 |
|  |  |  | &nbsp;&nbsp; 215514 |
| **Transaction & Payment Processing Services–0.00%** | **Transaction & Payment Processing Services–0.00%** | **Transaction & Payment Processing Services–0.00%** | **Transaction & Payment Processing Services–0.00%** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 4.85%, <br> 03/09/2033<br>|  | 1000 | &nbsp;&nbsp; 1014 |
| **Wireless Telecommunication Services–0.05%** | **Wireless Telecommunication Services–0.05%** | **Wireless Telecommunication Services–0.05%** | **Wireless Telecommunication Services–0.05%** |
| &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>|  | 83600 | &nbsp;&nbsp; 84029 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2053 |  | 1000 | &nbsp;&nbsp; 946 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/2054 |  | 1000 | &nbsp;&nbsp; 991 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/15/2055 |  | 1000 | &nbsp;&nbsp; 976 |
| &nbsp;&nbsp;&nbsp; 5.70%, 01/15/2056 |  | 1000 | &nbsp;&nbsp; 952 |
|  |  |  | &nbsp;&nbsp; 87894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $75,207,912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $75,207,912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $75,207,912) | &nbsp;&nbsp; 75345614 |
| **Asset-Backed Securities–29.91%** | **Asset-Backed Securities–29.91%** | **Asset-Backed Securities–29.91%** | **Asset-Backed Securities–29.91%** |
| &nbsp;&nbsp;&nbsp; Adjustable Rate Mortgage Trust, <br> Series 2004-2, Class 6A1, 0.71%, <br> 02/25/2035<sup>(h)</sup> <br>|  | 128 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; AGL CLO 17 Ltd., Series 2022-17A, <br> Class AR, 4.62% (3 mo. Term SOFR <br> + 0.95%), 01/21/2035<sup>(b)(c)</sup> <br>|  | 307000 | &nbsp;&nbsp; 306481 |
| &nbsp;&nbsp;&nbsp; ALA Trust, Series 2025-OANA, Class B, <br> 5.52% (1 mo. Term SOFR + <br> 1.84%), 06/15/2040<sup>(b)(c)</sup> <br>|  | 610000 | &nbsp;&nbsp; 612536 |
| &nbsp;&nbsp;&nbsp; AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, 10/17/2038<sup>(b)</sup> <br>|  | 380000 | &nbsp;&nbsp; 373246 |
| 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>|  | 13376 | &nbsp;&nbsp; 13123 |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.69%, <br> 04/25/2065<sup>(b)(h)</sup> <br>|  | 59447 | &nbsp;&nbsp; 57170 |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class A1, 1.37%, <br> 05/25/2065<sup>(b)(h)</sup> <br>|  | 6074 | &nbsp;&nbsp; 5888 |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.07%, <br> 05/25/2066<sup>(b)(h)</sup> <br>|  | 59043 | &nbsp;&nbsp; 51341 |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 1.98%, <br> 10/25/2066<sup>(b)(h)</sup> <br>|  | 148599 | &nbsp;&nbsp; 129299 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 3.88%, <br> 12/25/2066<sup>(b)</sup> <br>|  | 267892 | &nbsp;&nbsp; 253352 |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class A1, 6.50%, <br> 12/25/2067<sup>(b)</sup> <br>|  | 63922 | &nbsp;&nbsp; 64186 |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class A1, 5.35%, <br> 10/25/2069<sup>(b)</sup> <br>|  | 207688 | &nbsp;&nbsp; 207988 |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(b)</sup> <br>|  | 269913 | &nbsp;&nbsp; 271191 |
| &nbsp;&nbsp;&nbsp; Series 2025-HB1, Class A1, 5.46% <br> (30 Day Average SOFR + 1.80%), <br> 02/25/2055<sup>(b)(c)</sup> <br>|  | 66656 | &nbsp;&nbsp; 66954 |
| &nbsp;&nbsp;&nbsp; Ares LIII CLO Ltd., Series 2019-53A, <br> Class A1R2, 4.76% (3 mo. Term <br> SOFR + 1.09%), 10/24/2036<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249250 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| 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; $557233 |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.25%, <br> 04/20/2029<sup>(b)</sup> <br>|  | 102000 | &nbsp;&nbsp; 103469 |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(b)</sup> <br>|  | 354000 | &nbsp;&nbsp; 360984 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A, 4.17%, <br> 02/20/2030<sup>(b)</sup> <br>|  | 156000 | &nbsp;&nbsp; 154901 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class B, 4.46%, <br> 02/20/2030<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 98996 |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class A, 4.40%, <br> 02/20/2032<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 345905 |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class B, 4.77%, <br> 02/20/2032<sup>(b)</sup> <br>|  | 154000 | &nbsp;&nbsp; 151312 |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class C, 5.26%, <br> 02/20/2032<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 97981 |
| &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, 4.70% <br> (3 mo. Term SOFR + 1.03%), <br> 10/21/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249342 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class AR, 4.61% <br> (3 mo. Term SOFR + 0.94%), <br> 04/18/2034<sup>(b)(c)</sup> <br>|  | 175000 | &nbsp;&nbsp; 174522 |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class AR, 4.73% <br> (3 mo. Term SOFR + 1.06%), <br> 07/24/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249505 |
| 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>|  | 27270 | &nbsp;&nbsp; 23757 |
| &nbsp;&nbsp;&nbsp; Series 2007-C, Class 1A4, 4.38%, <br> 05/20/2036<sup>(h)</sup> <br>|  | 6797 | &nbsp;&nbsp; 5987 |
| &nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust, <br> Series 2007-1, Class 1A24, <br> 6.00%, 03/25/2037<br>|  | 17524 | &nbsp;&nbsp; 15027 |
| &nbsp;&nbsp;&nbsp; Bank, Series 2019-BNK16, Class XA, <br> IO, 0.93%, 02/15/2052<sup>(i)</sup> <br>|  | 1358476 | &nbsp;&nbsp; 27243 |
| &nbsp;&nbsp;&nbsp; Bank5, Series 2024-5YR10, Class A, <br> 5.64%, 10/15/2057<br>|  | 90000 | &nbsp;&nbsp; 91618 |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd., Series 2021-2A, <br> Class A1R, 4.74% (3 mo. Term <br> SOFR + 1.07%), 07/15/2034<sup>(b)(c)</sup> <br>|  | 320000 | &nbsp;&nbsp; 319849 |
| &nbsp;&nbsp;&nbsp; Barings Equipment Finance LLC, <br> Series 2025-B, Class A3, 4.13%, <br> 10/13/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199060 |
| 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>|  | 258902 | &nbsp;&nbsp; 225345 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A4, 2.50%, <br> 10/25/2051<sup>(b)(h)</sup> <br>|  | 258902 | &nbsp;&nbsp; 215571 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A8, 2.50%, <br> 10/25/2051<sup>(b)(h)</sup> <br>|  | 222203 | &nbsp;&nbsp; 199868 |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 3.00%, <br> 11/25/2051<sup>(b)(h)</sup> <br>|  | 260460 | &nbsp;&nbsp; 226532 |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A2, 2.50%, <br> 11/25/2051<sup>(b)(h)</sup> <br>|  | 317594 | &nbsp;&nbsp; 265027 |
| &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>(c)</sup> <br>|  | 15971 | &nbsp;&nbsp; 15479 |
| &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>(c)</sup> <br>|  | 19150 | &nbsp;&nbsp; 18597 |

---

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; Beechwood Park CLO Ltd., <br> Series 2019-1A, Class A1RR, <br> 4.74% (3 mo. Term SOFR + <br> 1.07%), 01/17/2035<sup>(b)(c)</sup> <br>|  | $250000 | &nbsp;&nbsp; $249684 |
| Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-B1, Class XA, IO, <br> 0.52%, 01/15/2051<sup>(i)</sup> <br>|  | 1070824 | &nbsp;&nbsp; 8987 |
| &nbsp;&nbsp;&nbsp; Series 2019-B14, Class A5, <br> 3.05%, 12/15/2062<br>|  | 90000 | &nbsp;&nbsp; 85066 |
| &nbsp;&nbsp;&nbsp; Series 2026-V20, Class AM, <br> 5.44%, 02/15/2059<br>|  | 105000 | &nbsp;&nbsp; 106100 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXIII Ltd., <br> Series 2021-23A, Class A1R, <br> 4.77% (3 mo. Term SOFR + <br> 1.10%), 04/25/2034<sup>(b)(c)</sup> <br>|  | 240000 | &nbsp;&nbsp; 239750 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXV Ltd., <br> Series 2021-25A, Class A1R, <br> 4.67% (3 mo. Term SOFR + <br> 1.00%), 01/15/2035<sup>(b)(c)</sup> <br>|  | 278000 | &nbsp;&nbsp; 277305 |
| &nbsp;&nbsp;&nbsp; BlackRock CLO L.P., Series 2025-2A, <br> Class A, 5.05% (3 mo. Term SOFR + <br> 1.27%), 11/21/2033<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250096 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, <br> 0.97%, 03/25/2060<sup>(b)(h)</sup> <br>|  | 13547 | &nbsp;&nbsp; 13365 |
| &nbsp;&nbsp;&nbsp; BSTN Commercial Mortgage Trust, <br> Series 2025-1C, Class A, 5.01%, <br> 06/15/2044<sup>(b)(h)</sup> <br>|  | 660000 | &nbsp;&nbsp; 672145 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class A, 4.64% <br> (1 mo. Term SOFR + 0.96%), <br> 11/15/2038<sup>(b)(c)</sup> <br>|  | 175557 | &nbsp;&nbsp; 175476 |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT5, Class A, 5.05%, <br> 11/13/2046<sup>(b)(h)</sup> <br>|  | 350000 | &nbsp;&nbsp; 350509 |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT5, Class B, 5.41%, <br> 11/13/2046<sup>(b)(h)</sup> <br>|  | 130000 | &nbsp;&nbsp; 131740 |
| &nbsp;&nbsp;&nbsp; Series 2026-CSMO, Class A, 5.07% <br> (1 mo. Term SOFR + 1.40%), <br> 02/15/2043<sup>(b)(c)</sup> <br>|  | 470000 | &nbsp;&nbsp; 470704 |
| BX Trust, | BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, 4.67% <br> (1 mo. Term SOFR + 1.00%), <br> 01/15/2039<sup>(b)(c)</sup> <br>|  | 320000 | &nbsp;&nbsp; 320013 |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class B, 4.97% <br> (1 mo. Term SOFR + 1.30%), <br> 01/15/2039<sup>(b)(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 230053 |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class C, 5.27% <br> (1 mo. Term SOFR + 1.60%), <br> 01/15/2039<sup>(b)(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100042 |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, 5.12% <br> (1 mo. Term SOFR + 1.44%), <br> 03/15/2042<sup>(b)(c)</sup> <br>|  | 185000 | &nbsp;&nbsp; 183995 |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class A, 5.37% <br> (1 mo. Term SOFR + 1.70%), <br> 07/15/2044<sup>(b)(c)</sup> <br>|  | 358000 | &nbsp;&nbsp; 357046 |
| &nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class A, 5.37% <br> (1 mo. Term SOFR + 1.70%), <br> 12/15/2044<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249674 |
| &nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class B, 5.77% <br> (1 mo. Term SOFR + 2.10%), <br> 12/15/2044<sup>(b)(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 228801 |
| &nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class C, 6.02% <br> (1 mo. Term SOFR + 2.35%), <br> 12/15/2044<sup>(b)(c)</sup> <br>|  | 310000 | &nbsp;&nbsp; 308832 |
| &nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class D, 6.42% <br> (1 mo. Term SOFR + 2.75%), <br> 12/15/2044<sup>(b)(c)</sup> <br>|  | 105000 | &nbsp;&nbsp; 104544 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2026-OPTM, Class A, 4.95% <br> (1 mo. Term SOFR + 1.20%), <br> 03/15/2039<sup>(b)(c)</sup> <br>|  | $305000 | &nbsp;&nbsp; $303352 |
| &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> 4.59% (3 mo. Term SOFR + <br> 0.92%), 07/20/2032<sup>(b)(c)</sup> <br>|  | 170124 | &nbsp;&nbsp; 170347 |
| &nbsp;&nbsp;&nbsp; Series 2015-5A, Class A1R4, <br> 4.55% (3 mo. Term SOFR + <br> 0.88%), 01/20/2032<sup>(b)(c)</sup> <br>|  | 304184 | &nbsp;&nbsp; 304347 |
| &nbsp;&nbsp;&nbsp; Carlyle US CLO Ltd., Series 2022-1A, <br> Class A1R, 4.65% (3 mo. Term <br> SOFR + 0.98%), 04/15/2035<sup>(b)(c)</sup> <br>|  | 254120 | &nbsp;&nbsp; 254114 |
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2017-CD6, <br> Class XA, IO, 0.87%, <br> 11/13/2050<sup>(i)</sup> <br>|  | 515106 | &nbsp;&nbsp; 4970 |
| &nbsp;&nbsp;&nbsp; Cedar Funding VI CLO Ltd., <br> Series 2016-6A, Class AR3, 4.76% <br> (3 mo. Term SOFR + 1.09%), <br> 04/20/2034<sup>(b)(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 499800 |
| &nbsp;&nbsp;&nbsp; Cedar Funding XI CLO Ltd., <br> Series 2019-11A, Class A1R2, <br> 4.73% (3 mo. Term SOFR + <br> 1.06%), 05/29/2032<sup>(b)(c)</sup> <br>|  | 152292 | &nbsp;&nbsp; 152595 |
| &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; 224703 |
| 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>|  | 2902 | &nbsp;&nbsp; 2764 |
| &nbsp;&nbsp;&nbsp; Series 2019-ATR2, Class A3, <br> 3.50%, 07/25/2049<sup>(b)(h)</sup> <br>|  | 16742 | &nbsp;&nbsp; 15312 |
| 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>|  | 16739 | &nbsp;&nbsp; 15530 |
| &nbsp;&nbsp;&nbsp; Series 2016-SH2, Class M3, <br> 3.75%, 12/25/2045<sup>(b)(h)</sup> <br>|  | 21929 | &nbsp;&nbsp; 20365 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.66%, 01/25/2036<sup>(h)</sup> <br>|  | 20217 | &nbsp;&nbsp; 18850 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2022-3A, <br> Class AR, 4.62% (3 mo. Term SOFR <br> + 0.95%), 04/21/2035<sup>(b)(c)</sup> <br>|  | 301000 | &nbsp;&nbsp; 301147 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2017-C4, Class XA, IO, <br> 0.97%, 10/12/2050<sup>(i)</sup> <br>|  | 1528733 | &nbsp;&nbsp; 17209 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, <br> 5.90% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.40%), <br> 10/25/2035<sup>(c)</sup> <br>|  | 43189 | &nbsp;&nbsp; 42050 |
| &nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(b)(h)</sup> <br>|  | 256260 | &nbsp;&nbsp; 213372 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A3A, 6.00%, <br> 07/25/2054<sup>(b)(h)</sup> <br>|  | 164459 | &nbsp;&nbsp; 165499 |
| &nbsp;&nbsp;&nbsp; CLI Funding IX LLC, Series 2025-1A, <br> Class A, 5.35%, 06/20/2050<sup>(b)</sup> <br>|  | 92792 | &nbsp;&nbsp; 93723 |
| &nbsp;&nbsp;&nbsp; Clover CLO LLC, Series 2021-3A, <br> Class AR, 4.74% (3 mo. Term SOFR <br> + 1.07%), 01/25/2035<sup>(b)(c)</sup> <br>|  | 265000 | &nbsp;&nbsp; 264337 |

---

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** |
| 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>|  | $63511 | &nbsp;&nbsp; $57765 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.28%, <br> 12/27/2066<sup>(b)(h)</sup> <br>|  | 163461 | &nbsp;&nbsp; 150381 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 3.99%, <br> 02/25/2067<sup>(b)</sup> <br>|  | 182697 | &nbsp;&nbsp; 174584 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 3.90%, <br> 02/25/2067<sup>(b)(h)</sup> <br>|  | 235695 | &nbsp;&nbsp; 230833 |
| &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC, <br> Series 2025-2A, Class A1, 4.93%, <br> 11/25/2050<sup>(b)</sup> <br>|  | 130000 | &nbsp;&nbsp; 128132 |
| &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>|  | 1657 | &nbsp;&nbsp; 1629 |
| &nbsp;&nbsp;&nbsp; Series 2005-26, Class 1A8, <br> 5.50%, 11/25/2035<br>|  | 23422 | &nbsp;&nbsp; 13307 |
| &nbsp;&nbsp;&nbsp; Series 2005-J4, Class A7, 5.50%, <br> 11/25/2035<br>|  | 2747 | &nbsp;&nbsp; 2248 |
| 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>|  | 25903 | &nbsp;&nbsp; 23244 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, <br> 1.18%, 02/25/2066<sup>(b)(h)</sup> <br>|  | 66076 | &nbsp;&nbsp; 59428 |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1A, <br> 3.87%, 01/25/2067<sup>(b)(h)</sup> <br>|  | 221358 | &nbsp;&nbsp; 216387 |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1B, <br> 4.35%, 01/25/2067<sup>(b)(h)</sup> <br>|  | 115000 | &nbsp;&nbsp; 107060 |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class A1, <br> 4.55%, 05/25/2067<sup>(b)(h)</sup> <br>|  | 204066 | &nbsp;&nbsp; 203542 |
| Cross Mortgage Trust, | Cross Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-H2, Class A1, 6.09%, <br> 04/25/2069<sup>(b)</sup> <br>|  | 107079 | &nbsp;&nbsp; 107748 |
| &nbsp;&nbsp;&nbsp; Series 2024-H8, Class A1, 5.55%, <br> 12/25/2069<sup>(b)(h)</sup> <br>|  | 238897 | &nbsp;&nbsp; 239815 |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM3, Class A1, <br> 5.13%, 03/25/2071<sup>(b)(h)</sup> <br>|  | 210000 | &nbsp;&nbsp; 209698 |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM4, Class A1, <br> 5.49%, 04/25/2071<sup>(b)(h)</sup> <br>|  | 130000 | &nbsp;&nbsp; 130160 |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2020-C19, Class A3, <br> 2.56%, 03/15/2053<br>|  | 776000 | &nbsp;&nbsp; 705528 |
| &nbsp;&nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through <br> Ctfs., Series 2004-AR5, Class 3A1, <br> 4.50%, 06/25/2034<sup>(h)</sup> <br>|  | 4321 | &nbsp;&nbsp; 4103 |
| &nbsp;&nbsp;&nbsp; CSMC Mortgage-Backed Trust, <br> Series 2006-6, Class 1A4, 6.00%, <br> 07/25/2036<br>|  | 91532 | &nbsp;&nbsp; 39107 |
| 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>|  | 46750 | &nbsp;&nbsp; 46279 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I, 4.89%, <br> 08/20/2055<sup>(b)</sup> <br>|  | 119700 | &nbsp;&nbsp; 118832 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2II, <br> 5.17%, 08/20/2055<sup>(b)</sup> <br>|  | 89775 | &nbsp;&nbsp; 88677 |
| 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; 100669 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I, 4.93%, <br> 07/25/2055<sup>(b)</sup> <br>|  | 370000 | &nbsp;&nbsp; 369278 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2II, <br> 5.22%, 07/25/2055<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 299157 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| 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>|  | $6797 | &nbsp;&nbsp; $6625 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.80%, <br> 02/25/2066<sup>(b)(h)</sup> <br>|  | 22655 | &nbsp;&nbsp; 19819 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.21%, <br> 01/25/2067<sup>(b)(h)</sup> <br>|  | 180812 | &nbsp;&nbsp; 161894 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 5.00%, <br> 08/25/2067<sup>(b)</sup> <br>|  | 203100 | &nbsp;&nbsp; 202587 |
| &nbsp;&nbsp;&nbsp; Series 2024-INV2, Class A1, <br> 5.04%, 10/25/2069<sup>(b)</sup> <br>|  | 123997 | &nbsp;&nbsp; 123682 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, <br> 5.60%, 06/25/2070<sup>(b)(h)</sup> <br>|  | 230001 | &nbsp;&nbsp; 231071 |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM3, Class A1, <br> 5.03%, 03/25/2071<sup>(b)(h)</sup> <br>|  | 360810 | &nbsp;&nbsp; 359617 |
| 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; 53246 |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A3, 4.56%, <br> 11/20/2028<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 110666 |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class A3, 4.11%, <br> 12/20/2029<sup>(b)</sup> <br>|  | 160000 | &nbsp;&nbsp; 159229 |
| &nbsp;&nbsp;&nbsp; First Horizon Alternative Mortgage <br> Securities Trust, Series 2005-FA8, <br> Class 1A6, 4.44% (1 mo. Term <br> SOFR + 0.76%), 11/25/2035<sup>(c)</sup> <br>|  | 48924 | &nbsp;&nbsp; 17709 |
| 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>|  | 358831 | &nbsp;&nbsp; 322389 |
| &nbsp;&nbsp;&nbsp; Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(b)(h)</sup> <br>|  | 115917 | &nbsp;&nbsp; 104451 |
| &nbsp;&nbsp;&nbsp; Fort Greene Park CLO LLC, <br> Series 2025-2A, Class AR, 4.62% <br> (3 mo. Term SOFR + 0.95%), <br> 04/22/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249379 |
| GCAT Trust, | GCAT Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-NQM3, Class A1, <br> 3.69%, 11/25/2059<sup>(b)(h)</sup> <br>|  | 6878 | &nbsp;&nbsp; 6761 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, <br> 5.60%, 04/25/2070<sup>(b)</sup> <br>|  | 130651 | &nbsp;&nbsp; 131335 |
| &nbsp;&nbsp;&nbsp; GGP Trust, Series 2026-TY, Class A, <br> 4.67%, 03/05/2043<sup>(b)(h)</sup> <br>|  | 285000 | &nbsp;&nbsp; 281876 |
| &nbsp;&nbsp;&nbsp; GMACM Mortgage Loan Trust, <br> Series 2006-AR1, Class 1A1, <br> 3.36%, 04/19/2036<sup>(h)</sup> <br>|  | 26461 | &nbsp;&nbsp; 22026 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO <br> 8 Ltd., Series 2020-8A, Class ARR, <br> 4.82% (3 mo. Term SOFR + <br> 1.15%), 10/20/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250089 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 53(B) Ltd., <br> Series 2021-53A, Class AR, 4.65% <br> (3 mo. Term SOFR + 0.98%), <br> 07/20/2034<sup>(b)(c)</sup> <br>|  | 451000 | &nbsp;&nbsp; 450098 |
| 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; 47218 |
| &nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A5, <br> 2.38%, 05/12/2053<br>|  | 300000 | &nbsp;&nbsp; 275172 |

---

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** |
| 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>|  | $209838 | &nbsp;&nbsp; $188611 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, 5.21% <br> (30 Day Average SOFR + 1.55%), <br> 10/25/2055<sup>(b)(c)</sup> <br>|  | 114153 | &nbsp;&nbsp; 114375 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, <br> 5.01%, 10/25/2065<sup>(b)</sup> <br>|  | 244536 | &nbsp;&nbsp; 243783 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1, <br> 5.01%, 07/25/2065<sup>(b)</sup> <br>|  | 226383 | &nbsp;&nbsp; 225336 |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 4.99%, 07/25/2035<sup>(h)</sup> <br>|  | 3914 | &nbsp;&nbsp; 3774 |
| &nbsp;&nbsp;&nbsp; Harbor Park CLO Ltd., Series 2018-1A, <br> Class AR2, 4.62% (3 mo. Term <br> SOFR + 0.95%), 01/20/2031<sup>(b)(c)</sup> <br>|  | 273093 | &nbsp;&nbsp; 273120 |
| 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; 111448 |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 2.12%, <br> 12/27/2027<sup>(b)</sup> <br>|  | 103000 | &nbsp;&nbsp; 101543 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, <br> Series 2025-1A, Class A, 4.88%, <br> 05/27/2042<sup>(b)</sup> <br>|  | 241273 | &nbsp;&nbsp; 242219 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Trust, <br> Series 2024-SFR1, Class A, 4.00%, <br> 09/17/2041<sup>(b)</sup> <br>|  | 99750 | &nbsp;&nbsp; 97248 |
| IP Mortgage Trust, | IP Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-IP, Class A, 5.25%, <br> 06/10/2042<sup>(b)(h)</sup> <br>|  | 294000 | &nbsp;&nbsp; 296630 |
| &nbsp;&nbsp;&nbsp; Series 2025-IP, Class B, 5.54%, <br> 06/10/2042<sup>(b)(h)</sup> <br>|  | 280000 | &nbsp;&nbsp; 282559 |
| J.P. Morgan Mortgage Trust, | J.P. Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, <br> 5.50%, 11/25/2065<sup>(b)(h)</sup> <br>|  | 242841 | &nbsp;&nbsp; 243786 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, <br> 4.95%, 03/25/2066<sup>(b)(h)</sup> <br>|  | 64924 | &nbsp;&nbsp; 64702 |
| &nbsp;&nbsp;&nbsp; Jersey Mike's Funding, Series 2025-<br> 1A, Class A2, 5.61%, <br> 08/16/2055<sup>(b)</sup> <br>|  | 199000 | &nbsp;&nbsp; 202315 |
| 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>|  | 6844 | &nbsp;&nbsp; 6844 |
| &nbsp;&nbsp;&nbsp; Series 2021-LTV2, Class A1, <br> 2.52%, 05/25/2052<sup>(b)(h)</sup> <br>|  | 282691 | &nbsp;&nbsp; 241091 |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A3, 5.50%, <br> 01/25/2055<sup>(b)(h)</sup> <br>|  | 35052 | &nbsp;&nbsp; 34904 |
| &nbsp;&nbsp;&nbsp; Series 2024-VIS1, Class A1, <br> 5.99%, 07/25/2064<sup>(b)(h)</sup> <br>|  | 183197 | &nbsp;&nbsp; 184246 |
| &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; 231109 |
| &nbsp;&nbsp;&nbsp; Series 2015-C27, Class XA, IO, <br> 0.57%, 02/15/2048<sup>(i)</sup> <br>|  | 245995 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Juniper Valley Park CLO Ltd., <br> Series 2023-1A, Class ARR, 4.75% <br> (3 mo. Term SOFR + 1.08%), <br> 07/20/2036<sup>(b)(c)</sup> <br>|  | 530000 | &nbsp;&nbsp; 529119 |
| &nbsp;&nbsp;&nbsp; KKR CLO 15 Ltd., Series 15, <br> Class A1R2, 4.77% (3 mo. Term <br> SOFR + 1.10%), 01/18/2032<sup>(b)(c)</sup> <br>|  | 94860 | &nbsp;&nbsp; 94894 |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-BMR, <br> Class C, 4.89% (1 mo. Term SOFR + <br> 1.21%), 03/15/2038<sup>(b)(c)</sup> <br>|  | 11748 | &nbsp;&nbsp; 11643 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Lightpath Fiber Issuer LLC, | Lightpath Fiber Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2, 5.60%, <br> 03/25/2056<sup>(b)</sup> <br>|  | $300000 | &nbsp;&nbsp; $299900 |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class B, 5.89%, <br> 03/25/2056<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100138 |
| &nbsp;&nbsp;&nbsp; Magnetite XXXI Ltd., Series 2021-31A, <br> Class A1R, 4.67% (3 mo. Term <br> SOFR + 1.00%), 07/15/2034<sup>(b)(c)</sup> <br>|  | 355000 | &nbsp;&nbsp; 354112 |
| &nbsp;&nbsp;&nbsp; MASTR Asset Backed Securities Trust, <br> Series 2006-WMC3, Class A3, <br> 3.99% (1 mo. Term SOFR + <br> 0.31%), 08/25/2036<sup>(c)</sup> <br>|  | 33428 | &nbsp;&nbsp; 11395 |
| 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>|  | 151724 | &nbsp;&nbsp; 136240 |
| &nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(h)</sup> <br>|  | 151126 | &nbsp;&nbsp; 134810 |
| &nbsp;&nbsp;&nbsp; Merchants Fleet Funding LLC, <br> Series 2025-1A, Class A, 4.49%, <br> 01/20/2039<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 110224 |
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, <br> Series 2005-3, Class 3A, 2.39%, <br> 11/25/2035<sup>(h)</sup> <br>|  | 2326 | &nbsp;&nbsp; 2222 |
| &nbsp;&nbsp;&nbsp; Metronet Infrastructure Issuer LLC, <br> Series 2025-4A, Class A2, 5.16%, <br> 12/20/2055<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 109748 |
| &nbsp;&nbsp;&nbsp; MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, 11/25/2056<sup>(b)(h)</sup> <br>|  | 175769 | &nbsp;&nbsp; 159699 |
| MHP Commercial Mortgage Trust, | MHP Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-STOR, Class A, 4.49% <br> (1 mo. Term SOFR + 0.81%), <br> 07/15/2038<sup>(b)(c)</sup> <br>|  | 125000 | &nbsp;&nbsp; 124956 |
| &nbsp;&nbsp;&nbsp; Series 2021-STOR, Class B, 4.69% <br> (1 mo. Term SOFR + 1.01%), <br> 07/15/2038<sup>(b)(c)</sup> <br>|  | 105000 | &nbsp;&nbsp; 104969 |
| MILE Trust, | MILE Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-STNE, Class A, 5.17% <br> (1 mo. Term SOFR + 1.50%), <br> 07/15/2042<sup>(b)(c)</sup> <br>|  | 610000 | &nbsp;&nbsp; 609384 |
| &nbsp;&nbsp;&nbsp; Series 2025-STNE, Class B, 5.37% <br> (1 mo. Term SOFR + 1.70%), <br> 07/15/2042<sup>(b)(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99673 |
| &nbsp;&nbsp;&nbsp; Series 2025-STNE, Class C, 5.77% <br> (1 mo. Term SOFR + 2.10%), <br> 07/15/2042<sup>(b)(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99585 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill <br> Lynch Trust, Series 2025-5C2, <br> Class B, 5.69%, 11/15/2058<sup>(h)</sup> <br>|  | 142000 | &nbsp;&nbsp; 143452 |
| Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-HR2, Class XA, IO, <br> 0.85%, 12/15/2050<sup>(i)</sup> <br>|  | 529919 | &nbsp;&nbsp; 5941 |
| &nbsp;&nbsp;&nbsp; Series 2019-L2, Class A4, 4.07%, <br> 03/15/2052<br>|  | 80000 | &nbsp;&nbsp; 78905 |
| &nbsp;&nbsp;&nbsp; Series 2019-L3, Class AS, 3.49%, <br> 11/15/2052<br>|  | 60000 | &nbsp;&nbsp; 56611 |
| &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>|  | 165765 | &nbsp;&nbsp; 149533 |

---

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; 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>|  | $104580 | &nbsp;&nbsp; $104664 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, <br> 5.65%, 10/25/2069<sup>(b)(h)</sup> <br>|  | 178807 | &nbsp;&nbsp; 179829 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, <br> 5.74%, 11/25/2069<sup>(b)(h)</sup> <br>|  | 309243 | &nbsp;&nbsp; 312175 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM8, Class A1, <br> 4.96%, 09/25/2070<sup>(b)(h)</sup> <br>|  | 201727 | &nbsp;&nbsp; 201460 |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM3, Class A1, <br> 5.21%, 03/25/2071<sup>(b)(h)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99831 |
| &nbsp;&nbsp;&nbsp; Navient Refinance Loan Trust, <br> Series 2025-A, Class A, 5.15%, <br> 02/16/2055<sup>(b)</sup> <br>|  | 141035 | &nbsp;&nbsp; 141826 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO <br> 38 Ltd., Series 2020-38A, <br> Class AR2, 4.63% (3 mo. Term <br> SOFR + 0.96%), 10/20/2036<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249500 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO <br> 47 Ltd., Series 2022-47A, <br> Class AR, 4.76% (3 mo. Term SOFR <br> + 1.09%), 04/16/2035<sup>(b)(c)</sup> <br>|  | 270000 | &nbsp;&nbsp; 269805 |
| 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>|  | 8055 | &nbsp;&nbsp; 7769 |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, <br> 2.46%, 01/26/2060<sup>(b)(h)</sup> <br>|  | 13613 | &nbsp;&nbsp; 12846 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, <br> 3.85%, 03/27/2062<sup>(b)(h)</sup> <br>|  | 182485 | &nbsp;&nbsp; 172511 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, <br> 5.47%, 11/25/2064<sup>(b)</sup> <br>|  | 73074 | &nbsp;&nbsp; 73677 |
| &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner <br> Trust, Series 2025-2A, Class A2, <br> 4.23%, 10/15/2030<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99655 |
| &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., Series 2021-2A, <br> Class AR, 4.64% (3 mo. Term SOFR <br> + 0.97%), 01/15/2035<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 248993 |
| OBX Trust, | OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A1, <br> 1.96%, 10/25/2061<sup>(b)(h)</sup> <br>|  | 238197 | &nbsp;&nbsp; 205852 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, <br> 2.31%, 11/25/2061<sup>(b)(h)</sup> <br>|  | 205583 | &nbsp;&nbsp; 186511 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1B, <br> 4.38%, 01/25/2062<sup>(b)</sup> <br>|  | 235000 | &nbsp;&nbsp; 218399 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM14, Class A1, <br> 4.94%, 09/25/2064<sup>(b)</sup> <br>|  | 120952 | &nbsp;&nbsp; 120767 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM18, Class A1, <br> 5.41%, 10/25/2064<sup>(b)(h)</sup> <br>|  | 76920 | &nbsp;&nbsp; 77160 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE2, Class A1, 5.11% <br> (30 Day Average SOFR + 1.45%), <br> 08/25/2055<sup>(b)(c)</sup> <br>|  | 165720 | &nbsp;&nbsp; 166054 |
| &nbsp;&nbsp;&nbsp; Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, 2.50%, <br> 07/25/2051<sup>(b)(h)</sup> <br>|  | 189052 | &nbsp;&nbsp; 170051 |
| &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; 105421 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. (Cayman <br> Islands), | &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. (Cayman <br> Islands), |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A1, 4.61% <br> (3 mo. Term SOFR + 0.94%), <br> 07/15/2033<sup>(b)(c)</sup> <br>|  | 508264 | &nbsp;&nbsp; 508183 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A1, 4.66% <br> (3 mo. Term SOFR + 0.95%), <br> 01/15/2034<sup>(b)(c)</sup> <br>|  | 275000 | &nbsp;&nbsp; 274890 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Pikes Peak CLO 6, Series 2020-6A, <br> Class ARR, 4.60% (3 mo. Term <br> SOFR + 0.94%), 05/18/2034<sup>(b)(c)</sup> <br>|  | $250000 | &nbsp;&nbsp; $249732 |
| Planet Fitness Master Issuer LLC, | Planet Fitness Master Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I, 5.27%, <br> 12/06/2055<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100105 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2II, <br> 5.65%, 12/06/2055<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 98914 |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust, Series 2025-INV1, <br> Class A7, 6.00%, 01/25/2060<sup>(b)(h)</sup> <br>|  | 102368 | &nbsp;&nbsp; 103610 |
| Progress Residential Trust, | Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, <br> 2.39%, 12/17/2040<sup>(b)</sup> <br>|  | 196924 | &nbsp;&nbsp; 186496 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR5, Class A, 4.45%, <br> 06/17/2039<sup>(b)</sup> <br>|  | 237978 | &nbsp;&nbsp; 236982 |
| &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2025-4, Class A1, 6.00%, <br> 09/25/2055<sup>(b)(h)</sup> <br>|  | 312773 | &nbsp;&nbsp; 315158 |
| &nbsp;&nbsp;&nbsp; Qdoba Funding LLC, Series 2023-1A, <br> Class A2, 8.50%, 09/14/2053<sup>(b)</sup> <br>|  | 357105 | &nbsp;&nbsp; 370623 |
| 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>|  | 143151 | &nbsp;&nbsp; 144465 |
| &nbsp;&nbsp;&nbsp; Series 2025-J1, Class A4, 6.00%, <br> 03/25/2055<sup>(b)(h)</sup> <br>|  | 111463 | &nbsp;&nbsp; 112041 |
| &nbsp;&nbsp;&nbsp; Series 2025-J2, Class A5, 5.50%, <br> 07/25/2055<sup>(b)(h)</sup> <br>|  | 128568 | &nbsp;&nbsp; 128745 |
| RCKT Mortgage Trust, | RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES6, Class A1A, <br> 5.47%, 06/25/2055<sup>(b)</sup> <br>|  | 181297 | &nbsp;&nbsp; 182032 |
| &nbsp;&nbsp;&nbsp; Series 2025-CES7, Class A1A, <br> 5.38%, 07/25/2055<sup>(b)</sup> <br>|  | 121105 | &nbsp;&nbsp; 121447 |
| &nbsp;&nbsp;&nbsp; Series 2026-CES1, Class A1A, <br> 4.83%, 01/25/2056<sup>(b)</sup> <br>|  | 156012 | &nbsp;&nbsp; 154945 |
| 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>|  | 201 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; Series 2007-QS6, Class A28, <br> 5.75%, 04/25/2037<br>|  | 2688 | &nbsp;&nbsp; 2225 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(b)(h)</sup> <br>|  | 683 | &nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp; RR 17 Ltd., Series 2021-17A, <br> Class A1AR, 4.74% (3 mo. Term <br> SOFR + 1.07%), 07/15/2034<sup>(b)(c)</sup> <br>|  | 625000 | &nbsp;&nbsp; 624966 |
| &nbsp;&nbsp;&nbsp; RUN Trust, Series 2022-NQM1, <br> Class A1, 5.00%, 03/25/2067<sup>(b)</sup> <br>|  | 173027 | &nbsp;&nbsp; 169490 |
| &nbsp;&nbsp;&nbsp; SCG Commercial Mortgage Trust, <br> Series 2025-FLWR, Class A, 4.92% <br> (1 mo. Term SOFR + 1.25%), <br> 08/15/2042<sup>(b)(c)</sup> <br>|  | 145000 | &nbsp;&nbsp; 144911 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, <br> Series 2025-10, Class A1, 5.50%, <br> 11/25/2055<sup>(b)(h)</sup> <br>|  | 319197 | &nbsp;&nbsp; 317852 |
| 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>|  | 287053 | &nbsp;&nbsp; 273182 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A2, 3.58%, <br> 03/27/2062<sup>(b)(h)</sup> <br>|  | 94482 | &nbsp;&nbsp; 87732 |
| &nbsp;&nbsp;&nbsp; Shackleton CLO Ltd., Series 2015-7RA, <br> Class ARR, 4.77% (3 mo. Term SOFR <br> + 1.10%), 07/15/2031<sup>(b)(c)</sup> <br>|  | 28374 | &nbsp;&nbsp; 28382 |

---

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** |
| SHRN Trust, | SHRN Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-MF18, Class A, 4.87% <br> (1 mo. Term SOFR + 1.20%), <br> 10/15/2040<sup>(b)(c)</sup> <br>|  | $520000 | &nbsp;&nbsp; $519361 |
| &nbsp;&nbsp;&nbsp; Series 2025-MF18, Class B, 5.12% <br> (1 mo. Term SOFR + 1.45%), <br> 10/15/2040<sup>(b)(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100023 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 1 Ltd., Series 2014-<br> 1A, Class AR4, 4.75% (3 mo. Term <br> SOFR + 1.08%), 04/17/2034<sup>(b)(c)</sup> <br>|  | 372000 | &nbsp;&nbsp; 371872 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 4 Ltd., Series 2017-<br> 4A, Class AR2, 4.79% (3 mo. Term <br> SOFR + 1.12%), 10/26/2034<sup>(b)(c)</sup> <br>|  | 600000 | &nbsp;&nbsp; 599659 |
| Sonic Capital LLC, | Sonic Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2I, 3.85%, <br> 01/20/2050<sup>(b)</sup> <br>|  | 47208 | &nbsp;&nbsp; 46764 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 2.19%, <br> 08/20/2051<sup>(b)</sup> <br>|  | 152800 | &nbsp;&nbsp; 142129 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II, <br> 2.64%, 08/20/2051<sup>(b)</sup> <br>|  | 296050 | &nbsp;&nbsp; 253671 |
| &nbsp;&nbsp;&nbsp; STAR Trust, Series 2021-1, Class A1, <br> 1.22%, 05/25/2065<sup>(b)(h)</sup> <br>|  | 71620 | &nbsp;&nbsp; 67581 |
| 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>|  | 6317 | &nbsp;&nbsp; 6090 |
| &nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, <br> 1.03%, 11/25/2055<sup>(b)(h)</sup> <br>|  | 7886 | &nbsp;&nbsp; 7588 |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.92%, <br> 11/25/2066<sup>(b)(h)</sup> <br>|  | 267922 | &nbsp;&nbsp; 237208 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.45%, <br> 12/25/2066<sup>(b)(h)</sup> <br>|  | 207140 | &nbsp;&nbsp; 186705 |
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage <br> Loan Trust, Series 2004-12, <br> Class 3A2, 4.75%, 09/25/2034<sup>(h)</sup> <br>|  | 345 | &nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. <br> Mortgage Pass-Through Ctfs., <br> Series 2003-34A, Class 5A5, <br> 5.64%, 11/25/2033<sup>(h)</sup> <br>|  | 12663 | &nbsp;&nbsp; 12455 |
| Subway Funding LLC, | Subway Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A23, <br> 6.51%, 07/30/2054<sup>(b)</sup> <br>|  | 190587 | &nbsp;&nbsp; 191223 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I, 6.03%, <br> 07/30/2054<sup>(b)</sup> <br>|  | 209350 | &nbsp;&nbsp; 210852 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I, 6.27%, <br> 07/30/2054<sup>(b)</sup> <br>|  | 207375 | &nbsp;&nbsp; 209434 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A23, <br> 5.91%, 07/30/2054<sup>(b)</sup> <br>|  | 217250 | &nbsp;&nbsp; 212372 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2I, 5.25%, <br> 07/30/2054<sup>(b)</sup> <br>|  | 197500 | &nbsp;&nbsp; 195295 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2I, 5.57%, <br> 07/30/2054<sup>(b)</sup> <br>|  | 202437 | &nbsp;&nbsp; 199939 |
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC, Series 2025-<br> 2A, Class A21, 5.12%, <br> 10/25/2055<sup>(b)</sup> <br>|  | 140000 | &nbsp;&nbsp; 136974 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XX Ltd., Series 2018-<br> 20A, Class AR2, 4.77% (3 mo. <br> Term SOFR + 1.10%), <br> 01/16/2032<sup>(b)(c)</sup> <br>|  | 109120 | &nbsp;&nbsp; 109312 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXI Ltd., <br> Series 2019-21A, Class AR2, <br> 4.57% (3 mo. Term SOFR + <br> 0.90%), 07/15/2032<sup>(b)(c)</sup> <br>|  | 209733 | &nbsp;&nbsp; 209829 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXII Ltd., <br> Series 2020-22A, Class A1AR, <br> 4.85% (3 mo. Term SOFR + <br> 1.18%), 04/18/2033<sup>(b)(c)</sup> <br>|  | 176842 | &nbsp;&nbsp; 176863 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXIII Ltd., <br> Series 2020-23A, Class AR2, <br> 4.57% (3 mo. Term SOFR + <br> 0.90%), 01/15/2034<sup>(b)(c)</sup> <br>|  | $180464 | &nbsp;&nbsp; $180484 |
| &nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, <br> Series 2024-A2, Class A, 4.93%, <br> 07/15/2030<br>|  | 280000 | &nbsp;&nbsp; 282954 |
| 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; 394737 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2II, <br> 5.05%, 08/25/2055<sup>(b)</sup> <br>|  | 260000 | &nbsp;&nbsp; 254703 |
| &nbsp;&nbsp;&nbsp; Textainer Marine Containers VII Ltd., <br> Series 2021-2A, Class A, 2.23%, <br> 04/20/2046<sup>(b)</sup> <br>|  | 266933 | &nbsp;&nbsp; 252118 |
| &nbsp;&nbsp;&nbsp; Thayer Park, CLO Ltd., Series 2017-<br> 1A, Class A1RR, 4.67% (3 mo. Term <br> SOFR + 1.00%), 04/20/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249613 |
| &nbsp;&nbsp;&nbsp; Thornburg Mortgage Securities Trust, <br> Series 2005-1, Class A3, 4.66%, <br> 04/25/2045<sup>(h)</sup> <br>|  | 9232 | &nbsp;&nbsp; 9115 |
| &nbsp;&nbsp;&nbsp; Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, 1.48%, <br> 11/17/2039<sup>(b)</sup> <br>|  | 239641 | &nbsp;&nbsp; 228347 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust, <br> Series 2025-SFR1, Class A, 4.77% <br> (1 mo. Term SOFR + 1.10%), <br> 03/17/2042<sup>(b)(c)</sup> <br>|  | 192673 | &nbsp;&nbsp; 192370 |
| UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C5, Class XA, IO, <br> 1.09%, 11/15/2050<sup>(i)</sup> <br>|  | 675110 | &nbsp;&nbsp; 7440 |
| &nbsp;&nbsp;&nbsp; Series 2019-C16, Class A4, <br> 3.60%, 04/15/2052<br>|  | 80000 | &nbsp;&nbsp; 77377 |
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Issuer LLC, <br> Series 2025-2A, Class A2, 5.24%, <br> 11/15/2055<sup>(b)</sup> <br>|  | 210000 | &nbsp;&nbsp; 207183 |
| &nbsp;&nbsp;&nbsp; VB-S1 Issuer LLC, Series 2026-1A, <br> Class C2, 4.69%, 03/15/2056<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196764 |
| VDCM Commercial Mortgage Trust, | VDCM Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class A, 4.72%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 695000 | &nbsp;&nbsp; 695538 |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class B, 4.95%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99916 |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class C, 5.45%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 235000 | &nbsp;&nbsp; 236615 |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class D, 5.81%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 245000 | &nbsp;&nbsp; 247631 |
| 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>|  | 51841 | &nbsp;&nbsp; 47275 |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 2.83%, <br> 10/25/2066<sup>(b)</sup> <br>|  | 221811 | &nbsp;&nbsp; 203644 |
| &nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, 0.82%, <br> 10/25/2063<sup>(b)(h)</sup> <br>|  | 26477 | &nbsp;&nbsp; 25663 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 3.72%, <br> 01/25/2067<sup>(b)</sup> <br>|  | 175812 | &nbsp;&nbsp; 166350 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 5.13%, <br> 02/25/2067<sup>(b)</sup> <br>|  | 125021 | &nbsp;&nbsp; 119634 |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.10%, <br> 09/25/2069<sup>(b)(h)</sup> <br>|  | 101113 | &nbsp;&nbsp; 101035 |
| &nbsp;&nbsp;&nbsp; Visio Trust, Series 2020-1R, Class A1, <br> 1.31%, 11/25/2055<sup>(b)</sup> <br>|  | 15910 | &nbsp;&nbsp; 15477 |

---

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** |
| WaMu Mortgage Pass-Through Ctfs. Trust, | WaMu Mortgage Pass-Through Ctfs. Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-AR10, Class A7, <br> 5.66%, 10/25/2033<sup>(h)</sup> <br>|  | $12266 | &nbsp;&nbsp; $11904 |
| &nbsp;&nbsp;&nbsp; Series 2005-AR14, Class 1A4, <br> 4.92%, 12/25/2035<sup>(h)</sup> <br>|  | 33038 | &nbsp;&nbsp; 31391 |
| &nbsp;&nbsp;&nbsp; Series 2005-AR16, Class 1A1, <br> 4.43%, 12/25/2035<sup>(h)</sup> <br>|  | 13805 | &nbsp;&nbsp; 12786 |
| Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C42, Class XA, IO, <br> 0.82%, 12/15/2050<sup>(i)</sup> <br>|  | 713478 | &nbsp;&nbsp; 8300 |
| &nbsp;&nbsp;&nbsp; Series 2026-C66, Class A5, <br> 5.65%, 04/15/2059<br>|  | 90000 | &nbsp;&nbsp; 93324 |
| &nbsp;&nbsp;&nbsp; Wendy's Funding LLC, Series 2018-1A, <br> Class A2II, 3.88%, 03/15/2048<sup>(b)</sup> <br>|  | 55032 | &nbsp;&nbsp; 54045 |
| &nbsp;&nbsp;&nbsp; WEST Trust, Series 2025-ROSE, <br> Class A, 5.28%, 04/10/2035<sup>(b)(h)</sup> <br>|  | 435000 | &nbsp;&nbsp; 437346 |
| &nbsp;&nbsp;&nbsp; WF Card Issuance Trust, <br> Series 2024-A1, Class A, 4.94%, <br> 02/15/2029<br>|  | 507000 | &nbsp;&nbsp; 511254 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2013-C14, Class AS, 3.49%, <br> 06/15/2046<br>|  | 13175 | &nbsp;&nbsp; 12951 |
| 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>|  | 488482 | &nbsp;&nbsp; 463980 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I, 6.59%, <br> 04/30/2054<sup>(b)</sup> <br>|  | 123125 | &nbsp;&nbsp; 125012 |
| 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; 223129 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, 5.57%, <br> 10/20/2055<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 251043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $50,376,352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $50,376,352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities (Cost $50,376,352) | &nbsp;&nbsp; 49079648 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–25.50%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–25.50%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–25.50%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–25.50%** |
| **Collateralized Mortgage Obligations–0.31%** | **Collateralized Mortgage Obligations–0.31%** | **Collateralized Mortgage Obligations–0.31%** | **Collateralized Mortgage Obligations–0.31%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>7.00%, 02/25/2028 to <br> 04/25/2032<sup>(j)</sup> <br>|  | 28806 | &nbsp;&nbsp; 3698 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/25/2029 to <br> 02/25/2033<sup>(i)(j)</sup> <br>|  | 98691 | &nbsp;&nbsp; 10710 |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/25/2029<sup>(j)</sup> <br>|  | 4093 | &nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/25/2033 to <br> 03/25/2036<sup>(i)(j)</sup> <br>|  | 91380 | &nbsp;&nbsp; 13183 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/25/2033 to <br> 06/25/2035<sup>(i)(j)</sup> <br>|  | 133765 | &nbsp;&nbsp; 16672 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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>(j)</sup> <br>|  | $5323 | &nbsp;&nbsp; $60 |
| &nbsp;&nbsp;&nbsp; 3.32% (7.10% - (30 Day Average <br> SOFR + 0.11%)), 11/25/2030<sup>(c)(j)</sup> <br>|  | 11662 | &nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp; 4.11% (7.90% - (30 Day Average <br> SOFR + 0.11%)), 11/18/2031 to <br> 12/18/2031<sup>(c)(j)</sup> <br>|  | 981 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; 4.12% (7.90% - (30 Day Average <br> SOFR + 0.11%)), 11/25/2031<sup>(c)(j)</sup> <br>|  | 21539 | &nbsp;&nbsp; 1696 |
| &nbsp;&nbsp;&nbsp; 3.47% (7.25% - (30 Day Average <br> SOFR + 0.11%)), 01/25/2032<sup>(c)(j)</sup> <br>|  | 1093 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; 4.17% (7.95% - (30 Day Average <br> SOFR + 0.11%)), 01/25/2032<sup>(c)(j)</sup> <br>|  | 5669 | &nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp; 4.21% (8.00% - (30 Day Average <br> SOFR + 0.11%)), 03/18/2032 to <br> 12/18/2032<sup>(c)(j)</sup> <br>|  | 2010 | &nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp; 4.32% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2032 to <br> 04/25/2032<sup>(c)(j)</sup> <br>|  | 1733 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp; 3.22% (7.00% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032 to <br> 09/25/2032<sup>(c)(j)</sup> <br>|  | 5635 | &nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp; 4.02% (7.80% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032<sup>(c)(j)</sup> <br>|  | 185 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; 4.22% (8.00% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032 to <br> 12/25/2032<sup>(c)(j)</sup> <br>|  | 84061 | &nbsp;&nbsp; 8271 |
| &nbsp;&nbsp;&nbsp; 4.31% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 12/18/2032<sup>(c)(j)</sup> <br>|  | 5443 | &nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; 4.47% (8.25% - (30 Day Average <br> SOFR + 0.11%)), 02/25/2033 to <br> 05/25/2033<sup>(c)(j)</sup> <br>|  | 32852 | &nbsp;&nbsp; 4439 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/25/2033<sup>(j)</sup> <br>|  | 1368 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; 2.27% (6.05% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2035 to <br> 07/25/2038<sup>(c)(j)</sup> <br>|  | 16980 | &nbsp;&nbsp; 1303 |
| &nbsp;&nbsp;&nbsp; 2.97% (6.75% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2035 to <br> 05/25/2035<sup>(c)(j)</sup> <br>|  | 4308 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp; 2.82% (6.60% - (30 Day Average <br> SOFR + 0.11%)), 05/25/2035<sup>(c)(j)</sup> <br>|  | 10553 | &nbsp;&nbsp; 453 |
| &nbsp;&nbsp;&nbsp; 2.92% (6.70% - (30 Day Average <br> SOFR + 0.11%)), 05/25/2035<sup>(c)(j)</sup> <br>|  | 40815 | &nbsp;&nbsp; 3280 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/25/2035<sup>(j)</sup> <br>|  | 106802 | &nbsp;&nbsp; 10266 |
| &nbsp;&nbsp;&nbsp; 2.32% (6.10% - (30 Day Average <br> SOFR + 0.11%)), 10/25/2035<sup>(c)(j)</sup> <br>|  | 47490 | &nbsp;&nbsp; 4200 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/25/2041 to <br> 08/25/2047<sup>(j)</sup> <br>|  | 36201 | &nbsp;&nbsp; 5422 |
| &nbsp;&nbsp;&nbsp; 2.77% (6.55% - (30 Day Average <br> SOFR + 0.11%)), 10/25/2041<sup>(c)(j)</sup> <br>|  | 10361 | &nbsp;&nbsp; 738 |
| &nbsp;&nbsp;&nbsp; 2.37% (6.15% - (30 Day Average <br> SOFR + 0.11%)), 12/25/2042<sup>(c)(j)</sup> <br>|  | 32635 | &nbsp;&nbsp; 3419 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/25/2046<sup>(j)</sup> <br>|  | 29192 | &nbsp;&nbsp; 3674 |
| &nbsp;&nbsp;&nbsp; 2.12% (5.90% - (30 Day Average <br> SOFR + 0.11%)), 09/25/2047<sup>(c)(j)</sup> <br>|  | 226924 | &nbsp;&nbsp; 22206 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/25/2028 to <br> 11/25/2029<br>|  | 15016 | &nbsp;&nbsp; 15194 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/25/2028 to <br> 12/25/2031<br>|  | 22609 | &nbsp;&nbsp; 23140 |
| &nbsp;&nbsp;&nbsp; 4.03% (30 Day Average SOFR + <br> 0.36%), 08/25/2035<sup>(c)</sup> <br>|  | 164 | &nbsp;&nbsp; 163 |

---

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; 10.72% (24.57% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 03/25/2036<sup>(c)</sup> <br>|  | $18776 | &nbsp;&nbsp; $21914 |
| &nbsp;&nbsp;&nbsp; 10.35% (24.20% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 06/25/2036<sup>(c)</sup> <br>|  | 11093 | &nbsp;&nbsp; 13041 |
| &nbsp;&nbsp;&nbsp; 10.35% (24.20% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 06/25/2036<sup>(c)</sup> <br>|  | 8277 | &nbsp;&nbsp; 9166 |
| &nbsp;&nbsp;&nbsp; 4.72% (30 Day Average SOFR + <br> 1.05%), 06/25/2037<sup>(c)</sup> <br>|  | 7874 | &nbsp;&nbsp; 7963 |
| &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 K735, Class X1, IO, <br>0.96%, 05/25/2026<sup>(i)</sup> <br>|  | 1234839 | &nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp; Series K083, Class AM, <br>4.03%, 10/25/2028<sup>(h)</sup> <br>|  | 23000 | &nbsp;&nbsp; 22909 |
| &nbsp;&nbsp;&nbsp; Series K085, Class AM, <br>4.06%, 10/25/2028<sup>(h)</sup> <br>|  | 23000 | &nbsp;&nbsp; 22930 |
| &nbsp;&nbsp;&nbsp; Series K089, Class AM, <br>3.63%, 01/25/2029<sup>(h)</sup> <br>|  | 39000 | &nbsp;&nbsp; 38423 |
| &nbsp;&nbsp;&nbsp; Series K088, Class AM, <br>3.76%, 01/25/2029<sup>(h)</sup> <br>|  | 92000 | &nbsp;&nbsp; 90944 |
| &nbsp;&nbsp;&nbsp; Series K093, Class X1, IO, <br>0.94%, 05/25/2029<sup>(i)</sup> <br>|  | 1540087 | &nbsp;&nbsp; 37530 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| &nbsp;&nbsp;&nbsp; IO, <br>3.86% (7.65% - (30 Day Average <br> SOFR + 0.11%)), 07/15/2026 to <br> 03/15/2029<sup>(c)(j)</sup> <br>|  | 4716 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/2027 to <br> 12/15/2027<sup>(j)</sup> <br>|  | 19731 | &nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/2028<sup>(j)</sup> <br>|  | 6918 | &nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; 4.31% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 06/15/2029<sup>(c)(j)</sup> <br>|  | 243 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; 2.91% (6.70% - (30 Day Average <br> SOFR + 0.11%)), 01/15/2035<sup>(c)(j)</sup> <br>|  | 86622 | &nbsp;&nbsp; 5097 |
| &nbsp;&nbsp;&nbsp; 2.96% (6.75% - (30 Day Average <br> SOFR + 0.11%)), 02/15/2035<sup>(c)(j)</sup> <br>|  | 8960 | &nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp; 2.93% (6.72% - (30 Day Average <br> SOFR + 0.11%)), 05/15/2035<sup>(c)(j)</sup> <br>|  | 6268 | &nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp; 2.36% (6.15% - (30 Day Average <br> SOFR + 0.11%)), 07/15/2035<sup>(c)(j)</sup> <br>|  | 1587 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; 3.21% (7.00% - (30 Day Average <br> SOFR + 0.11%)), 12/15/2037<sup>(c)(j)</sup> <br>|  | 1996 | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp; 2.21% (6.00% - (30 Day Average <br> SOFR + 0.11%)), 04/15/2038<sup>(c)(j)</sup> <br>|  | 2668 | &nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp; 2.28% (6.07% - (30 Day Average <br> SOFR + 0.11%)), 05/15/2038<sup>(c)(j)</sup> <br>|  | 65784 | &nbsp;&nbsp; 5016 |
| &nbsp;&nbsp;&nbsp; 2.46% (6.25% - (30 Day Average <br> SOFR + 0.11%)), 12/15/2039<sup>(c)(j)</sup> <br>|  | 14446 | &nbsp;&nbsp; 1221 |
| &nbsp;&nbsp;&nbsp; 2.31% (6.10% - (30 Day Average <br> SOFR + 0.11%)), 01/15/2044<sup>(c)(j)</sup> <br>|  | 31692 | &nbsp;&nbsp; 2985 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2028 to <br> 06/15/2032<br>|  | 67263 | &nbsp;&nbsp; 68683 |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/15/2030 |  | 131 | &nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; 4.79% (30 Day Average SOFR + <br> 1.11%), 02/15/2032<sup>(c)</sup> <br>|  | 215 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/15/2032 |  | 3384 | &nbsp;&nbsp; 3326 |
| &nbsp;&nbsp;&nbsp; 10.87% (24.75% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 08/15/2035<sup>(c)</sup> <br>|  | 2591 | &nbsp;&nbsp; 3020 |
| &nbsp;&nbsp;&nbsp; 4.19% (30 Day Average SOFR + <br> 0.51%), 09/15/2035<sup>(c)</sup> <br>|  | 379 | &nbsp;&nbsp; 376 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp; PO, <br>0.00%, 06/01/2026<sup>(k)</sup> <br>|  | $38 | &nbsp;&nbsp; $38 |
| &nbsp;&nbsp;&nbsp; IO, <br>3.00%, 12/15/2027<sup>(j)</sup> <br>|  | 7117 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/15/2027<sup>(i)</sup> <br>|  | 2270 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/01/2029<sup>(j)</sup> <br>|  | 502 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; 7.50%, 12/15/2029<sup>(j)</sup> <br>|  | 12028 | &nbsp;&nbsp; 1054 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/15/2032<sup>(j)</sup> <br>|  | 8116 | &nbsp;&nbsp; 918 |
|  |  |  | &nbsp;&nbsp; 514977 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–0.10%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.10%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.10%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.10%** |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2028 to <br> 04/01/2034<br>|  | 16110 | &nbsp;&nbsp; 16679 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/2029 |  | 14251 | &nbsp;&nbsp; 14548 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/2031 to <br> 10/01/2037<br>|  | 8399 | &nbsp;&nbsp; 8832 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 |  | 284 | &nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2039 |  | 50484 | &nbsp;&nbsp; 51975 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2048 to <br> 07/01/2049<br>|  | 67885 | &nbsp;&nbsp; 64976 |
|  |  |  | &nbsp;&nbsp; 157293 |
| **Federal National Mortgage Association (FNMA)–0.40%** | **Federal National Mortgage Association (FNMA)–0.40%** | **Federal National Mortgage Association (FNMA)–0.40%** | **Federal National Mortgage Association (FNMA)–0.40%** |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/01/2030 to <br> 12/01/2032<br>|  | 2500 | &nbsp;&nbsp; 2626 |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/2030 to <br> 05/01/2047<br>|  | 270428 | &nbsp;&nbsp; 253930 |
| &nbsp;&nbsp;&nbsp; 3.93%, 12/01/2030 |  | 383000 | &nbsp;&nbsp; 377957 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2031 to <br> 01/01/2034<br>|  | 1104 | &nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/2033 |  | 395 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2035 to <br> 05/01/2036<br>|  | 24249 | &nbsp;&nbsp; 24744 |
|  |  |  | &nbsp;&nbsp; 660804 |
| **Government National Mortgage Association (GNMA)–3.55%** | **Government National Mortgage Association (GNMA)–3.55%** | **Government National Mortgage Association (GNMA)–3.55%** | **Government National Mortgage Association (GNMA)–3.55%** |
| &nbsp;&nbsp;&nbsp; 7.00%, 07/15/2031 |  | 78 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/15/2031 |  | 479 | &nbsp;&nbsp; 490 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/15/2032 |  | 323 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/20/2049 |  | 20055 | &nbsp;&nbsp; 19048 |
| &nbsp;&nbsp;&nbsp; IO, <br>2.76% (6.55% - (1 mo. Term SOFR <br> + 0.11%)), 04/16/2037<sup>(c)(j)</sup> <br>|  | 11921 | &nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp; 2.86% (6.65% - (1 mo. Term SOFR <br> + 0.11%)), 04/16/2041<sup>(c)(j)</sup> <br>|  | 63538 | &nbsp;&nbsp; 3833 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/16/2047<sup>(j)</sup> <br>|  | 78218 | &nbsp;&nbsp; 13947 |
| &nbsp;&nbsp;&nbsp; 2.41% (6.20% - (1 mo. Term SOFR <br> + 0.11%)), 10/16/2047<sup>(c)(j)</sup> <br>|  | 80749 | &nbsp;&nbsp; 9494 |
| &nbsp;&nbsp;&nbsp; TBA, <br>2.00%, 04/01/2056<sup>(l)</sup> <br>|  | 345000 | &nbsp;&nbsp; 285083 |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/01/2056<sup>(l)</sup> <br>|  | 1297000 | &nbsp;&nbsp; 1116028 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2056<sup>(l)</sup> <br>|  | 1398000 | &nbsp;&nbsp; 1350767 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2056<sup>(l)</sup> <br>|  | 688000 | &nbsp;&nbsp; 681489 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2056<sup>(l)</sup> <br>|  | 1247000 | &nbsp;&nbsp; 1255137 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2056<sup>(l)</sup> <br>|  | 1073000 | &nbsp;&nbsp; 1091201 |
|  |  |  | &nbsp;&nbsp; 5827514 |

---

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** |
| **Uniform Mortgage-Backed Securities–21.14%** | **Uniform Mortgage-Backed Securities–21.14%** | **Uniform Mortgage-Backed Securities–21.14%** | **Uniform Mortgage-Backed Securities–21.14%** |
| &nbsp;&nbsp;&nbsp; TBA, <br>2.00%, 04/01/2041 to <br> 05/01/2056<sup>(l)</sup> <br>|  | $6770103 | &nbsp;&nbsp; $5547231 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2041 to <br> 04/01/2056<sup>(l)</sup> <br>|  | 3167318 | &nbsp;&nbsp; 3082718 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2041 to <br> 04/01/2056<sup>(l)</sup> <br>|  | 6429233 | &nbsp;&nbsp; 6360322 |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/01/2056<sup>(l)</sup> <br>|  | 6082701 | &nbsp;&nbsp; 5115171 |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2056<sup>(l)</sup> <br>|  | 4827457 | &nbsp;&nbsp; 4240882 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/2056<sup>(l)</sup> <br>|  | 2618701 | &nbsp;&nbsp; 2401031 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2056<sup>(l)</sup> <br>|  | 2114696 | &nbsp;&nbsp; 1995761 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2056<sup>(l)</sup> <br>|  | 2591723 | &nbsp;&nbsp; 2604065 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2056<sup>(l)</sup> <br>|  | 1996845 | &nbsp;&nbsp; 2035752 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/2056<sup>(l)</sup> <br>|  | 1250000 | &nbsp;&nbsp; 1293325 |
|  |  |  | &nbsp;&nbsp; 34676258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $43,471,733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $43,471,733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $43,471,733) | &nbsp;&nbsp; 41836846 |
| **U.S. Treasury Securities–13.62%** | **U.S. Treasury Securities–13.62%** | **U.S. Treasury Securities–13.62%** | **U.S. Treasury Securities–13.62%** |
| **U.S. Treasury Bills–0.64%** | **U.S. Treasury Bills–0.64%** | **U.S. Treasury Bills–0.64%** | **U.S. Treasury Bills–0.64%** |
| &nbsp;&nbsp;&nbsp; 3.52% - 4.14%, 05/14/2026<sup>(m)(n)</sup> <br>|  | 1056000 | &nbsp;&nbsp; 1051419 |
| &nbsp;&nbsp;&nbsp; 3.69%, 09/17/2026<sup>(m)(n)</sup> <br>|  | 8000 | &nbsp;&nbsp; 7865 |
|  |  |  | &nbsp;&nbsp; 1059284 |
| **U.S. Treasury Bonds–4.12%** | **U.S. Treasury Bonds–4.12%** | **U.S. Treasury Bonds–4.12%** | **U.S. Treasury Bonds–4.12%** |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2046 |  | 828000 | &nbsp;&nbsp; 798308 |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2055 |  | 6235500 | &nbsp;&nbsp; 5958800 |
|  |  |  | &nbsp;&nbsp; 6757108 |
| **U.S. Treasury Notes–8.86%** | **U.S. Treasury Notes–8.86%** | **U.S. Treasury Notes–8.86%** | **U.S. Treasury Notes–8.86%** |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/31/2028 |  | 1230700 | &nbsp;&nbsp; 1232575 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2029 |  | 3235200 | &nbsp;&nbsp; 3206765 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/31/2031 |  | 718800 | &nbsp;&nbsp; 716526 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/31/2033 |  | 1144700 | &nbsp;&nbsp; 1152659 |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/2036<sup>(f)</sup> <br>|  | 8354600 | &nbsp;&nbsp; 8224712 |
|  |  |  | &nbsp;&nbsp; 14533237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $22,702,236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $22,702,236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities (Cost $22,702,236) | &nbsp;&nbsp; 22349629 |
| **Variable Rate Senior Loan Interests–0.87%**<sup>(o)(p)</sup>  | **Variable Rate Senior Loan Interests–0.87%**<sup>(o)(p)</sup>  | **Variable Rate Senior Loan Interests–0.87%**<sup>(o)(p)</sup>  | **Variable Rate Senior Loan Interests–0.87%**<sup>(o)(p)</sup>  |
| **Broadcasting–0.13%** | **Broadcasting–0.13%** | **Broadcasting–0.13%** | **Broadcasting–0.13%** |
| &nbsp;&nbsp;&nbsp; Nexstar Broadcasting, Inc., Term Loan, <br> —%, 04/15/2033<sup>(q)</sup> <br>|  | 208148 | &nbsp;&nbsp; 206067 |
| **Interactive Home Entertainment–0.21%** | **Interactive Home Entertainment–0.21%** | **Interactive Home Entertainment–0.21%** | **Interactive Home Entertainment–0.21%** |
| &nbsp;&nbsp;&nbsp; Oak-Eagle AcquireCo, Inc. (Electronic <br> Arts, Inc; EA), Term Loan, —%, <br> 03/23/2033<sup>(q)</sup> <br>|  | 350333 | &nbsp;&nbsp; 348581 |
| **Restaurants–0.53%** | **Restaurants–0.53%** | **Restaurants–0.53%** | **Restaurants–0.53%** |
| &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC, Term <br> Loan, 5.67% (1 mo. Term SOFR + <br> 2.00%), 11/03/2032<br>|  | 877800 | &nbsp;&nbsp; 873687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br> (Cost $1,426,750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br> (Cost $1,426,750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br> (Cost $1,426,750) | &nbsp;&nbsp; 1428335 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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–0.62%** | **Preferred Stocks–0.62%** | **Preferred Stocks–0.62%** | **Preferred Stocks–0.62%** |
| **Aerospace & Defense–0.04%** | **Aerospace & Defense–0.04%** | **Aerospace & Defense–0.04%** | **Aerospace & Defense–0.04%** |
| Boeing Co. (The), 6.00%, Conv. Pfd. | Boeing Co. (The), 6.00%, Conv. Pfd. | 1000 | &nbsp;&nbsp; 64880 |
| **Diversified Banks–0.09%** | **Diversified Banks–0.09%** | **Diversified Banks–0.09%** | **Diversified Banks–0.09%** |
| Citigroup, Inc., 6.25%, Series II, Pfd. | Citigroup, Inc., 6.25%, Series II, Pfd. | 5525 | &nbsp;&nbsp; 136191 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| &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; $11550 |
|  |  |  | &nbsp;&nbsp; 147741 |
| **Diversified Financial Services–0.21%** | **Diversified Financial Services–0.21%** | **Diversified Financial Services–0.21%** | **Diversified Financial Services–0.21%** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(d)</sup>  | 13475 | &nbsp;&nbsp; 342670 |
| **Electric Utilities–0.03%** | **Electric Utilities–0.03%** | **Electric Utilities–0.03%** | **Electric Utilities–0.03%** |
| &nbsp;&nbsp;&nbsp; Southern Co. (The), 7.13%, Series A, Conv. <br> Pfd. | &nbsp;&nbsp;&nbsp; Southern Co. (The), 7.13%, Series A, Conv. <br> Pfd. | 1000 | &nbsp;&nbsp; 51400 |
| **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; 125250 |
| **Regional Banks–0.10%** | **Regional Banks–0.10%** | **Regional Banks–0.10%** | **Regional Banks–0.10%** |
| M&T Bank Corp., 7.50%, Series J, Pfd. | M&T Bank Corp., 7.50%, Series J, Pfd. | 6570 | &nbsp;&nbsp; 168389 |
| **Systems Software–0.07%** | **Systems Software–0.07%** | **Systems Software–0.07%** | **Systems Software–0.07%** |
| Oracle Corp., 6.50%, Class D, Conv. Pfd. | Oracle Corp., 6.50%, Class D, Conv. Pfd. | 2521 | &nbsp;&nbsp; 113470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $1,003,005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $1,003,005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (Cost $1,003,005) | &nbsp;&nbsp; 1013800 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Agency Credit Risk Transfer Notes–0.17%** | **Agency Credit Risk Transfer Notes–0.17%** | **Agency Credit Risk Transfer Notes–0.17%** | **Agency Credit Risk Transfer Notes–0.17%** |
| &nbsp;&nbsp;&nbsp; Fannie Mae Connecticut Avenue <br> Securities, Series 2025-R04, <br> Class 1A1, 4.66% (30 Day Average <br> SOFR + 1.00%), 05/25/2045<sup>(b)(c)</sup> <br>|  | $14488 | &nbsp;&nbsp; 14497 |
| Freddie Mac, | Freddie Mac, |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 5.76% (30 Day Average <br> SOFR + 2.10%), 03/25/2043<sup>(b)(c)</sup> <br>|  | 39264 | &nbsp;&nbsp; 39650 |
| &nbsp;&nbsp;&nbsp; Series 2025-DNA4, Class A1, <br> STACR<sup>®</sup>, 4.56% (30 Day Average <br> SOFR + 0.90%), 10/25/2045<sup>(b)(c)</sup> <br>|  | 36563 | &nbsp;&nbsp; 36490 |
| &nbsp;&nbsp;&nbsp; Series 2026-DNA2, Class M1, <br> STACR<sup>®</sup>, 4.87% (30 Day Average <br> SOFR + 1.20%), 03/25/2046<sup>(b)(c)</sup> <br>|  | 185000 | &nbsp;&nbsp; 185187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $275,315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $275,315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br> (Cost $275,315) | &nbsp;&nbsp; 275824 |
| **Non-U.S. Dollar Denominated Bonds & Notes–0.07%**<sup>(r)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.07%**<sup>(r)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.07%**<sup>(r)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.07%**<sup>(r)</sup>  |
| **Movies & Entertainment–0.07%** | **Movies & Entertainment–0.07%** | **Movies & Entertainment–0.07%** | **Movies & Entertainment–0.07%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc., 3.88%, 11/15/2029<sup>(b)</sup> <br>(Cost $111,565)<br>| EUR | 100000 | &nbsp;&nbsp; 117495 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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–5.91%** | **Money Market Funds–5.91%** | **Money Market Funds–5.91%** | **Money Market Funds–5.91%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.58%<sup>(s)(t)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.58%<sup>(s)(t)</sup>  | 3386156 | &nbsp;&nbsp; 3386156 |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(s)(t)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(s)(t)</sup>  | 6305286 | &nbsp;&nbsp; 6305286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $9,691,442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $9,691,442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $9,691,442) | &nbsp;&nbsp; 9691442 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-122.59% <br> (Cost $204,266,310)<br>|  |  | &nbsp;&nbsp; 201138633 |
| **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–3.40%** | **Money Market Funds–3.40%** | **Money Market Funds–3.40%** | **Money Market Funds–3.40%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 3.63%<sup>(s)(t)(u)</sup>  | &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 3.63%<sup>(s)(t)(u)</sup>  | 1561066 | &nbsp;&nbsp; 1561066 |

---

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

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 3.80%<sup>(s)(t)(u)</sup>  | 4023291 | &nbsp;&nbsp; $4023693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $5,584,759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $5,584,759) | &nbsp;&nbsp; 5584759 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES–125.99% <br> (Cost $209,851,069) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES–125.99% <br> (Cost $209,851,069) | &nbsp;&nbsp; 206723392 |
| OTHER ASSETS LESS LIABILITIES—(25.99)% | OTHER ASSETS LESS LIABILITIES—(25.99)% | &nbsp;&nbsp; (42649261)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $164074131 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| Conv. | – Convertible |
| Ctfs. | – Certificates |
| EUR | – Euro |
| 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 March 31, 2026 was $85,742,975, which represented 52.26% of the Fund's Net Assets. 

<sup>(c)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on March 31, 2026.

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

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

<sup>(f)</sup> All or a portion of this security was out on loan at March 31, 2026.

<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 March 31, 2026. 

<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 March 31, 2026. 

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

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

<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> Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. 

<sup>(p)</sup> Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund's portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. 

<sup>(q)</sup> This variable rate interest will settle after March 31, 2026, at which time the interest rate will be determined.

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

<sup>(s)</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 three months ended March 31, 2026. 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**March 31, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $3288642 | &nbsp;&nbsp; $4739950 | &nbsp;&nbsp; $(4642436) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3386156 | &nbsp;&nbsp; $32566 |
| Invesco Treasury Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 6124189 | &nbsp;&nbsp;&nbsp; 8802765 | &nbsp;&nbsp;&nbsp; (8621668) | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6305286 | &nbsp;&nbsp;&nbsp; 60135 |

---

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

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **December 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **March 31, 2026**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $507485 | &nbsp;&nbsp; $12322752 | &nbsp;&nbsp; $(11269171) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1561066 | &nbsp;&nbsp; $9,951\* |
| Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 1318608 | &nbsp;&nbsp; 26126006 | &nbsp;&nbsp; (23420080) | &nbsp;&nbsp; - | &nbsp;&nbsp; (841) | &nbsp;&nbsp;&nbsp; 4023693 | &nbsp;&nbsp; 28,498\* |
| Total | $11238924 | &nbsp;&nbsp; $51991473 | &nbsp;&nbsp; $(47953355) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(841) | &nbsp;&nbsp; $15276201 | &nbsp;&nbsp; $131150 |

---

&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>(t)</sup> The rate shown is the 7-day SEC standardized yield as of March 31, 2026. <br> <sup>(u)</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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; 97 | June-2026 | &nbsp;&nbsp;&nbsp; $20122195 | &nbsp;&nbsp;&nbsp; $(139565)<br>| &nbsp;&nbsp;&nbsp; $(139565)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 18 | June-2026 | &nbsp;&nbsp;&nbsp; 2049750 | &nbsp;&nbsp;&nbsp; (36732)<br>| &nbsp;&nbsp;&nbsp; (36732)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 46 | June-2026 | &nbsp;&nbsp;&nbsp; 5361875 | &nbsp;&nbsp;&nbsp; (150662)<br>| &nbsp;&nbsp;&nbsp; (150662)<br>|
| &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; (326959)<br>| &nbsp;&nbsp;&nbsp; (326959)<br>|
| **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; 67 | June-2026 | &nbsp;&nbsp;&nbsp; (7248039)<br>| &nbsp;&nbsp;&nbsp; 27852 | &nbsp;&nbsp;&nbsp; 27852 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 65 | June-2026 | &nbsp;&nbsp;&nbsp; (7218047)<br>| &nbsp;&nbsp;&nbsp; 139189 | &nbsp;&nbsp;&nbsp; 139189 |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 23 | June-2026 | &nbsp;&nbsp;&nbsp; (2610859)<br>| &nbsp;&nbsp;&nbsp; 13561 | &nbsp;&nbsp;&nbsp; 13561 |
| &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; 180602 | &nbsp;&nbsp;&nbsp; 180602 |
| &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; $(146357)<br>| &nbsp;&nbsp;&nbsp; $(146357)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** |
| **Currency Risk** |  |  |  |  |  |  |
| 04/28/2026 | Canadian Imperial Bank of Commerce | GBP | 12000 | USD | 16196 | &nbsp;&nbsp;&nbsp; $314 |
| 04/28/2026 | Goldman Sachs International | EUR | 183000 | USD | 215878 | &nbsp;&nbsp;&nbsp; 4096 |
| &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; $4410 |

---

&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**

*March 31, 2026*

*(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 March 31, 2026. 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; $74307334 | &nbsp;&nbsp;&nbsp;&nbsp; $1038280 | &nbsp;&nbsp;&nbsp;&nbsp; $75345614 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49079648 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49079648 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41836846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41836846 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22349629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22349629 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1428335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1428335 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 1013800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1013800 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 275824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 275824 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117495 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117495 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 9691442 | &nbsp;&nbsp;&nbsp;&nbsp; 5584759 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15276201 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 10705242 | &nbsp;&nbsp;&nbsp;&nbsp; 194979870 | &nbsp;&nbsp;&nbsp;&nbsp; 1038280 | &nbsp;&nbsp;&nbsp;&nbsp; 206723392 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 180602 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 180602 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4410 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4410 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 180602 | &nbsp;&nbsp;&nbsp;&nbsp; 4410 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 185012 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (326959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (326959)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (146357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4410 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (141947)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $10558885 | &nbsp;&nbsp;&nbsp;&nbsp; $194984280 | &nbsp;&nbsp;&nbsp;&nbsp; $1038280 | &nbsp;&nbsp;&nbsp;&nbsp; $206581445 |

---

&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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $210877345.26

**Total Liabilities:** $50885403.83

**Net Assets:** $159991941.43

**Delayed Delivery Securities:** $44758841.91

**Cash Not Reported:** $381909.79

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -595.92214991 | **1-Year:** -9759.44590548 | **5-Year:** -27088.58146512 | **10-Year:** -25172.53909845 | **30-Year:** -8335.61429384

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

- **3-Month:** -16.64238836 | **1-Year:** -679.40208503 | **5-Year:** -2583.07085466 | **10-Year:** -1265.58099399 | **30-Year:** -607.09891582

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000456 | 0.34%                | 1.53%                | -2.01%               |
| Class ID C000000457 | 0.35%                | 1.38%                | -2.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $167272.94               | $-203362.48                                |
| Month 2  | $508286.67               | $1359803.41                                |
| Month 3  | $-47524.13               | $-3702726.06                               |

**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      | $2041.41      | 0.00%             | 2029-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                       | NiSource Inc.                                                                             | CUSIP: 65473PAN5<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3048.40      | 0.00%             | 2028-03-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LPL Holdings, Inc.                                                                  | LPL Holdings, Inc.                                                                        | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |      1000 | PA      | $992.94       | 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        |     73074 | PA      | $73677.19     | 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      | $2804.88      | 0.00%             | 2029-10-01      | Fixed         | 2.55%                 | 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      | $318246.12    | 0.20%             | 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        |      1000 | PA      | $1029.78      | 0.00%             | 2034-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PFD3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4923.23      | 0.00%             | 2031-10-22      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3035.03      | 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        |    244536 | PA      | $243782.65    | 0.15%             | 2065-10-25      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Leidos, Inc.                                                                        | Leidos, Inc.                                                                              | CUSIP: 52532XAM7<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |     53000 | PA      | $52487.56     | 0.03%             | 2029-03-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392BJ98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       323 | PA      | $30.71        | 0.00%             | 2032-03-25      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| Israel Government International Bond                                                | Israel Government International Bond                                                      | CUSIP: 46515CJZ8<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     70000 | PA      | $67537.87     | 0.04%             | 2036-01-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                              | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    226000 | PA      | $222299.25    | 0.14%             | 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      | $3074.74      | 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        |    151724 | PA      | $136239.59    | 0.09%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TDCL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       222 | PA      | $224.46       | 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        |     25452 | PA      | $25486.91     | 0.02%             | 2026-04-20      | Fixed         | 5.50%                 | 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      | $78904.68     | 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        |      2000 | PA      | $2022.53      | 0.00%             | 2030-05-29      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                                               | Amrize Finance US LLC                                                                     | CUSIP: 43475RAR7<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4045.54      | 0.00%             | 2030-04-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Korea National Oil Corp.                                                            | Korea National Oil Corp.                                                                  | CUSIP: 50065LAT7<br>LEI: 988400ZTQ08W926ONT36 | Long             | DBT              | NUSS              | KR        |    297000 | PA      | $297759.79    | 0.19%             | 2029-03-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AD5<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    272000 | PA      | $285171.89    | 0.18%             | 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        |      1000 | PA      | $984.90       | 0.00%             | 2035-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Wisconsin Public Service Corp.                                                      | Wisconsin Public Service Corp.                                                            | CUSIP: 976843BR2<br>LEI: 549300BJRHJVYNUMQZ30 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26708.68     | 0.02%             | 2031-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Inc.                                                          | Huntington Bancshares Inc.                                                                | CUSIP: 446150BL7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1952.75      | 0.00%             | 2041-01-28      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3U5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3031.78      | 0.00%             | 2029-04-23      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| VoltaGrid LLC                                                                       | VoltaGrid LLC                                                                             | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51663.45     | 0.03%             | 2030-11-01      | Fixed         | 7.38%                 | 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       |        18 | NC      | $-36732.20    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475CF0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      1000 | PA      | $980.09       | 0.00%             | 2041-01-25      | Variable      | 5.42%                 | 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        |    182485 | PA      | $172510.63    | 0.11%             | 2062-03-27      | Variable      | 3.85%                 | 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      | $135050.00    | 0.08%             | 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      | $97981.47     | 0.06%             | 2032-02-20      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                                        | Pacific Gas and Electric Co.                                                              | CUSIP: 694308LB1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14246.94     | 0.01%             | 2056-05-01      | Fixed         | 6.00%                 | 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        |    151126 | PA      | $134810.00    | 0.08%             | 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        |      6317 | PA      | $6090.40      | 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        |    180812 | PA      | $161893.57    | 0.10%             | 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        |     18000 | PA      | $17534.03     | 0.01%             | 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      | $146304.99    | 0.09%             | 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      | $948.19       | 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      | $368307.13    | 0.23%             | 2028-07-24      | Floating      | 4.44%                 | 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        |    152292 | PA      | $152595.11    | 0.10%             | 2032-05-29      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                         | Pfizer Inc.                                                                               | CUSIP: 717081FG3<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |      1000 | PA      | $980.59       | 0.00%             | 2055-11-15      | 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        |      8000 | PA      | $7908.04      | 0.00%             | 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        |       194 | PA      | $200.58       | 0.00%             | 2032-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe, LLC                                                   | Burlington Northern Santa Fe, LLC                                                         | CUSIP: 12189LBN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1000 | PA      | $970.33       | 0.00%             | 2056-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAJF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     27569 | PA      | $3649.66      | 0.00%             | 2032-04-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                                     | WFRBS Commercial Mortgage Trust, Series 2013-C14, Class AS                                | CUSIP: 92890PAG9<br>LEI: 549300GADFYEKC4OLM57 | Long             | ABS-MBS          | CORP              | US        |     13175 | PA      | $12950.67     | 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      | $152236.20    | 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      | $1008.35      | 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      | $2133.78      | 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        |      5000 | PA      | $4951.11      | 0.00%             | 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      | $226552.39    | 0.14%             | 2028-05-17      | Variable      | 5.60%                 | 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      | $1980.53      | 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      | $2075.19      | 0.00%             | 2029-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                                               | Amrize Finance US LLC                                                                     | CUSIP: 43475RAQ9<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2012.87      | 0.00%             | 2028-04-07      | Fixed         | 4.70%                 | 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      | $370623.28    | 0.23%             | 2053-09-14      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 3137B26D7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      6918 | PA      | $122.68       | 0.00%             | 2028-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38145GAU4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24162.92     | 0.02%             | 2041-02-02      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                  | T-Mobile USA, Inc.                                                                        | CUSIP: 87264ADY8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      1000 | PA      | $952.10       | 0.00%             | 2056-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Grand River Funding Trust II                                                        | Grand River Funding Trust II                                                              | CUSIP: 38644CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $329870.14    | 0.21%             | 2056-02-15      | Fixed         | 7.28%                 | No            |                  2 | On Loan: —       |
| Manufacturers and Traders Trust Co.                                                 | Manufacturers and Traders Trust Co.                                                       | CUSIP: 55279HAW0<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |    230000 | PA      | $231434.11    | 0.14%             | 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        |       104 | PA      | $0.31         | 0.00%             | 2026-07-15      | Floating      | 3.86%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                       | CUSIP: 316773DG2<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2001.22      | 0.00%             | 2030-07-28      | Variable      | 4.77%                 | 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        |      9232 | PA      | $9114.98      | 0.01%             | 2045-04-25      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| Northern Trust Corp.                                                                | Northern Trust Corp.                                                                      | CUSIP: 665859AZ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |      1000 | PA      | $974.10       | 0.00%             | 2040-11-19      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings, Inc.                                                      | United Airlines Holdings, Inc.                                                            | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |     19000 | PA      | $18630.77     | 0.01%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co., Inc.                                                     | Fedex Freight Holding Co., Inc.                                                           | CUSIP: 314352AA3<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12847.20     | 0.01%             | 2029-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | Avolon Holdings Funding Ltd.                                                              | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      3000 | PA      | $3011.24      | 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      | $1000.31      | 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      | $4011.24      | 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      | $2044.33      | 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      | $1984.73      | 0.00%             | 2033-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Cargill, Inc.                                                                       | Cargill, Inc.                                                                             | CUSIP: 141781CF9<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2957.44      | 0.00%             | 2030-10-23      | Fixed         | 4.12%                 | 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      | $254702.73    | 0.16%             | 2055-08-25      | Fixed         | 5.05%                 | 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        |     47208 | PA      | $46764.12     | 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      | $56610.56     | 0.04%             | 2052-11-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co.                                                                 | Vertiv Holdings Co.                                                                       | CUSIP: 92537NAD0<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |     96000 | PA      | $91959.37     | 0.06%             | 2066-03-15      | Fixed         | 5.95%                 | 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      | $151312.48    | 0.09%             | 2032-02-20      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corp.                                                              | Novartis Capital Corp.                                                                    | CUSIP: 66989HBH0<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    108000 | PA      | $107572.78    | 0.07%             | 2033-03-18      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                       | Alphabet Inc.                                                                             | CUSIP: 02079KBL0<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     97000 | PA      | $95819.97     | 0.06%             | 2033-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCQE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     10096 | PA      | $1312.66      | 0.00%             | 2035-06-25      | Fixed         | 5.50%                 | 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        |       345 | PA      | $341.99       | 0.00%             | 2034-09-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                        | Royal Caribbean Cruises Ltd.                                                              | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      2000 | PA      | $2020.47      | 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        |      1000 | PA      | $994.93       | 0.00%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cummins Inc.                                                                        | Cummins Inc.                                                                              | CUSIP: 231021AZ9<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5053.76      | 0.00%             | 2031-02-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Idaho Power Co.                                                                     | Idaho Power Co.                                                                           | CUSIP: 45138LBK8<br>LEI: TN0LL73P2C8X3W6KM391 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1015.57      | 0.00%             | 2034-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 31393VKX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      3384 | PA      | $3325.79      | 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        |     27270 | PA      | $23757.04     | 0.01%             | 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        |      5249 | PA      | $5434.34      | 0.00%             | 2028-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bills                                                                 | U.S. Treasury Bills                                                                       | CUSIP: 912797UG0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      8000 | PA      | $7865.24      | 0.00%             | 2026-09-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                            | John Deere Capital Corp.                                                                  | CUSIP: 24422EXP9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1018.53      | 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      | $1016.94      | 0.00%             | 2030-03-14      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                                                               | Delta Air Lines, Inc.                                                                     | CUSIP: 247361A32<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2014.02      | 0.00%             | 2030-07-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Evergy Missouri West, Inc.                                                          | Evergy Missouri West, Inc.                                                                | CUSIP: 30037EAC7<br>LEI: EZIFUDC0VSUS6T6LCG85 | Long             | DBT              | CORP              | US        |      1000 | PA      | $988.63       | 0.00%             | 2035-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4037.19      | 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        |     80749 | PA      | $9493.82      | 0.01%             | 2047-10-16      | Floating      | 2.41%                 | 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      | $101543.20    | 0.06%             | 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      | $994.96       | 0.00%             | 2034-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BMW US Capital, LLC                                                                 | BMW US Capital, LLC                                                                       | CUSIP: 05565EDJ1<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    134000 | PA      | $132513.34    | 0.08%             | 2033-03-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                               | International Business Machines Corp.                                                     | CUSIP: 459200LJ8<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |     54000 | PA      | $54300.52     | 0.03%             | 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        |    110000 | PA      | $111475.98    | 0.07%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                                  | CUSIP: 36213FF81<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       323 | PA      | $330.53       | 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        |   1540087 | PA      | $37530.22     | 0.02%             | 2029-05-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                         | United Parcel Service, Inc.                                                               | CUSIP: 911312CJ3<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1022.47      | 0.00%             | 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        |    238197 | PA      | $205851.66    | 0.13%             | 2061-10-25      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| Cousins Properties L.P.                                                             | Cousins Properties L.P.                                                                   | CUSIP: 222793AD3<br>LEI: 254900ZQIHJ5FQH4C329 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12522.51     | 0.01%             | 2033-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WULF Compute LLC                                                                    | WULF Compute LLC                                                                          | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $100444.93    | 0.06%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc., Series II, Pfd.                                                           | CUSIP: 172967242<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |      5525 | NS      | $136191.25    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc.                                                                  | Omnicom Group Inc.                                                                        | CUSIP: 681919BW5<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48853.79     | 0.03%             | 2033-06-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AC7<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    405000 | PA      | $423116.17    | 0.26%             | 2032-01-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| American Airlines 2025-1 Class A Pass Through Trust                                 | American Airlines 2025-1 Class A Pass Through Trust                                       | CUSIP: 02377NAA8<br>LEI: 5493004XNBKB5SFUJI60 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2929.86      | 0.00%             | 2038-05-11      | Fixed         | 4.90%                 | 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      | $3058.12      | 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      | $998.11       | 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        |     63511 | PA      | $57764.70     | 0.04%             | 2066-11-26      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F032641<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2618701 | PA      | $2401030.41   | 1.50%             | 2056-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1014.38      | 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        |    175812 | PA      | $166349.61    | 0.10%             | 2067-01-25      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31359UT21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      4642 | PA      | $4709.43      | 0.00%             | 2028-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pinnacle Financial Partners, Inc.                                                   | Pinnacle Financial Partners, Inc.                                                         | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2039.66      | 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        |      1000 | PA      | $1010.72      | 0.00%             | 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      | $85065.63     | 0.05%             | 2062-12-15      | Fixed         | 3.05%                 | 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      | $4033.94      | 0.00%             | 2029-11-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| BMW US Capital, LLC                                                                 | BMW US Capital, LLC                                                                       | CUSIP: 05565EDH5<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    242000 | PA      | $240334.04    | 0.15%             | 2031-03-19      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                            | CUSIP: 74340XCH2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1011.35      | 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        |      3000 | PA      | $3031.45      | 0.00%             | 2029-04-25      | Floating      | 4.93%                 | 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        |      2000 | PA      | $2009.09      | 0.00%             | 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      | $206917.41    | 0.13%             | 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      | $2039.30      | 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        |     19000 | PA      | $19594.21     | 0.01%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1003.48      | 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      | $215538.13    | 0.13%             | 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      | $236614.92    | 0.15%             | 2044-07-13      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3045.41      | 0.00%             | 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      | $1045.98      | 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        |      1000 | PA      | $1003.24      | 0.00%             | 2028-07-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| RB Global Holdings Inc.                                                             | RB Global Holdings Inc.                                                                   | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7095.35      | 0.00%             | 2028-03-15      | Fixed         | 6.75%                 | 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        |    258902 | PA      | $215571.48    | 0.13%             | 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      | $260699.60    | 0.16%             | 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        |      5000 | PA      | $4992.31      | 0.00%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                                 | CUSIP: 92840VAY8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15751.43     | 0.01%             | 2031-01-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Northern Trust Corp.                                                                | Northern Trust Corp.                                                                      | CUSIP: 665859AY0<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4957.07      | 0.00%             | 2030-11-19      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Willis North America Inc.                                                           | Willis North America Inc.                                                                 | CUSIP: 970648AP6<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     19000 | PA      | $18736.45     | 0.01%             | 2031-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 3133TJPC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      4612 | PA      | $169.66       | 0.00%             | 2029-03-15      | Floating      | 3.86%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, IO                                              | CUSIP: 38377VGZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-APCP         | USGA              | US        |     63538 | PA      | $3833.07      | 0.00%             | 2041-04-16      | Floating      | 2.86%                 | 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      | $124956.49    | 0.08%             | 2038-07-15      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2022-LBA6, Class A                                                       | CUSIP: 12433EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $320013.25    | 0.20%             | 2039-01-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31394CXB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     14808 | PA      | $1196.57      | 0.00%             | 2035-03-25      | Floating      | 2.27%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XEA9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22406.39     | 0.01%             | 2046-02-04      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                     | TransDigm, Inc.                                                                           | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31415.09     | 0.02%             | 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      | $993.84       | 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      | $3041.31      | 0.00%             | 2027-11-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arthur J. Gallagher & Co.                                                           | Arthur J. Gallagher & Co.                                                                 | CUSIP: 04316JAM1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3011.40      | 0.00%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria S.A.                                                | Banco Bilbao Vizcaya Argentaria S.A.                                                      | CUSIP: 05946KAV3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $200084.85    | 0.13%             | 2029-03-03      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                                    | CUSIP: 31325UP42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      2270 | PA      | $39.24        | 0.00%             | 2027-12-15      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2026-OPTM, Class A                                                       | CUSIP: 05594XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    305000 | PA      | $303352.18    | 0.19%             | 2039-03-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31394DQD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       795 | PA      | $26.67        | 0.00%             | 2035-05-25      | Floating      | 2.97%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I, L.P.                                                              | Hilcorp Energy I, L.P.                                                                    | CUSIP: 431318BE3<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5873.82      | 0.00%             | 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        |     51000 | PA      | $52770.16     | 0.03%             | N/A             | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      1000 | PA      | $841.89       | 0.00%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                                | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1012.13      | 0.00%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                                                 | Georgia-Pacific LLC                                                                       | CUSIP: 37331NAR2<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1001.36      | 0.00%             | 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        |      1000 | PA      | $990.82       | 0.00%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VBJ8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26765.27     | 0.02%             | 2031-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                                    | CUSIP: 853254CT5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200811.98    | 0.13%             | 2027-07-06      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| Imperial Brands Finance PLC                                                         | Imperial Brands Finance PLC                                                               | CUSIP: 45262BAK9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201770.91    | 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        |     13805 | PA      | $12786.16     | 0.01%             | 2035-12-25      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| LPL Holdings, Inc.                                                                  | LPL Holdings, Inc.                                                                        | CUSIP: 50212YAP9<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4021.90      | 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      | $282954.48    | 0.18%             | 2030-07-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                                 | CUSIP: 91282CQG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    901800 | PA      | $898946.65    | 0.56%             | 2031-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                                                 | Realty Income Corp.                                                                       | CUSIP: 756109BP8<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2089.14      | 0.00%             | 2032-10-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bills                                                                 | U.S. Treasury Bills                                                                       | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1056000 | PA      | $1051418.54   | 0.66%             | 2026-05-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                               | NextEra Energy Capital Holdings, Inc.                                                     | CUSIP: 65339KDJ6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2038.03      | 0.00%             | 2030-03-15      | Fixed         | 5.05%                 | 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      | $251671.09    | 0.16%             | 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        |    239641 | PA      | $228346.58    | 0.14%             | 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        |     39264 | PA      | $39649.59     | 0.02%             | 2043-03-25      | Floating      | 5.76%                 | 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        |     25903 | PA      | $23244.24     | 0.01%             | 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      | $881.01       | 0.00%             | 2047-05-15      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                               | International Business Machines Corp.                                                     | CUSIP: 459200LV1<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    180000 | PA      | $172215.73    | 0.11%             | 2056-02-03      | Fixed         | 5.80%                 | 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        |     33038 | PA      | $31391.27     | 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        |      3000 | PA      | $2969.14      | 0.00%             | 2032-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bond                                              | Colombia Government International Bond                                                    | CUSIP: 195325ET8<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    410000 | PA      | $406720.00    | 0.25%             | 2029-01-21      | Fixed         | 5.38%                 | 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        |      6797 | PA      | $5987.39      | 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      | $3055.58      | 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        |        38 | PA      | $38.23        | 0.00%             | 2026-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pinnacle Bank                                                                       | Pinnacle Bank                                                                             | CUSIP: 87164DVJ6<br>LEI: 549300CDOC4F7XSRG390 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252886.74    | 0.16%             | 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      | $1027.16      | 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      | $970.89       | 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      | $3046.09      | 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        |    340000 | PA      | $350631.12    | 0.22%             | 2055-03-10      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392GEE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1374 | PA      | $119.89       | 0.00%             | 2032-08-25      | Floating      | 3.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCWD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     16699 | PA      | $2188.29      | 0.00%             | 2035-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDZ5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16352.67     | 0.01%             | 2036-02-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                                                   | Rocket Cos., Inc.                                                                         | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $19187.09     | 0.01%             | 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      | $342669.25    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp                                                                        | U.S. Bancorp                                                                              | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3086.23      | 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      | $208592.26    | 0.13%             | 2039-01-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| MPLX L.P.                                                                           | MPLX L.P.                                                                                 | CUSIP: 55336VCA6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6015.96      | 0.00%             | 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      | $1011.22      | 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        |      1000 | PA      | $972.80       | 0.00%             | 2055-04-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1003.80      | 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        |      1000 | PA      | $975.83       | 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      | $2007.10      | 0.00%             | 2028-02-04      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| American Airlines 2025-1 Class B Pass Through Trust                                 | American Airlines 2025-1 Class B Pass Through Trust, Series B                             | CUSIP: 02377PAA3<br>LEI: 5493004XNBKB5SFUJI60 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7049.32      | 0.00%             | 2034-11-11      | Fixed         | 5.65%                 | 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        |    125021 | PA      | $119634.41    | 0.07%             | 2067-02-25      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac, Series 2025-DNA4, Class A1                                                   | CUSIP: 35564UBQ9<br>LEI: 529900ZVQVVVNGMGDO97 | Long             | ABS-MBS          | USGSE             | US        |     36562 | PA      | $36490.03     | 0.02%             | 2045-10-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| EFMT                                                                                | EFMT, Series 2025-NQM2, Class A1                                                          | CUSIP: 281917AC8<br>LEI: 254900BQMS9ITLPQGJ53 | Long             | ABS-MBS          | CORP              | US        |    230001 | PA      | $231070.79    | 0.14%             | 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      | $296630.27    | 0.19%             | 2042-06-10      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL SERVICES, Inc.                                                      | HYUNDAI CAPITAL SERVICES, Inc.                                                            | CUSIP: 44920UAX6<br>LEI: 549300MALMDAGL2ZJJ27 | Long             | DBT              | CORP              | KR        |    201000 | PA      | $203647.92    | 0.13%             | 2028-01-22      | Fixed         | 5.25%                 | 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        |     21929 | PA      | $20364.55     | 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        |   6305286 | NS      | $6305286.27   | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp. (The)                                                                     | AES Corp. (The)                                                                           | CUSIP: 00130HCM5<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1006.11      | 0.00%             | 2032-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Airbnb, Inc.                                                                        | Airbnb, Inc.                                                                              | CUSIP: 009066AE1<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46064.62     | 0.03%             | 2036-03-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                    | Amazon.com, Inc.                                                                          | CUSIP: 023135DG8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    289000 | PA      | $288171.02    | 0.18%             | 2046-03-13      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Puget Energy, Inc.                                                                  | Puget Energy, Inc.                                                                        | CUSIP: 745310AR3<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    243000 | PA      | $241224.99    | 0.15%             | 2056-09-15      | Variable      | 7.00%                 | 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      | $83871.80     | 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        |    222203 | PA      | $199868.37    | 0.12%             | 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        |      8314 | PA      | $8607.48      | 0.01%             | 2034-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Takeoff Merger Sub Inc.                                                             | Takeoff Merger Sub Inc.                                                                   | CUSIP: 873923AC0<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |    128000 | PA      | $127200.59    | 0.08%             | 2029-03-24      | Fixed         | 4.50%                 | 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      | $1026.67      | 0.00%             | 2033-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475CH6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     53000 | PA      | $52967.44     | 0.03%             | 2029-01-26      | Floating      | 4.29%                 | 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      | $350508.76    | 0.22%             | 2046-11-13      | Variable      | 5.05%                 | 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      | $131739.82    | 0.08%             | 2046-11-13      | Variable      | 5.41%                 | 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      | $105903.65    | 0.07%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings, Inc.                                                      | United Airlines Holdings, Inc.                                                            | CUSIP: 910047AM1<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |    185000 | PA      | $181407.61    | 0.11%             | 2029-03-01      | Fixed         | 4.88%                 | 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        |    164459 | PA      | $165499.28    | 0.10%             | 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      | $98995.96     | 0.06%             | 2030-02-20      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                            | John Deere Capital Corp., Series I                                                        | CUSIP: 24422EYK9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     78000 | PA      | $77516.26     | 0.05%             | 2029-03-09      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp.                                                                 | Regal Rexnord Corp.                                                                       | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2096.43      | 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      | $953.94       | 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        |      4093 | PA      | $364.40       | 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        |      9000 | PA      | $9167.12      | 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      | $1008.72      | 0.00%             | 2034-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 172967QB0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6081.77      | 0.00%             | 2031-05-07      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | Avolon Holdings Funding Ltd.                                                              | CUSIP: 05401ABE0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     47000 | PA      | $46134.59     | 0.03%             | 2029-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                                      | Carnival Corp.                                                                            | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    169000 | PA      | $171183.65    | 0.11%             | 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      | $1026.92      | 0.00%             | 2033-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, TBA                                             | CUSIP: 21H050649<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    688000 | PA      | $681489.26    | 0.43%             | 2056-04-01      | Fixed         | 5.00%                 | 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        |    209350 | PA      | $210852.38    | 0.13%             | 2054-07-30      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDY8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16555.21     | 0.01%             | 2033-05-04      | Fixed         | 5.35%                 | 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      | $4024.69      | 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      | $2007.36      | 0.00%             | 2027-01-21      | Floating      | 4.38%                 | 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      | $990.73       | 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      | $217597.97    | 0.14%             | N/A             | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GD35<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8826.54      | 0.01%             | 2031-10-21      | Variable      | 4.37%                 | 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      | $53245.63     | 0.03%             | 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        |     63449 | PA      | $6748.60      | 0.00%             | 2032-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria S.A.                                                | Banco Bilbao Vizcaya Argentaria S.A.                                                      | CUSIP: 05946KAT8<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $197717.55    | 0.12%             | 2029-03-03      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Cigna Group (The)                                                                   | Cigna Group (The)                                                                         | CUSIP: 125523CX6<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2990.67      | 0.00%             | 2030-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co., Series GG                                                              | CUSIP: 95002YAE3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    269000 | PA      | $270083.72    | 0.17%             | N/A             | Variable      | 6.12%                 | 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        |    199000 | PA      | $202315.02    | 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      | $91617.92     | 0.06%             | 2057-10-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc.                                                               | Howmet Aerospace Inc.                                                                     | CUSIP: 443201AF5<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     47000 | PA      | $46476.03     | 0.03%             | 2028-03-03      | Fixed         | 3.75%                 | 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      | $3019.22      | 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      | $213291.04    | 0.13%             | N/A             | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDC6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      1000 | PA      | $832.49       | 0.00%             | 2065-08-03      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Barings CLO Ltd. 2021-II                                                            | Barings CLO Ltd. 2021-II, Series 2021-2A, Class A1R                                       | CUSIP: 06762JAL7<br>LEI: 549300ZI2PPUCDLS2Y70 | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $319848.64    | 0.20%             | 2034-07-15      | Floating      | 4.74%                 | 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      | $306481.48    | 0.19%             | 2035-01-21      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VAS9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2079.10      | 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      | $212201.36    | 0.13%             | 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        |      1043 | PA      | $94.29        | 0.00%             | 2032-12-18      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                          | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31401.39     | 0.02%             | 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        |    233000 | PA      | $245440.37    | 0.15%             | 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        |     51841 | PA      | $47275.40     | 0.03%             | 2066-01-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp., Series D                              | CUSIP: 63743HGD8<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    263000 | PA      | $262881.06    | 0.16%             | 2027-08-09      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                        | Exelon Corp.                                                                              | CUSIP: 30161NBN0<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1024.41      | 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        |      1000 | PA      | $999.29       | 0.00%             | 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        |     11662 | PA      | $569.77       | 0.00%             | 2030-11-25      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392HRF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     11638 | PA      | $1431.31      | 0.00%             | 2033-02-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Regency Centers, L.P.                                                               | Regency Centers, L.P.                                                                     | CUSIP: 75884RBC6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |      1000 | PA      | $999.09       | 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        |      1000 | PA      | $1007.76      | 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        |    101113 | PA      | $101035.20    | 0.06%             | 2069-09-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                                 | CUSIP: 91282CPZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8354600 | PA      | $8224712.04   | 5.14%             | 2036-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: —       |
| 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      | $22909.16     | 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        |     59447 | PA      | $57169.79     | 0.04%             | 2065-04-25      | Variable      | 1.69%                 | No            |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                                                            | COLT Mortgage Loan Trust, Series 2022-3, Class A1                                         | CUSIP: 12659YAA2<br>LEI: 213800PIMH7Q7M27DB82 | Long             | ABS-MBS          | CORP              | US        |    235696 | PA      | $230832.75    | 0.14%             | 2067-02-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                                                           | Nippon Life Insurance Co.                                                                 | CUSIP: 654579AN1<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    226000 | PA      | $226067.37    | 0.14%             | 2054-04-16      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Egyptian Financial Co. for Sovereign Taskeek (The)                                  | Egyptian Financial Co. for Sovereign Taskeek (The)                                        | CUSIP: 282370AB1<br>LEI: 894500CX5LI3HIC87H85 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $195599.20    | 0.12%             | 2029-04-07      | Fixed         | 6.38%                 | 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       |       -78 | NC      | $168620.49    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAZ94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     45598 | PA      | $5540.05      | 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      | $4018.73      | 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      | $624966.25    | 0.39%             | 2034-07-15      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                              | CUSIP: 902613BS6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $194514.59    | 0.12%             | N/A             | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                                                   | Merck & Co., Inc.                                                                         | CUSIP: 58933YCC7<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      1000 | PA      | $972.30       | 0.00%             | 2065-12-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392EHB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       191 | PA      | $16.76        | 0.00%             | 2032-09-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Electricite de France                                                               | Electricite de France                                                                     | CUSIP: 28504DAG8<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    184000 | PA      | $188138.84    | 0.12%             | 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        |      2747 | PA      | $2247.59      | 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      | $2047.24      | 0.00%             | 2032-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                            | CUSIP: 74340XCG4<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2024.50      | 0.00%             | 2028-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2025-VOLT, Class D                                                       | CUSIP: 05619PAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    105000 | PA      | $104544.20    | 0.07%             | 2044-12-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392ERQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       343 | PA      | $34.01        | 0.00%             | 2032-07-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 31396AKM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       379 | PA      | $376.17       | 0.00%             | 2035-09-15      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PDU7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1018.79      | 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      | $411251.83    | 0.26%             | 2030-09-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Citadel Securities Global Holdings LLC                                              | Citadel Securities Global Holdings LLC                                                    | CUSIP: 17289RAF3<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246816.53    | 0.15%             | 2036-03-27      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cross 2026-NQM4 Mortgage Trust                                                      | Cross 2026-NQM4 Mortgage Trust, Series 2026-NQM4, Class A1                                | CUSIP: 22758FAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130000 | PA      | $130160.50    | 0.08%             | 2071-04-25      | Variable      | 5.49%                 | 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        |    204066 | PA      | $203541.72    | 0.13%             | 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        |      7886 | PA      | $7587.68      | 0.00%             | 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      | $3052.64      | 0.00%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31393AHE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1368 | PA      | $210.18       | 0.00%             | 2033-04-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, TBA                                             | CUSIP: 21H060648<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1073000 | PA      | $1091200.71   | 0.68%             | 2056-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Transmission, LLC                                                       | FirstEnergy Transmission, LLC                                                             | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1998.73      | 0.00%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                                  | Southern Co. (The), Series A, Conv. Pfd.                                                  | CUSIP: 842587842<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      1000 | NS      | $51400.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CommonSpirit Health                                                                 | CommonSpirit Health                                                                       | CUSIP: 20268JBD4<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |      1000 | PA      | $976.33       | 0.00%             | 2035-09-01      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| American National Global Funding                                                    | American National Global Funding                                                          | CUSIP: 02771D2A1<br>LEI: 63540033TQXTOXKK1L93 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2022.42      | 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        |      2000 | PA      | $2074.47      | 0.00%             | 2032-05-19      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                          | Ameriprise Financial, Inc.                                                                | CUSIP: 03076CAN6<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3101.99      | 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      | $346419.58    | 0.22%             | 2084-05-02      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                       | Comcast Corp.                                                                             | CUSIP: 20030NEB3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1039.02      | 0.00%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1, LLC                                                        | SV RNO Property Owner 1, LLC                                                              | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     91000 | PA      | $90006.97     | 0.06%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                                               | Athene Global Funding                                                                     | CUSIP: 04685A3Q2<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4038.22      | 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      | $205961.04    | 0.13%             | 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      | $250046.28    | 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      | $1015.30      | 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      | $3039.90      | 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        |     47490 | PA      | $4200.01      | 0.00%             | 2035-10-25      | Floating      | 2.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31395DUU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     11093 | PA      | $13041.22     | 0.01%             | 2036-06-25      | Floating      | 10.35%                | 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        |    202438 | PA      | $199939.40    | 0.12%             | 2054-07-30      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F042640<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2247318 | PA      | $2169201.32   | 1.36%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oak-Eagle AcquireCo, Inc.                                                           | Oak-Eagle AcquireCo, Inc.                                                                 | CUSIP: 67124CAA1<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |     71000 | PA      | $73608.85     | 0.05%             | 2033-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc.                                                               | Keurig Dr Pepper Inc.                                                                     | CUSIP: 49271VAZ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2990.15      | 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      | $4076.96      | 0.00%             | 2031-01-24      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                          | PacifiCorp                                                                                | CUSIP: 695114DG0<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     84000 | PA      | $79378.61     | 0.05%             | 2056-08-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2025-VOLT, Class B                                                       | CUSIP: 05619PAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $228800.69    | 0.14%             | 2044-12-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Banco Santander S.A.                                                                | Banco Santander S.A.                                                                      | CUSIP: 05971KAS8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $195069.14    | 0.12%             | 2035-11-06      | Fixed         | 5.13%                 | 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        |    238897 | PA      | $239814.71    | 0.15%             | 2069-12-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Prologis Targeted U.S. Logistics Fund, L.P.                                         | Prologis Targeted U.S. Logistics Fund, L.P.                                               | CUSIP: 74350LAD6<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5873.51      | 0.00%             | 2031-01-15      | Fixed         | 4.25%                 | 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        |    209000 | PA      | $212193.10    | 0.13%             | 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      | $1018.27      | 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        |     41000 | PA      | $41140.55     | 0.03%             | 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      | $386315.47    | 0.24%             | 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        |     17000 | PA      | $18016.63     | 0.01%             | 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        |     36000 | PA      | $38944.78     | 0.02%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                       | Alphabet Inc.                                                                             | CUSIP: 02079KBP1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44887.41     | 0.03%             | 2056-02-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ITC Holdings Corp.                                                                  | ITC Holdings Corp.                                                                        | CUSIP: 465685AU9<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |    142000 | PA      | $142129.26    | 0.09%             | 2031-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LSEG US Fin Corp.                                                                   | LSEG US Fin Corp.                                                                         | CUSIP: 50222CAD2<br>LEI: 2138007FV67QQ13CGJ43 | Long             | DBT              | CORP              | US        |    281000 | PA      | $279010.22    | 0.17%             | 2029-03-23      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2025-VOLT, Class A                                                       | CUSIP: 05619PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $249674.15    | 0.16%             | 2044-12-15      | Floating      | 5.37%                 | 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        |    287053 | PA      | $273182.10    | 0.17%             | 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        |      2000 | PA      | $2021.67      | 0.00%             | 2032-06-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31398LPG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     14446 | PA      | $1220.83      | 0.00%             | 2039-12-15      | Floating      | 2.46%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                                  | Nexstar Media Inc.                                                                        | CUSIP: 65346UAA7<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    103000 | PA      | $103415.78    | 0.06%             | 2034-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3051.30      | 0.00%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Citadel L.P.                                                                        | Citadel L.P.                                                                              | CUSIP: 17288XAC8<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2074.08      | 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        |    317594 | PA      | $265027.02    | 0.17%             | 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        |     35052 | PA      | $34904.01     | 0.02%             | 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        |     13376 | PA      | $13123.19     | 0.01%             | 2059-12-25      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                              | CUSIP: 225401BT4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    203000 | PA      | $198361.22    | 0.12%             | 2037-08-10      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Hawaiian Electric Co., Inc.                                                         | Hawaiian Electric Co., Inc.                                                               | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35978.27     | 0.02%             | 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        |    241273 | PA      | $242218.82    | 0.15%             | 2042-05-27      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Inc.                                                          | Huntington Bancshares Inc.                                                                | CUSIP: 446150BK9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118285.27    | 0.07%             | 2032-01-28      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDW2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     71000 | PA      | $70116.71     | 0.04%             | 2029-02-04      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                                 | CUSIP: 91282CQF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1144700 | PA      | $1152659.24   | 0.72%             | 2033-03-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LG Energy Solution, Ltd.                                                            | LG Energy Solution, Ltd.                                                                  | CUSIP: 50205MAN9<br>LEI: 988400QX6P286XA6ZS85 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $198526.60    | 0.12%             | 2036-04-02      | Fixed         | 5.88%                 | 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        |     63922 | PA      | $64185.51     | 0.04%             | 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      | $1057.33      | 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        |     43000 | PA      | $43589.61     | 0.03%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Romanian Government International Bond                                              | Romanian Government International Bond                                                    | CUSIP: 77586RAQ3<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    138000 | PA      | $141080.39    | 0.09%             | 2028-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co., Inc.                                                     | Fedex Freight Holding Co., Inc.                                                           | CUSIP: 314352AG0<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13550.11     | 0.01%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                        | Barclays PLC                                                                              | CUSIP: 06738EDJ1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    201000 | PA      | $196724.66    | 0.12%             | 2032-02-24      | Variable      | 4.52%                 | 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      | $1100.02      | 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      | $705528.26    | 0.44%             | 2053-03-15      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Mosaic Co. (The)                                                                    | Mosaic Co. (The)                                                                          | CUSIP: 61945CAJ2<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4975.00      | 0.00%             | 2029-01-15      | Fixed         | 4.35%                 | 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        |    488482 | PA      | $463980.27    | 0.29%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                | Caterpillar Financial Services Corp.                                                      | CUSIP: 14913UBJ8<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    222000 | PA      | $219398.72    | 0.14%             | 2029-02-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Lightpath Fiber Issuer LLC                                                          | Lightpath Fiber Issuer LLC, Series 2026-1A, Class B                                       | CUSIP: 53229YAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100138.20    | 0.06%             | 2056-03-25      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                                        | BX Commercial Mortgage Trust, Series 2026-CSMO, Class A                                   | CUSIP: 12433LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $470704.48    | 0.29%             | 2043-02-15      | Floating      | 5.07%                 | 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      | $93634.27     | 0.06%             | 2035-04-17      | Variable      | 5.43%                 | 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        |      1000 | PA      | $1025.92      | 0.00%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                           | OBX Trust, Series 2024-NQM18, Class A1                                                    | CUSIP: 673913AA7<br>LEI: 254900NK9PNLY9I00149 | Long             | ABS-MBS          | CORP              | US        |     76920 | PA      | $77159.56     | 0.05%             | 2064-10-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc.                                                               | Howmet Aerospace Inc.                                                                     | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2023.58      | 0.00%             | 2031-10-15      | Fixed         | 4.85%                 | 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      | $168389.10    | 0.11%             |  |  |  | No            |                  1 | 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      | $100042.10    | 0.06%             | 2039-01-15      | Floating      | 5.27%                 | 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        |      1000 | PA      | $946.48       | 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      | $3168.76      | 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        |     36000 | PA      | $36921.02     | 0.02%             | 2032-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley, Series I                                                                  | CUSIP: 61748UAM4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9802.19      | 0.01%             | 2031-10-22      | Variable      | 4.36%                 | 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      | $421542.86    | 0.26%             | 2032-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                                     | CUSIP: 539830CL1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3003.25      | 0.00%             | 2030-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PFG6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34513.46     | 0.02%             | 2032-01-22      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 3140Q1MC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    383000 | PA      | $377957.15    | 0.24%             | 2030-12-01      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3051.81      | 0.00%             | 2031-04-23      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Emera US Finance, LLC                                                               | Emera US Finance, LLC, Series A                                                           | CUSIP: 29103HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    112000 | PA      | $112043.46    | 0.07%             | 2056-10-01      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                                                   | Merck & Co., Inc.                                                                         | CUSIP: 58933YBX2<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49457.69     | 0.03%             | 2031-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                      | CUSIP: 78016FZX5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      1000 | PA      | $1008.26      | 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      | $721280.00    | 0.45%             | 2041-04-30      | Fixed         | 4.75%                 | No            |                  3 | 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        |    515106 | PA      | $4969.85      | 0.00%             | 2050-11-13      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392EGP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     28483 | PA      | $2488.49      | 0.00%             | 2032-09-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U4F7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      1000 | PA      | $948.27       | 0.00%             | 2047-01-23      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Engie                                                                               | Engie                                                                                     | CUSIP: 29286DAA3<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |    204000 | PA      | $208845.29    | 0.13%             | 2029-04-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nordson Corp.                                                                       | Nordson Corp.                                                                             | CUSIP: 655663AA0<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1023.04      | 0.00%             | 2028-09-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                           | Toyota Motor Credit Corp.                                                                 | CUSIP: 89236TLZ6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1023.27      | 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        |      5000 | PA      | $4978.73      | 0.00%             | 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        |     56000 | PA      | $55470.69     | 0.03%             | 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      | $2056.97      | 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      | $61425.49     | 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      | $264337.50    | 0.17%             | 2035-01-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 3137ARKB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     13346 | PA      | $155.44       | 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      | $1025.18      | 0.00%             | 2034-07-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| Jabil Inc.                                                                          | Jabil Inc.                                                                                | CUSIP: 46656PAD6<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5844.86      | 0.00%             | 2033-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                           | OBX Trust, Series 2024-NQM14, Class A1                                                    | CUSIP: 67119XAC8<br>LEI: 254900C7ZCEHM7Y5MX79 | Long             | ABS-MBS          | CORP              | US        |    120952 | PA      | $120766.78    | 0.08%             | 2064-09-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                    | Amazon.com, Inc.                                                                          | CUSIP: 023135DD5<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    297000 | PA      | $294878.08    | 0.18%             | 2031-03-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Nationwide Building Society                                                         | Nationwide Building Society                                                               | CUSIP: 63861VAJ6<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $202277.91    | 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      | $695537.79    | 0.43%             | 2044-07-13      | Variable      | 4.72%                 | 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        |      2326 | PA      | $2221.59      | 0.00%             | 2035-11-25      | Variable      | 2.39%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F050643<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5539233 | PA      | $5463683.51   | 3.41%             | 2056-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, TBA                                             | CUSIP: 21H042646<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1398000 | PA      | $1350766.70   | 0.84%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31397L5D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      2172 | PA      | $105.66       | 0.00%             | 2038-07-25      | Floating      | 2.27%                 | 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        |     17000 | PA      | $16779.81     | 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      | $1028.74      | 0.00%             | 2034-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                      | Ecopetrol S.A.                                                                            | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     12000 | PA      | $8844.61      | 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      | $202438.46    | 0.13%             | 2029-03-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AGCO Corp.                                                                          | AGCO Corp.                                                                                | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2014.04      | 0.00%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc.                                                                      | AEP Texas Inc.                                                                            | CUSIP: 00108WAG5<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |    162000 | PA      | $160441.96    | 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      | $104969.05    | 0.07%             | 2038-07-15      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                             | AstraZeneca Finance LLC                                                                   | CUSIP: 04636NAM5<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3065.22      | 0.00%             | 2031-02-26      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YGC3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    341000 | PA      | $339614.96    | 0.21%             | 2047-03-13      | Variable      | 5.90%                 | 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        |    207140 | PA      | $186705.34    | 0.12%             | 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      | $801.40       | 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        |     25000 | PA      | $25257.13     | 0.02%             | 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        |     22286 | PA      | $4439.73      | 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      | $223129.38    | 0.14%             | 2055-06-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| EnerSys                                                                             | EnerSys                                                                                   | CUSIP: 29275YAC6<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6950.12      | 0.00%             | 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        |    270000 | PA      | $266925.74    | 0.17%             | 2056-02-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.                                           | Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class A1R3                     | CUSIP: 14311NBC7<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |    170124 | PA      | $170346.76    | 0.11%             | 2032-07-20      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GMN6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2999.93      | 0.00%             | 2029-01-24      | Floating      | 4.50%                 | 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      | $212877.91    | 0.13%             | 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        |     76000 | PA      | $73933.83     | 0.05%             | 2033-09-15      | Fixed         | 6.12%                 | 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        |    181297 | PA      | $182032.46    | 0.11%             | 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        |       850 | PA      | $75.64        | 0.00%             | 2031-11-18      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I, L.P.                                                              | Hilcorp Energy I, L.P.                                                                    | CUSIP: 431318BG8<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16961.32     | 0.01%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bond                                              | Colombia Government International Bond                                                    | CUSIP: 195325EU5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    209000 | PA      | $205865.00    | 0.13%             | 2031-01-21      | Fixed         | 6.12%                 | 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        |      6797 | PA      | $6625.26      | 0.00%             | 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      | $1026.61      | 0.00%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Barings Equipment Finance LLC 2025-B                                                | Barings Equipment Finance LLC 2025-B, Series 2025-B, Class A3                             | CUSIP: 06764YAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $199059.90    | 0.12%             | 2032-10-13      | Fixed         | 4.13%                 | 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      | $2016.08      | 0.00%             | 2028-07-21      | Variable      | 4.89%                 | 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      | $340455.92    | 0.21%             | 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        |     15910 | PA      | $15477.19     | 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      | $2038.74      | 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        |    237978 | PA      | $236981.51    | 0.15%             | 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        |     20010 | PA      | $20415.85     | 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              | NUSS              | LU        |   1103000 | PA      | $1110169.50   | 0.69%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Raising Cane's Restaurants LLC                                                      | Raising Cane's Restaurants LLC, Term Loan                                                 | CUSIP: 75101XAQ0<br>LEI: 254900V6ADXFWHYOED66 | Long             | LON              | CORP              | US        |    877800 | PA      | $873687.51    | 0.55%             | 2032-11-03      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                      | ING Groep N.V.                                                                            | CUSIP: 456837BL6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $204276.98    | 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        |      2000 | PA      | $2055.31      | 0.00%             | 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      | $970.55       | 0.00%             | 2035-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | Prologis, L.P.                                                                            | CUSIP: 74340XCQ2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4042.68      | 0.00%             | 2031-01-15      | Fixed         | 4.75%                 | 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        |       284 | PA      | $283.22       | 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      | $4017.70      | 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        |      4000 | PA      | $4103.62      | 0.00%             | 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        |     44000 | PA      | $45021.02     | 0.03%             | 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      | $2027.64      | 0.00%             | 2027-10-29      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31394EC97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       164 | PA      | $162.57       | 0.00%             | 2035-08-25      | Floating      | 4.03%                 | 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        |    245995 | PA      | $69.76        | 0.00%             | 2048-02-15      | Variable      | 0.57%                 | 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        |     12266 | PA      | $11903.53     | 0.01%             | 2033-10-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc.                                                                       | Broadcom Inc.                                                                             | CUSIP: 11135FCM1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1008.16      | 0.00%             | 2035-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PACCAR Financial Corp.                                                              | PACCAR Financial Corp., Series R                                                          | CUSIP: 69371RU38<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |     68000 | PA      | $67499.46     | 0.04%             | 2029-02-05      | Fixed         | 3.90%                 | 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        |    209733 | PA      | $209828.89    | 0.13%             | 2032-07-15      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc., Series DD                                                                 | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    107000 | PA      | $110184.53    | 0.07%             | 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        |       395 | PA      | $404.79       | 0.00%             | 2033-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280FM6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    216000 | PA      | $212201.21    | 0.13%             | 2037-03-10      | Variable      | 5.28%                 | 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        |    221358 | PA      | $216386.96    | 0.14%             | 2067-01-25      | Variable      | 3.87%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475CG8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     31000 | PA      | $30848.47     | 0.02%             | 2029-01-26      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| SK hynix Inc.                                                                       | SK hynix Inc.                                                                             | CUSIP: 78392BAK3<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |    114000 | PA      | $113033.83    | 0.07%             | 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      | $2160.50      | 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        |     18383 | PA      | $1944.40      | 0.00%             | 2032-04-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                                                      | Amphenol Corp.                                                                            | CUSIP: 032095AY7<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4927.94      | 0.00%             | 2030-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc.                                                               | Howmet Aerospace Inc.                                                                     | CUSIP: 443201AD0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23698.75     | 0.01%             | 2032-11-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Omnicom Group Inc.                                                                  | Omnicom Group Inc.                                                                        | CUSIP: 681919BX3<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106360.52    | 0.07%             | 2036-06-02      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                    | Bank of Montreal                                                                          | CUSIP: 06368LNT9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |      2000 | PA      | $2005.09      | 0.00%             | 2026-06-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                    | NRG Energy, Inc.                                                                          | CUSIP: 629377DA7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4956.38      | 0.00%             | 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      | $249500.00    | 0.16%             | 2036-10-20      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                                   | CUSIP: 44891ADM6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1015.10      | 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      | $4053.41      | 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      | $2012.51      | 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      | $277305.00    | 0.17%             | 2035-01-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                     | Intercontinental Exchange, Inc.                                                           | CUSIP: 45865VAA8<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3962.49      | 0.00%             | 2028-12-01      | Fixed         | 3.95%                 | 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      | $99916.00     | 0.06%             | 2044-07-13      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    207000 | PA      | $208721.95    | 0.13%             | 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      | $249342.00    | 0.16%             | 2034-10-21      | Floating      | 4.70%                 | 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        |    282691 | PA      | $241091.21    | 0.15%             | 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      | $117830.90    | 0.07%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Huntington Ingalls Industries, Inc.                                                 | Huntington Ingalls Industries, Inc.                                                       | CUSIP: 446413BA3<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4079.02      | 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        |    106802 | PA      | $10266.32     | 0.01%             | 2035-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Asurion LLC/ Asurion Co-Issuer Inc.                                                 | Asurion LLC/ Asurion Co-Issuer Inc.                                                       | CUSIP: 045941AB7<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |     54000 | PA      | $52464.91     | 0.03%             | 2034-02-01      | Fixed         | 8.38%                 | 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      | $38423.16     | 0.02%             | 2029-01-25      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 060505GQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    104000 | PA      | $102720.52    | 0.06%             | 2032-02-06      | Variable      | 4.46%                 | No            |                  2 | On Loan: No      |
| Radian Group Inc.                                                                   | Radian Group Inc.                                                                         | CUSIP: 750236AY7<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2068.41      | 0.00%             | 2029-05-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                            | Lloyds Banking Group PLC                                                                  | CUSIP: 53944YBD4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    211000 | PA      | $208104.69    | 0.13%             | 2031-11-04      | Variable      | 4.42%                 | 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        |     13613 | PA      | $12845.88     | 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      | $1022.33      | 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        |     91532 | PA      | $39106.66     | 0.02%             | 2036-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                          | Aviation Capital Group LLC                                                                | CUSIP: 05369AAV3<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7886.17      | 0.00%             | 2029-04-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                                 | CUSIP: 92840VAV4<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4903.22      | 0.00%             | 2030-10-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| COPT Defense Properties, L.P.                                                       | COPT Defense Properties, L.P.                                                             | CUSIP: 12713UAA4<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4937.50      | 0.00%             | 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      | $197036.75    | 0.12%             | 2030-09-18      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Puget Energy, Inc.                                                                  | Puget Energy, Inc.                                                                        | CUSIP: 745310AT9<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    236000 | PA      | $235113.77    | 0.15%             | 2056-09-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| CRH America Finance, Inc.                                                           | CRH America Finance, Inc.                                                                 | CUSIP: 12636YAH5<br>LEI: 549300WEVUODRJ4CWK56 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5915.91      | 0.00%             | 2031-02-09      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280DW6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     36000 | PA      | $37974.02     | 0.02%             | 2044-03-09      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                                                           | Corebridge Global Funding                                                                 | CUSIP: 00138CAX6<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1016.15      | 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        |      3000 | PA      | $3018.32      | 0.00%             | 2028-04-23      | Floating      | 4.96%                 | 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      | $2059.26      | 0.00%             | 2030-09-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                         | Verizon Communications Inc.                                                               | CUSIP: 92343VHJ6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      1313 | PA      | $1278.05      | 0.00%             | 2055-11-30      | Fixed         | 5.88%                 | 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        |    675110 | PA      | $7439.72      | 0.00%             | 2050-11-15      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3153.26      | 0.00%             | N/A             | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DT3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1989.88      | 0.00%             | 2030-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ITC Holdings Corp.                                                                  | ITC Holdings Corp.                                                                        | CUSIP: 465685AV7<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     77000 | PA      | $77256.70     | 0.05%             | 2036-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oak-Eagle AcquireCo, Inc (Electronic Arts, Inc; EA)                                 | Oak-Eagle AcquireCo, Inc (Electronic Arts, Inc; EA), Term Loan                            | CUSIP: 67123SAB5<br>LEI: 6488ICS9P20290MA1H31 | Long             | LON              | CORP              | US        |    350333 | PA      | $348581.34    | 0.22%             | 2033-03-23      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31395LMA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     86622 | PA      | $5097.17      | 0.00%             | 2035-01-15      | Floating      | 2.91%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                                                  | Ryder System, Inc.                                                                        | CUSIP: 78355HLD9<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2024.09      | 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        |      1000 | PA      | $1009.41      | 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      | $2017.72      | 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        |   1528733 | PA      | $17209.41     | 0.01%             | 2050-10-12      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Roller Bearing Co. of America, Inc.                                                 | Roller Bearing Co. of America, Inc.                                                       | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |     95000 | PA      | $92419.38     | 0.06%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61748UAR3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     83000 | PA      | $82179.82     | 0.05%             | 2030-01-09      | Variable      | 4.24%                 | 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        |    203100 | PA      | $202587.02    | 0.13%             | 2067-08-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Pearl Compute LLC                                                             | Black Pearl Compute LLC                                                                   | CUSIP: 09216NAA8<br>LEI: 254900QABG5HCQZ28A17 | Long             | DBT              | CORP              | US        |    138000 | PA      | $140628.49    | 0.09%             | 2031-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Cipher Compute LLC                                                                  | Cipher Compute LLC                                                                        | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    161000 | PA      | $167001.92    | 0.10%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Depository Trust Co. (The)                                                          | Depository Trust Co. (The)                                                                | CUSIP: 249672AC0<br>LEI: 549300HBJLRO8YFMI370 | Long             | DBT              | CORP              | US        |    261000 | PA      | $261248.31    | 0.16%             | 2029-03-27      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2891.81      | 0.00%             | 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      | $2037.75      | 0.00%             | 2028-03-30      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer LLC                                                               | Switch ABS Issuer LLC, Series 2025-2A, Class A21                                          | CUSIP: 871044AS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    140000 | PA      | $136973.70    | 0.09%             | 2055-10-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GXO Logistics, Inc.                                                                 | GXO Logistics, Inc.                                                                       | CUSIP: 36262GAF8<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2074.95      | 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        |     48924 | PA      | $17709.11     | 0.01%             | 2035-11-25      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                         | Capital One Financial Corp.                                                               | CUSIP: 14040HDM4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2946.42      | 0.00%             | 2031-09-11      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                       | Alphabet Inc.                                                                             | CUSIP: 02079KAX5<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5967.71      | 0.00%             | 2032-11-15      | Fixed         | 4.38%                 | 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      | $360983.78    | 0.23%             | 2029-06-20      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AG8<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    213000 | PA      | $219167.47    | 0.14%             | 2033-01-25      | Fixed         | 5.90%                 | 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        |     14488 | PA      | $14497.45     | 0.01%             | 2045-05-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5091.72      | 0.00%             | 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        |     55000 | PA      | $57637.89     | 0.04%             | 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        |     23000 | PA      | $24001.65     | 0.02%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding 2025-3 Ltd.                                              | Palmer Square Loan Funding 2025-3 Ltd., Series 2025-3A, Class A1                          | CUSIP: 696918AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    275000 | PA      | $274890.28    | 0.17%             | 2034-01-15      | Floating      | 4.66%                 | 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      | $1957.14      | 0.00%             | 2031-10-20      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| ICON Investments Six DAC                                                            | ICON Investments Six DAC                                                                  | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $202874.98    | 0.13%             | 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        |      6000 | PA      | $5880.88      | 0.00%             | 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        |    104580 | PA      | $104664.33    | 0.07%             | 2054-07-25      | Variable      | 6.00%                 | 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        |   1234839 | PA      | $711.88       | 0.00%             | 2026-05-25      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| Vistra Corp.                                                                        | Vistra Corp.                                                                              | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17033.69     | 0.01%             | N/A             | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Reinsurance Group of America, Inc.                                                  | Reinsurance Group of America, Inc.                                                        | CUSIP: 759351AV1<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24175.28     | 0.02%             | 2056-09-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136AAQJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     32635 | PA      | $3418.68      | 0.00%             | 2042-12-25      | Floating      | 2.37%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                               | Dominican Republic International Bond                                                     | CUSIP: 25714PFG8<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    181000 | PA      | $172764.50    | 0.11%             | 2034-03-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Takeoff Merger Sub Inc.                                                             | Takeoff Merger Sub Inc.                                                                   | CUSIP: 873923AA4<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |    181000 | PA      | $180092.57    | 0.11%             | 2028-03-24      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                                                 | Expand Energy Corp.                                                                       | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3026.31      | 0.00%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp., Series RR                                                          | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5930.57      | 0.00%             | N/A             | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Lightpath Fiber Issuer LLC                                                          | Lightpath Fiber Issuer LLC, Series 2026-1A, Class A2                                      | CUSIP: 53229YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $299900.04    | 0.19%             | 2056-03-25      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Airbnb, Inc.                                                                        | Airbnb, Inc.                                                                              | CUSIP: 009066AC5<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |     54000 | PA      | $53938.41     | 0.03%             | 2029-03-16      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                                   | Duke Energy Corp.                                                                         | CUSIP: 26441CCC7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2025.64      | 0.00%             | 2029-01-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                      | Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA                                 | CUSIP: 61691NAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    529919 | PA      | $5941.30      | 0.00%             | 2050-12-15      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TCZR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |        83 | PA      | $83.79        | 0.00%             | 2028-03-15      | Fixed         | 6.50%                 | 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        |     55032 | PA      | $54045.00     | 0.03%             | 2048-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DY2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5876.97      | 0.00%             | 2030-10-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                    | CVS Health Corp.                                                                          | CUSIP: 126650EJ5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3003.63      | 0.00%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Snam S.p.A.                                                                         | Snam S.p.A.                                                                               | CUSIP: 83304JAA5<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |    209000 | PA      | $211231.87    | 0.13%             | 2030-05-28      | Fixed         | 5.00%                 | 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      | $183994.78    | 0.12%             | 2042-03-15      | Floating      | 5.12%                 | 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        |      4531 | PA      | $4764.85      | 0.00%             | 2031-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                   | Enterprise Products Operating LLC                                                         | CUSIP: 29379VCL5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1005.86      | 0.00%             | 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        |      1000 | PA      | $987.45       | 0.00%             | 2035-09-15      | Fixed         | 5.10%                 | 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      | $314.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank                                                                                | Bank, Series 2019-BN16, Class XA                                                          | CUSIP: 065405AJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   1358476 | PA      | $27243.42     | 0.02%             | 2052-02-15      | Variable      | 0.93%                 | 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        |    192673 | PA      | $192370.04    | 0.12%             | 2042-03-17      | Floating      | 4.77%                 | 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        |     33428 | PA      | $11394.52     | 0.01%             | 2036-08-25      | Floating      | 3.99%                 | 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      | $978.40       | 0.00%             | N/A             | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                    | Amazon.com, Inc.                                                                          | CUSIP: 023135DF0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    464000 | PA      | $459950.48    | 0.29%             | 2036-03-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                                  | CUSIP: 36213HWZ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       240 | PA      | $247.86       | 0.00%             | 2031-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816EK1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4008.72      | 0.00%             | 2033-07-20      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| Evergy, Inc.                                                                        | Evergy, Inc.                                                                              | CUSIP: 30034WAF3<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26800.86     | 0.02%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | Avolon Holdings Funding Ltd.                                                              | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      3000 | PA      | $3088.91      | 0.00%             | 2028-05-04      | Fixed         | 6.38%                 | 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      | $450098.00    | 0.28%             | 2034-07-20      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank U.A.                                                          | Cooperatieve Rabobank U.A.                                                                | CUSIP: 21688ABP6<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $249109.86    | 0.16%             | 2028-10-17      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XCV5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      1000 | PA      | $766.54       | 0.00%             | 2064-09-27      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harbor Park CLO Ltd.                                                                | Harbor Park CLO Ltd., Series 2018-1A, Class AR2                                           | CUSIP: 41154XAW5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    273093 | PA      | $273119.61    | 0.17%             | 2031-01-20      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                      | CUSIP: 780082BA0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    143000 | PA      | $139455.20    | 0.09%             | 2086-05-24      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3084.89      | 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        |      5000 | PA      | $4994.70      | 0.00%             | 2030-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                                                      | Citizens Financial Group, Inc.                                                            | CUSIP: 174610BK0<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8922.13      | 0.01%             | 2036-01-29      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| Bristow Group Inc.                                                                  | Bristow Group Inc.                                                                        | CUSIP: 11040GAB9<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |    144000 | PA      | $145649.09    | 0.09%             | 2033-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation, LLC                                                | Constellation Energy Generation, LLC                                                      | CUSIP: 210385AR1<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |      1000 | PA      | $960.78       | 0.00%             | 2066-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co.                                                                 | Vertiv Holdings Co.                                                                       | CUSIP: 92537NAB4<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |     43000 | PA      | $41042.50     | 0.03%             | 2046-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                                                     | Nordea Bank Abp                                                                           | CUSIP: 65558RAK5<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    200000 | PA      | $199072.34    | 0.12%             | N/A             | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                            | John Deere Capital Corp., Series I                                                        | CUSIP: 24422EYL7<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     81000 | PA      | $80259.26     | 0.05%             | 2031-03-10      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| JH North America Holdings Inc.                                                      | JH North America Holdings Inc.                                                            | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1995.25      | 0.00%             | 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        |      2000 | PA      | $2013.11      | 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        |      2000 | PA      | $1967.98      | 0.00%             | 2033-02-15      | Fixed         | 4.85%                 | 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      | $83255.08     | 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        |    109120 | PA      | $109312.14    | 0.07%             | 2032-01-16      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DC0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2051.32      | 0.00%             | 2028-09-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                 | Abbott Laboratories                                                                       | CUSIP: 002824BR0<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    122000 | PA      | $120567.23    | 0.08%             | 2029-03-09      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TDPP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     10979 | PA      | $11084.00     | 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        |       683 | PA      | $681.52       | 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        |     58000 | PA      | $57783.95     | 0.04%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Adventist Health System                                                             | Adventist Health System                                                                   | CUSIP: 007944AK7<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1030.06      | 0.00%             | 2034-12-01      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                       | Alphabet Inc.                                                                             | CUSIP: 02079KBK2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     88000 | PA      | $87407.60     | 0.05%             | 2031-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                    | Bank of Montreal                                                                          | CUSIP: 06368L5Q5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    207000 | PA      | $211961.58    | 0.13%             | 2084-11-26      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAB58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     13922 | PA      | $1544.49      | 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      | $3021.41      | 0.00%             | 2033-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Carlyle US CLO 2022-1 Ltd.                                                          | Carlyle US CLO 2022-1 Ltd., Series 2022-1A, Class A1R                                     | CUSIP: 14318JAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    254120 | PA      | $254114.16    | 0.16%             | 2035-04-15      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2013.36      | 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      | $3008.31      | 0.00%             | N/A             | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| Emera US Finance, LLC                                                               | Emera US Finance, LLC                                                                     | CUSIP: 29103HAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    186000 | PA      | $185815.39    | 0.12%             | 2029-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer LLC                                                    | Planet Fitness Master Issuer LLC, Series 2025-1A, Class A2I                               | CUSIP: 72703PAH6<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100105.50    | 0.06%             | 2055-12-06      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F052649<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2591723 | PA      | $2604065.20   | 1.63%             | 2056-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Augusta SpinCo Corp.                                                                | Augusta SpinCo Corp.                                                                      | CUSIP: 051473AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     68000 | PA      | $67784.53     | 0.04%             | 2033-03-23      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| PG&E Corp.                                                                          | PG&E Corp.                                                                                | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    295000 | PA      | $297137.10    | 0.19%             | 2055-03-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Thayer Park, CLO Ltd.                                                               | Thayer Park, CLO Ltd., Series 2017-1A, Class A1RR                                         | CUSIP: 883310AW4<br>LEI: 5493000PRLDBEVKBE571 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249613.00    | 0.16%             | 2034-04-20      | Floating      | 4.67%                 | 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        |    121105 | PA      | $121446.63    | 0.08%             | 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      | $147921.80    | 0.09%             | 2032-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38145GAP5<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64616.59     | 0.04%             | 2029-01-21      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392DW40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       251 | PA      | $24.95        | 0.00%             | 2032-07-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                                    | CUSIP: 31325UP26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      2843 | PA      | $38.05        | 0.00%             | 2027-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Piedmont Operating Partnership, L.P.                                                | Piedmont Operating Partnership, L.P.                                                      | CUSIP: 720198AK6<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7778.46      | 0.00%             | 2033-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                      | CUSIP: 78016HZV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      2000 | PA      | $2035.32      | 0.00%             | 2029-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co., Inc.                                                     | Fedex Freight Holding Co., Inc.                                                           | CUSIP: 314352AC9<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     19000 | PA      | $18682.89     | 0.01%             | 2031-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Salesforce, Inc.                                                                    | Salesforce, Inc.                                                                          | CUSIP: 79466LAS3<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    446000 | PA      | $445473.82    | 0.28%             | 2031-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Wisconsin Electric Power Co.                                                        | Wisconsin Electric Power Co.                                                              | CUSIP: 976656CU0<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4934.81      | 0.00%             | 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        |     78218 | PA      | $13947.37     | 0.01%             | 2047-09-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Affiliated Managers Group, Inc.                                                     | Affiliated Managers Group, Inc.                                                           | CUSIP: 008252AR9<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | DBT              | CORP              | US        |      1000 | PA      | $993.75       | 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        |      1000 | PA      | $926.41       | 0.00%             | 2065-05-15      | Fixed         | 5.30%                 | 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      | $230053.29    | 0.14%             | 2039-01-15      | Floating      | 4.97%                 | 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        |    197500 | PA      | $195294.54    | 0.12%             | 2054-07-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc.                            | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc.                                  | CUSIP: 05724BAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    138000 | PA      | $136223.24    | 0.09%             | 2031-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                          | Mars, Inc.                                                                                | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4042.87      | 0.00%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BMW US Capital, LLC                                                                 | BMW US Capital, LLC                                                                       | CUSIP: 05565EDG7<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    356000 | PA      | $355402.96    | 0.22%             | 2029-03-19      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCYY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       916 | PA      | $101.50       | 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        |      5000 | PA      | $4951.35      | 0.00%             | 2028-10-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                      | Ecopetrol S.A.                                                                            | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     11000 | PA      | $9782.90      | 0.01%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Veralto Corp.                                                                       | Veralto Corp.                                                                             | CUSIP: 92338CAB9<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2008.54      | 0.00%             | 2026-09-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                         | Eaton Corp.                                                                               | CUSIP: 278058EA6<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193741.00    | 0.12%             | 2056-03-06      | Fixed         | 5.45%                 | 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      | $99866.97     | 0.06%             | 2055-02-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                 | CommonSpirit Health                                                                       | CUSIP: 20268JAY9<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5914.14      | 0.00%             | 2030-09-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                                 | CUSIP: 912810UP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6235500 | PA      | $5958799.69   | 3.72%             | 2055-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co.                                                               | Saudi Arabian Oil Co.                                                                     | CUSIP: 80414L3B9<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    253000 | PA      | $251788.53    | 0.16%             | 2035-06-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                        | Exelon Corp.                                                                              | CUSIP: 30161NBR1<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2036.64      | 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        |     22655 | PA      | $19819.42     | 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        |     66656 | PA      | $66953.74     | 0.04%             | 2055-02-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Cousins Properties L.P.                                                             | Cousins Properties L.P.                                                                   | CUSIP: 222793AA9<br>LEI: 254900ZQIHJ5FQH4C329 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2026.54      | 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      | $1037.88      | 0.00%             | 2029-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                          | Ameriprise Financial, Inc.                                                                | CUSIP: 03076CAM8<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1018.07      | 0.00%             | 2033-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| EFMT 2026-NQM3                                                                      | EFMT 2026-NQM3, Series 2026-NQM3, Class A1                                                | CUSIP: 26846JAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    360810 | PA      | $359617.05    | 0.22%             | 2071-03-25      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                                             | Micron Technology, Inc.                                                                   | CUSIP: 595112CG6<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2111.98      | 0.00%             | 2032-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                                                         | Marsh & McLennan Cos., Inc.                                                               | CUSIP: 571748CF7<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29732.37     | 0.02%             | 2036-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F030645<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4827457 | PA      | $4240882.11   | 2.65%             | 2056-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                         | Sunoco L.P.                                                                               | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98966.39     | 0.06%             | 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        |       405 | PA      | $37.97        | 0.00%             | 2032-03-18      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 31395XLV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      2591 | PA      | $3019.82      | 0.00%             | 2035-08-15      | Floating      | 10.87%                | No            |                  2 | On Loan: No      |
| Mastercard Inc.                                                                     | Mastercard Inc.                                                                           | CUSIP: 57636QAX2<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1014.10      | 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      | $2013.43      | 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        |        82 | PA      | $82.97        | 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        |      1000 | PA      | $1016.30      | 0.00%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Advance Auto Parts, Inc.                                                            | Advance Auto Parts, Inc.                                                                  | CUSIP: 00751YAL0<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     64000 | PA      | $64874.56     | 0.04%             | 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        |    154000 | PA      | $152156.13    | 0.10%             | 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      | $3977.97      | 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      | $144911.46    | 0.09%             | 2042-08-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| GGP 2026-TY                                                                         | GGP 2026-TY, Series 2026-TY, Class A                                                      | CUSIP: 373914AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    285000 | PA      | $281875.69    | 0.18%             | 2043-03-05      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| Amazon Conservation DAC                                                             | Amazon Conservation DAC                                                                   | CUSIP: 02315JAA2<br>LEI: 635400VMJ6EGNYN3YK31 | Long             | DBT              | CORP              | IE        |    270000 | PA      | $276345.00    | 0.17%             | 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        |    217250 | PA      | $212372.13    | 0.13%             | 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      | $259993.44    | 0.16%             | 2028-08-03      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corp.                                                              | Novartis Capital Corp.                                                                    | CUSIP: 66989HBK3<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70157.88     | 0.04%             | 2046-03-18      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F062648<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1250000 | PA      | $1293325.04   | 0.81%             | 2056-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31359XCD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      6378 | PA      | $6462.38      | 0.00%             | 2029-11-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Niagara Mohawk Power Corp.                                                          | Niagara Mohawk Power Corp.                                                                | CUSIP: 653522DT6<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2989.36      | 0.00%             | 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      | $1977.22      | 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      | $203909.70    | 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        |    196924 | PA      | $186495.84    | 0.12%             | 2040-12-17      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| SHRN Trust 2025-MF18                                                                | SHRN Trust 2025-MF18, Series 2025-MF18, Class B                                           | CUSIP: 82556AAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100023.48    | 0.06%             | 2040-10-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                                                        | Canadian Pacific Railway Co.                                                              | CUSIP: 13645RBP8<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     71000 | PA      | $70242.04     | 0.04%             | 2029-03-15      | Fixed         | 4.00%                 | 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              | GB        |    530000 | PA      | $529119.14    | 0.33%             | 2036-07-20      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 3137AXEJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      6385 | PA      | $82.94        | 0.00%             | 2027-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                       | Alphabet Inc.                                                                             | CUSIP: 02079KAZ0<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |      1000 | PA      | $978.38       | 0.00%             | 2045-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac, Series 2026-DNA2, Class M1                                                   | CUSIP: 35564UDQ7<br>LEI: 529900S8M5IMFAIV8785 | Long             | ABS-MBS          | USGSE             | US        |    185000 | PA      | $185186.92    | 0.12%             | 2046-03-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAXJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       923 | PA      | $97.60        | 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        |      1000 | PA      | $1015.20      | 0.00%             | 2036-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCCL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     17711 | PA      | $2139.19      | 0.00%             | 2034-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                           | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207083.32    | 0.13%             | 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      | $2029.58      | 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      | $3033.85      | 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      | $3046.27      | 0.00%             | 2030-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3047.43      | 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        |     17524 | PA      | $15027.14     | 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        |      7000 | PA      | $6486.94      | 0.00%             | 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      | $209685.00    | 0.13%             | 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        |    508264 | PA      | $508183.39    | 0.32%             | 2033-07-15      | Floating      | 4.61%                 | 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      | $149099.54    | 0.09%             | 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      | $56577.96     | 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      | $1021.08      | 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        |      2000 | PA      | $1950.69      | 0.00%             | 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      | $3023.14      | 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        |       548 | PA      | $64.02        | 0.00%             | 2032-07-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                      | CUSIP: 378272CC0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    129000 | PA      | $128989.62    | 0.08%             | 2031-07-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                                                                    | VB-S1 Issuer LLC, Series 2026-1A, Class C2                                                | CUSIP: 91825HAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $196763.96    | 0.12%             | 2056-03-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TCV70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |        47 | PA      | $47.71        | 0.00%             | 2028-02-15      | Fixed         | 6.50%                 | 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      | $4095.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1000 | PA      | $996.09       | 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      | $114200.71    | 0.07%             | 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      | $241447.06    | 0.15%             | 2056-01-31      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F050445<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    890000 | PA      | $896637.85    | 0.56%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31395U5B3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      6268 | PA      | $351.69       | 0.00%             | 2035-05-15      | Floating      | 2.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCHX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     14212 | PA      | $1850.92      | 0.00%             | 2034-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDB8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      1000 | PA      | $839.18       | 0.00%             | 2055-08-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F042442<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    920000 | PA      | $913517.07    | 0.57%             | 2041-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFK6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3042.69      | 0.00%             | 2030-01-16      | Variable      | 5.17%                 | 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      | $174521.55    | 0.11%             | 2034-04-18      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                                | Meta Platforms, Inc.                                                                      | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      1000 | PA      | $938.06       | 0.00%             | 2055-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                                                            | Roper Technologies, Inc.                                                                  | CUSIP: 776696AK2<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2981.64      | 0.00%             | 2028-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co., Inc.                                                     | Fedex Freight Holding Co., Inc.                                                           | CUSIP: 314352AE5<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5853.99      | 0.00%             | 2033-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Southwest Gas Corp.                                                                 | Southwest Gas Corp.                                                                       | CUSIP: 845011AH8<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3057.33      | 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      | $41062.32     | 0.03%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Brink's Co. (The)                                                                   | Brink's Co. (The)                                                                         | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93818.08     | 0.06%             | 2027-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                                 | CUSIP: 91282CQH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1630700 | PA      | $1633184.27   | 1.02%             | 2028-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ICON Investments Six DAC                                                            | ICON Investments Six DAC                                                                  | CUSIP: 45115AAA2<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $201068.06    | 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      | $196399.17    | 0.12%             | 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        |   1070824 | PA      | $8987.32      | 0.01%             | 2051-01-15      | Variable      | 0.52%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage L.P.                                                            | Extra Space Storage L.P.                                                                  | CUSIP: 30225VAV9<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2966.69      | 0.00%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                       | CUSIP: 316773DP2<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1949.10      | 0.00%             | 2037-01-29      | Variable      | 5.14%                 | 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        |    209838 | PA      | $188610.75    | 0.12%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                               | International Business Machines Corp.                                                     | CUSIP: 459200LR0<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    302000 | PA      | $297543.58    | 0.19%             | 2031-02-03      | Fixed         | 4.30%                 | 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      | $3095.62      | 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      | $239749.68    | 0.15%             | 2034-04-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GMP1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1995.25      | 0.00%             | 2031-01-24      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                                                         | Merchants Fleet Funding LLC, Series 2025-1A, Class A                                      | CUSIP: 588926AL9<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $110224.18    | 0.07%             | 2039-01-20      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Ferguson Enterprises Inc.                                                           | Ferguson Enterprises Inc.                                                                 | CUSIP: 31488VAB3<br>LEI: 2138003JYQMRP3SLX189 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5905.56      | 0.00%             | 2031-03-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                         | Eaton Corp.                                                                               | CUSIP: 278058DV1<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    522000 | PA      | $518385.14    | 0.32%             | 2028-03-06      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Magnetite XXXI, Ltd.                                                                | Magnetite XXXI, Ltd., Series 2021-31A, Class A1R                                          | CUSIP: 55952FAL2<br>LEI: 549300J3BCFSIZAJJW77 | Long             | ABS-CBDO         | CORP              | KY        |    355000 | PA      | $354112.50    | 0.22%             | 2034-07-15      | Floating      | 4.67%                 | 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      | $30856.98     | 0.02%             | 2031-04-30      | Fixed         | 7.12%                 | 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       |        46 | NC      | $-150661.87   | -0.09%            |  |  |  | No            |                  1 | 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        |    258902 | PA      | $225345.05    | 0.14%             | 2051-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                        | Exelon Corp.                                                                              | CUSIP: 30161NBS9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |      1000 | PA      | $975.54       | 0.00%             | 2055-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Zions Bancorp., N.A.                                                                | Zions Bancorp., N.A.                                                                      | CUSIP: 98971DAD2<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |    259000 | PA      | $256767.13    | 0.16%             | 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        |     77000 | PA      | $80427.19     | 0.05%             | N/A             | Variable      | 7.50%                 | 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        |       788 | PA      | $815.98       | 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        |     45000 | PA      | $45026.35     | 0.03%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392DWM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     16876 | PA      | $1709.64      | 0.00%             | 2032-08-25      | Floating      | 4.22%                 | 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        |    267892 | PA      | $253351.75    | 0.16%             | 2066-12-25      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc., Series Z                                                                  | CUSIP: 172967PC9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     51000 | PA      | $52726.66     | 0.03%             | 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      | $3048.61      | 0.00%             | 2029-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AE3<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    153000 | PA      | $159681.23    | 0.10%             | 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      | $3072.80      | 0.00%             | 2030-01-23      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| Salesforce, Inc.                                                                    | Salesforce, Inc.                                                                          | CUSIP: 79466LAV6<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    128000 | PA      | $128966.07    | 0.08%             | 2046-03-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc.                                                                    | Xcel Energy Inc.                                                                          | CUSIP: 98389BBD1<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4022.24      | 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        |     19596 | PA      | $2683.78      | 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        |    309243 | PA      | $312175.04    | 0.20%             | 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      | $203319.94    | 0.13%             | 2031-04-24      | Floating      | 5.15%                 | 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        |     43189 | PA      | $42049.87     | 0.03%             | 2035-10-25      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                                                 | Macquarie Bank Ltd.                                                                       | CUSIP: 55608PCA0<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |     59000 | PA      | $58899.78     | 0.04%             | 2028-02-03      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 172967PY1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4018.02      | 0.00%             | 2028-05-07      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 31410FV85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       201 | PA      | $211.42       | 0.00%             | 2030-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                                        | National Australia Bank Ltd.                                                              | CUSIP: 632525CF6<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    198000 | PA      | $203491.68    | 0.13%             | 2036-01-14      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| Cousins Properties L.P.                                                             | Cousins Properties L.P.                                                                   | CUSIP: 222793AB7<br>LEI: 254900ZQIHJ5FQH4C329 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2013.40      | 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      | $3189.90      | 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      | $102989.63    | 0.06%             | 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      | $1001.03      | 0.00%             | 2027-04-23      | Variable      | 5.64%                 | 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        |    207688 | PA      | $207987.65    | 0.13%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy, Inc.                                                               | Cheniere Energy, Inc.                                                                     | CUSIP: 16411RAP4<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     62000 | PA      | $61390.88     | 0.04%             | 2036-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BPCE S.A.                                                                           | BPCE S.A.                                                                                 | CUSIP: 05571ABA2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $261817.70    | 0.16%             | 2036-01-14      | Variable      | 6.29%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc.                            | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc.                                  | CUSIP: 05724BAL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     88000 | PA      | $87570.92     | 0.05%             | 2029-03-11      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Kuwait International Government Bond                                                | Kuwait International Government Bond                                                      | CUSIP: 501499AE7<br>LEI: 549300FSC1YD0D9XX589 | Long             | DBT              | NUSS              | KW        |    200000 | PA      | $195930.43    | 0.12%             | 2030-10-09      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, TBA                                             | CUSIP: 21H020642<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    345000 | PA      | $285083.20    | 0.18%             | 2056-04-01      | Fixed         | 2.00%                 | 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        |     19150 | PA      | $18596.66     | 0.01%             | 2036-02-25      | Floating      | 0.65%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                                                | Mexico Government International Bond                                                      | CUSIP: 91087BBJ8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    312000 | PA      | $305292.00    | 0.19%             | 2031-03-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136ASXP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     29192 | PA      | $3674.04      | 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        |      2000 | PA      | $2033.77      | 0.00%             | 2031-04-25      | Variable      | 5.02%                 | 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      | $215973.34    | 0.13%             | 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        |      1410 | PA      | $130.43       | 0.00%             | 2032-04-25      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                          | CUSIP: 709599BW3<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1029.29      | 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        |     83600 | PA      | $84028.75     | 0.05%             | 2028-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Brazilian Government International Bond                                             | Brazilian Government International Bond                                                   | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $196610.00    | 0.12%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Hasbro, Inc.                                                                        | Hasbro, Inc.                                                                              | CUSIP: 418056BB2<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |     58000 | PA      | $57296.95     | 0.04%             | 2031-03-12      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co. Inc.                                                  | Hilton Domestic Operating Co. Inc.                                                        | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5087.82      | 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: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |    150000 | PA      | $149717.28    | 0.09%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                                                 | NatWest Markets PLC                                                                       | CUSIP: 63906YAV0<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200579.09    | 0.13%             | 2029-03-27      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFS9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4047.06      | 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        |      1000 | PA      | $1022.57      | 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        |       201 | PA      | $161.56       | 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      | $3028.35      | 0.00%             | N/A             | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Ascension Health                                                                    | Ascension Health, Series 2025                                                             | CUSIP: 04351LAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $18827.14     | 0.01%             | 2030-11-15      | Fixed         | 4.29%                 | 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        |       812 | PA      | $727.98       | 0.00%             | 2034-07-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | Avolon Holdings Funding Ltd.                                                              | CUSIP: 05401ABD2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     28000 | PA      | $27451.01     | 0.02%             | 2031-01-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BMW US Capital, LLC                                                                 | BMW US Capital, LLC                                                                       | CUSIP: 05565EDC6<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3956.11      | 0.00%             | 2030-08-11      | Fixed         | 4.50%                 | 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        |    115917 | PA      | $104450.80    | 0.07%             | 2051-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                          | Constellation Brands, Inc.                                                                | CUSIP: 21036PBS6<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3019.06      | 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        |     20055 | PA      | $19047.67     | 0.01%             | 2049-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Beignet Investor LLC                                                                | Beignet Investor LLC                                                                      | CUSIP: 076912AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1019000 | PA      | $1048480.13   | 0.66%             | 2049-05-30      | Fixed         | 6.58%                 | 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        |    183197 | PA      | $184246.21    | 0.12%             | 2064-07-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Fifth Third Financial Corp.                                                         | Fifth Third Financial Corp.                                                               | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3096.13      | 0.00%             | 2030-01-30      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc.                                                               | Howmet Aerospace Inc.                                                                     | CUSIP: 443201AH1<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     39000 | PA      | $37932.36     | 0.02%             | 2036-04-15      | Fixed         | 4.75%                 | 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        |    242841 | PA      | $243786.17    | 0.15%             | 2065-11-25      | Variable      | 5.50%                 | 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      | $99673.00     | 0.06%             | 2042-07-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DE6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1043.79      | 0.00%             | 2033-09-07      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                     | Intercontinental Exchange, Inc.                                                           | CUSIP: 45865VAC4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14797.96     | 0.01%             | 2031-03-15      | Fixed         | 4.20%                 | 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      | $1018.66      | 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        |      1000 | PA      | $1015.61      | 0.00%             | 2035-06-15      | 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        |     99750 | PA      | $97247.76     | 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        |     62000 | PA      | $64913.00     | 0.04%             | 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      | $1998.53      | 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      | $914.16       | 0.00%             | 2055-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                                    | CUSIP: 31325UPL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      4275 | PA      | $68.14        | 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      | $3048.95      | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Emera US Finance, LLC                                                               | Emera US Finance, LLC, Series B                                                           | CUSIP: 29103HAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     88000 | PA      | $88145.11     | 0.06%             | 2056-10-01      | Variable      | 6.85%                 | 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      | $247631.30    | 0.15%             | 2044-07-13      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp                                                                        | U.S. Bancorp                                                                              | CUSIP: 91159HJW1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     58000 | PA      | $57407.71     | 0.04%             | 2032-01-26      | Variable      | 4.48%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating, L.P.                                                   | Western Midstream Operating, L.P.                                                         | CUSIP: 958667AH0<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13866.08     | 0.01%             | 2031-03-01      | Fixed         | 4.80%                 | 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      | $110665.71    | 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      | $208909.48    | 0.13%             | 2030-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                       | CUSIP: 316773DN7<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49025.46     | 0.03%             | 2032-04-29      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 06051GMT3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1004.46      | 0.00%             | 2029-05-09      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Regency Centers, L.P.                                                               | Regency Centers, L.P.                                                                     | CUSIP: 75884RBF9<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6828.57      | 0.00%             | 2033-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                        | Barclays PLC                                                                              | CUSIP: 06738EDG7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $196984.74    | 0.12%             | 2030-05-24      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| ERP Operating L.P.                                                                  | ERP Operating L.P.                                                                        | CUSIP: 26884ABQ5<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3023.46      | 0.00%             | 2032-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Protective Life Corp.                                                               | Protective Life Corp.                                                                     | CUSIP: 743674BF9<br>LEI: 549300ZWIT8J8Y2EXL07 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13881.65     | 0.01%             | 2031-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Emera US Finance, LLC                                                               | Emera US Finance, LLC                                                                     | CUSIP: 29103HAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     56000 | PA      | $55709.55     | 0.03%             | 2033-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Bell Canada                                                                         | Bell Canada                                                                               | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     18000 | PA      | $18430.45     | 0.01%             | 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        |    190588 | PA      | $191222.56    | 0.12%             | 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        |     22289 | PA      | $3052.76      | 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      | $1979.22      | 0.00%             | N/A             | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp., Series N                                                           | CUSIP: 060505GP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    132000 | PA      | $130008.17    | 0.08%             | 2032-02-06      | Floating      | 4.53%                 | 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        |    175558 | PA      | $175476.43    | 0.11%             | 2038-11-15      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                                               | Gilead Sciences, Inc.                                                                     | CUSIP: 375558BZ5<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1034.57      | 0.00%             | 2033-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citadel Finance LLC                                                                 | Citadel Finance LLC                                                                       | CUSIP: 17287HAE0<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |    253000 | PA      | $248072.37    | 0.16%             | 2029-02-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Entergy Texas, Inc.                                                                 | Entergy Texas, Inc.                                                                       | CUSIP: 29365TAQ7<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1010.29      | 0.00%             | 2035-04-15      | Fixed         | 5.25%                 | 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        |     39000 | PA      | $40144.34     | 0.03%             | 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      | $250089.25    | 0.16%             | 2034-10-20      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                         | Pfizer Inc.                                                                               | CUSIP: 717081FH1<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |      1000 | PA      | $966.39       | 0.00%             | 2065-11-15      | Fixed         | 5.70%                 | 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      | $1038.27      | 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      | $371872.40    | 0.23%             | 2034-04-17      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Travelers Cos., Inc. (The)                                                          | Travelers Cos., Inc. (The)                                                                | CUSIP: 89417EAT6<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1002.17      | 0.00%             | 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        |     13547 | PA      | $13364.54     | 0.01%             | 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        |      6000 | PA      | $6023.31      | 0.00%             | 2028-07-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                              | Sempra                                                                                    | CUSIP: 816851BX6<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    131000 | PA      | $129203.00    | 0.08%             | 2036-03-15      | Fixed         | 5.25%                 | 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        |      2000 | PA      | $2013.46      | 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        |      2688 | PA      | $2224.73      | 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      | $2037.82      | 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        |      1587 | PA      | $70.47        | 0.00%             | 2035-07-15      | Floating      | 2.36%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                 | Kinder Morgan, Inc.                                                                       | CUSIP: 49456BBC4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1048.36      | 0.00%             | 2035-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                     | Danske Bank A/S                                                                           | CUSIP: 23636ABM2<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    200000 | PA      | $200474.37    | 0.13%             | 2029-03-27      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Private Bank, N.A.                                                   | Morgan Stanley Private Bank, N.A.                                                         | CUSIP: 61776NU43<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247502.08    | 0.15%             | 2030-02-08      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816DU0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2059.68      | 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        |     10000 | PA      | $10036.46     | 0.01%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                       | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2073.68      | 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        |      2000 | PA      | $1987.62      | 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        |      5000 | PA      | $5007.63      | 0.00%             | 2028-06-20      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8                            | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8, Series 2025-NQM8, Class A1      | CUSIP: 61779QAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    201727 | PA      | $201460.23    | 0.13%             | 2070-09-25      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                      | ING Groep N.V.                                                                            | CUSIP: 456837BU6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    271000 | PA      | $269457.05    | 0.17%             | 2032-03-23      | Variable      | 4.80%                 | 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        |     94482 | PA      | $87732.30     | 0.05%             | 2062-03-27      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                 | CommonSpirit Health                                                                       | CUSIP: 20268JAS2<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1002.14      | 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        |       612 | PA      | $45.42        | 0.00%             | 2032-04-25      | Floating      | 3.22%                 | 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      | $3002.29      | 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        |     64640 | PA      | $60604.97     | 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        |      1000 | PA      | $996.18       | 0.00%             | 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      | $2086.17      | 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        |    102000 | PA      | $99206.67     | 0.06%             | 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        |      3914 | PA      | $3774.07      | 0.00%             | 2035-07-25      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280FK0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    202000 | PA      | $200542.64    | 0.13%             | 2030-03-10      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| FirstCash, Inc.                                                                     | FirstCash, Inc.                                                                           | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     67000 | PA      | $68371.36     | 0.04%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc., Series JJ                                                                 | CUSIP: 172967QK0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    488000 | PA      | $486969.88    | 0.30%             | N/A             | Variable      | 6.50%                 | No            |                  2 | On Loan: —       |
| B.A.T Capital Corp.                                                                 | B.A.T Capital Corp.                                                                       | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1057.35      | 0.00%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics, Inc.                                                              | Verisk Analytics, Inc.                                                                    | CUSIP: 92345YAP1<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32468.55     | 0.02%             | 2031-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Leidos, Inc.                                                                        | Leidos, Inc.                                                                              | CUSIP: 52532XAJ4<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3111.32      | 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      | $193488.74    | 0.12%             | 2037-03-23      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Cencora, Inc.                                                                       | Cencora, Inc.                                                                             | CUSIP: 03073EBC8<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32546.38     | 0.02%             | 2029-02-13      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                  | Dell International LLC / EMC Corp.                                                        | CUSIP: 24703TAP1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1012.11      | 0.00%             | 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      | $2056.79      | 0.00%             | 2032-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GABX Leasing LLC                                                                    | GABX Leasing LLC                                                                          | CUSIP: 36274FAA7<br>LEI: 25490085PXP0WGRIRI44 | Long             | DBT              | CORP              | US        |    123000 | PA      | $121291.23    | 0.08%             | 2031-04-15      | Fixed         | 4.62%                 | 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      | $2043.22      | 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        |      1000 | PA      | $984.13       | 0.00%             | 2035-12-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                            | Honeywell Aerospace Inc.                                                                  | CUSIP: 43849RAE5<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59371.12     | 0.04%             | 2031-03-16      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc.                                                               | Cleveland-Cliffs Inc.                                                                     | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    163000 | PA      | $159400.58    | 0.10%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                          | PacifiCorp                                                                                | CUSIP: 695114DC9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2027.93      | 0.00%             | 2031-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | McDonald's Corp.                                                                          | CUSIP: 58013MFV1<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1017.35      | 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        |    180000 | PA      | $176482.86    | 0.11%             | 2030-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAXN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     20616 | PA      | $2342.84      | 0.00%             | 2033-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LSEG US Fin Corp.                                                                   | LSEG US Fin Corp.                                                                         | CUSIP: 50222CAE0<br>LEI: 2138007FV67QQ13CGJ43 | Long             | DBT              | CORP              | US        |    209000 | PA      | $206498.15    | 0.13%             | 2031-03-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                 | Abbott Laboratories                                                                       | CUSIP: 002824BX7<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    103000 | PA      | $100477.50    | 0.06%             | 2066-03-15      | Fixed         | 5.60%                 | 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      | $672145.25    | 0.42%             | 2044-06-15      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                                                           | Corebridge Global Funding                                                                 | CUSIP: 00138CAV0<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1031.04      | 0.00%             | 2028-09-19      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Ventas Realty, L.P.                                                                 | Ventas Realty, L.P.                                                                       | CUSIP: 92277GBC0<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |      1000 | PA      | $977.98       | 0.00%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Invesco Private Prime Fund                                                          | Invesco Private Prime Fund                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   4023291 | NS      | $4023693.33   | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc.                                                                           | AT&T Inc.                                                                                 | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      1000 | PA      | $985.58       | 0.00%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Trust                                                   | Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A1                             | CUSIP: 16158RAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2902 | PA      | $2763.69      | 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      | $969.21       | 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        |      8116 | PA      | $917.83       | 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      | $949.56       | 0.00%             | 2063-06-01      | Fixed         | 6.00%                 | 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        |     31000 | PA      | $31114.98     | 0.02%             | 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        |      2000 | PA      | $2030.37      | 0.00%             | 2030-10-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                     | TransDigm, Inc.                                                                           | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    152000 | PA      | $151309.66    | 0.09%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 31410KQD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       918 | PA      | $949.12       | 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      | $946.36       | 0.00%             | 2053-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                                      | Commonwealth Bank of Australia, Series C                                                  | CUSIP: 20271RAX8<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    254000 | PA      | $254772.78    | 0.16%             | 2029-03-27      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| Kimco Realty OP, LLC                                                                | Kimco Realty OP, LLC                                                                      | CUSIP: 49447BAB9<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |      1000 | PA      | $980.04       | 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        |     14000 | PA      | $15042.69     | 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      | $3034.01      | 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      | $281748.72    | 0.18%             | 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      | $1003.00      | 0.00%             | 2034-04-26      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VAT7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2137.29      | 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        |    312773 | PA      | $315157.59    | 0.20%             | 2055-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Entergy Corp.                                                                       | Entergy Corp.                                                                             | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2050.49      | 0.00%             | 2054-12-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31395MTC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      8960 | PA      | $515.24       | 0.00%             | 2035-02-15      | Floating      | 2.96%                 | 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        |      4000 | PA      | $3971.37      | 0.00%             | 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        |     12732 | PA      | $12805.77     | 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      | $170400.15    | 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        |      1093 | PA      | $75.61        | 0.00%             | 2032-01-25      | Floating      | 3.47%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                       | Enbridge Inc.                                                                             | CUSIP: 29250NBR5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      1000 | PA      | $1036.26      | 0.00%             | 2033-03-08      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| EMD Finance LLC                                                                     | EMD Finance LLC                                                                           | CUSIP: 26867LAN0<br>LEI: 529900C8KS5G529A0B76 | Long             | DBT              | CORP              | US        |    151000 | PA      | $150319.20    | 0.09%             | 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        |      1000 | PA      | $1011.76      | 0.00%             | 2035-04-15      | 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        |    181000 | PA      | $179116.91    | 0.11%             | 2033-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    205000 | PA      | $212260.03    | 0.13%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                            | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2012.73      | 0.00%             | 2031-05-13      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                               | Wells Fargo Commercial Mortgage Trust, Series 2026-C66, Class A5                          | CUSIP: 95005CAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90000 | PA      | $93324.00     | 0.06%             | 2059-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31393FG91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       243 | PA      | $12.75        | 0.00%             | 2029-06-15      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co.                                                                 | Vertiv Holdings Co.                                                                       | CUSIP: 92537NAA6<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21401.32     | 0.01%             | 2036-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp., Series D                              | CUSIP: 63743HGE6<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    159000 | PA      | $157981.09    | 0.10%             | 2029-02-09      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                       | Enbridge Inc.                                                                             | CUSIP: 29250NCR4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    325000 | PA      | $327923.20    | 0.20%             | 2036-03-27      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2087.70      | 0.00%             | 2029-11-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F020448<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    831000 | PA      | $764629.21    | 0.48%             | 2041-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                     | GE Vernova Inc.                                                                           | CUSIP: 36828AAC5<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4813.42      | 0.00%             | 2056-02-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FAA83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1555 | PA      | $170.88       | 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      | $4019.71      | 0.00%             | 2031-11-01      | Fixed         | 4.75%                 | 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      | $996.50       | 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      | $204355.76    | 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        |     28374 | PA      | $28381.72     | 0.02%             | 2031-07-15      | Floating      | 4.77%                 | 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        |    358000 | PA      | $357046.32    | 0.22%             | 2044-07-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Tyco Electronics Group S.A.                                                         | Tyco Electronics Group S.A.                                                               | CUSIP: 902133BF3<br>LEI: C33G1C5SYE2YM95EE712 | Long             | DBT              | CORP              | LU        |     13000 | PA      | $12836.31     | 0.01%             | 2036-02-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                                        | Pacific Gas and Electric Co.                                                              | CUSIP: 694308KL0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23807.17     | 0.01%             | 2029-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust                                                                 | RCKT Mortgage Trust, Series 2026-CES1, Class A1A                                          | CUSIP: 74939BAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    156012 | PA      | $154944.70    | 0.10%             | 2056-01-25      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392AZY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       199 | PA      | $18.85        | 0.00%             | 2031-11-25      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| Lamar Media Corp.                                                                   | Lamar Media Corp.                                                                         | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    148000 | PA      | $144982.10    | 0.09%             | 2033-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                           | Williams Cos., Inc. (The)                                                                 | CUSIP: 969457CL2<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4037.29      | 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        |      6000 | PA      | $5925.02      | 0.00%             | 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        |      1000 | PA      | $1015.71      | 0.00%             | 2030-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Swedbank AB                                                                         | Swedbank AB                                                                               | CUSIP: 87019DAD9<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |    200000 | PA      | $200840.11    | 0.13%             | 2031-03-30      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                                                 | Realty Income Corp.                                                                       | CUSIP: 756109BJ2<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1910.20      | 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      | $4031.99      | 0.00%             | 2028-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                           | Florida Power & Light Co.                                                                 | CUSIP: 341081HB6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |      1000 | PA      | $964.09       | 0.00%             | 2066-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                              | CUSIP: 225401BR8<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    288000 | PA      | $284403.97    | 0.18%             | 2030-04-10      | Variable      | 4.21%                 | 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      | $2037.85      | 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        |       186 | PA      | $192.75       | 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      | $249732.50    | 0.16%             | 2034-05-18      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCHZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      8216 | PA      | $1071.32      | 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      | $1017.42      | 0.00%             | 2029-02-26      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                                                          | Charles Schwab Corp. (The)                                                                | CUSIP: 808513CK9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17807.98     | 0.01%             | 2031-11-14      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                                                | Credit Agricole S.A.                                                                      | CUSIP: 22535WAS6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    296000 | PA      | $290092.93    | 0.18%             | 2033-09-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley, Series F, Pfd.                                                            | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |      5000 | NS      | $125250.00    | 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      | $345905.25    | 0.22%             | 2032-02-20      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                 | Abbott Laboratories                                                                       | CUSIP: 002824BU3<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    184000 | PA      | $179996.70    | 0.11%             | 2036-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                                              | Home Depot, Inc. (The)                                                                    | CUSIP: 437076DJ8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4936.74      | 0.00%             | 2030-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc.                                                       | Thermo Fisher Scientific Inc.                                                             | CUSIP: 883556DG4<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22764.95     | 0.01%             | 2031-02-12      | Fixed         | 4.21%                 | 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       |       -23 | NC      | $13561.09     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                                                                | Meta Platforms, Inc.                                                                      | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      1000 | PA      | $899.58       | 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        |      1657 | PA      | $1628.72      | 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        |      6000 | PA      | $6037.84      | 0.00%             | 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      | $2120.03      | 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        |      1000 | PA      | $1010.07      | 0.00%             | 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      | $1015.67      | 0.00%             | 2035-01-23      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners, L.P.                                                      | Cheniere Energy Partners, L.P.                                                            | CUSIP: 16411QAQ4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1048.65      | 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      | $2965.73      | 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      | $249505.25    | 0.16%             | 2034-07-24      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Sysco Corp.                                                                         | Sysco Corp.                                                                               | CUSIP: 871829BU0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3024.65      | 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      | $3070.49      | 0.00%             | 2029-03-18      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                      | CUSIP: 378272CD8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160263.36    | 0.10%             | 2033-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co. (The)                                                          | Sherwin-Williams Co. (The)                                                                | CUSIP: 824348BU9<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4990.44      | 0.00%             | 2028-08-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MSCI Inc.                                                                           | MSCI Inc.                                                                                 | CUSIP: 55354GAR1<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |      1000 | PA      | $980.00       | 0.00%             | 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      | $1017.32      | 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        |    208000 | PA      | $212141.90    | 0.13%             | 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      | $958.05       | 0.00%             | 2063-04-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Southwestern Electric Power Co.                                                     | Southwestern Electric Power Co.                                                           | CUSIP: 845437BV3<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68861.00     | 0.04%             | 2036-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                                                            | Roper Technologies, Inc.                                                                  | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |      1000 | PA      | $972.74       | 0.00%             | 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        |     17967 | PA      | $18430.76     | 0.01%             | 2031-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, TBA                                             | CUSIP: 21H022648<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1297000 | PA      | $1116027.97   | 0.70%             | 2056-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                                | American Express Co.                                                                      | CUSIP: 025816EM7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      1000 | PA      | $967.28       | 0.00%             | 2036-10-24      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                                  | CUSIP: 36200XFC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       239 | PA      | $241.57       | 0.00%             | 2031-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                                                | Credit Agricole S.A.                                                                      | CUSIP: 22535WAR8<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $253132.77    | 0.16%             | 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      | $1023.27      | 0.00%             | 2028-08-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer LLC                                                    | Planet Fitness Master Issuer LLC, Series 2025-1A, Class A2II                              | CUSIP: 72703PAJ2<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98914.23     | 0.06%             | 2055-12-06      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61748UAS1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     66000 | PA      | $64909.36     | 0.04%             | 2032-01-16      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                                           | Guatemala Government Bond                                                                 | CUSIP: 401494AY5<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $204100.00    | 0.13%             | 2031-08-06      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38145GAR1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     61000 | PA      | $60088.18     | 0.04%             | 2032-01-21      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| Cargill, Inc.                                                                       | Cargill, Inc.                                                                             | CUSIP: 141781CG7<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |      2611 | PA      | $2466.68      | 0.00%             | 2055-10-23      | Fixed         | 5.38%                 | 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        |    267922 | PA      | $237207.82    | 0.15%             | 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        |     30000 | PA      | $30549.27     | 0.02%             | 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        |      1000 | PA      | $1001.59      | 0.00%             | 2035-04-02      | Fixed         | 5.25%                 | 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      | $1024.88      | 0.00%             | 2029-06-12      | Variable      | 5.58%                 | 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      | $51646.35     | 0.03%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                                                         | Toronto-Dominion Bank (The)                                                               | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    247000 | PA      | $254970.94    | 0.16%             | 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        |      6000 | PA      | $6044.93      | 0.00%             | 2035-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                                                   | Lowe's Cos., Inc.                                                                         | CUSIP: 548661EN3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      1000 | PA      | $950.64       | 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        |      4000 | PA      | $3989.93      | 0.00%             | 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      | $2015.65      | 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        |    205583 | PA      | $186511.17    | 0.12%             | 2061-11-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| BlackRock DLF X 2025-C CLO L.P.                                                     | BlackRock DLF X 2025-C CLO L.P., Series 2025-2A, Class A                                  | CUSIP: 09264MAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250096.50    | 0.16%             | 2033-11-21      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| McKesson Corp.                                                                      | McKesson Corp.                                                                            | CUSIP: 581557BV6<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1995.27      | 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      | $1019.18      | 0.00%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC                                                 | Venture Global Plaquemines LNG, LLC                                                       | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18775.43     | 0.01%             | 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        |      2000 | PA      | $1979.41      | 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      | $2071.66      | 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        |      5000 | PA      | $4997.18      | 0.00%             | 2029-07-20      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                         | Pfizer Inc.                                                                               | CUSIP: 717081FE8<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14882.08     | 0.01%             | 2032-11-15      | Fixed         | 4.50%                 | 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       |        97 | NC      | $-139564.99   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DH9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1023.59      | 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        |      4321 | PA      | $4102.62      | 0.00%             | 2034-06-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                                 | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    333000 | PA      | $333149.58    | 0.21%             | 2027-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bond                                              | Colombia Government International Bond                                                    | CUSIP: 195325EV3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    221000 | PA      | $216690.50    | 0.14%             | 2033-01-21      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2106.35      | 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      | $361310.25    | 0.23%             | 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      | $369278.02    | 0.23%             | 2055-07-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                            | Lloyds Banking Group PLC                                                                  | CUSIP: 539439BF5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $191066.84    | 0.12%             | N/A             | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust, Series 2025-VOLT, Class C                                                       | CUSIP: 05619PAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    310000 | PA      | $308831.92    | 0.19%             | 2044-12-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Citadel L.P.                                                                        | Citadel L.P.                                                                              | CUSIP: 17288XAD6<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4122.54      | 0.00%             | 2030-01-23      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                              | UBS AG                                                                                    | CUSIP: 90261AAG7<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    253000 | PA      | $252728.22    | 0.16%             | 2029-03-16      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                | Caterpillar Financial Services Corp.                                                      | CUSIP: 14913UBK5<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114799.26    | 0.07%             | 2029-02-23      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                           | Williams Cos., Inc. (The)                                                                 | CUSIP: 969457CN8<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      1000 | PA      | $962.98       | 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      | $275172.21    | 0.17%             | 2053-05-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PPL Capital Funding, Inc.                                                           | PPL Capital Funding, Inc., Conv.                                                          | CUSIP: 69352PAU7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |    155000 | PA      | $162130.00    | 0.10%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maple Parent Holdings Corp.                                                         | Maple Parent Holdings Corp.                                                               | CUSIP: 56530KAA4<br>LEI: 254900J6FBJ1E892Q074 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90005.70     | 0.06%             | 2029-03-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX Corp.                                                                                 | CUSIP: 75513ECR0<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2040.57      | 0.00%             | 2033-02-27      | Fixed         | 5.15%                 | 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        |     92792 | PA      | $93722.60     | 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      | $2018.91      | 0.00%             | 2030-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                                               | Sumitomo Mitsui Financial Group, Inc.                                                     | CUSIP: 86562MEK2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    176000 | PA      | $170760.85    | 0.11%             | 2041-03-03      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Stryker Corp.                                                                       | Stryker Corp.                                                                             | CUSIP: 863667BL4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4055.42      | 0.00%             | 2030-02-10      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392GDW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       978 | PA      | $82.77        | 0.00%             | 2032-09-25      | Floating      | 3.22%                 | 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        |      6074 | PA      | $5887.91      | 0.00%             | 2065-05-25      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer II LLC                                                   | Compass Datacenters Issuer II LLC, Series 2025-2A, Class A1                               | CUSIP: 20469CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $128131.90    | 0.08%             | 2050-11-25      | Fixed         | 4.93%                 | 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        |     12663 | PA      | $12455.20     | 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        |      4355 | PA      | $4350.35      | 0.00%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Energy Transfer L.P.                                                                | Energy Transfer L.P.                                                                      | CUSIP: 29273VBK5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      1000 | PA      | $993.43       | 0.00%             | 2036-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                                    | CUSIP: 31282YCV9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     12028 | PA      | $1053.84      | 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      | $230998.60    | 0.14%             | N/A             | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | Glencore Funding LLC                                                                      | CUSIP: 378272CE6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    332000 | PA      | $332870.74    | 0.21%             | 2036-04-01      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                         | Sunoco L.P.                                                                               | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     67000 | PA      | $66739.93     | 0.04%             | 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      | $341857.03    | 0.21%             | 2030-08-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| TELUS Corp.                                                                         | TELUS Corp.                                                                               | CUSIP: 87971MCR2<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |    198000 | PA      | $193087.46    | 0.12%             | 2056-06-09      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46625HRX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1978.16      | 0.00%             | 2027-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Omega Healthcare Investors, Inc.                                                    | Omega Healthcare Investors, Inc.                                                          | CUSIP: 681936BP4<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2008.91      | 0.00%             | 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      | $100669.13    | 0.06%             | 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        |       977 | PA      | $993.79       | 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      | $216050.48    | 0.14%             | 2031-05-13      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2026-NQM3                            | Morgan Stanley Residential Mortgage Loan Trust 2026-NQM3, Series 2026-NQM3, Class A1      | CUSIP: 617960AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99830.76     | 0.06%             | 2071-03-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                     | GE Vernova Inc.                                                                           | CUSIP: 36828AAA9<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |     19000 | PA      | $18792.41     | 0.01%             | 2031-02-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers Issuer, LLC                                                    | Vantage Data Centers Issuer, LLC, Series 2025-2A, Class A2                                | CUSIP: 92212KAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $207183.44    | 0.13%             | 2055-11-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31359UZG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      8638 | PA      | $8732.24      | 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      | $2026.15      | 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      | $282559.42    | 0.18%             | 2042-06-10      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TTX30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |      4961 | PA      | $5131.44      | 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        |    256260 | PA      | $213372.08    | 0.13%             | 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      | $2076.25      | 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        |    123125 | PA      | $125011.53    | 0.08%             | 2054-04-30      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | McDonald's Corp.                                                                          | CUSIP: 58013MFU3<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3038.05      | 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      | $2037.73      | 0.00%             | 2028-09-15      | Fixed         | 5.50%                 | 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      | $235769.04    | 0.15%             | 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      | $3113.67      | 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        |      3000 | PA      | $3048.31      | 0.00%             | 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      | $202916.56    | 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      | $3025.28      | 0.00%             | 2033-05-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Lincoln Financial Global Funding                                                    | Lincoln Financial Global Funding                                                          | CUSIP: 53359KAC5<br>LEI: 984500OC010458395923 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5943.65      | 0.00%             | 2030-08-18      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                               | International Business Machines Corp.                                                     | CUSIP: 459200LQ2<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    103000 | PA      | $101980.73    | 0.06%             | 2029-02-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2035.95      | 0.00%             | 2029-07-20      | Variable      | 5.45%                 | 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        |    176842 | PA      | $176862.85    | 0.11%             | 2033-04-18      | Floating      | 4.85%                 | 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      | $394737.40    | 0.25%             | 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        |     22000 | PA      | $24195.36     | 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      | $117494.88    | 0.07%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDV4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     53000 | PA      | $52537.46     | 0.03%             | 2029-02-04      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc.                                                       | Thermo Fisher Scientific Inc.                                                             | CUSIP: 883556DJ8<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13905.97     | 0.01%             | 2036-02-12      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | Bank of America Corp.                                                                     | CUSIP: 59023VAA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     98000 | PA      | $116498.77    | 0.07%             | 2038-05-14      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                          | PacifiCorp                                                                                | CUSIP: 695114DD7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |      1000 | PA      | $996.73       | 0.00%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                          | JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B                      | CUSIP: 46643GAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245000 | PA      | $231108.72    | 0.14%             | 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      | $4084.76      | 0.00%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                                   | CUSIP: 44891ADL8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1006.96      | 0.00%             | 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        |      1000 | PA      | $1004.41      | 0.00%             | 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      | $224703.24    | 0.14%             | 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      | $1022.91      | 0.00%             | 2034-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                         | Eaton Corp.                                                                               | CUSIP: 278058DW9<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198054.69    | 0.12%             | 2029-03-06      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UnitedHealth Group Inc.                                                                   | CUSIP: 91324PEP3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3053.96      | 0.00%             | 2028-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                                        | Pacific Gas and Electric Co.                                                              | CUSIP: 694308LA3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13650.07     | 0.01%             | 2036-05-01      | Fixed         | 5.20%                 | 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      | $349285.34    | 0.22%             | 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      | $3141.14      | 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      | $2094.12      | 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        |     26461 | PA      | $22025.64     | 0.01%             | 2036-04-19      | Variable      | 3.36%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                            | Honeywell Aerospace Inc.                                                                  | CUSIP: 43849RAA3<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |    307000 | PA      | $304852.07    | 0.19%             | 2028-03-16      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MPLX L.P.                                                                           | MPLX L.P.                                                                                 | CUSIP: 55336VCC2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      1000 | PA      | $995.96       | 0.00%             | 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      | $213138.79    | 0.13%             | 2029-05-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                         | Capital One Financial Corp.                                                               | CUSIP: 14040HDP7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     54000 | PA      | $53196.00     | 0.03%             | 2032-01-30      | Variable      | 4.72%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                               | Lockheed Martin Corp.                                                                     | CUSIP: 539830CK3<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2001.86      | 0.00%             | 2028-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3111.69      | 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      | $3045.29      | 0.00%             | 2028-03-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp., Series D, Conv. Pfd.                                                        | CUSIP: 68389X204<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EP               | CORP              | US        |      2521 | NS      | $113470.21    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell Aerospace Inc.                                                            | Honeywell Aerospace Inc.                                                                  | CUSIP: 43849RAJ4<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |    381000 | PA      | $376866.41    | 0.24%             | 2056-03-16      | Fixed         | 5.73%                 | 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        |    123997 | PA      | $123681.87    | 0.08%             | 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      | $216228.20    | 0.14%             | 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      | $3035.64      | 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      | $77376.66     | 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        |    165720 | PA      | $166053.69    | 0.10%             | 2055-08-25      | Floating      | 5.11%                 | 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        |       128 | PA      | $127.06       | 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        |    291000 | PA      | $295757.27    | 0.18%             | 2054-10-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Phillips Edison Grocery Center Operating Partnership I, L.P.                        | Phillips Edison Grocery Center Operating Partnership I, L.P.                              | CUSIP: 71845JAE8<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27335.42     | 0.02%             | 2033-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                             | Uber Technologies, Inc.                                                                   | CUSIP: 90353TAT7<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4892.19      | 0.00%             | 2031-01-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Beechwood Park CLO, Ltd.                                                            | Beechwood Park CLO, Ltd., Series 2019-1A, Class A1RR                                      | CUSIP: 07355TBL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249684.25    | 0.16%             | 2035-01-17      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392FJ81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     19534 | PA      | $2052.84      | 0.00%             | 2032-12-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                                    | CUSIP: 85325C2A9<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201803.41    | 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      | $143000.72    | 0.09%             | 2055-09-18      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                            | Honeywell Aerospace Inc.                                                                  | CUSIP: 43849RAC9<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |    122000 | PA      | $120892.32    | 0.08%             | 2029-03-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2028.27      | 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        |      1000 | PA      | $1033.97      | 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      | $375094.08    | 0.23%             | 2084-05-26      | Variable      | 7.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 31364JZP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       156 | PA      | $9.77         | 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        |      1237 | PA      | $48.13        | 0.00%             | 2028-02-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                         | Eaton Corp.                                                                               | CUSIP: 278058DZ2<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197535.63    | 0.12%             | 2036-03-06      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                               | Dominican Republic International Bond                                                     | CUSIP: 25714PFH6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    101000 | PA      | $95753.05     | 0.06%             | 2038-05-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                                                      | NCL Corp. Ltd.                                                                            | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     67000 | PA      | $65135.11     | 0.04%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Deere Funding Canada Corp.                                                          | Deere Funding Canada Corp.                                                                | CUSIP: 2442GAAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      5000 | PA      | $4939.39      | 0.00%             | 2030-10-09      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs, IO                                                                    | CUSIP: 31397TEH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     65784 | PA      | $5015.89      | 0.00%             | 2038-05-15      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG, LLC                                                 | Venture Global Plaquemines LNG, LLC                                                       | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $44856.12     | 0.03%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Zegona Finance PLC                                                                  | Zegona Finance PLC                                                                        | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |    159000 | PA      | $167043.49    | 0.10%             | 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      | $1011.29      | 0.00%             | 2029-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     17000 | PA      | $15790.06     | 0.01%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Sierra Pacific Power Co.                                                            | Sierra Pacific Power Co.                                                                  | CUSIP: 826418BQ7<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |      1000 | PA      | $986.34       | 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        |     71620 | PA      | $67581.26     | 0.04%             | 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      | $252627.30    | 0.16%             | N/A             | Variable      | 6.35%                 | 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        |     14251 | PA      | $14548.24     | 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        |       215 | PA      | $217.08       | 0.00%             | 2032-02-15      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F040644<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2114696 | PA      | $1995761.31   | 1.25%             | 2056-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                                    | CUSIP: 85325C2G6<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204430.25    | 0.13%             | 2031-05-13      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    205000 | PA      | $211404.17    | 0.13%             | 2036-01-25      | Fixed         | 6.10%                 | 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      | $251043.25    | 0.16%             | 2055-10-20      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                        | Barclays PLC                                                                              | CUSIP: 06738EDH5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199544.51    | 0.12%             | 2030-05-24      | Floating      | 4.59%                 | 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      | $2011.07      | 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      | $197921.22    | 0.12%             | 2033-02-02      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                                                       | PepsiCo, Inc.                                                                             | CUSIP: 713448GL6<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5997.83      | 0.00%             | 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        |      1000 | PA      | $1023.44      | 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        |       740 | PA      | $766.08       | 0.00%             | 2028-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FCZR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     29402 | PA      | $4887.75      | 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        |     84000 | PA      | $85830.02     | 0.05%             | N/A             | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                                   | CUSIP: 44891ADU8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2008.64      | 0.00%             | 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      | $612536.01    | 0.38%             | 2040-06-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                                                   | Corp. Nacional del Cobre de Chile                                                         | CUSIP: 21987BBQ0<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    215000 | PA      | $211306.30    | 0.13%             | 2037-01-30      | Fixed         | 5.53%                 | 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      | $3048.99      | 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        |    296050 | PA      | $253670.68    | 0.16%             | 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      | $22929.79     | 0.01%             | 2028-10-25      | Variable      | 4.06%                 | 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        |     59043 | PA      | $51341.41     | 0.03%             | 2066-05-25      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| Indiana Michigan Power Co.                                                          | Indiana Michigan Power Co.                                                                | CUSIP: 454889AW6<br>LEI: JHR9V15J0ZRG02MIRD06 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10618.96     | 0.01%             | 2056-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                                    | CUSIP: 853254CM0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    288000 | PA      | $294755.33    | 0.18%             | 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      | $4037.89      | 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        |     16742 | PA      | $15312.44     | 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      | $90720.89     | 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      | $4058.93      | 0.00%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corp.                                                            | SBA Communications Corp.                                                                  | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94090.88     | 0.06%             | 2027-02-15      | Fixed         | 3.88%                 | 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        |    148599 | PA      | $129298.96    | 0.08%             | 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      | $202610.54    | 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      | $2026.11      | 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        |      2671 | PA      | $224.98       | 0.00%             | 2032-08-25      | Floating      | 3.22%                 | 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      | $373245.61    | 0.23%             | 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        |     16739 | PA      | $15530.04     | 0.01%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Pennsylvania Electric Co.                                               | FirstEnergy Pennsylvania Electric Co.                                                     | CUSIP: 591894CE8<br>LEI: O1PLQWO3TX952VMBJ146 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2029.16      | 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      | $3200.30      | 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      | $4037.19      | 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        |      6362 | PA      | $785.64       | 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      | $2002.47      | 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        |      6000 | PA      | $5958.15      | 0.00%             | 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      | $111448.35    | 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        |     67000 | PA      | $69021.39     | 0.04%             | 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      | $1033.10      | 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      | $1088.84      | 0.00%             | 2033-10-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F020646<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5939103 | PA      | $4785153.82   | 2.99%             | 2056-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Inc.                                                              | Quest Diagnostics Inc.                                                                    | CUSIP: 74834LBD1<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1089.08      | 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      | $207346.22    | 0.13%             | 2042-02-23      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                                 | CUSIP: 912810UT3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    828000 | PA      | $798308.43    | 0.50%             | 2046-02-15      | Fixed         | 4.62%                 | 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        |      6878 | PA      | $6761.22      | 0.00%             | 2059-11-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | Royal Bank of Canada                                                                      | CUSIP: 780082AY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    211000 | PA      | $204035.97    | 0.13%             | 2085-11-24      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Nextgear Floorplan Master Owner Trust                                               | Nextgear Floorplan Master Owner Trust, Series 2025-2A, Class A2                           | CUSIP: 65346CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99655.06     | 0.06%             | 2030-10-15      | Fixed         | 4.23%                 | 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        |     50484 | PA      | $51974.75     | 0.03%             | 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      | $3046.65      | 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      | $511253.98    | 0.32%             | 2029-02-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Evergy Metro, Inc.                                                                  | Evergy Metro, Inc.                                                                        | CUSIP: 30037DAE5<br>LEI: 1128SIJQ26096WL7IO82 | Long             | DBT              | CORP              | US        |      1000 | PA      | $996.36       | 0.00%             | 2035-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                      | ING Groep N.V.                                                                            | CUSIP: 456837BV4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    254000 | PA      | $253359.99    | 0.16%             | 2037-03-23      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies, Inc.                                                         | L3Harris Technologies, Inc.                                                               | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1026.34      | 0.00%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                              | Standard Chartered PLC                                                                    | CUSIP: 85325C2H4<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $202888.61    | 0.13%             | 2031-05-13      | Variable      | 5.24%                 | 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      | $90944.13     | 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      | $3002.66      | 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      | $3013.87      | 0.00%             | 2026-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XDX0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     95000 | PA      | $92984.14     | 0.06%             | 2031-02-04      | Fixed         | 4.95%                 | 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        |      1000 | PA      | $993.68       | 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      | $248992.75    | 0.16%             | 2035-01-15      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                               | WEC Energy Group Inc.                                                                     | CUSIP: 92939UAL0<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |     84000 | PA      | $84645.99     | 0.05%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                    | NRG Energy, Inc.                                                                          | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     82000 | PA      | $81303.17     | 0.05%             | 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      | $292586.52    | 0.18%             | 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        |    107079 | PA      | $107748.05    | 0.07%             | 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        |   3386155 | NS      | $3386155.36   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Pass-Through Trust                                                              | CVS Pass-Through Trust                                                                    | CUSIP: 126650BV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49290 | PA      | $49993.62     | 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        |     70000 | PA      | $73362.73     | 0.05%             | 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        |      2000 | PA      | $2012.22      | 0.00%             | 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        |     23061 | PA      | $22105.46     | 0.01%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Augusta SpinCo Corp.                                                                | Augusta SpinCo Corp.                                                                      | CUSIP: 051473AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    256000 | PA      | $255334.56    | 0.16%             | 2029-03-23      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                                                           | Nippon Life Insurance Co.                                                                 | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206787.20    | 0.13%             | 2055-04-30      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Banco Santander S.A.                                                                | Banco Santander S.A.                                                                      | CUSIP: 05971KAR0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $394442.17    | 0.25%             | 2030-11-06      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                                  | CUSIP: 36213LLB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        78 | PA      | $80.33        | 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        |      6844 | PA      | $6843.69      | 0.00%             | 2035-07-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| SHRN Trust 2025-MF18                                                                | SHRN Trust 2025-MF18, Series 2025-MF18, Class A                                           | CUSIP: 82556AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $519360.61    | 0.32%             | 2040-10-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                                                         | Zoetis Inc.                                                                               | CUSIP: 98978VAW3<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2991.20      | 0.00%             | 2028-08-17      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                                      | Carnival Corp.                                                                            | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    126000 | PA      | $126116.52    | 0.08%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Metronet Infrastructure Issuer, LLC                                                 | Metronet Infrastructure Issuer, LLC, Series 2025-4A, Class A2                             | CUSIP: 59170JBD9<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $109748.13    | 0.07%             | 2055-12-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                   | Enterprise Products Operating LLC                                                         | CUSIP: 29379VCK7<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6011.54      | 0.00%             | 2031-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 31402QYV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4239 | PA      | $4328.08      | 0.00%             | 2035-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                                      | Enterprise Fleet Financing LLC, Series 2025-4, Class A3                                   | CUSIP: 29373NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $159228.91    | 0.10%             | 2029-12-20      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| UPMC                                                                                | UPMC                                                                                      | CUSIP: 90320WAG8<br>LEI: 5493001YCBUGKVU74S74 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1008.05      | 0.00%             | 2033-05-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Benchmark 2026-V20 Mortgage Trust                                                   | Benchmark 2026-V20 Mortgage Trust, Series 2026-V20, Class AM                              | CUSIP: 08164KAZ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    105000 | PA      | $106100.19    | 0.07%             | 2059-02-15      | Fixed         | 5.44%                 | 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      | $1048.64      | 0.00%             | 2033-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Constellation Global Funding                                                        | Constellation Global Funding                                                              | CUSIP: 21038N2A8<br>LEI: 254900OP9HLIALC2HZ12 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4906.57      | 0.00%             | 2030-10-22      | Fixed         | 4.85%                 | 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      | $4083.40      | 0.00%             | 2032-03-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Benin Sukuk S.A.                                                                    | Benin Sukuk S.A.                                                                          | CUSIP: 08205RAA4<br>LEI: 254900FAFYBRYHYVQK50 | Long             | DBT              | NUSS              | BJ        |    207000 | PA      | $192362.19    | 0.12%             | 2033-01-29      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31394DXZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     10553 | PA      | $453.09       | 0.00%             | 2035-05-25      | Floating      | 2.82%                 | 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      | $437345.69    | 0.27%             | 2035-04-10      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| GE HealthCare Technologies Inc.                                                     | GE HealthCare Technologies Inc.                                                           | CUSIP: 36266GAB3<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2013.00      | 0.00%             | 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      | $2078.47      | 0.00%             | 2029-10-23      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| Augusta SpinCo Corp.                                                                | Augusta SpinCo Corp.                                                                      | CUSIP: 051473AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    112000 | PA      | $111514.94    | 0.07%             | 2031-03-23      | Fixed         | 4.66%                 | 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      | $1044.24      | 0.00%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                    | Deutsche Bank AG                                                                          | CUSIP: 251526DD8<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    156000 | PA      | $153429.04    | 0.10%             | 2031-12-10      | Variable      | 4.47%                 | 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      | $2096.03      | 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        |     10361 | PA      | $737.87       | 0.00%             | 2041-10-25      | Floating      | 2.77%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corp.                                                              | Novartis Capital Corp.                                                                    | CUSIP: 66989HBL1<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    128000 | PA      | $129005.06    | 0.08%             | 2056-03-18      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| B.A.T Capital Corp.                                                                 | B.A.T Capital Corp.                                                                       | CUSIP: 054989AF5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1958.23      | 0.00%             | 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        |      1996 | PA      | $191.27       | 0.00%             | 2037-12-15      | Floating      | 3.21%                 | 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        |      3867 | PA      | $4067.39      | 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        |    163461 | PA      | $150380.89    | 0.09%             | 2066-12-27      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                                                            | Roper Technologies, Inc.                                                                  | CUSIP: 776696AL0<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3940.65      | 0.00%             | 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        |      3000 | PA      | $3006.21      | 0.00%             | 2028-06-09      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| Duke Energy Florida, LLC                                                            | Duke Energy Florida, LLC                                                                  | CUSIP: 26444HAT8<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10883.16     | 0.01%             | 2030-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Molex Electronic Technologies, LLC                                                  | Molex Electronic Technologies, LLC                                                        | CUSIP: 60856BAF1<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1014.75      | 0.00%             | 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        |      2668 | PA      | $214.21       | 0.00%             | 2038-04-15      | Floating      | 2.21%                 | 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        |     23422 | PA      | $13306.80     | 0.01%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Flutter Treasury DAC                                                                | Flutter Treasury DAC                                                                      | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    281000 | PA      | $278611.50    | 0.17%             | 2031-06-04      | Fixed         | 5.88%                 | 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      | $104566.49    | 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        |      5003 | PA      | $684.58       | 0.00%             | 2035-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cross 2026-NQM3 Mortgage Trust                                                      | Cross 2026-NQM3 Mortgage Trust, Series 2026-NQM3, Class A1                                | CUSIP: 227925AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $209697.89    | 0.13%             | 2071-03-25      | Variable      | 5.12%                 | 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      | $2001.96      | 0.00%             | 2030-10-23      | Variable      | 4.69%                 | 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        |    189052 | PA      | $170050.80    | 0.11%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YGB5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    266000 | PA      | $264266.65    | 0.17%             | 2032-03-12      | Variable      | 4.71%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Notes/Bonds                                                           | U.S. Treasury Notes/Bonds                                                                 | CUSIP: 91282CQE4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3484200 | PA      | $3453577.16   | 2.16%             | 2029-03-15      | Fixed         | 3.50%                 | 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        |      8055 | PA      | $7768.88      | 0.00%             | 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        |      2000 | PA      | $1984.77      | 0.00%             | 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      | $2995.46      | 0.00%             | 2028-04-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc.                                                       | Thermo Fisher Scientific Inc.                                                             | CUSIP: 883556DH2<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4941.94      | 0.00%             | 2033-06-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                    | NRG Energy, Inc.                                                                          | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     96000 | PA      | $94760.10     | 0.06%             | 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      | $1072.36      | 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      | $987.02       | 0.00%             | 2033-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XEC5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5521.36      | 0.00%             | 2066-02-04      | Fixed         | 6.85%                 | 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      | $99584.95     | 0.06%             | 2042-07-15      | Floating      | 5.77%                 | 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      | $47217.59     | 0.03%             | 2053-02-13      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172DG1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2030.15      | 0.00%             | 2029-02-13      | Fixed         | 4.88%                 | 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      | $2000.20      | 0.00%             | 2026-04-06      | Fixed         | 5.40%                 | 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      | $2024.41      | 0.00%             | 2030-07-23      | Variable      | 5.05%                 | 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      | $3048.05      | 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      | $1039.85      | 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      | $1016.99      | 0.00%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Citadel Finance LLC                                                                 | Citadel Finance LLC                                                                       | CUSIP: 17287HAF7<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |    311000 | PA      | $303849.08    | 0.19%             | 2031-02-14      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Regency Centers, L.P.                                                               | Regency Centers, L.P.                                                                     | CUSIP: 75884RBD4<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1008.03      | 0.00%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                             | Uber Technologies, Inc.                                                                   | CUSIP: 90353TAN0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3968.32      | 0.00%             | 2030-01-15      | Fixed         | 4.30%                 | 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      | $218399.32    | 0.14%             | 2062-01-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136A9XT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      5323 | PA      | $60.06        | 0.00%             | 2027-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3037.21      | 0.00%             | 2028-04-22      | Variable      | 5.57%                 | 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        |    152800 | PA      | $142128.63    | 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      | $2019.49      | 0.00%             | 2029-03-21      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co.                                                                   | Genuine Parts Co.                                                                         | CUSIP: 372460AF2<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3987.30      | 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        |    128568 | PA      | $128745.32    | 0.08%             | 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      | $1046.79      | 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        |    143151 | PA      | $144464.84    | 0.09%             | 2054-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                              | Sequoia Mortgage Trust, Series 2025-10, Class A1                                          | CUSIP: 81750CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    319197 | PA      | $317852.47    | 0.20%             | 2055-11-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 3133TNPR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       132 | PA      | $135.38       | 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      | $1013.20      | 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        |   1561066 | NS      | $1561065.97   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                           | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397J61<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    238000 | PA      | $233799.13    | 0.15%             | 2031-04-09      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc., Series BB                                                                 | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61304.82     | 0.04%             | N/A             | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating, L.P.                                                   | Western Midstream Operating, L.P.                                                         | CUSIP: 958667AJ6<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      1000 | PA      | $983.98       | 0.00%             | 2035-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| POSCO Holdings Inc.                                                                 | POSCO Holdings Inc.                                                                       | CUSIP: 693483AJ8<br>LEI: 988400E5HRVX81AYLM04 | Long             | DBT              | CORP              | KR        |    211000 | PA      | $213016.88    | 0.13%             | 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        |     13915 | PA      | $982.42       | 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      | $11643.26     | 0.01%             | 2038-03-15      | Floating      | 4.89%                 | 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      | $105421.24    | 0.07%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2990.22      | 0.00%             | 2030-09-19      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                    | Penske Truck Leasing Co. L.P./ PTL Finance Corp.                                          | CUSIP: 709599CC6<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17819.23     | 0.01%             | 2031-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                               | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204341.73    | 0.13%             | 2031-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RB Global Holdings Inc.                                                             | RB Global Holdings Inc.                                                                   | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17629.87     | 0.01%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| American International Group, Inc.                                                  | American International Group, Inc.                                                        | CUSIP: 026874DW4<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4042.43      | 0.00%             | 2030-05-07      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 313921A65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     21340 | PA      | $1677.21      | 0.00%             | 2031-11-25      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| Electricite de France                                                               | Electricite de France                                                                     | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $231659.20    | 0.14%             | 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        |    130651 | PA      | $131335.26    | 0.08%             | 2070-04-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                     | GE Vernova Inc.                                                                           | CUSIP: 36828AAB7<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5948.97      | 0.00%             | 2036-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                                                   | Merck & Co., Inc.                                                                         | CUSIP: 58933YBY0<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10928.49     | 0.01%             | 2032-12-04      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                                  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2025-5C2, Class B              | CUSIP: 61779RCK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    142000 | PA      | $143451.95    | 0.09%             | 2058-11-15      | Variable      | 5.69%                 | 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        |      3128 | PA      | $2876.33      | 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        |    114153 | PA      | $114374.72    | 0.07%             | 2055-10-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                            | HCA Inc.                                                                                  | CUSIP: 404119DD8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4919.09      | 0.00%             | 2030-11-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                                 | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22781.82     | 0.01%             | 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        |     66076 | PA      | $59428.15     | 0.04%             | 2066-02-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Cencora, Inc.                                                                       | Cencora, Inc.                                                                             | CUSIP: 03073EBB0<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23568.17     | 0.01%             | 2030-11-15      | Fixed         | 4.25%                 | 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      | $260068.49    | 0.16%             | 2027-04-20      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corp.                                                              | Novartis Capital Corp.                                                                    | CUSIP: 66989HBJ6<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    161000 | PA      | $160677.47    | 0.10%             | 2036-03-18      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    219000 | PA      | $219313.22    | 0.14%             | N/A             | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                                                                | ERAC USA Finance LLC                                                                      | CUSIP: 26884TAW2<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2005.41      | 0.00%             | 2033-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                          | J.P. Morgan Mortgage Trust, Series 2025-NQM4, Class A1                                    | CUSIP: 46660HAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     64924 | PA      | $64701.79     | 0.04%             | 2066-03-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                                               | DB Master Finance LLC, Series 2025-1A, Class A2I                                          | CUSIP: 233046AU5<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    119700 | PA      | $118831.67    | 0.07%             | 2055-08-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Pricoa Global Funding I                                                             | Pricoa Global Funding I                                                                   | CUSIP: 74153WCV9<br>LEI: 635400IBXEBMD9ADYA79 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149197.21    | 0.09%             | 2031-08-27      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STRIPS                                                                  | Freddie Mac STRIPS, IO                                                                    | CUSIP: 31282YCU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |       502 | PA      | $39.27        | 0.00%             | 2029-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                             | Republic Services, Inc.                                                                   | CUSIP: 760759BH2<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1017.17      | 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        |      3000 | PA      | $2982.92      | 0.00%             | 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        |      3000 | PA      | $2999.51      | 0.00%             | 2029-07-20      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                    | Boeing Co. (The)                                                                          | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2100.23      | 0.00%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                                        | Nasdaq, Inc.                                                                              | CUSIP: 63111XAH4<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2041.83      | 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      | $609384.02    | 0.38%             | 2042-07-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280FL8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    201000 | PA      | $198379.57    | 0.12%             | 2032-03-10      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc.                                                               | Howmet Aerospace Inc.                                                                     | CUSIP: 443201AG3<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12819.02     | 0.01%             | 2029-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                                               | Cardinal Health, Inc.                                                                     | CUSIP: 14149YBU1<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2986.25      | 0.00%             | 2030-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Private Bank, N.A.                                                   | Morgan Stanley Private Bank, N.A.                                                         | CUSIP: 61776NU35<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |    475000 | PA      | $471232.13    | 0.29%             | 2030-02-08      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                         | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    232000 | PA      | $233855.83    | 0.15%             | N/A             | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| ESAB Corp.                                                                          | ESAB Corp.                                                                                | CUSIP: 29605JAB2<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    171000 | PA      | $172626.21    | 0.11%             | 2031-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                            | Diamondback Energy, Inc.                                                                  | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      1000 | PA      | $947.05       | 0.00%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                                               | DB Master Finance LLC, Series 2025-1A, Class A2II                                         | CUSIP: 233046AW1<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |     89775 | PA      | $88676.92     | 0.06%             | 2055-08-20      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                     | Danske Bank A/S                                                                           | CUSIP: 23636ABN0<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    200000 | PA      | $200592.14    | 0.13%             | 2032-03-27      | Variable      | 5.00%                 | 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      | $599658.60    | 0.37%             | 2034-10-26      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                            | Honeywell Aerospace Inc.                                                                  | CUSIP: 43849RAG0<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |    299000 | PA      | $296784.06    | 0.19%             | 2036-03-16      | Fixed         | 4.95%                 | 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      | $304002.30    | 0.19%             | 2030-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.                                           | Carlyle Global Market Strategies CLO Ltd., Series 2015-5A, Class A1R4                     | CUSIP: 14312JBN1<br>LEI: 5493007AYUHLOG0AMH17 | Long             | ABS-CBDO         | CORP              | KY        |    304184 | PA      | $304347.27    | 0.19%             | 2032-01-20      | Floating      | 4.55%                 | 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        |    713478 | PA      | $8299.75      | 0.01%             | 2050-12-15      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392F6J1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      4400 | PA      | $218.34       | 0.00%             | 2032-12-18      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                          | Aviation Capital Group LLC                                                                | CUSIP: 05369AAP6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3141.51      | 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      | $3124.90      | 0.00%             | 2029-10-23      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                         | Verizon Communications Inc.                                                               | CUSIP: 92343VHK3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      1000 | PA      | $969.76       | 0.00%             | 2065-11-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                    | Boeing Co. (The), Conv. Pfd.                                                              | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |      1000 | NS      | $64880.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31394DQF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     40815 | PA      | $3279.60      | 0.00%             | 2035-05-25      | Floating      | 2.92%                 | No            |                  2 | On Loan: No      |
| Nebius Group N.V.                                                                   | Nebius Group N.V., Conv.                                                                  | CUSIP: 63954QAJ5<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | DBT              | CORP              | NL        |    106000 | PA      | $102152.20    | 0.06%             | 2031-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                            | Diamondback Energy, Inc.                                                                  | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3024.30      | 0.00%             | 2027-04-18      | Fixed         | 5.20%                 | 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        |    111464 | PA      | $112041.25    | 0.07%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Voya Global Funding                                                                 | Voya Global Funding                                                                       | CUSIP: 92921LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14791.65     | 0.01%             | 2030-11-24      | Fixed         | 4.60%                 | 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      | $1011.66      | 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        |     26477 | PA      | $25662.94     | 0.02%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Citadel Securities Global Holdings LLC                                              | Citadel Securities Global Holdings LLC                                                    | CUSIP: 17289RAE6<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |    267000 | PA      | $265014.99    | 0.17%             | 2032-01-27      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 3140J5PG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    199856 | PA      | $187481.77    | 0.12%             | 2047-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                                             | Mercedes-Benz Finance North America LLC                                                   | CUSIP: 58769JBJ5<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    262000 | PA      | $260910.49    | 0.16%             | 2028-03-10      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3055.57      | 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        |    173027 | PA      | $169490.06    | 0.11%             | 2067-03-25      | Fixed         | 5.00%                 | 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        |    182697 | PA      | $174583.85    | 0.11%             | 2067-02-25      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 17327CAU7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      1000 | PA      | $977.30       | 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      | $5258.93      | 0.00%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co.                                                               | Saudi Arabian Oil Co.                                                                     | CUSIP: 80415RAB7<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    200000 | PA      | $196063.90    | 0.12%             | 2029-02-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5933.22      | 0.00%             | 2031-09-11      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                                     | CoreWeave, Inc.                                                                           | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     37000 | PA      | $35252.45     | 0.02%             | 2031-02-01      | Fixed         | 9.00%                 | 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      | $2120.93      | 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        |     20217 | PA      | $18850.02     | 0.01%             | 2036-01-25      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Interest STRIPS                                                          | Fannie Mae Interest STRIPS, IO                                                            | CUSIP: 3136FA6K1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     26567 | PA      | $3286.83      | 0.00%             | 2033-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TELUS Corp.                                                                         | TELUS Corp.                                                                               | CUSIP: 87971MCQ4<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |     91000 | PA      | $90117.96     | 0.06%             | 2056-06-09      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 3136AYAT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |    226925 | PA      | $22206.52     | 0.01%             | 2047-09-25      | Floating      | 2.12%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                           | Williams Cos., Inc. (The)                                                                 | CUSIP: 969457CK4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2042.91      | 0.00%             | 2028-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                                 | GS Mortgage-Backed Securities Trust, Series 2025-NQM5, Class A1                           | CUSIP: 36273GAA6<br>LEI: 254900MQ3DUBXKU1DC81 | Long             | ABS-MBS          | CORP              | US        |    226383 | PA      | $225335.91    | 0.14%             | 2065-07-25      | Variable      | 5.01%                 | 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        |     46750 | PA      | $46278.73     | 0.03%             | 2049-05-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                  | National Rural Utilities Cooperative Finance Corp.                                        | CUSIP: N/A<br>LEI: 4NYF266XZC35SCTGX023       | Long             | DBT              | CORP              | US        |    317000 | PA      | $317000.00    | 0.20%             | 2056-04-20      | Fixed         | 5.75%                 | No            |                  3 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31394V7G9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     18776 | PA      | $21913.99     | 0.01%             | 2036-03-25      | Floating      | 10.72%                | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp.                                                                 | Regal Rexnord Corp.                                                                       | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2114.91      | 0.00%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1030.81      | 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        |    109000 | PA      | $114251.62    | 0.07%             | 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      | $3026.06      | 0.00%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc.                                                                 | Ingersoll Rand Inc.                                                                       | CUSIP: 45687VAC0<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2018.04      | 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      | $3986.64      | 0.00%             | 2031-12-15      | Fixed         | 4.95%                 | 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        |     44824 | PA      | $42870.63     | 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      | $3006.96      | 0.00%             | 2030-10-22      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                                                      | Amphenol Corp.                                                                            | CUSIP: 032095AZ4<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3905.18      | 0.00%             | 2033-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Tyco Electronics Group S.A.                                                         | Tyco Electronics Group S.A.                                                               | CUSIP: 902133BC0<br>LEI: C33G1C5SYE2YM95EE712 | Long             | DBT              | CORP              | LU        |     25000 | PA      | $24960.98     | 0.02%             | 2031-02-09      | Fixed         | 4.50%                 | 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        |    358831 | PA      | $322388.82    | 0.20%             | 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        |      5933 | PA      | $5842.71      | 0.00%             | 2030-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding 2022-III Ltd.                                                          | CIFC Funding 2022-III Ltd., Series 2022-3A, Class AR                                      | CUSIP: 12571KAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    301000 | PA      | $301147.19    | 0.19%             | 2035-04-21      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | Citigroup Inc.                                                                            | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1035.62      | 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        |      3513 | PA      | $165.90       | 0.00%             | 2035-03-25      | Floating      | 2.97%                 | No            |                  2 | On Loan: No      |
| Stryker Corp.                                                                       | Stryker Corp.                                                                             | CUSIP: 863667BE0<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2989.57      | 0.00%             | 2029-09-11      | Fixed         | 4.25%                 | 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        |    178807 | PA      | $179828.63    | 0.11%             | 2069-10-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                              | UBS AG                                                                                    | CUSIP: 90261AAE2<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $249904.14    | 0.16%             | 2027-05-17      | Floating      | 4.16%                 | No            |                  2 | On Loan: No      |
| Salesforce, Inc.                                                                    | Salesforce, Inc.                                                                          | CUSIP: 79466LAU8<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    372000 | PA      | $370983.17    | 0.23%             | 2036-03-15      | Fixed         | 5.55%                 | 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      | $1016.84      | 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        |     11120 | PA      | $11283.89     | 0.01%             | 2029-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AutoZone, Inc.                                                                      | AutoZone, Inc.                                                                            | CUSIP: 053332BF8<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1012.75      | 0.00%             | 2033-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                            | Honeywell Aerospace Inc.                                                                  | CUSIP: 43849RAF2<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |     71000 | PA      | $70206.16     | 0.04%             | 2033-03-16      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Airbnb, Inc.                                                                        | Airbnb, Inc.                                                                              | CUSIP: 009066AD3<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |     43000 | PA      | $42921.16     | 0.03%             | 2031-03-16      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                     | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GD43<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      1000 | PA      | $968.78       | 0.00%             | 2036-10-21      | Variable      | 4.94%                 | 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       |       -87 | NC      | $49989.91     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                                                             | KeyCorp                                                                                   | CUSIP: 49326EER0<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |      1000 | PA      | $979.83       | 0.00%             | 2037-01-28      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                                  | Nexstar Media Inc.                                                                        | CUSIP: 65346UAB5<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    260000 | PA      | $262138.24    | 0.16%             | 2033-09-15      | Fixed         | 6.50%                 | 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      | $419850.58    | 0.26%             | 2032-12-08      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      1000 | PA      | $944.95       | 0.00%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | Wells Fargo & Co.                                                                         | CUSIP: 95000U4D2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     19000 | PA      | $18834.60     | 0.01%             | 2030-01-23      | Variable      | 4.18%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | Philip Morris International Inc.                                                          | CUSIP: 718172CZ0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1010.62      | 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      | $2022.10      | 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        |    269913 | PA      | $271191.15    | 0.17%             | 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      | $242578.10    | 0.15%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                    | Bank of Montreal, Series J                                                                | CUSIP: 06368MK78<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    112000 | PA      | $111525.22    | 0.07%             | 2030-03-19      | Variable      | 4.34%                 | 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      | $249273.59    | 0.16%             | 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        |     11921 | PA      | $587.38       | 0.00%             | 2037-04-16      | Floating      | 2.76%                 | 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      | $557233.49    | 0.35%             | 2028-08-21      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Omnicom Group Inc.                                                                  | Omnicom Group Inc.                                                                        | CUSIP: 681919BV7<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27708.02     | 0.02%             | 2029-03-02      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| LG Energy Solution, Ltd.                                                            | LG Energy Solution, Ltd.                                                                  | CUSIP: 50205MAL3<br>LEI: 988400QX6P286XA6ZS85 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $199524.86    | 0.12%             | 2031-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS Group AG                                                                              | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    201000 | PA      | $226446.40    | 0.14%             | 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      | $3069.25      | 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        |     60000 | PA      | $59890.90     | 0.04%             | 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        |      1000 | PA      | $984.91       | 0.00%             | 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        |    266933 | PA      | $252117.97    | 0.16%             | 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        |      1000 | PA      | $1036.39      | 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      | $107060.26    | 0.07%             | 2067-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| Southern Power Co.                                                                  | Southern Power Co., Series B                                                              | CUSIP: 843646AY6<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |      1000 | PA      | $967.63       | 0.00%             | 2035-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                           | Toyota Motor Credit Corp., Series B                                                       | CUSIP: 89236TPQ2<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    157000 | PA      | $156099.00    | 0.10%             | 2029-03-13      | Fixed         | 4.05%                 | 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        |    165765 | PA      | $149532.69    | 0.09%             | 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        |    102368 | PA      | $103609.99    | 0.06%             | 2060-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                           | Vistra Operations Co. LLC                                                                 | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2007.10      | 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      | $193059.70    | 0.12%             | 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        |      7874 | PA      | $7963.40      | 0.00%             | 2037-06-25      | Floating      | 4.72%                 | 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      | $154900.56    | 0.10%             | 2030-02-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation, LLC                                                | Constellation Energy Generation, LLC                                                      | CUSIP: 210385AE0<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1062.11      | 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      | $198660.97    | 0.12%             | 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      | $3038.17      | 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      | $3966.19      | 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        |     19000 | PA      | $19027.04     | 0.01%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                       | Enbridge Inc.                                                                             | CUSIP: 29250NCQ6<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    174000 | PA      | $174770.08    | 0.11%             | 2031-03-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F060642<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1996845 | PA      | $2035752.03   | 1.27%             | 2056-04-01      | Fixed         | 6.00%                 | 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        |    207375 | PA      | $209433.53    | 0.13%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Southwestern Electric Power Co.                                                     | Southwestern Electric Power Co.                                                           | CUSIP: 845437BU5<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3043.74      | 0.00%             | 2033-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                 | Abbott Laboratories                                                                       | CUSIP: 002824BW9<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    227000 | PA      | $222740.64    | 0.14%             | 2056-03-15      | Fixed         | 5.50%                 | 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      | $11550.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Global Funding                                                           | Corebridge Global Funding                                                                 | CUSIP: 00138CBA5<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2028.04      | 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      | $198188.77    | 0.12%             | 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      | $215772.65    | 0.13%             | 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      | $249378.75    | 0.16%             | 2034-04-22      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                          | Aviation Capital Group LLC                                                                | CUSIP: 05369AAT8<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3958.70      | 0.00%             | 2030-10-24      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                                  | Southern Co. (The)                                                                        | CUSIP: 842587EJ2<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    404000 | PA      | $406164.20    | 0.25%             | 2058-04-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corp.                                                              | Novartis Capital Corp.                                                                    | CUSIP: 66989HBG2<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100000.59    | 0.06%             | 2031-03-18      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 47, Ltd.                                         | Neuberger Berman Loan Advisers CLO 47, Ltd., Series 2022-47A, Class AR                    | CUSIP: 64135DAJ4<br>LEI: 549300JRWXK6DFJD7D06 | Long             | ABS-CBDO         | CORP              | KY        |    270000 | PA      | $269804.52    | 0.17%             | 2035-04-16      | Floating      | 4.76%                 | 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        |       825 | PA      | $853.66       | 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      | $4074.49      | 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        |     65000 | PA      | $63117.17     | 0.04%             | 2033-09-15      | Fixed         | 6.25%                 | 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      | $242629.39    | 0.15%             | 2033-03-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                       | Alphabet Inc.                                                                             | CUSIP: 02079KBM8<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17929.87     | 0.01%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                           | Toyota Motor Credit Corp., Series B                                                       | CUSIP: 89236TPS8<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    106000 | PA      | $104393.57    | 0.07%             | 2033-03-11      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                              | Truist Financial Corp.                                                                    | CUSIP: 89788MAW2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49478.06     | 0.03%             | 2032-01-27      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392DAG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       185 | PA      | $18.40        | 0.00%             | 2032-04-25      | Floating      | 4.02%                 | 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        |     94860 | PA      | $94894.22     | 0.06%             | 2032-01-18      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| OCP S.A.                                                                            | OCP S.A.                                                                                  | CUSIP: 67091TAJ4<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    202000 | PA      | $207989.33    | 0.13%             | 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        |      1000 | PA      | $1004.81      | 0.00%             | 2036-07-21      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Mosaic Co. (The)                                                                    | Mosaic Co. (The)                                                                          | CUSIP: 61945CAK9<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4965.05      | 0.00%             | 2030-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co.                                                                 | Vertiv Holdings Co.                                                                       | CUSIP: 92537NAC2<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28859.64     | 0.02%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Arthur J. Gallagher & Co.                                                           | Arthur J. Gallagher & Co.                                                                 | CUSIP: 04316JAG4<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1080.98      | 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        |     18000 | PA      | $18152.59     | 0.01%             | 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      | $202756.41    | 0.13%             | 2038-02-23      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc.                                                              | Gildan Activewear Inc.                                                                    | CUSIP: 375916AF0<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |      5000 | PA      | $4949.01      | 0.00%             | 2030-10-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                                                    | Marriott Ownership Resorts, Inc.                                                          | CUSIP: 57164PAK2<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |     37000 | PA      | $35215.43     | 0.02%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bell Canada                                                                         | Bell Canada                                                                               | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     46000 | PA      | $46555.31     | 0.03%             | 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      | $299157.21    | 0.19%             | 2055-07-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                                                        | Canadian Pacific Railway Co.                                                              | CUSIP: 13645RBS2<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     53000 | PA      | $50771.77     | 0.03%             | 2056-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac REMICs                                                                  | Freddie Mac REMICs                                                                        | CUSIP: 31392MJE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-APCP         | USGSE             | US        |     27037 | PA      | $27938.70     | 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        |      1000 | PA      | $954.74       | 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      | $1031.09      | 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      | $2008.80      | 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        |     31692 | PA      | $2985.20      | 0.00%             | 2044-01-15      | Floating      | 2.31%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                            | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3999.07      | 0.00%             | 2030-10-18      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| McCormick & Co., Inc.                                                               | McCormick & Co., Inc.                                                                     | CUSIP: 579780AV9<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19809.76     | 0.01%             | 2029-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392F7F8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      1605 | PA      | $138.53       | 0.00%             | 2032-12-18      | Floating      | 4.21%                 | 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      | $204019.48    | 0.13%             | 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      | $81004.76     | 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        |      2000 | PA      | $2028.62      | 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      | $199461.47    | 0.12%             | 2030-05-07      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2010.25      | 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        |    260460 | PA      | $226532.49    | 0.14%             | 2051-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Grand River Funding Trust I                                                         | Grand River Funding Trust I                                                               | CUSIP: 38644BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $201901.98    | 0.13%             | 2036-02-15      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                          | Occidental Petroleum Corp.                                                                | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1069.12      | 0.00%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Ares LIII CLO Ltd.                                                                  | Ares LIII CLO Ltd., Series 2019-53A, Class A1R2                                           | CUSIP: 04009GBE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249250.00    | 0.16%             | 2036-10-24      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Daiichi Life Insurance Co., Ltd.                                                    | Daiichi Life Insurance Co., Ltd.                                                          | CUSIP: 23381LAA2<br>LEI: 3538001235ACEIORUV72 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $201269.20    | 0.13%             | N/A             | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                          | Aviation Capital Group LLC                                                                | CUSIP: 05369AAN1<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2057.21      | 0.00%             | 2028-04-15      | Fixed         | 6.25%                 | 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        |    180464 | PA      | $180484.26    | 0.11%             | 2034-01-15      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| BPCE S.A.                                                                           | BPCE S.A.                                                                                 | CUSIP: 05571ABG9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $239430.59    | 0.15%             | 2047-01-13      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | Hyundai Capital America                                                                   | CUSIP: 44891ACE5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      1000 | PA      | $1033.70      | 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      | $169218.16    | 0.11%             | N/A             | Variable      | 8.20%                 | 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      | $103469.47    | 0.06%             | 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      | $1026.12      | 0.00%             | 2030-06-06      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392ATX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |       131 | PA      | $6.09         | 0.00%             | 2031-12-18      | Floating      | 4.11%                 | 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        |     15971 | PA      | $15478.61     | 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      | $226490.00    | 0.14%             | 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        |    221811 | PA      | $203643.61    | 0.13%             | 2066-10-25      | Variable      | 2.83%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | Federal National Mortgage Association                                                     | CUSIP: 31410FV77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2299 | PA      | $2415.15      | 0.00%             | 2032-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31393BGX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |     21214 | PA      | $3007.68      | 0.00%             | 2033-05-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                         | Pfizer Inc.                                                                               | CUSIP: 717081FD0<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13906.59     | 0.01%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Nexstar Broadcasting, Inc.                                                          | Nexstar Broadcasting, Inc., Term Loan                                                     | CUSIP: 65336RBF4<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |    208148 | PA      | $206066.52    | 0.13%             | 2033-04-15      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs                                                                         | CUSIP: 31395D7F0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      8277 | PA      | $9165.89      | 0.01%             | 2036-06-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| Vertiv Group Corp.                                                                  | Vertiv Group Corp.                                                                        | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28578.40     | 0.02%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Waste Connections, Inc.                                                             | Waste Connections, Inc.                                                                   | CUSIP: 94106BAK7<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |    233000 | PA      | $228373.45    | 0.14%             | 2036-07-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae REMICs                                                                   | Fannie Mae REMICs, IO                                                                     | CUSIP: 31392BMY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-APCP         | USGSE             | US        |      5669 | PA      | $465.96       | 0.00%             | 2032-01-25      | Floating      | 4.17%                 | 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        |    141036 | PA      | $141825.78    | 0.09%             | 2055-02-16      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                    | Amazon.com, Inc.                                                                          | CUSIP: 023135DH6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    334000 | PA      | $333967.43    | 0.21%             | 2056-03-13      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association, TBA                                             | CUSIP: 21H052645<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1247000 | PA      | $1255136.66   | 0.78%             | 2056-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | Oracle Corp.                                                                              | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      1000 | PA      | $775.97       | 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        |      3000 | PA      | $2834.73      | 0.00%             | 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        |    175769 | PA      | $159699.17    | 0.10%             | 2056-11-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| Korea National Oil Corp.                                                            | Korea National Oil Corp.                                                                  | CUSIP: 50065LAV2<br>LEI: 988400ZTQ08W926ONT36 | Long             | DBT              | NUSS              | KR        |    206000 | PA      | $206181.46    | 0.13%             | 2031-03-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Uniform Mortgage-Backed Securities                                                  | Uniform Mortgage-Backed Securities, TBA                                                   | CUSIP: 01F022642<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6082701 | PA      | $5115171.37   | 3.20%             | 2056-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**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